Find all School-related info fast with the new School-Specific MBA Forum

It is currently 28 Aug 2014, 03:39

Close

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Events & Promotions

Events & Promotions in June
Open Detailed Calendar

Admission Criteria: Current Salary?

  Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
TAGS:
1 KUDOS received
Manager
Manager
avatar
Joined: 04 Nov 2012
Posts: 90
Location: United States
Concentration: Finance, International Business
GMAT 1: Q44 V38
GPA: 3.7
WE: Science (Pharmaceuticals and Biotech)
Followers: 1

Kudos [?]: 33 [1] , given: 82

Admission Criteria: Current Salary? [#permalink] New post 12 Nov 2012, 08:39
1
This post received
KUDOS
How is salary used and weighted in the application? I suspect that all places weight it differently, but generally. From what I understand there is a huge variation from career to career and so that isn't quite apples to apples when comparing one person to another. Any input is appreciated.

Secondly, if someone makes well above the average for the incoming class could this information result in exclusion from scholarships and financial aid offers?
_________________

kudos are appreciated


Last edited by lahai1dj on 12 Nov 2012, 13:58, edited 2 times in total.
1 KUDOS received
Current Student
User avatar
Joined: 08 Oct 2010
Posts: 80
Location: United States (NJ)
Concentration: Strategy, General Management
Schools: Darden - Class of 2015
GMAT 1: 710 Q49 V38
GPA: 3.4
WE: Marketing (Pharmaceuticals and Biotech)
Followers: 3

Kudos [?]: 16 [1] , given: 14

Re: Admission Criteria: Current Salary? [#permalink] New post 10 Dec 2012, 21:29
1
This post received
KUDOS
mrbucket wrote:
Though I’m sure schools weigh salary differently, I imagine it’s not simply a marketing data point considering they deem it important enough to cover in the background check – I think Jon and ManhattanReview are probably spot on. Unfortunate for me, considering I come from a small PE firm that provides carried interest (equity) to analysts and associates as a way to keep salaries relatively low.


No offense, but that may be the first time I've heard someone complain about getting carried interest.
_________________

The MBA application process summed up in 20 seconds: http://www.youtube.com/watch?v=x-s2tLbqlOc

Intern
Intern
avatar
Joined: 25 Sep 2010
Posts: 24
Followers: 0

Kudos [?]: 4 [0], given: 3

Re: Addmission Criteria: Current Salary? [#permalink] New post 12 Nov 2012, 11:41
My understanding is that it is primarily used to indicate the level of responsibility that you have.

For example, an associate can either be a relatively senior position or an entry level position depending on the company. Same with "manager" and other such titles. Salary helps sort through that.
BSchool Thread Master
avatar
Joined: 08 Jun 2012
Posts: 108
Location: United States
Concentration: Marketing, Other
GMAT 1: 550 Q30 V36
GMAT 2: 660 Q41 V40
GMAT 3: 670 Q44 V38
GPA: 3.27
WE: Corporate Finance (Mutual Funds and Brokerage)
Followers: 3

Kudos [?]: 29 [0], given: 70

Reviews Badge
Re: Admission Criteria: Current Salary? [#permalink] New post 12 Nov 2012, 13:14
Interesting question. I'd love to hear more opinions.

I don't feel that they use it for anything other than their data that indicates salary foregone for students in the current class. But they could. It wouldn't make sense to use that as a reason to give you more or less money, you'll be giving up that salary if you're moving there for a FT program.
_________________

"You may not realize it when it happens, but a kick in the teeth may be the best thing in the world for you." - Walt Disney

Current Student
avatar
Joined: 04 Oct 2011
Posts: 430
Concentration: Finance
GMAT 1: 700 Q44 V41
GMAT 2: 750 Q48 V46
GPA: 3.03
WE: Project Management (Military & Defense)
Followers: 11

Kudos [?]: 106 [0], given: 149

GMAT Tests User Premium Member
Re: Admission Criteria: Current Salary? [#permalink] New post 12 Nov 2012, 13:30
Schools all say they use this information only for marketing purposes. In other words, they use it so they can provide statistics like how much their class improved their salary from Pre-MBA. There is far too much variability between career fields for it to be used for anything else. For example military and government folks are paid based on age and rank not performance. So you can draw literally no discernible information from my salary data other than it corresponds to a specific block on a pay chart.
Expert Post
Admissionado
User avatar
Joined: 30 Nov 2009
Posts: 3157
Location: Chicago, IL
Schools: Brown University, Harvard Business School
Followers: 43

Kudos [?]: 523 [0], given: 29

GMAT Tests User
Re: Admission Criteria: Current Salary? [#permalink] New post 14 Nov 2012, 02:59
Expert's post
mappleby wrote:
Schools all say they use this information only for marketing purposes. In other words, they use it so they can provide statistics like how much their class improved their salary from Pre-MBA. There is far too much variability between career fields for it to be used for anything else. For example military and government folks are paid based on age and rank not performance. So you can draw literally no discernible information from my salary data other than it corresponds to a specific block on a pay chart.


