Hi everyone,
I am applying for Full-Time MBA Programs but I am not sure which business schools will be the best choice for my qualifications.
Undergraduate major: Engineering
GPA: 3.1
GMAT: 710
Work experience: 2 years in engineering
Desired career after MBA: Finance
I have already got accepted into UMASS Amherst and BU for the Full-Time MBA Program, but I’m not sure if I should accept one of these offers or apply to other schools; I am currently having second thoughts about these programs.
Thanks in advance for any options or advice.
Why are you having second thoughts about these MBA programs ?
Check out my thread on Specialty Master’s Degrees in Business which lists the 32 most popular areas of specialization. Programs tend to be 10 months long.
@Publisher
Thanks I’ll check it out.
As for why I am having second thoughts, I am starting to feel that maybe I should consider applying to some higher ranked programs to increase the possibility of landing a good job after graduation?
With a 3.1 GPA acceptance at top MBA schools would be problematic unless you have significant work experience.
@TomSrOfBoston
I only have 2 years of work experience in a somewhat small engineering office; not a well-known firm or anything like that. No business related experience. I don’t know what my chances are considering my work experience but I’m thinking not so good?
The primary concern will be cost (COA). Will be tough to beat your current scholarship offers, in my opinion. Although a higher GMAT (if you elect to retake) combined with another year of work experience would make you a more attractive candidate. But the higher ranked schools focus on quality of work experience–for example, did you advance through promotions or make substantial contributions.
Another thought, even though “employed at graduation” numbers are somewhat concerning for BU-Questrom & UMass-Amherst–Isenberg, how many graduates of those programs are engineers ?
Although your GPA is low (but great GMAT), having an engineering degree can be an advantage when applying for many MBA programs because there tend to be a relatively small % of engineers in a given class, and engineers bring a different perspective which schools do want.
With that said, cost should be a primary driver of your decision. BU Questrom is generally ranked higher than Isenberg, have you looked into the internships and jobs the grads get, and average salaries? Can you get to where you want with an MBA from either? What would be your net cost at each school?
@Publisher
I have been supervising a building site-which counts for leadership, but I think a problem is that it is a small engineering office which would not be known to the schools I apply to, which in turn will result in these schools not being able to accurately judge the quality of my work expereince.
Depends upon which MBA programs you are targeting. As an engineer, you should be an attractive candidate for admission, but even if admitted to a significantly higher ranked MBA program, the cost might be astronomical (around $200,000 for 2 years).
Financially, it will be tough to beat your current scholarship offers.
I came across the below article when replying to a thread of @Jenny005
Average GPAs for MBA schools might be lower than some think. This article has a table, including avg. GPA at some schools (some ranked higher than BU): https://poetsandquants.com/2017/09/24/meet-notre-dame-mendozas-mba-class-of-2019/
Many MBA schools value engineers, and know that engineers tend to have lower ug GPAs than some other majors. MBA admissions generally have some give in GPA with a willingness, even a mindset, to offset a lower GPA with other factors such as a high GMAT, challenging ug major, leadership and/or work experience.
OP, perhaps do some research re: MBA programs that desire/value engineers, if you do decide to expand your list of schools. Good luck.
Rice-Jones & Carnegie Mellon University-Tepper probably have high numbers of STEM majors.
P.S. Not only are COA & job internships & placement important considerations, but timing is as well. If a two year interruption is doable at this time in your life, then it may be wise to do so as personal circumstances can & do change.
@Mwfan1921
I have been looking at the positions graduates from both programs have landed and some of them are pretty impressive, but a degree from a higher ranked school would without a doubt land better positions.
I am aiming for a career in finance and after talking to both programs about my career goals they assured me that it would not be difficult, but what school is going to tell that it is hard to land a good position after graduation? So, I am still a little concerned about these programs and thinking about applying to some higher ranked program but I am not sure about my chances with higher ranked schools.
My COA for BU would be around $50,000 for the two-year period. For Isenberg it would be around $15,000, also for the two year period. I have been awarded full tuition scholarships for both programs and an extra stipend from Isenberg.
