All questions tagged MBA - Consulting Q&A - PrepLounge.com

Hi,

It's hard to say without knowing your University. But in most of the cases MBA is different in the following:

• Learning method - Mostly case method with little to no lectures
• Electives - they are totally different from BBA
• Diversity - lots of internationals
• Networking - your classmates already have 3-5 years of work experience and can contribute the discussion
• Recruiting activities - totally different

Best

Hi Matthew,

Given that you graduated with distinction this can only help! Of course, better ranked MBAs are much preferred. However, a resume/individual is about the sum of their experiences not any given one. So, make sure to highlight what you've done as a doctor for 7+ years and any other outstanding achievements/initiatives etc. you have.

Hi there,

to assess which MBA is the right choice in terms of your goals, I would recommend to first check the current alumni of the target MBAs you are considering on LinkedIn and see where they are working now. I would then select those MBAs with the highest number of people in your target firms. Finally, I would try to organize a call with some alumni to ask information on how they found the application process given the brand of the MBA.

Hope this helps,
Francesco

Hi there,

to assess whether an MBA is the right choice in terms of your goal, I would recommend to first check the current alumni of the target MBAs you are considering on LinkedIn and see where they are working now. I would then select those MBAs with the highest number of people in your target firms. Finally, I would try to organize a call with some alumni to ask information on how they found the application process given the brand of the MBA.

Hope this helps,
Francesco

None. Same questions and bar for case and fit

Hi Panos,

A few points to answer your questions above:

1) McKinsey pays for your MBA/post-graduation degree if you have received a rating of 'Clear and Accelerating' (2nd highest; usually top 25%) in your last rating cycle

2) They will pay a maximum of 2 years worth of tuition. If you're thinking of law school or PhD, you'll have to cover the duration beyond 2 years. However, McKinsey does cover expenses for books and insurance, and lets you keep your firm laptop as well, which is a very sweet deal. In fact, you get a signing bonus (25-30K) when you re-join.

3) This one is interesting. During your post-grad, if you do your summer internship at McKinsey, they pay the tuition to your school directly. However, if you plan to do your internship elswehere, you still get the tuition money but it's sent to your bank account, implying it is treated as income and is taxed. When you're looking at tuition fees of >$150K, that is pretty significant. (55-60K)

4) One you come back, you're expected to stay for a minimum of 2 years. If you decide to leave after 1 year, you will be liable for 50% of the tuition/expense McKinsey covered

It's truly amazing to see how much McKinsey cares for it's employees. Hope this helps!

Thanks,

Nirmit

I think it depends on the rest of the application. While your GPA is not great, I think that you can make it work if you show clear growth since then. For example, having an outstanding GMAT score would help you a lot, especially in contrast with the GPA. Keep in mind, though, that a really high GMAT score can take months and hundreds of hours to come by, so you will want to plan for that. Further, you can demonstrate growth in your essay. I've heard that giving compelling arguments for why you want to do the MBA, and of what it'll let you achieve, can make a huge difference. I'd recommend heading to GMATClub.com and reading testimonials for further inspiration and advice.

Do not apply for an MBA only because you want to join MBB => in the best of case, your odds are still pretty bad.

An MBA is an investment in time and especially money. At least in the business world, it will often open doors ("job opening or promotions basically requiring an MBA), and your comp will usually be much greater after the degree than before. It is not a guarantee however, and depending on what you do before and where you want to go, it may not be what you should do.

Can you give us more details on your background, what you do today and what your objective is? Is it strictly to join MBB?

PS: Honestly, if you get in MBB, paying for your MBA won't be an issue - regardless of how you financed it

Hi,

1) First, it's the Network. As a partner, you will have MBA alums in major companies and will be able to sell the projects. Second - it's the prestige of the MBA brand for the client. Third - MBA makes you more well-rounded and helps you to lead the conversations with the clients

2) It's a curated business knowledge with the relevant basics + the subjects of your choice. Re Insead it's a 1-year school and academically it's worse than the 2-year programs.

3) Depends on the school. My leadership professor at Harvard was the highest paid CEO in the US and now he is the CEO at General Electrics. My Sales professor was Head of Sales at Hubspot. etc. I believe the quality of the 85% of the professors and thus academics at Harvard is extremely high.

4) I think you are wasting your own time trying to understand these things. Pls concentrate on prep / studying

5) It really depends on the person. Again, it's unproductive for you personally to contemplate on that

6) Your choice. Depends on many factors. I would personally recommend TOP3 US schools

Best

Hi there,

It's a good question. A quick answer to your question is NO, many times cases are similar.

However, it is important to note that MBA students are interviewing for upper-level positions. Within the same case, performance expectation can be different.

For example, not knowing how to calculate perpetuity while doing valuation may be acceptable for an undergrad student with a psychology background, but it definitely hurts MBA student.

Hope it helps. Serhat

I think you are mistaken - every university offers majors in economics, marketing, finance, business...

