To MBA or Not MBA
Probably should have my career plans figured out by now, but I'm at a stage where I'm thinking of changing functions...
A bit of background:
2 years as a jr. sell-side research analyst at a boutique fund
- Essentially researched the 10q, 10k, and DEF14A along with stock price and key developments of companies under coverage, the research supported PM's
- Led a team of 5 on a recurring project
2+ years as an associate at an asset-based shop owned by a national commercial bank (primarily caters to middle market firms and equity sponsors focused on middle market investments)
- Again, researched 10Q and 10K and other filings, built spreadsheets to analyze IS/BS/CF trends to identify prospects, the research/analysis supported the originations team (and has led to many new deals)
- Have since moved away from doing research to train and manage four new hires on a day-to-day basis
Graduated with honors w/ 3.6GPA from a top tier univ. in california (state school, not private)
700 GMAT (79% Q, 89% V, 6.0 AWA), and 1440 GRE (92% Q, 93%V, 5.5 AWA)
CFA Level II Candidate (and I pray to God that I pass the level 2 this year)
Recurring EC activities throughout the year
I'm happily employed, but would like to push myself/career to the next step.
With that said, I absolutely DO NOT want to stay in commercial banking (one of my options right now is to enroll in the bank's premiere credit training program, but that would be counter-intuitive if I'm looking to move). Much like everyone else, I want to move to either IB or ER with the end game being either PE or HF.
I would love the opportunity to explore various positions within finance... not looking to switch out of finance, just looking to get my sorry ass out of commercial banking.
Has it been people's experience that a MBA program would allow you to explore various options?
Now let the flaming begin...
Yes, it will. You have transferable skills that should help as well. It's up to you to get into a school that will help place you, and network your ass off the minute you get into school. Hopefully keep a high GPA and work on your interviewing. I had classmates in my b-school class with a similar (commercial banking to IB) background and made the leap. It's never easy, but possible.
go for it man, get the MBA
I have an MBA from RIT but my career has never taken off after 4 years. You should consider a Tier 1 MBA program. Definitely go for it.
Alino was your background also in commercial banking?
nowadays, i discourage people from getting an mba. not now, though.
i say YES, DO IT. you have a good combination of skills, relevant exp, and gpa/gmat.
i would also suggest that you narrow your choices to only the top 16, maybe top 20 mba programs. i dont know what range of programs you would fall into, but i def would not recommend anything outside top 20 given your career goals.
good luck either way.
Yea, I'm definitely applying. Not sure if I'll get into a top 3 program but hopefully somewhere in the m7...
I wonder what people's application/admissions experience have been. Feel free to share.
Yea go to a top MBA program. The trend now seems to be get an MBA if
having researched pros and cons of doing an MBA, I realise there is really no point in getting an MBA outside Harvard, Wharton, Stanford, particularly if you come from a weak background. Obviously if you worked at MBB/BB, you could potentially go to let's say a top 10 business school as your strong work experience background will carry you forward. But if you come from a weak background for god's sake either go to H/W/S or dont go at all. I know so many of my friends who went to Top 20 business schools (outside H/W/S circle) and it hasnt helped them at all: money wise, connection wise or progression wise. MBAs are so dilluted nowdays. Pure and simple, it's not worth doing an MBA outside those 3.
wamartinu,
As you can see I definitely don't have MBB/BB experience. So don't do it then?
A few people in my org have their CFA charters, some also have their MBA's (2 from stern) and all of them say that doing the CFA is much more beneficial from a knowledge standpoint and that pursing an MBA (let's not start the MBA vs. CFA debate here)
Maybe getting my charter would help me in doing what I want to do?
This is just plain wrong. I'm not at one of your "circle" schools, didn't do MBB/BB pre-MBA and: 1) money wise - I was making 6 figures pre-MBA, but will be at least tripling that post-MBA to start, doing a job I would have never been able to get otherwise (they basically only recruit MBAs from a few schools), 2) connection wise - have been very successful in getting advice and leads from MBA alumni that led to solid job interviews (again from firms I would have never been able to get interviews at otherwise) and offers, and 3) progression wise - will have to wait and see, I guess.
Go for the MBA.
Although I have a different work experience background, AM and IB. I am also a CFA level 2 candidate and got 700 on the GMAT.
I am starting my MBA at the top MBA school (at least according to the FT) this September, I have though this troughtfully and concluded that this is the best way to boost my career.
That's awesome, good for you.... how's the CFA going?
Just one more Book to go...
Well good luck to you brother, I have 1.5 left...
Don't lie to yourself. No one has ever argued that a MBA gives you more technical knowledge than a CFA, or that it is a cheap options.
An MBA is a long term investment. Consider the cost of tuition and living expenses, opportunity cost of leaving your income for 2 years, and if you really have no other way of getting to the position you want without an MBA.
If you decide it's still worth it, then you get placed in front of the best companies, get access to alumni at all the right places, build a network with classmates that NO ONE on this site has a clue about unless they have done and MBA, and have a chance to switch career ENTIRELY.
That said, don't even bother going to a non top 10 school if you want a prestigious Wall St job (do yourself a favor and look at US News and World Report as ranking, others are crap).
And yes, I've gone through the process myself... Please do not take advice from people here If they did not go through the experience.
Read my post. I said choose a top ten school and look at US News and World. That is generally the most well regarded list.
You know exactly what I mean by prestigious Wall St job. Don't waste my time mincing words.
And yes, people outside that top 10 end up in prestigious places as well, but why make it difficult on yourself. The top ten on that list are Wall Street feeder schools for sure.
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