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01 Apr 2021, 04:55
Kudos
Bookmarks
Hi there,
So I am currently quite anxious about what to do. To give you a bit of background, I am an oil and gas professional who has worked across various functions over the past 8 years (Sales, Management, Technology...etc.). I have been looking for a way to pivot away from this industry. My ideal career shift is to work in a non-technical capacity in the Tech Sector; in Strategic and Product related roles to be more precise. Despite landing a few interviews, my attempts have been futile.
Unfortunately, I have been redundant since October 2020, and the job market is not in my favor. I have been working ever since on trying to get back out there while applying for an MBA as a backup plan. So far I couldn't secure a job but luckily was admitted to two European Programs. I am Egyptian with no work authorization to work in Europe, though that can change in the future since my partner is french. I also speak intermediate french which I am working on improving as we speak.
I am an Engineer by education holding both a Bachelor's and Master's degree in Mechanical Engineering. I also believe that the value of an MBA lies in its alumni network and brand recognition. So I am not going to be content with a cheaper and lower-tiered school.
Below are my options with the pros and cons:
1- INSEAD
Pros:
- September 2021 intake
- Got a 30K Scholarship driving the tuition down to 60K Euros.
- A 1-year program will also help me minimize the opportunity cost and my savings will allow me to go through with the program.
- Brand is solid pretty much everywhere, other than the US which is NOT my target geography.
- Alumni Network is also solid from where I come and across many geographies.
- The school appears to have a former leadership recruitment agreement with several tech companies (Amazon, Microsoft...etc...)
- I am able to secure a low-interest loan (0.9% pa) since I have a first degree relative as a French cosigner.
Cons:
- I will probably need to take a loan for the entire tuition. I am afraid of the financial burden I might have to deal with once graduated. I am a very debt-averse person and this is making me quite anxious.
- The length of the program might be too short for me to secure a solid opportunity.
- The school is known to be a consulting powerhouse. I don't want to be sucked into this consulting vortex. While a career in consulting has many benefits. I am really turned of by the lack of direct control on your projects along with the long hours.
2- HEC Paris
Pros:
-Solid brand recognition in France and Europe in general.
-More relaxed program.
-Smaller cohort gives room for more meaningful connections.
-Very supportive staff
Cons:
- Was applying to the September 2021 intake but got admitted to the January 2022 intake instead due to the full class capacity. When compared to INSEAD, I will be doing one year more and this translates to a higher opportunity cost.
- Got a scholarship worth 16K driving down the tuition fee from 75K to 60K. So it costs exactly the same as INSEAD but will turn out to be more expensive due to the opportunity cost.
- The school has little brand recognition outside of Europe. I am concerned if I didn't manage to secure an opportunity in Europe, the degree won't be worth its weight elsewhere.
3- No MBA
Pros:
- No Debt anxiety or financial strain (Assuming'll find a job within a year)
Cons:
- Limited international mobility
- Little room for a career change
Appreciate your feedback here. I would like to hear from Non-Europeans who did a similar move along with this amount of debt.
Thanks!
So I am currently quite anxious about what to do. To give you a bit of background, I am an oil and gas professional who has worked across various functions over the past 8 years (Sales, Management, Technology...etc.). I have been looking for a way to pivot away from this industry. My ideal career shift is to work in a non-technical capacity in the Tech Sector; in Strategic and Product related roles to be more precise. Despite landing a few interviews, my attempts have been futile.
Unfortunately, I have been redundant since October 2020, and the job market is not in my favor. I have been working ever since on trying to get back out there while applying for an MBA as a backup plan. So far I couldn't secure a job but luckily was admitted to two European Programs. I am Egyptian with no work authorization to work in Europe, though that can change in the future since my partner is french. I also speak intermediate french which I am working on improving as we speak.
I am an Engineer by education holding both a Bachelor's and Master's degree in Mechanical Engineering. I also believe that the value of an MBA lies in its alumni network and brand recognition. So I am not going to be content with a cheaper and lower-tiered school.
Below are my options with the pros and cons:
1- INSEAD
Pros:
- September 2021 intake
- Got a 30K Scholarship driving the tuition down to 60K Euros.
- A 1-year program will also help me minimize the opportunity cost and my savings will allow me to go through with the program.
