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Delaware - comments needed please

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Delaware - comments needed please [#permalink] New post 18 Jun 2012, 07:19
hi fellas

I am considering studying in Delaware for my graduate degree however wondered if someone could comment on what it is like to live in Delaware and what is the job market like locally? I am in the banking/finance/accounting field and would appreciate some insights into the employment scene in Delaware for a business graduate.

I'll really appreciate your responses.

Thank you
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Re: Delaware - comments needed please [#permalink] New post 19 Jun 2012, 11:21
Anyone with some insights guys?
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Re: Delaware - comments needed please [#permalink] New post 19 Jul 2012, 11:36
I know this is a month old but I lived in Wilmington for a while. Worked there, too, before going to b-school. Delaware is THE capital of financial services operations in the US. Many firms have their operations outfits exclusively in Delaware. So, if you want to work back office for a finance firm, you'll have an opportunity to do so.

JPMorgan, PNC, HSBC, Capital One, BlackRock, ING. Those are just firms I know off of the top of my head that have very large operations in DE. These are generally the least sexy roles at these firms, mind you. Pretty much the roles people get an MBA so they don't have to go through the day-to-day drudgery of ops anymore.

Living in DE is...well not the best. It's boring, Wilmington isn't really a city, Philly is sort of far away, and further south in Newark (where UDel is) it's even worse. And, unless you're getting a PhD in Chemical Engineering, I'd never consider UDel for grad school, even if an employer is paying. It isn't considered a good school.
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Re: Delaware - comments needed please [#permalink] New post 19 Jul 2012, 11:57
hypermeganet wrote:
I know this is a month old but I lived in Wilmington for a while. Worked there, too, before going to b-school. Delaware is THE capital of financial services operations in the US. Many firms have their operations outfits exclusively in Delaware. So, if you want to work back office for a finance firm, you'll have an opportunity to do so.

JPMorgan, PNC, HSBC, Capital One, BlackRock, ING. Those are just firms I know off of the top of my head that have very large operations in DE. These are generally the least sexy roles at these firms, mind you. Pretty much the roles people get an MBA so they don't have to go through the day-to-day drudgery of ops anymore.

Living in DE is...well not the best. It's boring, Wilmington isn't really a city, Philly is sort of far away, and further south in Newark (where UDel is) it's even worse. And, unless you're getting a PhD in Chemical Engineering, I'd never consider UDel for grad school, even if an employer is paying. It isn't considered a good school.


Hypermagnet, thank you for your response. I realize two things :

1.) Delaware/Wilmington is not Wall St and boring in the sense that there may be little fun like in NYC or Chicago or LA.
2.) Uni of Delaware is not a top ranked school.

My considerations:
I have been offered a spot in their MBA with scholarship + there is a possibility of 100% tuition waiver in 2nd year should I be successful in gaining internship (I hope I can manage that based on previous experience + good academics). So there is a possibility that I may end up with an MBA with only a couple of thousands out of pocket - I won't have a debt. I will be attending FT and won't be employer sponsored or anything.

I know Newark is a small quiet town but that I think may help with being a student. The living will be cheap + little distraction unlike say going to a school in NYC, Boston, Chicago where its going to be expensive living as a student + the "interesting" things (as opposed to boring things in DE) might just be distractions (perhaps its an individual choice).

I don't think I am aiming for a jobs with bulge bracket IBDs but a reasonably good paying job (my experience has been in commercial banking).

Philly is 1 hour drive (major financial center), NYC is 2 hour drive (not bad at all) and ofcourse operations in Wilmington. I am open to relocation to anywhere from North East to Midwest for a job post MBA.

U Delaware although is not Harvard by any means, being a state university with relatively good standing/history in educational terms, its still better than a random private university in NY/Boston or elsewhere - I am thinking Pace, Hofstra etc.

JPMorgan/ Bank of America/Wilmington Trust/HSBC are some banks that come on campus for recruiting. So if there is a job in NYC that may be suitable to my experience and future goals - I think it may well be a possibility to get that job perhaps ?

U Delaware has opened up a trading room in 2008 + it has similar course offerings in finance/economics as do some of the other schools like Baruch, BC, Brandies, Northeastern, Temple etc. So does ranking really matter when you are studying quite the same?

