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wallstreetmonkey7
Joined: 01 Nov 2017
Last visit: 29 Sep 2020
Posts: 191
Own Kudos:
Given Kudos: 9
Location: United States
Schools: Johnson '20 (WL) CBS '20 Goizueta '20 (A) Duke '20 (D) McCombs '20 Anderson '20 Booth '20 (D) Kenan-Flagler '20 (A) Stern '20 (D)
Schools: Johnson '20 (WL) CBS '20 Goizueta '20 (A) Duke '20 (D) McCombs '20 Anderson '20 Booth '20 (D) Kenan-Flagler '20 (A) Stern '20 (D)
Posts: 191
Kudos:
17
22 Jun 2020, 23:16
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Hi All! I'm going through a little bit of a dilemma that I'm hoping that you all can help me with and perhaps provide additional perspectives and things I'm not thinking about. Pre-COVID, I had only applied to full-time programs thinking that FT is the only path forward. Fortunately (or unfortunately depending on how you look at it), my FT application to UCLA was denied; however, the FT Admissions Office had recommended me for the FEMBA (UCLA's part-time program) to which I applied and was accepted. This brings about my current dilemma - should I go to UCLA's FEMBA or Cornell FT MBA? Especially given the context of the current market environment.
About Me:
1) Would prefer to start my MBA this year (rather than deferring a year)
2) Seeking to transition from Commercial Banking (Commercial Credit) to Investment Banking (first choice) but also wants to explore Consulting and Tech
3) Would prefer to stay in LA (currently based in LA) but don't mind working elsewhere (i.e. New York) for a few years before returning back to LA.
4) Current salary/bonus is at the low range of the Top 20 MBA average.
5) Current job is stable and not demanding enough so that I'll be too drained for attending a PT program.
6) Current job is likely stable with a possible promotion next year (but you never know with these things).
7) Currently 28 years old.
8) Applied in the "COVID round" to FT programs at Kellogg, CBS, Haas, and Stern - all waiting to hear back.
Things to Think about:
- No scholarships at either places and tuition between the two is about the same. Full debt load at both places.
- Cornell has not expressed method of instruction for the fall. Whereas for UCLA's FEMBA, in-person lectures are expected.
- How will post-MBA salaries, bonuses, sign-on bonuses be impacted in 2022, and 2023?
- Currently wait-listed at one higher ranked FT program than both Cornell and UCLA - and I think I would go to this program were I to be accepted, even if it's FT.
- UCLA and Cornell are similar in ranking.
- Already deposited at Cornell.
UCLA FEMBA Pros:
- Can finish in 2.5 years (essentially only a semester behind Cornell's FT program).
- UCLA allows PT students to recruit for summer internships and full-time jobs alongside FT students - which I will for sure opt in for. I'd do a summer internship the summer between my second and third year and study full-time till the End of 2022. I've also wanted to travel more and "experience life" so would use the spring of 2023 (before my full-time job starts) to travel.
- Will maintain current sources of income.
- In-Person lectures. I'm also generally okay with paying sticker price tuition because I'll be working.
- Buy one more year of time and more time for COVID impacts to subside.
- Preferred location.
- Maintains existing life.
Cornell FT Pros:
- Finishes one year faster. Will know my summer internship plans end of this year/early 2021. Quicker to start working and if COVID-19 impacts subsides quicker than expected, could be more advantageous.
- Able to study semester abroad.
- More "prestigious" than PT programs.
- Definitely more of the Investment Banking school - which is my first choice career option.
UCLA FEMBA Cons:
- If I don't secure a summer internship (and the associated full-time offer after the internship), it may be harder to switch careers/industry.
- Instead of interning Summer of 2021, I'll be interning Summer of 2022.
- Depending on how COVID impacts the banking industry, I may be laid off.
- Less "prestigious" than FT programs.
- Wanted to study abroad in a FT program. However, unable to do so at UCLA's FEMBA.
Cornell FT Cons:
- Unsure of the method of instruction in the Fall still.
- Not okay without the full, immersive FT MBA experience at full sticker price. Why else would people attend FT 2-year residential MBAs right?
- COVID-19 residual effects leading to me not finding the employment opportunity I want, lower number of spots/availability at desired firms.
- More risks - have to quit my current "stable" job. No career advancement while in school.
- Most likely staying in NY or somewhere in the East Coast. However, will try my hardest to find opportunities in LA.
- Would need to move across the country to be in Ithaca.
I would greatly appreciate all the help you can provide. Thank you so much for the GMATClub community!
