Defer Acceptance to B-School?

I'm curious if anybody has any anecdotes on this:

In a perfect world, I'd love to defer acceptance to HBS / Stanford / Wharton if I were to gain acceptance this cycle. I've heard that the schools are incredibly strict about deferrals (you can't do it just cause you feel like it). Does anybody have any experience with attempting to defer acceptance from one of these schools?

 

Comp - this is my plan as well. I'm applying next cycle, and would love to defer to spend a year working on my entrepreneurial pursuits full time (preferably in Buenos Aires, Patrick-style). Does anyone know if running a business would be considered a "good reason"?

- Capt K - "Prestige is like a powerful magnet that warps even your beliefs about what you enjoy. If you want to make ambitious people waste their time on errands, bait the hook with prestige." - Paul Graham
 

I haven't applied yet - but I've been following this admissions cycle for a while. I believe on Dee's HBS blog she states that deferrals are granted in only very extreme situations (e.g. need urgent medical care).

The philosophy behind it is that as a working professional, you should apply when you what to start B-school. It's not like college where there's a set age when you're supposed to apply. On the other hand, if you are a college senior and gain admittance, you get an automatic 2-year deferral (basically 2+2 w/o the summer programs and whatnot)

 

Figured as much. Thanks for the responses folks.

CaptK -- I'd also head down to Buenos Aires for a year. Not for an entrepreneurial venture, but just to perfect my Spanish and pursue other things that I haven't been able to due thanks to ridiculous working hours and time spent on applications.

CompBanker’s Career Guidance Services: https://www.rossettiadvisors.com/
 
CompBanker:
That sounds like a horrible way to spend your b-school time. You have your whole life to work.

Good luck. You'll find out from HSW this week, if I'm not mistaken. Most likely they won't let you defer unless there's extreme circumstances (eg., a soldier still on duty, family sickness, etc.). Otherwise, you can quit your job sometime in the spring and just take the time off to travel, party, and re-fuel.

 

Very difficult to defer, though my sister did it with HLS w/o a problem because she was deciding whether or not to switch out of her PhD. I'd fake family illness if you really want to defer.... what are they going to do, ask for a doctor's note?

 

If you can pay cash- ideally out of a pre-tax 401k for your MBA- I'd say leave.

There's always A LOT of uncertainty in going back to school. I've worked for the same company for the past four years, and to just up and leave- and have no clue where I'm going to land in a year or two- is a little scary. It's natural to be a little worried.

Congrats on Sloan!

 

I believe most B Schools will only let you defer for an emergency, like family illness or something like that. I would figure out Sloan's deferrment policy before torturing yourself futher with this internal debate.

 

this is the guy on fast-track to partner at Big 4 who got a resounding "don't go to business school in order to become some associate at a bank" from WSO forums but he still chose b-school and now it's time to leave the job he is feeling sentimental, lmao.

 

Here is the question no one seems to be asking- "Why do you want to go the business school?" To get a job like you have? Better? How much better? I don't know you or your abilities, but if you have an opportunity to be an important person at a successful business, that is something you want seriously consider before walking out for the unspoken promises of business school. Maybe you could use this as leverage for getting equity in the business. It's not like you are minted with gold and instantly hire-able after an MBA- the economy isn't that great. But, I agree with the others on this site on one thing- don't consider things from your employer's perspective- you must do what is best for you.

Bene qui latuit, bene vixit- Ovid
 

Don't be a pussy...

Now that we have that out of the way, why do you want to go to b-school? I don't know your history, but if you have a good reason to go to b-school then you should just be a man and quit. If you don't have a good reason to go to b-school or are short on cash then you may need to reassess your situation. In either case being sentimental about your job (i.e. wage slavery) shouldn't be a part of your decision making.

 

I want to switch careers to capital markets (IB). So, staying more time in here and getting a better title wont help much post-mba. I would still be hired as an associate (am I wrong). Do Big 4 Advisory Senior Manager get hired as 2nd year associates or something like that?

Other reason for leaving here is that I am not happy in my current country and my family is moving back to canada in 2 more years and I would be stuck in here.

I got into the field I am by accident. I studied finance as undergrad and ended up as an Actuary at ZFS (long story, but basically I accepted because of $$$ and bschool cv prep) , then headhunted for my current role. I am 27 and already feel like having a mid-life crisis. I love being a Manager in here, but I dont like the actual work I do.

 

lifeofpurpose:

I was in a similar situation to you two years ago and I embarked on the path less travelled. I quit my job and gave up a portion of equity (both economic and personal, in terms of the relationships we have fostered over a career). For what? For a chance to ultimately achieve this "life (or at least career) of purpose" that so many of us desire but are often timid to pursue. I ended risking a lot to go to business school - to go to investment banking.

