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MBA recommendation letters are one of the most misunderstood parts of the application process. Many applicants focus on choosing the most senior recommender — when what actually matters is specificity, credibility, and examples of impact.
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26 Dec 2008, 13:46
Kudos
Bookmarks
Wanted to check the views and perspectives of the members on the following topic:
We see a drastically changing economy where huge salaries and bonuses may be the things of the past. The credit crisis has made education loans tougher to get and evenif we get those loans we will probably need matching collaterals or tight repayment conditions. The grants and scholarships may also become a challenging proposition in this bad economy. Considering all these factors demand for costly MBA and higher education should decrease(making it easier to enter good B-schools) and following the demand-supply curve the cost of higher education should also decrease.
At the same time lot of people are loosing jobs and may try to use this time in higher education. In that case we may see higher competetion for getting into a B-school.
Now my queries are as follows:
1. Is it a good idea to enter a B-school in an uncertain time like this?
2. Do we forsee any chance of lower cost of higher education in US or abroad(Europe/Asia)?
3. If the cost remains same does it still make sense to do an MBA?
4. Do you think the competetion will increase or decrease?
5. I have a valid GMAT score(not very good score although). Does it make sense to wait for next year or try this year itself.
I may have missed many other perspectives on this issue. Great people can bring all these points to the table.
We see a drastically changing economy where huge salaries and bonuses may be the things of the past. The credit crisis has made education loans tougher to get and evenif we get those loans we will probably need matching collaterals or tight repayment conditions. The grants and scholarships may also become a challenging proposition in this bad economy. Considering all these factors demand for costly MBA and higher education should decrease(making it easier to enter good B-schools) and following the demand-supply curve the cost of higher education should also decrease.
At the same time lot of people are loosing jobs and may try to use this time in higher education. In that case we may see higher competetion for getting into a B-school.
Now my queries are as follows:
1. Is it a good idea to enter a B-school in an uncertain time like this?
2. Do we forsee any chance of lower cost of higher education in US or abroad(Europe/Asia)?
3. If the cost remains same does it still make sense to do an MBA?
4. Do you think the competetion will increase or decrease?
5. I have a valid GMAT score(not very good score although). Does it make sense to wait for next year or try this year itself.
I may have missed many other perspectives on this issue. Great people can bring all these points to the table.
26 Dec 2008, 14:13
Kudos
Bookmarks
1. It depends on what uncertainty you are facing with the prospect of not doing an MBA (and on a myriad of other factors),
2. Unfortunately, probably not. Without any evidence to back this up (too lazy) tuition seems to continue to increase at a rate higher than inflation. I remember when I thought my older brothers were saddled with a lot of debt when they incurred $25k per year at top law schools several years ago. Times have changed, already,
3. See #1,
4. Increase. Increase in applicants is not offset by increase in class sizes. Better applicants trickle down to relatively lower tier schools. It's funny because I'll bet a decent proportion of the alumni base at some of these top schools wouldn't be able to gain admittance based on today's standards,
5. See #1.
2. Unfortunately, probably not. Without any evidence to back this up (too lazy) tuition seems to continue to increase at a rate higher than inflation. I remember when I thought my older brothers were saddled with a lot of debt when they incurred $25k per year at top law schools several years ago. Times have changed, already,
3. See #1,
4. Increase. Increase in applicants is not offset by increase in class sizes. Better applicants trickle down to relatively lower tier schools. It's funny because I'll bet a decent proportion of the alumni base at some of these top schools wouldn't be able to gain admittance based on today's standards,
5. See #1.
26 Dec 2008, 20:18
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Bookmarks
mydebanjali, I've asked myself similar questions, and I think answering them involves taking a step away from the situation and thinking about it long-term. I see two salient considerations:
1) The economy can't remain bad indefinitely. The skills, connections, etc. you get from an MBA program will still be valuable 5, 10, 15 years from now. Did people who got their MBA in 2001 make a bad choice? I don't think so, even though they might have been asking similar questions at the time - especially those in IT.
2) We know for a fact that application volume is up while class sizes remain the same at top schools. Hence, competition is up. So ostensibly, the MBAs from those schools are a better, more select group than they have ever been. Ever. So if you were a big financial company, wouldn't you still want to hire those people? Hiring freezes won't last forever.
Maybe I'm an optimist, but IMO, right now seems like a good time to get an MBA!
1) The economy can't remain bad indefinitely. The skills, connections, etc. you get from an MBA program will still be valuable 5, 10, 15 years from now. Did people who got their MBA in 2001 make a bad choice? I don't think so, even though they might have been asking similar questions at the time - especially those in IT.
2) We know for a fact that application volume is up while class sizes remain the same at top schools. Hence, competition is up. So ostensibly, the MBAs from those schools are a better, more select group than they have ever been. Ever. So if you were a big financial company, wouldn't you still want to hire those people? Hiring freezes won't last forever.
Maybe I'm an optimist, but IMO, right now seems like a good time to get an MBA!
