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Possible promotion at work - MBA plan likely postponed

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lumone
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Possible promotion at work - MBA plan likely postponed [#permalink] New post   15 Feb 2009, 13:24
Guys,

I have been on gmat club for a while, but it seems that I have to postpone my MBA plan, again.

It looks very much as I'm offered promotion to management level at work. Given the circumstances, I believe that I'm in a strong position to negotiate a much better salary than my current one. I will know more about the details this coming week or next. However, I already know that if I take the promotion, I have to commit for some time (a year?).

I took the weekend to think about it.
I have no management experience yet, but with management experience, I will be more competitive for applications next year (promoted to management will look great!), and more employable for post MBA jobs. I have so far: been dinged by JBS, waitlisted at St Gallen, submitted my application for HEC Montreal. I was thinking of Insead, IMD and HEC Paris (Jan 10 intakes).
Also, if I start the MBA in August 09, I will be looking for jobs in a year from now. If I start a year later, the job market is likely to be better.

After the discussions I have had last week with my boss, I expect this promotion. I'd be surprised and upset if it does not happen.

BTW, this is because of reorganisation at work and I have the choice between:
A. promotion with a move to the UK
B. stay in my current role with a move to the UK
C. stay in the same company and place, but another role that would be a step down
D. take redundancy package and go travel for a while

I do not fancy B & C. It will be either A or D.
Only A requires to postpone the MBA.
No wife, children, mortgage or loans to repay: I am free as a bird.


I am still on waitlist at St-Gallen, and my application for HEC Montreal is pending. I will probably do nothing and see how they develop.


What do you guys think? Good reasoning, bad reasoning? Constructive comments are welcome. :)
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Re: Possible promotion at work - MBA plan likely postponed [#permalink] New post   15 Feb 2009, 14:05
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Congrats for your promotion.

Since you don't have a definite "admit" yet to a school of your choice, I don't think reapplying next year will be a bad idea as you suggested yourself.

Consider the following factors before you make your final decision:

1) Age factor - Am I too old for typical top bschool next year? Or will bschools (that you are applying to) favor my age and experience?

2) Your chances for admits this application season - did you get into your top choice? If not, are there pluses for waiting another year? Are you WL schools worth the wait?

3) GMAT - Take it again? Or is it enough?

4) Application Weakness - Are there parts on your application that you can improve? Such as extra curricular activities? Recommendation letters?
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Re: Possible promotion at work - MBA plan likely postponed [#permalink] New post   15 Feb 2009, 14:28
ninkorn wrote:
Congrats for your promotion.


Not done yet, but thanks!

ninkorn wrote:
Since you don't have a definite "admit" yet to a school of your choice, I don't think reapplying next year will be a bad idea as you suggested yourself.
Consider the following factors before you make your final decision:
1) Age factor - Am I too old for typical top bschool next year? Or will bschools (that you are applying to) favor my age and experience?


I've just turn 30. That would be a problem for US B-Schools, but at European/Canadian B-schools, students are older. Average is at around 30. At 31, it will still be in the right range.

ninkorn wrote:
2) Your chances for admits this application season - did you get into your top choice? If not, are there pluses for waiting another year? Are you WL schools worth the wait?


I think my chances are good for HEC Montreal.
Top choices are Insead/IMD, R1 for Jan 10 intake are coming in March, but I think odds are against me at these schools. Promotion to management will help, but in that case I need to wait a year.


ninkorn wrote:
3) GMAT - Take it again? Or is it enough?

Retake already scheduled for March 5th. I've worked hard. Let's see.

ninkorn wrote:
4) Application Weakness - Are there parts on your application that you can improve? Such as extra curricular activities? Recommendation letters?


Let's face it, my JBS and St Gallen applications were not as good as they could have been. HEC Montreal was much better.That's the form.
Then my W/E. I would describe myself as an office clerk (but with great potiental :-D ). Of course, I do not put it that way in my applications. Again, the promotion will help.
E/C> Good, not much to improve
Rec letters-> from my manager, I have seen them. They can be improved too. But if I take the promotion or leave, I can forget about recs from my employer. If promotion: they will know that I leave and they will be pxxxxx off. If I take redundancy (in other words, make them pay me to leave when they offer options to stay within the company): they'll be pxxxx off too.
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Re: Possible promotion at work - MBA plan likely postponed [#permalink] New post   15 Feb 2009, 22:43
Lumone:
Postponing an MBA if have a job u like ( at least dont hate) and due for promotion is not a bad idea at all. I am short listed for Said and contacted few of the current students there. The job situation is really bad out there for B-schools. It is the case for most of the B-schools no matter they are Tier 1 or Tier 2.

