HBS vs. DeVry MBA
Since we're stuck at home 24/7 these days, I've started to think about business school. Not to mention that post-virus, I'm pretty sure we're gonna be in another recession, so having an MBA may help with job security.
Wasn't really thinking about grad school until now, but here are my stats...
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27.5 y/o white male
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Economics major/business minor at no-name state school. Finished at 26 on a part-time basis. But better late than never, right?
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3.60-3.65 overall GPA
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GMAT TBD
Don't like to toot my own horn, but I've always been told that I'm a good writer/story teller (should come in handy for essay/interview portion of applications).
Wasn't a serious student in high school, plus coming from a middle-income household, I didn't realize the value/importance of an education. My family actually owned a jewelry business, but during the financial crisis, my parents were forced to shut down the business because the price of gold sky rocketed. Why? Because investors were ditching equities/bonds for "safe haven" assets (such as commodities...such as precious metals... such as gold/silver!). That's when, at 15/16, I started researching stocks and discovered what a REIT was (my parent's landlord was one...go GGP!)
I've worked pretty much full-time since 18 y/o. Started my first job as a teller (thought I could work my way up to IB, haha). After losing our family business (and nearly our home) during the Great Recession, I felt an obligation to help my family. They didn't explicitly ask, but the fact they didn't oppose spoke volumes. In addition, I had to pay my own way as well obviously (hence the late graduation).
Despite the challenges, risks, and HORRORS of entrepreneurship, it was still a dream of mine to be a business owner one day.
About a year ago, I was given the opportunity to join a community bank with a substantial ownership stake/stock options. I'm an EVP/COO reporting directing to the CEO/President and Board.
TL;DR do I have a shot at an M7 program?
Will depend on your GMAT score. That alone is half the battle. Some MBA business schools">M7 programs offer part-time options that are easier to get into. Booth and Kellogg are two that come to mind. Obviously you have to be local for those.
Harvard, Stanford, Penn are probably out of reach. They mostly accept applicants that went to ivies for u/g. All about numbers and less about "your story". 3.6 GPA is only average these days, unfortunately. May sound cool to say you're a "EVP/COO", but it's not like you're at BB IB or a MF PE shop. Plus, top MBA schools like to see big names after you graduate as well. A community bank doesn't fit that mold obviously.
And if there is a recession, competition automatically goes up, so you gotta factor that in as well.
Nice story, but good luck OP.
Ouch! The truth really does hurt.
Joking aside, before investing the time/resources to take the GMAT, wanted to gauge if it's even worth it.
Totally get that EVP/COO don't mean as much at a community bank, but it's still a federally regulated, deposit-taking institution. NO family or friends involved, had to earn my way the old fashioned way.
I get tons of face time with seasoned executives, who do have MBA business schools">M7 MBAs, deep high-finance experience, and strong networks. Plus I'm relatively young for the position. May sound biased, but wouldn't I stand out in the applicant pool in a positive way? Goldman...Blackstone...Citadel...a community bank?
Would frame it as rags-to-riches and underdog story. And with an MBA business schools">M7 MBA, I can probably break into a elite job post-graduation (but I like my gig, and by then, who knows I can be CEO).
Sounds like you're overcompensating. At least from my POV. The truth of the matter is that elite b-schools are prestige whores much like us. They like seeing ivy school undergrads, big Wall Street experience (pre-MBA), top grades/scores, etc. It also helps ensure you'll be able to keep up with the curriculum once there.
I think you may have heard of some underdog stories (English major from State school gets into HBS), but they are notable because such cases are the exception, not the rule. Could that be you? Sure. But I wouldn't count on it.
Clock is ticking. Your chances materially decrease if 30+ years old, so I would take the GMAT ASAP. What's the worst that's gonna happen? Surely not the end of the world, that's what COVID-19 is here for!
It's totally worth a shot, and probably not something that can be well assessed on this forum. Maybe the admissions team likes seeing someone with your background, but maybe it's also super competitive! But if you do well on the GMAT I'm sure at least one of the M7s would be really interested.
Like the story! My $0.02 as follows.
OP, I think you have just a good chance as anyone. That could be the glass half full or half empty depending on your perspective. Does your profile have room for improvement? Yes. However, I think your essay would be unique and charming. Folks underestimate story telling and these qualities a lot. But they do matter. There's IQ and then there's EQ. Real life business isn't only numbers-- you have to deal with employees, customers, vendors, partners, investors, regulators, etc.
HBS and other top programs seek diversity, not only in the traditional sense of ethnicity, gender, nationality, blah, blah, but also in terms of work experience and career progression. I'm willing to bet (as you seem to imply) there probably aren't many community bankers enrolled at top b-schools. And Adcoms can read in between the lines. You never gave up on your undergrad degree. You worked full time while going to school. You didn't seem to have any advantages (e.g. rich uncle). You stepped up for your family. You seem well on your way, with or without an MBA. Now you wanna get your shit together and redeem yourself.
As others have stated, GMAT is the huge hole you have to fill right away. But in your essay/interviews, show that HBS (or whoever) can benefit from YOU, just as much as you can benefit from them. Frame it as if you genuinely want to be there and NOT like your career depends on it. You'll be surprised how much other candidates twerk in B-School applications. Same concept works with women as well, btw.
Hope that helps.
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