@Publisher
So you’re saying that even if I am admitted to a higher ranked program, it is unlikely I will he awarded a significant scholarship?
No one can say with a high degree of certainty what will happen with regard to admissions and scholarships if you apply to more schools. Scholarships are competitive, but there is no harm in applying to more schools to see what happens—it could be worth the investment in time and app fees. Make sure to highlight the difficulty of your ug curriculum, as well as work and leadership experience (include any leadership experience outside of your work related building site supervisor experience too). Do interviews at all the schools you apply to as well.
I read your other threads and FWIW as things stand now, I do see BU as a better opportunity, even though you will have to pay/take on debt. Agree with others that Isenberg is too small and that the difference in average starting salaries and placement % is significant. I would however see if you can get from BU all of the starting salary detail to ascertain whether there are a few outliers driving up the average at BU.
@Collegesurfer093 : Being admitted to “a higher ranked program” does not mean that you will not be offered a scholarship. The question is to which higher ranked programs are you referring. For example, if referring to Emory University, then you might receive a scholarship offer of some amount. Emory is currently ranked #20 by US News and the entering class of 2017 had an average GMAT score of 682. But University of Washington–Foster, also ranked #20 by US News with a 2017 average GMAT of 693, does not offer any significant scholarships to the MBA program.
If targeting a top 18 MBA program, then any scholarships offered would be quite competitive. If targeting these schools, I would recommend retaking the GMAT for a score improvement to at least 730 to improve chances of admission & for scholarship consideration. Obviously a GMAT score of 740 or higher is optimal because it exceeds the average GMAT for all ranked MBA programs.
If admitted to a top 18 ranked (by US News) MBA program, I do not think that you would be offered any merit based scholarship money as your GPA & GMAT are too low.
True. Thank you both very much.
@Mwfan1921 Good Idea. I’ll try to get detailed info from BU on starting salaries.
@Publisher Sadly, I don’t think I can get a higher score on the GMAT if I retake it right now. I don’t have enough time to prepare the way I need to if I want to get a higher score.
@Mwfan1921 @Publisher Do you have any suggestions of some B-Schools for me to apply to? Well ranked schools that I may have a good chance at getting admitted into and may be awarded a scholarship?
At this point, if you are looking to enroll in fall 2019, limit the search to higher ranked schools than BU that give scholarships and have relatively few students with engineering backgrounds (Class profiles usually show the industry/backgrounds of matriculants). If you are open to relocation this probably opens up 20+ schools.
The good news for you is that full-time MBA applications are down (generally good economy/low unemployment), even for some of the M7. Also, scholarships are on the rise at many schools (no surprise with decreasing application numbers). ND’s Mendoza website says 80% of students receive some scholarship $, Vanderbilt’s Owen says 60%. Even HBS has dramatically increased total scholarship dollars over the last several years.
With all that said, scholarships are still competitive, increasingly so as you go up in the rankings. You have a very good offer/opportunity at BU, so that should give you some confidence if you choose to apply to more schools. I do think you can reach your job goal from BU as well. Wherever you end up going, keep your grades up and hustle hard for your summer internship—they are really competitive, especially if you are looking in finance. Network and use the career center, but start looking basically as soon as the first semester starts, your search should be well underway by the holidays.
@Mwfan1921
Great advice. Thanks alot.
I do have one more question though. I feel you may have experience in this area. BU’s deadline for accepting my current offer is in a couple of weeks. But, when I start applying to other schools, between the time I need until I submit my application and the interview there will be about a month until I get an admissions decision. I was thinking about accepting BU’s offer for the meantime until I see if I can get a better offer from another school. Is it fine if I accept the offer now and if I do get a better offer from somewhere else tell BU that I have changed my plans? Or is that not acceptable? What do you suggest I do?
Yes, you can accept BU’s offer while you wait for other decisions. I assume you have to put down a deposit upon acceptance, and that may or may not be refundable. Pay attention to the contractual details.
If you do apply and are accepted elsewhere, you will also be able to use the 2 scholarships in-hand to negotiate other offers, if they materialize. Negotiation may or may not work, but you should try. Good luck, keep us updated.