DOING AN MBA IN EUROPE

Why you should get an MBA on the Mediterranean (or elsewhere in Europe) 

*Disclaimer.  These insights are opinions from the author's personal experience and research.  YMMV. 

Congrats. You have persevered through your time in service and made it past all the fun that is the military. With that DD214 in sight, you have made the astute observation to get a top-notch MBA and utilize that cushy GI Bill. 

Why not take this experience one notch further? Complete this MBA where you can enjoy great Sangria on the unique pristine beaches, eat amazing tapas & paella, party around Europe on long weekends, set sail around the Mediterranean as part of the IESE Sailing Club (even Army Vets), and still manage to land that sweet consulting or F500 job abroad. 

If this sounds like some fictional pipe dream, I assure you it is for real. At IESE in Barcelona, we are fortunate to have a large recent group of American and foreign MBA Veterans who have taken this journey. This tight knit group of Veterans managed to establish one of the only Veterans Business Clubs at European MBA programs. They have regular networking events, barbeques, and of course some Barcelona partying and Euro trips thrown in.  Recent IESE Veterans have had offers from McKinsey, Bain, Amazon, AT Kearney, Allianz, AB InBev, GSK, and ELI Lilly, to name a few firms. 

Now that I have gotten the shameless plug out of the way, let’s talk about considerations for Veterans evaluating pursuing a European MBA. This is the path less chosen and may not be suitable for everyone. After being stationed in Spain previously, my main motivation was that I wanted a truly international experience and network, and strongly desired returning to Europe once again. I also was not 100% sure on a career path so wanted to make sure the target program had recruiting in all major MBA sectors. I realized IESE met my requirements and the Vets I reached out to while in research mode were super helpful and really solidified my choice.  I can’t stress enough to reach out and have meaningful conversations with students/alumni because all of these schools will be in different countries and overall be different experiences with varying strengths, weaknesses, durations, and outcomes. 

Some considerations: 

1. If you want to work abroad after an MBA and want to gain international experience and exposure while building a global network, these schools are top choices for you. You will be in a classroom that is maybe 10% American. Most of your classmates come from diverse walks of life and cultures; not as many legacy Brad and Chads who spent their entire academic and professional lives on the East Coast. Roughly 4% or so of your class will end up in the USA after graduation.  

1. The MBA job market is not as defined in Europe as it is in the US. There are only a few schools that have any MBB and Investment Banking on campus recruiting. Tech recruiting is more limited (but growing). Traditional industry is solid but overall, fewer firms are hiring MBAs.  You generally will not have the same plethora of options as you would in a top MBA program (but still plenty of opportunity), and your total COMP will on average be less. Tradeoff is a global career starting in some sweet European city with a great standard of living including 4 to 6 weeks’ vacation time, seamless public transportation (trains everywhere), and limited healthcare additional costs/concerns. The world is your oyster (literally) and there are plenty of great career options and outcomes.

2. You have a broader set of career locations. In Europe, you and most of your classmates will be targeting top companies with strong alumni networks across the UK, Germany, Switzerland, Netherlands, Denmark, Belgium, and Spain. Depending on language ability, classmates will pursue opportunities in LATAM and Asia as well. Some jobs will require local language, but most large international companies don’t (depends on role and office). As a Veteran, in addition to above options, you can keep US options in your hip pocket.  This is especially true in the age of COVID with virtual networking and interviews. For example, this fall I have had interviews with a healthcare company in Switzerland, a CPG in Belgium, and a CPG in the UK, along with interviews in the US for a large retail brand and a healthcare company.  Other recent American IESE students have headed back to the US for consulting gigs, search funds, industry gigs, and BB Investment Banking. Still, you are swimming upstream if your goal is to land in the US.  IMO, it is a good backup or alternative, but you should not have it as your only COA because you will be competing with plenty of Veterans at top US MBA programs who have stronger alumni connections to the US based offices.  It is a unique talking point to weave into your story if you do end up recruiting to the US.

3. Rankings matter, but they hit differently. Financial Times is an obvious starting point as is ensuring similar rankings across other publications. The top schools are generally INSEAD, LBS, HEC, IESE, SAID, JUDGE, IMD, ESADE and various other schools. Do not think of this as T7 or H/S/W or any other American ranking system. These schools are in multiple different countries and recruiting & name brand is not the same as US counterparts.  You will likely not “wow” anyone at a swanky cocktail party in NYC.  I encourage you to really try to reach out to some recent Veterans or Americans that have attended the school. Find out where schools do best for recruiting and what the experience is like.  LinkedIn or ADCOM should be able to connect you with these Grads.    

**To contact IESE Veterans Club: 

Webpage (form at bottom):  Home - Veteran's Business Club | IESE Business School

Email: ieseveterans@gmail.com

Common FAQ for Vets considering MBA abroad 

Does the GI Bill work over there? 

-YES, at IESE, LBS, INSEAD, HEC and ESADE and most of the rest.  No Yellow Ribbon as of now. However, tuition at most European schools is around $75-90k, compared to top US schools that might be around $125-140K. There is some scholarship given especially to those GMAT high performers. Also, you get the MHA (BAH) set amount of around $1800 no matter what city you are in. This amount goes far in Barcelona, not so much in London or Paris. If you are a “five and diver,” EURO MBA will work out to be more affordable, but if you have the full Yellow Ribbon, it will vary. 

