Research MBA Programs

Hey everyone,

First of all I want to say thanks to this forum for bringing together people that strive for improvement no matter what face obstacles stand in their way. And second, thanks to everyone for posting your personal experiences with gmat exam and MBA programs, all of your posts have been very inspiring.

Just a short description of my background: I am 25 and currently living in Chicago. A year ago I have graduated from De Paul University with an undergrad degree in Finance. Also, I have about 4 years of work experience in Real Estate Development Industry as a Financial Manager and 2 years of experience in radio and satellite television industries working as an Account Manager.

I am here to ask for your opinion and advice on the situation I am currently facing with an MBA, since some of you might are probably going through the same or maybe are more familiar with what actually counts in the real business world.
During the time of my gradation, in the early 2009 I have lost my job at a real estate development firm and ever since than I was unable to find a legitimate job not even to mention a dream job in the financial sector. The timing for graduation with a finance degree could not have gotten any better, right in the peak of the financial recession. I have tried it all, networking with people as much as possible and applying to any position I could only think of from volunteering to interning, and not to even mention real positions. I could never think that I would find myself in this situation since I do have a good bunch of close friends that are working all over in the financial sector. Majority of them work for companies such as MB Financial, PNC, JPMorgan, and BOA at relatively good positions such as branch managers, assistant vice president all the way to regional president and they are willing to recommend me to their HR department, but other than a million interviews I was not fortunate enough to get anywhere.
At the same time, when two of my friends one graduating from University of Chicago and another from University of Michigan, both with undergrad degrees in Finance are starting at Goldman Sachs this Summer (they did intern there a year prior to this). I am not sure what the problem is, whether it's the degree, the school, the lack of experience or just me, but experience with the current job market has been very discouraging and at the same time inspiring to pursue the MBA designation.

For the past couple of months I have been trying to prepare myself on improving my GMAT score, which is currently at 550. Since English is my second language and GMAT is the first standardized exam I have ever taken in my life and it has been a very challenging task.

While studying for GMAT I have started to work for Keller Graduate School of Management, which is practically same as Devry University. And automatically it got me thinking; maybe I should pursue an MBA and a Master of Accounting and Financial Management degree from them and at the same time try to pass the CFA exam since they work together with Becker CPA and CFA prep classes.
Although, Keller doesn't sound like a valid place to receive a degree from, but when it comes to the cost it actually makes me think twice. Currently I moved back with my parents since I have been unemployed for a while and I still have 30k in school loans to pay for. Going to a reputable grad school would cost me extra 100k, which really sounds scary, because I am having a hard time paying off my 30k at this moment. In contrast, I could get a degree from Keller for cheap as their employee and have zero loans to pay off. And lastly, I do not have any other options as far as job opportunities and might as well use this opportunity to the fullest. One thing that is negative the program at Keller is that it will require a year and a half job commitment in order for me to qualify for benefits.
Another reason that got me thinking about pursuing this degree from Keller is the real life story how two of my friends wanted to become doctors and each picked a different route. They both finished pre-med in US, but upon graduation one guy with better grades and better background activities went to Rush University ($250,000 full program) and the other guy and his girlfriend with worse grades went to an American Med School that is located in Poland ($90,000 -full program cost). At the end of the day both guys and the girl had passed the Final Standardized US Exam with really good scores and all of them are starting Residency work in US in reputable hospitals this summer. So sometimes it is true, it is not where the diploma is from but it is what you do with it.
And that is why I come here to ask for your advice. I don't want to waste time and money for no reason. On the top of it all I don't want to make the same mistake again as I did with my Degree from De Paul and get a degree from not a Top Ranking B-School and than just be stuck with it. But at the same time I want to make the best of my options.
Any opinions, advice or suggestions are more than welcome.
Thanks in advance,
Z

Hi Zionia,

Sorry to hear about your job situation. The first this that i would like to mention here is that sometimes (which in these times happens to be often) Brand matters! You mentioned that you friends were able to get into top jobs and i would say their Michigan and Chicago brand paid them off. I don't mean that your schools is not good, but the fact of the matter is that these top companies put some trust on students from top school for the simple reason that if a top school admits a guy or a girl then there must be something right about him/her. Hence these top recruiters are willing to take the risk of investing in this person. But the risk seems to be a bit higher for people from not-so-reputed schools.
Take the example of a washing detergent. If Tide introduces a detergent say XYZ, people (even you) will not hesitate and will take their chance and buy the detergent. INstead if a not-so-reputed company say "Clean Clothes" decides to launch another detergent do you think people will be willing the take the same risk?

Now coming to the cost part of the program. I agree, financial committments and restrictions will and should influence your decision making process. But again, think had before doing an MBA. Is an MBA from a not-so-reputed school worth it, even if it costs much less? I would say keep the money and try further for a job. If i'm not wrong you have only 1year of experinece and not getting a job would not be a convincing argument to a business school to admit you.

My honest suggestion would be to keep the money in your pocket and look for a job. I know times are tough but try hard and you will be able to get into some good company. Spread a wider net. Look for positions which can utilize your skills beyond the financial sectors. Any company would have a finance and accounting department. Apply to a broader range of audience. And one you gain some significant expereince and if your career demands an MBA then apply and get into a good school. This way you will be going to a business schools for all the right reasons.

Hope this helped. All the very best.