About Me:
1) Would prefer to start my MBA this year (rather than deferring a year)
2) Seeking to transition from Commercial Banking (Commercial Credit) to Investment Banking (first choice) but also wants to explore Consulting and Tech
3) Would prefer to stay in LA (currently based in LA) but don't mind working elsewhere (i.e. New York) for a few years before returning back to LA.
4) Current salary/bonus is at the low range of the Top 20 MBA average.
5) Current job is stable and not demanding enough so that I'll be too drained for attending a PT program.
6) Current job is likely stable with a possible promotion next year (but you never know with these things).
7) Currently 28 years old.
8) Applied in the "COVID round" to FT programs at Kellogg, CBS, Haas, and Stern - all waiting to hear back.
Things to Think about:
- No scholarships at either places and tuition between the two is about the same. Full debt load at both places.
- Cornell has not expressed method of instruction for the fall. Whereas for UCLA's FEMBA, in-person lectures are expected.
- How will post-MBA salaries, bonuses, sign-on bonuses be impacted in 2022, and 2023?
- Currently wait-listed at one higher ranked FT program than both Cornell and UCLA - and I think I would go to this program were I to be accepted, even if it's FT.
- UCLA and Cornell are similar in ranking.
- Already deposited at Cornell.
UCLA FEMBA Pros:
- Can finish in 2.5 years (essentially only a semester behind Cornell's FT program).
- UCLA allows PT students to recruit for summer internships and full-time jobs alongside FT students - which I will for sure opt in for. I'd do a summer internship the summer between my second and third year and study full-time till the End of 2022. I've also wanted to travel more and "experience life" so would use the spring of 2023 (before my full-time job starts) to travel.
- Will maintain current sources of income.
- In-Person lectures. I'm also generally okay with paying sticker price tuition because I'll be working.
- Buy one more year of time and more time for COVID impacts to subside.
- Preferred location.
- Maintains existing life.
Cornell FT Pros:
- Finishes one year faster. Will know my summer internship plans end of this year/early 2021. Quicker to start working and if COVID-19 impacts subsides quicker than expected, could be more advantageous.
- Able to study semester abroad.
- More "prestigious" than PT programs.
- Definitely more of the Investment Banking school - which is my first choice career option.
UCLA FEMBA Cons:
- If I don't secure a summer internship (and the associated full-time offer after the internship), it may be harder to switch careers/industry.
- Instead of interning Summer of 2021, I'll be interning Summer of 2022.
- Depending on how COVID impacts the banking industry, I may be laid off.
- Less "prestigious" than FT programs.
- Wanted to study abroad in a FT program. However, unable to do so at UCLA's FEMBA.
Cornell FT Cons:
- Unsure of the method of instruction in the Fall still.
- Not okay without the full, immersive FT MBA experience at full sticker price. Why else would people attend FT 2-year residential MBAs right?
- COVID-19 residual effects leading to me not finding the employment opportunity I want, lower number of spots/availability at desired firms.
- More risks - have to quit my current "stable" job. No career advancement while in school.
- Most likely staying in NY or somewhere in the East Coast. However, will try my hardest to find opportunities in LA.
- Would need to move across the country to be in Ithaca.
I would greatly appreciate all the help you can provide. Thank you so much for the GMATClub community!
BiotechGuy
Current Student
Joined: 15 Nov 2017
Last visit: 16 Oct 2022
Posts: 16
Own Kudos:
Given Kudos: 4
Location: United States (CA)
Concentration: Healthcare, Strategy
Schools: Sloan '23 (D) Kellogg EWMBA'25 (M)
GPA: 3.85
WE:Analyst (Pharmaceuticals and Biotech)
23 Jun 2020, 00:42
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Bookmarks
Given your goal to shift from commercial banking to investment banking, I highly recommend doing the full-time option. This is especially true if you are trying to land at a BB or EB after graduation. I wouldn't sweat the debt too much either with the high pay in IB.
Let us know how things turn out with the other schools. Best of luck!
Let us know how things turn out with the other schools. Best of luck!
wallstreetmonkey7
Joined: 01 Nov 2017
Last visit: 29 Sep 2020
Posts: 191
Own Kudos:
Given Kudos: 9
Location: United States
Schools: Johnson '20 (WL) CBS '20 Goizueta '20 (A) Duke '20 (D) McCombs '20 Anderson '20 Booth '20 (D) Kenan-Flagler '20 (A) Stern '20 (D)
Schools: Johnson '20 (WL) CBS '20 Goizueta '20 (A) Duke '20 (D) McCombs '20 Anderson '20 Booth '20 (D) Kenan-Flagler '20 (A) Stern '20 (D)
Posts: 191
Kudos:
17
23 Jun 2020, 16:33
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Bookmarks
BiotechGuy
I appreciate the comment! Will let everyone know how the other schools pan out!
