Hi, I hope you can take some time to read through my profile. My main concerns are my age (32 at the time of semester start) and that I already make 100k+ and hence A) the added value of a post-MBA salary would not be so huge and B) missed income factor has a big impact (I tend to have 2.5-3k left every month after all expenses). On the other hand I am not satisfied with my career at all, and I want to move into more relevant positions (e.g. strategy), ideally by staying in a BB bank.
BackgroundWork experience: bit short of six years at time of class start:
[*]Home country (Europe): 3 months internship + 1 year full time in consulting (think Accenture) doing PMO on post-acquisition IT infrastructure integration and some IT strategy during the last 3 months.
[*]Foreign country #1 (Europe): 3 years for a BB bank in secondary location (not my home country), working under a Divisional COO. Did lots of cost control, forecasts, cost modelling etc, was promoted after 2 years, and de-facto became #2 of the team (in charge for interns, juniors, etc).
[*]Foreign country #2 (Europe): 1 year and counting for another BB bank in its primary location (not home country nor country of my prev job) , working close to the Group COO, steering bank-wide change projects. Starting this job I came in one rank up than what I was before. I am an Associate.
Pro: Both my last 2 jobs had me work in very multicultural teams and to deal with offices all over the world on a daily basis.
Con: All the front office / client exposure came with my first job, last 4 years (where I grew the most obv) I've had a lot of very senior mgt exposure but all internal.
Extra curriculars[*] Basically nothing relevant. In my old job I lead regular training session and I participated an invitation only talent program (5% employees invited). This year I collaborated with a no-profit (as part of a program promoted by my bank) to help with fundraising. Used to be a toastmaster speaker.
Undergrad school/major[*]Bachelor in Statistics from an average public university, CGPA would be 80% (which is considered very bad in my country)
[*]Masters degree in Finance from the same university, CGPA 91% (which is about average)
[*]One year abroad during my Masters (Erasmus)
Race/nationality: white / EU citizen / 31yo (32 at semester start)
StatsGMAT: 730 (Q48 V42 IR8 AWA5)
TOEFL: 108
MBA InfoGoal of MBA: How to put this. I've always done back office work, and for as much as you can be good at it it's still second-class. I want to matter. I want make an impact on the company. I would prefer to stay in banking and in-house rather than consulting, but I would take the chance if given, and definitely I would apply to consulting firms. I would like to work in Asia, as in Singapore, HK, or China. (ofc I would not phrase the whole thing like this to the admission committee but I'm confident on this - I can sell myself pretty good).
Target schools: INSEAD, LBS. Secondary but probably would not take: IE, IESE, SDA Bocconi
School wise the only one I would be really sure I want is INSEAD. I know it's consulting oriented but it's the only 10 months program with a really good name, also since I would like to transition to Asia the Singapore campus would be a good place to start.
DilemmaAs stated at the beginning: I will turn 32 in less than half year. I make good money and already am an associate at a BB bank. I could hardly justify the ~130k I would need for tuition and living, plus the in missed earnings. Maybe a better use of my time would be to perform the best possible in my current position (which I don't particularly like), push to be promoted VP at the end of 2021. Not going for the MBA I would probably get myself a CFA starting 2020, which at best would get me the charter in 2022 at 34 years old - also pretty late for a complete career change.
Other downside is that I likely do not qualify for any scolarship, and funding the full price out of my pocket would cost me everything I have (if not more).
I'm also kinda worried about the rec letters - I can get two Executive Directors from my old bank to do it (plus others if needed but probably no MDs), but I would rather not tell anybody at my current job (also I don't think they hold me in such high consideration as in my old one) - there is no winning in letting them know I plan on leaving in summer (especially right before bonus season), and that if I don't it means I was rejected and staying in my position is anyway a secondary choice.