Private Banking Goals?

[abellomp]

I rarely ever hear about individuals going to get an MBA so that they pursue a career in Private Banking/Wealth Management. The schools I am aiming for are Mccombs (dream school) and Rice.


My information:

2.8 GPA/3.3 (major GPA) from UT-Austin (Economics major)
620 GMAT (retaking next week)
5 yrs experience in Retail Banking/Financial Advising
- Top 10% revenue producer nationwide/great reccos

I love working with clients and building relationships while helping manage their wealth, but I hate all the retail sales quotas that advocate quantity over quality etc. My questions are this:

1.Is this considered a unique post-MBA goal that makes me stand apart?
2. Does anyone think stellar essays can compensate for my sub-par credentials?
3.Should I just not apply until I can pull my GMAT to the median 680?

[mbamission]

Hi abellomp,

Thanks for writing in.

1) It may pay to go to the career sites of where you're applying and look at what percentage of people go into those fields. From what I've seen as both an MBA student and admissions consultant, private wealth management is a fairly common industry choice and would likely not warrant consideration as a "unique" career choice, but that also depends on the school.

2/3) Stellar essays can make up for your college grades. But ideally you could get that GMAT score up so you can show that in the five years since college you have continued to grow academically and can handle MBA-level work.

Keep in mind you are trying to tell a holistic story with your application. If you focus on how an MBA can link your past experience to your future goals, then schools can understand your motivation for seeking an MBA, and determine if you are a good fit.

Best of luck!
Daniel Richards
http://www.mbamission.com

Read the mbaMission Insider's Guides (14 individual school titles)

Visit the mbaMission Blog

Follow mbaMission on Twitter

[abellomp]

Thank you for your reply.

I guess my main question really is if I do not achieve a higher GMAT score closer to Jones' and Mccombs' median of 680, should I not even bother applying? Or put another way, is it possible to even overcome deficiencies in GPA and GMAT scores?

Secondly, I have been able to make it to the final interview round for Private Wealth associate roles at a top firm (due to networking) but lost each time to a newly minted MBA grads. Obviously this is the main reason I want my MBA, is it OK to use this as my reason for wanting an MBA?

[mbamission]

Hi abellomp,

1) It is certainly possible to overcome academic/GMAT deficiencies, but you need to do so with strengths in other areas of your application, such as leadership, extracurriculars, and even a well-executed essay as to why these schools are perfect fits. I do think you'll find yourself in much better position to overcome these deficiencies if you can get your GMAT closer to the median score of these schools.

2) While this is certainly a valid reason personally for you to apply, it is likely to resonate well with an admissions officer. Consider what it is about these recent MBAs that caused the firms to choose them over you. Perhaps it was finance or marketing experience, or comfort working with highly influential clients? When you identify those points, you can write about how two years of business school will help you fill in the gaps in your skills set and make you successful at your goal to work in private banking.

Good luck!
Daniel Richards
http://www.mbamission.com

Read the mbaMission Insider's Guides (14 individual school titles)

Visit the mbaMission Blog

Follow mbaMission on Twitter