College Kid Debating about MBA Program

The Tripster · #1 09-30-2007, 08:54 PM

A little background info:
Currently a junior at Indiana University and definitely majoring in Finance. Currently have a 3.41 GPA. I.U.'s undergrad program is ranked top 10 in the nation and nearly all of the big firms recruit here. The MBA program is ranked top 20 nationally, and it's known for getting at least a couple job offers for each student.

About the program:
I.U. offers a 3/2 program where after 3 years I would go into the MBA program, and then would have 2 years in my masters program. The track would be in financial analysis. This ultimately cuts out a year of college (and costs). The program also has plenty of field work with companies in the region.

On to my questions:
I’m currently interested in getting a job in trading with a backup option of wealth management. Both of these suit my style. Obv poker fits with trading. I’m a pretty big winner at 3/6 and 5/10 nl. I like managing my money and have followed this forum for a long time. It’s been very beneficial. Ty ty. I’m curious if this program would let me stand out from the crowd to get me either one of these jobs. I’m afraid if I don’t do the program that I will not end up getting my MBA, but is there reason to bother with it in these fields? Also my GPA is somewhat marginal and a good amount of companies that I would potentially want to work for require a 3.5 just to get an interview for the undergrad program. (For purposes of interviewing, I only need a 3.45 to get past this through how the system works, which I should be able to make in a year). Mainly my question is, should I be worried about getting a job in these fields based on the above or should I go into this program where I should be guaranteed a job in these fields? I’m good at interviews btw.

By doing just the undergrad program I would graduate in 3 ½ years so I would have a chance to travel for 6 months or so, which is something I would love to do. I have a couple places I would want to go for a few weeks at a time. My final question: I could add an accounting major by adding another semester and would it have any benefit to trading or wealth management?

maxtower · #2 10-01-2007, 12:47 AM

I would recommend working first. It would be nice to remove a year of school costs from the equation, but a lot of companies will even pay for you to get an MBA later. Also you may get more out of an MBA if you have some work experience under your belt. What if you join the working world and realize you don't like finance?

Jimbo232 · #3 10-01-2007, 09:15 AM

I think maxtower's advice is spot-on. I believe you will get much more out of an MBA and be able to contribute much more to the program with prior working experience. Also, as a bonus most companies will supplement much of the cost of continuing education.

In the past most MBA programs required X number of working years before they'd even consider someone for the program, however because people will pay for an MBA regardless of working experience this requirement has pretty much disappeared. I'm kind of ranting here, but I think the business of higher education has really killed the prestige of an MBA in recent years.

chisness · #4 10-01-2007, 05:09 PM

Won't your job opportunities be a lot worse after this MBA than if you got a regular MBA? Won't this make those opportunities like IB associate much harder if you can't get them straight from the MBA program?

T50_Omaha8 · #5 10-01-2007, 06:15 PM

[ QUOTE ]
In the past most MBA programs required X number of working years before they'd even consider someone for the program, however because people will pay for an MBA regardless of working experience this requirement has pretty much disappeared.

[/ QUOTE ] This is still the case for most good programs.

Jimbo232 · #6 10-01-2007, 06:27 PM

[ QUOTE ]
[ QUOTE ]
In the past most MBA programs required X number of working years before they'd even consider someone for the program, however because people will pay for an MBA regardless of working experience this requirement has pretty much disappeared.

[/ QUOTE ] This is still the case for most good programs.

[/ QUOTE ]

Very True.

I guess my statement was misleading in that I meant the X number of working years requirement has disappeared because of alternative MBA programs filling the niche prestigious programs left open by requiring work experience. To me an MBA in general has become diluted because of this, but I guess a Wharton MBA still holds much more water than a Generic Online University MBA so this statement is true only to some extent.

dazraf69 · #7 10-01-2007, 08:02 PM

With the high price tag of an MBA (50 - 100k), it seems you are much better off trying to find a job that has a potential of getting you sponsored rather than getting an MBA and then looking for work. Thoughts appreciated?

PRE · #8 10-01-2007, 09:50 PM

OP,

1. What is wealth management?
2. Why do you want to get into it as an alternative to trading?

The Tripster · #9 10-02-2007, 12:50 AM

So it seems the consensus is to hold off and get my MBA later.

[ QUOTE ]
Won't your job opportunities be a lot worse after this MBA than if you got a regular MBA? Won't this make those opportunities like IB associate much harder if you can't get them straight from the MBA program?

[/ QUOTE ]

This is a question I would like an objective answer to but can’t really get. The people I have spoken with (professors and the counselor to the program) say the program is similar to a typical MBA.

[ QUOTE ]
With the high price tag of an MBA (50 - 100k), it seems you are much better off trying to find a job that has a potential of getting you sponsored rather than getting an MBA and then looking for work. Thoughts appreciated?

[/ QUOTE ]

About the costs, it’s really not bad. I’m from Indiana so the costs would only be around 10K a semester, and it could be less than that from scholarship money and if I choose a graduate assistants’ program. I’m also cutting out a year of undergrad and that’ll save me around 15K.

[ QUOTE ]

1. What is wealth management?
2. Why do you want to get into it as an alternative to trading?

[/ QUOTE ]

I got in an interesting situation that allows me to work with a wealth management firm and potentially get an internship next summer with them. They manage people that have a high net worth within the region. It’s primarily businessmen, professors, and lawyers. They do a lot of retirement planning and set up educational funds for their children. They do a lot of portfolio management and allocations. They also sell various products that would be beneficial. Basically a financial planner/advisor.
I manage my own savings and money, along with a couple other close family members and a couple poker players. I enjoy doing it and the research behind it, and for this type of firm, it makes good money and the hours are very good.

This program was originally made to achieve your MBA and then take the CPA exam since you would have your 150 hours. It has expanded to finance and not just accounting majors. There’s a lot of work and projects I would be doing with other firms, but I know it doesn’t compare to “real” work experience.

So if I don’t do this program, what are your thoughts on getting a double major in finance and accounting based on my career goals? I could graduate in 3 ½ year and travel for 6 months or get the double major in 4 years. If I get the double major, I’ll have a lot less of a chance to travel for an extended period. I definitely want to go to the Australian Open for tennis and as a byproduct the Aussie Millions as they fall around the same time in January. I highly doubt I would be able to do this if I get the double major. Thoughts?

The Tripster · #10 10-02-2007, 12:55 AM

One thing to note about the program is that all the students will be in the same situation and none of us will have work experience. Through the program we have a 2 month study/work abroad built in. The program's big focus is to gain real work experience since we haven't been in the work force yet.