Still in undergrad - planning for Bschool & GMAT

Question

Hey everyone, I'm Lefty.

This is my first post here.

I'm trying to figure out what to do with my life. I'll be starting my second semester in undergrad and I feel really behind, so I need your help. I've been working towards business a little bit, but I still feel way behind.

So, I guess my first question, and i'm sure it's really dumb but...Do you need to take the GMAT if you're not getting an MBA, and want to go into business for graduate school?

bb · Answer

Hang on there - it is always a shift/change/challenge in the first few semesters of undergrad, bschool, etc. You are out of your comfort zone and many adjust only by the end of the first year.

The good news is that you don't have to take the GMAT for undergrad. You do for most MBA programs (well, you want to go to a program that requires some kind of a competitive test anyway, as what's the point otherwise if you can "buy" the diploma)

I would just give it some time and work hard your second semester.
P.S. Get a degree in college. Don't drop out. I don't know what kind of a job you can get these days without a college degree... you need a degree. Does not matter if it is Biology, Business, or History. Get one. 
Happy holidays!

anon1 · Answer

Huh?

"So, I guess my first question, and i'm sure it's really dumb but...Do you need to take the GMAT if you're not getting an MBA, and want to go into business for graduate school?"

Not sure I understand how one wants to go into business for graduate school, and... NOT get an MBA? Getting an MBA IS going into business for graduate school.

One could do a doctoral program in business I suppose, this is geared towards an academic/research path in business... but if you're interested in academic/research there are probably more exciting fields than management

AlexLefty · Answer

Ha. I don't mean to undersell myself but don't mistake me for dumb. Maybe it would help to give you some of my credentials: 4.0 first semester, i work part time, in DECA club, i try to volunteer 5 hours per week, I'm partnered in my own online clothing business...i guess that's it i guess.

Ok this helps me. I wasn't really sure what the overall deal was. So then, another rather large question, to go into Investment Banking for example, should you get an MBA?

anon1 · Answer

#1 why do you want to get into Investbent Banking?

I hear everyone trying to get in I banking and it's usually because they want to make a lot of money. Well the skinny on ibanking is this.

80-90% of offers go to genuinely smart people, who  probably  deserve it, but whose fathers are the CEO of some company, and has given the bank several mil in commission from some deal. The 10-20% go to the geniuses at the top ivy league schools, who have at least some network connection.

These are only the analyst positions. Then, when they weed out the analysts and offer full time positions, you play the game all over again. Do the statistics game, 1/9 * 1/9 - and this is in addition to brutal hours.

After you look at all tihs, I don't know why anyone would want to go into ibanking, you may as well sell your soul. And I do know a lot of people that used to be in ibanking (keyword 'used', they were not offered full time b/c of the above), and they all come out broken/dejected by the system.

So unless you truly truly LOVE ibanking, i would really re-evaluate that. So to answer your question, to get into ibanking, did your father or close immediate family member get the bank in question a lot of commission? #2 are you truly a genius? (not just on paper but socially)

AlexLefty · Answer

#1. No. #2. Possibly. The only thing standing in my way is work ethic and organization.

To go back to your statement though, i was motivated by investment banking by the money. What are your suggestions for the business field and what makes the most money?

anon1 · Answer

Depends on what "a lot" of money is?

Is your definition of "a lot" of money a 6 digit salary? 60k? Do you want to make a salary comparable to a professional athlete?

Don't forget to ask yourself 'why' also.

60k - you say you're 'possibly' a genius, so this shouldn't be an issue, i'd be more focused on what will fulfill you truly make you happy (which is just as important)

6 digits - If we're sticking to business only... an MBA will probably get you there, low 6 digits, you will have to be someone elses *complain* though, just warning you. If you are an independent person/entrepreneurial at all - this may drive you insane

Professional athlete? -this is 500,000k - millions per year. Some of my clients make this much (portfolio managers at multi-mil/bil hedge funds), top CEOs at fortune 500 companies will make this much, same with CFOs (probably, but not always). (just google some CEOs on Forbes and you will see their background, what they had to do to get there, etc), and managing directors at ibanking. There are also some wall street jobs that will make this much, but beware the golden age of wall street is really over, just look at the headlines (thinkequity shutting down, ubs fires 10k employees, etc). Of course you could also hit it big being an early employee of some startup that hits it, but the odds of this happening are extremely low. And that's what i can personally think of, I'm sure there is more, maybe someone else can jump in?

