About Anh: Prior to Anderson, Anh Cao (‘23) lived in the Bay Area and worked in software solution sales at a startup before it was acquired by a competitor that had recently IPOed. As a first year student at Anderson, Anh has enjoyed exploring Los Angeles for the best food scene and hiking adventures. In the future, she looks forward to creating inclusive products and chose Anderson for its programming in Equity, Diversity, and Inclusion, and its strong emphasis in technology recruitment.
It's a surreal moment after you receive notifications from MBA programs regarding your admissions. It’s a whirlwind of emotions but regardless of the outcomes you have accomplished so much from the application season alone. Hopefully you’ve done a lot of self reflection (but don’t worry that part of the journey is still not over) and now you’re ready to get started on your MBA!! Right?
Between the time I accepted my offer at UCLA Anderson and the first day of classes, I remember thinking that I had so much to get done. Luckily I had a lot of great advice from current students and alumni about how they would’ve approached their time before they stepped on campus. And now I also have the benefit of my own experience to share those details with you all.
Overwhelmingly there were five key areas of advice that many repeatedly recommended:
- Take care of insurance, 401K, savings, in general get your financial situation together
- Quit your full-time job! You deserve a break even if you decide to do a pre-mba internship
- Start connecting with MBAs across the nation - you are starting your journey now and building those relationships before school even starts can help make the two years an even better experience
- Look for apartments/housing and consider how to navigate the roommate situation
- Travel - this is your first long break in a long time so enjoy it!! Go see the world (safely)!! Especially in these times of uncertainty, even a road trip will make a big difference
Each of the above categories could probably be a blog post in itself, so keep in mind that I tried to be as detailed as possible but also to the point.
Take care of insurance, 401K, savings, in general get your financial situation together
I want to caveat this section by saying I am NOT a financial advisor! I am only speaking through my own research and experience. Each of our situations are different and you should definitely figure out what is best for your life. That said, some of this advice can definitely be applied in some way shape or form.
Even months in advance of quitting, I increased my 401K contributions since I was only staying for 5 months and I wanted to maximize the matching my company provided. I also contributed the maximum amounts to my Roth IRA and Pre-Tax IRA while I still had income so that I felt financially secure about my retirement. Also, look into your plans to make sure you choose funds and portfolios that match your risk profile! And if you’ve been making any automatic contributions, whether they were in stock portfolios or services like Stash, Wealthfront, or Robinhood, make sure you stop them ahead of time since you will no longer have a steady income.
Before you officially put in your notice, make sure to check your company’s insurance benefits and coverage policies. Plan how you will be covered during your gap before school starts because you don’t want to be caught in a medical emergency without any insurance. Personally, I looked into CoveredCA over COBRA because it worked better for my situation and although I never used my minimum coverage plan, it gave me reassurances that if something happened I knew where to turn.
It may be obvious for me to advise you to start a budget for school expenses, like what tuition and housing will cost, but don’t forget about extracurricular activities, travel, and random incidentals that may arise! Overall, this will help you determine what combination of loans, scholarships, credit cards, and part-time jobs you’ll need to consider. After doing some initial research, I reached out to Anderson’s financial aid office and the team there (specifically Ji Choi) was super helpful in guiding me through the different available options and also how the team would be able to facilitate the loan disbursement options. She answered all of my questions and gave me the confidence to finalize my financial plan.
For loans, look into the pros and cons of federal versus private options to see if the interest rates make sense for what you need versus the repayment plans. Personally, I went through different scenarios why one was better than the other for my own personal financial situation. There are companies out there like Earnest that makes the process a little easier but always read the fine print and do your research carefully!!
For scholarships, I did an endless scour of the internet and sometimes you have to just grind through the research because random scholarships will pop up. For example, last year I found a new scholarship that paid for 100% of graduate fees and also provided a mentorship program - I ended up not being eligible but I recommended it to my friend and she ended up being 1 of 20 graduate students who became their first class of fellows.
