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Profile Evaluation - Strong Stats, but bad finish

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Joined: 13 Sep 2013
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Profile Evaluation - Strong Stats, but bad finish [#permalink] New post 16 Sep 2013, 06:38
My profile:

  • Undergrad ranked 20-25. 3.46 GPA, double major. Played varsity sports (Division 3)
  • 760 GMAT (50Q / 44V)
  • CFA Charter - Passed all 3 levels
  • Will be 28 at matriculation


    Most of my work experience has been in finance:
  • Graduated with offer from Lehman Brothers, offer rescinded before start date for obvious reasons.
  • 18 Months in the back office as an analyst
  • 6 Months in the back office as an associate. Different firm from above
  • Almost 3 years in the front office as a junior investment analyst. Firm has over $200 Billion under management. Different firm from above.
  • This new company I co-founded
    (While the first 3 were not internal promotions, perhaps I could say they were external promotions - or I don't even know the correct term for this)
  • 12 Month stint as semi-professional gambler (part time work while I worked full time in the front office). Did well enough to do press interviews. I stopped because the platform I used shut down.

    EC's (all since 2011):
  • Toastmasters - Co-Founded, elected president, got funding for chapter. No longer a member since it was a corporate club.
  • Mentor high school student
  • Run eBay side business (Did this in college and started it again in 2010)
  • Wrote and self published a book. (eBook with no ISBN #, not related to Finance)

    Other:
  • ORM (Opposite of URM). Not Indian though
  • US Citizen
  • Will get recommendations from two indirect supervisors. One from my very first job, and one from the job I left.

The story: Back in May, I was terminated. In early 2012, I asked my manager for an MBA recommendation and he gave me a conditional one. "I cannot give you one now. You complete this project for me and I'll give you a positive recommendation." The project was finished this January, past R2 deadlines for all schools. He wanted to write me a recommendation for R3 but I told him that would be crazy. So I pushed back my target applications to this year. This April, my team moved to a new department with a new head who made the decision to let me go. My boss' fund didn't generate enough fees to have two analysts, and since I was planning to leave anyway, I was the odd man out - so he says

On the somewhat positive side, they paid me a small severance and are letting me say that I resigned. I was hesitant about finding a job because I didn't want to burn bridges by joining a firm and leaving for an MBA in 9 months. So I started a company with a friend, but I am not taking a salary, and we have not seen revenues yet. I could care less about money at this point - I have enough saved to last five years.

So what do you think? I'm applying this year, but doubtful if I get into any of my schools. I'm targeting MIT, Wharton, Booth, Columbia, NYU. Now I'm also adding Yale, Tuck, UVA, Cornell to that list and I'm even doubtful about those schools. What if I said I want to go into entrepreneurship, and that I quit and started my own company to learn how it would be before I actually went to school?
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Expert Post
MBA Admissions Consulting
User avatar
Joined: 20 Apr 2003
Posts: 4775
Location: Los Angeles CA
Followers: 38

Kudos [?]: 320 [0], given: 64

GMAT Tests User
Re: Profile Evaluation - Strong Stats, but bad finish [#permalink] New post 16 Sep 2013, 15:06
Expert's post
DFENS wrote:
My profile:

  • Undergrad ranked 20-25. 3.46 GPA, double major. Played varsity sports (Division 3)
  • 760 GMAT (50Q / 44V)
  • CFA Charter - Passed all 3 levels
  • Will be 28 at matriculation


    Most of my work experience has been in finance:
  • Graduated with offer from Lehman Brothers, offer rescinded before start date for obvious reasons.
  • 18 Months in the back office as an analyst
  • 6 Months in the back office as an associate. Different firm from above
  • Almost 3 years in the front office as a junior investment analyst. Firm has over $200 Billion under management. Different firm from above.
  • This new company I co-founded
    (While the first 3 were not internal promotions, perhaps I could say they were external promotions - or I don't even know the correct term for this)
  • 12 Month stint as semi-professional gambler (part time work while I worked full time in the front office). Did well enough to do press interviews. I stopped because the platform I used shut down.

    EC's (all since 2011):
  • Toastmasters - Co-Founded, elected president, got funding for chapter. No longer a member since it was a corporate club.
  • Mentor high school student
  • Run eBay side business (Did this in college and started it again in 2010)
  • Wrote and self published a book. (eBook with no ISBN #, not related to Finance)

    Other:
  • ORM (Opposite of URM). Not Indian though
  • US Citizen
  • Will get recommendations from two indirect supervisors. One from my very first job, and one from the job I left.

