FollowUp Thead-Dinged at Katz-Then Got In-Help with ROI

i dont get it. you finally worked your way back into katz and now you are looking at other schools? at this rate it seems you will never be in school.

No...in the meantime between my ding/waitlist from Katz I found some other schools for which the deadline didn't pass.
Basically I used USNEWS and looked at the schools which were closely ranked to Katz and checked out their website and shot off an application ASAP to meet their deadlines. When I was first dinged from Katz I didn't think there were any schools that I could still apply to, and I needed a school that didn't require recs which limited my choices.

I personally think that you might need to sit down and REALLY evaluate what you want out of this MBA degree. Then see if Katz or any of the other schools you've applied to will help you reach these goals (whether it be money, satisfaction, breaking into a new field, etc...)

If the schools WILL help you reach these goals, the cost and lost pay does NOT matter. If it does matter, then you don't really want your goals bad enough.

If the schools will NOT help you reach these goals, it would be a waste of time and money (especially since you're turning 30, I'm turning 31) to go, even with scholarship.

If you don't sit down and clear things up with yourself first, you'll just get in way over your head with Katz and all the other schools, and possibly "blacklist" yourself from some of these smaller schools where the adcoms may talk to each other.

Sorry I should have been clearer and said something else... The other thing the ADCOM told me which really concerned me (and put the doubts about ROI/DEBT) is that this year they used "placeability" as a criteria for admission...last year they did not..it was basically gmat/gpa and essays... The ADCOMs this year had some concerns about my placeability in finance since none of my previous work has been in finance-it was a marketing position..plus I think an unsaid factor was my age-I will be 30 in May... My main reason I was going back for my BA.was to make the career switch to finance..if the adcoms have some concerns about my placeability, it definitely scares me a little. They also offered me admission to the PT program..I am not sure if it would be worth it to go back if I am not going to make a career switch..I really wanted to go back for finance..something I have wanted to do for a while..but I had some other family issues before my own personal issues last year..my dad battled prostate cancer for two years and then my mom got sick...(removed bad words)

James, why do you want finance, if its to get a job at a big name bank I dont think katz will get you there. You need to be realistic with yourself and if a school ranked in the 50s not in the top 20 is going to get you there. I am not knocking Katz as a school but do you believe its going to get your what you think it will. I know a few people who got MBAs fulltime that would have been much better off not going. Dont lie to yourself just to try to convince yourself that its the best thing for you. If they dont think your career goals you wrote about in your essays are realistic that should make you pause right there and reevaluate not just your choice of schools but your goals.

I wanted to go into finance since I graduated from undergrad (went to Pitt so I was familar with Katz before I graduated) I was originally planning on being an attorney but changed my mind..added an econ B.A. to my poli sci. It was too late for me to change majors to business-would have had to gone over the 5 year mark with no financial aid after that so I added Econ and did a dual major (B.A.)I thought I would graduate..pay off undergrad and then go to grad school...I tried to find jobs in finance after graduation, but most of them were financial advisor positions..not my cup of tea. Ended up doing marketing at an insurance company..Not a bad job, but I have taken some accounting courses (3) and an intro finance class and read a number of books on finance..love looking at financials and doing analysis..and I love economics as well..had a 4.0 in the Econ major and ended up with a 3.8 QPA

The bad thing is that I probably would have applied to Katz coming out of undergrad, but at the time Katz only had the one year program and that required 3-5 years of experience..it was not until recently that they added the two year program. However, the year they added the two year program stuff started hitting the fan with my family..dad got prostate cancer..battled that for two years. (beat it)..then my mom had a breakdown..I had to step in to help her out (parents are divorced and I am an only child...I finally was able to apply for last fall and got in with a 15k scholarship, but then ended up with that crazy swallowing disorder..I was seriously depressed by the time orientation rolled around and didn't feel up to the challenge-It got fixed a few weeks later but I had no idea that was going to happen. I am not one to feel sorry for myself, but I can't seem to catch a break..I could not forget about my family for those few years despite my desire to go back to school..just a bad situation.

I know Katz won't get me into a big bank-not expecting it to..just expecting to get a job at a large regional bank such as PNC or Mellon or possibly doing corp finance-still want to look into that more. Katz has good local recruiting stats..I probably could have gotten into a better school (690 GMAT and high GPA) , but I really didn't want to go anywhere else.

Now I am caught...Katz is telling me I may not be placeable- but really I want to go into finance. But I don't want to take the plunge, go into debt, and not find a job..The schools I applied to in the meantime may offer me an assistantship so taking the plunge may be risk free for the most part. The fact is I always wanted to go for a graduate degree as well as a sense of personal satisfaction-everyone always expected me to, and I love to learn anyways.

I am just totally confused. I hope I didn't miss the boat. I am trying to sort this out..

I e-mailed the Adcom at Katz and told her I want to think about it, and I want to meet with Career Services (I live relatively close to campus) next week regarding my placeability to make sure I can overcome my weaknesses and make the transition at Katz..I want someone there look objectively at my resume and see what potential employers may think regarding my placeability in finance...if they think it will be an uphill battle, I will need to rethink Katz and maybe my future-maybe I was not destined to go into finance.

Ok I am meeting with the career services people tomorrow at 2PM to see what is available and how I can possibly be placed..
I found out something tonight that may assuage my fears regarding the debt issue.

Here is what I posted in another thread "

I just found out something that may change my mind tonight..actually within the last twenty minutes. The federal government will have something called an income based repayment plan come 2009..it was part of the student loan reform package passed last year.. Basically it will tie the amount of payment to your income and its based on the poverty line. Still, if you come out and can only get a job for 40 a year, you won't be stuck with 900 a month payments. Your capped payment would be something like 300 a month which is fair. The interest would still accrue and capitalize..but regardless after 25 years the remaining debt would be cancelled out. The good thing is there is a time limit for the debt. The bad thing is it can grow to a huge amount and you may not be able to pay it off before the 25 years if the interest gets a little crazy..There is a calculator to calculate the maximum amount of your payment..since the payment is tied to poverty line..if you really want to get creative..you can go out and make a lot of babies with your wife and won't have to pay a thing..

Here is the link

https://www.ibrinfo.org

Jim"