66— EXECUTIVE SUMMARY —
Start the process as early as possible.
—Assess what you want from an MBA.
—Gather information about programs to determine where you should apply.
Apply as early as you can without sacrificing the quality of your application.
—Applying early improves your chances.
—It also gives you some slack if factors beyond your control delay some aspect of your application.
Track your progress with the Master Application Organizer.
Schools basically use one of two types of admissions decision cycles. “Rolling admissions” involves considering applicants whenever they apply within the several-month admission cycle, and responding soon after receiving a completed application. “Rounds admissions” means that they establish multiple deadlines and wait until each to look at an entire group of applicants.
The application cycle refers to the period of time during which a school accepts applications for a given class. In other words, a school might accept applications from September 15 through April 15 for the class beginning in September. This raises a question. Should you apply early (in October, for example) or late (in April) if you wish to maximize your chances of getting in?
There are several benefits to applying early in the application cycle. Assuming that the application is well written, an early application suggests that you are well organized. It also suggests that you are serious about getting into business school rather than applying on a whim. Another benefit can accrue if the school underestimates the number or quality of applicants it will eventually get this year. If this is the case, early applicants will have an easier time getting in than they otherwise would.
Certain types of applicants, of course, can benefit (from applying early) more than others. If you are a “cookie-cutter” candidate, who is not readily distinguishable from a large number of other applicants in his part of the applicant pool, your file will be less likely to inspire yawns if yours is one of the first of its kind to be read. For instance, if you are an analyst from a major investment bank or an electrical engineer from India, you should apply as early as practicable. A second type of candidate who stands to benefit from applying early is someone who has a complicated message and who therefore must give the admissions committee the time and mental energy to read his or her application. Admissions committees tend to lack this time and lose energy as the application season progresses. (International students should seek to apply as early as possible since international credentials may add complexity to their applications.)
The most important benefit of applying early, however, is that schools make it easier to get in early than to get in near the end of the application cycle. They “set the bar lower” for early applicants largely for internal reasons. Even if the ideal process (in terms of getting the best possible group of students) might be to apply the same standard throughout the process, rather than accepting a slightly lesser candidate early in preference to a slightly better candidate later on, human factors push for somewhat lower standards early on. The admissions director, MBA program director, and dean of the business school can sleep better in January if they know that they have already filled 90 percent (rather than 40 percent) of the class. The degree to which schools raise the bar through the course of the application cycle, however, varies substantially. Wharton, for instance, tends to raise the bar very substantially; Booth (Chicago), traditionally less so.
THE ADMISSIONS DIRECTORS DISCUSS THE BENEFITS OF APPLYING EARLY
It’s easier to stand out early in the process—as the twentieth investment banker we look at rather than the two-hundredth. Besides, you can learn about financial aid and look for housing earlier on, too. DAWNA CLARKE, TUCK
Apply as early as you are ready. Don’t rush to get the application in if it’s not competitive. Make your most competitive application, and if that needs to be somewhat later, so be it. ISSER GALLOGLY, STERN (NYU)
Early Decision was designed specifically for our purposes—an opportunity for us to read applications for the September (start-date) program before reading applications for the January program…. A good applicant’s chances in the Early Decision round are far better than they would be applying later on. LINDA MEEHAN, COLUMBIA
The criteria remain the same throughout the process. But one of the criteria concerns applicants’ fit with the Darden community. We determine that in part via their level of understanding of Darden and the case method. And the earlier you apply, the more we feel you understand what we’re offering and want to be a part of it. SARAH E. NEHER, DARDEN
We have three rounds. There is absolutely no difference between the first and second rounds. We separate them simply for administrative ease. In round three we always have room for highly qualified candidates, but they need a reason to be applying late in the process. “I’ve been busy” isn’t a valid excuse. Other busy people have managed to get their applications submitted in the first or second rounds. On the other hand, an unexpected liquidity event for an entrepreneur would justify a third-round application. THOMAS CALEEL, WHARTON
• Applying early allows candidates to start planning their relocation to the Netherlands early. This means setting up housing and applying for entry visas (if applicable) can be finalized sooner. It also allows us to provide a better support system for you. MARYKE STEENKAMP, ROTTERDAM
You apply to the program, not to a specific starting date. Once you are admitted to the program, you then register for whichever starting date in the next two years best fits your needs—assuming there is still space available for it. So although applying early in the process doesn’t help you get admitted, you do increase the chances you’ll be able to get your preferred starting date. DAVID BACH, INSTITUTO DE EMPRESA (SPAIN)
Applying early gives you the best chance of getting into the intake (i.e., starting in September or January) and campus (Fontainebleau or Singapore) of your choice. JOELLE DU LAC, INSEAD (PARIS)
Applying early gives us the time to read through the application and clear up any doubts we might have. MARY GRANGER, ESADE (SPAIN)
There is only one substantial benefit to applying late in the cycle. An applicant has the opportunity to continue to build her credentials during the few months involved. This can be significant for someone with the potential to transform her application. For example, someone who expects a major promotion and salary increase might wish to apply after getting them rather than before.
