layoff due to recession, chances

[chi03]

Grades: graduated from top 10 U.S. school majoring in Bio and Econ with an overall gpa of ~3.5

GMAT: got 740 (50M, 39V), I know that I can do about 2-3 points better on verbal and can improve my math by another point (I have consistently been getting 51M and 42V on my practice exams)

Experience: worked in banking right out of college (was laid off after a year due to market situation)...did a bit of soul searching, took an internship overseas in a top strategy consulting firm (one of the top three), signed with the firm (wait time between signing of the contract and first day of work is about 6months)

MBA: aiming to apply next year for the class starting in 2011...target schools-hbs, wharton and stanford

Question: 1) are my targets realistic? 2) how will my change in career (and the limbo period) affect my chances? 3) should I retake my gmat to up another 20-30pts? 4) advices in general?

[Linda Abraham]

Grades: graduated from top 10 U.S. school majoring in Bio and Econ with an overall gpa of ~3.5

GMAT: got 740 (50M, 39V), I know that I can do about 2-3 points better on verbal and can improve my math by another point (I have consistently been getting 51M and 42V on my practice exams)

Experience: worked in banking right out of college (was laid off after a year due to market situation)...did a bit of soul searching, took an internship overseas in a top strategy consulting firm (one of the top three), signed with the firm (wait time between signing of the contract and first day of work is about 6months)

MBA: aiming to apply next year for the class starting in 2011...target schools-hbs, wharton and stanford

Question: 1) are my targets realistic? 2) how will my change in career (and the limbo period) affect my chances? 3) should I retake my gmat to up another 20-30pts? 4) advices in general?

When exactly are you going to start with the consulting firm? What do you want to do after your MBA?

2) But I don't think the lay off is going to hurt you. The schools know about market conditions and what they have done to employment in financial services. Plus you used the layoff to get into another field and land a good job with international experience. Resiliency.

Please see "Laid Off: How It Will Affect Your Application."

3) No.

4) Visit the schools now and nail down why exactly you want to attend these programs -- other than brand and ranking. That insight will help your application immeasurably come next fall.

You may also be interested in Accepted's MBA Admissions Telethon, an opportunity to obtain a free mini-consultation from one of our staff members.

Best,
Linda