Hmmmm, maybe... but at the same time, they are experts in all things careers, and they have a lot of material for comparison. They take tell the difference between someone who is making 60K in industry X in country X, and someone who is making 90K in the same.... I don't think it is so simple as "Joe, the PE guy from America makes 10 times what Raj the entrepreneur from India makes, so he must be better"... not at all, but still, within your won country and industry, I would say it is somewhat significant.
_________________

Jon Frank
Founder, Admissionado

Admissionado.com

If you like the post, give it a KUDOS!

Current Student
User avatar
Status: Disbelief! The Countdown Begins
Affiliations: CFA
Joined: 29 Jul 2011
Posts: 221
Concentration: Finance, Economics
Schools: Johnson '15 (M)
GMAT 1: 600 Q45 V28
GMAT 2: 670 Q44 V39
GMAT 3: 750 Q49 V42
GPA: 3.5
WE: Accounting (Insurance)
Followers: 8

Kudos [?]: 74 [0], given: 7

Re: Admission Criteria: Current Salary? [#permalink] New post 14 Nov 2012, 13:50
JonAdmissionado wrote:
mappleby wrote:
Schools all say they use this information only for marketing purposes. In other words, they use it so they can provide statistics like how much their class improved their salary from Pre-MBA. There is far too much variability between career fields for it to be used for anything else. For example military and government folks are paid based on age and rank not performance. So you can draw literally no discernible information from my salary data other than it corresponds to a specific block on a pay chart.


Hmmmm, maybe... but at the same time, they are experts in all things careers, and they have a lot of material for comparison. They take tell the difference between someone who is making 60K in industry X in country X, and someone who is making 90K in the same.... I don't think it is so simple as "Joe, the PE guy from America makes 10 times what Raj the entrepreneur from India makes, so he must be better"... not at all, but still, within your won country and industry, I would say it is somewhat significant.


It would surprise me and come off quite hypocritical if schools used this for anything other than marketing purposes. The school wants you to choose their program based on their unqiuness and fit, not their spots in the rankings. They claim to choose their students by who would be a good fit for their program and is a well rounded candidate, not by where you come in salary rankings. Basing any part of the admissions decision on how much you agreed to work for to do a job you love is flawed at best, and hypocritical at worst.

My belief is that its promotional. But I am no admssions officer, just an opinion.
Manager
Manager
avatar
Joined: 26 Jun 2011
Posts: 249
Location: India
GMAT 1: 760 Q51 V41
Followers: 10

Kudos [?]: 31 [0], given: 26

Re: Admission Criteria: Current Salary? [#permalink] New post 15 Nov 2012, 01:45
Glad that someone brought this up. I would so like to hear opinions of people who have been part of Adcoms.

And yes, I'd be surprised if it's used for anything other than data crunching !
_________________

The chase begins ...

Director
Director
User avatar
Affiliations: Columbia, Wharton, LBS
Joined: 02 Nov 2009
Posts: 592
Schools: Harvard, Stanford, LBS, Columbia, Wharton, HEC Paris
Followers: 19

Kudos [?]: 113 [0], given: 1

GMAT Tests User
Re: Admission Criteria: Current Salary? [#permalink] New post 15 Nov 2012, 16:57
Salary is used as a point of evaluation for candidates coming from the same industry. First of all, admissions does not use salary as a distinguishing factor to compare one candidate coming from investment banking to one who is coming from the peace corps. Within industries and locations, admissions does use it as a point of reference to distinguish (for example) all the candidates who worked for major consulting firm or investment bank. In general, those candidates with the higher salaries were ranked higher in their respective professional classes and thus their firm saw that they possessed more potential. For those candidates who come from less popular backgrounds, salary plays a much less important role in your evaluation. Just to let people know, every candidate I ever worked with who was a Peace Corps volunteer (average salary of around $300 per month) got into one of the top five programs.
_________________

Manhattan Review GMAT Prep & MBA Admissions Consulting
Web: http://www.manhattanreview.com | Phone: +1.212.316.2000
Receive 20% off Admissions Consultings as GMATClub member!

