My salary+bonus is 300k a year. Is that a disadvantage?

Question

Hi guys,

I am an investment consultant working in one of the major banks in North America. I got promoted 4 times in my 5-year career, and my salary+bonus have increased from $37,500 to $300,000. My friend said my income is probably more than 95% of otherMBA applicants, and my high income will be a disadvantage because it is hard to persuade Adcom my income will double after graduating from B-school. I completely understand his comment, so I'd like to know how I can turn this disadvantage to advantage.

Any suggestion is appreciated! Thank you guys!

mshrek · Answer

I don't think that should be the case. Though a B-school may be worried about the placements of its students, it would be convincing to the school adcom if you can make them understand the value addition an MBA can bring to your profile. Moreover B-school never expects to double the salary of its graduating batch ! Few people with good pre mba salaries do join NGOs at low salaries post mba .It's all about the bridging the gap between you and your dreams/goals etc and that' where an mba comes in . However, the only 2 reasons of pursuing an MBA I can think of are that you are looking either for some value addition or for a career switch(industry change). Apart from these reasons I guess it'd be really difficult to convince a B-school :roll:

mgg234 · Answer

Top 5 don't care, the rest might. Kellogg and Wharton in particular have **** ROI figures since they accept so many people with high pre-MBA salaries. I think Wharton has the worst ROI despite having the highest or 2nd highest post-MBA salary, due to the fact the average student is making $100k per year pre-MBA (at Yale, the average student is making $56k by comparison).

domotron · Answer

Not necessarily. If the story stacks up then I don't see why not. For example if one you currently work crazy hours and your aim is to get into corporate finance in F500 companies with better hours then sure it makes sense that you will be willing to sacrifice your current salary for a potentially lower salary post MBA.

What helps your cause is that you clearly must be doing something right at work to be pulling in $300k so you should be able to demonstrate a whole bunch of impressive achievements and examples of leadership.

Admissionado · Answer

Why would they not love that? I mean money is not the only metric. If you said "Okay I have the Post-MBA money already, but my interest is in moving up in terms of management." That's totally believable. Easy as pie.

PS - This is NOT a disadvantage. On the contrary. Since salary and promotions are strong gauges of success, the schools will KNOW that you are successful. And will like you even more.

metoyou2008 · Answer

Thank you for all your comments

bizwiz84 · Answer

Yes, you are at serious disadvantage!! If you want to improve your chances, just transfer me half your income and you should be fine! Better safe than sorry... :-D

DCTech87 · Answer

What do you want to do after the MBA? if it's PE/VC or Corp Fin type change you're salary + bonus might not even sink much. If it's a complete industry pivot the MBA would make sense too. I have a wealth of classmates out of CBS who took a negative return the first year to switch industries/enter at ground floors or build a startup (it's never significant for the switch, obviously it is for founders) and if it's PE/VC they may wonder why if you're doing so well you haven't been head-hunted yet. However, as long as the story makes sense, being successful in your job obviously isn't going to hurt you.

DefyingGravity · Answer

4 promotions in 5 years is a clear advantage. The salary is just a reflection of that. The only area where your salary might hurt is in terms of scholarship money. HBS and Stanford only offer need-based aid, so you won't be eligible. But with your salary, that shouldn't be an issue for you.

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Posted from my mobile device

brandon432 · Answer

Booth is 100% merit-based scholarship. Just sayin'...

My salary+bonus is 300k a year. Is that a disadvantage?

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