|
|
GMAT Club Daily Prep
Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.
Customized
for You
Track
Your Progress
Practice
Pays
Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.
22 Jul 2010, 06:35
Kudos
Bookmarks
I am seriously considering embarking on an MBA.
I am 33 yrs old and from the UK where I attended a top 10 University and obtained a scientific degree. I successfully managed to secure a graduate trading position at a bulge bracket investment bank where I worked for 2 years. Unfortunately my desk got made redundant following the departures of senior members to other firms. I was unable at the time to secure an alternative front office position. After 1 year of unsuccessful job searching, I decided to accept a role within reuters as a analyst. I've been here 4 years and whilst am doing ok I feel I am limited here. I have tried to get back into an investment bank (front office) but have had no luck mainly due to my non-mathematics degree and my relatively short banking experience (banks seem not to value the Reuters experience that much). I feel that an MBA is my last option to get back into a more challenging role whether investment banking, consulting, PE or even entreprenaurship otherwise I will have to resign myself to staying where I am knowing that my career progression and pay will be limited.
The question I have is will an MBA work for me? First of all, I will only do an MBA if I get accepted to a top 10 school.
I figure my experience will at least get me an internship and possibly a full time graduate offer if I go to a top school e.g Chicago, LBS, Columbia. Is this likely to be correct? The last thing I want to do is embark on an MBA and end up with no job.
What are your thoughts GMATclub?
Other attractions of the MBA for me is developing a useful network, the possibilty of perhaps starting your own business and even the possibility of good jobs outside of Banking that I would never stand a chance to obtain e.g Google, Apple, etc.
Just need advice on whether people think I should do an MBA.
I am 33 yrs old and from the UK where I attended a top 10 University and obtained a scientific degree. I successfully managed to secure a graduate trading position at a bulge bracket investment bank where I worked for 2 years. Unfortunately my desk got made redundant following the departures of senior members to other firms. I was unable at the time to secure an alternative front office position. After 1 year of unsuccessful job searching, I decided to accept a role within reuters as a analyst. I've been here 4 years and whilst am doing ok I feel I am limited here. I have tried to get back into an investment bank (front office) but have had no luck mainly due to my non-mathematics degree and my relatively short banking experience (banks seem not to value the Reuters experience that much). I feel that an MBA is my last option to get back into a more challenging role whether investment banking, consulting, PE or even entreprenaurship otherwise I will have to resign myself to staying where I am knowing that my career progression and pay will be limited.
The question I have is will an MBA work for me? First of all, I will only do an MBA if I get accepted to a top 10 school.
I figure my experience will at least get me an internship and possibly a full time graduate offer if I go to a top school e.g Chicago, LBS, Columbia. Is this likely to be correct? The last thing I want to do is embark on an MBA and end up with no job.
What are your thoughts GMATclub?
Other attractions of the MBA for me is developing a useful network, the possibilty of perhaps starting your own business and even the possibility of good jobs outside of Banking that I would never stand a chance to obtain e.g Google, Apple, etc.
Just need advice on whether people think I should do an MBA.
22 Jul 2010, 08:43
Kudos
Bookmarks
Obviously the decision is ultimately your own, but I just thought I'd share a few thoughts that come to mind.
Best of luck!
- 1. At 33, you would be considered an older applicant. You will need to have a great story for why you need an MBA now in your career. Also, you will be 35/36 when you graduate, and you may not be willing or able to work the crazy hours in banking, especially IB.
2. The kind of finance job you will most likely get out of b-school is in IB. The other functions will take some serious networking to get into. With your previous finance experience, I think it's possible, but it will take effort.
3. No one can tell you whether an MBA will be worth it for you, because we obviously cannot see into the future. There will be risk involved, and it will largely depend on whether you're willing to take that risk. That said, even in this economy, most grads from top b-schools will be able to land jobs. However, whether you will get the job you want is a whole different story.
4. The economy is certainly going to have a huge impact on your job outlook post b-school. But again, that's anybody's guess where the economy's going to be in 2 years.
5. There're other personal factors that come into play, such as family, location, etc. So try to figure those in when you're making your decision.
6. Obviously there's also the issue of cost, in terms of tuition and lost wages. I have heard that most grads from top schools recoup those losses within 5 years of graduation. Whether that still holds true is anybody's guess. That said, getting an MBA is a sure way to boost your career, so can't be measured in strictly monetary terms.
7. You may consider doing a part-time MBA instead of full-time. Full-time MBA programs attract mostly career switchers, which is not true in your case. Plus the cost is much lower in terms of opportunity cost.
8. Finally, I do not know anyone personally who got an MBA from a top school and regretted it.
Best of luck!
22 Jul 2010, 09:06
Kudos
Bookmarks
milias - he wants to go into S&T from what I can tell, and does want to switch career.
It is still possible. I have a friend your age who did it. I wouldn't go around with the mind-set that your background should get you an internship - I have seen people with more current experience than yourself end up with nothing. The number of S&T internships is quite low; you have a convincing story I am sure, but the inability to get back onto the trading floor with experience in the mid-2000s is an area I would expect you to get quized on. That you weren't taken with the guys who moved on isn't a great sign, though you were very junior.
An MBA is a good opportunity to become clear on what you want to do (which is clearly something you are seeking) while having ideas of what you are interested in. I think it should serve you well for that.
It is still possible. I have a friend your age who did it. I wouldn't go around with the mind-set that your background should get you an internship - I have seen people with more current experience than yourself end up with nothing. The number of S&T internships is quite low; you have a convincing story I am sure, but the inability to get back onto the trading floor with experience in the mid-2000s is an area I would expect you to get quized on. That you weren't taken with the guys who moved on isn't a great sign, though you were very junior.
An MBA is a good opportunity to become clear on what you want to do (which is clearly something you are seeking) while having ideas of what you are interested in. I think it should serve you well for that.
