Hi All,
I previously wrote this thread: //www.wallstreetoasis.com/forums/got-into-wharton-mba-need-help
Not to keep bothering y'all with my life problems, but I just wanted to get some new perspectives, particularly from folks who have done Top 5 MBA programs.
My employer genuinely wants to keep me. I have a promotion (would get it even if i weren't leaving), a pay raise to a total comp of 350-375k for this year, career track on way to learn 600-800k in 3-4 years. I have great work/life balance.
It's making the decision very hard. I paid the tuition deposit just to keep the option, but I kept wondering about the realistic value of the Wharton degree. In any case it's likely going to take me a few years to get back to the 400-500k pay level two years later at my current gig, even assuming that i land a nice post MBA gig at a PE/HF. I do think i have a shot, but there's a chance I don't land as good of a position as I think I would.
There's a huge personal component to the preference of taking a break, establishing a new network, experiencing new things, etc etc, but I'm having a hard time quantifying what im leaving behind vs what i could potentially get if I go.
I've spoken with quite a number of people and have gotten mixed views. Please kindly share yours.
Thanks!
You could also consider the part time program if you are close to philly / SF.
As someone who is about to embark on a top b-school, and has thought through all the reasons of why extensively, my uneducated opinion is that I would not go. Looking at your post, it looks like you're basically weighing an ideal job (with a huge salary) versus the chance to take a two year break and gain the intangibles of an MBA, while losing that perfect job. I think going back to school is just a bit too risky for my taste.
I am far from an expert in finance, but my impression is that even though Wharton does incredibly well in PE/HF recruiting, there are still far fewer jobs than those who want them (and are presumably qualified for them). Therefore, risk #1 is simply that you don't get a job at a PE/HF, although I see that as a bit less likely since you seem very qualified and have had good success so far. I have also heard that PE recruiting has been a bit of a struggle across the board this year from business school. Even though that's hearsay, I would definitely make sure that people with similar backgrounds to you are having success landing jobs at Wharton.
That brings me to the kicker in your situation, which is the higher salary/great work life balance that you mentioned. I don't think I know a single person in our age bracket that has that combination. Moreover, should you go back to school and land a great buy-side gig, what are the odds that 1) it pays as much as you mentioned and 2) it provides any sort of work-life balance whatsoever? I have a friend that had a job he liked at a ~10B AUM firm, left for H/S, and then went back to a similar size firm, but absolutely hates the new firm. Pay is about the same (obviosuly less the two years off for school that he lost out on), but he's already looking for a new job. It can be hard to find a place that's a personal fit and provides a solid balance, especially in the finance world.
I just feel like most of us strive for a high-paying job with good balance. You have that, and while I certainly don't underestimate the intangibles of an MBA, I think there may be other ways to get close to those intangibles without giving up the good situation that you're in. Since you've spoken with a lot of peeople that have given you mixed opinions, it seems like this really is a personal decision depending on what you want and value.
Good luck with the decision. I don't think there's a wrong answer, so long as you analyze your own situation.
Personally, the above reason would be enough for me to say no to business school. That said, it is your life and you need to ask what path will make you happiest. At the very least, any way you shake it, business school is going to be a losing investment in terms of ROI.
Edit: And for what it's worth, I am currently a first-year student at a top business school.
I followed your other thread and from my limited knowledge of the situation it seems that you want a job that is more intellectually stimulating / interesting to you, but are having a hard time walking away because of the comp at your current job, which is understandable.
My advice would be to see if you can defer enrollment for a year and network your way to your desired role and then reevaluate next year when you have to make a decision.
If you're just a little burnt out after working non stop for several years than I would just ask your boss for an extended amount of time off (like a month or something) and go on a long vacation and see how you feel after that. From what I've gathered over the two threads it seems like your current firm is willing to go the extra mile to keep you there so it can't really hurt to ask in my opinion.
