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28 Feb 2019, 20:43
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Hey guys,
I'm from the developing world (Malaysia) and am aspiring to do an MBA (INSEAD being my top choice). This is also an attempt to move into MC. Inappropriate as it might sound, a decent salary is vital to actually pay off loans if I do get into the programme, and if I do get into MC after that. And this is something that's severely lacking in my home country.
The local MBB firms are rumoured to have 'good' rates, like 36k USD annually for an associate at least. Considering that 1 MYR is 4+ USD, it's good. However, I've heard people do get a dismal $8,400 from MBB if they're Malaysians (This is the standard fresh grad standard salary). To understand why that happens,
1. my country has a history of paying expats much higher than locals and I don't think I'd be treated much differently after an 8 month program. For instance, expat non skilled (used to work as bartender) = $2500, local R&D fortune 500 engineer = $700. I am sure I won't have a fresh grad's salary with 6 years under my belt, but this is quite concerning.
2. Employers refer to your last drawn salary, which will be in local currency if you're local
The math doesn't jive simply because of the killer exchange rate of x4. Now, I did a bit of back-of-the-envelope math assuming a $24k salary, a whooping 50% raise from my current $16k salary which is managerial level in Malaysia. Also, I took expense numbers from an actual student - the total for an INSEAD MBA would be $127k including travel, living expenses, and socializing (which I heard people won't want to miss).
Assuming I take on Prodigy Finance for 8.7% APR, well the math just breaks down no matter how I cut it.
1. 7 years term - $187k total cost - $2.2k monthly payment
2. 20 years term - $284k total cost - $1.2k monthly payment
With salary of $2k a month, I don't even know where to start. Has anyone else from the developing world encountered this? Sure, I will be begging every uncle of mine and gov institution for funding, but what's your take? Even if you were from say, the USA, you have it bad enough. Now take that and x4
Sorry, I'm usually way more optimistic than this, but loans are a reality I won't be able to ignore. I also assume that I can't get an MBB job elsewhere and will work back in my home country - I'm well aware of INSEAD's international motivation but dreaming of the best case scenario has never worked out in the past.
I'm from the developing world (Malaysia) and am aspiring to do an MBA (INSEAD being my top choice). This is also an attempt to move into MC. Inappropriate as it might sound, a decent salary is vital to actually pay off loans if I do get into the programme, and if I do get into MC after that. And this is something that's severely lacking in my home country.
The local MBB firms are rumoured to have 'good' rates, like 36k USD annually for an associate at least. Considering that 1 MYR is 4+ USD, it's good. However, I've heard people do get a dismal $8,400 from MBB if they're Malaysians (This is the standard fresh grad standard salary). To understand why that happens,
1. my country has a history of paying expats much higher than locals and I don't think I'd be treated much differently after an 8 month program. For instance, expat non skilled (used to work as bartender) = $2500, local R&D fortune 500 engineer = $700. I am sure I won't have a fresh grad's salary with 6 years under my belt, but this is quite concerning.
2. Employers refer to your last drawn salary, which will be in local currency if you're local
The math doesn't jive simply because of the killer exchange rate of x4. Now, I did a bit of back-of-the-envelope math assuming a $24k salary, a whooping 50% raise from my current $16k salary which is managerial level in Malaysia. Also, I took expense numbers from an actual student - the total for an INSEAD MBA would be $127k including travel, living expenses, and socializing (which I heard people won't want to miss).
Assuming I take on Prodigy Finance for 8.7% APR, well the math just breaks down no matter how I cut it.
1. 7 years term - $187k total cost - $2.2k monthly payment
2. 20 years term - $284k total cost - $1.2k monthly payment
With salary of $2k a month, I don't even know where to start. Has anyone else from the developing world encountered this? Sure, I will be begging every uncle of mine and gov institution for funding, but what's your take? Even if you were from say, the USA, you have it bad enough. Now take that and x4
Sorry, I'm usually way more optimistic than this, but loans are a reality I won't be able to ignore. I also assume that I can't get an MBB job elsewhere and will work back in my home country - I'm well aware of INSEAD's international motivation but dreaming of the best case scenario has never worked out in the past.
