To those who were chased away by the recession / crunch

[wilderness]

Hi all,

I know there are many who are applying for MBA because of the credit crunch and many who stopped from applying because of the credit crunch.

The belong to the second group. (28 m, 5 yrs WE, 730 GMAT,living in Germany,Consultant for a leading global telecom giant).

I had planned for an MBA from US for many years, and earlier this year took GMAT, TOEFL, checked schools, met alumini, assisted an MBA class. So now when all seemed to be set for sending in the application the credit "crunched" and most importantly recession seems to have started.

So I have decided to apply for fall 2010 instead of 2009. From my career history 2009 would have been better than 2010, but I am somewhat sceptic about US job market afterwards. Its not that there will not be jobs available. Its that it would be tougher to get the dream job in a recession as compared to normal times.

The aim of posting this was to see if there are many others who have taken the same decision. Some of my friends are still going ahead with MBA.

So is there any who has deferred his / her plan for MBA because of the economy ?

[egybs]

"I skate to where the puck is going to be, not to where it has been."
-Wayne Gretzky

[bucky6225]

Hi Wilderness,

I'm in the same boat. I'm specifically looking for jobs in the investment industry (doing really bad right now), so I've decided to get another year of experience and apply for 2010 when the economy has hopefully started to turn around. What programs and types of jobs are you looking at?

Bucky

[wilderness]

Hi bucky6225,

I was planning to take a shot at the big ones: HBS, Stanford, INSEAD. May be CMU and Hass also if the economy seems to be doing good.

On the job front, I am aiming at managing Tech & Telecom companies. These companies are doing much better currently as compared to investment industry as you mentioned. But because they companies are mostly cosumer based (people with empty pockets wont by new iPhones or new laser printers), so a recession will affect their growth & profits. So the effect on these industries might be a little delayed. Hence the industry might not be in a best position to hire me in 2011.

Are you planning to do anything special this year to boost your application ?

[bucky6225]

Hey Wilderness,

The biggest thing I'm going to do this year to boost my application is some type of volunteer work or extra-curricular activity.

I'm satisfied with my GMAT score, there is nothing I can do about my GPA and my career experience is going really well, so doing something outside of work/school is the best thing I can do.

The only thing I'm concerned about is whether the admissions commitees will think I did some volunteer work just for the sake of getting into to business school.

As for the actual volunteer work, I already volunteer as a coach at a local high school, but I feel I should do something else as well. I'm still thinking of ideas.

What about yourself?

[wilderness]

I was also thinking along the same lines ... some extra curricular or community work ....

I dont think the adcom should look at it from this prespective ... Infact if someone is doing voluntary services just to boost his applications it goes even further to show that he is really interested in the MBA

In fact my bigger worry is that since I have already taken GMAT and TOEFL this year (well time for this 2009 application deadlines) many school might think that I already applied to some other MBA schools the year before and was rejected.
OR
I wasnt really confident about what time is right to go for an MBA ?

Both of these can give a negative impression ... Is it true or am i being too paranoid ?

[astronaut]

i am also in the same club. I have differed my application plans for next year after doing all the research, but the dilemma still exists - whether I should go for it or not. i am still talking to friends and alumni. All of them have different opinion. I guess i will have to take a call on my instincts.

For now its a no-go. I am 27 years old with 4 and a half years of exp till date. gmat score 700. Just
trying to identify things that could improve my app next year.

I think getting into top b-schools will some-what mitigate the recession effect but thats still a big bet. No one can be sure of that, only time will tell.

But the dilemma still continues and time is running out.

[bucky6225]

Hey Wilderness,

I think you're being paranoid . I'm pretty sure business schools will evaluate you based on your application, not based on why you waited to apply to their program, or if you were rejected from somewhere else. In fact, waiting to go to business school because the economy is so bad may look like a smart thing to some business schools. I mean, why go to b-school when no one can get hired!

Hey astronaut,

our profiles sound eerily similar. GMAT 710, 27 year old with about 4 years work experience. what industry do you work in?

Don't know what you guys think of this, but I applied to a mediocore program this year. I don't think I will go, even if I got a scholarship, but I'd like to defer so when I apply to better programs next year I have a back up plan. Do you know if you can defer acceptance to b-school, or is it not like undergrad?

[wilderness]

Hi bucky6225,
There is a possibility of deferring, but my "feeling" is that its not as common as for undergrad. I think u need to have a good story for that as well. Schools will probably not buy the fact that u want to defer because of recession.

I went to a LBS seminar recently and they were not shy of saying the getting jobs would be tough in near future. That is undestandable for a place that had Leehman Bros as its second biggest recruiter in the recent years. But I guess the effect might be seen elsewhere as well. INSEAD had most of its grads going to UK in recent years (thanks to a booming finacial services market + easy immigration for MBAs). With that market gone, life might not be all that easy.

But as astronaut said, everyone I talk to also has a different opinion ...

[astronaut]

Hey bucky6225

I know one of my friends differed his joining date with the same idea of backup. But he delayed it for 6 months i guess. Its a different story that he is now in a very tricky situation but it seems some schools have this provision. You will have to dig information.

I work as a technical consultant in a leading "IT" company.