I'm thinking about getting my MBA in Finance going part-time since I currently work during the days and wanted to get some advice from everyone. A little background - I'm 32 yo and have been working for 6 years now as an inventory analyst and have been thinking about getting into Financial analysis. My Bachelor's is in Marketing because I realized too late that it wasn't what I wanted to do so I figured the only way for me to get into the financial industry would be to go back to school and get a Master's in it. I know that my job now doesn't have anything to do with Finance but I'm hoping that my analytical skills would help me in getting into the industry. It's not the most exciting job and I don't see much room for advancement either. So I'm wondering if pursuing an MBA would be benefical for me or if I've waited too long now and the opportunity would know longer be there. I live in the NYC area and would have to go part-time because I can't afford to not have a salary so what schools would be recommended? Any other advice or suggestions ? I'd really appreciate everyones help on this as this is a big decision and I feel my window is running out.
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what about a JD/MBA
Why a JD? Anyway, a JD/MBA part time? That would take like 10 years.
Yeah I looked into NYU but that might be difficult because of the total tuition costs. I know it's not high on the ranking list but any opinions on Pace University or UCONN? I'm on the boarder of CT & NY which is the only reason I looked at UCONN for the in state tuition costs but not sure how either of those would be for the financial market
What about Baruch? A PT MBA will really depend on your goals and what you hope to do after. Your goal of "getting into the financial industry" is pretty vague. If you just want to gain experience and find some job in finance somewhere then most top 100 programs will probably do the trick. If you have your sights set on something like investment banking or the likes then anywhere outside the top 20-25 schools and it starts to get dicey.
I've known 1-2 guys who have done NYU PT and ended up with good jobs out of it (one BB IBD and the other MM Equity Research). Don't know much about Baruch, Pace, or UCONN, but it would probably make sense to think of your own goals and then look at these schools placement records.
Financial analyst is what I'm looking to do. I've always had an interest in following the markets so a job in that sector is what my goal is
Becoming a financial analyst is still an extremely broad goal. What type of companies do you want to work for? In what industry? Being a financial analyst at a company like GE means your could be doing nothing but FP&A whereas a financial analyst at a BB could entail a number of things. You said you like following the markets, does that mean trading? Equity Research? Wealth Management? You can be "financial analyst" in all of those jobs, but be doing completely different things.
I have a feeling that you don't have a full grasp on what the financial industry entails. If you want an MBA the first thing you'll need to do is focus on why you're going back and what your goals are coming out of the program.
@"mrharveyspecter" is spot-on.
It sounds like you're not happy with your current gig (which is normal) and have some idea of what you're interested in (which is a good start). Dig deeper on your interests and narrow it down to which job you want at which companies. That will go along ways towards informing your MBA go/no-go decision.
Well considering I'm 32 now, ten years probably wouldn't work. Three would be the max if not sooner
Yes what I meant in "following the markets " was referring to trading but you are correct in that I don't have a specific job or company in mind but more of the idea of wanting to get into Finance in general. But I fear my problem maybe that because my BBA was in Marketing and my only experience has been in inventory analysis, it would hinder my chances of getting a starting position in the industry. So my thinking was that if I went back to school and got a degree in Finance, it would open up opportunities for me. Your thoughts...
Sure, from what it sounds like, I think you'll probably want/need to go back for some type of MBA in order to switch fields. So in your spare time I would begin thinking about studying for the GMAT, when you're thinking of applying, recommendations, etc. A quick google will help you figure out how that whole process works. Additionally, there are a number of business school admission consultants who give out free 30 min consultations, which might help you learn a little more.
Regarding what you want to do in Finance, the only person who can really answer that is yourself. I used to work with helping undergrads get into finance, and a lot of people would come in saying they want to get into finance or that they want to learn more about the finance industry, What they didn't understand is that Finance is an incredibly broad field. Theres banking, insurance, corporate finance, real estate, and on and on. Just saying you want to do finance or that you like following the markets won't be enough.
My advice is poke around WSO or pickup some books and start to learn more about the various fields within Finance and what you envision yourself doing. There is a website called careers in finance (google it) which might also be useful. The only way you can move forward is by first identifying what you're after.
That's great advice. Thanks for taking the time to help me out, I really appreciate it. I've already planned on studying for the GMAT starting next week because I figured either way I have to start with that first so that's my first step/goal to accomplish. Do you think it would make a difference as to which school I go to meaning NYU as suggested earlier or something like UCONN or Pace University? Those were the two I started to look at because of tuition but not sure if because their not in the Top 25 if that would make a difference or not
Yes. Those schools all open a very different set of doors (as would Stern F/T).
Stern's f/t (a top-10 program) employment report is online and, without actually Googling, I'm sure it shows average base salaries in the range of $120-130k with 80-90% employed at graduation. Average salaries at UConn (a top-50 program) are probably
Yup all of what @brj said is correct. The difference between Stern and UCONN is pretty big and it would be even bigger between Stern and Pace. Stern FT and even Stern PT (but to a lesser degree) place extremely well into all types of high finance and consulting and could basically give you a good shot at 95% of jobs in Finance.
UCONN will serve a different purpose. UCONN is still a great school and can definitely get you into finance to some capacity, but because of the ranking and name of the school, it will exclude you from certain opportunities. As a 32 year old, I don't know if those opportunities would necessarily even be things you care about, but its worth noting.
I don't know what your situation is, but if you are able to get into a NYU PT or Colombia PT program those would probably be the best in terms of giving you opportunities to not only do what you want, but also make a lot of money. With that being said, if UCONN is significantly cheaper that might be a viable option as well. It will really all come down to what you want to do and what you are able to do in terms of financing the education, how that meshes with your family/social life etc.
Looking at UCONNs placement records shows that some pretty solid companies recruit at UCONN and I'm sure you could have a great career coming out of that program. At the same time, the brand recognition won't be nearly as strong and you will have fewer opportunities to work at some of the best companies in the world, should you want to do that. Take some time, do some research and things will start to become clearer.
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