Good analysis. However I feel you left out one aspect that is a career change which people seek from an MBA. I for one would like to work in management consulting or investment banking and do see myself breaking through into a top firm without a leading MBA.

I looked at getting my doctorate, but it was in science, not business, and all of the programs I looked at were fully funded if you had an assistantship…and most promised that all enrolled grad students would, if under x yrs, etc. Plus stipend.

I found something else that worked better for me – I’m several years post bach, and have four kids – but if I was childless I’d have gone back in a heartbeat, and if I’d realized that most doctorates in my field were fully funded, I’d have considered it after graduation.

Of course, the other thing my research turned up is a glut of postdocs…plenty of people with the degree but making the minimum in their field because, well, the positions were filled. I’ve seen other friends with masters in more liberal fields struggling to find work, as well, despite respectable grad schools.

All of that said: my husband has a high school degree and makes six figures in a construction position. Prior to that, he worked in an office in telecommunications, and made 60k. This was in his mid-to-late 20s, mind you.

So yeah. I’m of a mind that most people just assume “degree=good” and don’t think about what they’re given up – though I’m not totally certain of your numbers. At the very least, people should stop and analyze things.

Also – randomly – have had several friends who got their MBA while working full time. Was tough but doable, even with families.

I do not have a graduate degree yet, but I am getting close to deciding on it and this is the approach I am taking. I will be going part time because, to your point, experience counts for a lot. However, I am evaluating the value of the programs along with the costs.

Joe