Recent grad, super lost. Can anyone give advice/help me choose between an MBA, JD, or MA?
This is kinda long so there's a TL; DR at the bottom. This isn't directly related to finance, but I've been lurking here for a while and I'm hoping someone will have some advice.
I got a BA in Economics from a fairly good school. My GPA is garbage, 2.8, because of really bad problems at home that I won't go into. Yes, I know it's bad, don't rub it in. Anyways, this whole time I've been thinking that I should go ahead and get my MBA and get into finance... and now I'm doubting myself. I'm going to be to the point. Money is important to me, and I need to find a position that will lead to a career where I can make 150k+, hopefully more. Not up for debate. My hesitations about going into finance is that, well, I hate business classes and I found my economics classes grueling. Some were interesting, but the core requirements (stats, econometrics, etc) were awful to me. I do not like math. I excel at reading, writing, logic, and communication.
So that's where the law school idea comes from. Everyone I meet tells me I'd be an awesome lawyer and that I have a great skillset to succeed in that arena. But I'm worried about law school for a few reasons... It seems like the cost to salary ratio is worse than it is for getting an MBA. MBA's are usually a little (not a lot, lol) cheaper, and it seems like it's easier to secure a higher paying job in finance than it is in law. But, I think I would enjoy the classes much much more in law school. I also think I'd have an easier time taking the LSAT than the GMAT.
And then, I've also thought about simply going for a masters...but idk what I would study that would lead to better career options than the above... In a perfect world, I would be able to go get my masters in philosophy, because that's what I'm actually passionate about. Or I could go to fashion school. Or art school. Obviously, I won't do either of these things until I'm in a spot in life where I can afford to go to school purely for enjoyment. I have no idea what I would study in this scenario.
Sorry for the novel. I'm rambling because I'm confused and panicking. Any input (literally, ANY input) is welcome as long as you're kind. Thanks.
TL; DR: can't decide between getting an MBA or going to law school. My skillset suits law school, but my goals and practicality says an MBA might be better.
You mentioned you excel at reading, writing, logic and communication so perhaps simply put your calling in life is to be a rockstar lawyer, dominate and make partner at 30. I really don't want to sound pessimistic about your chances in finance but it's hard for me to provide an incentive if you have such great skills in an area that you could enjoy with the earnings potential being the same or perhaps greater.
Hah no worries you're not being pessimistic at all. I'm just concerned because I've heard that there's way too many lawyers, and that if you can't make it into a top 15 school you're kinda screwed. Which, with my gpa, seems a bit difficult to achieve hah. I realize some will give more weight to LSAT scores, but I like to be realistic and not assume I'm gonna get a perfect score.
yeah you’re spot on with this thought. you won’t get into BigLaw unless you go to a T15 law school. and that GPA is going to be a big red flag for law schools. now that doesn’t mean you can’t make it into the #10-15 ranked school, and you should definitely try 100%. Law seems like the perfect fit for you. you’re going in aware that you won’t accept a place at a shitty law school so that’s already a step in the right direction. there are things you can do to improve your GPA. it will cost more money but there’s options like retaking some classes, a post-BAC, having an alternative transcript (idk what this is but all the MBA consultants on poets&quants mention this whenever someone’s GPA sucks balls).
if you right this ship, you should be in good shape to get into T15 law. and then the world is your oyster. doesn’t matter if it’s Yale/Harvard/Stanford or whatever the #15 school is - as long as you get that BigLaw job at the end, you’ll never be making less than $200k in your life (assume you stay doing legal-y stuff and not non-profit/gov work).
Is it worth the time to improve my GPA (I could realistically only get it to about a 3.0 in the next year or so), or should I focus my efforts on crushing the LSAT? From my research so far it seems like I'll need to get a 168+ to be remotely competitive...
If you have a 2.8 GPA and want to get into a T14, you're going to need a hell of a lot more than a 168. My partner with a 3.9 and 165+ LSAT isn't even a shoe in AT ALL for ANY T14. Reality check time.
having a 3 looks much better than having a 2, if only psychologically for the person reading your app.
I can't tell if you're a genius troll, but I'll assume you're not trolling and give you advice: I think you got some spot on advice for law school, so I'll chime in on your MBA dilemma:
Your GPA will be a gigantic red flag for MBA programs, and I think lack of work experience will be an even worse issue. No legit MBA program will accept you with a bad GPA and no work experience. MBA is only worth it if you go to a top 7 MBA ranked school (some say top 15 is fine). To be brutally honest, I think all schools within top 50 would reject your application instantly, even if you were to score a miraculous GMAT score.
I think your best bet is killing it on your gmat/gre, applying and getting into a masters of finance, and aiming for a 4.0. A masters will reopen recruiting/internships to you, and by having a strong GMAT/GRE and masters GPA, you'll have two additional data points to show that you're smart and serious about your career.
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