MBA Student

How many years of work experience do you to apply to business school?

Asked by sunil over 12 years ago

My understanding is that the average entrant age is 27. That represents about 4-5 years of work experience prior to matriculation. While I don't think there's a "correct” answer to this question, that level of experience sounds about right. It allows you to get a better sense of what you’d really like to do with your career and how business school is going to help get you there. Let’s be honest: what you think you’d like to do at 21 can change significantly by age 25, 30, and so on. It’s worth taking the time to figure out the career course you’re plotting before making the commitment to attend – otherwise it might be a tremendous waste. Furthermore, several years of experience under your belt familiarizes you with how the working world actually functions and what an office environment really entails. I had a small number of classmates with less than three years of working experience, and they were at a clear disadvantage in terms of people and time management.

What’s a typical salary for an MBA after graduation?

Asked by Jonah_87 over 12 years ago

This varies widely by industry, but I believe the average starting salaries for Top 20 b-school grads fall roughly in the $100-110K range. Obviously those going into investment banking or consulting can be markedly higher ($150K+), while others going into operating roles for goods/services/entertainment companies can range from $80-$100K.

Is it true that compared to law school and medical school, business school is one big party?

Asked by B-town over 12 years ago

Compared to law school or med school, b-school definitely wears the crown for most fun. But it’s all relative – law & medical schools are notoriously 24/7 study factories, where the b-school curriculum also places emphasis on socializing & networking. And quite frankly, it should – that’s a huge part of how business actually gets done. But the work:play ratio really depends on the student. Some take it very seriously and hit the books hard. Others pay less attention to the classroom and focus on the social activities. Most fall somewhere in between. Since it’s nearly impossible to fail out of b-school (all schools want to keep their graduation rate at or near 100%), a student could easily party like it’s 1999 and still receive a diploma (and that goes for any b-school). So it’s really up to the student as to what their work/play mix will look like. In my case, since I was funding my education solo, I felt compelled to derive as much value out of the classroom as possible. In hindsight, I probably could’ve eased up on the books a bit, but I still had a great time.

What kinds of students get the most out of these MBA programs?

Asked by ishtard over 12 years ago

In short, the ones with very little business experience. As I mentioned in a previous response, ex-bankers & consultants may wind up snoozing through the curriculum given their experience. But for anyone without that kind of business acumen, or for someone looking to make a career switch, b-school is exactly the right place to be. For example, the former journalist who wants to get into corporate finance will extract immeasurable value from the formalized training b-school provides, given that he’s essentially starting from scratch. I’ve seen former peace corps volunteers switch to banking, former actors become consultants, you name it. B-school can, in two years, help you legitimately qualify for a completely new line of work.

Does having an MBA pigeon-hole you as the "numbers” guy in your career?

Asked by zeroby12 over 12 years ago

Very often, yes. Any company that’s ever recruited or hired me was looking to fill a quantitatively-oriented position. Business Development, Corporate Strategy, Finance … basically the number-crunching, analytical, deal-making types of roles. Not that I blame them, because after all, that’s what the degree would indicate. But I always felt I was on the more creative end of the MBA spectrum, and unfortunately there’s not a ton of room for hires in that gray area of business/creative. I’ve been sold lines before about how certain companies “really allow their business people to think creatively,” but I’ve yet to experience it.

I have a few friends who, when applying, said things like, "If I don't get into a top 3 business school school, I won't even bother going." That sounds ridiculous (and frankly, kind of obnoxious), but is there something to that?

Asked by Marcus O over 12 years ago

I'm tempted to say, "Now that's just silly." But the truth is that it depends. If you're only looking to get an MBA as a stamp of approval to gain entry into top-notch banking, consulting, or Fortune 100 companies, then yes, having the Harvard, Wharton, or Stanford degrees certainly helps. Sure, those types of companies hire from many schools beyond those, but they typically have more slots for said alumni. And to be honest, those schools tend to attract some of the smartest and most ambitious people, so if networking is especially important to you, those are the cream of the crop. If, on the other hand, you're not necessarily chasing those types of positions or high-profile shmoozing but rather, just want a quality business skill set, any reasonably reputable program will provide you with ample instruction. In comparing life notes with friends who attended "lesser-ranked" (whatever that means) schools than mine, we quickly realized that the core lessons were nearly identical.

What was the most useful class you took?