Many credit cards have offers or bonuses if you spend a certain amount in 3 months - this is good if you’re moving because you can put all those costs on to a card since you’ll already be spending it. Look into how you can optimize for cash back or travel points, but first figure out your credit score and which category you will likely be spending on the most in the next 3 months and also when school starts. Keep in mind that having a few credit cards to spread the expenses could be advisable since credit utilization affects your credit score. Although not my favorite tactic, I also considered 0% APR credit cards for the first year because you can rack up debt and pay the cards off later - again look into this because there are likely caveats or things to avoid. I have my own rotation of credit cards that I built up over the course of my post-undergraduate life and it makes it worth it when I get to spend my points on travel. I personally love the Chase family of credit cards and decided to stay in that ecosystem.
Lastly, follow sites like NerdWallet, download apps like Mint by Intuit, and overall, just start focusing on your finances!
Quit your full-time job! You deserve a break even if you decide to do a pre-mba internship
Maybe your boss and company know you’re leaving eventually, but it’s better to make it clear the timing of your last day so that they can plan your replacement. It’s recommended to give a 2-4 weeks notice so that you leave the company on good terms, but again this is dependent on your situation. For example, you may have an upcoming bonus that you may miss if you quit too early or because you announce your departure months too early.
Either way, having a clear delineation between the end of your job and the start of school will do you wonders for getting into the right mindset. This break is a great time to reflect about the next two years because it will go by very quickly and getting your priorities together may help make the experience more enjoyable and targeted. This advice applies both personally and professionally! Let your friends and family know that this upcoming period you may be away and unable to focus as diligently on the relationships but that they matter to you and that you appreciate their support. On the other hand, many people try to pivot and overall advance their career, so it’s important to reflect on what you want that future to look like. Since you’re no longer writing an essay to get into school, no one cares that you don’t stick to a specific plan but it behooves you to really think about where you want to end up and how you will make the most of the two years.
Start by writing down your goals and why you want to achieve them. Stay focused on those goals so that you can refer back to them when you’re at different crossroads of your MBA journey. You may realize that you need to adjust the plan later on but at least you can ground yourself in those decisions. By having record of your initial aspirations, you do not get easily distracted by shiny activities and what your peers want to accomplish. Instead, you can focus on yourself, so be a little selfish in this reflection because it will help guide later decisions where you will have to consider others.
For me, the Anderson Summer Quarter started August 2nd, 2021 and I quit May 28th, 2021, so I had about two months in between. This gave me a much needed break where I was able to forget about work and solely think about my future. At first I thought about getting a pre-mba internship but decided against it because I had pre-mba conferences, family travel, and was not making a major pivot that I needed to demonstrate more skills for the short term. The pre-mba conferences and company information sessions gave me a glimpse into companies I liked and didn’t like. It helped me eliminate options that were clearly not a good fit and helped me discover areas I should still consider. Overall when you hone in on your goals, the more you know going in, the more you will get out of the experience
Start connecting with MBAs across the nation!
After receiving admissions into an MBA program, you’re now eligible to attend various pre-mba conferences and forums. I attended these different events virtually, which actually allowed for more flexibility because I didn’t have to fly to many different cities, and I could do them all from my living room. After having impactful conversations with various peers, I would follow up on LinkedIn and make the connection official. I also explored industry related groups and forums on LinkedIn based on my future recruiting goals related to technology and product management.
Also, many schools have prospective student events and so even if you do not end up at the same schools, you can connect with potential classmates and see what’s helping them decide between the different programs. Most of your two years will be spent with these people, so it was valuable to connect with prospective Anderson students and get a feel of who my classmates would end up being.
Some of the best events I attended were programs like Forté’s summer conference and Consortium’s Orientation Program! I was able to hear from industry experts and potential employers about their plan to increase equity, diversity and inclusion at their companies. Not only this, but through these two communities I met students from Darden, Kellogg, Ross, Fuqua, Haas, Marshall, and even future Anderson peers!! Since then, I’ve stayed in touch with them throughout my first quarter and I feel lucky that I will always have resources across the nation to ask questions and compare notes about our experiences.