But the risk is worth it. We aren't growing any younger these days. For you, you will be 30 by the time you graduate and your window of opportunity is dwindling by the day. Can you continue working 100 hours per week once you are 31? By deferring a year, what kind of future opportunites are your forgoing? The way I look at it is where I want to end up at. If you were 50 and near the twilight of you career as a partner at a big 4 accounting firm, would you regret not going into banking at some point? Sounds like yes and that this doubt would gnaw away at you...

You know the answer to your life / career question so go after it. Go to business school and get into investment banking. Try to live your life and maximize your career to the fullest. I would hate to have regrets some day.

P.S. Just tell your boss the news professionally but offer to help and do your best. For example, I have a lot of MBA peers who still work full / part-time for their old jobs. Offer your boss a chance to slowly transition away responsbilities by actively finding a replacement. If you can't, offer to work up until August, part-time through school and during winter break. Also offer work to free, if you feel indebted. I did all of this btw...

 
Vancouver Canucks 2011:
lifeofpurpose:

I was in a similar situation to you two years ago and I embarked on the path less travelled. I quit my job and gave up a portion of equity (both economic and personal, in terms of the relationships we have fostered over a career). For what? For a chance to ultimately achieve this "life (or at least career) of purpose" that so many of us desire but are often timid to pursue. I ended risking a lot to go to business school - to go to investment banking.

But the risk is worth it. We aren't growing any younger these days. For you, you will be 30 by the time you graduate and your window of opportunity is dwindling by the day. Can you continue working 100 hours per week once you are 31? By deferring a year, what kind of future opportunites are your forgoing? The way I look at it is where I want to end up at. If you were 50 and near the twilight of you career as a partner at a big 4 accounting firm, would you regret not going into banking at some point? Sounds like yes and that this doubt would gnaw away at you...

You know the answer to your life / career question so go after it. Go to business school and get into investment banking. Try to live your life and maximize your career to the fullest. I would hate to have regrets some day.

P.S. Just tell your boss the news professionally but offer to help and do your best. For example, I have a lot of MBA peers who still work full / part-time for their old jobs. Offer your boss a chance to slowly transition away responsbilities by actively finding a replacement. If you can't, offer to work up until August, part-time through school and during winter break. Also offer work to free, if you feel indebted. I did all of this btw...

thanks a lot. Really encouraging.

 

Hey,

Glad I stumbled on this. I'm in a very similar boat to you. Got into Sloan as well, and am considering a deferral.

In my case, I've been at a new PE firm for just about a year, and am trying to evaluate whether to stay on or go to Sloan. Full profile: 28, 2 Years Consulting, 3 yrs PE. Applied to SLoan as i felt its the best fit to actually learn about and attempt entrepreneurial initiatives, as well as building out a network in the tech space.

In the deferral camp:

I feel really uncomfortable breaking the news after only a year on the job (new PE firm). Also feel that leaving after a year might damage the chances of retaining positive references post b-school from this firm. The Partners are pretty well known in the industry and I feel I might get screwed if I choose to come back to PE post school.

Don't love the job but don't hate it (ups and downs). Reviews to date have been great and they are dangling a promotion to a VP in the near term. This would be a Post-MBA position and what most folks aspire to coming out of B-school.

Don't see a LT future at this fund but i figure that 1 additional bonus + a promotion might give me a competitive advantage seeking jobs post b-school. On the flip side, if I wait a year, I'll be 31 on graduation :s...

In the non-deferral camp:

I don't love the job. Don't see a LT future at this fund. I think the Sloan MBA + network provides an insurance policy over the course of your life...in case you lose your job at some point. I think there's actual academic value, if only in the entrepreneurially focused courses/tracks...

I think i would eventually go, just trying to rationalize if waiting a year makes sense....

Appreciate any thoughts on this :s.

Cheers

 

Email Dee immediately. If you've been accepted, they want you in the HBS family. They're not going to throw you out simply because the timing didn't line up. As long as you have a valid reason and can provide them some proof of how you plan to fill your time meaningfully in the intervening year, you are fine. It's actually a good thing. You've paid your deposit and still plan to attend, and they get to admit one lucky soul off the wait-list.

I am permanently behind on PMs, it's not personal.
 

It's a win-win for both parties. You get your extra year and they get to boost their yield for this year + lower their admit rate for next year. I deferred for undergrad and admissions is usually pretty happy to let you do so.