As for the cost, you are right, American universities are often extremely expensive. View them as an investment. If you want to do your career in the US, this may be a good idea; if you plan on staying in Europe, probably not nearly as much.

Hello!

Based on what I know of two industry companies and one consulting firm, payback is usually per time. For instance, if you study for two years, you're expected to stay in the company for two years after to pay back all your dues.

Should you choose to leave before that, then companies/firms would most likely do one of three things:

• Ask you to pay back what's left of the amount immediately (they'll take as much as needed from your severance, paid leaves, etc. before your resignation).
• Set up a payback plan (i.e. installments).
• Mix between first and second points above.

In very big companies, however, entities responsible of academic development financial lags will turn a blind eye due to the tedious and convoluted legal procedure taking place on their end, though that is a rarity.

Hi,

I agree here with Guennael - brand and career trajectory are important.

But what's even more important - What you were actually doing?

• Did you have achievements in your career track?
• Were your career moves spontaneous or you were following some mission / passion?
• Do you have a lot of examples from this work experience that will help you answer the admission questions?
• Can you pack it in a story that will be exciting and will explain why MBA is the logical continuation of it?

Best,

As others have said, it depends on the geography. It also depends on the role - there are literally dozens of types of grad roles at the bigger companies you mentioned - so some roles might be covered vs others not.

One specific company I do know is Oliver Wyman, which does sponsor MBAs, but makes it harder than MBB. Whereas at MBB the standard rule is 2 years at company + 2 years after, at OW it's 3+3.

Best is to ask the companies/interviewers on their specific policies!

Since you are on a consulting board: why don't you try work in consulting for a few years, get your MBA (sponsored) and then later move into industry? Consulting firms love Engineering graduates, so you won't really have any advantage from having an MiM assuming your undergrad in Engineering was from a good school. You would also enter at the same level.

MBA is simply much more respected, especially in the states.

As for "learning the business side of things" you will learn a lot more actually working in consulting than you will in a master's programme.

The actual material learned is pretty much irrelevant. The value of an MBA is 3 folds:

1. The signaling aspect. St Gallen is well known in some parts of the world, but INSEAD is universally recognized as one of the very top MBA - anywhere

2. The networking. St Gallen as a fantastic network in German speaking areas (I presume), and probably in Europe at large; INSEAD has a fantastic network throughout the world. I know INSEAD MBAs in US-based MBB offices, but not a single St Gallen grad there. INSEAD also has well known branch in Singapore

3. The opportunities / ROI: See #2 above. I have never seen St Gallen at the top of these rankings, but INSEAD is always right up there when measuring the ROI.

Ultimately, it is an investment - either professional and/or personal. Especially with its 1 year program, I don't think any traditional MBA is a better value for the money than INSEAD.

I am not aware of a single online MBB being "target school" for MBB. Other consultancies may accept them, but probably only rarely. Besides the lack of brand name, your main difficulty will be overcoming the common perception that online degrees are watered down and you just need to pay to get the piece of paper. Shaquille O'Neal got an MBA from the Phoenix University, but I don't know anyone who thinks of him as a real MBA.

I think your best bet is to find someone who did an evening or executive MBA, and who will understand how hard it is to actually pursue graduate studies while holding a full time job. I did it, I know it is not easy. But even I still don't view online MBAs are 'the real thing'.

My advice to you: if you want to join MBB or even a strong Tier2 consultancy... do a regular program

Agree with Elias. Professional athletes regularly make their way into MBB, we had a former NFL player in the Houston BCG office a few years ago. By playing at that level, you showed dedication, grit, resilience, ambition, top level performance... and tons more good things.

No harm in trying out before the MBA. I'd reach out to other athletes who made the jump. If you can't find any, ping me and I'll try to hook you up w/ that former NFL player.

Agree with Vlad - you already have a lot more work experience than most MBAs. Now, some schools may be more open to your profile than others, but that's part of the homework you need to do now: which schools are a fit? It goes both ways by the way, some schools you may not like at all.

PS: Don't necessarily limit yourself to Europe, the Undergrad+MBA might be more common in other areas

PPS: Why do you want an MBA? Make sure you have a good answer to this question also, MBAs are costly and time consuming

European MBAs are more often 1 year, American ones more typically 2 years. Vlad is right, the tempo would change drastically:

- 2 year degree gives you a little more time to absorb the material, try out new things, participate in associations, travel even; obviously the internship is huge. These degrees are all about networking, but also the last 2 "easy" years you may have until you retire

- 1 year degree will come out cheaper: an MBA is an investment, so a 1 year degree will tend to have higher ROI. As for "absorbing the material", who cares? Hardly anything is truly applicable anyway (I exagerate, but only slightly)

Note: One other huge advantage to the 2 year degree is if you plan to change career: the internship will be a great opportunity to build a new skill set. Many in the 1 year programs (as well as executive programs) find it difficult to truly change career paths - unless they want consulting

Harvard, Stanford & Wharton are 2 years; INSEAD is 1 year...all are outstanding, so clearly neither path is clearly better