Best MBA's for Chicago banking?
Wanted to see everyone's opinions on the best programs for Chicago banking. I won't be able to get into Booth or Kellogg. Ross is my reach with a 3.8 GPA, 700 GMAT, and F500 experience.
What's everyone's thoughts on Indiana, Notre Dame, UIUC? I know Vandy places a lot of kids in the south, but they're closer to Chicago than NYC so how would their program be?
I am surprised you think you won't be able to get into Booth or Kellogg. You should work harder on your GMAT and give them a shot.
I could always start studying again and retake.. I'm not applying until next year so I have some time to prepare.
Main reason I don't think I'd get in is because my undergrad was at an unranked state school (nothing like Big Ten, SEC, etc.) and although the F500 is an industry leader, I don't think it has the same recognition as GE or Walmart for example.
How many years of work experience do you have? Maybe you can give Fuqua a shot? I know someone who went there with 3.4 GPA and 700 GMAT.
Stating the obvious here. The GMAT is well below the median for Booth, Kellogg and Ross. Ross just broached 720 for their latest intake. With that said, if you get a 730+ and convey a unique valuation proposition for these schools, you'll have a reasonable chance at these higher ranked programs.
Recall schools post GMAT averages meaning some are above and below that digit. Surely higher GMAT helps but it's minimal impact to overall app quality
3.8 GPA, 700 GMAT, and 4 years F500 experience is a reach at Ross now? Jesus
No he’s fine. People read too much in the median stats - it’s very easy for schools to boost median GMAT score by admitting international students with 720+ plus.
Makes sense. I'm pretty much hoping a 750+ will get me in the same way, haha.
Sorry. He isn't fine. He could have the median stats and still not get an interview. Don't be disingenuous. This entire process is a black box.
Think what you want. Finance is no longer coveted work experience for most business schools. There is a surplus of white men coming from finance to business school, and as such, higher scores and other factors are needed to stand apart from the pack.
Keep in mind, investment banks recruiting MBA associates typically prefer to see GMAT scores on one's CV. Your score stays with you.
Kelley is solid for a safe bet. Definitely try for for Booth and Kellogg though. They're definitely the programs with the highest regional placement, Ross is not far behind them.
I think you have solid shot at Ross with current stats. I would also say Virginia, Duke, Wash U, and Yale and when applying to the BB's just state you want Chicago office.
The landscape for IB is different at the MBA level than UG. First, it's more concentrated. Top programs recruit almost exclusively at MBA business schools">M7, then T15. The concept of networking is almost zero at the MBA level.
The upside is if you get into an MBA business schools">M7, a top bank is a 95% guarantee, since supply is greater than demand.
If you don't you're facing a huge uphill battle, even at T15. Outside of T15, there might be some marginal regional recruiting, but odds are slim to none. This doesn't mean you shouldn't consider an MBA if you don't qualify for a top school, it just means you should definitely have a backup recruiting plan that works. Outside of top 15, especially outside of top 25 schools, the MBA is a money machine. If you're already making $70-80k, I'd consider carefully.
Be wary of employment reports outside of top schools. Often a school will say that they placed at GS, etc. This probably means back/middle office. Talk to alumni and current students to understand the true landscape.
Can you give more details about your profile? With work, you might better qualify for a top school.
My long term goal is to get into corporate development, which is the main reasoning behind an MBA and IB.
But like you said, as I get further out of the T15 the odds aren't great for IB and the MBA might not even be worth it. If I don't get into a T15 I don't think I'd pursue IB. My other thought would be to go to a more regional school in the 25-50 range (where I should be able to get a decent scholarship) and pursue the MBA FLDP's. This would give me a shot at corporate development if I'm able to get that rotation, and a lot of those programs still pay $100k+ for their post MBA programs. Not too bad of a gig. And it's not really Chicago or bust for me, but I'd prefer it.
My stats / background are: 3.94 GPA Summa Cum Laude at an unranked state school, think CUNY but not even as good. 700 GMAT. ~4 years work experience at matriculation from a F500 medical technology company. 2 years as an analyst and then promoted to senior financial analyst. Some EC's mainly relating to my hobbies.
It sounds to me like anyone in MBA business schools">m7 can get in IB?!
At my Chicago bank, I'd say the breakdown of degrees looks like this
35% Booth 25% Kellogg 20% Ivy (Mainly Harvard, Cornell, Dartmouth) 10% Michigan, Indiana, Wisconsin 10% Other, including Notre Dame, Duke, Georgetown, & Darden.
There's one UIUC guy, and he's an experienced hire who came over from a Big 4 firm.
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