Make the most out of your MBA... Because you only get one shot
Eminem was onto something when he sang “because opportunity comes once in a lifetime”… I doubt he realized that his advice is extremely relevant to MBA students!
When I came out of MBA, I specifically remember large banks posting “rotation programs” (sales & trading, or capital markets), associate positions, PE jobs, etc.
Many of these roles were specifically designed for “new grads”. The idea is you have to enter the field as a new MBA grad, or the odds of getting into that role later on are very slim. Sure you can always sneak in the back door, but the bulge bracket firms are primarily interested in recruiting on-campus.
These on-campus employers are treating the MBA program as the big stage – it’s your one chance to get noticed.
Here is a scenario to consider...
you graduate at 22 with an undergrad and can’t land a great job. Therefore, you enroll in an MBA program in order to improve your chances. Upon graduation (age 26), you are not as competitive as your top classmates and you end up with a tier 2 job.
After performing fairly well for 6 years, you are now an outstanding 32 year old finance professional. In theory, you are easily more qualified than most 32 year olds coming out of MBA. Many of them have 4-5 years of non-business experience (i.e. engineering) and are simply trying to make a career change into finance. Despite being extremely qualified, nobody is willing to hire you as a new MBA grad because you are officially “not a recent grad”.
The solution is to understand that employers want “recent MBA graduates”, and they don’t care if you are 26 or 34. Therefore, it’s important to time your MBA and make sure you are competitive coming out of the program. Besides obtaining work experience prior to your MBA, it is also helpful to complete 1 or 2 levels of the CFA which will give you a leg up over the competition.
So here are the main take away points:
1. Don’t rush into an MBA until you have sufficient work experience.
2. If you intend on doing an accounting designation or CFA, do it before enrolling in the MBA program.
3. Make sure to be up to speed on the industry (i.e. fill up your reading list with books, Warren Buffet's teachings, WSJ, FT, etc) prior to enrolling in the MBA.
4. Don’t settle for a tier 2 school. If top schools rejected you, it might be because they require additional work experience. Don’t rush enrolling into an MBA program.
"Make the most out of your MBA.. Because you only get one shot*"
I like #4 for all those considering an MBA.
Now where is Brady?
can someone explain the where is brady line?
Since when does it take 4 years to do your MBA? C'mmmon mann
Yes. I'm a dick for this one...
well most MBA programs require 2 years of experience... so if you graduate at 22, youll have to work until 24 before you can enroll in an MBA program... If you enroll in MBA at 24... youll be done at 26...
So yes I did think this one through.
A lot of people don't do their MBA until 26 even.
So, I don't know man... Part of it comes down to what you want to get out of your MBA at the end of the day. It's a numbers thing. Not everyone can get into a top tier school, no matter how much work experience they get - just like how not everyone can get into a tier 1 job. Best to have other reasons to do things too.
Not that people should just rush into business school the first chance they get out of undergrad (I know a couple who went straight for a MBA after undergrad with some startup experience during college)...but holding out forever for the best isn't always practical.
3 Ways to make the Most out of the MBA You Haven’t Started Yet (Originally Posted: 02/09/2014)
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Though many of you will face trials and tribulations in the months ahead, a select group - those who will attend business school in the fall - are guaranteed an incredible 2014. As a current student, I can say with total confidence that studying for an MBA is an incredible experience. It is one of the most fun things people in their 20s and 30s can do!
While business school is a fantastic journey, an MBA is still a professional degree. To make the most out of the career-focused segment of your experience, please find three humble suggestions to get the ball rolling before you even step on to campus:
1) Start Networking
In an MBA program, you will have access to career opportunities others dream about. However, top investment banks and consulting firms are not known for giving jobs away. The sooner you know what you are looking for, the sooner you should start researching firms and networking. Alumni and people who were in your position a few years ago love to help. Why wait to get in touch with them?
