The Application Process

Hi guys,

Many people say its the prestige, or network, or high salary expectations, but I just wanted to ask to all of you if its really worth it to attend an ivy league.

One of the major drawbacks of the Ivy's and many near-Ivy schools such as NYU is the tuition. Its a huge undertaking, especially if your company only pays a nominal amount (nominal is an overstatement) of the price.

Also, how high can a salary really be for someone who has 2/3 years of work experience after graduation from an undergrad program? Will an Ivy MBA really make that much of a difference in salary in this case?

......or, would a certificate from a good business school suffice?

I am also interested in knowing the same. So Gurus .. please ...

Plus, is the debt really that big an issue. I know people having problems paying home mortgage. But dont know about many who went bankrupt because of MBA loan. Are there such cases ?

Hi.
Interesting question, which goes into the broader question of the value of top MBA programs.

First of all, not all IVY schools are the same. HBS, Wharton (UPenn) are top 3 programs. Tuck (Dartmouth), Yale are in the middle range and Cornell MBA program is closer to Top 25. So there is a HUGE difference in Ivy MBA programs.

But lets talk about rankings...

Yes, I do believe there is a significant advantage of attending a top ranked school. In my opinion, the higher the relative ranking (i.e. Top 10 vs Top 25 vs Top regional schools), the more opportunites you will have - in terms of education, resources, alumni network, career opportunites. At the same time, ranking is not everything - some lower ranked schools specialize in industry/discipline/regional network.

A great example is USC. While its not a Top 10 school, it has a fantastic reputation in So.Cal, strong alumni network and strength in M&E and Marketing.

- NP

Interesting, but what about the minimal experience/young age factor? Would there be that much of a salary and career jump for someone who has 2/3yrs work experience if he/she were to attend HBS, CBS, Wharton,, etc?

Usually, if you meet the schools criteria for admission and can successfully complete the program, then you will be considered by recruiting companies. Some elite IBs and boutique consulting firms will want see transcripts and work experience from the last decade however most are satisfied to know you graduated from a top MBA program (and can make it through the rigors of their interview process).

I'm wondering too whether an Ivy school is worth the debt. I'm a lawyer whose thinking about going to get a MBA so I can transition into being corporate counsel. I'm 34 so I'm looking at the debt that I would incur in going back to school and also relocating. I'm doing pretty well on my practice GMATs so I'm confident I can get a score in the 700s. But, I really don't see a difference between HBS, Wharton, Stanford, etc. Will those schools really help me or is it all just hype?

You've asked the million dollar question. Would your company help you financially? I know thats a big determination in my case. Its difficult to go to school when you're working full time since there are no scholarships/grants available. You either have to pay as you go or take loans.

How much is the net ROI given the amount of debt you have to take on for top programs? These questions are very important when determining the type of GMAT score you need, how much you need to study etc in order to get into the school that you can actually afford to attend.

Lada -
I wouldnt say H/S/W are all hype! Haha.. I know that is not what you meant, but I had to pounce on that comment!

Your ROI really depends on what you will get out of the MBA program - financially, professionally, personally. If you are miserable in your job as a laywer and the MBA helps you get into a new career which you enjoy - the ROI (regardless of salary) is huge, right?

Based on your rationale for getting an MBA in the first place (change in career/industry, break from work, ect), I would urge you to reach out to students and alumni of the programs you are interested and learn whether the MBA is worth your time/money. Most top programs have former lawyers, so you should be able to find someone who can provide good insight.

Good luck!

NP