Expert Post
Admissionado
User avatar
Joined: 30 Nov 2009
Posts: 3157
Location: Chicago, IL
Schools: Brown University, Harvard Business School
Followers: 43

Kudos [?]: 523 [0], given: 29

GMAT Tests User
Re: Admission Criteria: Current Salary? [#permalink] New post 16 Nov 2012, 04:44
Expert's post
dreamchase wrote:
And yes, I'd be surprised if it's used for anything other than data crunching !


Hmm, on the contrary, it would be more surprising if they didn't use every piece of information you give them to evaluate you. Like I wrote, it's not that they are comparing between countries and industries, and that more is simply better. But they are aware of what, say, US consultants in their third year get, and they are aware what it means when someone is making a lot more than someone else. This is still Business school, and salary is a very clear and simple way to gauge success (whether we like it or not). Now that doesn't mean that the Adcom folks sit and calculate "aha! This dude makes 10K per year more. He's probably better." Not at all. But they nonethelss will notice how much you make and they will know what it means in comparison to others.
_________________

Jon Frank
Founder, Admissionado

Admissionado.com

If you like the post, give it a KUDOS!

Senior Manager
Senior Manager
avatar
Joined: 24 Mar 2010
Posts: 347
Followers: 7

Kudos [?]: 51 [0], given: 4

GMAT Tests User
Re: Admission Criteria: Current Salary? [#permalink] New post 10 Dec 2012, 19:36
Very interested to hear more about this, given that I work for a financial firm no one has heard of and my compensation is a lot lower than those in big finance firms. This is something that definitely worries me.
Manager
Manager
avatar
Joined: 04 Nov 2012
Posts: 90
Location: United States
Concentration: Finance, International Business
GMAT 1: Q44 V38
GPA: 3.7
WE: Science (Pharmaceuticals and Biotech)
Followers: 1

Kudos [?]: 33 [0], given: 82

Re: Admission Criteria: Current Salary? [#permalink] New post 10 Dec 2012, 19:47
Shawshank wrote:
Very interested to hear more about this, given that I work for a financial firm no one has heard of and my compensation is a lot lower than those in big finance firms. This is something that definitely worries me.


My impression is that this is definitely subjective and different AdComs weight it differently. Perhaps we can post this in an "ask admissions" forum. I suspect we'll also see a wide range of different answers.
_________________

kudos are appreciated

Senior Manager
Senior Manager
avatar
Joined: 24 Mar 2010
Posts: 347
Followers: 7

Kudos [?]: 51 [0], given: 4

GMAT Tests User
Re: Admission Criteria: Current Salary? [#permalink] New post 10 Dec 2012, 20:32
lahai1dj wrote:
Shawshank wrote:
Very interested to hear more about this, given that I work for a financial firm no one has heard of and my compensation is a lot lower than those in big finance firms. This is something that definitely worries me.


My impression is that this is definitely subjective and different AdComs weight it differently. Perhaps we can post this in an "ask admissions" forum. I suspect we'll also see a wide range of different answers.



I wonder if Kroll verifies just the base salary or both salary and bonus.
Current Student
avatar
Joined: 31 Oct 2012
Posts: 37
Concentration: Technology, Entrepreneurship
Schools: Haas '15 (M)
GMAT 1: 750 Q49 V44
GPA: 3.5
Followers: 0

Kudos [?]: 26 [0], given: 1

Re: Admission Criteria: Current Salary? [#permalink] New post 10 Dec 2012, 20:55
Though I’m sure schools weigh salary differently, I imagine it’s not simply a marketing data point considering they deem it important enough to cover in the background check – I think Jon and ManhattanReview are probably spot on. Unfortunate for me, considering I come from a small PE firm that provides carried interest (equity) to analysts and associates as a way to keep salaries relatively low.
Senior Manager
Senior Manager
avatar
Joined: 24 Mar 2010
Posts: 347
Followers: 7

Kudos [?]: 51 [0], given: 4

GMAT Tests User
Re: Admission Criteria: Current Salary? [#permalink] New post 10 Dec 2012, 20:59
mrbucket wrote:
Though I’m sure schools weigh salary differently, I imagine it’s not simply a marketing data point considering they deem it important enough to cover in the background check – I think Jon and ManhattanReview are probably spot on. Unfortunate for me, considering I come from a small PE firm that provides carried interest (equity) to analysts and associates as a way to keep salaries relatively low.



