Got Laid Off - How will this hurt my MBA chances?

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?

 
Best Response

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.

  1. 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.

  2. 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

  3. 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.

 
CaliBankerSF:

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.

Also know people who did this and it does help a lot.
I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing. See my Blog & AMA
 

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?

 
BitiProno:

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?

All the of MBA application forms ask you why you left your position so you have to put this in writing. As someone who interview MBA candidates, it's not worth lying, especially if you worked at well-know firm (ie. one where I am likely to know a few people) as there is a good chance of being found out
 

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.

 
IlliniProgrammer:
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.

ok. so i can send out resumes and then blow up interviews if there is any
 
texasmade10:
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.

 

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.

 

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

Linda Abraham President, Accepted | Contact Me | Admissions Consulting
 
BitiProno:

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.

Linda Abraham President, Accepted | Contact Me | Admissions Consulting
 

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.

 
goedl486:
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!

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

Betsy Massar Come see me at my Q&A thread http://www.wallstreetoasis.com/forums/b-school-qa-w-betsy-massar-of-master-admissions Ask away!
 

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

Betsy Massar Come see me at my Q&A thread http://www.wallstreetoasis.com/forums/b-school-qa-w-betsy-massar-of-master-admissions Ask away!
 

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Betsy Massar Come see me at my Q&A thread http://www.wallstreetoasis.com/forums/b-school-qa-w-betsy-massar-of-master-admissions Ask away!
 

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