To MBA or to not MBA
Hey guys,
Been on WSO for a while but using a burner acct. Wanted to get some opinions on my situation. Currently late 20's and a mid level (VP equivalent) investment banking / M&A advisory professional at a Canadian boutique in a secondary city. I have my CFA charter. Being in the mid level and looking further on, I am not sure I want to be on track to become an MD. Mainly I don't like the nature of the i-banking business. Biggest turn off is that the work is always one off and you have to constantly business develop. Any good will is directly tied to the individual. Additionally, being in a boutique at a secondary city, it feels pigeonholed in terms of exploring alternatives.
I'm contemplating B-School in the U.S. (HSW tier) as a way to jump start the next phase of my career and to have a significant career change (don't want another ibanking or PE job). I am fortunately to have had a decent undergrad GPA from my Canadian provincial university (4.1 on a 4.3 scale; 4.0 on a 4.0 scale). I am hoping that the MBA will give enough credentials to break out of the pigeon hole. Secondly, as a Canadian, I feel that a degree from the US will help with getting a beachhead for a career in the U.S. Downside is that the cost will likely be US$200k. Currently have no personal debt other than a mortgage. Other downside is lost wages, which is currently about $150k CAD/year.
After graduating, and very preliminary right now, I am hoping to join operations group of larger F500 type companies. By my nature, I am not a fan of constantly chasing new deals and doing business development. I feel that ibanking you're almost back at square 1 after every deal is closed and you need to chase new deals. Rather, I get excited looking at some of our clients and listening to management discuss ways to grow or turn the company around. If given the opportunity to jump in and roll up my sleeve, I would be interested.
I am cognizant that in my mind I have a rose tinted view on these operation roles. I am aware that the work will involve some of the frustrations I had back with ibanking. Main difference to me personally is that there is some sort of value retained as time goes on, ie. with every project and new initiative, there is value that carries forward and you're not starting back near square 1 when it is complete.
Thanks in advance.
I'm in a very, very similar position sans CFA, American and maybe 1-2 years younger. I have just recently applied to bschools and I think, in making your decision, you should not underestimate the competitiveness to get into HSW.....I underestimated the level of competition when I applied (more or less assumed a GMAT at or above the class average at the schools I applied to along with being promoted in M&A IB would grant me serious consideration i.e. interviews). I have since received professional feedback and short answer....it doesn't. I would caution you against committing to the decision under the assumption that you will get into HSW. You should make a decision prepared to attend a less competitive school but one which will still allow you to achieve your LT goal of F500 operations....
Thoughtful post.
I agree with @Draper Specter and Co. Don't underestimate the competition or limit yourself H/S/W. yes your work experience and GPA are competitive for these programs and you should apply to them. I'm going to assume you also have a competitive GMAT score, but there are more than 3 or 7 schools that will help you make the change that you want to make. And they may offer to reduce that out of pocket tuition cost also. Look into MIT Sloan (I realize it is m7), Kellogg, Ross, and maybe CMU Tepper.
However, given your goals and dissatisfaction in IB, I think it does make sense to MBA.
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