Go to Wharton or reapply in 2 years to H/S/W
I have 2 years of work experience (currently in a F100 corporate strategy role) and was accepted to Wharton round 1 (dinged at H/S). I am considering switching jobs to a late stage tech startup and reapplying to business school two years from now. The main reasons are as follows:
1) Change industries now instead of post-MBA. One of the main reasons I applied to business schools is because I wanted to change industries since I currently work in an industry I'm not that passionate about (but in a fantastic group where I learned a ton). I figured business school would be a great place to make the transition, but I have gotten several interviews in the type of companies I am interested in working for in the long-term (late-stage tech startups, e.g., Dropbox) since applying to b-school, and think I can reasonably land an offer within the next month
2) Wharton gave me no financial aid, so I'd be looking at taking out $200k+ in debt. If I reapplied, perhaps I would get some aid (HBS / GSB give great need-based aid; possible I could get a scholarship from W next time around). If I go to Wharton now, I would almost certainly work in a high paying field such as consulting for at least a few years to pay down my debt before I can join a late stage startup. It would also prevent me from being able to jump into something entrepreneurial if the chance arises in business school or immediately after.
3) Getting startup work experience pre-MBA would open the possibility of working in a late stage VC fund post-MBA - something I could definitely be interested in. It would still be tough to get, but not impossible as it would be in my current circumstance (with no startup / buyside experience).
Overall, I do want to go to business school for the experience and network, so the biggest drawback to not going to Wharton now is a) the time value of money (having to wait 2 years to get the same post-MBA compensation and having to do 2 more years of pre-MBA type work), and b) the risk that I may end up going to a lower tier business school. But, I think the biggest reason I didn't get into H/S this time around was because my story didn't quite add up - I was truthfully saying my long-term goal is to be a leader of a late-stage tech startup even though my work experiences didn't quite point in that direction. Getting two years at a company like Dropbox would show that I wasn't full of shit.
I'd love to hear this forum's thoughts.
What are you stats? Academically (School, major, GPA, GMAT)
Stats are great: HYPS undergrad, econ major, 3.8+ GPA, 750+ GMAT. Work experience is good (BB IBD 1 year, well known corp strat group after) but would be much better if aligned with my story (I made a mistake in that regard).
Yes, $200K is a lot of debt. Although I did the NPV analysis, and I am convinced that it does work out to be better to take on $200K of debt and get the higher post-MBA income 2 years sooner than it is to get 2 more years of pre-MBA experience and to go b-school for free. So the biggest reason against the debt is that it prevents me from being able to do something entrepreneurial following b-school (for many years).
if you have that little WE, i would say reapply in 1-2 years for H/S/W
you have amazing stats
200k in debt would scare the shit out of me. Besides, you could use some more experience. I suggest you shelf b-school for a few years.
That's a lot of debt.
200k of debt is scary as hell. Business school isn't going anywhere , get the work experience if that's what you want to do
In my opinion I'd probably wait another year or two and keep evaluating where you are and if you want/need to go back. With stats like that I'd think that the only thing holding you back from H/S is lack of work experience. Another year or two at a hot tech company would help you out a lot.
Plus it will probably give you a clearer idea of whether or not you really want/need to go back. What are you really trying to accomplish with your MBA now? You're not looking to go back into banking/consulting, which is what a lot of people do. And it sounds like you'll be able to make the switch to tech without too much difficulty, so you won't need the MBA to help you make that career switch.
Just my opinion though.
Thanks for the advice. It's hard for me to imagine not wanting to do business school in the future (for personal reasons rather than career or financial return reasons: the network, chance to meet tons of cool people, personal growth, travel, parties, and life experiences), but I have changed my mind before in the past.
What I was trying to accomplish by going now was 1) immediately go into a post-mba role instead of more pre-mba "analyst" level experience (positions I'm interviewing for are still pre-mba, but with direct promotion into post-mba roles possible after 2 years), 2) switch into tech (but as you mentioned, maybe I could do this without the MBA) and 3) personal growth / life experiences / network described above.
Would you go to H/S no questions asked if you had gotten accepted? Or would you still be having the same dilemna?
I think I would be having the same dilemma but I would definitely be leaning more towards going to business school because 1) slightly harder to turn down H/S (maybe slightly better experience and network, I don't care about the brand name on my resume as much), and 2) H/S give need-based aid so I wouldn't be facing $200k+ in debt.
Why don't you accept Wharton first, work for a startup in the meantime and decide if it suits you?
If you can get the job you want w/o going to business school, then business school makes no sense (currently enrolled in an elite european business school). But if you do not manage to land a startup gig, I would recommend going straight to business school and not wasting a minute working in an irrelevant job.
That's an interesting strategy... Wouldn't that burn my bridge with Wharton if I decide to reapply in the future if I accept and then go to the startup? Unless I end up absolutely hating it there, I'd probably want to stay on for at least a year and half there.
Potential job offers for new job would be mid-Jan Deadline to accept Wharton is mid-Feb If working at the startup, I'd probably stay for a year or two before reapplying..
Bump
I know some MBA programs (if you have research experience) you could be a TA for one of the UG professors and same some if not most of the tuition and you won't have to take a large loan (maybe one just to cover your expenses).
I honestly don't know if this strategy would work on Wharton, but I think is worth the try. Good luck!
It doesnt work for Wharton. Did a Masters at Penn and took some courses at Wharton.
If you really want to go get an MBA, just go now. The time value of money and opportunity cost are hard to ignore.
No school is worth 200k + all of your missed wages.
I'm surprised at the posts here. I'd say go to Wharton now. You'll be making double your current salary two years earlier, so the debt will be less burdensome. On top of that, Wharton is just fine. You can even hang out with Brady before he leaves.
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