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Author Topic: JD/MBA Programs  (Read 3477 times)

SteveS

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JD/MBA Programs
« on: July 20, 2005, 04:04:14 PM »
What are the benefits of doing one as opposed to only a JD? What career prospects does it allow that a JD wouldn't? What types of salary advantages does it provide?

Finally, is it more difficult to gain acceptance to this type of program than it is to gain acceptance to a regular law school program if the applicant is applying straight from undergrad with no work experience (other than summer internships)?

If anyone knows any good links about JD/MBA programs, please list them. Thanks!

Tif1917

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Re: JD/MBA Programs
« Reply #1 on: July 23, 2005, 09:56:02 AM »
I plan on doing the MBA/JD program. I think it is great. It only cost about 10K more (depending on which school you go to) and you do your MBA in about 1-2 extra semesters. What you do is you first apply to law school. Then once you get into law school, then you apply to their MBA program. The classes for your MBA do not start until your second year of law school. Your first year is all law classes. Everyone I have talked to said that if you can get accepted into their law school, then you will have no problem getting into their business school. It is definetly worth it. You get an extra degree in less time (way less!) then if you were to do them seperately. Who wouldnt love to get an MBA in a couple semesters? I am not sure what type of law you want to do, but if you are planning on going into business or corporate law, this is a must. It looks great to have both a JD and an MBA. As far as other law, I think that it is still a great opportunity. I think that anyone who doesnt take advantage of it is stupid. If you want to know anything else, let me know. Ciao ;D

Thomas 239

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Re: JD/MBA Programs
« Reply #2 on: July 24, 2005, 07:40:17 PM »
I plan on doing the MBA/JD program. I think it is great. It only cost about 10K more (depending on which school you go to) and you do your MBA in about 1-2 extra semesters. What you do is you first apply to law school. Then once you get into law school, then you apply to their MBA program. The classes for your MBA do not start until your second year of law school. Your first year is all law classes. Everyone I have talked to said that if you can get accepted into their law school, then you will have no problem getting into their business school. It is definetly worth it. You get an extra degree in less time (way less!) then if you were to do them seperately. Who wouldnt love to get an MBA in a couple semesters? I am not sure what type of law you want to do, but if you are planning on going into business or corporate law, this is a must. It looks great to have both a JD and an MBA. As far as other law, I think that it is still a great opportunity. I think that anyone who doesnt take advantage of it is stupid. If you want to know anything else, let me know. Ciao ;D

At some schools, you have to apply to both the business school and the law school at the same time, and be accepted to both in order to go into a joint JD/MBA program. MBA programs are vastly easier to get into compared to law schools, so if one could get into a given law school, that person could almost definitely get into any business school associated with that law school's university (if one exists.) I wouldn't go so far as to say that its a "must" for corporate lawyers, but it would certainly give someone a tremendous boost if one is looking to be a businessperson (and not practice law.) Most MBA programs require a certain number of years of business experience before they'll seriously consider your application, so if you're heading into law school straight out of undergrad, you might not be able to go into every JD/MBA program out there. Some might make an exception for people applying to both. But its a very good deal if you know you want to get an MBA and a JD, thats for sure.
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Tif1917

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Re: JD/MBA Programs
« Reply #3 on: July 25, 2005, 11:20:47 AM »
If you get an MBA and a JD, you can still practice law. You dont have to be just a business person. I know many lawyers who got both an MBA and JD. They practice business law. They are full attorneys with their own practice. They said that getting both degrees was a great opportunity b/c they use skills from both degrees on a daily basis. Obviously, students are not required to do both, but I think if you want to practice business law, then you relly should think twice about getting both. The MBA courses teach you stuff that the JD courses dont. It is very important. I have learned that from both current lawyers and law schools. All the law schools I have contacted said that you do not have to be accepted into both before you start JD courses. You just have to be accepted to the MBA before you start the MBA courses. Of course that wont hold true for all LS's, I am just speaking from personal experience. The original poster should definetly contact the schools he would like to attend for specifics, however, I was attempting to give him some general information. As far as business experience being a prerequsite, none of the schools I contacted requires that at all. You have about 10 foundation courses that you must take in order to be accepted to the MBA program (accounting, finance, etc.), but other than that I do not see how they can expect someone just out of undergrad to have much business experience. In my opinion, it is a perfect opportunity. Dont pass it up.

Paperback Writer

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Re: JD/MBA Programs
« Reply #4 on: July 25, 2005, 12:14:58 PM »
The advantages are immense.

First, it's a good idea to get all the alphabet credentials behind your name that you can while you are still young and have the time.  Once you hit your thirties, it seems like the time available to get more education is all but gone.  Many people advise against getting advanced degrees without work experience.  There is some truth to this, but don't worry about it.  The work experience will come.  What employer doesn't want a person who is smart enough to pull down a JD and an MBA?  The only thing is they might consider you to be a flight risk, that is, once you get the WE you'll leave as soon as a better offer comes along.

