Question on M.B.A. Prerequisites

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seanpatin
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Question on M.B.A. Prerequisites

Postby seanpatin » Fri Jun 01, 2007 6:59 pm

Again, on the whole J.D./M.B.A. thing. Is there any certain degree actually required for admission to an MBA program? I was thinking maybe a BBA would be a prerequisite, but is this true or could you just have any type of degree to get into the MBA programs?

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Formerbruin
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Postby Formerbruin » Fri Jun 01, 2007 7:20 pm

Any BS/BA would fulfill the requirements, though they want some background in business/econ.

seanpatin
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Postby seanpatin » Fri Jun 01, 2007 7:27 pm

So, then, would you think it would be a good idea to add a B.B.A. in Finance to the B.S. in Political Science that I am working towards? That kind of seems like it would at least be beneficial and could be very good in allowing me to get a job in business before applying to business school since they want 2-3 years of work experience.

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rochester
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Postby rochester » Sat Jun 02, 2007 12:00 am

I am finishing my MBA this weekend and would advise that a business degree is nearly useless in getting into a MBA program. Like law schools, b-schools want to see an academically rigorous program (many of my classmates are math, engineering, MDs, PHDs, Chemistry), and dont view business as a particulary impressive one. That said, a basic understanding of economics, accounting, stats and finance will be a big help going in.

AllaboutSeptember
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MBA Prerequirements

Postby AllaboutSeptember » Sun Jun 03, 2007 4:14 am

I'm actually finishing my MBA in July. I'm also graduating with a second Master's Degree in Entrepreneurship. Congratulations to the previous poster. The MBA is a lot of hard work! For my MBA program, they wanted you to have:

1 Year of Math (Calculus or Business Calculus depending on the school)
1 Year of Accounting (Managerial and Financial Accounting)
1 Year of Economics (Macroeconomics and Microeconomics)

These are not necessary to be admitted, but it helps so that you don't have to take prerequisites. I did not attend a prestigous, upper tier program, but I learned a lot from the degree. I wouldn't trade my knowledge for anything.

MP
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Postby MP » Fri Jun 08, 2007 3:00 am

I've heard that BBAs are actually discouraged from applying to joint JD/MBA programs, because the MBA program actually overlaps quite a bit with your undergrad business courses, and you're spending an extra year and about 50k when you really don't need to. Unless you want to do ibanking or M&A stuff when you're practicing, the MBA isn't all *that* helpful - you learn a lot of what you need to know on the job. If you do want to do that kind of stuff, your BBA means you already know a lot of what you need to know. The JD/MBA is more helpful for someone who wants to do M&A/ibanking, but graduated with a non-business degree. Furthermore, I've heard that the utility of the JD/MBA is greater if the respective programs are better (obvious, I know, but true). A JD/MBA from HLS/HBS will get you further than the same degrees from a school that is not known for either the strength of its law or business school. Even then, the JD/MBA can also make you look overqualified to certain law firms (or have them question if you want to work as a lawyer or if you'll do so for a couple years and then jump ship to work for a business).

Sorry, not trying to sound down on the joint degree - it's an option I'm considering myself, because I graduated with a degree in English and Philosophy, lol.

AllaboutSeptember
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Wont' Hurt

Postby AllaboutSeptember » Fri Jun 08, 2007 1:43 pm

My opinion is that an MBA cannot hurt. For every employer who will consider you overqualified, there are many more who will welcome your skills.

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orangeswarm
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Postby orangeswarm » Fri Jun 08, 2007 2:05 pm

I've heard that BBAs are actually discouraged from applying to joint JD/MBA programs, because the MBA program actually overlaps quite a bit with your undergrad business courses


I have heard the same thing.

Even then, the JD/MBA can also make you look overqualified to certain law firms (or have them question if you want to work as a lawyer or if you'll do so for a couple years and then jump ship to work for a business).


I was told this almost word for word by a firm's hiring partner when I was asking him if he thought it would be beneficial to my career.

