Can you switch industries with an MBA easily?
If I go for an MBA, my best route is to get into med/pharma sales for some years and then go for that. But I don't know if I will always want to stay in that industry.
I would still like to manage and be in a leading role in making a business run, but not necessarily in the health industry.
Will that be an option with an MBA? Or because all of my work experience and history is in healthcare/sciences, I would be stuck there?
I don't think switching is easy in general, but a top 10 MBA is going to be the best aid to any switch.
How to Change my Direction in Life (MBA Question) (Originally Posted: 03/05/2014)
I am looking for some advice on how to realign my career trajectory.
Stats:
I graduated from a smaller state school with a 3.72 GPA and dual degrees in accounting/finance. I had 2 internships - one building excel sheets for a local banks credit analyst team and the other with my local federal reserve bank as a bank examiner. I was the president of our student investment fund, and did a brief travel abroad in India (only a two week class).
Situation:
I am currently working in a Big 4's risk consulting practice, where I complete internal control reports for big asset servicers. I am studying for the CPA and will hopefully have that completed soon (not that I really want a CPA but by matter of circumstance), and once that is done I would like to start looking into an MBA to change my direction. I should have ~ 3 years of work experience and one promotion at the time of my application.
Goals:
Simply out of regional preference (PA Resident), I would like to attend Carnegie Mellon (love Pittsburgh) or much less realistically - Wharton.
I would ideally like to work in Asset Management or strategy consulting in or around the Pittsburgh area. I'm not overly concerned with the brand prestige so much as the line of work.
Questions:
Would a top MBA program consider someone with my background? Am I too bland?
What type of recruiters visit CMU? Would a position fitting my interests be posible (near Pittsburgh area, strategy consulting/investment management)
What should I do between now and when I finish my GMAT's, other than study, to make myself a more attractive candidate?
Thank you to anyone who reads this.
To start, you definitely have a chance at Tepper, and likely, better schools if you so desire to get out of PA. Wharton will likely be a reach, but if you knock the GMAT out of the park, quite posible that it could be in play as well. Tepper places well in Tier 2 consulting (Deloitte S&O, Accenture, etc.). Not sure about Asset Management, although their employment report doesn't show too much (2.5% of class). A bunch of people seem to go to corporate finance, if that peaks your interest.
My first thought about you is that you're probably wasting your time with the CPA. Not sure how long you've been working and what the timeline of your application process would be, but I see the CPA as a huge time suck that could be better used doing other things that are better for b-school. You seem to want to change directions anyway, so unless you have long-term aspirations of becoming a CFO, I don't see how the CPA will add much of any value to your profile. Some may disagree with this, but if someone asks you why you didn't take the CPA when applying to school (or after), it's a relatively easy answer - you realized you didn't want to do risk consulting/accounting the rest of your life, and thought your efforts could be better directed elsewhere (see below).
On that note, you do seem a bit bland, at least with what you described. Then again, so are a lot of people, but you do need to fix it. Find something that interests you extra curricularly and contribute meaningful impact to it (e.g. raise money, restructure, join a board, etc...). Working at a Big 4 firm makes this so easy. They have countless partnerships with non-profits, and tons of room for young associates to lead events.
Second, I would think about your long term goal and see if you can do something that proves you belong there. There are a lot of people not in strategy consulting that want to do strategy consulting, and say that in their b-school apps (I was one of them). If that's what you're going to say your post-MBA goal is, how can you show them that you actually mean it? Maybe get involved with an internal initiative at your Big 4, or again, get on a non-profit board and drive strategy. Something to show that you're not just shooting from the hip and saying strategy because it seems cool.
You have a perfectly fine base to get into a good b-school. High GPA and a nice named employer, albeit not in a very sexy job. Do well on the GMAT, get some extras to make yourself look interesting, and you'll be in very good shape.