I would be absolutely livid if I get dinged because my compensation is a lot lower than other finance guys.
Current Student
avatar
Joined: 31 Oct 2012
Posts: 37
Concentration: Technology, Entrepreneurship
Schools: Haas '15 (M)
GMAT 1: 750 Q49 V44
GPA: 3.5
Followers: 0

Kudos [?]: 26 [0], given: 1

Re: Admission Criteria: Current Salary? [#permalink] New post 10 Dec 2012, 21:54
huntzman wrote:
No offense, but that may be the first time I've heard someone complain about getting carried interest.


Haha none taken - I didn't mean to sound so flippant about it. If it helps, I left before most of it vested. :?
Director
Director
User avatar
Affiliations: Columbia, Wharton, LBS
Joined: 02 Nov 2009
Posts: 592
Schools: Harvard, Stanford, LBS, Columbia, Wharton, HEC Paris
Followers: 19

Kudos [?]: 113 [0], given: 1

GMAT Tests User
Re: Admission Criteria: Current Salary? [#permalink] New post 11 Dec 2012, 05:37
What you need to do is write up a brief paragraph about your compensation structure and state that it includes a carried interest component. If I were still on an admissions committee, I would be impressed that an Analyst/Associate received carried interest as it would indicate a firm that wants a long-term affiliation with the candidate. Please do not make apologies for your lower base salary as (a) there is no need for the apology and (b) your salary structure is what it is. This policy applies to everybody -- not just people with working under these unique circumstances.

Kimberly Plaga
Senior Admissions Consultant
Manhattan Review
_________________

Manhattan Review GMAT Prep & MBA Admissions Consulting
Web: http://www.manhattanreview.com | Phone: +1.212.316.2000
Receive 20% off Admissions Consultings as GMATClub member!

Current Student
avatar
Joined: 18 Jun 2012
Posts: 145
Concentration: Healthcare, General Management
GMAT Date: 09-14-2012
Followers: 1

Kudos [?]: 14 [0], given: 1

Re: Admission Criteria: Current Salary? [#permalink] New post 11 Dec 2012, 07:16
I work for a large company, but from what I know there isnt a harmonized salary/title structure across all locations. For example, a scientist at one of the northeast locations would be an entry level position, whereas in the midwest location it would be a PhD with 10+ year of experience. At another location, it might be someone with 5-6 years of exp. Of course the salaries are widely different, but how can you account for this discrepancy?
Intern
Intern
avatar
Joined: 14 Dec 2010
Posts: 20
Followers: 0

Kudos [?]: 0 [0], given: 0

Re: Admission Criteria: Current Salary? [#permalink] New post 12 Dec 2012, 08:14
Very interesting question, and also interesting opinions... we probably can't tell for sure, but in my opinion salary doesn't impact admission chances (unless you're a cynical who thinks schools prefers candidates with low salary so their salary increase after they graduate will be higher). I think the work experience parameters which impact admission chances are accomplishments, managing people and promotions, and my opinion is supported by this online MBA chances calculator: http://www.aringo.com/MBA_admission_cha ... ulator.htm
Intern
Intern
avatar
Joined: 28 Dec 2011
Posts: 31
GMAT 1: 750 Q50 V41
Followers: 0

Kudos [?]: 10 [0], given: 21

GMAT ToolKit User GMAT Tests User
Re: Admission Criteria: Current Salary? [#permalink] New post 14 Dec 2012, 07:14
What if the candidate's salary is on the same level or even above the top school graduates' average? Can it be a red flag?

For a career-changer, the post-MBA salary can in fact be lower than the pre-MBA one. The point of getting an MBA is in doing something different and it's a long term investment with a negative ROI within 3-5 years.

I believe the admissions might crunch the numbers and ask a question why this guy needs an MBA at all.
Re: Admission Criteria: Current Salary?   [#permalink] 14 Dec 2012, 07:14
    Similar topics Author Replies Last post
Similar
Topics:
Admission Criteria and Selection probability Himanshu930 0 17 Aug 2014, 10:37
Criteria for admission in MBA school rashprab 0 16 May 2013, 09:37
Top Schools Admission Criteria kickinback 4 08 Jul 2011, 07:25
Importance of Current Salary? eresh 0 26 Jul 2009, 18:24
B-school-Admission criteria vikky267 1 12 May 2005, 21:52
Display posts from previous: Sort by

Admission Criteria: Current Salary?

  Question banks Downloads My Bookmarks Reviews Important topics  

Go to page    1   2    Next  [ 22 posts ] 



GMAT Club MBA Forum Home| About| Privacy Policy| Terms and Conditions| GMAT Club Rules| Contact| Sitemap

Powered by phpBB © phpBB Group and phpBB SEO

Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.