Guys,
My firm went through annual downsizing and I got caught in the gutter a few days ago. I already have a job lining up before the layoff but was wondering how this will affect my chances of going to the top MBA schools? Since I already have another job lining up, can I say I left the job voluntarily on my own? How would this impact my applications?
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Your situation is not uncommon. First off, PLEASE DO NOT LIE. Companies go through downsizing and there is little (if anything) you can do about it.
In terms of what I have seen from my b-school classmates, here are some suggestions.
Starting the new job, as you mentioned. I presume you are in IB? If it is the same thing you have been doing, it won't hurt you.
If you are in IB (or your latest job is all you have done in your career), perhaps think about diversifying your experience. Again, I do not know your situation, but assuming you were 2 years at your last job, another 1-2 at something different but creative would add to your resume
Find a meaningful role in a small business. As an example, one of my classmates worked for a large PE firm, finished his associate tenure with no promotion, and became CFO of a small gym franchise in his town for 18 months before starting his MBA. So he had IB, PE, and a stint in ops, which is a real differentiator.
it won't affect MBA recruiting. just have a good story.
Basically, would schools be able to find out the real reasons that you left? Since I already have another job right after this, would it be possible to just say I left to pursue another job?
Why don't you get a life, Rick? Why don't you go to community college like Julian here? Hey! I got a good idea! You could teach Living In A Car and Growing Dope 101!
Just got laid off, but going to business school (Originally Posted: 03/20/2012)
So I'm attending business school in the fall, and was just laid off this past week. (Probably my mistake for letting them know I was leaving eventually so I made the choice easy for them.) My question is should I let my school know I was laid off? I've already sent in the enrollment deposit and just need to clear the background check, which should be a mere formality. I left on pretty good terms (for being let go) with them and they said that they will verify anything they need me to. I just want to know if not telling my school ahead of time would be a big deal. I was planning on leaving anyway in May and didn't really have any plans on telling my school I was quitting at that time, so I wouldn't think it was a big deal if I was laid off and didn't report it to them.
Also, would it reflect poorly to my business school if I filed for unemployment insurance? Would they even find out? I know it's meant for people who are actively looking for a job, but I'm going to try and find some temp work to live off because I didn't anticipate not working this early. Any insight would be helpful.
Thanks
This is the second most profound thing I've ever read.
Fuck off, Lahey!! I need to get my grade 10 first!
You're obsessing. I don't think anyone cares too much. You don't need to tell them, and they don't care anyways. The admission decision is final.
Claim unemployment. Don't sign anything they ask you to sign until/unless they offer you severance.
Chances are everyone will think you volunteered for layoffs. Enjoy your summer off.
In the meantime, if you have an expensive lease and do not particularly enjoy living where you're currently living, cancel it and move somewhere cheaper. Use the savings to learn a new sport Hang gliding FTW or travel.
Wow, this is probably better than just quitting to go to B-School.
You can claim unemployment and enjoy a severance package.
wow... i want to be laid off this way as well...
IP is spot on. Sign up for unemployment TODAY and try to get a severance.
Don;t worry about b School - you're fine.
Can you be on unemployment while in bschool? Does this affect anything? I have no plans of ever being unemployed, but I'm curious.
I'd love the opportunity to have a multiple-month window for travel. Make the most of it.
Need to be "available for work" while on UI.
For instance, you can't claim it while on vacation. At some point I think they make you send out resumes.
Still, you paid for the first six months of it visavis your employer. CLAIM IT.
don't inform the school you're already admitted and you sent the deposit, you're done, jsut relax, travel, play sports and party til orientation.
Enjoy b-school.
Unemployment checks while in B-School? You should get on food stamps as well my friend!
It's employer paid insurance ( the 1st 6 months or whatever the time limit is). Different than an entitlement program.
You are, by definition, not available for work while in school. So you can only claim UI until school starts.
Wait wait wait, New York seems to be a little fast and loose with what constitutes "approved training program" (if you are working in NYC):
http://www.labor.ny.gov/ui/claimantinfo/599program.shtm
If you're still waiting for a decision at a school it's one thing, but if you're already accepted, there's no need to inform them.
btw, where are you attending?
If this gets out, it will most likely come back to haunt you...
Why would the company lay someone off, subjecting them to severance/benefits, when they knew the person was going to leave in a few months anyway?
I can't imagine that your b-school would care since you've already been admitted. Congrats on getting in, and enjoy your time off!
Nobody will ask. Lie, if needed. It won't matter.
Just got laid off... should I apply to b-school Round 2? (Originally Posted: 10/17/2015)
I've been in the strategy consulting group of a Big 4 (Deloitte/PwC) for the past 6 years, straight after an Ivy undergrad. I was originally planning to spend the next year trying to directly switch into my desired roles (bus dev or product at a midstage health tech company or lateral move into a social consultancy - FSG, Bridgespan, etc) then apply to b-school afterwards if that didn't bear fruit. It was unclear how an MBA would help me achieve my goals, and I figured worst-case scenario I will have an additional year of consulting experience under my belt and could apply to b-school then.
