Hey guys.
So I applied last year to a few M7's and got into more than one program. I put my deposit down for one of them and as you guys know, classes start soon in the Fall.
However, I recently got a VP position at a new firm which is with a group of guys I respect and enjoy working with. The compensation is surprisingly great and I even get a small equity stake. The firm is also looking to venture into new areas which I would have a lead stake in.
Given all this, I'm looking to reneg on Bschool and lose my deposit, which I don't mind since it was a nice 10 month call option on my career.
If I go with the new firm, I don't think I will ever get an MBA since I'm getting to that age where adcoms start questioning the value an MBA would provide me. I am curious what people think of my situation and what sentiment is on forgoing a top MBA for a new job.
Thanks all.
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Nope unfortunately I can't work part-time. It's pretty much all or nothing.
I think i'd look at it in couple dimensions
does that school have a part-time/exec program (Columbia, Wharton, Booth, Kellogg, I think MIT has EMBA) ? If so, try to ask them and ask if you could slide into the exec sequence for now, to at least keep the association (unless the travel/cost and all those things cannot work out)
your undergrad: if it was a star school, you're probably going to be OK. If not, MBA out of M7 would be a big brand boost. Getting M7 offer is great but a crapshoot at times, so it probably has a higher option value
career path - do you see a lot of guys on the top with MBA? (herd mentality) are you ever seeing changes in career track? (career switches).
business potential - for some industries, you might want a big pool of future clients AKA current high powered MBA classmates. If you're in that industry, might be worthwhile
I'd add, above all of those:
What are the chances that this firm is around in 5 years, and what are the odds that both they and you have been successful in that time frame?
It sounds like a risky venture you're taking on. You're being paid for it, but if the firm goes belly up in 2 years, how confident are you that you'd land on your feet? You'd be competing against a slew of people with similar experience in addition to a top MBA and/or CFA on their resume, who may also have better networks if most of your experience is tied to that one shop.
Would the firm let you defer for two years, or work as a paid intern? I know people in FT MBA's that have interned as much as 50 hours a week while in school. It's a pain in the ass but it gives you both the WE and education.
The majority of investment firms go under at some point (either subpar returns or key personnel leave and fundraising goes south), so having a resume and network that allows you to bounce back from these situations is helpful. That being said, there's no guarantee you'd find the same role coming out of b-school, so it's a different sort of risk.
Unfortunately no deferral option for job or MBA.
Is this new job consistent with your long term goals? You considered an MBA for a reason...plans to switch careers? If this new gig lines up with your long term vision, then F the MBA. Take the $$$ and do a part time program, if needed.
Yep new job is pretty much what I want to do. The MBA was really to take a 2 year break since the last long/short fund I was in turned out to be a dud.
It looks like this is the job you want.
And the whole purpose of going to get an MBA for most people ( a few exceptions like megafund PE of course) is to get a better job/career field.
Sounds like a great situation for you re: the job, so forget b-school altogether. The VP position is already post-MBA it seems anyhow, so you're already playing in a different sandbox from here on in (and a full-time MBA will be a step back).
Too many folks see the MBA as if it's some permanent thing that will pay dividends for your entire career. It's what most folks get in their 20s, and has little to no bearing the further out you are.
Think of the MBA as a transition or pit stop, and not some terminal badge or permanent meal ticket that will somehow make people quake in their boots when you're 40, 50 or 60+ (only folks who quake in their boots are 20-somethings pining for that degree in the first place).
Great post, thanks!
I gave this a silver nana because I definitely agree with the broader sentiment, but I would caveat it with it depends on what you want to do. When I was thinking about leaving IB as a VP, I definitely ran into a few corp dev roles that couldn't get their head around the fact that I didn't have a MBA. It was kind of baffling to me, but it was definitely a factor.
I'd interview with some guy with a top MBA (generally HBS/GSB people), and there was always a question about why didn't I pursue a MBA with my resume? The answer, which is true, was that the opportunity cost was just too high for me. Why give up a well paying post-MBA job to get a MBA? Didn't make sense to me, but I ran into a few people that though I needed that credential because they had it. Seemed short sited to me. I started my own company while I was in process on a couple of those opportunities so it never really impacted me either way...
P.S. Just take the job
Drop the MBA and take the job. Sounds like an awesome opportunity. MBAs are a dime a dozen, while unique / niche opportunities are not. You had the chops to get into M7 before, and worst case if this new gig doesn't pan out for you, you will be that much more interesting an applicant the second time around.
Can't always play it safe in life.
can you convince the school to let you defer? worth having that put option in case things go sour at the fund
Frank, thanks for chiming in. Unfortunately no, haha. They get that a lot and offered $ but no deferral. I think I'll go with the job though.
Beautiful to see. I truly applaud the decision, good for you OP.
MBA programs signify the absolute worst of the issues that systemically pervade the education system. Paying a shit ton in loans, on top of not earning income during said 'education', just so you can sit your ass in a room surrounded by 20 something year olds theoretically discussing the type of work you'll actually be doing at this new job of yours?
God damn no brainer to me. Don't get wrong, I'm not saying M7 MBAs are useless. Fundamentally, they are increasingly becoming so (IMO). Value-wise, they are not, depending on your situation. That brand name and new, prestigious alumni network can transform your life, but if you can surpass all that to get to where you want anyways, then that is 100% the route to take IMO.
Why take an MBA mostly to get that job you really want when already got an offer for it. Does not compute. I think it might be time for a sanity check
Love it.
Just in case people are interested, i did this 2 years ago or so and haven't regretted it for a single day. The lost earnings and loans only make sense if you can't advance without one or want to change careers. That is a ton of money to just throw away (particularly if you are on the buyside, you're talking a ~$800k-$1M+ swing over two years)
Rejecting an MBA offer to get fulltime work experience? (Originally Posted: 03/26/2016)
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There's no deferral option? Really? If that's true, screw those guys and go to work. If she can get into the school now, she can get into it in a few years. She's not going to get picked over her classmates for the types of jobs she probably wants; they have her academic profile + work experience. It's a no-brainer.
Edit: And if the school is only interested in her now and telling her everything will be OK, they are looking out for their admissions stats, not her best interest.
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