thnks,
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Re: Possible promotion at work - MBA plan likely postponed [#permalink] New post   16 Feb 2009, 08:47
I'm called for an interview in 10 minutes. :hair

I just told them this morning that I apply for the management role. I would have thought they would let me some time to prepare, but let's go anyways. :punk
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Re: Possible promotion at work - MBA plan likely postponed [#permalink] New post   16 Feb 2009, 11:24
If you definitely want an MBA , and get an admit to a school you'd be happy going, my opinion would be to go to school. No admit is a given next year. Now I guess this depends on what your reason for an MBA is. If you want to stay in same field then maybe it would be better to stay. However if you want to switch careers, I feel it would be best to get started early.
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Re: Possible promotion at work - MBA plan likely postponed [#permalink] New post   16 Feb 2009, 16:25
I concur with what's been said.

If you are looking to change careers, it may be better to try programs this year (especially because of the recommendation letters).

However, for INSEAD/IMD, the promotion would definitely help, and your age won't be a limiting factor at these schools. Plus, an extra year will hopefully allow some economic recovery to take place in time for recruiting.

IMO, I would probably take the promotion and shoot for INSEAD/IMD next year, if it would allow you to put in a stronger application.
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Re: Possible promotion at work - MBA plan likely postponed [#permalink] New post   17 Feb 2009, 02:57
lumone wrote:
I'm called for an interview in 10 minutes. :hair

I just told them this morning that I apply for the management role. I would have thought they would let me some time to prepare, but let's go anyways. :punk


Offered Promotion! 8-)
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Re: Possible promotion at work - MBA plan likely postponed [#permalink] New post   17 Feb 2009, 06:53
lumone wrote:

Offered Promotion! 8-)


Congrats
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Re: Possible promotion at work - MBA plan likely postponed [#permalink] New post   19 Feb 2009, 16:32
Thanks everybody for your comments.

I have accepted the promotion.

MBA plan postponed for a year.

I'll post the St Gallen (currently on W/L) and the HEC Montreal (submitted) decisions.
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Re: Possible promotion at work - MBA plan likely postponed [#permalink] New post   19 Feb 2009, 23:46
Congrats lumone! :woohoo

I enjoyed reading your posts on the process this year, so I look forward to reading about your applications for next year as well. Good luck!
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Re: Possible promotion at work - MBA plan likely postponed [#permalink] New post   21 Feb 2009, 02:37
prashok wrote:
Congrats lumone! :woohoo

I enjoyed reading your posts on the process this year, so I look forward to reading about your applications for next year as well. Good luck!


Thanks prashok!

I'm back to start, and will think about what I will do.

I have a gmat appointment in London in 2 weeks. There is no test centre in my area in Ireland. I'll postpone it to a bit later (but I am still going to London for holiday :-D ), I have not been able to concentrate on that since promotion talks. Anyways, my objective is 750+ :punk. It's almost become a hobby now and the new OG will be released in March.
Maybe I will visit the LBS while I'm in London. Not sure if I will have time, my new job is in Northern England, maybe I'll go there too during my holiday to look for a flat before my definitive move (should be in April). The company is offering good compensation for the move, but I have to organise it myself.

BTW, congrats for LBS!
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Re: Possible promotion at work - MBA plan likely postponed [#permalink] New post   21 Feb 2009, 03:01
Lumone,

congratulations on your promotion. MBA is a life changing degree i hear, however it is not running away anywhere, so you've made a good decision to delay it.

Let me know if you want to catch up after your gmat appointment in London. I don't work very far from the Holborn testing center.


-buff
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Re: Possible promotion at work - MBA plan likely postponed [#permalink] New post   22 Feb 2009, 01:15
lumone wrote:
Thanks prashok!

I'm back to start, and will think about what I will do.

I have a gmat appointment in London in 2 weeks. There is no test centre in my area in Ireland. I'll postpone it to a bit later (but I am still going to London for holiday :-D ), I have not been able to concentrate on that since promotion talks. Anyways, my objective is 750+ :punk. It's almost become a hobby now and the new OG will be released in March.
Maybe I will visit the LBS while I'm in London. Not sure if I will have time, my new job is in Northern England, maybe I'll go there too during my holiday to look for a flat before my definitive move (should be in April). The company is offering good compensation for the move, but I have to organise it myself.

BTW, congrats for LBS!


Thanks! Sounds like a pretty good plan for the near future -- and let us know if you make it down to London again in the fall! Our GMATclub meet is still on the calendar once we all get to the UK... 8-)
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Re: Possible promotion at work - MBA plan likely postponed [#permalink] New post   23 Feb 2009, 15:02
Buff- I am generally ready to go for a pint, but I will not have much time (not even to go to LBS, unless they have Saturday visits, which I doubt).