The story: Back in May, I was terminated. In early 2012, I asked my manager for an MBA recommendation and he gave me a conditional one. "I cannot give you one now. You complete this project for me and I'll give you a positive recommendation." The project was finished this January, past R2 deadlines for all schools. He wanted to write me a recommendation for R3 but I told him that would be crazy. So I pushed back my target applications to this year. This April, my team moved to a new department with a new head who made the decision to let me go. My boss' fund didn't generate enough fees to have two analysts, and since I was planning to leave anyway, I was the odd man out - so he says

On the somewhat positive side, they paid me a small severance and are letting me say that I resigned. I was hesitant about finding a job because I didn't want to burn bridges by joining a firm and leaving for an MBA in 9 months. So I started a company with a friend, but I am not taking a salary, and we have not seen revenues yet. I could care less about money at this point - I have enough saved to last five years.

So what do you think? I'm applying this year, but doubtful if I get into any of my schools. I'm targeting MIT, Wharton, Booth, Columbia, NYU. Now I'm also adding Yale, Tuck, UVA, Cornell to that list and I'm even doubtful about those schools. What if I said I want to go into entrepreneurship, and that I quit and started my own company to learn how it would be before I actually went to school?


I'm sorry if I'm being dense, but I don't understand your specific concern or question. You have a competitive profile for your target program in terms of your stats and work experience. You are wisely adding a few programs that are a little easier to get into. What do you want to do post-MBA?

Linda
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Linda Abraham
Accepted
310-815-9553

Co-Author of: MBA Admission for Smarties: The No-Nonsense Guide to Acceptance at Top Business Schools

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Intern
Intern
avatar
Joined: 13 Sep 2013
Posts: 5
Followers: 0

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

Re: Profile Evaluation - Strong Stats, but bad finish [#permalink] New post 16 Sep 2013, 17:41
Hi Linda,

My concern is that I got terminated from my most recent employer and that I'm currently working for $0 salary.
Also, I'm wondering how I should spin my experience to get in. Should I say I voluntarily quit and now want to do entrepreneurship? Or say I was laid off (which would be a red flag)?
I want to go back into finance, but obviously that would not mesh with my most recent experience.

Interesting that you say that I have a competitive profile. Other consultants have told me that in light of the past 6 months, I stand little to no chance at my target schools.
Expert Post
MBA Admissions Consulting
User avatar
Joined: 20 Apr 2003
Posts: 4775
Location: Los Angeles CA
Followers: 38

Kudos [?]: 320 [0], given: 64

GMAT Tests User
Re: Profile Evaluation - Strong Stats, but bad finish [#permalink] New post 23 Sep 2013, 22:29
Expert's post
DFENS wrote:
Hi Linda,

My concern is that I got terminated from my most recent employer and that I'm currently working for $0 salary.
Also, I'm wondering how I should spin my experience to get in. Should I say I voluntarily quit and now want to do entrepreneurship? Or say I was laid off (which would be a red flag)?
I want to go back into finance, but obviously that would not mesh with my most recent experience.

Interesting that you say that I have a competitive profile. Other consultants have told me that in light of the past 6 months, I stand little to no chance at my target schools.
DFENS wrote:
Hi Linda,

My concern is that I got terminated from my most recent employer and that I'm currently working for $0 salary.
Also, I'm wondering how I should spin my experience to get in. Should I say I voluntarily quit and now want to do entrepreneurship? Or say I was laid off (which would be a red flag)?
I want to go back into finance, but obviously that would not mesh with my most recent experience.

Interesting that you say that I have a competitive profile. Other consultants have told me that in light of the past 6 months, I stand little to no chance at my target schools.


thanks for clarifying. We consultants don't always agree. And neither do the schools. Those differences reflect the subjectivity of admissions.

Here's how I see it: Your GPA is competitive. Your GMAT is stellar. Your work experience is good. And you have a CFA. Extra-curriculars are decent. The lay-off is an issue that needs to be addressed, but a layoff isn't the end of the world. If your current business is a real business, just a start-up that isn't yet making money, that too can be addressed and my even be a positive.

Still, your chances are better at schools like Cornell, Darden, and Yale, than at Wharton, CBS, and MIT. You are smart to add the former schools to your application list. I also recommend that you apply over round 1 and round 2.

Regarding your current business, can't you say that you had a business idea and decided to you use the period in between leaving your previous employer and starting schools to try it out?

Linda
_________________

Linda Abraham
Accepted
310-815-9553

Co-Author of: MBA Admission for Smarties: The No-Nonsense Guide to Acceptance at Top Business Schools

Follow Accepted on Twitter
Friend Accepted on Facebook
Subscribe to Accepted's Blog

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Profile Evaluation - Strong Stats, but bad finish

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