I think tepper is very reasonable considring GPA and big 4 (if you get GMAT close to their average). You're just probably giving us a full picture, but in your essays don't say you "process reports" lol. Risk consulting is just fine though for the 15-20 school rank. Be careful about mentioning strategy consulting if they don't really recruit at your target school. Visit Tepper...there's all kinds of heresay about weather schools keep track of who visits and who doesn't. In any case, I found my essays were much stronger for the schools I visited. Listen to BGP regarding extras. Also, Tepper has a quant bend to it...so you showng you can handle it in your coursework or day-job will help.
This has been extremely encouraging. Thank you both for answering, as you both provided really great feedback!
Unfortunately I have already started the process of the CPA exam, and while I do feel like it is a waste of time, it is already part of my annual review and paid for by the firm. There is a little bonus if I pass and I guess it will be good information to know at some point.. so meh.
After looking the employment report for CMU, it seems a ..decent.. amount place into consulting strategy roles (6.5%). My immediate short term goals will be finding some medium to demonstrate that I'm serious about strategy. I am also going to schedule a visit, just to be safe. I have taken practice GMAT's before, and I think I can hit the CMU range, so, fingers crossed.
As for a long term goal - other than saying I would enjoy strategy consulting, that is something I'll need to work on.
Opportunities for Career Switchers (MBA) (Originally Posted: 02/17/2016)
I've found some great info here from searching around the forum, but I'd thought I'd start a new thread to address this question directly.
I'm a current military officer headed to an MBA business schools">M7 MBA program this fall. I'm interested in working in real estate, the closer to asset-level deals the better.
The employment in RE from my MBA program seems pretty strong; however I'm a bit concerned that this career field isn't as receptive to career switchers as IB/MC. I'd love to hear what possible opportunities are out there for someone in my position.
I'm from a similar background, just a couple of years ahead of you.
The short version is man, the skies the limit. RE is very accepting of new people, it just takes a minute to get started with your network and such. I'm assuming by asset-level deals you mean more like acquisitions or dev, either way you shouldn't have problems with two years of networking ahead of you. Shoot me a PM with more details and I can give you some more specific info.
Join the Urban Land Institute now to get that sexy student discount, go to some of the events when you move for school, meet some people, ask them what other groups are good in your particular market, get a summer internship between your first and second years (if you want investment sales or brokerage, CBRE does a pretty cool MBA summer program and big developers, REITs, and REPE firms all hire summer associates), and you'll be fine. With your military background (and related leadership experience) and a top MBA, all you need to do is "show interest" in the industry.
Well that is very reassuring to hear. I will definitely look into joining ULI-- thanks for all the info you share on this site btw.
I know of a couple of ex-military that used MBAs to enter RE. One is a dev associate at a regional multi family shop in S. Cal and the other landed in REIB. I would say just focus on networking and finding a good summer internship and you should be fine.
Advice for MBA Career Changer (Originally Posted: 08/16/2016)
About Me:
-1 Year in PWM. -Worked 2 years in product development and sales for a "small" fund company (5 Billion) -700 GMAT -3.2 GPA -Passed CFA level ii -Really Good ECs in college. Multiple school leadership spots, varsity athletics.
I am looking to transition into ibanking post mba. Looking to apply for next year and I'm hoping to get a promotion in January that could help with my application. Three questions.
It depends a bit on the caliber of your PWM experience as well as your undergrad institution, but if those are solid, I would try for MBA business schools">M7 schools. Get your GMAT up though to offset your gpa.
banking is a solid story - stick to a path that uses your strengths. FIG is a good idea if you find that interesting.
MBA business schools">M7 is going to be tough but no reason not to apply to one of Booth/CBS. For banking, you should be looking at schools like Stern, Yale, Ross, Cornell, Georgetown. Try to get GMAT to 720+
Well I could use a biiiiit more info here (what school? What GPA? What volunteer work?).
But working with what you have posted here, I would say that Top 15/20 schools should be right for you. With low GPA + low GMAT for MBA business schools">M7, it will be a bit tough, but it doesn't mean you shouldn't apply to 1-2 as "Dream schools".
Right now the best ways to strengthen your application would be by getting a higher GMAT, getting promoted, adding volunteer work, and getting amazing recs and writing fantastic essays.