 

APAE is right, the school wants you in their class and is willing to work with you to ensure that you can attend and succeed, but you're still going to need to justify the need to defer. My understanding is that deferrals are highly discouraged and only granted in exceptional cases. Exceptional meaning health issues, military obligations, and things of a similar nature. Desiring to do a gap year, travel, or even pursue a start-up are all unacceptable. While I personally would have loved to defer a year to travel, my MBA admissions letter very specifically said that I would forfeit my merit scholarship if I were to successfully delay.

Every school has their own policy, but I had the benefit of going to a discussion forum with Dee, Derrick Bolton, and the senior most representatives from Kellogg / Booth / Columbia etc. The topic of deferrals came up. The consensus was that if you need an extra year to do whatever it is you're planning on doing, you should delay applying and wait until the time is right for you to matriculate.

Also, I don't think it is fair to extrapolate the undergrad deferral logic to MBA admissions. B-schools are looking to assemble a class of people with different professional experiences and backgrounds. Offering deferrals makes this task a LOT more difficult. Additionally, there is a very real risk that a professional decides not to return to school or uses the deferral as an opportunity to apply to other schools the following year. In fact, I know one guy who deferred a year, got a PE job, and decided he no longer needed b-school. He got a nasty response from the school's dean of admissions that attacked his ethics and blackballed him from the institution. They take this kind of thing very seriously.

CompBanker’s Career Guidance Services: https://www.rossettiadvisors.com/
 

CompBanker is right.

HBS has already started, so if someone has been admitted, they are already in class.

If you are thinking about it in advance, assume this is true:

The consensus was that if you need an extra year to do whatever it is you're planning on doing, you should delay applying and wait until the time is right for you to matriculate.

My friend and colleague, Hillary, also an HBS alumna, applied one year, got in, asked for a deferral and was turned down. She applied the following year and was admitted again. And went.

Betsy Massar Come see me at my Q&A thread http://www.wallstreetoasis.com/forums/b-school-qa-w-betsy-massar-of-master-admissions Ask away!
 

Was looking for something else and found the transcript from a Webinar that Dee Leopold gave in June 2013 about admissions. I did the transcribing myself, so pardon the errors. This came at the end of a 45-minute slideshow and Q&A session. Here is the relevant answer regarding deferrals, quoted from the head of admissions. If you have any questions, I can Dropbox you the audio.

DEE: Here is a question I answer every day at this time of year June . If you get admitted can you get a deferral? No. We try to be very clear about that and it'll certainly be on your admissions letter. Your admission is to the class of your inception only. I am not talking about the 2+2 program here. I'm talking about the work experience one. Again I say this every day at this time of year. What I find is that it is wonderful how many people want to come to Harvard business school , it's remarkable how many people want to have a continued option of coming to Harvard business school. It's sort of funny that we had met wonderful people and they have wonderful opportunities. They've always will. So, should I expect to have them at least one phone call when someone says, you know I can hardly wait to get to Harvard business school but this amazing opportunity to do XYZ whatever that presented itself. Can I have a deferral? The answer is no. Because remember the overall guiding principle is to have the most interesting characters colorful class that we can. We can't control for that if the people are coming and going all the time and the class is always moving target. The reason why we would grant deferrals would be for things that you can control. That would be a military obligation, that might be for health reason, and an extremely extenuating family situation. So for not for things that are by choice but more by chance.

Betsy Massar Come see me at my Q&A thread http://www.wallstreetoasis.com/forums/b-school-qa-w-betsy-massar-of-master-admissions Ask away!
 

A lot of it depends on the type of experience. Someone who has done two years of consulting or banking is far better positioned to get more out of their MBA than the person who did Teach for America. That said, I matriculated with six years of experience and I'm really glad. I think my experience has given me a far better perspective on on what I want out of a career and generally "the way the system works." If I had matriculated right out of banking I would be getting far less out of my MBA. This is coming from someone who has always been pretty self aware.

My recommendation would be to shoot for 4-5 years of experience at matriculation. This will put you closer to the average and should be sufficient time for you to figure out how to get the most out of the program.

CompBanker’s Career Guidance Services: https://www.rossettiadvisors.com/
 

Hi excel_monkey,

In general, we recommend only applying to business schools the year you expect to attend. Policies vary from program to program, but typically business schools do not like it when candidates defer admission.

I hope this was of help.

Conrad and the Stacy Blackman Team

www.StacyBlackman.com
 

To drop or (attempt to) defer at this point would be an extremely risky move. The payoff is also uncertain. To pull this off you'd need to successfully land an analyst job right now (off cycle), with just two years of less-than-relevant experience and a non-target undergrad. Incredibly difficult. Not only that, it would only improve your chances; it wouldn't be a guarantee.