But I just got laid off, so now I'm looking at worst-case scenario a year from now being huge gap on my resume or highly suboptimal job as I apply to b-school.
Would it make sense for me to scramble to apply Round 2 for b-school this year? I.e., would my odds be higher if I apply now vs the suboptimal scenario above?
(I can get solid references from people I used to work with despite the layoff.)
Thanks.
yah
don't know about the chances...but sorry to hear you got laid off :/
sorry to hear that man.
i agree with you to an extent - you need to avoid "blank space". so nothing wrong with applying to MBA, except you (1) dont wanna have nobody recommending you (2) scramble for a subpar program than ones you deserve
why not look up a job first? Unless it's your performance problems it shoudn't hurt.. plus you got ivy network blah blah.
If it was truly an expense cutting lay off and not a performance/incident driven firing I would consider both looking for a job and getting your applications in order. You should be able to get good recommendations still. I have a good friend who was at MFglobal when it went under who ended up getting into a decent program (think Duke/Stern) in round 3 after 6 months of being unemployed because he had a very high GMAT.
But you also have enough good experience that you should be able to get interviews at decent shops and in some of the jobs that you were targeting. And you should have enough time to do both concurrently, just treat it like it's your job.
Sorry that happened and good luck.
Laid off but waiting for B-School Decision (Originally Posted: 07/16/2012)
Hi Everyone,
So I recently submitted my application to business school and had the interview last week. The issue is, I also was recently laid off from my job. I have not yet informed the business school because the details of my position, and my future employment with the company were only recently determined. I decided to accept the severance package. My company might consider re-hiring me as a consultant on a short term basis, if I am admitted. Furthermore, I have arranged for a pre-MBA internship with another company. Should I tell the school? If so how will this look on my application? I have made it past the interview stage. To be honest the pre-MBA internship role is more in-line with my long term career objectives and therefore it can only help my career prospects in my chosen field. How should I handle this?
Thanks for any advice!
BitProno,
This is not a big deal, unless you lie about it and then it could be a big deal. You could say that "anticipating a layoff as a result of downsizing, you went looking for a bigger and better opportunity."
Or just "feeling like there were limited opportunities at Current Employer, I started looking for a new position that would give me more X, Y, and Z. " Don't deny the layoff, if asked.
Linda
Thanks, however, since if there is no gap on the resume, do I even need to mention the layoff? Since I left the previous employer already with an offer for another job.
I don't think your obligated to disclose the layoff since there will be no gap in employment, but if asked "have you ever been laid off?," just answer the question honestly. Yes, and you had already found another job when you got laid off.
Is this for a Fall 2012 or 2013 start?
If you are a year out from starting, I would definitely go with the internship.
Not sure about the B-school application process. You might want to look on their website for applicants and see if they delineate a policy for updating changes to resumes or employment status.
Thanks for your note. Yes I would have time to go with the internship since the program would not start until 2013. However trying to investigate how to explain this to the admissions office if I am admitted and once the background check process would begin...Not much on the website about how to handle such a situation. My application was truthful however there are recent changes to my employment status. Tried to work my company on extending the position, however they only seemed keen to offer me a consulting gig once the school accepts me. It is an easy explanation but don't want to run into snags later on. Thanks again.
Here's the deal: there's absolutely nothing wrong with being laid off. It just happened, and it is a material event, so you need to tell them. And guess what! You get to give them some information about how you are taking control of the situation by finding a pre-MBA internship. You are actually ahead of the game, and it gives you a chance to show that you are able to deal with a world that is constantly changing.
Nothing to worry about, but a chance to get in front of them again in a positive way.
Let us know how you get on, and come visit my WSO thread http://www.wallstreetoasis.com/forums/b-school-qa-w-betsy-massar-of-mas…
Best to you, Betsy
I agree, if you tell them that story you just gave up top, then you aught to be good to go. Considering they would hire you back on a consulting basis is good evidence that you were laid off and not fired.
Thanks for the feedback. So I have already informed the school that I have pre-MBA internships lined up which are in my industry of choice. The question is do I send them a second follow up to my application with the details about the lay-off? While it is material, there is in fact nothing in my application which is untruthful, and I have seen a number of posts which suggest that notifying the school may not be in my best interest at this point. I can explain it afterwards. Additional thoughts? Thanks again!
Tactical q: what is the timeline of application, interview, notification date, your communication with the admissions office to update on MBA internship?
If you lay it out here, can better advise. Originally I was thinking, tell them, but now I am thinking it depends a bit on the timeline
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