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Request for Advice from Linda

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Request for Advice from Linda [#permalink] New post 30 Jul 2004, 20:41
Dear Linda,

I am a prospective MBA applicant, who just took the GMAT today for the first and only time, with the following profile/credentials:

Age: 33 (will turn 34 near end of year)

Unofficial GMAT Score: 710 (95%), Q47 (82%), V40 (91%)

Undergrad. GPA: 3.6, BS Mechanical Engineering, Stanford University, '94

Work Experience: 10 years
- 1994-2000: Worked as an engineer with power utility on island of Dominica in Caribbean. Managed a team of approx. 25 employees over a two year span in the hydro-electric plant. Highlight: Worked on development of major power expansion project for three years.

- 2001-2002: Worked for water utility on island of Dominica as a project engineer during construction phase of major water and sewerage treatment plant project.

- 2002-2003: Joined Colgate-Palmolive (CP-Dominica) as the engineering services manager for the manufacturing plant/subsidiary in Dominica. Managed project and maintenance teams of approx. 30 people.

-2003-Present: Left CP-Dominica to return to the US to work. Joined Con Edison (gas & electric) utility in New York. Currently work as a customer project manager monitoring, controlling and overseeing major gas and electric service projects. No direct reports, but coordinate work of others.

Before I took the GMAT, I was thinking that I would target NYU's part time program, which would allow me to remain working at Con ED. Based on my score, my credentials and the fact that I am an under-represented minority (Does this still matter? I am a US legal permanent resident, so I get to indicate that I am US black when I apply to schools), I am now thinking that maybe I should target top full-time programs.

I need to weigh the cost benefit though. I would have to forego two years of income - which currently stands at $85,000 annually - and, most likely would need to indebt myself by an additional $40,000 or so in student loans.

I guess my first question to you is, what are my chances of acceptance to a top 5 school, specifically Wharton or Harvard? Second, if I were accepted, would it make sense from a cost-benefit standpoint to forego income for two years (which will probably be $90,000 in two years) to potentially earn maybe $100,000 after I graduate. Do you think that, were I to graduate from a top 5 program, I would be able to leverage more than $100,000 based on my experience.

I hope I am not rambling too much. My interest in doing an MBA at this point is to develop my general management, finance and leadership abilities specifically for career enhancement. I am looking to progress my career either within the electric utility business or the manufacturing sector - if I decide to go back.

Your advice is greatly appreciated.

Thanks,


John Karam
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Re: Request for Advice from Linda [#permalink] New post 02 Aug 2004, 15:35
Expert's post
karamjd wrote:
Dear Linda,

I am a prospective MBA applicant, who just took the GMAT today for the first and only time, with the following profile/credentials:

Age: 33 (will turn 34 near end of year)

Unofficial GMAT Score: 710 (95%), Q47 (82%), V40 (91%)

Undergrad. GPA: 3.6, BS Mechanical Engineering, Stanford University, '94

Work Experience: 10 years
- 1994-2000: Worked as an engineer with power utility on island of Dominica in Caribbean. Managed a team of approx. 25 employees over a two year span in the hydro-electric plant. Highlight: Worked on development of major power expansion project for three years.

- 2001-2002: Worked for water utility on island of Dominica as a project engineer during construction phase of major water and sewerage treatment plant project.

- 2002-2003: Joined Colgate-Palmolive (CP-Dominica) as the engineering services manager for the manufacturing plant/subsidiary in Dominica. Managed project and maintenance teams of approx. 30 people.

-2003-Present: Left CP-Dominica to return to the US to work. Joined Con Edison (gas & electric) utility in New York. Currently work as a customer project manager monitoring, controlling and overseeing major gas and electric service projects. No direct reports, but coordinate work of others.

Before I took the GMAT, I was thinking that I would target NYU's part time program, which would allow me to remain working at Con ED. Based on my score, my credentials and the fact that I am an under-represented minority (Does this still matter? I am a US legal permanent resident, so I get to indicate that I am US black when I apply to schools), I am now thinking that maybe I should target top full-time programs.

I need to weigh the cost benefit though. I would have to forego two years of income - which currently stands at $85,000 annually - and, most likely would need to indebt myself by an additional $40,000 or so in student loans.

I guess my first question to you is, what are my chances of acceptance to a top 5 school, specifically Wharton or Harvard?

You have a competitive profile for both schools and good chances of acceptance, although Harvard tends to go more for younger applicants. You should also consider Stanford (unless you want to go to some place new), MIT, and Kellogg.

Second, if I were accepted, would it make sense from a cost-benefit standpoint to forego income for two years (which will probably be $90,000 in two years) to potentially earn maybe $100,000 after I graduate. Do you think that, were I to graduate from a top 5 program, I would be able to leverage more than $100,000 based on my experience.

You're certainly asking the right question. I am not sure I have the answer. Because the question is are you going to earn $100K more after graduating from Wharton, etc. than after completing NYU's Langone program. I don't know the answer, but I suspect the potential is there. IN addition, you may get financial aid to go to the full-time program. Is it possible that Con-Ed would pay for the part-time program?

I hope I am not rambling too much. My interest in doing an MBA at this point is to develop my general management, finance and leadership abilities specifically for career enhancement. I am looking to progress my career either within the electric utility business or the manufacturing sector - if I decide to go back.

Your advice is greatly appreciated.


Thanks,


John Karam


You're welcome.

Perhaps the best way to proceed is to apply to NYU's part-time program and to the top five full-time program. Then see where you get financial aid and make up your mind.

Good luck!
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 [#permalink] New post 03 Aug 2004, 08:12
Hi,

I would consider applying to all seven of the "Top 5" full-time programs as well as the NYU PT program and see which one gives the best offer.

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Re: Request for Advice from Linda [#permalink] New post 06 Aug 2004, 14:55
Linda & Hjort,

Thanks for your advice. Linda, yes, Con Ed would reimburse tuition at NYU's part time program.



John
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