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elpuntazza
Joined: 04 Sep 2017
Last visit: 28 Jul 2023
Posts: 42
Own Kudos:
Given Kudos: 18
Location: Spain
Schools: Wharton '25 (II)
20 Jun 2023, 08:58
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Hello,
I am a sponsored applicant who was fortunate enough to receive admission to 3 M7s (out of 5 I applied to) and 1 European program (LBS / INSEAD) for the August 2023 Intake.
My goal is to work in VC/Tech in Western Europe in the long term, while in the short term I plan to return to my employer (management consulting firm) in my home country (Western Europe)
In order to bo be closer to my family and friends and to save a bit of money, I ended up choosing the European Program vs the M7s, but I have now realized that I was short-sighted. I believe that a two-year US program would have been a better learning environment and better fit in my specific case.
Now, my "dream" M7 program has extended for me its deposit deadline, and I think could convince my employer of paying the US program instead of the European one. However, I already paid roughly $15k in deposit and expenses (first months accommodation), and if I give up on the European program I would not be refunded for these expenses.
Is losing $15k worth it? I am going to apply for debt to pay all living expenses.
I am a sponsored applicant who was fortunate enough to receive admission to 3 M7s (out of 5 I applied to) and 1 European program (LBS / INSEAD) for the August 2023 Intake.
My goal is to work in VC/Tech in Western Europe in the long term, while in the short term I plan to return to my employer (management consulting firm) in my home country (Western Europe)
In order to bo be closer to my family and friends and to save a bit of money, I ended up choosing the European Program vs the M7s, but I have now realized that I was short-sighted. I believe that a two-year US program would have been a better learning environment and better fit in my specific case.
Now, my "dream" M7 program has extended for me its deposit deadline, and I think could convince my employer of paying the US program instead of the European one. However, I already paid roughly $15k in deposit and expenses (first months accommodation), and if I give up on the European program I would not be refunded for these expenses.
Is losing $15k worth it? I am going to apply for debt to pay all living expenses.
20 Jun 2023, 22:50
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Congrats on your admits! It is awesome to be sponsored on a few levels. Do the consulting companies also pay for living expenses as well or does that depends on the firm/country/etc policy?
As to your question, unfortunately $15K is a drop in a bucket in a bschool world - that's 10% of your tuition for 2 years in the US or 7% if you take living expenses into consideration. It is not a big amount per se, though I understand the sting of the sunk cost. Imagine you got a $15 scholarship... same thing kind of.
However, if your plan is to head back to the home country and work for a few years to redeem your "school fee", the School Name/Value is somewhat diminished. On the other hand, if your plan is to try your luck in the US and land a better job and potentially pay your employer back, that is pretty common and often quite lucrative, it is like refinancing your loan (which you can also do that after living in the US for about a year and getting your work permit).
If you are certain about your choice, I would not get hung up with $15K but the key aspect is - what is your plan immediately after graduation. If the plan is to go back, then I think the country/location is not as critical 3 years after graduation as you will be recruiting through your professional network rather than school network.
Hope it helps
As to your question, unfortunately $15K is a drop in a bucket in a bschool world - that's 10% of your tuition for 2 years in the US or 7% if you take living expenses into consideration. It is not a big amount per se, though I understand the sting of the sunk cost. Imagine you got a $15 scholarship... same thing kind of.
However, if your plan is to head back to the home country and work for a few years to redeem your "school fee", the School Name/Value is somewhat diminished. On the other hand, if your plan is to try your luck in the US and land a better job and potentially pay your employer back, that is pretty common and often quite lucrative, it is like refinancing your loan (which you can also do that after living in the US for about a year and getting your work permit).
If you are certain about your choice, I would not get hung up with $15K but the key aspect is - what is your plan immediately after graduation. If the plan is to go back, then I think the country/location is not as critical 3 years after graduation as you will be recruiting through your professional network rather than school network.
Hope it helps
21 Jun 2023, 01:35
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elpuntazza
Well the European programs have a steep deposit for the very same reason as they have historically seen candidates ditch them for a top tier US program as and when they get the admit during the application cycle. Its meant to act as a deterrent against changing admits if you have shown an initial inclination to attend the program.
Given your situation you should evaluate the following:
-If your dream is to work in Western Europe, would recommend the European admit due to the local alumni network which would play an active role in career development and the recognition with potential employers in the region
-If you have the desire to be a part of the US market, then the US admit would make more sense. However, just a word of caution, the PE/VC industry within the US is not open to international candidates immediately post graduation. You will have to stick it out with a Consulting / Banking gig for 3-5 years and develop relations before being considered for a Buy Side role within the US. Have seen the story play out with multiple candidates who had prior PE/VC experience but were international students and hence had to be satisfied with Product Management roles
-You should compare the total cost of attendance (i.e. living + tuition) while comparing your admits. The European admit would probably be a 1 year format vs the US which will be a 2 year and hence would entail higher cost of living
-Also, if your employer is willing to sponsor the tuition they will be far more amicable to a 1 year format since their total investment both in terms of time and money will be lesser than a 2 year format
-$15k in the long term wouldn't have as big an impact as you are making it out to be. Think of your decision from a slightly more longer term horizon.
Hope the above inputs help? All the best with your MBA!
