To be or Not to be an MBA(please read though you have seen this earlier)
Hello friends
I have been accepted into the Wharton MBA program. Given the opportunity cost and my situation, Im in a limbo. Could you please provide your inputs?
My background
Consulting with about 12 yrs of experience with major firms(Accenture etc) at various positions (Principal, Manager). Started my own consulting biz 2 years ago and its doing pretty good in terms of revenue. (200K)
Im married with a wife and a 2 yr old son. My wife is a stay at home mother.
Why MBA?
I gave GMAT to test where I stand, one thing led to another and I ended up applying to Booth in part time and later 2 full time schools(W and S). Got accepted in part time in Booth.
Secondly, I want to transition to finance. I prefer buy side but will be happy to get into IB as well.
Why finance?
Money(relative to consulting) AND no travel.
The conundrum:
The MBA fees and expenses for 2 yrs will be 220K.I can put the opportunity cost for each of those two years at 200k/yr. So realistically speaking the MBA will cost me 600K.
One part of me tells me that this is an opportunity of lifetime(MBA from Wharton) and I should take it. I may not get the job I want but its worth trying. Hopefully my son will realize that his father took a chance even though he was 35.
The other part tells me that this is a really expensive endeavor and I should stick to my own firm, save some more money and venture out to something else. Or go part time. I have heard that its impossible to get an internship and a job in finance via part time if you dont have a background already. Further more full time will involve cutbacks in my family's lifestyle as well.
Im losing sleep thinking the choices over and over. I would appreciate any perspective you guys have to offer.
Have you tried networking into PE shops? Even with a MBA a job in finance is not guaranteed especially in PE but it sounds like you know this.
Gf1990 I have started networking but havent asked anyone for a job yet(since I dont have any credentials YET to have a face to ask for a job in finance). From what I hear its extremely hard to get an internship or a job in finance with so many good resumes already floating around after 2008. I know one guy with a background similar to mine, who got his PT MBA from Booth, has cleared all 3 CFA levels. He has been trying for the last year and a half, is willing to take a 30% pay cut but still cant find a job in PE or IB or Investment Management. He thinks FT MBA is better in terms of getting an internship but no gaurantee there as well. During my interview at Wharton there were more New York/Finance guys than I could count. So they already are ahead of me in terms of staking their butts to the limited number of internships in finance. Stories like this make me lose hope. If I do an MBA it will only be because I can earn more, and the only way to do that seems to be finance for now. How was your experience? Did you network in?
I do not have personal experience, but have talked to folks who work in Big 4, F500 finance and non MBB consulting who have networked into PE. The majority of them are in operating roles though but a few have gotten into investing roles for mid market firms.
On the other spectrum, I know folks who went to an Ivy, worked in BB, got laid off and never did make it to PE even though they wanted to. Two sides of the spectrum.
I would actually start networking with Wharton alumni and ask for their advice. If anything, maybe a few folks will like you enough to get you a job pre or post MBA.
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