Do I need B School?
Please don't flame me this is a legitimate post.
I am a recent Harvard Law graduate (top 10% of class) who is working at one of the top law firms in NYC (still incredibly busy despite the down market). I want to transition into banking/PE probably on the restructuring side and Ive been contemplating applying to business school. I'm wondering whether it would provide benefits in the form of more credibility, easier access to getting my foot in the door, etc. I've heard mixed thoughts about whether I need B-school given my background (even from professional headhunters). Please chime in with your thoughts.
By way of additional background:
GMAT 750 Undergrad GPA 3.86 (Biz Econ, from a school with a top 10 B-school) Also I'd be 29 at matriculation
no
however may be a tougher sell to firms that your looking to work for
It would be best to obtain an MBA. Many firms won't even take a look at you. Many people don't graduate until then anyway. Mitt Romney finished his education at 28, he also has a Juris Doctor.
Have you tested the waters yet? It seems to me like you're going on postulation and hearsay, so far. What contacts do you have from work (if any?) Have you looked into contacting other HLS alumni? I think your best bet is to try and see what you can find in terms of connections, networking, etc. first and then reassess things after talking with people in the field. At worst, you learn that indeed, you need to get your MBA. At best, you make some pals who will vouch for you and can help you set up some interviews.
Also, are you agnostic to banking vs. PE? The two are somewhat different as I'm sure you know. That might give everyone a better idea. On the one hand, banking might offer more opportunities to lateral (especially into restructuring), while PE (even restructuring-oriented shops) usually don't hire MBAs unless they have previous PE experience as a pre-mba associate, or so the common knowledge goes.
This is how I see it. Hope others will add.
NO, you do Not need to get an MBA. Most people here are amateurs, they dont know shit but the big names Harvard, Wharton, blah blah blah. I have worked at a BB firm and Hedge Funds. I have many friends who are MD's in Banking, PE,,, Many MD level people dont have anything but an undergrad degree, Many others came from a law background like yourself. The bankers with a law background tend to do a whole lot better than MBA's. Personally, I think B school is a joke a just a means to connect and fuck off for 2 years, its bull shit, I know for a fact that Lawyers and Doctors stand a much better chance of landing a BB IBD position than MBA's(Assuming one is educated at Harvard, Columbia,,,,)Top consulting firms also prefer Lawyers or Doctors over plain MBA's. Anyone can learn business, not everyone is a Harvard Lawyer or a Harvard Doctor.
This strikes me as a pretty broad statement. What evidence do you have to support these statements? What is more difficult about graduating from Harvard law than doing the same from the business school? Sure, they undergrad GPA's may be higher at the law school, but I would argue that the average work experience of the MBA's blows away the JD's in both depth and variety. Furthermore, it seems to me that a lot of people attend law school because they don't have a clear idea of what they want to do with their life. Alternatively, they attend on the belief that they wish to practice law and figure out later law isn't for them. Why should someone who either a) didn't know what they want to do or b)change their mind about law enjoy an advantage over those who know they want to work in a bank, PE fund or consulting shop from the get-go and act accordingly by working in these fields and/or going to get an MBA??
exactly-because that's not fair! I knew I wanted PE since undergrad!
get real and consider the firm's view. a harvard lawyer with a good business undergrad has a HUGE shitload more to offer (depth) than a typical MBA's education, especially when it comes to restructuring and other heavy legal aspects. the only negative he has is work experience. but that will fix itself with time. I mean, if I ran a PE firm I would love guys like this because you know they will add value.
I think B school is a nice option to have, and worth considering, but I think that you first have to give it a try without b school since it will be a lot of money - if you've got the money and time, go for it, otherwise, hold off. Try reaching out to your network and extended network, and see who is looking - considering your law background and the area you are interested in, you should be a good fit for a firm looking to add a bit of talent to the ranks. Graduating from Harvard law school, I am assuming that you should be able to do well on the GMAT and sell a good story to the B school boards if you need, but that's IF, and right now, I think you need to give it a good try based on networking - do your job research (not pertaining to the field, but on the position itself so that you won't get tripped up on why not stay a lawyer, why move to banking) and then make the move.
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I should clarify a couple of things to give more context. As mentioned above I have already taken the GMAT, and got a 750. Also, I already work in restructuring, albeit on the legal side.
Any more feedback? I would love to hear from more people.
I think b-school is redundant in your case. It is tough for lawyers to get into top b-schools (even ones with stellar stats), and would be a significant cost in terms of tuition and lost earnings.
Especially as you are in restructuring, lateral transfers into a restructuring group at a bank should be possible given their strong dealflow as of late. A distressed debt fund may be another option. Laterals are challenging, but you have a pretty strong profile and opportunities are always out there for those who go find them.
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