URGENT HELP: Drop out from current MsC to apply to target EU B-school or not?
Hello.
I am a first year German Master’s student studying abroad in a good, but would not say target tier-1 school. Application season did not go well for multiple reasons, despite holding a decent/good sub-700 gmat score and good work experiences.
(took GMAT late for serious family issues)
I’m in CEMS that is the main value of the program itself.
Uni cannot be considered a target, only some alumni in IB/PE in UK, no campus rec.
I feel that those people would have gotten to such firms from any uni as they were good in any case.
For consulting CEMS brand should be enough for local recruitment in Germany.
Uni does not have sufficient reach, events, fairs. Hasn’t brought a single bank to the career fair.
Yet, the greatest issue that I am facing and that is daunting me is the fact that I am lacking interaction with like-minded people.
There are some, yet we don’t do campus life and hence most of the time I am alone, with low stimulus to meet other people as they are genuinely not so good and interesting.
I feel like a failure. 
I know what I am missing out with respect to top tier programs both in terms of career and personal (network) development.
This situation is driving me to depression as everyday I regret my choices and complain about the mistakes I made in the application season.
If it weren’t enough, holding a decent GMAT, I could have taken a gap year and apply to top tier schools in early rounds having higher chances to get accepted (my resume is better than peers accepted at target unis + some peculiar experiences + I believe I am overall a good person - did not get accepted to such programs because I genuinely fucked up and applied too late with most vacancies filed).
Side notes:
- I am leaning toward consulting, yet lately I have been thinking that my present situation is providing me consulting as the “easier” path. If I were in a different uni, I may have higher exposure and chances to IB/PE/VC that I would genuinely like to try.
- I should take a loan to get to top programs (ex LBS) as I don’t have 50+20k to spend.
- I aim at pursuing an MBA in the US in the future
I see 2 paths in front of me:
1) continue with this program
Cons:
- I am not happy
- I will miss personal top-notch connections that lasts a lifetime
- I will miss professional connection that will work in different environments (ex. I believe that top b-school network is better than single firm network as you know guys that will be working in different industries and not only that firm)
- I will miss a strong brand name and alumni network, being always a step below a HEC, LSE, LBS, HSG ecc. graduates
- Worse placement (especially in finance field)
Pros:
- won’t lose a year
- won’t have to justify dropping out to a potential employer
- won’t have to publicly recognized that I failed, especially with my family (very supportive of all my choices, but I know I will disappoint them)
- won’t have to “lose” all the money I have spending (fees, accommodation, cost opportunity of losing all these months)
- won’t worsen my current economic situation
2) continue the program and apply to top unis. If accepted, drop out and start again next year.
Pros:
- would presumably secure a top uni
- exit this dissatisfaction loop
- better network, working opportunities
- more stimulus from universities activities and people I meet
- stronger brand name and reputation. Would cancel any “stains” of non sufficient academic value in my CV.
Cons:
- lose a year (btw I am still young, age is not a problem by itself )
- negative economic impact -> would have to take a loan for most top unis
- don’t know if I will actually manage to do it as I need to drop out from the course (they might ask me fees) + find a job in the meantime
- might end up with the same job as graduating from my current program (especially if consulting in my home country).
I need help, I am desperate, this situation is driving me crazy.
Advices?
Thank you guys.
No one?
Can't you apply without dropping? Just in case…
Yes, sure. This is what I am planning to do
I am in a somewhat similar situation except that:
1. Despite two attempts at the GRE, I still couldn't get a score high enough to get into HEC or the likes (coming from an overrepresented background)
2. I later realised I could only go to my current German uni for my Masters as I couldn't afford ESSEC (Got in there) and HEC even with a scholarship.