AllaboutSeptember
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Perspective

Postby AllaboutSeptember » Fri Jun 08, 2007 3:06 pm

I was told this almost word for word by a firm's hiring partner when I was asking him if he thought it would be beneficial to my career.


The hiring partner almost sounds jealous. How would it possibly hurt an attorney to have an understanding of how the business world works? I would check the current salaries of MBA's and JD's. Many people with an MBA/JD choose to go into the business because the pay is more lucrative, but that is a personal choice.

I do know this.. Many places are desperate for lawyers who can do things like read and understand financial statements.

Furthermore, for someone attending a lower-tier law school, I can't see why they wouldn't get something else. I live close to a 4th tier law school, and most of the graduates are making 35-45K starting out. The Federal government pays starting MBA's about 55K minimum and that is on the low end.

baruchmax
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Postby baruchmax » Fri Jun 08, 2007 3:12 pm

Many people with an MBA/JD choose to go into the business because the pay is more lucrative


Who makes more money, some one with only JD or only MBA?

patentlaw
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Postby patentlaw » Fri Jun 08, 2007 3:16 pm

The hiring partner almost sounds jealous. How would it possibly hurt an attorney to have an understanding of how the business world works?


I don't think it's a matter of jealousy. Firms always say that they don't make any money on associates until after 2 years. Assuming that the 2 year rule is true, then if JD/MBAs have a much higher percentage of leaving within 2 years, due to their marketability, firms may be more reluctant to hire them. They would spend the time/money training the jd/mbas just to have them leave for more lucrative positions in business.

AllaboutSeptember
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Postby AllaboutSeptember » Fri Jun 08, 2007 3:28 pm

Who makes more money, some one with only JD or only MBA?


MBA's make more money.

The median pay for an MBA is about $84,500 a year. This could be expected if someone were to graduate from any accredited school.

http://www.payscale.com/research/US/Deg ... ation_(MBA)/Salary

I can attest to there being a significant amount of growth due the service-oriented shift in the economy:

http://www.businessschooladmission.com/

Graduates from the top 3 business schools can expect to make about 180K a year. Graduates from the top law schools are making about 160K a year.

I think what is more important is that MBA salaries have grown at a substantial rate over the last 2 to 3 years. This is why I want to attend law school part-time. Having suffered through the torture of earning a MBA (in July and after comps) has made me want to reap some of the benefits of that hard work before the market slows down.

Just to compare, look at this for a view of top law school salaries:

http://www.ilrg.com/schools/salary/

http://www.powerscore.com/lsat/help/salary.htm

Yes, MBA's currently make more money. My guess is that a lot of attorneys would realize that and use their law degrees to supplement their business skills, making lots of money in the process.

AllaboutSeptember
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One last thing

Postby AllaboutSeptember » Fri Jun 08, 2007 3:48 pm

Graduate school MBA courses are a lot harder than undergraduate courses.

Trust me, the projects are more in depth, the tests are harder, and you will have more work than you can imagine. You'll have to do a lot of case studies (the favorite being those Harvard Business School cases that every school and their mama uses), and you will cover a lot of information. A good business undergraduate education will cover the first 1/3rd of the courses and that is it.

I can also tell you something else. Having been in medical school and graduate school, I can compare the two. Medical school contained way more information than the MBA. However, the analytical demands of a MBA were harder. MBA statistics made medical school statistics look like a joke. MBA Finance (considered the hardest of the MBA courses) made everything in medical school look like a joke. I spent 30 hours a week working on that one course. In the end, I got the only "A" in the class, but it nearly killed me.

