| Most MBA applicants take the GMAT because they | | | | and then make a career decision: either you go get |
| want to get their MBA. | | | | an MBA and come back as an Associate or you find |
| Perhaps the two most popular reasons people pursue | | | | something else to do. So even if you are in the |
| the MBA is to gain access to the management | | | | management consulting industry or are on track to |
| consulting and investment banking industries. | | | | getting into the field from undergrad, you will |
| Assuming you are currently in another industry and | | | | eventually find yourself at a fork road deciding to |
| want to break into these industries, read on. | | | | MBA or not to MBA. |
| There are basically two common times to break into | | | | Talk with your company to find out if an MBA is |
| these industries-it's just the way the system works. | | | | required for upward mobility. Most management |
| Obviously there are exceptions, but the majority of | | | | consulting and investment banking firms require it, |
| people get into these industries via school recruiting | | | | although a few do not. |
| at: | | | | Getting an MBA is a deep decision that requires mush |
| 1) specified undergrad programs | | | | self-thinking that extends beyond the scope of this |
| 2) specified B school programs | | | | article. But if it is even remotely within your potential |
| Let's take a look at these two options | | | | career plan within the next 5 years, it might be a |
| Option #1: Business School Recruiting | | | | good idea to get your GMAT exam out of the way |
| A few pros with this option include entering the | | | | as the exam score is valid for up to 5 years. |
| management consulting firm at a higher salary and | | | | Up to 5 years. |
| generally more responsibility. If you come from | | | | That's a lot of time. Say you just graduated. You are |
| another background (IT, engineering, retail, etc), then | | | | just starting your first job. |
| you'll need to do the MBA route in order to have | | | | If you take your GMAT now, then by the end of |
| access to these recruiting channels. | | | | your 2 or 3 years at your current job, you will have |
| Is it possible to get in directly to management | | | | already completed the first major step in the MBA |
| consulting without doing the MBA route? Sure. But it's | | | | application process. |
| definitely not as common. | | | | Trust me, the GMAT is the last thing you want to |
| With business school, not only do you have access | | | | think about at the end of your 3 years as you |
| to management consulting recruiting programs, but | | | | contemplate on an MBA and have all kinds of |
| you'll also have access to a variety of other career | | | | extracurricular, social, work, and life issues to deal |
| channels including investment banking, corporate | | | | with. |
| business development, etc. | | | | Action Items for Option #2: Get in via top |
| But be careful! Do NOT assume that getting a top | | | | undergraduate school recruiting. |
| MBA automatically = getting into a top investment | | | | Get some relevant internship experience and develop |
| bank or management consulting firm. Whatever your | | | | a good story showing your interest in management |
| career goals are, you should definitely do your | | | | consulting or investment banking. |
| research on them NOW. Even if you decided to do | | | | Get your offer and start learning as much as you |
| the MBA, don't just sit there and wait for the offers | | | | can. Find out your firm's policy on promotions. Some |
| to come to you. | | | | firms require the MBA to move up, others do not. |
| If you want to get into real estate, then call up your | | | | If your firm requires MBA for promotion, then take |
| school's alumni contacts and tell them you are about | | | | your GMAT now to get it out of the way, and then |
| to attend ABC business school and want some | | | | apply to MBA sometime in the next 5 years, |
| career advice. Set up an informational interview | | | | depending on your career status. |
| phone call to get their perspective. | | | | Now, depending on your career situation, you may |
| Remember, the MBA is a great platform to be on-it | | | | be in option #1 or option #2. |
| increases your personal branding and opens the doors | | | | So what do options #1 and #2 have in common? |
| for networking. However, you still need to JUMP off | | | | Both options involve taking the GMAT exam at some |
| the platform and end up where you want to be! Do | | | | point. |
| NOT assume the MBA is a magic bullet like most | | | | With business school, the GMAT is required at most |
| people assume. | | | | top schools. And even if you get into the industry |
| Action Items for Option #1: Business School | | | | through your undergrad, you still might find yourself |
| Recruiting: | | | | taking the GMAT. |
| Learn about your industry NOW -- Google it, reach | | | | Bottom line: Whether you are currently in |
| out to your network | | | | management consulting or investment banking, you |
| Take your GMAT Now (Or you when you are | | | | MIGHT find yourself in a situation where you'll need |
| relatively less busy) | | | | an MBA to be where you want to be. |
| Sometime in the next 5 years, get into a good MBA | | | | If this is the case, then I recommend you get the |
| program that attracts the recruiters you want | | | | GMAT out of the way now so you can focus on the |
| Option #2: Get in via top undergraduate school | | | | other aspects of your career going forward. |
| recruiting: | | | | Again, make sure you do not let the GMAT or MBA |
| This is how I entered the management consulting | | | | get in the way of your target career. Learn as much |
| industry with Booz & Company. Most top | | | | about your target industry as you can and use the |
| consulting firms with an "up-or-out" policy will want | | | | MBA to help position (not guarantee) yourself for |
| consultants from undergrad to stay for 2 or 3 years | | | | opportunities. |