Is an MBA Worth It? (IVY League WHARTON Business School EXPERIENCE)
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- เผยแพร่เมื่อ 31 พ.ค. 2024
- Looking to get an MBA from an Ivy League institution like Wharton? Wondering if it's worth the investment? As a Wharton MBA graduate, I share my personal experience and honest opinions on whether it's essential for a successful career. Don't miss out on this inside look and click to watch now!
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• How EXPENSIVE is an IV...
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*TIMESTAMPS*
0:00 - MBAs Explained
1:18 - Why I Pursued an MBA and Why Wharton / Lauder
3:45 - Pros of the MBA Experience
4:59 - Cons of the MBA Experience
6:08 - Is an MBA Worth It?
*🤔 WHO AM I?*
Hey there! I'm a Wharton MBA / Lauder MA alum, former Deloitte consultant, and current director of strategy and implementations at a private equity home services platform sharing my experiences and insights on business and life.
Thanks for watching!
Disclaimers:
This video is NOT sponsored. Some links are affiliate links which means if you buy something I'll receive a tiny commission - think of it as a tip from the company for showing you the product.
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Initially I thought it was worth it because it opened doors in a professional sense right out of school. A few years later it seemed like it was worth it because of the toolbox of skills one leaves school with. But in the long term, it seems like it was worth it because I usually had the belief that I could tackle any problem. Plus, where else but business school can you sit though an evening class while drinking a beer from a company reception and listening to Oprah giving weekly lessons on leadership?
Haha your last sentence encapsulates the experience perfectly! Also fully agree with the belief to tackle anything, it's definitely a confidence and mindset booster.
MBAs don’t learn how to solve problems. They’re a box to check. If you want to learn to be a problem solver get an engineering degree.
Very informative video and thank you for being objective. Good luck for your future Patrick! Hope you create more such life / informative videos
Appreciate it! Let me know if there are other topics you’d like me to cover
thank you so much for insight patrick
Happy you found it helpful, and thanks for the comment Taimur
Hi Patrick, thanks for this video! I was genuinely impressed with the honesty that you put in your motivations as well as the pros and cons, and some of them really got me reflecting.
I'm actually at the stage in my career where I'm considering applying for MBA programs (mostly in the US for a perspective other than European where I come from), and I believe that we share some of the background - I'm not necessarily looking to break into any industry (most likely, I would be sponsored by a consulting firm), and by the time that I start the 1st year, I will have been married. I start having second thoughts if MBA really makes sense for me, as I'm not seeking to make hundreds of friends or learn business principles (having prior MSc in International Management). At this point I'm mostly oriented towards learning the American business culture, making business connections and possibly working towards being a business professor in the future - as you put it nicely, I'm more interested in the journey rather than the end. I'm wondering now - would you expect your return on this investment to be much more visible by the time you're 50 than it is now, to make it really worth it?
Appreciate the kind words Emil, and glad it’s helping you as you think through this - definitely not a decision to take lightly!
So I actually recorded this video almost a year while graduating, and now 1 year after I can say that I see the return on investment more clearly. It’s nothing different to what I say in the video, the connections I gained and experiences I put myself through have allowed me to enter a new field with confidence and financially speaking out earn what I would have by returning to my previous job. 50 years from now I’d say it compounds so it’s a strong yes.
One thing I would add that you should consider is geography, especially as you’re coming from Europe. Although programs are very international, the networks do concentrate close to where schools are, so my networks are now a lot more concentrated in NY as opposed to San Francisco if I went to Berkeley or GSB.
Good luck with the process, whether you go or not sounds like you’re on a great path regardless!
Really Informative video, could you make a comprehensive video on what exactly you did or how you approached the admission process to get in from A to Z (from GMATs to essays).
Great idea - will do!
It’s whatever you make out of it 💪🏽
Cool video :)
The obstacle is the way, thanks Sitraka
Very nice video. Can tell there was a lot of introspection
Thank you! Appreciate the comment
Very interesting perspective!
