Dear WSO,
Recently I have received a summer internship offer at an MBB in Europe (with 3/4 conversion rate) which I am gonna do. However I also have an offer to join the LBS Masters in Management for the year after (have paid 9kEU as reservation fee already).
Now my question: Should I still do LBS or ask the MBB whether I can start full-time right after my internship (if I was to receive an offer)?
Thanks
If your goal is MBB, then the choice is clear: take the MBB offer if given to you. Otherwise you’ll be taking a roundabout path to try to end up at the same spot.
I think there is a misunderstanding. I am doing the MBB internship any way during the summer (July-August). LBS starts in september: should I still do that? In the long term it seems better to have done LBS if I ever look for a job after consulting...
No - as stated, if Bain is the end goal and they offer you a full time role, take Bain and don’t go.
Which office? Have you spoken to people who interned there? What is the conversion rate? On average MBB convert a lot of their interns (if not all) but this is highly dependent on the particular office.
If it sounds like you have a decent chance of converting your internship then you should take it and tell LBS you want to defer a year. That way, you can always go there if things don't work out.
The conversion rate is high: 3/4 start afterwards. I am thinking right now about contacting LBS and asking them if I can at least postpone it for a year.
There no point in postponing, a MiM is a pre-experience program so it would be pretty useless to do after a full year of top FT WE. Frankly, I would start the summer and see how it goes, you really can't make a decision until you know whether you can come back full time or not. If you do get the FT offer and you have the option of starting right away, then it's a matter of how much you value the year in London partying and building your network (because frankly, that's what you will be doing) and how painful is paying for the MiM (I would never, EVER advise someone in your position to take out loans). Personally, I don't think the MiM would have a ton of value apart from the extended network (and you might want to do a MBA down the line). I would also think of the deposit you put down as a sunk cost, regardless of what you do, you're not getting that back.
If Bain really like you they might let you take the year to do the MiM, no? Then you'll have the FT offer waiting for you. It's also a good chance to see if you like Bain. You want MBB but after the internship might not like the environment at Bain. In that case you can take the year at LBS and after apply to BGC or McKinsey (both of which would at least interview you seeing as you have an MBB internship)
Do you have to pay LBS tuition before the end of your internship? If not, definitely do the internship and try to get an offer. If so, I would probably still go all in for MBB over LBS.
Doing an MBA later with a deal is sweeter than an MiM, especially as an engineering student.
Thanks guys so far for the input. Nevertheless it still seems a really tough choice for me. My mid term (read 3-5years) goal would be to start my own venture, recently I am thinking more from that perspective about this choice.
To me it seems that LBS would give me the opportunity to (maybe, rather unlikely I know) start up right away after graduation whereas it would take me a little longer at MBB to do that (learn some essential skills and get a decent network). Next to that, I also run the risk of being kicked out at MBB after 2 years if I don't perform well enough. Then I would end up with a lot less than if I had done the MiM so... I don't know what your thoughts are on this?
This one is a no-brainer. Take Bain. Here are several reasons why:
1) Experience. You are a student and know nothing. Bain is a great way to get practical business experience to kickstart your career. Basic technical skills (excel/PowerPoint), managing your own workload and time, learning how to communicate with managers and coworkers, as well as exposure to client needs and issues are going to be more beneficial than anything you will learn in school.
2) Brand. Outside of Finance/Consulting few people know or care about LBS, and fewer still put value on an MiM. Bain on the other hand will be a brand you will carry with you for the rest of your career and will be recognized whether you end up at KKR or Honeywell.
3) Network. Your Bain alumni network will be better and more valuable than your MiM network,.
4) Cost. Earn money instead of spend it.
5) Optionality. Bain will close zero doors for you that an MiM would open.
Just my two cents. Take your Bain internship, win a full-time offer and revisit business school when your two years are up. I promise you will be able to make a much more informed decision at that point.
Bain, no-brainer. You can always do (paid for) b-school if it still appeals to you in 2-3 years.
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