Dilemma in accepting IE offer


Hi All,

I received offer from IE IMBA April-2012 intake with scholarship. I understand that IE is one of the best school in the world and features among top schools in every MBA ranking. But I am in some dilemma about accepting the offer primarily due to financial reasons.

IE IMBA tuition fees + 1 year personal expenses costs around $100K. A whopping amount for someone like me. I understand that most of the programs in Europe will cost almost same. I am just worried about because,
1) difficulty for non-Europeans to get a job in Europe. Is it really bad for non-Europeans to get a job? I have worked in US for 4 years so want to know, how is the placement of IE graduates in NA? Do US companies recruit at IE for US market?
2) I am sure no one has $100K in account so everyone must go for some or the other loan option. Similarly I may have to take loan of $40K. This is a big financial responsibility for me, like almost everyone. Is it worth to take this much of loan for IE program? Will I at least get some job that will allow me to repay loan and make some progress in career? The scariest thought for me is to be unemployed for few months after MBA.
3) I am from IT background. Mostly I have done IT consulting and project management. I would like to move into technology consulting. Most of top consulting firms have high tech consulting practice and I think I will be a good fit for that practice with my technology background, international exposure and IE IMBA. What do you guys think about my chances to get into consulting? Am I being unrealistic?

My profile:
IT Indian Male (IIM...so I am lucky to get into IE from such a competitive applicant pool)
GMAT : 710 (49/38)
WE : 8 years in IT. mostly in lead position. worked for Fortune 500 companies in India & US.
Post MBA : Want to move into technology consulting. As the saying goes 'aim for stars and you will at least land on moon'. I am aiming for McKinsey/BCG and hope to at least land into Deloitte/E&Y (no offence intended. I truly respect these companies too).

Please advise.

Thanks in advance!
Hi All,

I received offer from IE IMBA April-2012 intake with scholarship. I understand that IE is one of the best school in the world and features among top schools in every MBA ranking. But I am in some dilemma about accepting the offer primarily due to financial reasons.

IE IMBA tuition fees + 1 year personal expenses costs around $100K. A whopping amount for someone like me. I understand that most of the programs in Europe will cost almost same. I am just worried about because,
1) difficulty for non-Europeans to get a job in Europe. Is it really bad for non-Europeans to get a job? I have worked in US for 4 years so want to know, how is the placement of IE graduates in NA? Do US companies recruit at IE for US market?
2) I am sure no one has $100K in account so everyone must go for some or the other loan option. Similarly I may have to take loan of $40K. This is a big financial responsibility for me, like almost everyone. Is it worth to take this much of loan for IE program? Will I at least get some job that will allow me to repay loan and make some progress in career? The scariest thought for me is to be unemployed for few months after MBA.
3) I am from IT background. Mostly I have done IT consulting and project management. I would like to move into technology consulting. Most of top consulting firms have high tech consulting practice and I think I will be a good fit for that practice with my technology background, international exposure and IE IMBA. What do you guys think about my chances to get into consulting? Am I being unrealistic?

My profile:
IT Indian Male (IIM...so I am lucky to get into IE from such a competitive applicant pool)
GMAT : 710 (49/38)
WE : 8 years in IT. mostly in lead position. worked for Fortune 500 companies in India & US.
Post MBA : Want to move into technology consulting. As the saying goes 'aim for stars and you will at least land on moon'. I am aiming for McKinsey/BCG and hope to at least land into Deloitte/E&Y (no offence intended. I truly respect these companies too).

Please advise.

Thanks in advance!
quote
maubia
hi,
well.. IE costs 60000e, leaving in Madrid won't cost you 40000e! (or are you a big spender??? :-)

By the way...you are indian, you work in US: why are you targeting a spanish school?
hi,
well.. IE costs 60000e, leaving in Madrid won't cost you 40000e! (or are you a big spender??? :-)

By the way...you are indian, you work in US: why are you targeting a spanish school?
quote
Thanks for your reply.

I am really a careful money spender if not a miser. But I was talking in US dollar terms. In USD terms IE IMBA fees is $80K and I assume living expenses of $20K (~15K euros) for a year.

Frankly, I did not apply to any of US schools because I have 8 years of experience and I am already past 30. A 1 year program suits me well so I can get back into workforce quickly. Plus European programs are 'relatively inexpensive'.
Thanks for your reply.

I am really a careful money spender if not a miser. But I was talking in US dollar terms. In USD terms IE IMBA fees is $80K and I assume living expenses of $20K (~15K euros) for a year.

Frankly, I did not apply to any of US schools because I have 8 years of experience and I am already past 30. A 1 year program suits me well so I can get back into workforce quickly. Plus European programs are 'relatively inexpensive'.
quote
maubia
I'm not an expert or a councellor but If I were you I'd try INSEAD (will cost the same.. and will give you much more chances in consulting)
I'm not an expert or a councellor but If I were you I'd try INSEAD (will cost the same.. and will give you much more chances in consulting)
quote
realist
http://2.bp.blogspot.com/_ZQ_fKi03SOM/SmTDvr5tZZI/AAAAAAAAAjM/T3ipIaSOiiU/s1600-h/MoneyDownTheDrain.bmp
http://2.bp.blogspot.com/_ZQ_fKi03SOM/SmTDvr5tZZI/AAAAAAAAAjM/T3ipIaSOiiU/s1600-h/MoneyDownTheDrain.bmp
quote
Duncan
Unless you speak Spanish and want to work in Latin America, don't study in Spain. Of course US firms recruit at IE, but for the Spanish-speaking world. Study where you want to work. There *are* one year MBAs in the US (Florida, Pittsburgh, the MSIA at Purdue etc) so if the US is your target don't go to Europe.
Unless you speak Spanish and want to work in Latin America, don't study in Spain. Of course US firms recruit at IE, but for the Spanish-speaking world. Study where you want to work. There *are* one year MBAs in the US (Florida, Pittsburgh, the MSIA at Purdue etc) so if the US is your target don't go to Europe.
quote
I too don?t see any point in enrolling in Spain.
I too don?t see any point in enrolling in Spain.
quote
Duncan
I too don?t see any point in enrolling in Spain.


