730 GMAT with a Unique situation

Question

I am in a strange situation.

I am 24 and currently a 2L at R 50-70 law school. I am doing well there: 3.4 GPA - top 20% of my class. However, I have decided that I would really like to get into management consulting or I Banking. I have the option to do a dual degree with the school I am currently enrolled in (also R 50-70) which would entail me doing the MBA in 1 year after this semester and then finishing my 3L year there. The perk would that I will have a full or almost full scholarship there.

However, I would love to get into management consulting at a firm like McKinsey, Bain, or Deloitte. So perhaps it would be worth it to finish law school and then cough up the extra 80-100k of debt to go to a top 10 or a top 20 school. I am not sure if it is worth it financially, especially considering I am already going to be around 120k in debt out of law school. Furthermore, I am not even sure as to my chances of getting into any particular school. I am willing to go anywhere for a job, but would prefer to remain in the Southeast. Please help! Thanks

Where I'm thinking of applying:
Top 10, Vanderbilt (they have already waived my application fee and promised an interview in the next month), Emory, Duke, Virginia

My stats coming out of law school:

GMAT 730 96%- 44V 98% - 47Q 70%
J.D. from a tier 2 school with a 3.4-5 GPA, top 15-20% - Extracurriculars: National Trial Team, Student Success Leader, VP of law fraternity,
Undergrad at a non-top100 private school (in the top 20 in the south.) Major Biology- GPA 3.4- Extracurriculars- Student government senator
Work Experience: Taught middle school science for 1 year out of college before law school.

Where I'm thinking of applying: Top 10, Vanderbilt (they have already waived my application fee and promised an interview in the next month), Emory, Duke, Virginia My stats coming out of law school: GMAT 730 96%- 44V 98% - 47Q 70% J.D. from a tier 2 school with a 3.4-5 GPA, top 15-20% - Extracurriculars: National Trial Team, Student Success Leader, VP of law fraternity, Undergrad at a non-top100 private school (in the top 20 in the south.) Major Biology- GPA 3.4- Extracurriculars- Student government senator Work Experience: Taught middle school science for 1 year out of college before law school. EDIT NOTE: If the post makes me come across as just a money-hungry guy who isn't satisfied with a law school salary that isn't the case. Money isn't too important to me. Unfortunately, because of my loan situation and some health problems with my sister and father, I feel the need to attain some wealth early to help take care of my family in case things turn out as bad as they appear that they will. Thanks again everyone. I also forgot to mention that I played professional poker for a while. One day I'll get back to the WSOP and win a bracelet- I guarantee it. I have thought I might could spin this to my advantage in interviews/essays.

SeeakingAdvice · Answer

Lets assume based off your description that you are attending FSU or U. Miami law school. Firms like McK and Bain look for pedigree and likely don't recruit there. Also, likely there will never hire you if you attend business school there.

Employment statics for those schools and similarly ranked schools for both law and MBA are scary.

"Top 10, Vanderbilt (they have already waived my tuition fee and promised an interview in the next month)" < you mean they waived your application fee? If they waived your tuition and you can attend Vanderbilt for free then that is a pretty easy choice...

For what it is worth, a friend of mine attended Vanderbilt for Master in Finance and now has a job with a top tier bank. He attended a low ranked university for undergrad.

noodlesnyc · Answer

I voted "don't apply". I suggest you finish law school, work for two years (and perform exceptionally at work, and volunteer at something, etc), and then apply.

jkaustubh · Answer

Investment banking and consulting are not similar job profiles, are you sure you want to do either IB or consulting. I would suggest you to make up your mind and stick to either one of those. But, these are my opinions. Experts might help.

bgp2587 · Answer

A couple of things. My first instinct was to say not to apply, but then I thought about it a little more, and I think I'd apply.

1. At some level of business school (in terms of rankings), a 730 is good enough to get you in. You have decent grads and a STEM degree undergrad, which I think means something. You are not going to get into a top-15 school with your current profile, but I could see this playing below there.

2. You want to get into consulting or I-banking. That's quite broad, as someone else said, and makes basically no sense. Do you just wnat to make money? I thought lawyers could do that pretty well, but what do I know. This makes me assume that you don't have a Summer Associate job right now, and your prospects for full time employment are a bit slim. That's fine, as the law market is god-awful right now, but that would make me go away from saying "graduate law school, work a few years, and then apply", because if your puttering around with some contract lawyer or paralegal stuff, I think that hurts you. AdComs will think, why can't this guy get a job out of law school? Can he get on out of our school?