Maybe we can do a gmat club meeting in London in a few weeks/months time?
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Re: Possible promotion at work - MBA plan likely postponed [#permalink] New post   27 Feb 2009, 06:15
HEC Montreal -> invited for interview. 8-) I go for it and just to see if I could be accepted.
St Gallen -> still on W/L, even though I haven't done anything since submitting my application in december.
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Re: Possible promotion at work - MBA plan likely postponed [#permalink] New post   12 Jun 2009, 12:37
After a few months of silence, I am back. :)

I still have the mba plan in mind, and have a few questions about financing. Yes, financing is a worry/challenge/problem to most of us, BUT I am wondering whether I realistically can finance the MBA.

Has anyone been able to finance their MBA this season? Banks are reluctant to provide loans these days. Besides, my salary is way below the average pre-mba salaries at most progammes. :( .Banks surely check that before accepting to loan. This makes me wonder whether I would be able to finance the MBA...

Any comments welcome :)
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Re: Possible promotion at work - MBA plan likely postponed [#permalink] New post   13 Jun 2009, 06:40
Hello Lumone,

Welcome back. Financing plans seem to be major issue this year. However, top schools have established new loan schemes for internationals without co-signer, replacing the old one - Citiassist. In the UK situation was even easier - LBS and Judge already had schemes with HSBC and haven't even discontinued cooperation with them.

In the US, all M7 schools except Columbia now have new loan schemes that don't require co-signer. Columbia didn't have that kind of agreement even earlier while economic situation was much more favourable so I don't see why would they have it now. Columbia and other New York schools have (and had) some weird policy regarding financing options for foreigners. For example, one of NY schools - I think it was Stern - prior to this crisis had agreemnet with some bank that international students can borrow up to $40.000 without co-signer. Come on? $40.000? What should I do with that? That's not even enough to live in NY for 22 months, not to mention tuition and other costs. But, hey, that's their choice - and my choice was not to apply to the schools that cannot provide financing source - it's a free World in the end of the day.

In UK, situation seem much better on the surface, at least with the only two schools that have loans for internationals. I say "on the surface", because they conduct really thorough analysis on your savings, past salaries and base their deceision on that, instead on your expected future earnings "guaranteed" by the brand of your business school. Of course, nothing is guaranteed these days, but again... It seems that you are "eligible" for loans in the UK, when they say "eligible" they think "you may apply".
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Re: Possible promotion at work - MBA plan likely postponed [#permalink] New post   22 Jun 2009, 11:17
Pathfinder wrote:
Hello Lumone,

Welcome back. Financing plans seem to be major issue this year. However, top schools have established new loan schemes for internationals without co-signer, replacing the old one - Citiassist. In the UK situation was even easier - LBS and Judge already had schemes with HSBC and haven't even discontinued cooperation with them.

In the US, all M7 schools except Columbia now have new loan schemes that don't require co-signer. Columbia didn't have that kind of agreement even earlier while economic situation was much more favourable so I don't see why would they have it now. Columbia and other New York schools have (and had) some weird policy regarding financing options for foreigners. For example, one of NY schools - I think it was Stern - prior to this crisis had agreemnet with some bank that international students can borrow up to $40.000 without co-signer. Come on? $40.000? What should I do with that? That's not even enough to live in NY for 22 months, not to mention tuition and other costs. But, hey, that's their choice - and my choice was not to apply to the schools that cannot provide financing source - it's a free World in the end of the day.

In UK, situation seem much better on the surface, at least with the only two schools that have loans for internationals. I say "on the surface", because they conduct really thorough analysis on your savings, past salaries and base their deceision on that, instead on your expected future earnings "guaranteed" by the brand of your business school. Of course, nothing is guaranteed these days, but again... It seems that you are "eligible" for loans in the UK, when they say "eligible" they think "you may apply".


Thank for the answer, Pathfinder.

Not sure how to solve this challenge, really.
My past salaries being average, getting an MBA loan seems out of reach.

I'd like to stay positive, but I am unsure how I could. :evil:
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Re: Possible promotion at work - MBA plan likely postponed [#permalink] New post   22 Jun 2009, 12:05
Wait a second, are you UK or US resident? Or neither? If you are non-resident and admitted to school that has loan scheme for foreigners without co-signer, you shouldn't worry too much about your past salary. I mean, they are approving loans to people from economicaly distressed countries where monthly salaries are literally couple of hundred dollars. If they give loan to them I don't see why you should experience any trouble?

On the other hand, if you are UK or US resident, that's entirely different story. I am aware that your past salary becommes a factor, but I'm not sure to which extent.
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Re: Possible promotion at work - MBA plan likely postponed [#permalink]
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