Quickest route to MBA for mature students?

tupac662

Hi guys, I've posted this question on TSR forums, but thought I'd also post here as MSE's are a knowledgeable bunch :money:

A little about myself...

I'm 26yrs old, currently studying accounting at uni and finding it quite a struggle trying to balance home life with full time education, plus I've been working since the age of 17 and need full time work just to cover my monthly outgoings.

I've been doing some research thanks to the big wide web, and found out that holding a degree in accounting doesn't necessarily mean a good job in finance, but more of a stepping stone before earning the fancy £35k+ salaries. A graduate would still have to sit quite a few exams before the promotions and mega bucks start rolling in, due to not being chartered.

Sorry for the long intro, but I'm onto my 3rd Guinness :beer:

My plan;

Study an AAT course Level 3 (Sep 2010-Jun 2011) part time
Study an AAT course Level 4 (Sep 2011-Jun 2012) part time

At this point I should be working in a junior role such as an accounts assistant etc 16k - 21k pa, and after some experience should go straight onto either a CIMA course or ACCA (I'd be more inclined to do a CIMA as it focuses more on management accounting rather than financial accounting)

CIMA (2-2.5 years) evening / weekend course

MBA (2years?)

Give or take the odd year or two, I could hopefully earn a MBA and all the above accounting qualifications in just over 6rs..?
At the 'tender' age of 32 (35 would be more realistic) that would still give me ample time to progress at work, hopefully to senior management/board room and earn some good money.

I know it wont be easy, it will actually be very, very hard, but possible..?

I'm here for advice as I can't seem to progress at work, mainly admin/junior roles and would love to be able to afford a couple of kids, a nice house and a comfortable life for my family (don't we all)

Just trying to better myself, and will appreciate any sensible advice from fellow mature students etc.

PS: All the above without a degree as it would mean dropping out of my current course due to family commitments/cash strapped.

Kind regards

PassedAtFailing

Firstly, if you're finding your Accountancy degree course difficult for any other reason than not liking accountancy or where you're studying, then expect an MBA to be very difficult indeed.

Secondly, an MBA is designed to be studied by those with managerial experience - and ideally years of it. Do you have that experience? It can actually be a very difficult hurdle for a young to youngish person to overcome, unless of course you have connections. If you find yourself a university willing to let you study for an MBA without any of the managerial experience, you've probably found yourself a weak MBA.

You seem to only want to do an MBA to ensure you can earn a good wage relatively soon. Don't be fooled, an MBA can help you achieve such goals but is certainly no guarantee. Something to bear in mind.

You should probably look at the Open University, they have two routes to an MBA; one with a degree and one without.

vivatifosi

I agree with PassedAtFailing. MBAs are hard to get and they are also very expensive without corporate funding. I finished mine 5 years ago and I had a corporate sponsor willing to stump up the £12k it cost to take.

There is a high drop out rate in the first year as people realise the work involved. However most who got beyond the first year on my course did go onto complete, albeit not all at the same time. The problem with MBAs is most people starting them are in their 30s. Its one of the busiest times career wise and family wise. Its a true test of time management as much as the subjects. In terms of the subjects you are likely to be weak at one or two just because they are from such a broad range.

Very few people have the luxury of taking a year out of work and doing a full time MBA. Most take several years to finish. In my case I was working 45 hours a week, commuting and then studying for another 12-16 a week. Finding a way to manage this is critical. I found the best way was to commute in early, leave work later and then use the hour a day that I'd clawed back by travelling before/after the rush hour, plus 1-1.5 hours extra to study. One of my fellow students spent his entire time studying in club class on long-haul flights. You have to find the way that works for you.

Then there's the impact of an MBA on your career. If you are investing in an MBA, make sure its accredited. Plenty of people waste money on MBAs that are not widely recognised. In particular this is an issue for people without degrees as the entry requirements for these courses are lower. There are also plenty of employers and individuals within firms that don't like MBAs and would rather chose people without them.

I'm putting all of this out there so you realise what you are letting yourself in for and go in with your eyes open. Don't get me wrong, having an MBA is very rewarding, but you do need to be aware of all the issues.

Oldernotwiser

Why on earth would you consider dropping out of a funded degree to do an unfunded level 3 course? It makes no sense!

tupac662

Thanks a lot for the above advice MSE's, as to why I'd drop out of a funded course... I'd be working full time (say 9-5) and using some of my earnings to pay for my course. The level 3 and 4 courses would cost £495 and £595 respectively excl books etc.
Don't get me wrong I've really enjoyed my first year at uni, passed all my modules bar one resit. I'm just finding it hard trying to work decent hours whilst being at uni until 5pm most days.