Thinking about an MBA & still in college? This program is the perfect opportunity

For Max Lehman ’25, a  Two-Year MBA Program student, securing a spot in Kellogg Future Leaders, the school’s deferred MBA program, gave him a sense of relief and the confidence to explore other career paths and broaden his skillset ahead of starting business school.  

And while he admits that the decision to leave his first job out of undergraduate was “scary,” having a spot secured in an incoming Kellogg class is what gave him the confidence to make the jump. Now that he's on campus taking experiencing life as an MBA student, he reflects on his first quarter and how he’s been able to tap into the school’s social fabric, academics and resources for a smooth transition. 

Tell us a little bit about your professional background. What motivated you to get an MBA?

Prior to beginning my career, I was accepted to Kellogg through its deferred MBA program: Kellogg Future Leaders. This allowed me to work for two to five years and then enroll in the full-time MBA program when I felt it was the right timing.  

I began my career as an investment banking analyst in the technology group at a middle market bank in New York City. There, I developed critical skills such as financial modeling, presentation building and communication with clients.  

Next, I transitioned to a role at a major commercial real estate lender in Washington, D.C. where I helped borrowers finance multifamily buildings throughout the country. I was able to develop my ability to manage multiple projects and supervise the execution of commercial real estate loans. 

While both roles were finance-focused, they exposed me to vastly different industries in tech and real estate. This industry-curiosity and desire to learn is exactly what led me to pursue my MBA. After these two industry experiences, I decided that I wanted to continue my knowledge of the business world in a low-risk environment of the classroom. Additionally, I knew an MBA at a top program would expose me to a fantastic network of friends and colleagues.  

At the time of your research and application, what about the Kellogg Future Leaders Program appealed to you the most?  

While I didn’t really know what to expect from the process, what I did know was that a deferred MBA would be an opportunity to secure a spot in an outstanding program for my future. For me, the most appealing aspect of deferred MBA programs was flexibility. I really valued the ability to choose when I wanted to enroll during the deferment period (two to five years) allowing me to begin my MBA journey at a time that made sense for me.  

Specifically, what stood out to me about Kellogg Future Leaders was the people. I was able to leverage connections and meet with current students and alumni from each MBA program I was applying to, and I could immediately tell from those conversations how much they had enjoyed and appreciated their time in Evanston. They told me about incredible classes, professors, trips and lifelong friendships they’d made while on campus. While folks from other MBA programs spoke highly of their experiences, it was clear to me that Kellogg was a step above from a “happiness” standpoint. 

Also, being from Ohio originally, I liked the idea of living in the Midwest relatively close to home. I had been to Chicago a few times before and could see myself living there long-term. I knew Kellogg places graduates into an abundance of fantastic companies in the Chicago area and that I would have ample access to these firms through in-person recruiting. While Kellogg provides opportunities for students to work anywhere in the world afterwards, it was a no-brainer for someone like me who is interested in the Midwest.  

Knowing you had secured a spot in one of the top business schools probably brought a sense of relief. What kind of impact or influence would you say that this guarantee have on your professional career?  

Securing a future spot at Kellogg was a huge sense of relief. This was heavily influential in my early professional career because it gave me the freedom to take risks and know I had a great landing spot for down the road.  

I realized relatively early into my time in investment banking that it wasn’t something that I wanted to do long-term. However, I didn’t feel the same amount of pressure to stick it out because I had already locked down acceptance at one of the world’s top business schools. Thus, I was afforded the freedom to search for something that was more interesting to me and develop a separate skillset before enrolling at Kellogg — for me, this was real estate finance. 

After many networking calls and interviews with different firms, I landed in Bethesda, Maryland, at one of the major commercial real estate lenders. As a government-sponsored enterprises underwriting analyst, my job was to evaluate the economics and creditworthiness of large Fannie Mae and Freddie Mac loans made to borrowers looking to refinance or acquire apartment buildings.  

While I was able to apply a lot of the knowledge and skills I’d developed during my previous role in investment banking, I was also able to learn about a new industry and grow other skillsets that I believe will benefit me down the road. Because I joined during record-low interest rates and one of the hottest economies of all time, I was forced to learn a ton quickly — which I loved.  

Leaving my first job was scary, and having the deferred Kellogg spot secured is what gave me the confidence to make the jump.  

You’ve wrapped up your first quarter at Kellogg. What are some words you’d use to describe your experience thus far?

The main word I would use to describe my first quarter at Kellogg is immersive. From the first day of KWEST, one of the most sought out student-organized global excursions at Kellogg, and onward, I feel like I’ve fully dove into the Kellogg experience. Between classes, social events, group projects, company visits, small group dinners and more, I have always had plenty to do. Kellogg does an outstanding job of building class cohesion early on and giving us opportunities to feel connected through groups such as KWEST and sections. Building a strong network was one of my main reasons for getting my MBA, and Kellogg provides ample opportunities to do this.  

You‘re in a unique position given that you’ve started your MBA at a relatively early point in your career. What kind of welcome have you received? 

Before arriving on campus, I was definitely nervous to be on the younger side of the class makeup. I knew the average age was a few years older than me and that many of my classmates would have more work experience. However, I haven’t experienced any ”downsides” of being one of the school’s younger members.  

From an academic standpoint, I succeeded in the classroom during the first quarter, and my work experience was relevant to many of the cases and discussions that occurred. Socially, I have made friends of many different ages, and I feel like age hasn’t really been a factor at all. I have also had the same recruiting opportunities as my older classmates, which I am really thankful for.  

I think being younger is actually a benefit! I get to learn from my classmates who have more work experience than me, and I have the same access to the incredible job opportunities Kellogg provides.  

How would you describe your transition from a period of deferment into a full-time MBA student?  

It was a pretty smooth transition, all things considered. My firm was excited for me to take the next step and was happy to provide an updated letter of recommendation (which Kellogg requires from deferred candidates). I was concerned they would be frustrated that I did not disclose my acceptance to the deferred program when I was interviewed for the position, but this was not the case.  

In terms of getting back into the swing of school, it was a slight change of pace but nothing crazy. I love the classroom environment and was excited to be a part of it again. My school schedule fall quarter was pretty similar to my work schedule, where I had meetings (class) in the morning and then work products (homework) to handle in the afternoon and evening. The biggest difference was the amount of additional company presentations and social events to attend, which made my schedule even more hectic than it was while I was working. However, as I’ve said before, I really enjoyed all of these aspects,  and it did not feel like a burden at all.  

What advice would you give to undergraduate students who are considering business school and Kellogg? 

Speak to friends, family members or school alumni who have gotten their MBA to hear about their experiences firsthand. For Kellogg specifically, try to connect with current students or recent alumni. Even if you don’t know anyone personally, I know that many of my classmates and I would be happy to answer a cold email or LinkedIn message and hop on the phone for a few minutes to talk about experiences. 

I would highly recommend the deferred MBA option. While the application process may seem daunting and the last thing someone wants to devote time towards during their senior year spring, it pays dividends later.  

The security of deferred MBA acceptance gave me a lot of career freedom and opened some amazing doors. Even if they aren’t admitted to a deferred program, knocking out the GMAT while still in “test-taking mode” is a great use of time and the score can be used for up to five years. Studying around a college class schedule is a lot easier than studying around a full-time work schedule. 

I would also encourage them to read as much about the program as possible, especially the employment report. This provides detailed statistics regarding career placements, so potential students can see what types of jobs and companies recruit on campus.  

Read Next: Reasons why these students opted for Kellogg Future Leaders