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Profile Evaluation

by KingDuke » Mon Aug 24, 2009 5:41 pm
Hello,

Quick profile evaluation if anybody has a moment.

I'm about to take my GMAT in a week. I'm scoring from 670 to 720 on a number of practice tests but let's assume low end for profile considerations (670).

I have two and a half years of experience at a boutique investment advisory firm founded by former Goldman guys (all ultra high net worth clients). I have passed the first two levels of the CFA on my first attempt and plan to complete my charter in June 2010. I graduated from Duke University with a 3.4 (Economics and Political Science Double Major). I have internship experience as a Hedge Fund research analyst abroad and an intern with Julius Baer Private Wealth Management. Finally, I spent roughly 3 months in Africa helping start a microfinance program earlier this year.

Given a 670 how good of a shot would I have at a top 8 school? Does the 30 points between 670 and 700 kill my application to a top school?

Thanks again for your time.
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by Bryant@VeritasPrep » Mon Aug 24, 2009 5:59 pm
Thanks for your post...you should be encouraged. For starters, even if you score a 670, that's a great GMAT score, and one that will demonstrate you can handle a top MBA program. What makes a 700+ attractive to schools is simply that it helps boost their average upwards, instead of downwards. It's that simple. Fortunately, your other components are exactly what will help you "make up for" a top GMAT score: top undergrad institution, unique high quality experience, unusual and sacrificial international volunteer work, CFA certification (for pete's sake, if you're CFA certified at all levels by the time you go to b-school, b-school will seem easy). , etc. My gut instinct tells me that if you can pass the CFA, you can get a 7-handle on your GMAT as well, then you can write your own ticket, because you will have a near bulletproof package (on paper). Go take a prep course (I have to put a plug in for Veritas there) and get a consultant to help with your essays and you should be very competitive. Good luck.
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by KingDuke » Mon Aug 24, 2009 6:12 pm
I appreciate the encouraging words. I actually finished a Manhattan GMAT class at the same time as my CFA class. I see myself realistically scoring just below 700 and maybe just over a 700 given a second attempt. I am going to consider a consultant for the actual application process. I am also not sure how much more work experience I need for a top 5 school. I am in final round interviews for a number of unique jobs that will change the direction of my career (yet still draw on my background) and are part of a plan that would include a MBA. I can integrate that all into an essay. I want to transition out of Private Wealth Management into VC/PE and view an MBA as a way to do so.
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by Bryant@VeritasPrep » Tue Aug 25, 2009 5:30 am
That sounds like a good plan. As a former PWM associate at Goldman Sachs, I can say that it did not provide the kind of breadth of experience that many jobs in finance were looking for when I went about looking for a new job (I gave up the ghost on PWM after figuring out it was a bad fit). It is wise of you to anticipate this quirk about PWM and get out there experiencing something different before B-school. good luck.
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by mp2437 » Tue Aug 25, 2009 1:14 pm
hey man, that's a nice background. I have a similar background as you (passed L2 this past June 2/2, sitting on L3 next year), but did engineering undergrad with a slightly lower gpa.

Question - are you planning on applying before the L3 exam? I'm having a hard time deciding if I should apply to b-school after the charter, or during...was wondering your thoughts.

How long have you been studying for GMAT?
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by KingDuke » Tue Aug 25, 2009 3:05 pm
I took the Manhattan GMAT class and now I've spent about 3 weeks rereviewing the content. I'm planning to have done around 4 to 6 practice tests before I take the exam this weekend. I'm scoring from 670 to low 700s. I might take it again if I don't get above 700.

I'm not sure how much finishing the CFA will help with an MBA application. I can't imagine it would be much more help than having completed two levels. Either way it should help the app.
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by Bryant@VeritasPrep » Tue Aug 25, 2009 4:00 pm
That's actually very saavy insight...you will get just about the same bang for the buck just from having the two levels complete even without the official CFA designation. Definitely plan to complete it, however, as where it will come in real handy is with employer interviews. Don't forget that you will begin interviewing for your summer internship almost immediately after matriculation (at the latest by Christmas or new years)....having the CFA will definitely set you apart in that process and many folks end up with a full time offer from their summer employer....just some food for thought. You definitely will not have time to finish the CFA once you start drinking from the proverbial MBA firehose!
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by mp2437 » Wed Aug 26, 2009 7:20 am
Good to know that passing L2 and L3 is of marginal difference, thanks. I just picked up the OG Verbal book yesterday....dreading this process. Hopefully the studies won't take longer than 2 months as I plan on studying for L3 around December/January.

I'm stuck debating whether it makes sense to apply to b-school for 2010 matriculation or later (post-CFA charter awarded & more work experience)..not sure how the adcoms view those with 2-3 years experience, so I thought pushing it until afer CFA is actually more advantageous.

Good luck on your exam! Let us know how it went.
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by KingDuke » Mon Aug 31, 2009 11:31 am
So I ended up with a disappointing score on the GMAT. I had scored 710 and 690 on my last two practice tests. I hadn't scored below 670 then I got a 660 on the actual test. It looks like I'll have to take it again. I'm wondering if I even have a shot with my current score. What do you think? How much would a 680-700 help my application?
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by Brett N » Tue Sep 01, 2009 8:22 am
Hi KingDuke,

I just checked out all your posts and it seems that your application will have a compelling story and that the two weak areas might be your lack of years of work experience - they usually like around 5 - and your GMAT score. That said, I think the story is much more important than the GMAT score so you still have a shot of getting in. I had a low GMAT score so I used some alternative techniques to separate myself from others who had higher scores (and even GPA's).

On a different note, I might take some more time to really consider why you want to go to business school. A good way to do this is to outline the first essay question, "Why I want to go to business school x". From limited info on my part, you took the CFA, which in the finance world I believe is the equivalent of a MBA, and now you're applying to business school so it seems that you have a few ideas of what you might want to do. Nailing my reason for going to b school really motivated me and helped me get into school.

Let me know if you have any more questions and I'd be happy to answer them directly. You can email me at [email protected].
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