Hi all, would appreciate your thoughts on whether I should even get an MBA, if so what kind (exec, full time etc) and even where?

I'm 32. I have two little kids and a wife who stays at home with them. We can cash flow the tuition cost (may need a loan for living exp depending) and my wife is willing to slum it for a few years if this is what we decide is best for our future. I have a BA in Fine Arts from a top 15 liberal arts college with a minor in Business, GPA 3.2, have not taken the GMAT.

I've been in advertising/marketing mostly making tv commercials and supervising creative development for some national brands. I'm at the director level and make about 130K a year. I am hoping to get more into brand management with the eventual goal of either a CMO type position or starting my own agency.

The GMAT will be tough for me, I'm capable of budgets, financial statements etc. but the more complex math will hurt. I have some outside the box experience, including a semi-successful run as a professional songwriter for a major record label.

I'm wondering if I'm too old for a traditional MBA (will be 33 if a 2009 start) and too young for an exec program. The company I'm currently with is in financial trouble and I'm certain they won't be sponsoring anything for anybody.

Thanks for your thoughts.

A few points:
1. The GMAT math is fairly simple Alegbra, Geometry, and problem solving. There is nothing in the Calculus range or higher...it is basically high school math.
2. It sounds like you have a solid job at the moment. If you do like your job and industry, and feel you have reached a ceiling, I would look into part time MBAs (evenings or executive). You can keep working and have the income, along with gaining the credential. With 10+ years of work experience, you can get into some full-time MBAs, but your pay will not increase immediately afterward, and some programs have been trending toward younger applicants. But, if you want a dramatic career shift, it may be necessary.

It depends on your personal career goals and family situation.

You are a great EMBA candidate. Sponsorship doesn't always mean a financial commitment on behalf of the firm. At a minimum, it entails the company's signing off on your being able to attend all classes.

You are too old for most full-time programs. Given your family commitments, giving up two-years of income needlessly is rather foolhardy. Kellogg, Chicago, Michigan, Duke and several other top EMBA programs do not require the GMAT. You've already demonstrated the ability to do the number crunching required by most businesses.

As someone interested in marketing, Kellogg's EMBA program is absolutely what you should pursue. Go for it!

Tuck is older applicant friendly and a strong reputation in brand management... and just as important, has a FANTASTIC support network for families. The Tuck Partners club is unparalled in comparison to other business schools (in fact, I know of a current Tuckie would was admitted to H/W and Tuck, felt all three would provide him with an even ground when looking at different career prospects, but ultimately chose Tuck because of his wife and 3 children - his wife pushed for this choice, as well). I encourage you and your wife to visit the school and have her talk to some currents TPs.

Is anyone here taking out a variable rate loan for a $100k+ loan?

I know that a variable rate loan based off Prime or LIBOR has the potential to be much cheaper but also the potential to skyrocket in a few years. With such a high principal, having a rate going much higher than the 6.5% (PLUS) could be disastrous.

Should I just take the fixed rates offered to me below and be done or gamble on the variable rate?

- Stafford Fixed: 2.5 pt interest rate reduction for auto debit and e-statement (6.8% -> 4.3%)

- Grad PLUS Fixed: 2.0 pt interest rate reduction for auto debit and e-statement (8.5% -> 6.5%)

I believe federal loans get reevaluated in July, the Stafford rate is 6.8 now but should drop since the treasury rate is a lot lower. I would say student loans rates will drop at least a couple percent this summer since the rate on T-bills is so much lower than it was last year (3% lower). So I would say they will be closer to 4-4.5% for us. I am definitely going fixed if they do drop. Same holds true of plus loans but they will still be a few percent higher.

Who are you looking at that gives such large rate reduction?

If you don't plan on paying off your $100k+ loan in 3-4 years, you should max out as much fixed rate loans you can get.

It is highly unlikely that LIBOR and prime rates will remain low after 3-4+ years with inflation set to rise further over the next decade. The FED will be forced to raise interest rates significantly (a la Volcker style) at some point in the future to combat inflation.

4.3% and 6.5% are pretty great rates. I would suspect by the time we get out of school in 2010, rates will be on the rise as the economy recovers, and no variable rate loan will have those rates. I would lock them up in a heartbeat.

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I was accepted to the Columbia Business School on May 7, 2008, and I am thrilled.

I figured I'd kick-start this blog with the good news. The plan here is to share my MBA experience as well as random bits + pieces on the worlds of media, tech and culture.

MBA blogs have been super useful for me throughout the application process and I will hopefully be able to bring the Middle Eastern perspective to things as well (I am an Egyptian who has lived in Dubai for most of my life). I applied to Columbia on March 3rd (4th round deadline) and was invited to interview with an alum in Dubai around mid-April. I have also applied to Haas, Stern, Chicago, LBS and Yale (all 4th round applications submitted on or near the respective deadlines). I was invited to interview with Chicago mid-April as well and did so with an alum in Dubai. I haven't heard back from any of the other schools yet.

I'm looking to transition into the Media / New Media industry post-MBA which explains (most) of my school choices.

The alum interviews were great. Basically informal chats that both lasted around an hour and were really just genuine discussions about my candidacy and the schools and programs. I had done a ton of prep beforehand including reaching out to as many alumns in Dubai as possible and current students (particularly those involved in the various and generally super-active media associations) which was good but probably unnecessary to get through the interviews themselves.