3. Let's say your GMAT and decent grades will get you into a school ranked around Vanderbilt, who apprently waved your fee (makes sense to me - you boost their average GMAT by 50 points). That's a good enough school to get you into consulting, albeit not McKinsey. A quick look at their employment report indicates that 21% of the Class of 2013 went into consulting. Sticking with other schools in the southeast, I think you'd have a fighting chance at Emory and Georgia Tech, a long shot chance at UNC and Texas, and a good chance at SMU, Texas A&M, and other schools like that. These schools will all give you a shot at consulting (obviously the top end schools like UT and UNC do much better than the lower end). You absolutely need to get someone to help you develop your story (read: Admissions Consultant). Somehow, combining law, biology, and business school to develop reasonable and doable goals (maybe healthcare/pharma consulting?).

4. Assuming you apply next year in your 3L year, experiment with networking with some consulting jobs. You will have a shot to get a job at a halfway decent firm like Navigant or other risk management firms/disputes and investigations firms. It's possible that you could circumvent all this b-school business, and the extra $100k of debt by getting a consulting job out of law school. You will likely not get a banking job so I'd forget about that.

5. As for debt, because of your solid GMAT, you have a shot to get money from some of these schools, which could assuage your debt fears. Speaking of which, how did your GMAT go on test day? I would almost never advocate retaking after a 730 (I got the same score on my first try and never considered retaking), but in your case, every 10 points can help you get into those top end schools. I simply don't see most of those schools rejecting a 750+ with good grades and well-executed apps.

Those are my thoughts. Sorry for the length.

manderson7 · Answer

Thanks for the replies everyone. I appreciate it.

Yes you are right. I really want to get into strategy consulting or operations consulting. I banking is just something I have also considered, but consulting is really where I think I want to go.

Exactly. The job market is awful right now and my grades are just barely too low to get much consideration at the big law firms. It's slim pickings right now.

3. -- Yes, was thinking that I had a shot at Emory, and Vandy. I just thought that Fuqua and Darden might not be too unrealistic.

4. .

You think so? I guess I didn't think I would have much of a shot without a math or business background. That is something to think about.

5.

I have considered this. I did well on test day, but I had not studied almost at all. I only studied the 2 days before the test to refresh some math. I consistently got between 97-99% on every verbal I took. I hadn't had math for almost 6 years. There were some math concepts I wasn't able to relearn before i took the test. Perhaps if I studied math some I could get into the 50s in Quant.

And to the idea of a masters in finance at Vandy– that is something that I have definitely considered as an option.

Thanks again everyone. Any more advice would be helpful.

bgp2587 · Answer

Okay, so I'd pursue to the two paths concurrently:

1. Try your best to break into consulting. It is doable, although not at a Tier 1 or Tier 2 firm. Nothing wrong with that. The following are places you MAY be able to break into: Navigant, Deloitte FAS (litigation services, etc.), other Big 4 Risk Advisory/Litigation offerings, FTI Consulting, MorganFranlin, etc.. Network your ass off and see what happens. This firms aren't so focused on targets, and you very well may be able to break in if you get a bit lucky.

2. MBA or MFin. I know very little about MFins, but this seems like a compelling opportunity considering the one less year, so long as the outcomes are similar. I would absolutely retake the GMAT, trying to get a 750+. In your case, your counting on the GMAT to be your in, so every 10 points really helps. When your boosting average GMATs by 50+ points, you've always got a shot. Problem with the top end schools on your list (Fuqua, Darden) is they get enough good GMATs to reject 730+s. As soon as you get below there though, they simply don't get that many. Obviously, the lower ranked the school (and the lower the average GMAT), the better your chance of admission. As you do this, really try to leverage your story to make it make sense. A consultant could be really helpful with this.

One other thing: if you're looking to get into school, and just generally, I'd work on doing something business-y. Maybe get involved with a start-up with some people at the business school? Or work with a professor on helping with some consulting? Somehow, do something that makes your story jive, and shows that you're not just applying to b-school because you can't get a law job.

Good luck.

730 GMAT with a Unique situation

What are my chances of being accepted into a top 10?

Prep Toolkit

Top 5 GMAT Debrief Videos

615 to 715 in 15 Days (Ria's Strategies)

More than Quant/Verbal Abilities: Speed vs. Accuracy

745 with Only Self-Prep and GMAT Club

From 555 to 765: 210-point Improvement

Perfect 805 Score Debrief by Julia

My Rewards