is a no pay mba for you4

7/25/2019 Is a No Pay Mba for You4

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Is a No Pay MBA For You?

Table of Contents

What is a No-Pay MBA? ........................................................................................... 3

My story ..................................................................................................................... 4

The right candidate for a MOOC-based MBA equivalent ................................. 9

Why you might not need a degree ..................................................................... 12

Meet Nick. He completed a No-Pay MBA .......................................................... 15

The financial case for investing in a No-Pay MBA .............................................. 18

The future of business education ......................................................................... 21



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Is a No-Pay MBA for you?



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What is a No-Pay MBA?

We are living during an incredible moment in the history of education, when

top universities are making their best educational content available

completely free of charge to anyone who wants to use it. Massive open online

courses (MOOCs) available through platforms like Coursera, edX, FutureLearn,

Open2Study, Canvas Network, and others are making university-level

education accessible to anyone in the world who has an internet connection.

The content is not watered down. It’s the real thing.

By following the No-Pay MBA curriculum, you will get an education equivalent

to a master’s in business administration, with courses from top-tier business

schools. The best part? You will spend hardly any money to do it. All of the

courses are low-cost, and most of them are completely free. At No-Pay MBA,

we are taking the MBA apart in order to put it back together at less than

1/100th the cost of a regular MBA degree.

Let me be perfectly clear: a No-Pay MBA is not a degree, nor does this

program of study lead to a degree – at least not yet. You won’t get the piece

of paper at the end of your studies. Does that matter? To many people it does.

And depending on your goals, a free MOOC-based MBA equivalent might not

be for you. Then again, if you want to study business without stopping working

and without going into debt, a No-Pay MBA could be your springboard to a

great career. If your goal is to acquire the knowledge you need to advance



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your career or start your own business, without spending your life savings to get

it, then a No-Pay MBA may be EXACTLY what you need.

My story

For years, every time I found

myself in a time of transition, I

thought about enrolling in

business school. But every time I

did the math – two years out ofthe work force, forgone earnings,

living expenses, and the price of

the MBA tuition itself – the

numbers didn’t add up.

I found out about MOOCs in 2012,

when free courses from prestigious

universities were still relatively new.

Fittingly, the New York Times

called 2012 “the year of the MOOC,” due to the explosion in popularity of

these free courses.

I started my own MOOC adventure in August of 2013. As I approached

another transition moment – this time I was getting married and preparing to

move across the world with my new husband – I thought again about getting



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a business education. Only this time, I wondered if it would be possible to get

the skills and knowledge I wanted without going into debt and without

disrupting my career.

I scoured the web for anyone who might be writing about getting a free

MOOC-based MBA. Although I found several articles suggesting that such a

thing might be possible, I didn’t find anyone blogging about their own

experience fashioning a complete business curriculum from free courses. So I

decided that in addition to taking an MBA’s worth of MOOCs, I would

document my journey – both as a way of showcasing what I’d learned and as

a resource for others. Thus, the No-Pay MBA was born.

The Curriculum

The No-Pay MBA curriculum uses massive open online courses (MOOCs) to replicate

the course of study in top business programs. The program is modular and flexible,

allowing you to study at a pace that works for you.

The full program of study consists of 13 core courses, 3 electives, 4 concentration

electives, and 2 capstone projects.

Get your copy of the No-Pay MBA Handbook here:

https://www.nopaymba.com/product/no-pay-mba-handbook-course-list/



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The No-Pay MBA Network

I created the NO-PAY MBA NETWORK to make it possible for you to get an

even better business education than I did, an education equivalent to an

MBA,including networking and experiential learning opportunities. The purpose

of the network is to:

• Connect you with a community people studying business online, not just

the dabblers, but smart, motivated people who are serious about

reaching their goals using non-traditional tools.

• Give you opportunities to put your skills into practice, to solidify your

learning and provide you with backup when you go to make the case

that you have a business education worth taking seriously.



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• Keep you motivated to actually finish your education, which a surprisingly

small number of people manage to do on their own.

Much more than MOOCs

Members of the No-Pay MBA Network benefit from the kind of personal interaction

that MOOCs by themselves simply cannot provide. Throughout the year, No-Pay MBA

Network members take six of No-Pay MBA’s core courses together, working in small

groups to complete projects. Members also meet regularly for discussion and

networking, using videoconferencing software.

Unbundled education, re-bundled.

MOOCs have been described as “the unbundling of higher education.” No-

Pay MBA puts the bundle back together - but at less than 1/100th of the cost

of a traditional MBA.

Learn more about the No-Pay MBA Network here:

https://www.nopaymba.com/network



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When you finish your No-Pay MBA as part of the No-Pay MBA Network, you will

have:

• A broad understanding of fundamental business concepts.

• A global network of peers, mentors, and business professionals.

• Deep expertise and experience in a functional business area.

• A portfolio of work demonstrating your abilities.

• A credential that verifies that you completed the entire No-Pay MBA

curriculum.

• The confidence to walk into any situation where a business education is

required.

MOOCs

+ Community+ Hands-on learning= An MBA equivalent for under $1000



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The right candidate for a

MOOC-based MBA equivalent

So, who might benefit from a No-Pay MBA?

