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Hello MyFico Friends, I need a little bit of career guidance and direction, and who better qualified to offer it than MyFico Friends?
I'm 41 years old and I'm considering a career move. I'm in the process of completing my bachelor's degree in business marketing. What are the income expectations with someone entering the open market with a bachelors degree? What are the income expectations with someone entering the open market with an MBA? I live in Southern California, adjacent to the Orange County and LA County marketplace.
I have been self-employed all of my working life and I am somewhat disconnected with job market expectations. I look forward to your guidance and replies with anxious anticipation. I thank you in advance!
I'd suggest you pick up a copy of U.S. News & World report's Best Grad Schools 2017 edition. I have a copy of the 2016 edition.
Average starting (salary + bonus) for the top 30 ranked MBA programs range from $110k to $ 145k. USC, which ranks 25th, shows a starting S+B of $114k while UC Berkely at #6 is $141k and Stanford at #1 is $ 143k.
In contrast UC San Diego at #63 shows an average S + B of $76k
Based on the Marketing 101 class I took while earning an Accounting degree, marketing strikes me as a field where experience and contacts (not to mention creativity) matter a more than a degree.
One thing to be concerned about is that marketing companies are notorious for having unpaid/underpaid "interns" do the work you might expect permanent employees to be doing. Marketing jobs with decent pay are limited when so many people are willing to work cheaply (or for free) to get experience.
Maybe I'm wrong and that's improved, but I wouldn't be surprised if you find yourself competing for jobs with 20-somethings willing to work for peanuts.
The best advice I could ever give. Head onto glassdoor. They will provide you with the median salary and reviews on companies you want to work for! Look up job titles you are interested in and see if this is something you would want.
@Thomas_Thumb wrote:I'd suggest you pick up a copy of U.S. News & World report's Best Grad Schools 2017 edition. I have a copy of the 2016 edition.
Average starting (salary + bonus) for the top 30 ranked MBA programs range from $110k to $ 145k. USC, which ranks 25th, shows a starting S+B of $114k while UC Berkely at #6 is $141k and Stanford at #1 is $ 143k.
In contrast UC San Diego at #63 shows an average S + B of $76k
Thank you TT. I will look into US NEWS and do some research. Thanks for your research as well.
@wasCB14 wrote:Based on the Marketing 101 class I took while earning an Accounting degree, marketing strikes me as a field where experience and contacts (not to mention creativity) matter a more than a degree.
One thing to be concerned about is that marketing companies are notorious for having unpaid/underpaid "interns" do the work you might expect permanent employees to be doing. Marketing jobs with decent pay are limited when so many people are willing to work cheaply (or for free) to get experience.
Maybe I'm wrong and that's improved, but I wouldn't be surprised if you find yourself competing for jobs with 20-somethings willing to work for peanuts.
Thanks CB, for your thoughts. I've heard of people with degrees not being able to land a well paying job.
I won't work for peanuts like some 20 somethings would. I am successfully self employed and I can remain that way if I choose to😁.
My pursuit of an MBA is so that I can have options as I gracefully age. One of the options is to remain self employed.
@Anonymous wrote:The best advice I could ever give. Head onto glassdoor. They will provide you with the median salary and reviews on companies you want to work for! Look up job titles you are interested in and see if this is something you would want.
Thanks Hannah, I will look into this.
@wasCB14 wrote:Based on the Marketing 101 class I took while earning an Accounting degree, marketing strikes me as a field where experience and contacts (not to mention creativity) matter a more than a degree.
One thing to be concerned about is that marketing companies are notorious for having unpaid/underpaid "interns" do the work you might expect permanent employees to be doing. Marketing jobs with decent pay are limited when so many people are willing to work cheaply (or for free) to get experience.
Maybe I'm wrong and that's improved, but I wouldn't be surprised if you find yourself competing for jobs with 20-somethings willing to work for peanuts.
What are your thoughts on a business management degree vs a marketing degree? I only choose marketing as a stepping stone to an mba.
Have you considered a bachelor degree in finance or international business? Then going for the MBA after 3 years work experience.
One of my nephews got is degree in finance and landed a job at Deloitte Consulting. Good pay starting out and after 5 years they "told" him to get his MBA - all expenses paid. He was given a list of approved schools and told you can go to any school on this list that offers you admission. They required a 2 year post MBA commitment. He has since left Deloitte.
@Thomas_Thumb wrote:Have you considered a bachelor degree in finance or international business? Then going for the MBA after 3 years work experience.
One of my nephews got is degree in finance and landed a job at Deloitte Consulting. Good pay starting out and after 5 years they "told" him to get his MBA - all expenses paid. He was given a list of approved schools and told you can go to any school on this list that offers you admission. They required a 2 year post MBA commitment. He has since left Deloitte.
I have not given a degree in finance much thought. I will look into it. Thank you for the suggestions.