2) Learn a New Skill
In other professional schools, everyone starts out at the same level. Business school is different. No doctors go to medical school, but plenty of former investment bankers go to business school. In accounting courses, people with no finance background are graded against chartered accountants. Online courses on finance and modeling are cheap. If you come from a non-traditional background and you’re serious about making a career switch, then get started now.
3) Take Some Time Off
Last time I checked, summer vacation wasn’t typical for young professionals. This could be your last chance to travel for an extended period of time or indulge in non-professional activities. Business school isn’t all work, but it is extremely intense. Take some time off before you start – you’ll appreciate it when your MBA program begins.
So there you have it: free, unsolicited advice from a first year MBA student with no confirmed internship prospects (This is bound to change by my second post, I hope). Do with it what you will, and thank me when you realize you’ve made the best decision of your adult life!
About the author: Isaac Gross is a member of the 2015 MBA class at London Business School. Before coming to London Business School, Isaac worked for the Clinton Health Access Initiative in West Africa and the USA. In Africa, Isaac managed a $10 million HIV medication donation, which provided lifesaving medication to over 50,000 people. He also advised governments on cost reduction strategies. In one instance, he helped Ivory Coast save over $3 million by convincing policy makers to update their HIV treatment protocols and buy medication from low-cost generic manufacturers. Isaac is at London Business School because he wants to transition from public health to development finance. He is on the Execu|Searchtive committees of the Africa and Net Impact Clubs at London Business School and enjoys playing golf, tennis and rugby. Isaac graduated from Brown University in 2007 with a Bachelors in Science in Psychology.
This is spot on! Well done, these are probably the 3 most important things i would recommend as well. Business school is a whirlwind, take time off to do self-reflection before you arrive--you wont have time to find yourself in Bschool. Meet alums of the school you choose to attend before you begin school, and if you're not from a finance background, take some crash courses in finance topics, otherwise you will always be playing catchup. Well done!
In Europe is a MBA used to re-brand similar to how it is in the U.S.?
I think so, but there is a bit more to it. When I got into school, my interviewer congratulated me but also reminded me that an MBA on paper is only a few extra lines on your CV. It's what you do while you are there that rebrands you.
Thank you for the post. Managing $10m for Clinton Health Access Initiative? talk about standing out from the bankers/consultants/accountants.
Similar question to the one above, are 1 year UK/Euro MBA's similar to American ones in that a person with no finance experience/relative experience (e.g. big4 audit) who has 4-7 years behind him can then enter as an Associate level in IB/Consultancy? I'm guessing that the pre-MBA internship would be quite crucial for this in the case of 1 year MBAs (less so for 2 year ones where you can do a summer internship)?
I think if i would be applying it would be to lbs/oxford/cambridge/hec/insead/st gallen...maybe warwick/cranfield/imperial...still a few years off though!
thanks in advance for replies.
LBS is a two year program and though I personally think it is the best of the schools you have listed, I'm fairly sure you can transition from a top 1 year program to IB/Consultancy.
Great advice! Here is the per-matriculation to do list I created before heading back to school. It served me well.
CAREER - Update resume and get feedback from Career Center - Update LinkedIn profile, picture, recommendations, etc. - Research companies/job functions for internship and full-time opportunities - Schedule informational interviews with alumni
FINANCES - Fill out FAFSA - Create budget spreadsheet for the year
PERSONAL - Schedule doctor and dental appointments before insurance expires - Travel - Find an apartment and move
PREPARE - Attend accepted students day - Network with future classmates via Facebook and LinkedIn - Purchase a computer, messenger bag, and more casual clothing - ID classes/professors to take, campus groups to join, and independent projects to work on - Brush up on academic subjects (i.e., accounting, statistics, etc.)
Great insights! What are your thoughts about deferring the MBA and travelling for a year? Do you know anyone who has done this?
If you can defer and have the money to travel I think its a great idea. I know people who took time off before school, but most of them did so for structured activities (language classes, volunteering, etc). Just traveling may get a bit tiresome after 6 months or so.
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