Second, what option is not available to you?  Think about it, you will be qualified to do just about any legal or business job.

Third, don't discount the value of a business education.  It's the one degree that will always continue to pay off for you.  You'll instantly have a "feel" for just about any business transaction.  You'll be better at personal finances, too.

jdmba2007

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Re: JD/MBA Programs
« Reply #5 on: July 28, 2005, 11:56:50 PM »
Here is a quote from a very interesting post on the topic:
http://jdmba.blogspot.com/2005/07/advantages-of-jdmba.html

Recently a number of people have emailed me asking about salary statistics for JD/MBA graduates. This is very hard to quantify as there is no such thing as a "JD/MBA position". JD/MBA graduates work as attorneys or in business and their salaries will correlate strongly (at least in the short term) with their JD or MBA counterparts depending on the route they choose. Many large law firms are now offering recent JD/MBA graduates a bonus and or 2nd year associate status.

Here is a very interesting link from Columbia (but a few years old):
gsb.columbia.edu/students/organizations/ddsa/jdmbasur.htm

Some drawbacks of a JD/MBA:
Clearly the bonus itself will not pay for the extra year (the Northwestern 3 year JD/MBA program is an exception) of school and opportunity cost of giving up another years income.

Some law firms may be scared that JD/MBA graduates will be more likely to leave in a few years for jobs in finance or business. These firms need to be convinced of your passion to practice law or they will be hesitant to hire you.

Unlike top law schools, most top MBA programs will not admit people without significant full time work experience. For those with limited work experience it may become slightly easier to gain admission to business school after already being admitted to law school. Many JD/MBA programs will allow law students to apply to the business school during their first year at the law school.

Some advantages of a JD/MBA:
Increased flexibility: It will be much easier to leave a law firm job to go in house at a corporation, investment bank, venture capital firm, etc later in your career.

More credibility: As a lawyer your clients (business people) will respect you more if they feel you can understand their business and financial statements, etc. An MBA may help here. This may help you with rainmaking (bringing in clients) or making partner at a law firm (which is a business itself) down the road. This does not imply that without an MBA you cannot be credible. Most attorneys learn what they need to about business on the job and do just fine.

Of course you do not need to practice law at all. A JD will help you make better decisions in the business world if you decide to go the business route right away after a JD/MBA program. Investment Banking is a common option here. However if you are sure you do not want to ever practice law you should think carefully about going to law school at all. Just about any business (non legal job) is accessible without a JD and a MBA may suffice by itself.

If you are an entrepreneur at heart like me you may also find that having a JD may make it easier to raise capital for new businesses, etc as it will increase your credibility. My goal is to ultimately start my own hedge fund and or venture capital firm with an emerging market (China) focus. For finance related jobs a CFA is perhaps just as good or even better (depending on your MBA program) as an MBA. I recommend that as well.


SanchoPanzo

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Re: JD/MBA Programs
« Reply #6 on: July 29, 2005, 12:05:43 AM »
How will the JD/MBA affect your studies? Would you do a JD/MBA if it meant "extra distraction" and a few notches lower in your class ranking in law school? Or is it really that easy to do both and not lose focus?

Also, do you guys know that some schools charge 200+ for B-School application fee!?!? What a racket!
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sarmstrong806

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Re: JD/MBA Programs
« Reply #7 on: July 29, 2005, 01:15:42 AM »
How will the JD/MBA affect your studies? Would you do a JD/MBA if it meant "extra distraction" and a few notches lower in your class ranking in law school? Or is it really that easy to do both and not lose focus?

Also, do you guys know that some schools charge 200+ for B-School application fee!?!? What a racket!

Most of the programs I have heard of seperate the law and MBA portions so it shouldn't distract you from your JD.


I'm thinking of going the JD/MBA route for the reason Paperback mentioned. I'm in school mode and am able to afford it so I might as well snag some degrees. 1 extra year isn't that much.

I have also heard that if you can get into their LS then the Business school is usually very accomodating

Does anyone know if some do not require the GMAT?

I am a Finance major in UG so an MBA will be fairly easy for me. I still haven't decided for sure, but it is definitely something I am considering.

vkschicago

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Re: JD/MBA Programs
« Reply #8 on: July 29, 2005, 01:37:48 AM »
I am also considering it.

I am somewhat concerned, however, about being "over qualified."

How will firms look at the salary required of hiring a young graduate with three degrees and no work experience?

sarmstrong806

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Re: JD/MBA Programs
« Reply #9 on: July 29, 2005, 01:48:38 AM »
only 50 something Exec.s that were fired and looking for wor kare "over-qualified"

seriously though, I think it is a valid concern, it may look like you are just a school nerd with no RW experience.