Is it worth getting an MBA with my experience?
Hi all,
I am 27 years old and have worked at a mid level bank (think Sillicon Valley Bank, Signature Bank, First Republic Bank, etc) for 3 years and prior to that, 1 year of real estate loan processing experience.
My current work experience:
In my current role, I am essentially a sales support person assisting a couple of bigger bankers with their book. I do stuff like prequalifying credit on loans/borrowers, speaking to clients about our products and reviewing some analyst/underwriters work for accuracy from time to time. Prior to that I was an analyst for almost 2 years underwriting the actual loans. The current role I have now is considered a promotion for what it's worth
I currently make about $110k all in averaging 45-50 hours a week max.
My educational background
I graduated from a non target average school with a 3.65 GPA and 3.83 GPA in my finance courses. I have not yet taken a GMAT/GRE score but of course, know that I would need to get a good score.
My dilemna/question to WSO
I will not attend an MBA program if it's not top tier (Columbia, Penn, Fordham). In addition to the decent GPA, I know I could get a good letter of rec from the director of my lending department and/or head of credit from my department. I am most interested in institutional sales and trading but am also open to other careers. The thing is, I feel like my current experience is meh at best and my school is non-target. I am stuck on whether it is even worth investing time into the GRE/GMAT. I have heard of people with no experience in banking going on and having stellar experiences though and people who have regretted the MBA so the results seem all over the place.
What do you all think of potential post MBA careers for me given my current experience? Is it even worth me investing the time into the GRE/GMAT?
Thanks for any and all feedback !
First, Fordham is not a top-tier MBA. The Top tier is generally defined as T15/M7 US B schools, or everything ranked 1-16 on this list. The 20 Best Business Schools in America (businessinsider.com)
Second MBA is pretty worthless unless you know what you want to go into after. Most with your experience go for one of the big 3 which are consulting, IB, or tech.
Third, I think getting into one of these schools (especially on the lower end of T15 like Cornell, Duke, UVA) is very doable for you. You will need at least 710 on your GMAT to get into the lower end of the T15, at least 730 to get into the higher end / M7. Ideally youll get 720-750+
Agreed with everything imsurance talked about.
The question is - it's not if MBA is right for you, it's what to do you want to gain out of it? are you unsatisfied in your current role and think you can achieve more? Do you want a higher ceiling? Do you want to increase your current network? Do you want to change your location/industry/function - and think you can't do it with your current role and need an MBA?
You make 110k - generally with top MBAs you will be increasing your base salary to 130k-180k + Signing Bonus + Performance bonus + other comp. I made a post couple of days ago that you should look at in regards to compensation: https://www.wallstreetoasis.com/forums/post-mba-salaries
The reason I bring this is up is because cost is going to be a big factor when you attend an MBA. Are you willing to pay 150k in tuition, 50kish in living expenses, and forgo 220k in 2-year of salary? Total: ~420k.
As per your educational background - Most Business schools look at your application holistically - So they evaluate you based on 1) Academics (Undergrad prestige, GPA, Major, any other activities (class president etc...) 2) GMAT 3) Work Experience (Company prestige, Role, Promotions, Responsibilities, Achievements). 4) Extracurriculars (Hobbies/Volunteer/international experience) 5) Application (Essays/LoRs). These are not in order but it gives you a sense what schools look for. Don't worry about school prestige as much because even though it matters, it does not count for much.
Fordham/Penn/Columbia? UPenn(Wharton) or Penn State? Fordham does not belong on the list of top MBAs and if Penn State thats a top 50 MBA, not a top MBA program. You have your undisputed Top 3 - Harvard/Stanford/Wharton, M7 - H/S/W + Booth/Kellogg/Sloan/CBS, Top 15 - M7 + Yale, Tuck, NYU, Haas, Darden, Ross, Cornell, Duke. List goes on with CMU Tepper/UCLA/USC/Gtown/UNC/UT/etc..... The schools listed are not in any particular order - but grouped in order (HSW/M7/T15/T20/25)
A bit surprised as you want to go into institutional Sales and Trading. This is not a common route for MBAs, but more so popular for undergrads and MSF degrees. MBAs tend to go into IB/AM/PE/VC/Corp Fin - for finance related roles. Than you have your Consulting and also Tech as top 3 industries to enter.
Is it worth investing into MBA/studying for GRE/GMAT? Refer to the above questions. Question yourself if you really want MBA and WHY you want it. I can't tell you what to do or even suggest until I know your complete situation and what you are thinking.
UPenn is known as just “Penn.” Penn State is known as Penn State.
OP also adds Columbia and Fordham in the same line - so I wouldn't put it past anyone. Better to ask for clarification rather than assume.
Yeah you’re right. It was odd seeing Fordham in that group.
You sound like a prime candidate to get an MBA... if you know that you want a typical MBA job after graduating. As the others above have said, if you want to do consulting, IB, product management, corp fin, or something similar, then go for it. I don't know anybody who's gone into an S&T job but that doesn't mean that it's not possible, just that it's not a well-traveled path and so MBA career centers won't be well equipped to help you do that.
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