The masters allows me to work for 6 months in a year and via some internships I made some decent cash to support myself
The German uni I go to is good enough for local recruiting but non target for UK. Not surprisingly, I haven't gotten past HV/tests this year for recruiting. We do however get a few local/regional euro banks for career fairs.The students at my uni are largely unmotivated both academically (I had to do all the group work myself) and career-wise (they think a middle office job would be their greatest achievement if they were to get one and money isn't everything, they'd rather spend time partying and meeting women). I'm also non-EU, don't speak the language fluently. I still somehow managed to land 1-2 internships in regional banks and have a potential offer full time from one of them (however below street pay).
And yes, I have had to walk a lonely path career-wise. People at uni either don't know me or think I'm way too money oriented. I honestly have stopped giving a fuck at this point.
Now re your situation : how I see it, continuing with your Masters and then getting some relevant experience before switching to an MBA would make sense. That's how I plan to do it (given a full time job adds more value than just spending another year at a "target uni"). You/I will still build good enough of a network professionally via a target MBA. Who knows, you start in consultancy and instead of banking, you get offered a respectable MM buy side role in PE or the likes. Maybe you'll move ahead in life thereafter and an MBA might not even be necessary.Two key takeaways from people I've been fortunate to work with in my internships:
1. While your first job doesn't matter much from a long term career perspective, it's important to start full time as soon as you can since it fetches more value than internships/being at a target school with zero experience
2. Careers are non-linear
Hope it helps :)
Thank you so much for your kind reply! It means a lot for me
Will answer here (also for people that may need it in the future), but, if you are okay with that, I would like to chat with you privately, if possible.
I believe we are in a very similar situation. The main thing I blame myself for is (i) having been not ambitious enough, (ii) having been too-risk averse (taking a loan for a top-uni), and (iii) having set my priorities straight (I managed to get a good internship, but have not secured a top uni).
I can really relate to the lonely path. I am a very sociable person and the current situation is making me very depressed as I know I would know and engage with everyone in a top uni (I would be that person that writes randomly to people on Linkedin to ask if they wanna catch up to have a coffee and meet).
I always had plans to do an MBA but I reckon it would probably furtherly postpone my happiness. I see it very far in the future and, indeed, it is, as it will be in at least 5 years. I am currently always postponing my happiness and this is something that is really starting to hurt me. This is why I was thinking about doing the switch. Currently, I feel like I am a B League person. Furthermore, I am worried about the fact that my current Master's would in some kind "force me" to take an MBA to prove I am good enough. In addition, I believe I would have to go really big or not. Taking an MBA at HEC or LBS when I could have taken a MiM some years before would probably not make sense and, hence, I would have to go for top-tier US (Stanford, HBS, Wharton). Who knows, probably I would still want to do it, yet if I already did a Master's at a top uni I would make that choice without having too much to think about the US prestige (don't know if I made myself clear enough). On the other hand, who knows if I want to stay in the US for 3/4 years (I am not a fan of people that do MBAs and then come back home) + the network would be stellar but mostly extra-EU, leading to more difficulties in catching up/maintaining the relationships.
I have really undervalued the fact that a top Master, not only is great for prestige/brand, but especially gets you in contact with very bright people that will work in any possible industry and will be not only friends, but also helpful for future jobs. Genuinely, don't know if I am wrong, but I believe a Master's at LBS/LSE/HEC/HSG for EU network only could be even better than working at MBB or IB BB and maybe even better than a US MBA (only focusing on EU network):
Wouldn't it make sense to go for a 1y/1.5y Master? I believe LBS/HSG only qualifies for that. Don't consider INSEAD MiM, too costly.
I appreciate the input to start full-time ASAP. Indeed, a further regret that I have is not being in a 1-year Master's (even cheap - ex. RSM), but I mean, at this point, can't do anything about that now (does not make any sense at this point dropping this Master for RSM obviously). Yes, obviously the main con of such a choice would be losing a year, but it also depends on the program I would get into (HEC - I would actually lose 2 as the program is 2+1 years long, LBS I would lose none). Probably the question is more: should I currently persevere or drop this Master, lose a good amount of money and take up a loan for a top one?
