Son is a freshman in college and plans to go for his MBA right out of college- currently double majoring in Financial management and Marketing. We are looking for advice on where to start with getting prepared for GMAT. Obviously we are too early for a prep book/ class, but what is important to do now to be best prepared when he does take it? Are there certain college classes that will naturally help prepare him? And if so which ones ?And what is the timeline to take the test of hoping to apply and get into grad school right from college? Thanks for any advice- this is all new to us!
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Why is he planning on going straight through for his MBA? Most of the strong programs want to see work experience between undergrad and MBA.
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We are new at this- so please share your thoughts. He already has a full time summer internship lined up, and will every summer- given his drive and work ethic. Would this count as âwork experienceâ for a MBA? I guess the thought is wanting to stay in the âschool mindsetâ seems it would be hard to be working and then put the brakes on to go back to school? Again- all new so happy to take all and any advice! Thanks for responding!!! And when you say too, what programs would you suggest?
No. They are looking for full-time work experience. 2 years minimum is common.
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Hereâs a good article from last year that summarizes: https://www.usnews.com/education/best-graduate-schools/top-business-schools/articles/how-much-work-experience-do-i-need-for-mba-programs
My D is planning on 4- 5 years of full time work experience between undergrad and her MBA. Sheâs not counting her time in undergrad internships and co-ops.
The other benefit of waiting is that her company is going to foot the bill for her MBA.
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Why? The coursework will be SO much more useful and valuable if he has work experience. An internship doesnât count IMO. Top MBA programs the students tend to be in late 20s with 4-5 years experience, that is what makes classes so interesting - people bring real world example and experience and can see how the content relates to actual problems. (Note there is a big range, some people will have 2 years, some 10+!).
As a hiring manager I would be no more likely to take someone with an MBA right out of college than someone with a undergrad degree in business. A lot of content is honestly probably overlapping and person still has little experience applying the learning.
(I do have an MBA).
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I will also add, after a few years work experience your kid will know much better which aspect of business they really want to commit too, and can dive in during their MBA to that coursework and internships⊠I know lots of people who uses MBA time to switch paths a bit, either focus or industry. E.g. go from financial services to entertainment, or from management consulting to marketing exec track). It can also be a nice break, socially and schedule-wise, from working if you chose a full-time one:) This is a bit of a luxury, often, but is true.
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The biggest payoff for the MBA is networking- CEO roundtables with a wine and cheese reception afterwards, VCâs acting as judges for an entrepreneurship contest, retired SEC regulators teaching a class on Compliance and Banking regulations.
A few internships- even quality ones- in NO way prepares an MBA student to take full advantage of these opportunities.
So- encourage your kid to take full advantage of undergrad- the last opportunity to take classes that sound cool and interesting. Business School isnât going anywhere.
And a kid with good study habits and solid academic performance can âstudyâ for the GMAT in a few weeks of not-too-stressful prep. As long as he keeps up his HS math skills heâll be fine.
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Thank you all! This is all eye opening advice. Appreciate your experience and this makes a lot of sense and gave me a solid understanding. Makes since too so he can fully enjoy his undergrad experience without having to think ahead!! Much appreciated!!
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I really appreciate all of this!
If you go straight through, maybe you get a small lift. Maybe. $5k. My last company paid that vs undergrad and didnât see the value in that.
Look at salaries from undergrad to grad.
Take a solid school. IU as they post both.
Marketing undergrad = $66k Mktng is low pay. Average of school = $76.
MBA = $137.
Other schools will have similar disparity.
The odds of getting into a great school sans work experience are slim.
In my class, we had one out of 150 and it was because he was Stanford with a perfect gmat.
Your kid neednât worry about mba.
He needs to get through school, work a year and then revisit - because you need at least two.
Otherwise you lose what an mba is for :
- More money
- Pivot if you donât like your career (canât do this if you already have it)
Schools need you to add to the community and a kid who hasnât yet lived canât do that. They donât have that experience.
Good luck.
Ps when you look at top programs, many have late 20, 30s, even 40+ year old students. But two years is the minimum to get. Most will be 3+.
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I would argue the opposite as a distinct possibility. After pushing yourself hard for four years of undergrad, an academic break can help prevent burnout and reenergize you for study.
(I say this as someone who took a three year break between BA and MA and another three year break between MA and MA/PhDâŠThere is NO WAY I could have gone straight through without major burnout.)
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@Bluesky432 - I agree with the other posters that your son will need work experience before entering an MBA program. However, I wanted to let you know that most of the top MBA programs now have the deferred MBA option where the student can apply during his/her senior year of college, hopefully receive some acceptances, and commit to one before going off to work for 2-4 years. Some will like that option because students are already in study mode and can take the GMAT or GRE before leaving college, gather letters of recommendation and complete essays at that time. It can be nice to know you have an acceptance in hand in case you want it a few years after college, and you may be lucky enough to get your company to pay for it.
My son went through the process last year while he was a college senior and had a good outcome.
Oh wow!!! This is fantastic info!!! Thank you so much for sharing!!! I had no idea they could do this! this is great!! Love that he can take the tests while on study mode!
I believe itâs still the same, but when I went through, your GMAT scores were valid for up to 5 years. I took the test the week after graduation so I was still in the academic mode. Ended up waiting to go back to MBA school for 3 more years.
I echo the thoughts above. Top MBA programs are looking for students with real-world experience who can enrich the discussions in the classroom. Does not make much sense to go straight through from undergrad to MBA.
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Much appreciated! So appreciative of this forum
Youâre welcome! Just look up âdeferred MBA programsâ and you can find lists of most of them. Deadlines are generally in April of senior year and then interviews can be offered from late April to early June. Also, my son opted to take the GRE instead of the GMAT and all programs said that either test was accepted. Good luck!