Career changer - MBA (Originally Posted: 06/27/2015)
Hi guys,
I'll be looking to go to B-School next fall and I'm a career changer (F500) looking to get into IBD (Boutiques, mostly). I live and work in Europe and I'd like to stay here after I get my MBA.
I've heard great things about INSEAD's program but it's placement in Finance seems pretty bad. LBS is huge for Banking, but I'd like to apply to other schools, just in case I don't get in. Do you guys have any idea what other B-Schools in Europe I should be looking at for M&A?
I always see IMD in the rankings, looks like another good option. I would also recommend HEC Paris, but only if you're a French national. What country are you from?
I would probably go for the brand name and get my mba at oxford or cambridge. Their business schools are quiet new and not close to LBS in most areas, but the brand-name will still get you pretty far.
I would tend to agree with Zewa, that's a good idea.
Thanks for your replies. Live in Switzerland at the moment and want to stay in the German-speaking Europe.
Are you open to doing your MBA outside of Europe? Do you have your gmat score?
IESE has very good reputation, although is more consulting oriented.
there are just not that many strong bschools out there. to name a few I remembered (or at least impactful to USA) are IESE, LBS, Cambridge, Oxford, , IMD, HEC.
if you do get confused, you can also consider MIT's Master in Management plus MBA. Aside from typical MiM, MIT's program is exclusively for people with an overseas MBA. so if your MBA may be not strong enough in your opinion? you may get an opportunity to study at MIT
This is fantastic, thank you so much!
Career switchers, MBA grads or students (Originally Posted: 04/11/2011)
Hey guys/girls,
I am interested in hearing from people that are career switchers. What industry did you work in and what was your job function prior to business school and what industry/job function do you have now? This would also apply to current MBA students, what internships did you have last summer or what do you have this upcoming summer? Also, if you feel comfortable, share what school you attend(ed).
Thanks
college -> SEVERE family chaos, health problems -> variety of odd jobs -> bartender > restaurant manager, small business owner, part time college student -> all of the above + several finance internships -> boutique BO, bartender, small business owner -> boutique FO, bartender, small business owner ->
and now the plan is bschool -> IBD or military -> law
Whichever takes me first and is worth the 1000% effort I put out.
I can share what I am about to do:
Engineer for over 4 years - build differential equation models (have a previous MS). Going to Cornell in the fall for MBA. I chose Cornell because of the immersion program. I'm going to do the capital markets and Asset Management track. I would like to get back to Boston working in investment management. That's the plan, we'll see.
Good luck to you.
UFO - where do you intend to go to business school? Also, what was the process you went from BO to FO? That seems odd to me, it must be a lot different for a boutique than a BB?
SDBall22 - good luck at Cornell. Update sporadically how you are doing, as it relates to summer and full-time positions.
I got a few PM's, if anyone else could provide some feedback, biggest challenges etc. that woudl be appreciated. Due to the minimal response, I am led to believe one of three things, either 1) this site is mainly poplulated with high school, undergrad and young professionals (which makes sense for those of you trying to become analysts) or 2) people have not switched careers as a result of their MBA (i-banking--> MBA--> i-banking) or 3) I haven't waited long enough for adequate respones.
What about you: what's your story?
Thanks Chi85, appreciate it. I'll be on here plenty, no doubt.
B-School Industry Switcher - Need Your Help! (Originally Posted: 03/16/2015)
This fall I am headed back to b-school with the goal of entering consulting or potentially returning to finance. I currently work in private wealth management at a top 10 firm and have a strong track record of promotion in addition to strong references (3 promotions in about 4-5 years of experience). I earned my CFP (blah) in 7 months - a very fast time frame though I am probably going to leave this off of my resume unless I'm strongly advised otherwise. Also am a CFA III candidate, passed I and II on the first try; I don't see any reason why I won't finish this June. At this point I now manage client relationships, have new business targets etc which is highly unusual for somebody with my level of experience.