Actually, careers are non-linear - agree. I wish I could have learned that in another way, but it is reality.
I wouldn't be so hard on myself: specially point (ii) isn't something I'd ever blame myself for. I was told quite a few times on wso that if i got a place in the Masters program at LBS/LSE I should take it regardless of the $ I'd need to borrow for that degree. I'm glad I didn't do it. Not everyone's situation is the same: being non-EU with no brand name experience in PE/IB/Consulting on my CV before starting my Masters, I knew come recruitment season, there would be a sufficient # of LSE/LBS folks more qualified than me for those internships; a.k.a my due diligence from LinkedIn supported this - a vast majority of folks who made it to SA/FT at UK banks were those with sufficient brand name internship experience from their home countries or the ones w/o experience were either females or some form of diversity candidates (someone I wasn't). Would it then make sense to lever myself up for a 1 year degree in the UK being a non-EU folk who required sponsorship? My answer was a 'no'.
HEC would be a good match given it was a longer program but yep it would've been expensive and would be difficult to afford (normally can't work full-time internships there during your classes as far as I've heard).
Re MBA - I recently came across a profile who did his MSc from Nova (ended up at McK, worked for 2 years) and then pursued an MBA at LBS and went on to join Barc as an associate. Seen quite a few examples besides this with 3/4/5 yrs of work exp. w.r.t postponing your happiness: been in Germany for a year now w/o any friendship/relationship developing, minding my own business and zero social life, bogged down w internships and full time studies (barely get the time to connect w my family back home) and ended up missing all get-togethers/Christmas. Yes i do feel i'm depressed as well but I've learnt how to live w it - since i have my eyes on the end goal, reminding myself everyday of how far i've come. Doesn't make sense quitting at this point. Would rather look back in 5 years and say 'that was intense but was worth it' rather than 'i wish i didn't quit being so close to my goal'.
My aim hence is to rebrand with a target UK MBA (LBS is the only one as far as I see) if need be. Besides, the network provided by LBS MBA would in my opinion be of a higher quality relative to a typical masters (MiM/MoF) network when folks are still immature and trying to figure their lives out.
However I've also seen examples of people working a few years (2-3) in Continental Europe before being recruited as an associate or the likes in the UK (w/o an MBA).
At the end of the day you'll take your own decision and maybe I didn't answer your question exactly but wanted to offer you a different perspective from another person's current situation. Do not decide in a way in haste that makes you regret that decision further down the line.
P.S - Feel free to PM
Hey, wondering which path u choose eventually. I am in a very similar scenario as u did. Gap year now and doing an internship in a non-BB but still very top investment banking. really want to quit and re-apply
Hey,
I stayed at the place in which I was. Will never know if I made the right call yet, looking back at this thread, I can at least say that I recovered mentally from those dark days. Never felt so bad in my life. Thinking back at it, I am at least proud that I manage to overcome such a horrifying period, will for sure be helpful in future hardships when they come.
I’m currently at one of the tier-1 uni mentioned through my CEMS exchange and obviously can say that the difference is just huge. Bittersweet feeling cause sometimes I feel I don’t really belong, but I mean, I guess this is it. For me personally the fact that I had to start everything back from the beginning and I had 0 certainties whilst having to take a huge loan made me averse to dropout. Still, if I go to the consulting path, I am targeting a MBA in US and in that case I will take the loan.
Recruitment has been very weird in the past year. Did not get top names but not sure if I didn’t because of the uni thing or due to the very complicated hiring period. I still have two offers in VC/PE/Consulting field but not at big shops. In my situation I’m selling very hard my degree pushing on the top brand obviously, still recruitment season for London is not going well would say. Again, not sure if bc of the uni or bc this period is just fucked up.
About your situation, are you in a gap year from your bachelor or mid-master? Not sure I understood correctly
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