You have found an archive of the MMSL Forum, which shut down on December 27, 2016. You can continue these discussions on this forum
I haven't posted often nor recently, but I feel like I may have come to a fork in the career path and could use some opinions from some outside observers. I'll try to give a quick run-down of where I am:
I'm 34, wife and I have a 4 month old girl, live in good house on some acreage, and are comfortable.
I am the VP, and 20% shareholder, of a very small oil & gas investment company. We do not actually drill wells ourselves, but participate in the drilling conducted by others. Our business plan for the last 8 years has been to re-invest 100% of our profit after operating expenses, overhead, etc. We have built a decent level of production this way. As you have probably heard, though, energy prices are in the crapper. We will weather the storm, for a while, as we have almost no debt load and pretty low expenses. However, our business plan is not compatible with growth at these prices because our income is decimated, and even if we had huge cash reserves, there just isn't much activity going on right now. So we sit here most days and lament the situation, but don't have many great ideas about what to do about it.
I am much, much younger than the president of the company. He has built substantial wealth in his previous career, and could effectively retire now and be just fine, but it is not in his nature to do that. Our partnership will continue until one of us opts out or a death, so there is quite a bit of uncertainty there combined with the uncertainty of what product prices will be when that time comes.
So here are some thoughts:
1. The local university recently added a Masters program in the field my training is in, geology. Outside of a very small company like ours, the M.S. is the minimum degree required for employment as a geologist at the bigger independent and major oil companies. I am giving serious consideration to getting the M.S. I have some GI Bill benefits that should make the cost mostly insignificant.
I think the M.S. would be beneficial, to a limited degree, at my current position as prices turn around and we start having more opportunity. I don't know how much value to place on its benefit as an entry to another company. If prices are low when I'm looking to jump the current ship, nobody else will be hiring, and if prices are high, my income from current investments will be enough that I would be able to continue the current plan on my own. Obviously, there are other fields that use geologists though besides energy, though most aren't compensated at near the same level.
2. I have toyed with the idea of an MBA, but honestly, I don't know what you do with one. Most of the promotional materials I see for different programs are so full of fluffy sounding words that it all seems like a bit of a waste of time. I could see if you were employed as a technical person with a larger company, the MBA could help you climb the ladder into management and beyond. Again, the GI Bill could help me get one of these fairly cheap, but I don't know the value to someone in my position. Maybe it would give me a path out of the oil & gas world if things don't turn around. Can anybody expand on what benefit they could provide?
3. I meet all the qualifications to be hired to fly for an airline. I really like flying, flew for the AF Reserve, fly the boss's airplane for him, own a small aerobatic airplane for weekend adrenaline, and flight instruct on the side for fun and beer money. My current gig has always sounded better than flying the line, but if oil prices hang out where there are for a whole lot longer, that may not be true. Wife is pretty against this one as she thinks I'd never be home and would miss the daughter growing up. Maybe. I barely see the kiddo now, as she is just waking up when I leave and usually in bed when I get home. With a flying job, I might be gone 4-5 days, but them I'm home for a few with no other responsibilities. I know some pilots that love it and others who despise it. I could see it getting pretty mind-numbing after the newness wore off.
4. I think I could be successful at law, medicine, any number of skilled trades involving some mechanical aptitude. Getting back to the current standard of living in any of them seems so distant, that they don't jump to the front of my mind usually.
Anyway, I feel like I'm stuck in neutral right now. I could just stay with the status quo and see where I am when the industry recovers. I could use this dead time to go after a degree. I could bail out of oil & gas altogether. Sorry for the lengthy post. I need to make some decisions, and writing down for internet strangers helps. Any thoughts, questions I should be asking myself, or reality checks are much appreciated.
Comments
As the son of a pilot, do not do this. You may not be there while she's awake, but you *could* be if you needed to be. If you're on the other side of the country, you don't have that luxury. I absolutely hated my father being gone. I literally cannot be objective on this. This is one of the 2 things that I hate, HATE, about my father. Everything else is rather easy to forgive. I do not believe that a father can do a good job and be a commercial pilot at the same time.