If you're going for pro athlete type money... make sure that whatever you do, you truly LOVE. because if not it will break your soul.

AlexLefty · Answer

Yeah, 6 digits is what I want. Obviously the professional athlete salary would be the best but I think the minimum I would like to settle for is the low 6 digits. I certainly don't wanna be someone else's *complain* though. Lately I've found that I do have some problems with authority. Though, when big money is involved I'm not sure that it would be an issue. But what would a low 6 figure job include? An i banker? It seems to me, lately at least, that an i banker isn't really a viable option.

Also, this is a tangent, but I've read several articles recently condemning an MBA as not being worth it. It seems to be that there's like a 50/50 split on people who think an MBA is worth it, and those who think it's not. Thoughts?

AlexLefty · Answer

^anyone?

anon1 · Answer

at some point in your life you'll make 6 digits.

stop worrying about the number and worry about the why and what.

as far as the MBA part, I wouldn't even worry about that. in fact DO NOT. If I were you I would go back to the dorm and do undergrad stuff. You're way too early in the game to even start thinking about an MBA, thats not to say there arent people who should get an MBA right out of university, but those people are a special breed, and I dont mean that in a good way or a bad way.

If the person is going into some low rank MBA right out of undergrad, the answer is he or she has no effin clue what planet he or she is on, and their parents are probably paying for it. (b/c if they did have a clue, they wouldn't be going to that lower tier in the first place)

Now if the person is going into say Sloan, or Wharton, fresh out of University, that person has most likely had a lot of experience working professionally (internship, w/e), and most likely has a super 'follow the pack' type of personality. don't mean that in a bad way, but that person is probably really into the whole corporate/business culture of 'networking' events and put up the whole show type of deal. In addition, that person knows exactly what she /he wants to do, or at least lied about it to adcom. Which may or may not be something you're into. If you are, you better get started dude. You better put on your networking face on and get to it!

Same with ibanking, if that is something you want to pursue, you better make sure your grades are spotless and you better effin network, like go to every goddamn ibanking network event your school offers, lol.

AlexLefty · Answer

^^^

anon1 · Answer

No i didnt mean for it to come off as a bad thing and i even say it in the sentence right before your comment. If you're dead set on getting an MBA right out of university then pursue it with as much heart and passion as you can.

Just wanted to bring to your attention that if you discover that it is not what you wanted all along (either immediately or 10 years down the road (mid-life crisis)), that 120k in debt is a lot to handle and the bad part is you can't default on a school loan, they will just take it from you.

But obviously you should do all that stuff I mentioned because its good for you anyhow, whether you decide to apply or not.

because you have to do so many things in addition to good grades. Ex: Internships, work experience, networking, leadership stuff etc. -- all that stuff is great, you should do that no matter what, you'll learn a lot no matter what you decide to do. most kids don't and those are the unemployed rt now

AlexLefty · Answer

I'm totally motivated by money, but I agree with you that it's important to do something you enjoy. So i guess the question i'm asking you is: what other 6 figure job titles in the banking/business field are there, besides i.b. associate and higher positions that I already mentioned? I'm just trying to get a better idea of the jobs out there, especially high paying jobs in the business/banking field, any knowledge is appreciated.

Thanks man.

EngineeringMBA · Answer

I would say this...if you want an MBA it's not too early to plan that you want one, but your number one focus should be to do well in undergrad. Keep that GPA high, do well in your classes, get involved with organizations, etc. Do everything you can to make the most out of the experience (after all, you're only an undergrad once, those 4 years will fly by). Figure out what your passions, strengths, etc. are because those will help you decide where you want to take your career.

Still in undergrad - planning for Bschool & GMAT

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