A second potential benefit can occur if the school has misjudged its popularity and finds that fewer good applicants have applied than it expected earlier in the cycle, resulting in reduced admissions criteria for those applying later. This is an unpredictable factor and not likely to happen to any substantial degree, however—particularly at the very top schools.
Most people will benefit by applying early in the admissions cycle. In general, the most important timing criterion is to get the application done well as soon as is practicable. The earlier it is started, the more opportunity there is to rewrite and reconsider, to allow recommenders to finish their work—and even to have others help out by reading the finished product. The only group that should purposely apply late in the cycle consists of those who can substantially improve their credentials in the meantime.
So, unless you are in the small minority expecting such credential improvement, apply as soon as you can finish a truly professional application.
Most applicants underestimate the amount of time that a good application requires, thinking that they can do one in a long weekend or two. The reality is that many of the necessary steps have a long lag built into them. For example, approaching a recommender, briefing her on what you want done, giving her time to do a good recommendation for you, and ensuring that she submits it on time calls for months rather than days of advance notice. This is all the more true when you apply to six or ten schools rather than one; you have more application forms to get, more essays to write, and more recommendations to get submitted. Although work does not increase proportionally with the number of applications, the increased complexity as well as the number of additional things you need to do will inevitably increase your efforts.
The application process should start at least one and a quarter years in advance of when you would like to start business school. Thus, if you wish to start a program in September, you should start work in June of the preceding year. This may sound excessive, but the timetable in this section makes it clear that this is an appropriate time to get serious about the process. One of the reasons this process takes so long is that schools generally require that applications be submitted three to nine months in advance of the start of the program, meaning that you will have six to twelve months to complete the process if you start at the suggested time.
Starting the application process late, or failing to work seriously at it until deadlines approach, leads to the typical last-minute rush and the inevitable poor marketing job. This book presents an enlightened approach devoted to the idea that applicants can dramatically improve their admission chances if they do a professional job of marketing themselves. This timetable is meant to reinforce the message that time is required for a successful marketing effort.
It is useful to establish your own timetable for applying. Ideally, you will be able to start about fifteen months before you begin your MBA program. Don’t panic if you can’t, since many people will, like you, need to condense their work efforts. It is still useful, however, to make sure you use whatever time you have to your greatest advantage.
The following is a typical schedule for someone applying to schools that begin in September, with interim application deadlines starting in October and a final deadline in March. It is intended not as an exact timeline for you to follow but rather as an illustration of the tasks and deadlines you will want to track.
Each point made above is discussed in detail elsewhere in this book; refer to the in-depth discussions as appropriate. The timing set out in this schedule is of necessity approximate, since everyone’s style of working and personal circumstances will vary. For example, if you are working in a liquefied natural gas facility on the north shore of Sumatra, you will probably have to allow more time for most of the steps listed here. Using this schedule as a starting point, however, should give you a good idea of the sequence to follow, as well as the approximate timing. It should also go without saying that doing things in advance is always a good idea.
GMAT test preparation is not readily available outside the United States, so check carefully to determine where and when you can take a course. Because you must provide official translations of transcripts, recommendations, and the like, you should allow extra time. The slowness and lack of reliability of international mail should also be factored into your timetable, both for tests and for the other elements of the application process.
Also notify the school you have chosen to attend as early as possible so that you can begin the student visa application process. Depending on your nationality and individual circumstances, this process may be either short and simple or lengthy and complicated.
You should be aware of three problem areas: (1) Some schools fail to send out a substantial percentage of transcripts upon a first request, or do so with a lengthy delay. The obvious solution to this is that you start requesting them early and stay on top of the situation. (2) Your recommenders are busy people who, despite their best intentions, are all too likely to need prodding to get the recommendations turned in on time, especially if they elected to write them themselves. As Chapter 11 suggests, you will want to make their job as easy as possible, and then stay on top of the situation. (3) Your essay writing is all too likely to fall behind schedule, leading to last-minute rushing and poor writing. Start the whole essay-writing process early, and continue to give yourself time, on a regular basis, to work on them. You must be disciplined about this if you want to maximize your chances.