Career enhancers. If you are currently happily employed and planning to stay

with your company, a No-Pay MBA is an excellent way of preparing you to

move into management. As you acquire new skills through your studies, you

can put those skills into practice on the job, almost immediately. Over time,

you can take on more responsibility to match your increased capacity.



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Career shifters. For those who are in a job or field close to the one in which

they would like to ultimately end up, it makes abundant sense to continue

working while studying. In addition to being nearly free, MOOCs come at

almost zero opportunity cost since you don’t have to stop working to take

them. If you are already working in a job or field related to your “dream job,”

you likely have a valuable professional network that is growing all the time.

That network, specific to your field, may be just as valuable as the business

school network. While you’re busy acquiring new skills through MOOCs, you

can also use your network to start exploring new opportunities without ever

leaving the work force.

Entrepreneurs. Finally, people who are thinking about going into business for

themselves should be wary of taking on a pile of student debt. With the course

offerings currently available, a budding entrepreneur can find everything he or

she needs to create a startup plan and get going. Especially for entrepreneurs,

no classroom education can match the real-world experience of actually

running a business. An MBA may end up being little more than an expensivedetour.

Career changers. A No-Pay MBA may NOT be for you if you are looking to

change careers completely. If you are so frustrated in your current job that you

think you would like to switch company, industry, and functional role all at

once, you should seriously consider a traditional MBA or other graduate

program.



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1

1 Alexandria Walton Radford, Jessica Robles, Stacey Cataylo, and Laura Horn (RTI International) Jessica Thornton and Keith

Whitfield (Duke University). The Empoyer Potential of MOOCs. http://www.rti.org/pubs/duke_handbook-final-03252014.pdf .



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Why you might not need a degree

Here are a few reasons why you might consider a No-Pay MBA, even without

the degree.

The content of an MBA is valuable with or without the degree!

How cynical are we if we can’t see that education itself has value, whether or

not you get the piece of paper to prove it? And business education has more

than intrinsic value. If you run a business or are considering starting one – or if

you work for someone else – your business education can improve the bottom

line.

You can present your No-Pay MBA as a legitimate part of your

education.

While some potential employers might not consider a resume from someone

who doesn’t have a formal MBA, many others will be intrigued by an

unconventional learning path. Once you get an interview, you’ll impress the

interviewer with your business skills and savvy. Your portfolio of work will add

credibility to your course certificates.

The investment in a traditional MBA doesn’t pay off for all careers.

For people with very specific goals wanting to enter certain industries (e.g.

finance, consulting), there is a strong financial case to be made for getting a

traditional MBA. But many people can benefit from a business education – not



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just those who want to work for the Big 4 consulting firms. Perhaps like me, your

career thus far has been in a field like international development, not known

for salaries of the kind that make an MBA investment worthwhile. I enjoy this

work and the opportunity it provides to have a globe-spanning career. Even if I

decide to pursue a different path, I still want to be open to riskier options –

starting my own business, working for a startup, etc. – and I don’t want to be

saddled with a debt burden that constrains my choices. Later in this chapter,

I’ll walk you through the No-Pay MBA Investment Calculator, which will help

you determine if a No-Pay MBA is a good investment for you.

A No-Pay MBA is a huge opportunity for you and your employer

(current or future) to share value.

Yes, you are taking a risk by getting a non-traditional business education. It

comes with all the knowledge, but without the piece of paper to certify that

knowledge. Think about it this way – there is a great opportunity for your

current employer or a future employer to move you into a role that requires a

business education. You can keep working while studying, all the while

becoming more and more valuable on the job. Your employer can validate

your education with a pay raise. Everyone wins!



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A No-Pay MBA might be right for you if …

You may be a good candidate for a No-Pay MBA if any of the following is

true:

• You already have a degree. If you already have an associate’s

degree, a bachelor’s degree, or even a master’s degree, a few more

letters behind your name might not open any doors that are currently

closed to you.

• You are currently working. If you are working, you can use your

business education as a stepping stone to move into a new role,

without any time out of the workforce or any lost income.

• You have a strong resume. Whatever your educational background

or your employment status, if you already have an impressive track

record, you might not need the additional boost from an expensive

degree, especially when you can get the education for free.

• You run a business or are planning to start one. Why invest in a piece

of paper if the employer you need to impress is you? Invest your

money in your business, and get the education for free.

• You want to learn about business but don’t have an immediate career

goal in mind. Lifelong learners are welcome at No-Pay MBA.



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Meet Nick. He completed a No-Pay MBA

Nick Switzer turned down his employer’s offer to pay for his business

education in favor of a No-Pay MBA. As a result, he was able to take on new

responsibilities at work, spend more time with his family, and save his

company a great deal of money.

I work for a fantastic company with great benefits. One of those benefits is

tuition reimbursement. As an engineer transitioning to a more business-

oriented engineering role, I needed business training. My managing director

knew this, and he suggested that I pursue a traditional MBA, taking

advantage of the company’s tuition reimbursement policy. However, after

some deliberation, I declined this offer in favor of a No-Pay MBA.

