The vast majority of those who enrolled at top 10 schools (American or Chinese) fund their education through loans. It's possible to get partial scholarships at some of top 10 (mostly like the 7-10, but not the top 5). Few lucky ones got a bit of aid at top 5. But it's not much if we look at the total size of the hole we're digging. So I completely agree that the younger ones do have an advantage in terms of ROI.
I also concur with udream. Yes, the average salary of MIT grad is ~$100K. But do bear in mind that it's the average of all students (international & Americans, and of all industries). If you are considering a typical coporate job after MBA (e.g. GM, mkting, in-house finance), it's more like $90-95K(base salary). I would rather be pessimistic about the post-MBA financial pay-off (at least the first job) when I'm calculating my opportunity cost. After all, there are way too many factors we cannot control. I think especially for the ones who are somewhat estabilished in his/her career in the US and not seeking a dramatic career change, it makes sense to weigh all our options carefully.
Of course, if you want a complete career switch, it's probably better to go for the FT route. Just be prepared for some initial financial set backs for a better & hopefully more gratifying career.I have known a number of ex-IT folks who gave up $80K++ jobs to go into IB. The payback would be slow obviously. But none of them wants to be in IT any longer. |