Is it practical to get an MBA?
Hi everyone!
I am a second year IB analyst at a BB in NYC. Recently had a chat with fellow analysts about potentially getting an MBA in 2-4 years. I would love insights esp from those who've attended biz school on the role that it's played in your professional/personal trajectory. I think I would enjoy VC in the long run but would also be open to exploring Corp dev roles, start ups etc. In short, I am not exactly sure what I'd like to do after banking/PE and think that getting an MBA would help me explore different business careers/diversify my network. The downside is obviously the cost and having to start from point zero after school. I also want to mention that I am originally from the Middle East and might move back home in the long run so the brand recognition could be helpful.
Do you think that someone with just an undergrad degree gets the same opps as an MBA? Also how did you go about paying for an MBA- are there M7 schools that are known for being generous with financial aid or does it come down to your savings and loans?
Thank you so much!
My approach to education and degrees is to be creative how you can use that, as an example people from around the world come to your MBA you can profit with that by discussing with other colleagues of opening a business in their country or establishing international partnerships. Hate on me, but as horses have those things across their eyes so they can see only what's in front of them, that's how I see all the people who go to MBAs to get into consulting or IB. Always stay creative of how you can use such opportunity and you will see the use of it.
3 reasons to get an MBA: 1. to rest and reset 2. to rebrand and broaden network 3. to pivot from one career to another
I think you should try to figure out roughly what you want to do before spending the money on business school. First, to make your applications more focused, and second, to make sure you're involved right away in relevant orgs and pick the right school. For example, GSB is the natural choice for both VC and start ups, while corp dev your best recruiting will be from your analyst role, the MBA is not important there. Where are you headed after banking?
Start thinking about how to differentiate yourself to these schools. Finance guys are a dime a dozen at M7, do you have interesting hobbies you could turn into a side gig? Anything to make you stand out from the sea of BB IB guys is helpful.
I think at your age not having an MBA won't hurt you at all. Someone in their 50s it might disadvantage them, since nearly every boomer got an MBA, but it doesn't make monetary sense these days unless you need one to move up in your job, or want to seriously pivot careers. Financially, it's similar to undergrad - GSB/HSB are rather unlikely to give a significant scholarship to an international ORM with a normal finance background, but if you're a stellar candidate the lower half of the M7s might throw some aid at you to try to sway you their direction. The opportunity cost of missing 2 years of work is a lot more expensive than the school itself of course.
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