Why did I do this? How could I turn down such a generous benefit

from my company?



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I value my time with my family.

When I started my No-Pay MBA, my wife and I were expecting our first child.

My wife was a successful marketing manager for a Fortune 500 company at

the time, with no plans to leave her role after maternity leave. I was

committed to supporting her career, our family development, and my own

career. With a No-Pay MBA, I watched half of each week’s lectures in the

same amount of time I would have spent in traffic commuting to off-site

classes.

I needed to learn quickly and apply my skills immediately.

In my new role, I needed business strategy and finance understanding

immediately! Time lost taking the GMAT, GRE, selecting a program and

applying meant real business opportunities lost. Through MOOCs, I was able

to access top educational content within minutes of choosing my courses. I

applied principles learned in class in the workplace with many co-workers

who had graduated with paid MBAs, honing my learning in real-life

scenarios.

I saved my company a lot of money.

In the recession of 2008, many companies suspended their tuition

reimbursement programs for at least 6 months. I did not want to see my

further education as a financial burden to my company. As a responsible



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employee of my company, I made a serious cost-saving decision in pursuing

a No-Pay MBA. This was an easy point for my director to understand.

On the job, I use concepts from my courses every day. Thanks to my No-Pay

MBA, I am totally comfortable having high-level financial and business

strategy discussions with graduates from traditional MBA programs. I have

also earned a promotion since starting this adventure in non-traditional

education.

Bottom line: a No-Pay MBA aligned better with my goals of work-life balance

and prioritization of my family than a standard MBA would have. It has been

fantastic for my family, for my company and for me.

Meet others who are working on No-Pay MBAs here:

https://www.nopaymba.com/portfolio-search



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The financial case for investing in a No-Pay MBA

I suggest that you think about your No-Pay MBA as an investment, and I’ve

built a tool to help you figure out the value of that investment. The No-Pay

MBA Investment Calculator will help you understand whether you would be

better off investing in a traditional MBA, a No-Pay MBA, or no MBA.

Start by downloading the spreadsheet using this link (https://goo.gl/j5jupa).

Then fill in all the yellow boxes to reflect the particulars of your life and career

situation. The spreadsheet has columns for three scenarios – traditional MBA,

No-Pay MBA, and no MBA. The boxes that are blacked out shouldn’t change

from one to another.

For some of the items you’ll have to use a best guess or do some research –

how much does a traditional MBA cost per year, how much would you spend

per year on living expenses, how much would you require in loans, etc. Any



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numbers that you’re unsure about can stay as they are in the template. Keep

them as they are, or change them when you find better information.

How do you know what you’ll be making when you finish your education? You

don’t. But you can make an educated guess based on the starting salaries in

the field you’d like to go into. The more accurate your guesses, the more

accurate your final result will be. Admittedly, there isn’t yet any broad-based

information about how the market will value a No-Pay MBA, so it’s probably

prudent to make a conservative guess.

Also, bear in mind the assumptions I’ve made when making this spreadsheet.

I’ve assumed that if you are doing a traditional MBA, it will take you two years,

and you won’t be working during that time. For a No-Pay MBA, I’ve assumed

three years (during which you will continue working) and $500 per year of

incidental expenses associated with your coursework. Taking all of that into

account, if you can increase your earnings by even $200 per year as a result of

your studies, it is more than worth it to spend $1,000 for all of the expenses

associated with a No-Pay MBA (and it may not even cost you that much).

Once you’ve input all your information, scroll down to the bottom of the page.

(The boxes that aren’t highlighted are there to do automatic calculations

based on the data you entered, so don’t change them - unless, of course, you

want to build a better calculator, in which case, be my guest!) At the bottom

of the page you will see a box that looks like this:



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What this is showing is the net present value (NPV) of your investment return for

both the traditional MBA and the No-Pay MBA. (NPV stands for net present

value – something you’ll learn all about when you take finance as part of your

No-Pay MBA.) The scenario in which you get no MBA at all is serving as a

baseline. In order to be worth investing in, the MBA would have to result in you

earning enough over the course of your lifetime to offset the cost of the MBA,

the interest on your loans, and the lost earnings during the time you spend

studying and not working. If you see a positive number in the box for “NPV of

investment return,” the investment is a good one. The greater the number in

that box, the better the investment.



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The future of business education

If you choose to go the MOOC route to getting your business education, you

will be among the first. But I am convinced that more and more people

around the world will be turning to free and low-cost online courses to achieve

their educational goals. As employers come to recognize the value of online

education, the MBA degree itself will likely no longer be seen as the single, all-

encompassing credential necessary for success in business. Wouldn’t you like

to be at the leading edge of that trend? If your answer is yes, I’ll meet you

there.

Start a No-Pay MBA as part of the No-Pay MBA Network:

https://www.nopaymba.com/network/

Get the No-Pay MBA Handbook and Current Course List to start studying on your own:

https://www.nopaymba.com/product/no-pay-mba-

handbook-course-list/

Register for your FREE educational portfolio through No-Pay MBA:

https://www.nopaymba.com/portfolio/

is a no pay mba for you4

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