How to Choose an MBA or Advanced Degree

Friends, let's talk about grad school, MBAs, and the real cost of education. In light of the recent Wall Street Journal article highlighting unemployment rates of 20 - 25% for graduates from even top MBA programs three months after graduation, many of you have asked for my thoughts on graduate education and my advice for others. As someone who has completed three graduate degrees - an MBA, a Master’s in Policy, and a Master’s in Biotechnology - my perspective is grounded in experience. My advice, however, is most relevant to MBA programs, where the stakes - and costs - are particularly high. The costs have always been significant, but today they are staggering. Between tuition, fees, housing, and foregone wages, pursuing an MBA can easily run between $200,000 and $250,000 for two years. To put that into perspective - if you invested that sum at a 10% annual return, you’d have millions saved by retirement. This opportunity cost is enormous, which is why you must treat this decision with extreme care. My advice has not changed, and if anything, it has become stronger: Never attend a program without scrutinizing its employment and salary outcomes. Look for detailed, verifiable data about post-graduation job placement, salaries, and industry trends. Seek help if you’re unsure how to evaluate ROI. Whether it’s a mentor, alumni, or someone with financial expertise, ensure you’re making a fully informed decision. Be selective. Unless you’re attending a top 5 or top 10 program with excellent career placement, I’d seriously question the value of full-pay, high-cost programs. For most people, the ROI simply doesn’t justify the investment. That said, I dismiss the argument that attending a top graduate program doesn’t matter. It can matter a lot in terms of credentialing, signaling, and the strength of alumni networks. Having attended these programs personally, I know they helped me in my career - although, of course, experiences can vary. This perspective isn’t rooted in elitism - it’s about making rational, data-driven decisions. Graduate programs, unlike undergrad, are optional for most careers. For fields like law or medicine, the path is more complex because of needing some graduate degree to work many functions. But for MBAs or other master’s degrees, the decision involves voluntarily stepping away from your career and income. That pause must come with significant future benefits. For many, just as with undergraduate college, public programs or less costly alternatives might make more sense beneath a certain level of competitiveness at private programs, especially when they align with long-term goals without the burden of such massive debt. Graduate school is a major financial and career decision, and it deserves thoughtful consideration. I hope this adds some clarity for those weighing their options.