Asked by zoners over 12 years ago

It was actually a real estate class, despite the fact that I have almost zero interest in the real estate business. But the professor was so well-regarded that I thought I should experience his class first-hand regardless of the subject matter. One of the best decisions I made in my two years. He was a fairly young and hysterically charismatic dude who shucked the ivory tower nonsense – he’d actually walked the walk as a successful real estate developer, and he simply loved teaching. Every class was a very plausible, practical case study, so it was easy to relate to the material. That class taught me more than I could’ve imagined about the art of the deal, how to value cash-generating assets, and how people and personalities play into all of it. As a result, I would often advise prospective students that when given the opportunity, “take the professor, not the subject.” In other words, great teaching transcends all else.

Did a lot of students hook up in your business school class?

Asked by bds12 over 12 years ago

I thought you'd never ask! Yes. Big-time. Mine was a fairly small class of mostly mid- to late-20 somethings, so you better believe there were a lot of intra-class hijinks. One of the running jokes was how b-school is a lot like high school, in that it’s small enough that everyone knows everyone and there are no secrets. So not only were there a ton of hook-ups, but everyone was keenly aware of all of them. A few sets of classmates even wound up getting married.

How important is when you take the GMAT? Should I be taking it my senior year of college, even if I'm not certain if I want to get an MBA? I have heard that it is extremely difficult to study while working (and I will be going into consulting)

Asked by Catalysis over 12 years ago

I wouldn't recommend taking the GMAT until you're absolutely sure you want to apply to business school. Even if it seems like a certainty right now, A LOT can happen in the first few years after undergrad that may affect that decision, such as changes in career direction, financial hiccups, romantic relationships, and a host of others unpredictables. Personally I'd wait at least a year or two into your first job, and then decide if an MBA (and by extension, the GMAT) is worth your time. To your question about whether it's difficult to study while working - definitely not. At worst, it's an inconvenience. GMAT's are offered extremely frequently (literally every week), so you can schedule yours at a time that's convenient (perhaps during the summer when work slows down a bit, or after a holiday break from the office). In my and my peers' experience, the average study time required is about a month. Some people would study for an hour a day after work (like me), while others would do longer study sessions on the weekends only. It's really not that taxing, and regardless of your aptitude level (which I'm guessing is high since you're inquiring so early in the game), anything more than a month is probably overdoing it. I had two close friends -- very smart people -- who overstudied themselves into the ground with endless marathon sessions, expensive tutors, etc. Both took the GMAT three times, and had their scores DECREASE each time. Point being, a relaxed month of consistent studying is probably the right formula, and this can definitely be accomplished while working a full-time job. One other related note - I remember rolling my eyes every time I heard this while applying to b-school, but it really is the truth: GMAT scores just aren't that important in the admissions process. And yes, this goes for the Harvards, Stanfords, Whartons, too. B-school admissions offices are FAR more interested in your story -- your background, your future goals, and why you think an MBA is necessary to achieve them. Most of this will come through in your essays and interviews -- that's the stuff to really focus on. The more personal your story, the better, e.g. personal tragedies or triumphs, your upbringing, your fears and apprehensions, etc. As a rule of thumb, if you feel a little vulnerable when writing your essays, you're probably on the right track. Hope this helps!

Is business school worthwhile for someone who already has business background?

Asked by elmo over 12 years ago

For someone with a good breadth of business experience (e.g. banking, consulting, entrepreneurship), it’s true that an MBA program probably won’t provide them with a TON of incremental learning and training. Though in all fairness, they may take certain classes outside of their wheelhouses that can open their eyes to industries or disciplines they hadn’t previously considered. But for the most part, these types of students are getting the MBA for the “union card” – certain desirable jobs simply require them, so they nab a diploma to check it off the list.

Is it tough to maintain a relationship if your significant other isn't also in your MBA program?

Asked by oracle over 12 years ago

Great, great question. It all depends on the attitude of that significant other toward your classmates. Some absolutely love the new social circle and throw themselves in head-first, blending in effortlessly. In my class this happened often, even to the point where certain spouses, fiancés, etc of our classmates would hang out with us independently. But on the other hand, many significant others felt intimidated by the class camaraderie and chose to be outsiders, which can obviously cause friction in their relationships. There was an expression,“Black Friday”, which meant that if you were in a relationship at the start of b-school but were not yet engaged or married, you’d be broken up by the Friday after Thanksgiving at the latest. This was, sadly, pretty accurate. When a significant other assumes outsider status, it gets very difficult to explain why you “need” to join your classmates for another keg party, ski trip, or costume party.

How much of the schoolwork is group-work versus individual assignments? Also, were you a fan of case method?

