I'm currenlty an IT consultant for a very large company, and I'm applying to the top tier schools for an MBA. As my long term goal, I am stating that I would like to start my own business, a software company. For my short term goal, I am looking to switch careers into i-banking. I plan to use the knowledge of financial transactions and contacts I gain from my MBA and i-banking experiences to help fund my business.
My question is would my long term goal of wanting to start a business preclude me from admission since it is possible to start a business without an MBA?
My other question is my short term goal of switching industries realistic?
Would both of these hurt my application to a top tier school?
To answer your questions:
1) No your long-term goal does not preclude your admissions. Many MBA's want to eventually start a business and while yes you can do so without an MBA, most b-schools (and many investors) feel that having an MBA will make you a better business manager and owner. So problem there.
2) A strong short-term goal should be anchored in your experience and narrower than "investment banking." What area of investment banking? Anything having to do with high-tech or software? If not, you are asking a future employer to make a major leap of faith. If yes, then you will be taking advantage of your industry knowledge AND
your new MBA skills. Much better approach.
3) Obviously, from my answer you can tell that your short term-goal is more of a problem than the long-term one. Focus your short-term goal and tie it to your past more.
For more information, please see:
"MBA Admissions: Application Advice for Career Changers
"Connecting the Dots
Co-Author of: MBA Admission for Smarties: The No-Nonsense Guide to Acceptance at Top Business Schools
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