This is the best option. You're only positing 2 outcomes, here. What about a 3rd? What if something drastically unpredictable happens to your company? Something you can't imagine? You'll be out of a job, but you'll have a master's degree. Get the MS while you have the opportunity. There are few, if any, downsides to this.
@mook_z This is good. Thanks for the first-hand perspective. My dad was in aviation for most of my childhood, but never for an airline. Mostly worked for the FAA so he was around town most of the time. My brother-in-law was raised by an airline pilot, and their relationship is bordering on dysfunctional. I chalked it up to nature over nurture. Now BIL is a professional pilot, and watching him with my niece and nephew, I can see some weakness in their relationship already.
@RebuildingHusband Those are interesting ideas. The local school does not have a robust engineering department, so I'd never thought of it that much. I'll have to do some research. I've got a physics degree also, so engineering has always been on the radar, but I've never looked into the environmental side.
I'm taking the GRE next week. Applications to start the geology program in the fall are due March 1, so I'll probably go ahead and apply. There will still be some time to consider other options before making the plunge.
I'd triage this from a 'most likely' probability scale. Find out what careers are out there (besides the O&G) that use Geo's / Physicists with an advanced degree. Take your experience and education and see where it can fit first, before deciding on switching tracks (MBA, pilot). If there's nothing to be had, then I'd start considering switching tracks - but make sure you've exhausted all possibilities of using your existing education and experience first. Leverage that.
No clue if there are head-hunting firms that specialize in niches like this, or have broader 'scientific' markets, but that'd be worth researching too - let someone else help you dig.
How will you live well today?
My dad has over one million frequent flyer miles on three different airlines, which definitely contributed to my issues and helped put me here. Don't do the 'away' dad thing, if you can avoid it. Crop dusting pays a lot less but it allows you to fly locally (usually) and still get paid to enjoy your hobby. There are other options as well, similar to the scenic touring it sounds like you're doing now (ad banners over beaches in the summer, etc.).
An MBA would probably teach you quite a bit about business and finance, which would be immensely useful if you're thinking about keeping your current position. But, if you're bailing on that and changing gears, then out that in the pile with the other degrees and evaluate it on its merits against available jobs in your area, your existing qualifications and your ability to get one.
I cannot guarantee that oil prices will rise in the near future. However, China and India are building and buying cars at a good clip. I don't know what your corporate reserves are, but if you have several years of capital, alternate sources of income, rents, etc. that you can rely on, then you might be ok. This is something you'd need to discuss with your fat cat partner.
GRE done. Didn't prep as much as I could have, but still got easily qualifying scores for the MS program.
For now, I'm continuing the march towards enrolling in the MS in Geology program. I'm still bugging several MBA friends trying to get a better handle on what they see as the benefits. Found several professional MBA programs around that would fit my schedule well.
@Husband3point0 You bring up a good point. I don't really consider us in a remote area, but the companies in our city that would hire a Geo are getting pretty scarce. So if I go with the MS and do decide to jump the current ship, a move to a bigger city (Houston, DFW, OKC, Denver) would probably be in order. I'm fairly close to DFW and OKC now, so it wouldn't be a huge deal. I'm not looking to move, but if that is required, I'd do it.
Thanks for all the input. Pressing on.
Quick update...After a lot of thinking and talking with others, I pretty well decided that the MS in Geology would have added very little value to my resume and not had any great benefit to my current business.
So I did some searching and found an energy-focused MBA program at a top-30 business school within a reasonable commute. I applied, had a great interview, and was accepted. I think this will provide the best immediate return by making me more effective at what I do now as well as letting me build a bigger network and add something to the resume in case I need to bail out later on. Boss is on board, wife is really on board, so off we go! Looking forward to it and hoping it is as beneficial as I think it will be.
Thanks for the helpful insights above.