<p>Worst case, you take a consulting job for a year or two out of undergrad to pay off the debt -- grad schools will understand, especially since some will let you defer for a year.</p>
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take a consulting job for a year or two out of undergrad to pay off the debt
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<p>I've always wondered about this! People always mentioned consulting jobs... are they actually as readily available as they sound with only a bachelor's degree? Do you have to have majored/minored in business or math to get one? How much do they actually pay?</p>
<p>They are available to any undergrad with top grades at a top school -- and you would realistically have good grades if you're going to graduate school. (I'm pretty sure the guys who interview at Caltech don't even look at the major much, just the GPA).</p>
<p>They are available, and the majority of hires come right out college (for the ones who stay in consulting, the firms pay for your MBA later). It's not tons and tons of money, but you can make $70k, maybe a little more, after bonus if you work hard. That's not bad for a job right out of college, and it'll pay the bills off pretty quickly if you continue living like a college student while earning like... not a college student. ;-)</p>
<p>I have a friend who graduated early in mechE who got one, and she's living in a gorgeous apartment on Boston Common (which means that I don't even dare to speculate about how many gajillions of dollars she's making).</p>
<p>Consultants are only looking at $70k the first year? That seems low to me. You can probably hit $80k at some software firms that are rolling in the money (after signing bonus, relocation, etc). And investment banking jobs should be able to hit $100k...</p>
<p>Anyways, I can't imagine anyone having to take $70k in debt for a top private school. Then again, I've talked to some ppl at Caltech who were offered much less money by MIT's fin aid dep.</p>
<p>Hmm.... so there are definitely two camps on this issue. There is the camp of people who talk about how huuuuge the paychecks are at consulting firms from inference/secondhand tales, and then there are the seniors who just finished interviewing. I have never heard a figure above $70k from the latter group. (I might just not be well-informed about this, so if anyone has a hard data point, I would be very interested in hearing it.)</p>
<p>I think we forget that this is quite a decent amount of money for an entry level job. (Thereafter it is up or out -- if you stay, you stay as a senior consultant/partner who makes much, much more money, once you get some experience.)</p>
<p>well Ibanking it is reported will typically pay upto $60k+60k(in Bonusc) for a fine analyst at the bulge bracket ibank (Credit Suisse,JP Morgan,Goldman,Morgan Stanley and likes)...if u are good Ibanking jobs can increass in pay manifold in a year...there's this friend whose cousin got out of MIT...and got start of 80k at goldman next year 125k the year after that $600k (un-freakin-blievable) now at 26 he is being pursued by Deutche for 1.2 million..and they will make him VP after an executive MBA...so there is no dearth of money for hardworking,intelligent people....but as the topic is about starting salaries...i think Ben is absolutely corect...it will usually be about 70k for consulting...and like for other top fields (leaving Ibanking as it is very tough to get into one)..</p>
<p>^^ for more details go to Pton thread...or no actually search my id for posts in pton thread 'vampiro'....now go to a thread which says something related to salaries..and read there..about Ibanking and stuff...</p>
<p>ummm...i also have a question of my own...i read that consultancies pay for your MBA..but they will then also expect you to return to their company only with whatever they offer you right...so thats not much independence..</p>
<p>For Ben...Does anyone at Caltech really take up any consulting/Ibanking jobs...</p>
<p>Yes, definitely. I know of quite a few people who have gone into i-banking and consulting. If you get a good GPA in math or physics they'll snap you up like candy, assuming you are modestly articulate and good at puzzles at their silly interviews.</p>
<p>ok...i also heard that CS majors are sought after at Ibanks (coz it involves lots of quant stuff and logic and all)</p>
<p>Well, as to the original question of how much "liking the school" is worth...</p>
<p>it's worth MIT tuition to me!!</p>
<p><em>signs on dotted line</em> </p>
<p>I'm going to MIT! :D</p>
<p>Welcome to the 'tvte! :)</p>
<p>kcastelle -- YAY! i'm happy for you.</p>
<p>tee hee hee</p>
<p>Thank you all so much for your help and answering all my questions. I appreciate it so much! Mollie, Ben, mootmom, pebbles... that doesn't even cover everyone who answered questions for me and helped me make my decision, but it's a start. You guys are amazing. :)</p>
<p>Congrats, K! See you in the fall! :-)</p>
<p>Yes, go go go, MIT Class of 2010!</p>