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19 Jan 2012, 13:56
1
KUDOS
cheetarah1980 wrote:
As long as I don't think about all that I'm giving up, I'm 100% sure. Honestly, I know it's a bit crazy to leave such a sweet deal, but my heart isn't in this at all. I guess what they say is right. Money doesn't buy happiness.

Well said

Your response remind me of this post I saw on Study Hacks:

-http://calnewport.com/blog/2011/08/13/dont-quit-your-day-job-transform-it-why-following-your-passion-is-the-wrong-way-to-find-occupational-happiness/#more-1510

Not saying you are in the same boat as the person in the article, but it does provide an alternative way to examine how one would go about pursuing true professional happiness

Hope your education will give you the opportunity to find what you are looking for
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Kudos [?]: 921 [0], given: 114

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19 Jan 2012, 18:37
GMATLA wrote:
Might be worth while splitting up the 50-99 to 50-74 and 75-99 since there is such a high concentration of individuals in this range.

I second that..It would be interesting to see that split from 50000-74999 and 75000-99999.
Manager
Status: Celebrating!
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Posts: 75
Location: China
Concentration: Statistics, Finance
Schools: Chicago (Booth) - Class of 2014
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Kudos [?]: 18 [0], given: 4

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19 Jan 2012, 22:03
$20k/3yrs from India Manager Joined: 29 Jun 2011 Posts: 154 Location: United States Concentration: Marketing, General Management GMAT 2: 730 Q47 V44 GPA: 3.69 WE: Marketing (Hospitality and Tourism) Followers: 1 Kudos [?]: 8 [0], given: 6 Re: How much$ do you currently make? [#permalink]

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20 Jan 2012, 00:03
xzeppelin wrote:
I just passed the 50k point this year with my bonus. I know that my salary is well below the average at most of the schools I've been applying to. I gave up higher salaries to gain five years of work experience in emerging markets though, where obviously salaries are lower (but so are costs of living). I can't help but feel it has hurt my application a bit, especially since just a couple years ago I was only in the mid-range of the bottom bracket. But at least Ross seems to have viewed this fairly as my gaining unique business experience abroad. I just hope it doesn't affect my recruiting or post-MBA salary either, though I'm sure it will (I want to stay home and work in the States). On the flipside, I've saved more for b-school than most of my friends making much more than me and living in Chicago have...and also since I'm abroad I don't have to pay any income taxes

i make about the same amount as you (except not in the emerging markets...sigh). and i've wondered if it's hurt me too but i've heard it's illegal for them to do that. plus i've thought it may even help them: one way of diversifying the class, but especially because it would skew the pre-mba average salary lower and potentially make the post-mba gains greater (so a better roi).

what has happened to make you think it was because of your pay?
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20 Jan 2012, 01:42
xzeppelin wrote:
chynaxdawl wrote:
xzeppelin wrote:
I just passed the 50k point this year with my bonus. I know that my salary is well below the average at most of the schools I've been applying to. I gave up higher salaries to gain five years of work experience in emerging markets though, where obviously salaries are lower (but so are costs of living). I can't help but feel it has hurt my application a bit, especially since just a couple years ago I was only in the mid-range of the bottom bracket. But at least Ross seems to have viewed this fairly as my gaining unique business experience abroad. I just hope it doesn't affect my recruiting or post-MBA salary either, though I'm sure it will (I want to stay home and work in the States). On the flipside, I've saved more for b-school than most of my friends making much more than me and living in Chicago have...and also since I'm abroad I don't have to pay any income taxes

i make about the same amount as you (except not in the emerging markets...sigh). and i've wondered if it's hurt me too but i've heard it's illegal for them to do that. plus i've thought it may even help them: one way of diversifying the class, but especially because it would skew the pre-mba average salary lower and potentially make the post-mba gains greater (so a better roi).

what has happened to make you think it was because of your pay?

I don't think it's been disastrous or anything, but anything less than the average is not generally going to help you. Schools definitely care about the "pre-MBA salary" number, just as they care about keeping a high GPA and GMAT score. I'm not sure why you think it would be illegal for them to discriminate based on that? They can discriminate for any number of other reasons, including GPA / GMAT / the nebulous concept of "fit". Anyway, it's not like you're ever going to be told a reason why you're rejected, so it's a moot point whether it's "illegal" or not!

You are assuming that people coming in with lower salaries will increase ROI, but you are assuming that everyone post-MBA will make similar incomes regardless of what they made before. That might be true in some cases, but not all. Certainly the people pulling the big bucks immediately after MBA were probably already near the high end of the pre-MBA salary range working in high finance or what have you, as others have mentioned in this thread already.

In my case, I feel like I should get to multiply my salary by the PPP modifier in China... But that might cause some problems when the background check comes around

Edit: I do think a lower salary would absolutely not be a knock against a candidate in certain situations. For example, someone working in non-profit that could bring some excellent organization management skills to the table or something like that. However, in my case, I am working in a Fortune 500 but definitely pulling less than others in a similar position to me back in the States.

i've heard from a couple consultants that it's illegal to discriminate based on financial background and if you're low-income it may actually help (i'm not quite that low though; i think we're talking a really disadvantaged background). but i do realize that even if it's illegal, they may do it anyways.

and i definitely know, and worry about, how my pre-mba income will affect my post-mba salary.
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Senior Manager
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Joined: 12 Oct 2011
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Concentration: General Management, Strategy
Schools: Dartmouth (Tuck) - Class of 2014
GMAT 1: 740 Q48 V44
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Kudos [?]: 82 [0], given: 58

Re: How much $do you currently make? [#permalink] ### Show Tags 20 Jan 2012, 14:01 Xabier wrote: I'm sure the vast majority will be between$50,000 and $99,999. Most people are likely going to be from NYC and California. I would guess that just about everyone younger than 28 making over$100,000 lives in one of the two.