For what it is worth, you even if you don't get a deferral (and I know Harvard does not grant them; it may be a bit more fluid at Wharton) you can always re-apply next year. I have a friend and colleague who was admitted to HBS and turned them down, then reapplied the following year and got in. Bottom line: you still have MBA options even if you don't go now
Simple As makes good points. I did not read through your other thread until now, but it seems like you're a bit conflicted. In that post, you mention looking for something more intellectually stimulating and the major benefit of business school - opening up new/different opportunities. In this post, you don't really mention any discontent with your job, other than wanting to take a break for a couple of years with hopes of finding a similar job to the one that you are in now.
My new opinion is to really think about what you want to do, and then determine the best way to get there. Ignore the money (for a second) and try to figure out what you need to do. I still don't think Wharton is it. You talked about getting into HF, and mentioned having a few interviews, but not hitting yet. Business school isn't going to get you any more than those interviews either, so may as well stay in your current job earning $30k a month while you network/interview.
I think the only way I would change my opinion is if you really want to go to somewhere like Fidelity or similar and you haven't been able to get any access. Obviously, these firms recruit a decent number of MBAs, and you'd certainly be a good fit coming out of school.
Worst case, if you are set on going to school if you don't get another job, you have 6+ months to find something new. That's a lot of time. Of course, you can also possibly defer/reapply if necessary.
I would read CompBanker's post titled "To Anyone Considering an MBA"
He does a good job breaking down the non-quantitative pros vs cons of going, and seems like he was in a similar position as you
You clearly know it makes no rational sense to go for an MBA. If you feel burned out, take an extended vacation. Either way you try to cut it, it's a horrible decision to leave.
If you still want to go, good luck. It's totally fine and your choice, but don't delude yourself into thinking that it really "makes sense".
thank you all so much for the candid responses. I have one more thing to seek your views on:
As a comprise to reaching a solution, company offered paying half tuition next year at a one year program, namely INSEAD, and i will have a guaranteed spot upon graduation (i work for an European firm with a strong INSEAD alum base).
On the debate between INSEAD vs Wharton in isolation, I certainly would favor the latter, doesn't matter what the basis of argument is. However, considering my circumstance, I think INSEAD may actually make sense. While my post MBA goal is working for a HF, and if that doesn't work out, simply doing 'something entrepreneurial', I can't say I have very strong conviction in my post MBA career direction in general. I'm passionate about investing through personal accounts, but I'm not at all sure if I actually want to make a career out of that. My thinking is simply that MBA would help me to do some soul searching, and Wharton could offer that and at the same time the access to some of the best jobs in finance and other fields plus a strong alumni network.
I never looked into INSEAD until now but the general feedback I gathered so far has been positive. I think INSEAD may indeed be a good solution to the situation - it helps me to keep my job, get the MBA out of the way, save tons of money in the short term and take a break and at the same time explore other options. I am aware that the recruitment at INSEAD as a whole is not going to be as strong as Wharton, where there are firms that recruit more exclusively, but I'm simply not sure if I want the coveted finance jobs to begin with. I am, however, concerned about its relatively weak reputation in the U.S., where I consider I'd be in the long run. I also think that, in terms of brand, Wharton simply is superior across geographies.
Please let me know what you think.
Thank you!
As a top 5 MBA graduate, I understand the predicament you are in because I faced the same questions. I had a great job with good pay/contacts/promotion visibility at a brand name company. During my first year of school, I deeply regretted coming because many people were career changers or looking to significantly advance their careers. This was not the case for me and I felt a bit out of place. It wasn't until my second year that I appreciated the value of going to a good MBA school. It's really about the network and caliber of the people you meet, and the soft skills you develop in working and interacting with a diverse group of people. If I were you, and I chose to go, I would choose Wharton over INSEAD. Wharton will have a good international student base and will help you develop lifetime contacts in the finance world. I completely understand the value of going to a one year MBA but I think that's a bit short sighted. In conclusion, I would either go to Wharton or not go at all.
No. That's like a Bugatti veyron in opportunity Costs
I decided to go to for the MBA. thanks all for the inputs. at the end of the day, it's more of a life vs. purely career decision. I will try to keep my doors open with my current employer, but obviously there's no guarantees
You decided to go with Wharton or INSEAD?
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