Recently Laid off - Need advice

mba4me2009 · Posted: Tue May 06, 2008 6:45 pm Post subject: Recently Laid off - Need advice

Hello Stacy,
I originally was planning on applying this upcoming fall to be part of the 2009 MBA class but was recently laid off from my job. How does this affect my application? Here is a quick summary of my background.

Asian Male, 27
GPA: 3.4 (Dean’s list during the last 3 semesters).
Major: Business finance from a Top 20 university.
GMAT: In progress…testing +650, hoping to break +700 by next month.

Work experience
2 years of Private Equity experience focusing on Energy; Reason for the layoff was not due to personal performance - our satellite office was shut down.
3 years of Investment Banking experience at a bulge bracket investment bank.

Extracurricular Activities
Active mentor with local high school, some community service in coaching sports events.

My target school list comprises of Harvard, Stanford, Wharton and University of Chicago.

My questions are:
1) Can I still apply this year or do you recommend waiting until the following year (2009) to apply. Assuming I find a new job, I will have had only 3-4 months of work experience at the new job by the time I apply for 1st rounds. Will this be a problem for the adcoms?

2) If I can’t find a job, how do MBA schools feel about unemployed applicants? (I’m sure there will be plenty this year given the layoffs on Wall Street).

3) Given my background, what type of opportunity should I pursue next to boost my application? (i) Working at another PE fund, (ii) Working for an Energy company, (iii) Something totally different – small business or start-up.

4) Lastly, how competitive do you feel I will be at my target schools?

Lisa Anderson · Posted: Wed May 07, 2008 4:38 pm Post subject:

Dear mba4me2009,

Unfortunately, it is probably too late to apply for this fall if you have not taken your GMAT yet. There might be a few schools that would take your application if you take your GMAT by the end of the month, but I'm not sure you want to rush either the test or your application. It is best to contact the school directly to inquire if you can still apply and by when your GMAT must be taken.

There are some programs that have January entry, but most of these tend to be accelerated programs where you would not do an internship. If you plan to stay in the same industry you have been in, than an internship is not critical for you. So that would be something to consider and your 6-7 months of unemployment would not be an issue.

If you wait to apply for fall 2009 entry, then the best thing you can do in the interim is to either find a new job, perhaps in a temporary or contractor role where a departure in less than a year is no big deal, or find something constructive to do with your time. By this I mean, is there a community service activity abroad you could do for ~6 months? Perhaps work for a nonprofit/community organization? It is not so much that you were laid off as that has unfortunately become all too common these days, but what you do with your time between now and the start of the program. As long as you have something worthwhile to do and a plan you can communicate in your application, than it is not going to be a negative for you.

The best opportunity for you to pursue is one that you are interested in as those are the ones people excel in. So if you have always wanted to work for a start-up or nonprofit, this might be the perfect time for you to give it a shot since it will be for a short tenure. As for competitiveness at top 5-10 programs, I think you have the foundation with your work experience and GPA, but will need to get the 700+ GMAT, strong recommendations, well-written essays, and outstanding recommendations to complete the package.

Good luck,
Lisa

athinabean · Posted: Sat May 24, 2008 1:25 am Post subject: Too late for 2009 entry??

Hi, did I missunderstand or did you say that it's too late, at this point, to apply to 2009 fall admmission? Or did you mean one should've taken the GMAT already? I am a little confused...
Thanks.

Lisa Anderson · Posted: Sat May 24, 2008 11:27 am Post subject:

Dear athinabean,

It is too late to apply for fall 2008 admission if you have not taken the GMAT yet. Applications for fall 2009 admission have not been released by most schools yet and will be in July/August 2008.

Regards,
Lisa