MBA Student Profile: Dr Timo Schmidt, IE Business School

Dr Timo Schmidt is now embarking on the world of executive business education at the IE Business School. As a qualified pharmacist – he has a PhD in the field – he is now enjoying "being part of the entrepreneurial spirits and projects that broaden your network." 

"Meeting diverse people, sharing opinions and views is one of the best parts of business school, as is being immersed into a different culture when studying abroad," he says. A Swiss German, Schmidt doesn't feel his scientific education background is enough to enable him to cope with some of the most relevant managerial assignments in leading a business unit or a profit center. Furthermore, he sees more career possibilities if his general knowledge on finance, accounting, organizational behavior or entrepreneurship is supported by an MBA.

Schmidt says the MBA has an average relevance in his home country of Switzerland but also recognises that the qualification is highly regarded elsewhere. "As I am intending to change my country of residence over time, this might be an asset," he says. Choosing to study for an Executive MBA wasn't a decision he made lightly. In fact, Schmidt spent a great deal of time researching which program and school would be right for him. "I started the ball rolling by attending the QS World MBA Tour. I actually went there twice to get a clear picture on the different options, programs and business schools. Then I decided to attend open days at two business schools to obtain more details on their programs, strategies, and people."

Top of Schmidt's list of what his chosen business school would have was accreditation, followed by program contents and soft factors such as attitude of program directors, diversity of students, ranking in the Financial Times (FT) and other journals. "I had gained a very clear view of which business school to apply to and finally I made it into the program on the first attempt." Further to this achievement, he even managed to waive the GMAT due to his work experience and interview results. 

Now at IE Business School, the reality of studying for an Executive MBA is starting to sink in and Schmidt says it's important for other candidates to understand what it involves. "In parallel to the MBA program, I work around 55 hours a week as well as trying to maintain a good relationship with my wife and children. You end up with a very rigid self-imposed schedule, meaning that you 'book' fixed slots with your family which you frequently end up using for preparation, online meetings, and readings for the MBA. Ultimately these slots eat into most of my Sundays and leisure time and my personal life suffers."

Approximately 30% of Schmidt's MBA costs are being covered by his employer; the rest comes from his private savings. "I recommend having a clear vision of what your expectations are after graduation. If you plan to stay with your current employer they should be able to support part of the program. Otherwise try to get as much as possible by private loans thus not feeding money to the banks as loans aren't particularly student friendly," he advises.

As for the challenging aspects of his MBA, Schmidt refers to time lost as a result of his fortnightly flights to Spain, as well as the potential impact that the stress of his lifestyle can have on his health.

Nevertheless, Schmidt hopes that once he completes his qualification in 8 months, he'll reach his goal of a change in career. And in five to ten years time he hopes to be either in the management field of the biotech and pharmaceutical industry or health care business, or the consulting business as his own boss or within a group. Either way, the time, money and energy costs that Schmidt is currently enduring will be beneficial in the long run.