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Question

Hi. I'm looking to get some professional insights into the kinds of schools for which I have a reasonable chance of acceptance.

Biographical Information:
 
 22 Years Old 
 Asian Canadian 
 Male

Educational Background:
 
 MSc in Finance from Queen's University (GPA 3.70/4.30) 
 BA in Economics from McGill University (GPA 3.35/4.00) 
 GMAT 720 Q48 V40 AWA 5.5 IR 7

Research Experience:
 
 I presented my graduate thesis at an internationally recognized conference as session chair and presenter in 2013 and 2014.

Work Experience:
 
 I am currently working as an instructional Assistant at a local community college. 
 I worked as a graduate teaching assistant and MBA tutor for one year while in school.

Particulars:
 
 I own a business that helps with the exporting of Canadian goods. 
 I turned it into a profitable business and it now nets $5,000 after all expenses each year. 
 I am in the process of expanding the business. 
 I used the proceeds from this business to fund my currency trading endeavours with $20,000+. 
 I made a lot of money at first. 
 I lost a lot of money. 
 I made back all the losses. 
 And then I lost all but $2,000 because I became greedy not following my own rules of trading but am slowly recovering the losses.

Goals:
 
 The big reason for my interest in an MBA is to be able to signal to employers that I am serious. 
 Another big reason for my interest in an MBA is to be able to learn about the areas that I have not studied before. 
 I know a good deal of Economics and Finance but not much in the fields of Marketing and Operations Management for instance. 
 I am working towards a CFA designation and will write my Level I exam this week and hope to pass Level II before I apply for MBA. 
 I previously wanted to do a PhD but that is no longer what I wish to do. 
 I want to work as an economic consultant, financial consultant, credit analyst or equity analyst in the US. 
 I have many entrepreneurial ideas that I want to pursue and in the future I would like to fund these projects myself. 
 Ultimately, I want to give back to communities around the world by changing how the future generations are educated. 
 This is inspired by my own experience talking to my mature students and colleagues. 
 I am, many times, stomped by their extremely strong beliefs in Economics and Financial Markets that I believe have no place in today's society. 
 I believe education is the only way to change and I will do my part to walk the walk.

Questions:
 
 Which schools do I have a reasonable chance of acceptance at? 
 Do I need to rewrite my GMAT? 
 Does it help with admissions at Wharton MBA if my brother is studying at the University of Pennsylvania? 
 I am aware that my work experience is significantly lacking. What can I do to improve my chances? Does my age play a role in admissions?

I am throwing you a lot of information in the hopes that you can provide a candid answer on my chances. If you believe that I should rewrite my GMAT to improve my chances, please tell me without hesitation. I would love to hear your honest assessment on my chances.

Thanks in advance and I hope you have a wonderful day!

mbaMissionJenK · Answer

Hi there,

Thanks for posting. So to clarify-- you describe your business, but it sounds like it is/was a side business, in addition to working full time or would you consider it your full time job ? I'm not sure if I'm following all of that; broadly speaking with a 720 GMAT I wouldn't think that will be the 'deal breaker' or that you need to re-take, but your chances could still be tough at top schools given the info I've understood here... it may come down to how your work experiences come across on the application, resume and essays, as well as recommendations. The average successful applicant at top schools has about 5 years of full time experience, and management and leadership experiences are a plus.... broadly I'd say maybe top 10 schools are a bit of a reach but otherwise if you are able to put together a solid resume you could look at other options in the 10-30 range roughly?? Let us know what other q's you have....

theeconomist · Answer

Thanks for your candid reply! It was and is a side business. I am working full time as an instructional assistant at a local community college. And I was running the business while I was in school full time. I think the message I am getting here is that my work experience needs to be improved to have a reasonable chance at top schools. Job market in Canada is not so good at the moment. I also need to consider the implication of waiting and building my work experience as my GMAT was written in early 2013 and will expire in early 2018.

What are some of the schools that look favourably upon the slightly younger and less experienced candidates?

mbaMissionJenK · Answer

Gotcha... yes typically for a more competitive program you'd have some solid leadership and management experience. In terms of where you might have better chances, or where schools take less experienced applicants more typically, you'd likely want to look outside the top 30 or so in the US... or look at MiM programs, which are designed for those with 0-2 years of experience... or consider working a bit longer!

Now even top schools will often take a FEW younger applicants... it's just that it's not many so it is quite a challenge... keep us posted and good luck!

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