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Apr 23
When to Stop Studying for the GMAT and Start Working on Your MBA Application
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Admissions committees evaluate the GMAT/GRE in context — your background, your representation in the applicant pool, the strength of everything else in your file. The same score works for one candidate and falls short for another with identical numbers.
Apr 23
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JD/MBA Applicants

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OneL

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09 Oct 2008, 20:42

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Applicants,

As a 1st year JD/MBA, I know how difficult this time of year can be. After all, I was in your shoes twelve months ago. I currently attend a nationally recognized JD/MBA program (top 10 bschool/top 10 law school). Scouring this site last application season, I was provided with an enormous amount of insight. I am here to pay it forward.

I'm knee deep in law school so don't be discouraged if I don't immediately respond to your question(s). I'll be checking in as often as is humanly (for a 1L) possible...

Good luck with those apps!

OneL

agold

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Schools:Chicago (dinged), Tuck (November), Columbia (RD)

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09 Oct 2008, 20:51

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OneL

How in the world do you guys handle the debt load? I would assume the average is well over $250,000 for most JD/MBAs.

OneL

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09 Oct 2008, 20:59

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You mean to tell me that I actually have to pay for this education?!??! Seriously though, scholarships and savings certainly help, but yes, the figure is relatively (absolutely) astronomical.

agold

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09 Oct 2008, 21:01

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OneL

You mean to tell me that I actually have to pay for this education?!??! Seriously though, scholarships and savings certainly help, but yes, the figure is relatively (absolutely) astronomical.

How do you justify the ROI? A lot of JD/MBAs seem to really dig investment banking (probably because they don't have many other choices with their crippling debt load). They could do this without the JD just as easily.

riverripper

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09 Oct 2008, 21:05

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terp06

How in the world do you guys handle the debt load? I would assume the average is well over $250,000 for most JD/MBAs.

I dont think its as bad as that. The typical MBA at most top schools is about 85-100k total debt. JD/MBAs is are typically 3 year programs so it would be about 150k. Of course the opportunity cost would be higher since you are missing three years worth of salary and are graduating a year later than you would out of a straight MBA or JD program. Also law internships pay very well, much better than most MBA internships (15k a month for JD vs 10k for MC). Its an interesting program but you really would be well served to make sure you need both degrees for your future job.

I dont know where you got the idea that JD/MBAs want to do IB. A lot of my classmates doing the JD/MBA route arent going into IB and weren't planning to all along. Some are doing the VC path but I would say as many are going the law route as are going the IB route. Far more have diverse plans...though remember they are generally pretty small programs anyways.

jb32

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09 Oct 2008, 21:10

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I think Terp is thinking of Bruce Wasserstein...

agold

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09 Oct 2008, 21:11

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You're right. I made a fairly quick judgement based on the 2 JD/MBAs that I know - both are going into investment banking. I suppose it would definitely come in pretty handy for the law route as well.

As far as the finances, I looked at Northwestern's JD-MBA website:

The estimated total costs for the 2008-2009 academic year (12 months), including tuition, books and materials, and computer equipment is $95,000; tuition alone is $63,000.

I take it that the $95,000 includes living expenses as well. Considering 5% annual tuition increases, that would be a total cost of approximately $300,000 (more than 2x the cost of a Kellogg MBA). Depending on what your savings and internship situations are - I would expect that the average student's debt load would be between $200-250,000.

Also, keep in mind that Northwestern is one of the few 3 year programs out there. Most JD/MBA programs are still a 4 year program. I have no idea about the cost of the others, but I would presume that it's even higher?

OneL

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09 Oct 2008, 21:14

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Meh, I worked on wall street for the past three years. Banking isn't in the cards after graduation...at least I don't believe it is at this point. I was interested in the law for quite a while and planned for some time on going to law school upon graduating from undergrad, but I couldn't pass up this previously mentioned job.

No one can guarantee jusitifying the ROI for higher education (not even b-school students), but the opportunities with a background in business and law are certainly plentiful. Plus, it's not entirely unreasonable to hedge some bets (assuming you have interest in the law) during this tumultuous time :cry:

. Don't misconstrue this to mean that someone should simply attend law school as a safety net, but if there is deep-rooted interest in learning the law then it's very much worthwhile in my humble opinion...

highhopes

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09 Oct 2008, 21:43

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I don't think I'd be able to stomach the extra year(s) or debt either, but it seems like there could be some pretty interesting opportunities.

It's nice of you to volunteer yourself OneL, I'm sure it's intriguing to a lot of people.

pelihu

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09 Oct 2008, 21:48

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Just to clarify, Riverripper, I think that most JD/MBA programs are 4 years. Unless things have changed very recently, I believe that Northwestern is the only school that offers a 3 year program, and if I recall they require starting earlier and foregoing an internship during the first year to take classes - while charging the same amount as 4 year programs. The real savings is one fewer year out of the job market. The typical JD program is 3 years.

riverripper

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09 Oct 2008, 22:00

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pelihu

Good point...Ya NWU is 3 years because they cram in classes during the summer between JD1 and then MBA1.

swbluedevil

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09 Oct 2008, 22:03

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Wharton just came out with a 3 year JD/MBA not too long ago. Unlike Kellogg, you are required to take the GMAT and the LSAT.

https://www.law.upenn.edu/crossdisc/stud ... e/mba.html

pelihu

dghazer

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09 Oct 2008, 22:06

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Just to add a litte. I think there are probably 5 or so schools offering 3 yr jd/mba. I know of Northwestern, Indiana, and Penn off the top of my head and I remember reading of some less well known programs somewhere. It seems that schools are starting to pick up on what NU started and we could see alot more schools offering this.

OneL

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15 Oct 2008, 22:13

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bump

PBateman

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23 Nov 2009, 18:42

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Who's going for it this year? And where?

go2bizSkool

Joined: 25 Sep 2009

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23 Nov 2009, 23:46

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I am considering submitting LS apps. i already have my LSAT but need LOR/PS.

PBateman

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24 Nov 2009, 08:59

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I'm kicking myself for not doing the LSAT this summer or even several years ago on the assumption I'd eventually apply. Now I'm seeing what 3 weeks prep can get me, and it's not looking great.

I suppose the upside is that for at least for a few of the schools, I could always reapply during the first year of b-school if admitted. Only U of C and Harvard would fall into this category I believe.

go2bizskool, what was your LSAT experience like?

go2bizSkool

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24 Nov 2009, 09:12

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i studied for around 2-3 months; ended up with a very solid score, so pretty happy. turned out to be great gmat prep as well as i mentioned in my debrief

if you are a rockstar at gmat verbal, lsat RC and LR should be at least ok, but you might need to focus on Logic Games because there is no equivalent on the gmat.

jallenmorris

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24 Nov 2009, 09:15

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You might check on Harvard regarding applying in your first year of b-school. A friend of mine graduated from there in different schools, but did the dual master's degree and applied after his first year. He told me that they stopped allowing it shortly after. He graduated from the Kennedy school in '05. He lives in Europe now doing IB, so HBS isn't the only way into IB from Harvard.

PBateman