I would recommend you stick it out in b-school and continue to evaluate your situation. At least if your plan to get into PE fails you'll have a Top 5 school as a backstop for landing another job you want.

CompBanker’s Career Guidance Services: https://www.rossettiadvisors.com/
 

I'd be doubtful as to the benefit of joining an analyst program in order to improve your PE chances post-MBA. I honestly don't think its very likely to get into PE from bschool without PE pre-bschool, I don't think delaying your MBA to get banking experience is really going to tip the scales much. If you're the type of person to go through walls to get what you want (ie. overcome your background issues), then you'll get to where you want with or without the banking experience. All its really going to do is polish up your technical skills and give you an understanding of what a deal looks like. Which, if you're going to a top bschool, you should be getting anyway. Also the MBA --> Banking --> PE route isn't very common either.

 

When you say franchising do you mean opening up a Mcdonalds or something?

I heard about one kid who did the usual IB >> PE route, was accepted to HBS and wanted to defer admission for 1 year because he was so burnt out and wanted a break. When time came for him to enroll he said they wouldn't let him in. Not sure what he did next or whether this kind of dick move is common.

 
sharpie19:
When you say franchising do you mean opening up a Mcdonalds or something?

I heard about one kid who did the usual IB >> PE route, was accepted to HBS and wanted to defer admission for 1 year because he was so burnt out and wanted a break. When time came for him to enroll he said they wouldn't let him in. Not sure what he did next or whether this kind of dick move is common.

Meaning they revoked his admission after he asked about a deferral? Huh?

Are you sure that he was actually accepted?

 
sharpie19:
When you say franchising do you mean opening up a Mcdonalds or something?

I heard about one kid who did the usual IB >> PE route, was accepted to HBS and wanted to defer admission for 1 year because he was so burnt out and wanted a break. When time came for him to enroll he said they wouldn't let him in. Not sure what he did next or whether this kind of dick move is common.

Foolish...B-School is a break.

 

Usually they only grant deferments to people for medicinal reasons or for armed forces commitments. Wanting to take a break for a year or try something different doesn't qualify. They'll say: If you weren't ready to attend this Fall, why did you apply? Also, you run the risk of foregoing any scholarships if you defer.

CompBanker’s Career Guidance Services: https://www.rossettiadvisors.com/
 
anonanonanon:
got it, thanks. wouldn't be a mcdonalds but it'd be something similar

You may already be aware of this, but some franchisors won't allow you to be an absentee owner, so make sure you check into that.

Regards

"The trouble with our liberal friends is not that they're ignorant, it's just that they know so much that isn't so." - Ronald Reagan
 

If deferment were a part of the admission process, then everyone would apply early and continue to apply until they got in or lost interest in B school. Adcoms would have less ability to control class size and composition.

Even for the military folks, B schools won't let you apply early. They will only let you defer if you have an unforeseen extension to your commitment, which is rare.

 

The advice here is pretty bad, this totally depends on the school. Most will say that they allow deferrals only in 'special circumstances' but A LOT of people do defer. Obviously if they have any inkling that you will defer then it will reduce your chances of admission but most schools are pretty flexible once you are admitted.

 

I am almost positive HBS needs an extreme circumstance (eg major illness) to get a deferral post-admittance but pre-matric. However, 2+2 applicants can defer multiple years. If you are already IN school, obviously if you go off to start a company (especially if it gets funded), you can pretty much come back at any time. HBS is especially proud of its entrepreneurs and I can't imagine they wouldn't be admitted back at some point at their choosing.

I know a specific instance of a guy in PE who started at Columbia, got an opportunity to go to a unique boutique, and was able to defer while in school to go back to that opportunity. Unclear if he will need to reapply or just go back a semester in the future. Also unclear how common this is.

As scleraxis said, it depends on the school.

 

Ugh, that sucks.

I would loop in your b-school ASAP. I remember reading somewhere that they can often go to bat for you with the State Department, and at the very least help with understanding the process.

Best of luck.

 

Wharton doesn't do it except in special cases.

As for the rest...no idea, but if you can get deferred admission at, say, MIT, why not wait a few years and apply to HSW as a regular applicant? No reason to commit too early.

 

Silver Scholars Program at Yale is similar, but not quite the same. You would go and do your first year right after undergrad, do an internship your 2nd year and go back to finish up the program your third year.

"Even if you're on the right track, you'll get run over if you just sit there" - Will Rogers
 

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