Considering an MBA

Question

Hi everyone,

I've recently been thinking about getting an MBA and wanted to get some opinions about whether it's a good idea, and which programs I could look into. I'd likely want to start in 2023, so I have time to prepare. First, here's some info about me:

-25-year-old white male

-3.9 GPA at Touro College (so not the most prestigious college in the world)

-Mathematics Major, Finance and IT Minors

-Will likely score somewhere above the 90th percentile on the GMAT. I have done this on the SATs and GRE (which I took when I was considering other career paths) and based on practice GMATs I expect to be able to do the same

-First job out of college was as an analyst at a small Private Equity boutique. After working there for 2 years, a few months ago I got a promotion to officially run the analytics department for a portfolio company, with 1 person working under me. The portfolio company is likely worth about $200 million. My paychecks are still being paid by the Private Equity firm, but for all intents and purposes, I work for the portfolio company.

-had a dropshipping e-commerce business in college for parts of 3 years. During the 1 full year it operated, I did about $800k in sales (with very low-profit margins). Ran a team of 3 Virtual Assistants from the Philippines.

-Currently run 2 websites - a Personal Finance website and a gift idea website. Have only had limited success so far.

-Am interested in Real Estate. I currently own 1 rental property and am closing on another one soon.

-Not much other leadership/volunteer work.

I have a few reasons for wanting to go to business school. The biggest reason is that as of now, jobs at top-tier firms seem mostly out of reach for me since I went to a small college. I feel like my resume is better suited to getting into a good MBA program than for getting a job at Mckinsey or something comparable, so I think it makes sense to get an MBA at a well-known University so more options are open for me.

I also feel like I missed out on the college experience a bit. Between coming from a religious family and going to a small college, I didn't have many experiences that others have, both from an academic and enjoyment standpoint. I think getting an MBA could be an experience I've lacked until now, and could hopefully be something I look back on fondly once I finish.

Finally, I'm unsure exactly which direction I want my career to proceed in. I've dabbled in many areas (e-commerce, real estate, private equity, analytics) and haven't decided on any. I'm hoping Business School can give me some clarity.

Obviously, money is a concern. I've saved up a decent amount so far, but not making an income while spending hundreds of thousands for an MBA is still a tough pill to swallow. I'd do it for the right school, but budget ideas are definitely welcome. I'd also love to hear about potential scholarship opportunities.

So, based on the above, what tier of business schools should I be looking at, and what should I do to improve my odds? I'm ok with pretty much anywhere in the US, with a slight preference for somewhere with warm weather.

PersonalMBACoach · Answer

Hi samperry54 , Thanks for sharing! It is great to see that you are beginning to think about your target school list/ways to improve your candidacy before starting in 2023. Something you will want to begin focusing your efforts on is enhancing your extracurricular profile. By putting in the extra effort now, you will have ample opportunities to add real value before you apply and begin to build a strong track record of involvement and leadership. As for deciding which direction you want your career to proceed in, you have time to think this one through, though this will likely inform your target school list. While no one will hold you to what you write in your business school essays, you should generally be decisive when determining your career goals. Right now, the best thing you can do to improve your candidacy is to plan ahead and make all of the right decisions in the time leading up to your application. Our early planning clients have stellar success rates ultimately getting accepted and getting scholarships! Feel free to send a note to scott@personalmbacoach.com to discuss how we might work together to set you up for success. Regards, Personal MBA Coach

MG4MBACrystalBall · Answer

samperry54 , that's a pretty good profile you have building up there.

On the academic front, despite being not from a top tier school, the GPA looks solid - did that get you any recognitions as well? If you've already done the GRE, don't have to necessarily open a new front on GMAT - nearly all schools accept it now.

The work profile looks solid - will be good to understand the scale of the PE firm you are a part of. You should have sufficient material to showcase   leadership skills  . While diversity helps, it'll be good to now start consolidating and focusing your efforts to   build a really strong profile   in the year to come.

Apart from crystallizing your post-MBA plans, something substantial on the ECs front should make you a pretty good candidate for the top league schools.

The rationale for MBA is reasonably on point though the choice of McKinsey vs MBA may not be the right one.

Hope this helps some. Feel free to reach out directly for further discussions.

samperry54 · Answer

Hey! Thanks for your helpful response.

One thing you mentioned that's interesting is the GRE vs GMAT point. I took the GRE a few years ago when I was considering getting a Masters in Data Science, but I kind of just assumed MBA programs would either require the GMAT, or at the very least prefer it to the GRE. Is that not true?

If I can not take the GMAT and stick with my GRE score (166 in both sections), I think it might make sense to try and apply this year instead of waiting until 2022 like I originally planned. Do you think that makes sense?

If so, what level program do you think I have a good chance at a) getting accepted to, and b) getting accepted to with a large scholarship?

MG4MBACrystalBall · Answer

samperry54 , GMAT may be preferred by some employers such as Consulting firms. Otherwise, schools have no 'apparent' bias for one vs the other and the proportion of GRE in MBA applications has been increasing a lot over the past few years.

Whether the score is sufficient depends on your schools choices which we don't speculate on for reasons mentioned  here .

From what you've shared, it appears you have 2 years of experience? If yes, 2022 will be at least a year too soon, if not more as the   average experience (at matriculation)   is 4-5 years at top schools.

samperry54 · Answer

So are you saying that even once I get my MBA, employers will still take into consideration which standardized test I took? I was under the impression those tests only mattered for getting into an MBA program?

If I apply in September, I'll have closer to 3 full years of work experience by the time of applying. I also had an ecommerce business in college, if that counts.

MG4MBACrystalBall · Answer

samperry54 , yes some of the may.

In that case, could be definitely worth a shot to apply in the coming cycle!

Happy to discuss further - feel free to reach out on the email below.

Considering an MBA

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