Although you may be competing with each other somewhere down the line, it’s always valuable to know people at other schools because you can trade tips or just overall perspectives on how schools are handling situations. They may be good interview buddies later on or have insight into job opportunities you didn’t get knowledge of at the school you ended up at.
Search different neighborhoods for apartments and find those awesome future roommates
I had lived in East Los Angeles before (*cough* *cough* at the rival school) and luckily had a bunch of undergraduate friends who had moved to West Los Angeles. So I didn’t find it hard to figure out which areas I would prefer to move into and what I wanted out of my neighborhood. That said, you can always reach out to second years who would be more than happy to share their tips.
Some things to consider as you’re doing your research for the apartment is your budget, amenities, and walkability. Also, think about if you want to live by yourself, a roommate, or two roommates (or more). Start with some online searches like on apartments.com, Zillow, Facebook groups, university housing, and other housing websites to understand the available market ahead of time even before you plan on moving. Keep in mind that there may be quirks to the city that you might have assumed apartments would just have because they do back where you are from, i.e. not all apartments have refrigerators, many have tandem parking or street parking, which also means street cleaning (aka constantly being worried of parking tickets), and there may be less apartments with in-unit washer/dryer or a dishwasher.
As you think about your future roommates, figure out what are your pet peeves, preferences, and roommate qualities that you want to uncover before moving in. You’re going to be with your roommate a lot and sharing a variety of things in the apartment. So it is absolutely crucial to get to know the person well! And know your own living habits/preferences well too. You should decide if you want to live with another MBA student or a friend, or someone in graduate school vs. undergraduate, or a working professional vs. a student. Ideally you won’t want to move after your first year, so take the time to do your research and really get to know the person and be transparent about your own needs and living preferences. The good news is that many schools have lists or forums where you can connect with other MBA students, both 1st and 2nd years.
At Anderson we have a shared Google Sheets called AnderList where we could put in our hobbies, preferred neighborhoods, amenities, pet peeves, interests, hometown etc. so that we could get to know each other easily and reach out for potential roommate pairings. You can meet them on zoom and do an informal interview so that both parties are able to ask questions and do a vibe check! Currently, I live in the Boulevard apartments which are university-owned and in the neighborhood of Sawtelle. Not only do I love my neighborhood, but I lucked out and I also love my roommate, who was completely random, so you just never know!
Travel - this is your first long break in a long time so enjoy it!!
This is probably the shortest and most straightforward piece of advice I have for you because have I already mentioned that you deserve a break? You’ve been grinding for years at that corporate job, trying to get your GMAT scores up higher, and are now done with interviews, essays, and applications!! You deserve to spend time with family and friends before you start school. During these uncertain times, I know it’s hard to travel but even if it’s just a camping trip or a roadtrip across the country, it will be worth it! I promise you this. Check out Zion National Park, Bryce National Park, Horseshoe Bend, and Antelope Canyon if you’ve never been! That’s what I did; that plus Vegas!!
The point is to unplug and spend time doing something other than work. You’re going to work for the rest of your lives, so take this time to reward yourself and take a step back to recognize all the dedication and perseverance you’ve had towards these goals. You’re going to be an amazing future business leader but for now do something for yourself!
Student Blogger: Anh Cao ‘23
Undergrad: USC Marshall School of Business, ‘15
Pre-MBA: Technical Sales Consultant at ZoomInfo (AI Startup for Sales and Marketing Professionals)
Leadership@Anderson: Executive Vice President - Class of 2023 (Section D), Director of Startup Recruiting - Entrepreneurship Association, Director of Operations and Member Experience - Innovation and Design at Anderson, Director of Club Relations - Craft Beer Club, Director of Camping - Outdoor Adventure Club