What do you think of my thoughts above?
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Re: Delaware - comments needed please [#permalink] New post 19 Jul 2012, 12:25
mist3rh wrote:
My considerations:
I have been offered a spot in their MBA with scholarship + there is a possibility of 100% tuition waiver in 2nd year should I be successful in gaining internship (I hope I can manage that based on previous experience + good academics). So there is a possibility that I may end up with an MBA with only a couple of thousands out of pocket - I won't have a debt.


Mistake many applicants make: it's not "just a couple of thousands" if you're working a job. Opportunity cost is HUGE. Even if you were not going to be working for those two years, you'd still be in the hole whatever living expenses are. Figure $600/month rent, $500/month food+expenses, $200/month utilities. And whatever else you'll need to spend on. That's easily $30-35,000 unless you're managing to live at home for free. But factor in a $40-50,000/year job for those two years, too (maybe $50,000 after taxes for two years, conservatively). You're looking at $80,000 in cost right away, with free tuition.

Quote:
I know Newark is a small quiet town but that I think may help with being a student. The living will be cheap + little distraction unlike say going to a school in NYC, Boston, Chicago where its going to be expensive living as a student + the "interesting" things (as opposed to boring things in DE) might just be distractions (perhaps its an individual choice).


If you're cool with living in a small area, that's fine. I'd say that's the least of the problems you'll face here.

Quote:
I don't think I am aiming for a jobs with bulge bracket IBDs but a reasonably good paying job (my experience has been in commercial banking).


What is good paying? $50-60k? If so, then you might do fine. Their stated average is $65k post-grad. It all depends on your outlook. If you are making $35k as a CSR for TDBank, then maybe it's worth it? If you want $80k+ you need to look at a top 50 school.

Quote:
Philly is 1 hour drive (major financial center), NYC is 2 hour drive (not bad at all) and ofcourse operations in Wilmington. I am open to relocation to anywhere from North East to Midwest for a job post MBA.


If you're going to UDel, plan on working no more than 20 miles from Newark. It doesn't get more regional than that. Why would a firm in Chicago hire a third tier MBA grad from Delaware when they could hire one from Univ. Illinois - Chicago or Loyola or Depaul? You'd need to lean on the UDel network, most of which will be in Wilmington or Philadelphia. That leads me to my next point: Philly is NOT a major financial center. Not even close. I am a born and raised Philly guy. It's a bio/healthcare city with some law firms and PNC/Lincoln Financial with Vanguard and SEI in the burbs. NYC is probably closer to 3 hours from Newark, fwiw.

Quote:
U Delaware although is not Harvard Temple by any means, being a state university with relatively good standing/history in educational terms, its still better than a random private university in NY/Boston or elsewhere - I am thinking Pace, Hofstra etc.


If you're comparing crappy public to crappy private, I agree. It's cheaper but that doesn't mean it's any better at getting you a job.

Quote:
JPMorgan/ Bank of America/Wilmington Trust/HSBC are some banks that come on campus for recruiting. So if there is a job in NYC that may be suitable to my experience and future goals - I think it may well be a possibility to get that job perhaps ?


This type of thinking will get you killed financially. I dare you to produce the 2011 fulltime class' job placement figures. I guarantee you can't because they won't post them as they'd be laughed at. UDel is a part-time MBA program for people who live/work in DE. Just like every other middle-of-the-road university that creates an MBA program.

1) What sort of roles do those firms recruit for? 2) How many people actually get offers?

Quote:
U Delaware has opened up a trading room in 2008 + it has similar course offerings in finance/economics as do some of the other schools like Baruch, BC, Brandies, Northeastern, Temple etc. So does ranking really matter when you are studying quite the same?


Tons of schools not only have trading rooms but allow students to invest a piece of the endowment. And those schools won't get a second look from many finance firms.

I hate to sound like the doombringer but this is a bad, bad idea.
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Re: Delaware - comments needed please [#permalink] New post 19 Jul 2012, 13:57
Thanks again - you aren't alone in advising me against this proposition. Perhaps transferring in the Spring/Fall 2013 may be an idea? I was considering Baruch or Bentley although both had their Fall deadlines crossed out so Ive been left with little to choose from.
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Re: Delaware - comments needed please [#permalink] New post 19 Jul 2012, 16:21
Most programs don't allow transfers, so don't go that route. PM me if you want to chat in more detail, but knowing your GMAT, your current job situation, and your ultimate goals will let me (who isn't an expert by any means) see if I can recommend anything.
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Re: Delaware - comments needed please   [#permalink] 19 Jul 2012, 16:21
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