My company I think pays 20% more if you live in California, and 30% more if you live in NYC or SF. The cost difference is even greater - though you get the "luxury" of living where you do.

Anyway, money is suck a tricky thing. I bet someone living in Oklahoma City making $60,000 can save more for B-school than someone in NYC making$100,000.

I disagree with your geographic point. I live in a very low cost of living Midwest city and I'm under 28 in the 6 figure range. I have plenty of peers not in NYC/LA/SFO. And yes, I enjoy that my mortgage on a lovely townhouse is much lower than NYC rent.
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20 Jan 2012, 14:36
xzeppelin wrote:
I just passed the 50k point this year with my bonus. I know that my salary is well below the average at most of the schools I've been applying to. I gave up higher salaries to gain five years of work experience in emerging markets though, where obviously salaries are lower (but so are costs of living). I can't help but feel it has hurt my application a bit, especially since just a couple years ago I was only in the mid-range of the bottom bracket. But at least Ross seems to have viewed this fairly as my gaining unique business experience abroad. I just hope it doesn't affect my recruiting or post-MBA salary either, though I'm sure it will (I want to stay home and work in the States). On the flipside, I've saved more for b-school than most of my friends making much more than me and living in Chicago have...and also since I'm abroad I don't have to pay any income taxes

Isn't 50K USD a very good salary in China. Is it so in India? Can you compare that to say, $150 USD in US? Senior Manager Status: Decision Week! Joined: 12 Oct 2011 Posts: 262 Concentration: General Management, Strategy Schools: Dartmouth (Tuck) - Class of 2014 GMAT 1: 740 Q48 V44 GPA: 3.66 WE: Management Consulting (Consulting) Followers: 12 Kudos [?]: 82 [0], given: 58 Re: How much$ do you currently make? [#permalink]

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20 Jan 2012, 15:14
Xabier wrote:
You think most people making six figures or more won't be living in high cost areas?

The original comment was that there were few/none outside of CA/NY. I just think there is a much wider distribution.
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20 Jan 2012, 15:57
Consulting2Finance wrote:
There are others more qualified than me to comment on this but I think AdCom's ask for the "how much do you make" question a) for demographic research and b) to compare it to your starting salary to gauge how much you've been promoted/received merit increases. I think that progression is more important than anything.

For people in their 20s work experience is much more important that what you make and many people make a conscious decision to take less pay for better training/opportunities. AdComs are aware of this. Also keep in mind that 2008 through 2010 were very weird for compensation, with many companies freezing pay or limiting increases.

My salary is well above average pay for people my age but likley on the low to middle end for someone with my experience in consulting (although I don't do strategy consulting). I highly doubt it will be the reason for me to receive a ding at any school I applied. Maybe I'm naive, but I just think there are too many factors the blur to picture for AdComs to rely too heavily on it, aside from obvious red flags like someone showing no real increases over a 3 to 5 year period.

My understanding is that adcom uses salary as a way to gauge level of responsibility and use it to determine if you're really as valuable as you claim to be.
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20 Jan 2012, 19:57
Didn't vote but can tell you that for most people a top MBA will pay off for them. I entered Kellogg making above median & median, and less than two years out my total income will be more than double what I made prior to school. I am not in banking or consulting...so you don't have to do either of those to make a very good living.

I also look at my long term career prospects, pre-MBA I would have maxed out much earlier in my career than I will now. An MBA isn't a golden ticket but it opens doors, and at least gets you the shot to prove you are a high potential employee. The skills you learn can set you apart but the attitude can sink you if you come across as a snot nosed MBA grad.
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Re: How much $do you currently make? [#permalink] ### Show Tags 21 Jan 2012, 08:16 ukulelegal85 wrote: And what industry are you currently in as well as how many years out of undergrad? I'm amazed that people earning over$150K already go to business school, is that to make even more immediately after?? I'll start:

$65K / advertising / 3 yeras (Mod Note: Added a poll per responses) I earn more than an average MBA graduate, but my salary will not buy me the things that I will attain with an MBA: geography change and a great network. _________________ "A leader is the one who climbs the tallest tree, surveys the entire situations, and yells, 'Wrong jungle!'" - Stephen Covey Manager Affiliations: Consortium Joined: 26 Jan 2011 Posts: 209 Concentration: Finance Schools: Cornell (Johnson) - Class of 2014 Followers: 2 Kudos [?]: 64 [0], given: 37 Re: How much$ do you currently make? [#permalink]

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21 Jan 2012, 10:42
What an awesome topic!

I had no idea how many high earners there are that decide to go to b-school. Having finished undergrad in a tough job market (08), with an average GPA from a no-name school, it’s no wonder why I’m on the opposite end of the spectrum, so going to b-school is a no-brainer for me. I gross 51k (after a healthy promotion, nonetheless) and, living in Cali and being single with no kids, only net about 34k of that. So I don’t have much forgone salary to worry about and I’m confident I can near double my salary after graduation from any of the top 25 b-schools. So, two-year work break, I get to live in a new city for 2-years, I get to learn a ton, I get to meet a bunch of new amazing people, AND (hopefully) have a shiny new job at the end with very little financial risk (especially if I get a healthy scholarship)...uhhhh…sign me up please.

I must say, however, that if I was currently making 100-150k doing what I’m doing now, I wouldn’t even consider leaving my job for b-school. That’s probably just because I have a great work/life balance and I’m very risk-averse, but it would just strike me as a lot lost for a lot of uncertainty. Although I do understand how badly everyone wants the amazing b-school experience.
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