Posted by fmba
on May 5, 2016 in MBA Experience
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Future B-schoolers: youre a leader-in-training now; make sure to act like it.
As the day you received your MBA acceptance letter recedes into memory, the actual work and logistics of preparing for school will replace the joy and relief of realizing you got into one (or more) of your target schools. Getting a graduate business degree entails a great deal of personal and professional change, some of it before you even arrive on campus. Most likely, you will be moving to a new place and leaving behind much of your pre-MBA life including your employer.
There are some relevant considerations for admitted MBAs wondering when to quit their job, along with several broader issues of timeline and prep work for business school. As for what to say to your boss, when to provide your notice, and how to behave at work as you prepare to leave, these are personal decisions that are highly dependent upon your particular circumstances (in general, though, the answers are: be nice to your boss, give two to four weeks notice, and behave like an adult).
Breaking up is hard to do
Like ending a relationship with your significant other, quitting your job can be awkward, intense, and in some cases even acrimonious. Unlike ending a relationship with your significant other, quitting your job doesnt have to be unpleasant or involve any hurt feelings, though. Our friends at the Forte Foundation have a great post that covers some of the basic best practices for breaking the news to your manager, and there are plenty of good reasons to handle the process of leaving your job as delicately as possible.
One of the biggest reasons is purely pragmatic: your recruiting prospects in business school and beyond are dragged down by each person, team, or organization from your professional life that you leave with a negative impression. In a highly saturated recruiting market like graduate business school, recruiters look for any reason to filter candidates out of the pipeline, and word of a less than stellar relationship with a former employer is just the sort of thing to act as a dis-qualifier for some firms.
And while it might not seem like a typical business school concern, the importance of empathy cant be overstated here. The one constant for MBA careers regardless of industry, role, or work experience is working with people, and youll soon learn that modern organizational behavior theory boils down to a directive that managers should treat employees with respect. As you prepare to embark on your professional management career, leaving your old workplace in a thoughtful and respectful manner is good practice for handling delicate situations with grace later in life. And given that there is a good chance you will be on the opposite end of the conversation in years to come, finding some empathy for your managers position shouldnt be especially difficult in this case.
The financial picture
Unless youve lucked into a scholarship or other financial help, youre probably going to be spending upwards of $150,000 over the next two years on your MBA education and living expenses. Fortunately, the frothy state of the MBA job market and premium pay that accompanies a degree from a top program more than compensate for this expense, but the total is understandably daunting to many incoming students. Quitting your job early can seem like a financially irresponsible move with such a large expense looming.
And while student loans help offset most or all of the costs, you wont exactly be leading a life of luxury living on the budgeted cost of living at any school. So having a few thousand dollars extra in the bank from working two months longer can help quite a bit with day to day expenses (especially if youre used to a high quality of life).
On the other hand, an additional two or three months of pre-MBA work is not likely to make much of a dent in your impending tuition or living costs if you havent already been saving for a while, and you wont be starving on a student loan budget. More importantly, working too long and limiting your dedicated prep time can affect your recruiting outcomes and reduce that all-important ROI. Because internship recruiting starts so early at most places, summer is a great time to prepare for recruiting; the more time you spend at your current job, the less time youll have to figure out your next job.
Time is your most important resource
Youre going to be busy when school starts. If you plan to learn on the job and eschew any significant prep work before the start of classes, you should reconsider that strategy. Depending on your programs specific schedule, you have four months before classes start, 8-12 months to land an internship, and 25 months until you graduate and (hopefully) get ready to rejoin the working world. All of those milestones will arrive much more quickly than you anticipate ask any new MBA grad how short those two years seem but you have a lot of control over how you use that time....