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aamlani
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GMATLA
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aamlani
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FatRiverPuff
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Do you have any internships or other full time corporate work experience? If you do, I would frame that experience in your "Work Experience" section of your resume. I would probably totally leave out the serving experience, or put it in the additional information at the bottom of the resume something like: "Head Server at XYZ Restauarant - 10 hours a week during college 2007-2011

I don't think I'd try to frame it as if you've received any corporate business experience, or to list your duties/jobs. The only time it MIGHT be relavent is if you managed the restaurant or had multiple workers below you. And even then, it might be a stretch.

This type of work experience won't be looked at on the same level as any other office environment working, but it can still be included to show that you worked during school and still recieved your x.xx GPA.

A quick side question, are you planning on going directly to get your MBA with no work experience after college? Do you have any internships you can frame in a good light?

Just out of curiosity, is the hospitality industry frowned upon by most b-schools? Wouldn't starting/managing a food outlet show entrepreneurial spirit and what not?
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GMATLA
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Yes, I believe starting and owning a restaurant would be considered entreprenurial, but it's not necessarily the right path for an MBA in my mind. Also, why are you going to back to business school now? Did the company fail?

Serving experience alone is not the right type of experience for an MBA. They want to see years of work, after college (not including internships) where you worked in an office environment of some sort. Waiting tables will not get you the experience or skills necessary for bschool, buuuut, you could make a case if you started your own restaurant or catering business etc... even this though would not be looked upon as highly as NY investment banking, private equity, venture capital, management consulting, or if you created a highly profitable company in the business sector.

Now if you started a chain of restaurants, or owned multiple locations with dozens of employees, then we have a whole different story.
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I get that waiting tables is not the most flashy Work Experience for MBA programs. I would list it in a separate section for "other experience" if it happened after college. However, for you I would list it under your college experience like GMATLA said.
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I would strongly consider working for a couple years at the bare minimum before pursuing an MBA. First of all most schools require some experience before you enter the program. Keep in mind that B school teaching relies on interaction with you peers so schools really tease out what you bring to the table in this respect. Also, keep in mind that business school is a huge expense. A few years of work experience will allow you to really make sure you know what you want to do and will also allow you to put away some funds to help pay for the school.