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LBS vs Cambridge

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Joined: 16 Oct 2015
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GMAT 1: 730 Q49 V40
LBS vs Cambridge  [#permalink]

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New post 12 Aug 2018, 00:37
I've been admitted into LBS (my preferred school). However, as I didn't get the external scholarship I was counting on, I asked for a deferral (LBS was ok with deferral).

1. In the deferral email LBS writes that I'll be reconsidered for their scholarships: do you think to get one of their scholarships is probable? (I mentioned in my original application that a external scholarship was going to paid all my fees, and believe it could make LBS not offer me any originally)

2. As even if this year I will reapply to external scholarships, I'm not counting on them, I'm considering to apply to Cambridge as the difference in fees, length of program and London cost of living could make the total cost (and probably debt) lower.

To give a little bit more background, I work in an East Europe country for an international company. My salary is very competitive in the country, however translated to pounds' cost of living is lower than the one from other candidates. My plan is to come back to industry after MBA, so I don't expect to get as high salary as consulting or IB.

If I might ask: what would be the highest percentage of the MBA fees you would finance with debt?

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Re: LBS vs Cambridge  [#permalink]

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New post 12 Aug 2018, 15:45
Congratulations on your LBS admit! It is a very competitive program in Europe and they get lots of applicants!

There are several perspectives on rankings, reputation, and access to employment opportunities you get with each program.
If you are planning to go back to your home country and make a suppressed salary compared to other parts of the world, then getting a cheaper program or full scholarship would make the most sense, and frankly would be the most responsible thing to do. Keep in mind that Judge is not able to attract on campus employers quite as well as LBS and has a weaker MBA alum network, thus shifting more of the recruiting work on to you personally. Part of the stronger brand is that it helps you get that first job out of bschool.

I know a number of people head over to MBA to change industries, change countries of residency, etc and some choose to finance as much as 100% of their tuition and living expenses ($200K). The argument they have is that they make $20K right now but after the MBA, they can make $125K and be able to pay off $1-2K/mo in debt. Again, you have to match your experience to your financial abilities.

Some folks, myself probably included, did not really plan out their financial strategy (how to pay for school) in advance. I was lucky and got a full ride and then some but still had to borrow for living expenses. At the same time, I saw MBA as more than just another step in my career progression and just another step. For me, MBA was a monumental change and a staggering leap forward in terms of opportunities and self-improvement and personal growth. Frankly, even without a scholarship, if I could borrow money, I would have probably headed for an MBA anyway, but it is hard to tell now of course.

I hope this venting helps you with your question :-)
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Re: LBS vs Cambridge  [#permalink]

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New post 14 Aug 2018, 04:07
Accept LBS, get the loan and don't look back. Massive difference in career opportunities.
Joined: 05 Jun 2016
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LBS vs Cambridge  [#permalink]

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New post 18 Aug 2018, 01:25
I agree with rtbs15's conclusion, but not with his argument.
As bb said there are several perspectives, and looking at the last years' placement reports, it is difficult to share rtbs15's views about outcomes.

Anyway, you should certainly go to LBS: you already are admitted there and it is your preferred school.
Nothing guarantees you would be admitted to Cambridge, and Cambridge is not your preferred school.
Leave your potential seat at Cambridge for someone who would really prefer it and accept the offer you have already been given. It will be better for everyone:
1. You will go to your preferred school.
2. Someone else will go to their preferred school.
3. You will not take the risk to lose money and time to eventually get a rejection letter.

You will have plenty of time to pay for your loan after your MBA.
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LBS vs Cambridge   [#permalink] 18 Aug 2018, 01:25
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