Trust me, you are not repeating undergraduate curriculum. They will make you take prerequisites so that you can handle the new information. The prerequisites are either special courses designed to catch you up or undergraduate business courses that you have taken.

agent433
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Postby agent433 » Fri Jun 08, 2007 9:12 pm

Im also interested in doin this, but again, Ive heard some of the same negative things. A lot of people say that even if you didn't major in business during undergrad, like me, you should just take a few business courses while in law school, instead of going for the whole degree. What do people think about this? I know that USC for example lets you take a number of hours outside law and you can have them be all business if you want.

seanpatin
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Postby seanpatin » Fri Jun 08, 2007 11:27 pm

I have actually thought about just getting my B.B.A. from Undergrad and then my J.D. What would be the difference between doing this and going for my J.D./MBA instead?

jmckechnie
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Postby jmckechnie » Sat Jun 09, 2007 1:45 am

I can also tell you something else. Having been in medical school and graduate school, I can compare the two.

Jesus! How many degrees do you have?

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dansmeek
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Postby dansmeek » Sat Jun 09, 2007 2:19 am

for the business vs law for $.

the problem with law is everything is grouped.

if you take out public defense attorneys, legal aid, temporary contract work, etc.

the average would be far higher.

in addition, you can look at people in BIGLaw salary for an estimate which is comparable to what a good business job would make.

the difference with business though, is the bonuses sound a lot higher (especially w/ibanking) and often eclipse your yearly salary.

law bonuses are not so extravagant.

i would also agree that people in business are likely happier than people in law, in general.

i think there is a certain amount of power, or hope for power (and possibly politics) that people believe is more important than the extra money one could theoretically make doing business related work.

NDray
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Postby NDray » Sat Jun 09, 2007 10:43 am

i think there is a certain amount of power, or hope for power (and possibly politics) that people believe is more important than the extra money one could theoretically make doing business related work.


I agree with that.

Personally, I'm interested in getting my J.D. instead of my MBA because MBA's are very common. J.D.'s are more of a specialized degree with a more specialized market, but a J.D. graduate is not limited to, say, a huge private firm; there is still flexibility. More importantly, I've always been interested in the law, and am looking forward to learning about it in-depth.

I may be biased, though. I just finished getting a B.S. in Finance, and I don't think I could do another 2 years of B-school classes.

With all that said, I don't think it would hurt anyone to have both degrees.

AllaboutSeptember
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Postby AllaboutSeptember » Sat Jun 09, 2007 10:48 am

Jesus! How many degrees do you have?


Let's just say that I have been around the block a few times.

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AR75
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Postby AR75 » Sat Jun 09, 2007 10:59 am

Wharton just added a Dance and/or Theater requirement for all their entering executive MBA applicants.

AllaboutSeptember
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Postby AllaboutSeptember » Sat Jun 09, 2007 11:01 am

With all that said, I don't think it would hurt anyone to have both degrees.


This is my point exactly. I have met a few JD/MBA's. None of them regretted having the combination. On the contrary, they were very proud of their accomplishments.

But in the end, if someone is good, they will find a way to make it in nearly anything that they do - regardless of where they went to school, their projected statistical income and performance, or how many extra degrees that they carry. It just helps and makes it easier to have the extra stuff.

NDray
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Postby NDray » Sat Jun 09, 2007 11:20 am

^Agreed. And for the record, I believe everyone should have a background in business. Whether it be from a formal education, or reading books and articles during ones own time, a better understanding of strategic management theory, for instance, allows people to analyze companies in different ways - ways naive investors need to be analyzing companies.

Other reasons (e.g. personal finance) apply, as well.

seanpatin
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Postby seanpatin » Sat Jun 09, 2007 12:07 pm

So, what do you think of having a B.B.A. from Undergrad and then going on to get my J.D.? Would this be similar? I think for sure it would be beneficial, because well I would have a pretty strong business background.

ThreeYearsInTheMaking
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Postby ThreeYearsInTheMaking » Sat Jun 09, 2007 12:14 pm

as far as MBA prereq's - work experience, and often years of it, seems to be becoming a requirement. does anybody get into top MBA programs right out of ug anymore?

seanpatin
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Postby seanpatin » Sat Jun 09, 2007 12:19 pm

a lot, but not sure if all, require at least ONE year of full-time work experience after UG, but for the most part you would be better off having 2-3, as this is recommended and most accepted MBAs have at least this, if not more.




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