MBA vs Masters in Finance from London Business School: My application journey

Saloni Agarwal started her application journey with a 595 score on the GMAT. She took the test 4 times before moving on to her applications. She left Futures First to launch her proprietary trading desk, a risky move for sure. And she did really well. The more she grew, the stronger was the need for a formal masters degree from a reputed business school. She targeted MBA and Masters in Finance, and got into both.

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MBA vs Masters in Finance

MFin from London Business School

by Saloni Agarwal

 
My friends and family often describe me as a lively, extroverted personality and someone who can remain calm under pressure and manage emotions well. I’ve become their go-to person for financial advice. That trust stems from the way my personal and professional life has evolved.

Something that has always stayed with me since childhood is watching my father, a man with no formal education beyond the 9th grade, build a business and a life of dignity through sheer grit. That legacy of turning odds into opportunities has always inspired me to make the most of what’s in front of me. I carry that mindset into everything I do, including my recent Masters journey.

My professional career began with a breakthrough, landing a highly competitive role at Futures First during my college placement season. Out of 150+ candidates, only 7 were selected, and I was the only female candidate. At Futures First, I tracked the developed economies’ fixed income markets.

However, I saw a better opportunity in Indian equities, especially considering the dynamic phase the country is going through. Hence, I came back home and took over the reins at my father’s business, assuming dual roles as both trader and SEBI-registered Authorized Person.

I liaised with Nuvama Wealth for portfolio solutions and started a proprietary trading desk. As a woman doing this in a tier-2 town, the challenges were real: lack of mentorship, entrenched gender biases and financial illiteracy. But the experience helped me develop a strong investment philosophy and achieve market-beating returns.

I pursued all 3 levels of the CFA and cleared them on my first attempt – Levels 1 and 2 during college, and Level 3 while working 12-hour shifts at Futures First. The CFA not only strengthened my technical understanding but also reinforced my belief that finance was where I truly belonged.

My undergraduate degree at St. Xavier’s College, Kolkata and subsequent professional experience gave me a solid foundation. However, I knew that a formal Masters education would give me the edge needed to gather corporate experience in asset management or wealth management roles.

The long-term goal is to eventually start a portfolio management company, leveraging the networks, knowledge and experience I hope to gain during this Master’s journey.

My GMAT journey, however, wasn’t smooth. I was targeting a score of 675+ on the GMAT Focus Edition and ended up scoring 645 on my fourth attempt. I wasn’t completely satisfied but I had already missed Round 1 deadlines owing to a previous poor score of 595.

I didn’t want to miss out on Round 2 deadlines as well. I decided not to retake it again, given that I already held a strong CFA credential and wanted to focus on strengthening other parts of my application.

Given my tier-2 background, lack of formal corporate experience and modest GMAT, I had several concerns about applying. Most peers came from firms like Big 4 audit firms, top consulting roles or even private equity and venture capital backgrounds.

Owing to this competitive pool, I knew I needed professional guidance. That’s when I found MCB. I was impressed by their blogs, which consistently emphasised genuine candidate support over commercial goals. A free profile evaluation from Manish Gupta sealed the deal for me. His honesty, clarity and warmth were unlike any other consultant I had spoken to.

I signed up for the MBA MAP process, a 5-school essay editing package and interview preparation. The MBA MAP process was a game-changer. I had assumed b-schools only cared about how ‘strong’ I looked on paper.

But the MBA MAP framework helped me understand that it’s not just about your past, it’s about your fit with the school’s ecosystem and how clearly you articulate your ‘why MBA/MiF’. It made me realize that my story, if presented well, could be compelling.

Working with Manish sir was transformative. I had been overly fixated on my weaknesses, but through our discussions and edits, I began to see my strengths clearly. For the first time in a long time, I felt confident about my narrative. Even if I hadn’t secured an admit, I would have considered this process a huge win.

With Round 2 closing in fast, there was little room for trial and error. I wanted to diversify my application portfolio in a strategic manner. The MAP helped me identify my chances at different schools based on my profile, mock essays, and interview performance. It was extremely helpful. Eventually, I applied to five schools: 2 reach (Oxford, ISB), 2 stretch (LBS, Cornell), and 1 ambitious (NYU Stern).

Talking to current students gave me incredibly valuable, specific insights – things that aren’t easily available online. I realized how I could draw on my philanthropic background, such as co-founding a philanthropic organisation (in affiliation with Lions Club International) in Siliguri, to contribute meaningfully to clubs and societies, and how my diverse experience in both fixed income and equity markets could enrich class discussions. These conversations helped me visualize myself as part of the school community.

LBS felt like home even before the admit. The interview process was warm and conversational. My interviewer was an alum with a similar background and I had prepped thoroughly with MCB’s help. A few days after the interview, when I got a call from a UK number, my heart skipped a beat. The moment the woman said, “We’ve called you with good news…” everything else blurred. It was pure joy and relief.

Though I applied for a scholarship, I didn’t receive one. I still chose LBS because of its finance ecosystem, location in London’s financial hub and the promise of learning from peers who are smarter and more experienced than me. I had heard about LBS as a student in St. Xavier’s and always secretly hoped I would study there someday.

I believe what helped me stand out was how well the ‘why MiF’ tied into my past and future and my ability to show resilience and embrace unconventional paths.

The biggest takeaway?

Your story matters more than you think.

If you’re from a family business background, don’t get discouraged by others’ corporate titles. Your journey is unique, highlight the change you’ve created and challenges you’ve mastered.

Now that I’m about to join LBS, I feel incredibly proud. I’ve become the person my younger self looked up to. And yet, I carry the humility of someone who knows the real work has just begun.

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Saloni converted the Indian School of Business as well, but decided to go with MFin at LBS over an MBA (PGP to be precise) from ISB.

Whether you are applying to MBA, Masters in Finance or any other specialized masters program, MBA Crystal Ball can help: info@mbacrystalball.com

– Facts about LBS
– What does LBS look for in their applicants?
– Life as a London Business School MBA student and alumna