Short and Long Term Goals

[perduepatel]

I have begun the application process to some of my schools and I have come across a few questions for fall 2010.

Is it negative to state a goal to want to work in a position in an industry that might effectivly be closed? I have a short term goal to work in Real Estate IB with the intention to work a PE Opportunity fund down the road. A long term goal would be to start my own fund at some point.
Another goal is to work with a property developer. I believe a general management degree with an elective concentration in RE will help me solidify my skills and develop new ones in order to achieve this.

I have contacted some current MBAs at UVA that are in the Real Estate club. Many have mentioned that finding a job in the Real Estate industry is tough right now, some are even doing things completely outside of what they wanted (one was working in Energy). UVA, along with the rest of the world obviously knows that this finding a job in Real Estate will be difficult.

My question is, should I state another reason to get an MBA based on my finding and the current environment. It is obvious that a school wants to know that you can get hired after your 2 year degree. If I pick a defunct short and long term goal, will this hurt my chances? The same question can be asked of a broader group to perspective students wanting to work in different IB groups.

[mbamission]

The goals essay is an important aspect of the application so your question is valid. We recently blogged on this topic which I'm including below:

For many years, one of the ineluctable truths of applying to business school has been "MBA candidates must present very well-defined goals to admissions committees." Well, it seems that change is in the air. HBS does not even require applicants to discuss goals, but asks about a broader "career vision," and this vision need not be addressed in your essays because this question is optional. Now, no less than six top admissions officers, whom MBA Mission has spoken with, have shown an openness to candidates discussing primary and secondary short term goals, especially if the candidate is proposing to enter into a field that is not hiring during the recession or if the candidate is a career changer who may have trouble making the switch.

So, if you are planning to write about making the leap into investment banking during the downturn, you might want to offer a reasonable back-up plan as well that will provide the same or even different but nonetheless applicable skills that will still lead you to your long term goals. During tough economic times, the schools want to know that you are employable and part of your messaging might just be that you are flexible and have truly considered your options if Plan A does not work out. Yesterday’s heresy is today’s reality.

So for your specific situation, I recommend talking to those students further about their alternative career plans so you can develop ideas for a "plan b". If you cover this in your essay, you will show that you are passionate and realistic about your career goals.

Monica Okrah
MBA Mission
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