Asked by Yujin over 12 years ago

Ah, group-work. The most deceptively pain-in-the-ass part of b-school. While I can't speak for all programs, ours skewed about 60-40 in terms of group vs individual assignments. And let me tell you, as great as "group-work" sounds, it's a huge life lesson in the 80/20 rule, in that 80% of the work will be completed by 20% of the people...always. I tended to hate group-work in business school because I regularly found myself in that 20%. What can I say...I wanted to get as much as I could out of the program, and sadly, as soon people can sniff a workhorse in the group, they sit back and enjoy the ride. Case method is a mixed bag. For those who don't know, many b-schools use real-life case studies of company dilemmas to teach certain lessons. I liked some of these, in that it's a great way to bridge theory with real-world problems. However, many of the cases were severely dated, and while there are still lessons to be gleaned from them, it's harder to relate to the material. All in all I think case-method is definitely a great component of b-school instruction, but there are certain schools (namely Harvard) that imho, are overly reliant on it.

Would you still attend b-school if you could do it all over again?

Asked by billyball over 12 years ago

The quick answer is "probably", but I’m only about 60/40 on this one. Even though I don’t feel like I absorbed a ton of new useful knowledge from the classroom, I do think that if nothing else, the experience provides you with a strong sense of confidence as you venture out into the business world or start your own company. And I did make some phenomenal friends. But if I were to do it all over again, I would have focused considerably less on the classroom and more on the extra-curriculars.

Thank you for your time! How important is one's college major/minor and/or GPA (cut off?) for b-school admission, given that you have good work experience such as investment banking?

Asked by Edward over 12 years ago

Your college major is irrelevant; admissions officers are far more interested in *why* you're looking to get your MBA. You could be a Finance major who wants to sharpen his existing tool-set, or a Sanskrit major looking to make a career change. Just tell the honest story in your essays and interviews of where you've been vs. where you want to go. Regarding GPA's, I'll say something similar to my point in an earlier question about GMAT scores. They're not THAT important. Don't get me wrong: if you're looking to attend a top school and had a 1.7 GPA in college, you'd need a REALLY unique and credible story to explain the poor past academic performance. But on the other hand, a 4.0 doesn't guarantee admission by any means. Generally speaking, admissions officers use GPAs (and GMATs) as a "check-the-box" item to weed out red flags, but then focus more on your past work experience and how you've articulated your plans to use your MBA in the future. If I had to ballpark some #'s, and assuming you're looking at selective schools, I'd say that so long as you had >3.0 GPA, > 600 GMAT, and thoughtful personal essays, you'll at least merit admissions consideration. That said, I've had dozens of friends with lower grades/scores get into top-tier programs, and others with near perfect scores get denied. I'll say it again and again: your story is everything.

Do you think it's worth taking a GMAT prep course?

Asked by Soledad almost 12 years ago

Everyone's situation is different. Obviously if you know for a fact that your math/verbal test-taking skills are atrocious, then yes, a prep course is probably worth it. But if you've historically done well (or even reasonably well) in those subjects, I'd suggest the following... When you register for the GMAT, you'll receive free test prep materials. When I took the exam several years ago, they sent registrants a book of ~1,000 practice questions and answers. I'm not sure if they still send these books or if they instead provide software, but either way, they'll give you plenty of practice materials. Spend 1-2 months (depending on how much free time you can devote on a daily/weekly basis) and go through all of the practice questions and answers... then go through them again. Finally, schedule and take your GMAT. If you're not pleased with your score, THEN consider taking a prep course and retake the exam. The fact is, one can take the GMAT almost any given week, so you might as well at least give yourself a shot at the exam without spending the time and money ($1000+) for a prep course if you don't really need it. At worst, you'll get a subpar score the first time around, then take a prep course, and most likely improve the second time around. And for that second time around, you'll already have 1-2 months of studying under your belt, so you'll know which problem areas to really zero in on with your instructor.

Do you think the status of the MBA has been lowered now that it has become status quo? Before getting your Bachelor's was the *thing* and now everyone needs to have at least an MBA to even "matter". Makes sense?

Asked by Strangette over 11 years ago

Do people fail out of MBA programs?

Asked by Just got accepted almost 11 years ago

How difficult is it study at MBA? Do you have experience of hiring essay writing service like http://essaydb.net/?

Asked by julia about 9 years ago

I am a commerce graduate (B.com) drom the university of Mumbai. I'm a fresher, looking for employment. I wanted to know what kind of a job will be considered as a good work experience. Moreover, when can I start applying to B schools in the US?

Asked by KD about 8 years ago

I am a commerce graduate (B.com) drom the university of Mumbai. I'm a fresher, looking for employment. I wanted to know what kind of a job will be considered as a good work experience. Moreover, when can I start applying to B schools in the US?

Asked by KD about 8 years ago