Question on M.B.A. Prerequisites
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Question on M.B.A. Prerequisites
- Formerbruin
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- rochester
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MBA Prerequirements
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.
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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.
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Wont' Hurt
- orangeswarm
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I have heard the same thing.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 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.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).
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Perspective
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 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.
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.
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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.The hiring partner almost sounds jealous. How would it possibly hurt an attorney to have an understanding of how the business world works?
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MBA's make more money.Who makes more money, some one with only JD or only MBA?
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 ... BA)/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.
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One last thing
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.
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- dansmeek
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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.
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I agree with that.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.
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.
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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.With all that said, I don't think it would hurt anyone to have both degrees.
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.
Communicate now with those who not only know what a legal education is, but can offer you worthy advice and commentary as you complete the three most educational, yet challenging years of your law related post graduate life.
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Other reasons (e.g. personal finance) apply, as well.
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Seriously? What are you waiting for?
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