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Executive MBA / Career Change

2,025 Views | 9 Replies | Last: 7 yr ago by hangman
kag00
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AG
I am looking hard into pursuing an executive MBA and would love any feedback on my goals/situation. I also welcome advice from recruiters out there.

I graduated in 00 and have been working in CRE finance for 2 large national and one large regional bank since graduation. I have moved up and am making good money, beyond what is often the high end of a starting MBA grad would make. I still like CRE and the finance aspect but have grown to despise working for a regulated bank in any capacity (sales, risk, underwriting). I am also topped out career wise at the bank unless I want to move to another city. I want to move to another part of CRE and out of the banking world. The industry is very niche here in Austin and there have been a number of similar banks close shops locally and I don't want to get caught when my employer decides to downsize their CRE platform.

Given that I am the capital provider with a hard won relationship or am competition(non bank lenders) for most of the people I would want to work for it is extremly difficult to start hitting them up for a job without putting my current job on jeopardy. CRE is a very small circle here so word travels fast when you are making inquiries and you don't need that when you are pitching relationship. I would be willing to take a pay cut to get my foot in the door but have had no luck to date.

I am in Austin and want to stay here since I have built a strong environment for my family (2 under 7). My wife also has a great job and she wants to keep it.

To that end I am looking into an executive MBA program to aide the career change. It is pretty much McCombs or bust (have to swt your goals high) for me at this point due to quality, location, and alumni network and concentration in the field I want to work in.
topher06
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Looks like you have your mind made up. I don't really see the point of an MbA unless you go to a top 10 program or are an engineer.
HollywoodBQ
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I'll tell you a funny way my Executive MBA paid for itself. I had a guy take me to court because my wife did something really stupid and damaged his property. The guy was going for $80,000 in damages and I wound up paying zero thanks to my understanding of contract law. It was difficult because what my wife did was dumb and I probably should have paid the guy some money but, it wasn't wrong from a legal standpoint. This was something I had to learn in my MBA class. Old me, probably would have probably paid the guy $20k as an apology.

Another one that has helped from my business law class is understanding mergers and acquisitions. That has kept me above the fray of office water cooler speculations about business deals. One of the real funny ones was when we were in a bidding war to buy a company and our CFO told the street that our lower offer was better because it was all cash. Sorry, more is more.
powerbelly
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AG
Do you have the knowledge/desire to strike out on your own in development? I know a few people who have done this when they topped out at a bank in CRE.
kag00
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AG
powerbelly51 said:

Do you have the knowledge/desire to strike out on your own in development? I know a few people who have done this when they topped out at a bank in CRE.


I do and am actually in the early stages of putting a business plan together. I would love to talk to someone who has made that transition if you would be willing to make a connection.
powerbelly
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AG
The guy I know best is now retired but I can see if he is available.
kag00
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I appreciate the help. I will PM you with some contact information if you want to know a little more about me before reaching out to your contact.

Thanks!
aggiediehard10
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If you would like to discuss your decision with someone who has been there and done that, PM me.
kag00
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AG
PM sent, thanks!
78bc3
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consider using the Find an Aggie directory at aggienetwork.com to locate Former Students that earned MBAs to ask about their experience and real ROI. If you need help you can contact fscshelp@tamu.edu
hangman
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I am going through the MBA process right now and it is recommended to go full time if you want to switch careers. Some programs even limit the career center to full time and companies come to recruit solely for full timers. If you go part time you will have to leverage more of your own network and job searching capabilities. The competitiveness of getting into the part time programs and executive programs is significantly lower though if that's an issue for you. McCombs is definitely the tops if you want to stay in Texas. Also don't buy into the top ten or bust. If you want a specific job a lot of the lower ranked (still top 40) schools still place into the exact same job someone from Harvard or Booth will get. If you want MBB consulting or bust then you should strive for a top ten though.
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