Last year in July when I was being frustrated over the GMAT, I asked one of my friends who had been admitted to Ross to write a blog post about what someone does before his first year of business school starts. I didn't have any clue as to what one does in the summer. Needless to say, I had a lot of questions. I asked him to write this post: http://money9111.blogspot.com/2010/07/michigan-ross-pre-1st-year-student.html and as I was just reading back through it I realize how naive I was back then. I can tell just from the questions I was asking him, but that's okay because now I can answer the same questions.
I'm also very curious as to what an MBA2 student does to prepare to enter back into the workforce, so I have someone else who is graduating in May preparing to write a blog post for me.
But back to what students do now... well I think Jonathan brought up some incredible points in his post. I'm glad that things for me have come full circle and I do thank god every day. I'll break down some of the things that I found to be very poignant from his post. Even if you have not been admitted to a program, you can still find little nuggets in what I'm going to discuss.
Question 7. How did you prepare to essentially be salary(less) for a full year until your internship? A lot in savings?
His Answer snippet: "To be honest, I don’t feel fully prepared to go 11 months without a four-figure sum of money being deposited into my bank account every two weeks. I did save as much money as I could for b-school, but I will still be taking out substantial loans. Since b-school tends to attract students who have already been professionally successful and who plan on being professionally successful in the future, the adjustment to a student budget and lifestyle seems to be a common concern.'
My Comments: Every day this becomes increasingly harder for me to swallow. The cost of business school is not what I'm struggling with. That will come with a simple signature on the dotted lines when I get the financial aid papers. But the whole... not getting a paycheck... is concerning to me. I know it will work out and everything will be fine and dandy, but I'm not going to sit back and say that I've fully come to terms with that aspect of going to business school just yet. As stated before, I have friends who obviously are good to go and are now traveling the world and more or less relaxing until August. Am I jealous? No not really because I need to keep myself busy as I get bored very easily. But... every week I find out about something else that I need to pay for. These "payments" will cease once I'm in school because that's when all of the loans kick in, but preparing for it is no fun.
Question 10. What do you know now about the whole pre-MBA experience, that you wish you knew prior to applying?
His Answer snippet: "As a bonus, here’s one thing that I did know before I applied that I’m glad I knew: Why I was applying. Truly understanding why you want to go to business school, why now is the right time, and what you plan to do with an MBA are invaluable. This insight into yourself will not only make selecting schools and writing applications easier, it will allow you to dive into the b-school experience from the moment that you’re admitted."
My Comment: By now I would hope that you all know where I stand on this. If you don't know why you want to go to business school... don't apply. You need to have an idea because yes like he said, the insight into yourself will not only make selecting schools and writing applications easier, but it will allow you to dive into the experience from the moment you're admitted. And let me tell you... once you're admitted and have decided that a school is the school you'll be attending... THE WORK STARTS!
Don't mind me.. I'm not complaining about being in this position. I did do my finances and put it all in a spreadsheet and was like "wow.. ok yeah I'm definitely working up until I move up to Ithaca." ::shrugs:: no big deal I suppose hehe. Ok I'm going to go watch all of this Royal Wedding stuff... later folks