Happy you found it interesting Thomas - let me know if there is anything else you’d like me to make a video on!
Patrick I could resonate with this.. there was definitely a misalignment regarding reality vs expectations with Wharton/Lauder 😂. At the end of the day I don’t regret it though!
Amen haha
Great review. Know a few more friends who did same Wharton Lauder dual. You didn’t want IB after? Curious what your post MBA goals were coming in and how changed
Small world!
Banking sounded like an awful time and not the right fit for my skill set.
I mentioned it briefly in the video, but coming in I knew I wanted to try something entrepreneurial, but didn’t know exactly what. By the time I left I had a clearer picture on that (I.e. Entrepreneurship through Acquisition or ETA)
Thank you for the informative and honest video ! What was the general experience of your international classmates - did they also find that an MBA is worth it overall ?
Glad you liked it, thanks for the comment.
I can’t speak for my classmates but from my relationships with them I confidently say they enjoyed the experience. Whether they think it’s worth it will depend on the person and what they wanted to get out of it. I know there are frustrations around visas, student loans, and non-traditional career opportunities (e.g. Search Funds) but assuming those are outweighed by the jobs they did get and the experiences/relationships they walked away with.
Thanks for the direct delivery and truth in your video. I recently transitioned to a sales role selling homes on a local real estate team. Do you think an MBA is worth it if you are already someone who is a really good networker? Like are there other ways to build this equivalent network without going through the MBA?
Agree there are other ways to build the network - question is will you execute to the same degree.
For argument sake, you’d need to try to meet at least 400 high quality (professionally-speaking) people in the next two years. In addition to meet, you need to foster them so that they’re actually meaningful enough (I.e. one coffee chat won’t build connection strong enough).
The MBA makes it easy, because you’re full-time networking, and even weaker connections have a back-up bond (“we went to school together”)
Tim Ferris approached it differently- look up the Tim Ferris MBA
Hi Patrick loved your video! I am an aspiring MBA myself and find myself at a crossroad. I'll have 4 years at 29 years old in procurement/supply chain with 3 different companies. I want to apply this year with a 660 gmat(or next year w/ a higher GMAT), 3.7 GPA to some of the schools in southern CA where I reside now. Most of my experience is technical IT work and projects for companies like Exxon and Aerospace and Defense, but want to get into top Finance jobs with Asia connections(my heritage). would you get a higher score or full send now!?
Thanks for the comment!
I’d say depends on the schools you’re looking at and what you mean by top finance jobs.
Schools all post their average GMAT scores on their websites, so you can see if 660 is within the average for them. I think that’d be on low side for Berkeley but might be good for UCLA for example.
Also some finance jobs (investment banking) ask for GMAT scores - but others like finance @ Amazon wouldn’t. I believe the scores they’d want are similar to the school’s.
Love it
Hi Patrick! This video put so many things in perspective for me, so thank you! I’m 26 years old and recently decided to pursue an MBA. I should be 27 by the time I get in a programme, do you think this is too late? Would I be older than most of my cohort?
Not at all! I turned 27 right when I started and was amongst the younger group.
Went to another school for mba - also realized that I didn’t need an mba to do what you want, but then realized that I could have only really understood that by going through the program.
Haha true, good take
Hi Patrick, Thank you so much for your sharing 🎉. I am considering getting an MBA for job opportunities. I am moving to the US with bachelor degree from another country. Part of the video, you mentioned that if I knew exactly what I wanted for career, there are faster and cheaper ways than MBA. Could you share with me some ideas for what those ways are. Plus, any advice for my situation? Thank you so much for your kindness! 🎉
Yes let’s say you wanted to get into Venture Capital - you could start reaching out to 100 VCs for informational interviews, start posting online about VC and building up a portfolio/reputation, get an internship that leads to a job etc. I’ve seen this happen successfully - no MBA needed to do all this. And if you did get an MBA to try to get into VC you’d likely still have to do the same exercise.
