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jakeschwartz
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Advice/Chances - Quit My Job 26 Aug 2005, 16:21
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Dear Linda,

I'm a 27 year old caucasion male living in New York. I graduated from Yale with a 3.55 in a liberal arts major (with a 3.9 in the major). I haven't taken the GMAT but my practice scores are in the 700-740 range.

For the first couple years out of college, my work experience was fragmentary (music business in LA, short entreprenuerial stint with my Dad in Oregon, proprietary trading in NYC). For the past two and half years I have been working at a small but very successful Investment Management firm in NYC as a trader and portfolio manager/analyst. At the same time, myself and 5 friends started and ran a successful non-profit arts, theater &community space on 42nd st., keeping it growing and financially in the black for over 2 years. All work there was volunteer and entreupreneurial/managerial in nature.

Working at the investment firm was a good education in finance and investment fundamentals, and I completed the first two levels of my CFA designation. However, I had lately felt that my time and growth potential there had run its course and I gave my notice and left my job. This was in June.

Around that same time, we lost the lease on our non-profit space and have been drifting in space limbo, and so my work there has not been as intense or significant. We are currently doing fundraising and other activities.

I would like to attend a top 10 school, specifically: Harvard, Stanford, MIT, Wharton or Columbia. I want to focus on Entrepreneurship while also continuing to deepen my finance expertise. Entreprenuership or Venture Capital is my most likely post mba destination.

I'm worried about how quitting my job and currently being unemployed is going to affect my chances. I am going to get good recommendations from my former employer, I am sure. But will it look like I'm just a bum now? I will still be involved with my non-profit, but not quite as intensively as before.

Thanks,

Jake
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Advice/Chances - Quit My Job 29 Aug 2005, 16:43
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jakeschwartz
Dear Linda,

I'm a 27 year old caucasion male living in New York. I graduated from Yale with a 3.55 in a liberal arts major (with a 3.9 in the major). I haven't taken the GMAT but my practice scores are in the 700-740 range.

For the first couple years out of college, my work experience was fragmentary (music business in LA, short entreprenuerial stint with my Dad in Oregon, proprietary trading in NYC). For the past two and half years I have been working at a small but very successful Investment Management firm in NYC as a trader and portfolio manager/analyst. At the same time, myself and 5 friends started and ran a successful non-profit arts, theater &community space on 42nd st., keeping it growing and financially in the black for over 2 years. All work there was volunteer and entreupreneurial/managerial in nature.

Working at the investment firm was a good education in finance and investment fundamentals, and I completed the first two levels of my CFA designation. However, I had lately felt that my time and growth potential there had run its course and I gave my notice and left my job. This was in June.

Around that same time, we lost the lease on our non-profit space and have been drifting in space limbo, and so my work there has not been as intense or significant. We are currently doing fundraising and other activities.

I would like to attend a top 10 school, specifically: Harvard, Stanford, MIT, Wharton or Columbia. I want to focus on Entrepreneurship while also continuing to deepen my finance expertise. Entreprenuership or Venture Capital is my most likely post mba destination.

I'm worried about how quitting my job and currently being unemployed is going to affect my chances. I am going to get good recommendations from my former employer, I am sure. But will it look like I'm just a bum now? I will still be involved with my non-profit, but not quite as intensively as before.

Thanks,

Jake
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It is harder to get accepted when unemployed. Are you looking for a job? When you quit did you intend to devote your time to the NFP?
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jakeschwartz
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Advice/Chances - Quit My Job 29 Aug 2005, 20:16
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This all has occurred in the last couple of months.
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Advice/Chances - Quit My Job 29 Aug 2005, 21:00
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Sorry, I pressed send way early on that last message.

When I quit in June, it was because I had come to the conclusion that

A) I wasn't growing anymore in my position
B) the smallness of the firm had become an obstacle
C) I was pretty sure I didn't want to be in traditional asset management anymore

and finally

D) considering all of the above, and the money I had saved over the years, that there were several better uses of my time than to remain in a job I didn't really like anymore.


these other uses of time are:

1. I intended to have more energy to devote to the arts organization, as well as to some smaller artsy entrepreneurial projects I was working on. This includes producing the second CD for my small record label and starting an regular auction program for emerging visual artists.

2. I also wanted to explore some other entrepreneurial opportunities with more of a "for profit" bent. While nothing has come to fruition yet, I've been pretty active on this front.

3. I've been looking for another job, but only something that specifically fits within the framework of my goals. I've come to conclusion that an MBA is a much more efficient use of time than taking another pre-MBA position.


I'm fully aware that I'm not the typical story. However, this might work to my advantage, no? Will all the arts involvement make me seem not serious enough for business school? I am on my way to a CFA as well.....

Thanks!
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Advice/Chances - Quit My Job 30 Aug 2005, 16:21
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jakeschwartz
Sorry, I pressed send way early on that last message.

When I quit in June, it was because I had come to the conclusion that

A) I wasn't growing anymore in my position
B) the smallness of the firm had become an obstacle
C) I was pretty sure I didn't want to be in traditional asset management anymore

and finally

D) considering all of the above, and the money I had saved over the years, that there were several better uses of my time than to remain in a job I didn't really like anymore.


these other uses of time are:

1. I intended to have more energy to devote to the arts organization, as well as to some smaller artsy entrepreneurial projects I was working on. This includes producing the second CD for my small record label and starting an regular auction program for emerging visual artists.

2. I also wanted to explore some other entrepreneurial opportunities with more of a "for profit" bent. While nothing has come to fruition yet, I've been pretty active on this front.

3. I've been looking for another job, but only something that specifically fits within the framework of my goals. I've come to conclusion that an MBA is a much more efficient use of time than taking another pre-MBA position.


I'm fully aware that I'm not the typical story. However, this might work to my advantage, no? Will all the arts involvement make me seem not serious enough for business school? I am on my way to a CFA as well.....

Thanks!
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If you are self-employed, you are not unemployed.

The key is to present this time not as a period when you are doing nothing but as a highly valuable period of growth, expansion, and learning. You are now testing the entrpreneurial waters. Show how your current activities fit with your goals and are a step in the direction of your goals.

The arts is not a weakness. People get MBAs to manage entertainment and media and to run other arts organizations. Again, you have to reveal if the arts invovement is just a side interest, which is fine, or does it fit into some greater professional plan.

Connect the dots.

Good luck!
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jakeschwartz
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Advice/Chances - Quit My Job 31 Aug 2005, 10:15
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Wow, thanks for the insightful and useful advice. Only two more questions:

1. Are the schools I'm aiming for (HBS, Stanford, MIT, Wharton, CBS) okay with my profile and story?

2. Does your company offer consulting by the hour? I don't think I need intensive essay editing, but could probably use some more "marketing strategy" type stuff. Do you do that?

Thanks!
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Advice/Chances - Quit My Job 01 Sep 2005, 22:51
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jakeschwartz
Wow, thanks for the insightful and useful advice. Only two more questions:

1. Are the schools I'm aiming for (HBS, Stanford, MIT, Wharton, CBS) okay with my profile and story?

2. Does your company offer consulting by the hour? I don't think I need intensive essay editing, but could probably use some more "marketing strategy" type stuff. Do you do that?

Thanks!
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You're welcome. To answer your questions:

1) Assuming that you end up with a competitive GMAT and manage to portray your current employment situation in a factual but positive light, you will be competitive at HBS, Stanford, MIT, Wharton, and CBS.

2) Sure. Please see our MBA Admissions Consulting.

Good luck!