Assuming you are starting as an associate - how much average debt is a typical MBA grad carrying? and how soon do you expect to pay it off in IB?
I will kick this off with 65K in loans from W/Upenn and expect this will take me 4-5 years to pay off at current compensation levels. Agree?
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That sucks
You are in good company.....
http://www.usnews.com/usnews/edu/grad/webextras/brief/extra_mba_debt_br…
160k in debt, about 10 months after graduation to pay off (don't even need first bonus check, however expect to have paid zero tax at that point...)
what about on the IB side of things? 10 month ROI possible?
Personally, came in with about 85K in debt, took me about 18 mths to comfortably pay back
Why do people need an MBA? My bank prefers keeping its good analysts....
This thread started damn near 6 year ago but...I'd venture to say not a single first year BB associate came anywhere close to 300k this year, especially in cash.
125 + 100 at the high end. Average was 60 at many of the BB. Boutiques probably a different story.
Going to b-school is great if you want to change your career path. More banks are starting to try and retain their 3rd years for direct promote, but it's a tough prospect if you know banking isn't a career move (not to mention physically draining). So most people entering in as associates from b-school may or may not have prior IB experience, but the understanding regardless is that it's a career move.
wow - paid off 85K in debt to pay off in 18 months - thats like making a 5K payment per month. Did you save much during that time? Have a hard time believing you saved and paid off your debt.
Please be realistic here...I have 65K and 12 months into this loan and only about 30K paid up...really need the bulk of my bonus this year to help pull me out of this debt.
had to invest bulk of savings and help from family - paid off 60K in 18 months.
Good luck - hang in there - end is in sight!
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I racked up ~$105K during my MBA. My signing bonus + relo + kicker for my bank is ~$40K net of taxes.
Hence, my net debt level is ~$65K + whatever I rack up on top in May/June traveling. I anticipate comfortably paying it off by the time my first full year bonus hits the bank, so 18 months in.
This assumes a pretty comfortable lifestyle/not being very thrifty. ~$2,000 - $2,500 / month studio in Manhattan, going out a fair amount, nice dinners, etc. My expectation for stub (in my budget) is ~$35K and my expectation for first full year base is $125K and first full year bonus is $125K. We will see if these are anywhere near met, but I should be okay even if they are not...
After MBA I owe 65K and am on the 7 year plan... I also have a mortgage and plan on having kids soon. So I am basically a slave to debt for the rest of my life.
such is life when you decide to get an MBA
brb after BB stint going to a MM bank
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