Category: Opportunity cost: what you give up by pursuing another alternative.
When I began my MBA journey, I only considered “executive” MBA programs. The cost/risk of attending a full-time program, specifically the cost of lost salary, putting my career on hold for two years, and quitting a job going into a recession all seemed like too great of a sacrifice.
In the past two weeks, I’ve finally begun to experience the opportunity cost of this decision. The general knowledge studies haven’t had a measurable impact on my home life. However, once the first pre-reading materials arrived, my life changed dramatically.
I’ve always been a disorganized person. Planning out my day? No way. Keeping my desk in order? Not a chance. But one thing I’ve always been good at is remembering what I need to do, and figuring out the plans on the way.
Where am I going with this?
There’s only so many hours in the day. Work, sadly, gets the majority of my waking hours (8am-6pm). I also quite enjoy sleeping. But, I also need to study. And last, but definitely not least, there is family life.
The first thing I realized is, I need to “make” time wherever possible. The first place I created time was during my lunch hour. The culture at work is to go out to lunch, which serves as valuable networking time. But by always having materials with me at work, and through selective networking, I’ve been able to gain an extra 3-5 hours per week.
The second thing I realized is, studying after work sucks! But it’s a reality that will continue for the next 16 months. Like going to the gym, I know I will need to dedicate 2-3 hours each night. Right now, I’m flexible in the timing. I fear that without setting 6 p.m. – 8 p.m. or other fixed timing, I will not stay on pace.
Finally, the most important thing I’ve learned so far is that one thing you cannot do is to create time by neglecting your friends and family. Their sacrifice is large enough already; they deserve the same passion and attention as school receives, if not more. Unfortunately, they’re often too easy to overlook.
I’m interested in hearing how everyone else has been dealing with the new found demands school is placing on your life. How are you making time? What time management techniques do you use, and what hasn’t worked? Is a work-life balance even possible for an MBA student?
Recent Comments