That's a rather sweeping comment. Graduates of the top Spanish business schools are earning great salaries in Latin America.
<blockquote>I too don?t see any point in enrolling in Spain.</blockquote>

That's a rather sweeping comment. Graduates of the top Spanish business schools are earning great salaries in Latin America.
quote
ezra
I too don?t see any point in enrolling in Spain.


That's a rather sweeping comment. Graduates of the top Spanish business schools are earning great salaries in Latin America.

And there are niches in Spain where Spanish-speaking managers can make good money: the auto industry, hospitality/tourism as well. But I'd say that somebody who studies in Spain to work in Latin America is doing it backwards: there are some good, less expensive programs in Latin America that would probably be more appropriate.
<blockquote><blockquote>I too don?t see any point in enrolling in Spain.</blockquote>

That's a rather sweeping comment. Graduates of the top Spanish business schools are earning great salaries in Latin America. </blockquote>
And there are niches in Spain where Spanish-speaking managers can make good money: the auto industry, hospitality/tourism as well. But I'd say that somebody who studies in Spain to work in Latin America is doing it backwards: there are some good, less expensive programs in Latin America that would probably be more appropriate.
quote
Thanks guys for your perspective.

I made up my mind to join IE Nov intake. I spoke to IE alumni and current students. Almost everyone agrees that IE IMBA is indeed great program in terms of teaching quality, curriculum and international exposure. There is scope to improve career services. I believe US economy is already improving and may be in a great shape by the time I graduate. A stronger US economy will have positive effect on world economy including EU.

I agree with Duncan that Spain is not really the best option looking at the current situation. But I am sure it's economy and reputation of IE will improve even further by 2014. Fingers crossed :-)
Thanks guys for your perspective.

I made up my mind to join IE Nov intake. I spoke to IE alumni and current students. Almost everyone agrees that IE IMBA is indeed great program in terms of teaching quality, curriculum and international exposure. There is scope to improve career services. I believe US economy is already improving and may be in a great shape by the time I graduate. A stronger US economy will have positive effect on world economy including EU.

I agree with Duncan that Spain is not really the best option looking at the current situation. But I am sure it's economy and reputation of IE will improve even further by 2014. Fingers crossed :-)
quote
ezra
But I am sure it's economy and reputation of IE will improve even further by 2014. Fingers crossed :-)

True, and 2014 is a long way off in terms of what can happen in Europe - I think a lot will be played out this year with all the upcoming elections.

And if it's the case that there's an upturn in Spain this year or next, you'll be at the ground floor of a potential growth spurt.
<blockquote>But I am sure it's economy and reputation of IE will improve even further by 2014. Fingers crossed :-)</blockquote>
True, and 2014 is a long way off in terms of what can happen in Europe - I think a lot will be played out this year with all the upcoming elections.

And if it's the case that there's an upturn in Spain this year or next, you'll be at the ground floor of a potential growth spurt.
quote
mohd faiz
Thanks guys for your perspective.

I made up my mind to join IE Nov intake. I spoke to IE alumni and current students. Almost everyone agrees that IE IMBA is indeed great program in terms of teaching quality, curriculum and international exposure. There is scope to improve career services. I believe US economy is already improving and may be in a great shape by the time I graduate. A stronger US economy will have positive effect on world economy including EU.

I agree with Duncan that Spain is not really the best option looking at the current situation. But I am sure it's economy and reputation of IE will improve even further by 2014. Fingers crossed :-)


Hi Praveen,

Interested to know how it worked out for you in terms of return on investment.
Please share your experience and details of achievements post MBA program.

Thanks.
[quote]Thanks guys for your perspective.

I made up my mind to join IE Nov intake. I spoke to IE alumni and current students. Almost everyone agrees that IE IMBA is indeed great program in terms of teaching quality, curriculum and international exposure. There is scope to improve career services. I believe US economy is already improving and may be in a great shape by the time I graduate. A stronger US economy will have positive effect on world economy including EU.

I agree with Duncan that Spain is not really the best option looking at the current situation. But I am sure it's economy and reputation of IE will improve even further by 2014. Fingers crossed :-)[/quote]

Hi Praveen,

Interested to know how it worked out for you in terms of return on investment.
Please share your experience and details of achievements post MBA program.

Thanks.
quote
mba hipste...
An MBA from IE generally leads to solid ROI (108% salary increase after three years, according to the 2017 FT MBA ranking.) But that depends on a lot of things - what industry / location you are interested in going into, primarily.

Speaking Spanish fluently would obviously help a lot with landing a job in the country after the MBA as well.
An MBA from IE generally leads to solid ROI (108% salary increase after three years, according to the 2017 FT MBA ranking.) But that depends on a lot of things - what industry / location you are interested in going into, primarily.

Speaking Spanish fluently would obviously help a lot with landing a job in the country after the MBA as well.
quote

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