Do US Federal loans work there?

-YES, at IESE, and at a few other schools. Borrow away. 

Do I have to speak Spanish or (insert language)? 

NO. Classes at all top European programs are 100% en inglés. Recruiting / networking / socializing all in English as well. Only exception I know of is INSEAD which has some unique language entry requirements, but classes are in English. With that said, local language can open some doors and opportunities depending on sector and country. At IESE, there is an optional free Business Spanish course offered that will get you to (some) fluency if you have the desire. Other schools have similar offerings. 

Should I attend the one-year programs or two? 

Generally, I would recommend the two year program to veterans. One year is a very short time to figure out your next move post MBA, network, decompress, and learn a few things in courses. The internship is CRITICAL for Vets coming from active duty. If you do go the one-year route, try to do a Pre-MBA internship, have a 100% clear idea for your post MBA job, and if possible enter the program start that offers some type of internship.  

Will I still find a job abroad if I don’t have a European passport? 

-YES. In most cases, not an issue. This is really sector and country specific. If you are open to large consulting and multinational F500 companies, won’t be an issue. Banks will sponsor all day long. Smaller niche fields with not a lot of MBA grads most likely will not.  From what I have seen, difficulty can be tied to how specific of a job you are looking for.  Cast a wider net, and more options will be available.  If you want to be in a specific European city that does not have a lot of MBA hiring, it will be more challenging. 

Can I work at a startup after? 

-Sure. Loads of startups are in Barcelona, London, and Berlin to name a few cities. Great pipeline from IESE to Barcelona startups and I am sure other schools do as well. 

Is there Investment Banking Recruiting?

-YES.  I know of at least 3 schools (LBS, INSEAD, IESE) that have established pipelines into BB IB in London, unsure of which other schools do but it is possible there are more.  From what I have seen at IESE, students are very successful who do the leg work in this field.  The Finance Club and CDC give students all the resources they need to succeed.  In a lot of ways, it is less competitive than NYC recruiting (not as many schools & fewer banks), but as a Veteran you are more of a “unique” story and are not competing with hundreds of other strong Veteran profiles.

Is there MBB Recruiting?

-YES. At least the top 3-6 schools have MBB on campus recruiting.  INSEAD is arguably the best or near the best school in the world for MBB recruiting. IESE has a fantastic Consulting Club with increasing numbers each year, along with a very helpful CDC. LBS and HEC reportedly have very strong outcomes. Generally English only speakers recruit at offices in the UK, some Scandinavian countries, Middle East, US, or elsewhere depending on how that firm operates.  

Do European Companies care about Veteran background experience? 

-YES and no. Thanks to the US military's strong presence in Media and pop-culture and many Veterans of all types (American/British/Swiss/ETC) who have worked in Europe, you definitely aren’t an “unknown” when it comes to large multinational companies.  It is all about crafting your story of how your military experience ties into what role you want; there are no handouts and you will need to really do a good job marketing yourself.  Still, there are some hiring companies that won’t be familiar.  This depends on country and company.  Generally, the smaller the company and the less “American” the company, the less HR/Hiring manager will understand your military experience.  

Can I go too <insert> EURO program and go back to the US right away?

-Sure. Would not be my top recommendation in most cases. This route is more challenging, and you are really “swimming upstream”. There are many amazing USA MBA programs that have established strong recruiting and stronger alumni pull in the US. Still doable though and it happens. With that said, at least at IESE, we have a CDC member who specializes in helping students find opportunities in the US and go above and beyond to help you connect with US recruiters. 

Is it easier to get into a top European MBA program than a T15 US Program? 

-Maybe. The general consensus is that European schools value experiences, work background, and story much more than GMAT and GPA.  In theory, you will also be competing with a smaller pool of Veteran applicants, which might be in your favor.  I do not have enough data to conclusively say Yes or no

Do you really party on the Mediterranean and drink Sangria all the time? 

-Yes. Ok COVID has dampened this, but Barcelona is an unbelievably fun and an incredible city to live.  Social events are always going on or just hit the beach with your pack of Estrella Cerveza’s.  Food and Drinks are much cheaper than in US cities. Good weather. Plenty of nearby nature besides the beach. Another disclaimer, academics here aren’t taken lightly, and it is case based, so depending on how busy you are recruiting, social life will take a backseat at times.  

How has it been with COVID to be at an MBA program abroad? 

-Well, less than ideal, but IESE has done a good job making the most out of it thus far.  Moving to Spain was surprisingly smooth once Visa came through. This was aided by the USA ADCOM who are excellent and the wisdom of 2nd years helping answer our questions.  We were lucky to be in person 100% of the time for courses this fall with strict rules in place on campus.  Spain has modified lockdowns off and on this fall, which has helped keep numbers down while shutting down bars restaurants and other activities.  Recruiting events and career fairs have been virtual and I feel CDC has done well with this transition.  On the flip side, a rare opportunity to experience Barcelona and elsewhere without the overwhelming amount of tourists.