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How much debt can I assume?

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How much debt can I assume?

by molt_llest » Fri Aug 29, 2008 7:08 am
Hi, These days I am writing my essays to apply in 1st round to my first choices (HBS, Columbia, Kellog, Stanford). While I am doing all the work I am loosing confidence in my chances (I guess that should happen to many people). So, I have been looking for Top 30 programs as well (like Darden, Kenan-Flagger, Cornell, etc...)

I am from spain and I am going to take with me my girlfriend (wife in few months). I have calculated the cost of the program and living expenses and I thing that at least it will be 120.000$. I can not rely on scolarships, and my doubt now if I can assume this debt if I don't enter to one of the Top programs.

Programs in Darden, Cornell, Kenan, etc... can be "safe" places to go with such a debt? If the question is yes, it is also possible with universities like Boston University (I think it is a top 50)?
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by Scottie@VeritasPrep » Fri Aug 29, 2008 5:47 pm
I am assuming that when you ask about "safe" places that you are trying to figure out if you can get a job that will pay enough after graduation to justify the expense. The financial decision depends on many things. You should evaluate the difference you expect/need between your current salary and your post-MBA salary. Another factor is what you plan to do with your MBA and if the school is strong in that area. For instance, if you plan to go to Wall Street but attend a Top 50 with no real recruiting ties to major IBs then your money will be wasted.

I suggest that you do more research on the top 30 - 50 schools to find out what companies recruit there and what the average starting salaries are to get a better idea of what you can expect. Also, consider the salary growth of your chosen industry over the next several years.
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by molt_llest » Sat Aug 30, 2008 12:51 am
I will do this researsch, but can can believe the data that is provided by the schools?. For instance, Boston university says that the base salary is 85277$ (55k to 120k range). There is not much difference with the top schools that say their base salaries to be around 100k.

I am also reluctant to these high numbers because when I will finish the MBA I will be 29 yo with 2'5 years of work experience. Will the companies offer me a good salary? Or those salaries are offered for those students with 6 or more years of work experience? leaving the the lowest salary offers by the youngest ones.

I hope you tell me that I am wrong and everyone who do an MBA have the same job opportunities (assuming that you do a good job selling to the employers) but I don't think so.
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by Scottie@VeritasPrep » Sun Aug 31, 2008 1:50 pm
The range of salaries is also dependent upon the company. For instance, in consulting, companies can range from small local companies to larger international firms and the salaries will reflect that. Experience is a consideration however there are many MBAs who change fields entirely and still end up with great salaries. Based on my personal MBA experience and knowledge of classmates' salaries I think the info reported by the schools is pretty accurate.

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