Hey Everyone,
First time post. Just want to solicit some advice from members who may have been in my position and get some realistic feedback about my thought process and plan going forward:
I’m 30 years old and have been working in the investment management industry in one form or another since I graduated from college in 2009. I went to a Big 10 university and have a less than stellar GPA (~3.05). Focus was more on working while I was in school, getting a degree and getting an office job (blue collar first generation college mentality). Started working for a financial regulator after college and then became interested in the alternatives industry. Moved to NYC in 2012 to take a consultancy role advising hedge/PE funds on Dodd Frank implementation (exhilarating!) . Got bored of that and networked into an investment consulting firm performing operational due diligence on investment managers of varying size and strategies (from the BlackRocks of the world to 2-3 guys running a fund in their garage). I then networked into a similar role at a fund of funds, which is where I am now.
I feel like I’ve hit a wall in terms of what I can do now going forward without an advanced degree (both in terms of comp (~170) and role). I know I don’t want to keep doing this. It’s not even about money, my job isn't challenging and the industry I’m in is dying. Now that I’ve had the benefit of living in NYC for 5 years and have gained some first-hand insight into the alternatives industry, I want to do more and find a role where I can be more strategic. Things I have in mind are business development (not IR) at a large asset manager, institutional investment consulting, or credit research (no experience in this, am just interested in the credit markets).
My idea is to apply to a top 20 MBA program (thinking of applying to UCLA, Texas, Dartmouth, and Duke) to try and gain access to a better (read more interesting) job and change my career direction. I can basically finance the MBA myself and leave with minimal debt. The opportunity cost is a concern, but feel like the long term earning potential justifies it. I understand I’d have to overcome my low GPA, but given my experience and knowledge of the industry, assuming I get a good gmat score (I'm taking a class), I think I have a compelling application.
I’ve come to the conclusion that I can’t network into the kind of role I want. My pedigree isn’t good enough. I have good contacts in PE, HFs, and banking, so I figure I can leverage those once I get my MBA. I want to hear success stories about non-traditional MBA grads who were able to achieve a better job and brighter, more certain career path by doing what I’m thinking of doing. Conversely, I want to hear those who thought about it, didn’t do it, and why. All opinions are welcome. I know how brutal this crowd can get and I don’t mind critical feedback. Thanks a lot.
There is a post of MIT Sloan vs. INSEAD a few days ago. good luck.
Made a similar move to the one you aspire to. Feel free to PM me for details. Cliff notes: it can easily be done and is worth it as long as you totally commit to the process (i.e. take a role in target industry in whatever location you can get).
A couple thoughts:
I think you're being pretty thoughtful about your approach, which is a leg up. You'd be surprised at the number of people who show up at top-20 business schools like you mentioned with not much more of a strategic and financial plan that "well, I got in, and it sounded like a good idea at the time."
I think there's a pretty short list of schools that can actually give you an advantage in prestige over your current situation. Keep in mind that the difference between top 5 vs. 5-15 vs. 15+ schools can become very meaningful for a given role, especially in finance. Prestige is like a 40 time in football-- it won't win you the job, but it could lose it for you.
You sound like you're fairly targeted in where you hope to end up after school, and for people like you, understanding what a career office can do for you is critical. Career offices vary widely in their connections and expertise, and it's up to you to do your due diligence on what those skill sets are. In other words, if you meet a head of finance recruiting that stares at you blankly when you describe the roles you're interested in, get up, walk out, and don't return. If a school's bread and butter is turning 25-year-olds from TFA and 32-year-old Marines into MBB cannon fodder, then that's not going to be very valuable for you.
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