Hi everyone,

I'm considering applying for an MBA 1st round in the fall, but am worried about finances.

I'm German and planning to apply to US and European schools. My dream schools would be HBS and Stanford (but I do understand the odds and will be applying elsewhere as well).

I currently work in Spain (low wages) at a Startup (even lower wages) that partly compensates me in shares, hence I won't have much saved up to pay for an MBA. I'm a little worried of coming out of an MBA with $200,000 debt. Is this usual for MBAs? How much did you have saved up before starting? What are the chances of receiving need-based financial aid for an international student, and how much can you generally expect to get?

I realize these questions are very vague, but any comment on personal experience or hints to where I could find more info would be greatly appreciated.

Hey,
I'm finishing my 1st year at Georgetown. Need based scholarships are not available for internationals, you can however get a merit based one. This depends on your GMAT/GPA etc. I will owe $110K out of business school, which in case I get a job is not a problem. In case I won't get a job with a decent salary it is a huge problem (around $900 monthly payments) but still doable, will simply have to compromise on my new Mozerati.

Does anyone have more information about the agreement between Booth and JP Morgan Chase for foreign nationals.

I called JP Morgan this morning and they seemed unaware of this specific loan. They asked me for a social security number and US co-signer, when the point is that this loan requires no-cosigner.

It it too early to have a status ?

Thanks

As previous poster mentioned, need-based aid is unlikely for international students. However, some of the very top bschools will give int'l students loans without an American cosigner...but this has been inconsistent since the start of the financial crisis. Some schools will give you scholarship money depending on how strong your application is relative to their class.

As for the odds of getting into the different programs, I suggest you look at the different schools' websites as well as rankings for information on GMAT/GMAT/work experience. Realize that rankings don't tell the whole story.....your background and aspirations also determine how hard it will be to get into the different programs.

so i'm noticing that many schools strongly prefer at least one recommendation to come from my immediate supervisor. the problem in my case is, he's an idiot. we get along really well, the office is highly profitable, and he's got a firm grasp on what goes on at work but he's not well spoken, and has a reputation for being inappropriate and even vulgar at times. he is supportive of my plans and i'm confident he would do his best to be a great reference but i really just don't want to leave such an important part of my application in his clumsy hands. anyone know if its a big deal to substitute the direct supervisor with maybe someone from HR or a higher level manager who is also familiar with my performance at work? thanks!

Then do him a favour and write him a draft letter that he can modify and submit himself.

I agree with check_m8. Also try to see the final product before submission.

I was in the same boat so I bypassed my direct supervisor and actually used one of my direct reports and also a Managing Director essentially in charge of the entire department in the US. I thought that both were able to offer a 360 degree view of me as a manager and an employee and I am happy to report that I was accepted at both scools I applied to - Darden (matriculating) and UNC.

Both fortunately and unfortunately, I have about 8 bosses. Some are more "direct supervisors" than others, but, just the same, I've worked closely with them all and they all could speak to my strengths, weaknesses and what not.

The problem I ran into is that my most "direct supervisors" had issues I was seriously concerned about. My performance manger is ridiculously smart, but has no clue how to write so that someone without a PHD knows what he's talking about. He often asks me to rewrite stuff for him. My MD would have been the best person to write my reco because she's probably the most compelling and persuasive writer I've ever met. But, she's always crazy busy and admits to being an organizational flake. I know she'd write something great; it just wouldn't get there until I graduate from b-school.

So, I reached out to more "indirect supervisors" - managers that currently work on projects with me, a former MD and a former PM. I have no clue what they wrote or what they said their relationship was to me, but I faired pretty well and will be matriculating at my top choice.

Hope this helps!

Marissa Louie keenly observes the fearlessness and sacrifice in billionaires. She finds Salesforce.com CEO Marc Benioff's style of leadership particularly potent. Marissa's previous posts include: "The Billionaires on Twitter", "Marissa Interviews Senator Boxer: Small Business Advice for Obama", "How to Build a 'Big Bang' Inner Circle", and "The Top Young Female Entrepreneurs in Tech." Here is her personal account of how Marc Benioff's leadership impacts her life.

San Francisco, California -- May 5th --

Before introducing me to Salesforce.com CEO Marc Benioff, my co-founder Duc Haba recounted his experience of briefly managing Marc at Oracle. It would change my life.

Duc said, "Marc's presence would fill the entire room - two rooms - and everyone would stop and pay attention," and "It was a matter of a few months before he was promoted out of my group," and "Marc's mentality carried with me when I would go on to co-found Viant (Nasdaq: VIAN) then eCoupons."

As I learned more, I started to see the real person behind the Salesforce.com powerhouse.

Marc shared with Duc about his dedication to Salesforce and how philanthropy impacts his core. He is the visionary behind the "1/1/1 Model" in which Salesforce gives 1% of profits, 1% of equity, and 1% of employee time back to communities, and won CRO Magazine's 2008 CEO of the Year Award. He said, "Your entire view of the world changes when you start to influence people beyond the individual level - at the societal level."

These words stuck with me. Marc has become somebody I learn from on two levels: both philanthropy and business. He now knows about my plans to give back to charity in a big way, which came about after my younger sister passed away.

With time, his influence on me has grown, and my respect for his business leadership has become deeper and wider.

Case in point: Marc Benioff was awarded with his first seven-figure paycheck as of Friday.

He had previously been making a mere $1 per year in 2003 and 2004, and $10 in 2005-2009. His salary had been on the opposite side of the spectrum from that of Oracle CEO Larry Ellison's, who topped the highest paid CEO list with a salary of $556 million last year.

Marc's logic for keeping a low salary:
--Attract and retain other employees as Salesforce.com rapidly expanded

Result: --Salesforce.com earned $43.2 million in profit on $1.1 billion in revenue in 2008 --"You know he's worried," Marc says of Oracle CEO Larry Ellison, his competitor and former boss

There is something noble about Marc Benioff which inspires me in a new way every time I see him, or even when I receive social media communication from him via FriendFeed (yesterday). I incorporate portions of his brand of leadership into my own operating manual.

So it's now the beginning of May and it officially feels like spring here in Asolo. The birds are chirping, the rain is less constant and life is changing here at CIMBA. Over the next week and a half all of the full time students will be packing up all our stuff and moving out of CIMBA. We have all found little apartments in our little town of Asolo and will spend the next month there before we pack up again to finish our studies in Iowa.

Although it is a bit of a pain to move out of here for a month, I think it's a great time to do this. The last few months have been a whirlwind of reading, assignments, consulting projects, coaching, and everything in between that looks like cabin fever between family members. As much as we have become like a serogate family, it's time for some space.

I will be living with three other girls in an apartment above Maria's (as we like to call the local pizzeria). It's right in the centre of Asolo which will be nice.