Unemployment hurting my application profile?

Question

I just got dinged by Kellogg.

I was wondering, do you think the fact that i haven't had a job for about 8 months is hurting my application profile?

I used to work at Bear Stearns and I've been out of job for about 8 months now. I am trying to go back to school to ride this economy out.

Any opinions?

GMAT: 720
GPA: 3.4 Wharton Undergrad - Major: Finance
WE: 4 years of Measurisk (Risk Mgt) at Bear Stearns

agold · Answer

I think it really depends on how you frame it and what you've been doing during this gap time.

By the way, you should definitely apply to Wharton if you're interested in going there again.

BearStearner · Answer

To be honest, I haven't been doing much but looking for work in my area of expertise. But no bank is hiring right now. It's tough.

I am living on my savings but I really need to do something because my unemployment is driving me nuts. I have to DO SOMETHING.

I already looked into attending info session in less reputed MBA programs such as Baruch, Babson, Georgetown, Boston College, etc. I just have to get in somewhere and have purpose in life again.

agold · Answer

Sounds painful man. I don't think you have to dip that low, but you may want to consider Duke, Darden, Michigan, and Wharton for R2. The first 3 have really high acceptance rates and the last is already your alma mater. Worth a shot for sure.

BearStearner · Answer

Thanks. I will look into it. After all, I have nothing but time.

bostonsparky · Answer

I can't seem to find it, but I remember reading a specific BW article that talked about lies/inconsistencies on Bschool apps, and how the large majority of those were applicants who had changed their start/end work dates to cover for being laid off. The article then went to quote a few AdCom's that specifically stated how lay-off's etc were not counted negatively against potential applicants (after all, its not your fault that BearStearns/Lehman et are in their current spot).

Sleepy · Answer

I don't think it's the unemployment perse.

I think if there is a weakness, and I'm not sure there is because I haven't read your essays, it's probably related to the goals essay.

You want to go back to reenter the same field after school. this year schools are probably especially aware of people who are simply looking to use school to avoid unemployment. While this isn't necessarily a bad plan, depending on how you write your essays you may come across as not really valuing the education aspect. Schools tend to see themselves as offering valuable Knowledge and Skills. I don't mean to say that everyone should be a career changer, but I do think that it's easier to explain why you want an MBA if you have a specific area of your skills you are attempting to grow, or would like to change roles. this year in particular I think it's important to distinguish your goals from those of the thousands of laid-off wall street guys who are looking to avoid the downturn and one place to do that is the goals essay.

bball · Answer

Well, maybe it was given he was in risk management. haha, jk. But seriously, I don't think the adcom particularly care if you've been laid off... but 8 months without doing anything except looking for a job probably doesn't look good. Did you at least step up volunteer work or extracurricular activity in the meantime? Are you only looking at finance gigs? It might be worth taking this time to try something else that piques your interest to see if you would be interested in a different career post MBA.

zonk · Answer

Agree with bball. You gotta show that you're doing something productive with your time.

gt7er · Answer

another thing I think is that it will be key to differentiate yourself from others who find the same situation you are in. there will be a lot of people like yourself applying but you must stand out from the crowd and position yourself in a unique way. the best way to do this is to really think what your strengths are and what you have to offer and emphasize those.

liubhs02 · Answer

I would also add  McCombs (Texas)  to potential schools to apply for. Not because I have a big Longhorn avatar, but because  McCombs  is highly rated in finance, assuming you want to go that route. And  McCombs  has high acceptance rate.

agold · Answer

Unless the OP is interested in working in Texas post-graduation, I would advise him not to attend McCombs.

ryguy904 · Answer

I met with the head of admissions at a Duke reception in Los Angeles a few months back. He said that they were actually going to places like Bear Stearns to actively recruit talented people that were interested in going to b-school.

Youth84 · Answer

Just to throw this out there. Could possibly also be that their are so many "finance" related applications this year due to the very reason you are applying. Thats just my 2 cents.

k88 · Answer

I agree with bball and others that you need to have an activity in those 8 months- my laid off banker friends are doing things ranging from teaching the GMAT, working at the library, and unpaid internships at SAC (hooked up by their parents).

Also I read what you wrote about "needing a purpose in life"-- this probably isn't a good attitude for your applications, the schools don't want your purpose in life to be attending them, they want to know you have a thought out purpose before applying. Getting into b-school shouldn't be your end goal.

I'm sorry about the layoff but you still have a really nice profile. Best of luck!

FN · Answer

do some volunteer work, this will help you show a more complete picture of yourself to adcoms plus its a very gratifying experience..

foodstamp · Answer

If you saved a good amount, I'd advise to spend a bit of time abroad somewhere and build up some international exposure. I think it would be great for personal growth and could translate into an excellent story in an essay.

Anonymous · Answer

I think it completely depends on what you have been doing these past 8 months. Have you considered the peace corps? My mother in law did the peace corps when she was my age and it was an incredible experience. Or possibly going down to New Orleans and getting involved with any rebuilding efforts. If applying this year doesn't work out, I would consider getting some nonprofit experience to diversify your profile and get some experience you otherwise wouldn't have gotten if this recession didn't happen.

However - don't give up yet. I agree with agold below, throw in your apps to those schools for R2 for sure.

jb32 · Answer

I think it's pretty obvious, your reason for going back to school is pretty poor.

liubhs02 · Answer

McCombs has a strong national recognition in Finance and in MBA in general. All the major companies recruit there.

Unemployment hurting my application profile?

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