- Brand is solid pretty much everywhere, other than the US which is NOT my target geography.
- Alumni Network is also solid from where I come and across many geographies.
- The school appears to have a former leadership recruitment agreement with several tech companies (Amazon, Microsoft...etc...)
- I am able to secure a low-interest loan (0.9% pa) since I have a first degree relative as a French cosigner.
Cons:
- I will probably need to take a loan for the entire tuition. I am afraid of the financial burden I might have to deal with once graduated. I am a very debt-averse person and this is making me quite anxious.
- The length of the program might be too short for me to secure a solid opportunity.
- The school is known to be a consulting powerhouse. I don't want to be sucked into this consulting vortex. While a career in consulting has many benefits. I am really turned of by the lack of direct control on your projects along with the long hours.
2- HEC Paris
Pros:
-Solid brand recognition in France and Europe in general.
-More relaxed program.
-Smaller cohort gives room for more meaningful connections.
-Very supportive staff
Cons:
- Was applying to the September 2021 intake but got admitted to the January 2022 intake instead due to the full class capacity. When compared to INSEAD, I will be doing one year more and this translates to a higher opportunity cost.
- Got a scholarship worth 16K driving down the tuition fee from 75K to 60K. So it costs exactly the same as INSEAD but will turn out to be more expensive due to the opportunity cost.
- The school has little brand recognition outside of Europe. I am concerned if I didn't manage to secure an opportunity in Europe, the degree won't be worth its weight elsewhere.
3- No MBA
Pros:
- No Debt anxiety or financial strain (Assuming'll find a job within a year)
Cons:
- Limited international mobility
- Little room for a career change
Appreciate your feedback here. I would like to hear from Non-Europeans who did a similar move along with this amount of debt.
Thanks!
01 Apr 2021, 07:44
Kudos
Bookmarks
Hey, congrats on your offers!
Just curious, did you manage to secure these 2 offers w/ scholarships applying in R2, even though you were unemployed by the time of application?
Regarding your post, I don't know much about the situation in Egypt, but it seems like you might be blowing the whole loan thing a little out of proportion (at least considering you want to stay in Europe afterwards, rather than going back home). It seems that your potential debt would be low compared to the avg. salary post-MBA in both these schools. And your interest rates would be almost zero, that's heavily subsidized. There are people every day taking out loan amounts much larger than yours with > 10x the interest rate and most seem to do just fine. I totally understand if you ultimately don't want to do it at all, but i guess since you started this process you always knew that it would have to come to this, right? Maybe do some further diligence on that and talk to a bunch of people that have gone through the loan experience all the way through to get their take on it.
Just curious, did you manage to secure these 2 offers w/ scholarships applying in R2, even though you were unemployed by the time of application?
Regarding your post, I don't know much about the situation in Egypt, but it seems like you might be blowing the whole loan thing a little out of proportion (at least considering you want to stay in Europe afterwards, rather than going back home). It seems that your potential debt would be low compared to the avg. salary post-MBA in both these schools. And your interest rates would be almost zero, that's heavily subsidized. There are people every day taking out loan amounts much larger than yours with > 10x the interest rate and most seem to do just fine. I totally understand if you ultimately don't want to do it at all, but i guess since you started this process you always knew that it would have to come to this, right? Maybe do some further diligence on that and talk to a bunch of people that have gone through the loan experience all the way through to get their take on it.
01 Apr 2021, 09:27
Kudos
Bookmarks
Hey there,
Thank you for your reply and advice.
Actually, I got both offers in R3 while unemployed. I am not sure what exactly made my application stand out, but I would be willing to discuss details with you. However not many people from my country go to these schools, so I guess diversity played a role here.
I guess you have some reason for what you are saying. It's just that the uncertainty behind the economic situation is making me a bit anxious.
Regards,
Hatem
Thank you for your reply and advice.
Actually, I got both offers in R3 while unemployed. I am not sure what exactly made my application stand out, but I would be willing to discuss details with you. However not many people from my country go to these schools, so I guess diversity played a role here.
I guess you have some reason for what you are saying. It's just that the uncertainty behind the economic situation is making me a bit anxious.
Regards,
Hatem
