A Wall Street Journalarticle on MBAs that was published last week has some disturbing quotes from newly-minted MBAs. Melissa Korn, “M.B.A.s Sour on Strings-Attached Tuition,†Wall Street Journal, March 6, 2014, p. B6. The disturbing thoughts come from MBAs whose employers have paid for their grad degrees on the condition that they return to work for at least two years after completing their degrees. If they do not return to work, the grad school money has to be repaid to the employer, plus interest. The employers thought the agreements had teeth. Oh, poor, miscalculating souls.
Many MBAs are reaching the conclusion that they can go with another firm after graduation, make more money, and repay the money, easily, because the offers they receive from other companies include salaries that make repayment of the loans painless. (This comment came from one John Picasso, a 2012 Wharton grad, who is pictured wearing a cashmere sports jacket and Ferragamo belt — think $320 — the Barometer had Judy’s belts — $7 — when emerging from grad school in the 70s. )
Other MBAs go with another company and take out loans to repay their now-former employers the masters-education advance. One Harvard MBA noted, “The choice of what you do after business school should be based on what you want to do long term, rather than short-term economics.â€
And here’s another whippersnapper’s thoughts, who feels “trapped,†because, says she, “It feels like you owe them.â€
More wisdom from the Gen X, Y, Z crowd: Being debt-free does not necessarily mean that they are free from obligations. And love means never having to say you’re sorry. Another 1970s concept.
Still other newly minted MBAs who are under employer obligations say that, “even unemployment is better than doing something that you know you don’t love.†Oh, mercy! There goes the pride of the paycheck as well as an understanding that, well, they did help you get through grad school!! That notion of being poets, full insured via health.gov., has taken hold, even in MBA programs.
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