However MBA obviously helps with visa situations if you want to be in the US depending on what your immigration status is (which I’m no expert on)
Thank you so much for your respond. I really appreciate your suggestions. For my case, I don’t concern about the visa part, just building up career there with bachelor degree from non-US university. So what you are saying is I could look for internship which could leads to job. Is that correct? I wonder if I will have higher opportunity to have internship after MBA and higher opportunities to climb up the career ladder with MBA. Thank you very much!!!🎉
from what I've seen the MBA is most worth it for people who kinda messed up during undergrad and then want a second chance at recruiting into traditionally high paying jobs like consulting, banking, tech PM, like I know a couple people who went from around 90k TC to 300k TC after their MBA because of the switch into a more lucrative field like IB
Yeah can definitely see more value in it there than those that already went to a great school and got into great career path from the start
What's IB? International Business?
@Tomika IB = Investment Banking
How would you view it as someone coming from a non business background? I went to Upenn undergrad but I regret my major choices and I think a career change interests me. Would the academics take over the social aspect? I dont mean to ask how hard are classes but would having to learn everything business wise take all my time?
Classic it depends answer. You’re probably pretty smart, so might be easier for you to learn new business topics and therefore not really infringe on social life. OR you could struggle on some topics (e.g. if you have a hard time with math and you’re in finance/accounting/stats courses). The good thing is that since grades don’t really matter, you can see how much academics are taking a toll on you and decide to try less hard if needed.
So i'm graduating high school next year and never really had good grades and definitely not going to an ivy league school so could you make a video giving advice to people like me who want to get into entrepreneurship & business but dont really know where to begin or what to learn or even what questions to ask
You’re young, don’t worry too much - you have time to get your act together. I graduated high school with sub 3.0 GPA. The best thing you can do if you’re interested in entrepreneurship is just start selling anything! Noah Kagan has some good videos on that.
Thanks for your review! How did you fund it? How do you recommend for aspiring students to fund it (those who are not coming from a well-off background)? Thanks!
Most schools offer merit based scholarships (I.e. the more impressive your profile the more $), and a few do need-based (the less $ you have the more $ they give you) - so my recommendation if you don’t have backing from your current employer is to max out scholarships.
Once you’ve tapped that you’d likely need student loans (I took out loans).
@@PatrickPrommel Thanks Patrick! Appreciate the video and the response. I’ll give it a shot!
@@h.h.1266 let me know if you need more clarity on this I can make a video on it
@@PatrickPrommel Absolutely - go for it! More content the better! I’m sure folks in the same boat as me, looking for info and advice.
Hey Patrick!
I really like your videos.
You’ve accomplished so many great things which I dream to achieve soon (pursuing my MBA).
Is there any chance to talk to you?
I’m from Mexico!
Saludos José! (Soy Boliviano 🇧🇴)
Gracias por el comentario - con que preguntas te puedo ayudar?
@@PatrickPrommel cual fue tu estrategia para dominar el GMAT?
Yo hice el GRE porque era mas fácil - a los programas no les importa cual tomas, pero que percentil sacaste comparado a su promedio - te recomiendo que tomes los dos examenes de practica y compromete al que te guste mas (o qual odies menos jaja).
Did you use some kind of automated video editing program to edit this video?
I edited first couple videos on my channel myself using Final Cut Pro, and then hired an editor and asked them to copy my style. Will be looking into more automated tools this year - a lot has changed since I last posted
I would like to hear your opinion. Please arrange the following degrees from hardest to easiest. 1. Masters Degree in Accounting 2. Masters Degree in Economics or 3. Masters Degree in Statistics?
I don’t have any of those degrees haha so couldn’t give you a good answer - but from the individual classes I took on the topics I’d say 1. Stats , 2. Econ, 3. Acct
@@PatrickPrommel Thanks for your answer. It's very interesting getting different opinions. I think Statistics anxiety is a very real phenomenon!