While I enjoy working with clients and have great soft skills I no longer feel as though PWM is developing the hard skills that I hope will serve me down the line. I wanted to pursue consulting out of undergrad and still think this is my most desired career choice if I get into a top firm; with a CFA charter and "fringe" finance experience I also could see myself enjoying a client facing sell side role (I am well-read on the grind of the associate position, I'd hope to stick it out to the VP role or higher).
I'm entering B-School this fall at a top finance program (M7, not H/S/W). I also have the benefit of a high GMAT (750-800 range) which I understand is taken into minor consideration.
What concerns me is my age relative to many of my classmates. I finished undergrad in my mid twenties due to some extenuating circumstances. I'll be well into my early 30's by the time I finish grad school. My feeling is that may age may be both help and hindrance for MBB recruiting; for finance roles (IB since I don't have strong enough experience for HF/PE at this point) my age may be a hindrance. I'm no stranger to long hours, I used to pull 80+ hour weeks, flip flopping overnight and day shifts, sometimes 12-14 days straight in a wholly different industry for under $50k/year.
While I look forward to the academic experience of school I'm ponying up the $150k to find a solid position in a prestigious firm to boost my resume. So I'm trying to factor in the pros and cons of my age when job searching to help ensure I don't waste my time recruiting for the wrong companies or industries. I plan on pursuing a pre-MBA internship. On this front I had my first official post-acceptance call with an MBB consultant whom I hit it off with well and who has been pegging HR for me. I'm nervous to spread my wings too far though until I solve the Banking/Consulting dilemma. I hear it's a lot harder to pursue one avenue once you show some form of commitment to the other.
I'd love to hear your thoughts on my career targets with my background, especially related to my age. I think the CFA/GMAT/MBA business schools">M7 triple whammy would be killer for a 25 year old but I want to make sure I'm not just doing too much too late to break into one of these industries.
For consulting, I don't think your fears are warranted. Many of my classmates who are going into consulting are the same age as you. As you alluded to, in some ways your age will be perceived as an asset: clients might be more likely to trust you because you aren't just a young gun and instead are more similar to them.
I can't speak to the impact of your age on banking, but I would think about what path you want to set yourself on following business school. Banking will put you on the banking / corp fin / corp dev path whereas consulting will put you on the GM / corp strat / operations path. Based on what I've heard, your shot at the buy side is pretty low in either case given that you have no buy-side experience before school. That said, consulting firms hire a ton of people during full-time recruiting whereas banks mostly fill their hiring classes with returning interns, so you could always recruit for banking for the summer and then consulting full-time if you strike out or don't care for banking.
Personally, the difference in hours, firm cultures, and future career paths made the decision an easy one for me. Hope that helps.
Sounds like your heart is really pulling you toward consulting. Well in that case you're definitely in the right place - MBB hires kids in droves from the MBA business schools">M7, according to the employment reports more students go there than any other firms at places like CBS, Kellogg and Chicago.
From what my friends in consulting have told me it's all about how well you're able to execute on the consulting interviews that will determine your success in getting consulting offers. So start preparing for them before school starts and get yourself in a position to knock those out as soon as you step on campus and don't look back. If not MBB then something right behind those should be doable as long as you're decent. Good luck.
MBA as a Career Switch (Originally Posted: 04/20/2010)
From Ballet to Business- read why Claudia Canepa from Peru went to ESMT in Germany for her MBA. http://www.businessbecause.com/q-and-a/european-school-of-management-an… ESMT offers scholarships based on regions: Americas, Central Europe and Eastern Europe, Africa, the Middle East and Asia:http://www.businessbecause.com/school-news/esmt-offers-numerous-mba-sch…
Another student from Mexico also chose ESMT for his MBA. Read why here: http://www.businessbecause.com/why-i-chose/why-i-chose-esmt.htm
Also got a really great story from a student blogger at ESMT, who comes from Malaysia: http://www.businessbecause.com/schools/from-30c-to--13c-embarking-on-en…
Can you pls delete this post. Answer is obvious. Of course MBA helps in career switch. This is clearly some advertisement for ESMT, whatever the hell that is. Go there and you may switch to janitor, I guess. LOL.
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