{ "media_type": "text", "post_content": "Those who took on debt to get an MBA to join mbb, was it worth it? Career fulfillment-wise? Financially? Life-wise (assuming you’re older and have to juggle more responsibilities)?", "post_id": "5ab1bec15237df001340554e", "reply_count": 15, "vote_count": 3, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

Those who took on debt to get an MBA to join mbb, was it worth it? Career fulfillment-wise? Financially? Life-wise (assuming you’re older and have to juggle more responsibilities)?

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Well, McKinsey and BCG don’t have manager titles (EM and PL, respectively), so...

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Not worth it, but in my case I was coming from industry, so I had no idea how much I'd hate consulting. MBA itself was great and I'd do that part again in a heartbeat. But MBB life has been a huge disappointment.

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Thanks BCG. I’m not familiar with the titles. Why do some people here come off so condescending? I’d love to see them in person and see them quiver

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Eventually will want to learn the titles. Was a PITA in recruiting to keep them all straight (e.g. BCG is consultant to project leader to principal to partner), but the nuance is important to understanding how the firms operate. Bain has an extra level (case team leader). BCG has rigid promotion windows while McKinsey is more flexible.

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Manager—why a disappointment? Which company are you with? I may be joining McKinsey

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I went MBA—>BCG, but was able to do so without debt. Have a family, so would have been difficult if taking on lots of debt. My recommendation would be to look at the typical placements from the MBA program you look at, both industry and consulting. If the ‘average’ placement isn’t worth it financially, it is probably difficult to justify the investment. Loads of people leave MBB after one to two years, so there is a good chance that not too much debt has been paid down by the time you leave. If you are interested in a major change in career direction, debt is probably worth it. If you are already earning 6 figures in consulting, it is a more difficult sell in my book. Totally depends on your personal finances and career objectives

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Currently in a weekend program - $110k. I’ve payed half already without taking any loans.

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Oh interesting. So the debt was worth it but the job wasn’t. Does that mean debt isn’t forcing you to stay in mbb or straining your life? Also is there a manager position in MBB?

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Some leaving isn’t by choice. Some of it is for cool outside opportunities. BCG has very generous policies for transition if you decide to leave (two months full pay, or four months half pay) to actively search for a job. Also have career resources for life. I am a pretty risk averse person, but it does go a long way to reducing the financial risk of this job. If you are willing to live somewhat modestly in home city (or live in a lower COL location), debt shouldn’t be much of an issue. Bigger risk in my opinion is the assumption that an MBB offer will be there at graduation. Sometimes it works out, sometimes it doesn’t.

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I find the work fulfilling, but also have 0 desire for partner. Their lifestyle sucks, despite the solid pay

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BCG 1, have you gone the mba->BCG route? Thoughts on it in terms of debt and payoff (financially and emotionally)?

Wonder why so many leave so quickly after working so hard to get in. I’m in a boutique strategy practice which I like, wondering if the debt would be worth it to get an mba and try the Generalist model. But I can’t tell if the debt will take away some of the material joy of the work. Very interested to hear everyone’s stories.

I hardly save, paying ug loans haha but that’s an interesting way to look at mba programs - looking at average placement and seeing if I’m ok with that as a potential worst cSe

The MBA debt was worth it for me, and isn't forcing me to stay. Top school + top tier firm means I'm fortunate enough to have decent exit opportunities, so I'm not concerned about that. The type of work we do in consulting is not fulfilling at all and making partner does not appeal to me.

What happens if no MBB?

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So this might be a better place to post this and ask this question: Uncle D has announced explicitly that most people won’t get a pay raise & bonus this year except for those promoted and high performers. Amid this crisis, are companies including other big 3, MBB, FAANG, boutique consulting firms still giving high raises and issue stocks? Can you share the impact from your firm?

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How can I transfer my NYS certification to NJ?

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