Stats masters from a good school is far hardest but is very useful for machine learning and quite a few careers
@@dac8939 Thanks for your answer! You think number # 3 (Master's Degree in Statistics) is by far the hardest of the above 3. Thanks for your input!
hey , this is Saketh , a freshman in India studying in a top college. I need to know how to start my journey to MBA in a top college like Harvard , Stanford etc
I wish to know same
I’m not familiar with colleges in India, but as a freshman you have a LONG time before you need to apply for MBAs. You’ll need to work for 3-4 years after you graduate before even applying to schools, and who knows that the world will look like by then. What could be true 7 years from now is (1) did you have good grades, and (2) what professional experiences would you bring to the program? Make sure to get internship experiences to line up some good jobs post grad or even start your own business.
@@PatrickPrommel thanks a lot
Seems like the top mba’s go to people who need them least. Congrats though!
Yeah interesting take. Could argue that big part of the value is network, and without those “who don’t need it” there, would it be as helpful for those “who need” it?
Seems like cons far exceed the pros, it seems like if u already have a solid career path (ivy league undergrad -> some prestigious companies) already, MBA is basically no use but just taking 2 years off to take a break and say you somewhat changed where it could have been done without
Yeah if you have a prestigious undergrad where you made strong connections and solid career path (in MBA world e.g. PE) a lot of pros are redundant.
So if you’re designation oriented, not so helpful. If you’re journey oriented, would say still helpful
The Wharton School Connections in network make it worth it
100% in my case thus far.
I am interested to know if there were any mature students 50+ on your MBA
I personally didn’t meet anyone in the 50’s, but easily 40’s. You can look up “[insert school] mba class profile” and you’ll see the age ranges and averages for each school you’re interested in.
I think an MBA is out dated model now. Masters in specialised fields were not as developed as they are now when the MBA was launched. Is better to get a specialised Masters from a top school say in Finance etc and learn the soft skills of marketing or leadership in the real world.
Agree with MBA being a bit outdated - I knew that even two years ago going in. Now with AI one could argue that all degrees (even specialized degrees) are outdated…. If I could do MBA again I would do even more soft skill classes.
Honest.
🤝
Any thoughts on MBA Diversity, Equity & Inclusion (DEI) Major? Do you know anyone who has done it? I am considering it to pivot to consulting in those areas but, like yourself, I also value 'the journey', exploring and learning.
“Major’s” in MBA’s don’t really mean anything. The MBA is a generalist degree intended not to be focused on one topic, but of course you can take as more classes on one topic if you’d like. I don’t know anyone who has done DEI major at Wharton (it’s brand new). It might help your application if they are struggling to fill seats for the major as I’m sure they want it to succeed, but honestly wouldn’t bet on any future career opportunities based on the major.
"Degrees, like laws, love, and most things that matter, have a price tag. Even a multimillionaire in Singapore, nearly dead, can buy an illegal kidney transplant and escape jail time, while the poor farmer who sold his kidney not only loses an organ but also faces years in prison and loses 500K SGD. If self-proclaimed 'zero corruption' Singapore can get away with such crimes, why can't US Ivy League do the same?" YOU CAN EVEN PAY SOMEONE TO ATTEND YOUR PERFECT ATTENDANCE AND EXAMS WITHOUT U COME TO CAMPUS (REAL FACTS DONE BY SPOILED CRAZY RICH ASIAN KIDS DURING THEIR STUDY IN USA FROM COLLEGE TO USC, UCLA, AND EVEN IVY LEAGUE.
Acads suck even in my school. Its competitive to get the courses you want
It can be tough, so definitely the move to put learning in your own hands through self education as much as you can even while in school
@@PatrickPrommel Yes. Self education always happens. But it's a waste of money for the course. It just buys me some time
no ragrets
not a single letter
Most of the comments here are essays 😂
Lots to say @Dipayan!