MBA Timing
I recently graduated from undergrad and I'm looking to plan out my career in finance. I'm considering pursuing an MBA down the line, but I'm not sure how many years of work experience I should aim for before applying. I've seen some people say that 2-4 years is ideal, but I'm wondering what the general consensus is on this.
Additionally, I'm not sure when would be the best time to take the GMAT - should I take it right after undergrad or wait a few years until I have more work experience?
Finally, I'm curious about which business schools are best for a career in finance. Are there any that are particularly well-regarded by the industry? Also, do MBA programs in Europe hold the same value as those in the US?
First of all, there is no best time for everyone. I know people who do it after only about a year of post-graduate work experience, and folks who did it after more than 10 years of experience, and both having great experiences. A classmate of mine was doing it after a PhD and +8 years startup work experience, and he was enjoying his time. It totally depends on where you are now, and where you want to go afterwards.
This said, as general advice, I would say that having at least two to three years of work experience is best. Two main reasons for this: 1) You would have a very hard time finding a job post-MBA with less than 2-3 years of experience. 2) MBA is a lot about socializing, and your average classmate has above 3.5 years of experience, many of them more than 6, 7 years.
Average MBA student has 4-5 years of work experience prior to starting B school. I'd guess around 75% of the class falls in this bucket. There are obviously outliers, but rare to see people with 8+ years of work experience..most of these being military veterans.
You generally want to have at least a few years of experience under your belt before you apply so you can beef up your resume with solid deals/accomplishments and demonstrate an upward trajectory. If you apply round 1 you'll be submitting your apps September/October time frame, so it's almost a full year out. Round 2 is typically January.
Your GMAT score is good for 5 years, so take it whenever you have the most free time. I know a dude that barely studied and pumped out a 760, but majority of people do need to spend a significant amount of time studying to do well...myself included. I got a 1400+ on the SAT without studying at all, I got a 710 on the GMAT after studying my nuts off for 5 months. It's a tricky test, take a practice test or two to get a sense of where you're at.
Top b schools for a career in finance are H/S/W. HBS and Stanford more so for a resume star/elite network...Wharton for the large top network, but also if you're trying to pivot careers within finance, ie corporate banking to investment banking. Aside from those schools CBS and Booth are def the next that come to mind. Stern might not be the highest ranked program but they place very well in IB so they have a huge network across firms. If you're trying to work in the US, I'd highly recommend attending a program in the US...significantly better recruiting opportunities/alumni network. Hope this helps!
Thank you very much for your answer!
Agree with all of the above. I will say, if you’re looking to break into IB almost any of the T15 will do. Darden / NYU / Tuck / Fuqua etc all place very well. If you’re already in IB, I almost wouldn’t go if you don’t land M7.
Start GMAT ASAP man, if you got it you fine, if not it’s a hustle man, sooner you start the better.
Whilst few people land their ideal scores right away, most need to hustle hard, and sometimes when you are ready to MBA, what’s going to hold your App back is your less than ideal gmat score.
Good luck!
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