I plan to apply this fall, but am hesitant now given the large number of layoffs from Wall Street.
I think I have an okay profile
- Gradated from top-undergrad H/Y/P with 3.2 gpa, participated in 2 varsity sports
- 720 GMAT
- Am currently a 3rd year analyst at a middle market investment bank
- Plan to puruse an MBA to transition over to a corporate development role at a Fortune 500 type company
My concern is that in any other year my profile would be stronger, but now I assume many more of the ibanker types will be applying and not only that they'll have more prestigous names (Goldman, MS, JPM, etc.) so it'll be harder to stand out.
My other concern is that once I ask for recommendations from my managing directors I don't know how they will react. I could be fired on the spot, my future bonus cut, etc. I only ask because I would be perfectly happy sticking it out another year prior to applying if that means I have a better shot. If I didn't get into a top program I would want to stay with my current employer but that would probably not be possible.
I know all of the consultants say apply when it's the right time for you. And I'm saying I definitely want to go to b-school in next 1-2 years (preferably apply this fall), but I need to factor in the risk of losing my current job AND not getting into b-school. What do you think?
GMAT Forum
2 postsPage 1 of 1
- Concerned
- MBAApply
Apply this year.
With investment bankers, there is a "best before" date, particularly at top b-schools like HBS, Stanford and Wharton. You will find that very few ex-bankers at top b-schools were in post-MBA positions (i.e. most were analysts, or analysts + 1-2 years in PE/corpdev/etc. in some pre-MBA position). Part of this is self-selection since the ex-bankers who manage to get into post-MBA positions find it harder to justify going back to school, but also partly due to adcom bias -- they will have a harder time believing that you need an MBA if you're already an IB associate.
This doesn't mean you can't get in if you're an associate or if you're a little older, but you are better off applying this year even with the competition -- and see how it goes. Worse case is that you have to reapply next year, giving you two shots in two years, rather than putting all your eggs in one basket next year with the burden of being "overqualified".
Alex Chu
alex@mbaapply.com
www.mbaapply.com
http://mbaapply.blogspot.com
With investment bankers, there is a "best before" date, particularly at top b-schools like HBS, Stanford and Wharton. You will find that very few ex-bankers at top b-schools were in post-MBA positions (i.e. most were analysts, or analysts + 1-2 years in PE/corpdev/etc. in some pre-MBA position). Part of this is self-selection since the ex-bankers who manage to get into post-MBA positions find it harder to justify going back to school, but also partly due to adcom bias -- they will have a harder time believing that you need an MBA if you're already an IB associate.
This doesn't mean you can't get in if you're an associate or if you're a little older, but you are better off applying this year even with the competition -- and see how it goes. Worse case is that you have to reapply next year, giving you two shots in two years, rather than putting all your eggs in one basket next year with the burden of being "overqualified".
Alex Chu
alex@mbaapply.com
www.mbaapply.com
http://mbaapply.blogspot.com
2 posts Page 1 of 1