MBA in Europe: In view of Economic Crisis

Question

I have a keen interest to Study and work in Europe. I want to apply to SDA Bocconi, HEC Paris and IESE Barcelona. These schools meet all my criteria. However, there is an ongoing Eurozone crisis which has made jobs scarce even for the residents. Now, say I get admitted to one of the schools, but do not get a job in Europe. This would be a very difficult situation for me to mitigate. :roll:

So I want to know what are my chances of getting a posting in Europe after passing out of these schools. I am 25, working as an Assistant Manager in Services in India's Largest Car maker. My GMAT score is 720. I have significant experience in voluntary work. I sing, host and write. Your replies would be really valuable.

bb · Answer

I have moved this to the better forum.
I think you are asking a good and right question about Europe and prospects of graduating and finding a job when you do. With many European schools being only 12-month or 10-month programs, it is a BIG question. Not helping this, of course, is the fact that many of them do NOT disclose employment numbers and other stats easily available for the US Schools. The best option is to ask a person of your background/target industry (e.g. automotive or consulting) and see how they are having luck.

The easiest way is to find some alums on GMAT Club or ping the admissions team at the school and ask to be connected with a current student (by demonstrating that you are an interested and highly capable candidate, not just someone wanting to bug a current student).... anyway, would check with them.

The tricky part is that we are in Jan and last year's folks have all graduated and found jobs (hopefully) so you can't reach them easily. This year's folks are still in the middle of their program and job searching phase is just about to start and they won't get desperate or too worried for a few more months..... a current student is your best bet.

P.S. If you have a hard time connecting with current students, try MentMo - they have a wide range of alums and students they can connect you with. https://www.mentmo.com/find-mentors.php

pcnemesis · Answer

Thanks a ton BB. The thing is I have connected to current students in two of the above mentioned schools. They have been really helpful and understanding. They say that last year 7-8 people out of 10 got placed in Europe and the rest went back to their home country( in these cases India) out of their desire to start their own firm. Now, the issue is it is all hearsay. As you rightly pointed out the placement statistics are not available officially and it is a tough call. See the thing is every time I type "French/Italian Economic" on Google; the search engine auto-completes the sentence with "crisis" .

I will do some more research and let you know, but you also let me know if you find anything.

bb · Answer

What about the worst-case scenario? Coming back to India with an MBA from LBS/Insead/HEC/Judge - can you count on an amazing job or you just don't want to go back?

I know little about the European immigration laws. I know in the US, the job market is HOT right now. I feel that if you have a linked in profile you automatically get a few offers from recruiters and many companies are growing aggressively (Amazon for one in Seattle)... but that's US and Now. 2 years from now - not so sure....

Has to be a leap of faith I guess... unless you have better alternatives.

pcnemesis · Answer

:) Thanks for the Reply BB.

Well in India, the Brand Value of IIMs is more than that of European or American B-Schools.
Moreover, the average pay that an entry level executive from top graduate schools get is about $35000 to $40000.
So you see my dilemma. And over that I personally want to work in Europe.

By the way the insight on US is really helpful.

If I may go off topic:
How would someone fare if s/he were to graduate from schools such as McDonough, Kelley, Olin or lower i.e. Mayes or Marriot.
What would be one's chance to stay and work in the States.

Once you answer that I have another burning question waiting. :twisted:

bb · Answer

THERE IS NO GUARANTEED EMPLOYMENT
And no matter how many questions you ask, it won't get any more certain and more guaranteed - you will have to work and fight to get a job in the US or in Europe, esp a good one.

But think about it - obviously their graduates have not been deported in dwarves so yes, they have been able to find jobs. The main difference of lower and higher ranked schools is that umph you get for the first job. There are more companies that recruit on campus, potentially tighter alum base, etc. However, that is very general and is not applicable to everyone. There may be only one company that comes to a TOp 100 ranked school and you will get that job.... the reality is that it is harder for international applicants to get a job in the US due to the H1B/OPT paperwork - companies prefer more permanent employees and don't want to deal with fees and hassles related to H1B; that limits your options. But a capable candidate can always find the job, as long as you are specific, focused, and have the qualifications based on your prior accomplishments.

pcnemesis · Answer

Well, really I am just looking for a foot in the door.

And your reply sums the things up. You know bb everything you say is like gospel to me.
And it is really helpful; so thanks a bunch again.

Now coming to the burning question. {This is again off topic( sorry for being such a pain in the neck)}

I am asking this because I don't want to be one of those people who were stranded because of lack of means.

Say I get into a $120K school with say $40K scholarship. I can afford at most say $60-70K(loans in the home country included).
My additional expenses would be $50K more. I don't have any US cosigners. The school is not like Darden, or Anderson, which have great loan options for international students.
Prodigy finance is not financing for this particular school. But I want to study, come what may.

How should I go about it? :?:

This is the biggest question that has bogged me down for sometime now. I started the prep knowing this would come. But I have a firm belief that you can do everything that you desire. So there is that. Thanks again for your reply.

This is the biggest question that has bogged me down for sometime now. I started the prep knowing this would come. But I have a firm belief that you can do everything that you desire. So there is that. Thanks again for your reply.

bb · Answer

It is a very different question from the rest and not off-topic (cars or butterflies would be off-topic :-)

) Most have this issue to figure out and find funds. The answer always depends. Sometimes you may be able to get a full scholarship - that's what I did and had to do. Sometimes you may be able to get a loan from Sofi, prodity, common bond or some other third party loan company. Ask the school if they know of options - they often have fellowships or jobs on campus - I did that as well. You can work up to 20 hrs/week. It won't give a lot of money but you will get extra income to offset the living expenses and the super expensive books. There is also this option: upstart-fund-your-present-in-exchange-for-future-income-162345.html but it is not available to international students at this time.... Finally, you don't have to have the whole amount upfront, you can have enough money for the first year only and perhaps be able to figure something out the year after.

Glen123 · Answer

Nicely defined. Informative!

pcnemesis · Answer

I am replying so late cause I was bogged down with applications( Still am actually :-D

) Thanks again man. This is super informative and encouraging. Having said that, I have an idea. Cant we start something like "How You Did It" . It can comprise of international students and alumni who studies in US and Europe without an American cosigner or rich parents. It can be helpful you know. Having said that, thanks again.

MBA in Europe: In view of Economic Crisis

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