Advice Please

Question

Well all of my schools decisions are back, sort of. I got WL at Duke, accepted at UNC, and nearly a full ride at Owen along with a nomination for the Dean's scholarship. My company recently failed going public and laid off 40% of the workforce including me. I was way too open about going to B school and everyone was supportive, right up until it was time to cut people. Anyway, I dont think I am going to get a job btw now and school b/c I would have to be deceptive to whomever hired me and I think it would be more detrimental than helpful. Does my current situation make it impossible for me to get off of the WL at duke? To be honest, being laid off has lit a fire under my ass and I feel I'll be much more prepared for school than with an extra 4 months of WE. I am president of a club and I have upped my involvement with that and do alot of other volunteering. I am a career switcher and know nothing about business so I have purchased several books. I have also planned about 6 weeks of traveling to places I have always wanted to go and to visit long lost friends and family. I would do all of that stuff anyway, but should I forget about Duke? If so, I want to go into biotech/pharma management, perhaps Biotech consulting or VC after school. I have in state tuition at UNC and have the potential to go to Owen for almost nothing. Advice...........appreciated!!

sperinko · Answer

In your opinion, why do you think Duke WLed you ? If its the GMAT, you could use this time to improve your score and send them an update.

mbahunter · Answer

Got 690, so I dont think its the GMAT, everything else was really strong. IMO it was the interview, they asked weird questions I was not ready for and it threw me off of my game.

riverripper · Answer

Get feedback on why you were WL, if they dont give a specific like we want you to retake the GMAT or we are concerned with your quant abilities and want you to take a calc class...then your chances are still OK. If there is nothing specific then its going to be tough. Its not impossible though, just make sure you show your undying love for the school.

Interviews are not all that important in most cases, so dont worry about that.

Interviews are not all that important in most cases, so dont worry about that.

kidderek · Answer

Depending on what industry/where you want to work, Owen near full ride doesn't sound too bad. This is a pretty rough year.

mbahunter · Answer

for people who are going to the Dukes and the like, and are taking out the full monty of student loans...120k, does that make you nervous, b/c that is about a 1200/month student loan payment for 10 years

I guess I am just wondering how many people actually take out the full student loans???

I guess I am just wondering how many people actually take out the full student loans???

riverripper · Answer

At most schools it seems like 65-70% of students take out some loans. Figure there are going to be some students who come from wealthy families who pay the tab, former bankers who have their own bankroll, and some on fullrides or company sponsored.

Plenty of people go 100k+ in debt, in some industries its common for companies to pay for interns 2nd years if they take a job there. Also there are a fair number of companies that pay tuition reimbursement. I have a friend who works for a large company that pays 10k per year towards student loans for advanced degrees.

uvalove · Answer

I don't think getting laid off is a deal breaker. I am in the same situation, I found out at the end of the year and still hadn't done my Darden interview. In the spirit of honestly, I told my interviewer the situation, but I communicated that I understood the business decision my company made (without sounding like I was bitter...) and put an optimistic spin on it (I'm taking classes to prepare, volunteering, etc.). I feel that I came across as sounding business savvy in talking about the details, mature because I wasn't taking it personally, and that I am able to make the most of a challenging situation (IMHO). She actually told me that even though the situation sounded stressful, in the long run, I will look back on it and be thankful for the time I spent preparing for school and that I will probably get more out of the classes I'm taking than working for 6 months. She told me I was setting myself up to have a successful fist semester at school.

Clearly that is just one adcom's perspective, but it didn't seem to bother her that I was laid off. It is a reality of the business world, and just like any experience, adcom are more concerned with how you respond and what you learn than with the situation.

Although I haven't gotten into Darden yet...

mbahunter · Answer

Interesting, I heard a very small few companies offered tuition reimbursement, but I had no idea it was as widesrpead. What industries offer this? I am assuming its like I banking which I likely dont have a shot at anyway...

togafoot · Answer

I think the business week school data displays average debt of the mba graduate from some schools. For a lot of places itas aroun $70k debt

solaris1 · Answer

I'm pretty sure i-banking doesn't offer anything of the sort for average joe MBA grads.

mbahunter · Answer

Do you think it would be wise to ask one of the schools I have been accepted at what they think would be a good use of my time(laid off...btw now and the start of school)? Is it possible they could hook me up with some sort of pre MBA internship? Or would they think I was just bothering them.....

nupurgupt · Answer

i wouldn't let them know that you've been laid off
think of it as demand/supply
whatever is lower in supply, suddenly looks more coveted
if they know that you have been laid off, that might make them doubt their scholarship decision
i am assuming you have not made your deposit yet, IMHO it's better to first enroll before contacting a school

3underscore · Answer

From early signs, I think you might well be wrong on that. There is some kind of embedded signing bonus that ties miraculously closely to second year fees. It is all dealt with very much on the QT though, so I can't be certain.

though it depends on what you consider "average joe MBA grads". I Banks probably don't think they employ average joe's at all.

solaris1 · Answer

What I meant was everybody not at the top of their class etc. - I would think places like Bear and Citi would typically recruit from the 'middle' of the graduating class and the 'above average' folks would go to MS or GS etc.

I was under the impression that the post-MBA Associate signing bonus was pretty standardized and had nothing to do with 2Y tuition. But I'll gladly believe you if you say it's otherwise. And to clarify, I'm making the distinction between 'average' and 'above average' based primarily on prior experience.

Advice Please

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