MBA - Is it worth it for me? (Frank evaluations wanted)

[Tas]

Hi all,

I am a fan of your forum! Thanks to Manhattan GMAT, I just completed my GMAT with a 700! (first time too!) Closer analysis of my GMAT 90percentile score of Quant 43 (68%) and Verbal 42 (95%), raised pretty serious concerns regarding my quant abilities.

With this good but "˜unbalanced’ score, I am seriously quite lost about what to do next ... please allow me to explain ...

My first consideration is my 68% Quant Score. Havard / Wharton MBA programmes pretty much disregard the combine GMAT score, and require at least 80% in both Quant and Verbal. For Harvard/Wharton, my Quant of 68% would be a huge RED flag. I do have a First Class software engineering masters from a top UK university, but still I don’t think it will bridge this huge chasm created by my gmat quant scores.

My next consideration is Opportunity Cost. At the age of 32, this is one of my last years before age becomes a detrimental factor to persuing an MBA. Given that I am pretty successful in my career (with an upward trajectory) , I strongly believe that only an MBA at Harvard and Wharton would give me the significant boost necessary to justify the financial outlay and time. OC for MBA is a big factor for me. OC, taking into consideration my annual salary of USD200k + MBA fees, would easily come up against the $500K mark. I believe (however foolishly) that only an MBA at Harvard/Wharton will open doors and provide so much intangible benefits to ROI this half a million. (My calculations indicate that it will take at least 20+ yrs to ROI the $0.5M if based solely on the tangibles, so I’m writing it off ... )

I therefore have very limited options left
1. Retake my GMAT 700 - hopefully I can get better Quant. This would mean missing Harvard’s and Wharton’s Round II, and apply for the severely restricted round III, which will only get worse as the financial crisis deepens.
2. Apply for the MBA in Sept 2010 - I will be 34 then .. and will finish MBA at 36 (!??)
3. Forget about MBAs ... the OC at this level, even with intangibles, cannot be justified

I understand that everyone here has considered these before, and have experienced similar dilemmas. I am looking for frank, harsh and critical evaluations and personal experiences.

Many thanks and regards,
Tas

[MBAApply]

Let me give you some hard stats here:

95% of this year's incoming HBS class are 29 years old or younger. Around 85% are 24-27.

80% of this year's incoming Wharton class are 30 years old or younger. 2% are 24 or younger, 58% are 24-28, and 20% are 28-30.

The outliers in these schools come from non-traditional pre-MBA careers (military, nonprofit, clergy, teaching, PhD, lawyers, doctors). Wharton is a little more open to traditional candidates who are older, but it's still a tough sell.

If you're not from a non-traditional career, your chances of getting in are slim, particularly at HBS. You may want to consider EMBA or part-time programs, or lower ranked schools.

Alex Chu
alex@mbaapply.com
www.mbaapply.com
http://mbaapply.blogspot.com

[Guest]

Thanks Alex! Those stats are very useful.

Much appreciated! :D

Regards,
Tas