Chapter 3
Mastering Business-School Admissions
IN THIS CHAPTER
Selecting an MBA program
Applying to business school
Making your essay stand out
If you’re reading a book about the GMAT, you’re probably considering an MBA. Well, get ready for a great adventure. Applying to business school can be a challenge, not to be attempted by the lukewarm or ambivalent. If you’re truly committed to acquiring an MBA, though, the application process may be sort of exciting. You may end up living someplace new and broadening your opportunities in ways you never considered.
In this chapter, we discuss the ins and outs of evaluating business programs and applying for admission, as well as the importance of the GMAT in this process.
Choosing a Business School
Choosing the right business school is not unlike choosing the right car or home — you’re faced with numerous considerations, and what works best for, say, your sister or friend may not be the best option for you. Just as cars and houses are major investments, so is a business-school education, so just as you would likely test-drive a new car before buying it and have a home inspection performed on a house before sinking your life savings into it, you ought to conduct extensive research before deciding where to pursue that MBA.
Not all MBA programs are created equal. You may still be able to get a fine business education at most of them, but understand that different programs have different characteristics. Some are extremely competitive, while others are easier to get into. Most require attending classes on campus, but a growing number of colleges offer programs that can be completed entirely online or through a blend of online and on-campus coursework. Some have excellent practical career-oriented programs while others present a more theoretical approach to business. You need to decide what you want in a school before you let schools decide whether they have the privilege of accepting you.
As you build your application list, consider the following factors:
- Prestige: School prestige falls first on this list, and that isn’t by accident. In a Forbes survey of about 750 GMAT test-takers, prospective students were asked which consideration was most important to them when selecting a business school. Prestige was the most common answer, and the best measure of prestige at a given school was said to be the proven success of its alumni. Why does prestige get so much credit? Primarily, because students believe that being affiliated with a particular high-ranked school will give them a foot up in many areas and help them stand out from the crowd. To be more specific, students tend to associate higher-prestige business schools with enhanced opportunities for career and business networking, and in many ways the association is justified. For example, Wall Street firms generally recruit from the top-ranked East Coast MBA programs, so if you desire to join one of these corporations, you need to apply to the programs they favor. Checking the top five rankings of MBA programs — Forbes, Businessweek, US News & World Reports, The Economist, and The Financial Times — provides you with an indication of which programs are most prestigious. An MBA school’s rank may not matter to you, however, if you’re already employed or are self-employed and primarily desire to acquire skills to enhance your current profession.
- Affordability: Obviously, it makes sense to borrow as little money as possible for business school, as you’ll more than likely be committed to pay it all back, plus interest, somewhere down the line. MBA programs generally aren’t cheap, however, so the trick is to not only find a school that you can afford, but uncover one that offers the biggest return on your investment (ROI). To get a sense of what that ROI may ultimately be, you’ll want to take a comprehensive look at all costs associated with attending a particular institution. In addition to tuition rates, review any additional fees that contribute to the total cost of attendance, such as room and board (if applicable), textbooks and technology needs (for example, laptops and so on) and personal living expenses. Carefully assess the likelihood of receiving financial aid and merit scholarships to help offset expenses. Also, consider the wages you give up while you attend a full-time program. Ultimately, ROI comes down to whether the amount you spend for your MBA, including the lost wages, will be less than the salary increase you receive as a result of enhancing your academic credentials.
- Selectivity: You have to get into an MBA program before you can graduate from it. Check with admissions to determine a school’s mid 50 percent and top 25 percent qualifications regarding accepted GPA and GMAT scores. Your application list should include at least one or two programs where your numbers — grades and test scores — fall within the top 25 percent. With that assurance, you can toss your hat in the ring for more selective schools.
- Concentrations and specialties: As with undergraduate programs, some MBA programs specialize in a particular business concentration. Do your research. If your focus is finance, apply to programs with a strong finance curriculum. If your goal is to increase your management opportunities, find programs that specialize in business management. Some universities offer dual degree programs. You can earn an MBA and a law degree in four years at some or combine an MBA with an MD. Master’s degrees in a variety of areas, such as education, public policy, journalism, and so on, may be paired with an MBA. If gaining more than one degree excites you, look for schools that offer these options.
- Special programs: While traditional MBA programs consist of a full-time, two-year commitment, you’ll find a variety of options that stray from this model. Some schools offer part-time programs that allow you to work while you earn your degree. Other programs may integrate online learning or may be offered entirely online to accommodate different schedules. You may seek a program that offers more practical application opportunities, or you may be more interested in a program with a more theoretical approach. Investigate programs to find the ones that best fit your schedule and goals.
Location: Geography plays a big role in deciding where you pursue your MBA. Do you want to be near your family? Do you want to be able to drive to the beach or the mountains to get a break from your studies? Do you feel more comfortable on the East Coast or West Coast? Or are you more at home in the Midwest or South? Location may also be a factor in overall cost; living in Palo Alto, California, is more expensive than residing in Columbus, Ohio.
If you’re fresh out of college and don’t yet have a family, you may have more flexibility choosing a business school than you might if you own property and have children or other responsibilities that require you to stay close to your home base. Additionally, it’s wise to think beyond graduation when determining where to attend business school. Often, MBA programs have tight links within their communities, meaning your best bet at landing a job through networking, interning, or networking with alumni may be in the same neighborhood as the institution. Choosing a business school may also mean choosing your future hometown.
- Public or private: MBA programs may be found at state university systems or in private universities. Many public schools charge less for tuition than private ones, especially for in-state residents, but more financial aid and scholarship possibilities may exist at private universities.
- Average starting salary: You’re probably considering business school at least in part because you hope an MBA will boost your ability to secure gainful employment or command a higher salary. All MBA programs are not created equal, and (here’s where “prestige” again factors in) attending a big-name school really can help you bring home the bacon, so to speak. An MBA from a highly ranked, selective business school, such as Stanford, Harvard, or Wharton, can considerably boost your ability to earn a substantial income. The average MBA starting salary is also important if you are accruing interest on student loans. Checking program rankings based on starting salary may help give you a rough idea of how long you’ll be indebted.
- Quality of life: Some business schools are known for being competitive, even cutthroat; others embrace a more collaborative atmosphere. Examine your personality and be honest with yourself. Does competition challenge you or defeat you? Are you more comfortable working in groups or individually? Talk with current students and alumni to get an accurate assessment of a program’s character to make sure it fits with yours.
- Alumni network: You’re going to spend much more of your life as a business-school graduate than as a business-school student. The connections you make as you earn your MBA may last a lifetime, and a strong alumni network can be a valuable resource throughout your career. Consider the depth and breadth of a program’s alumni when you draw up your application list.
When it comes to selecting a business school, there is no “one size fits all” approach. Do your due diligence, therefore, to find the programs that best fit you. Once you have your list, your next step is to create a memorable, effective application that leaves a lasting impression.
Lining Up Your Ducks — Applying to Business Schools
Applying to MBA programs is an expensive and time-consuming process not to be entered into lightly. Each school has its own admissions requirements and components you must gather and submit according to instructions. Be sure to check each program’s admission web page thoroughly, and carefully follow the instructions. Despite slight differences, most MBA admissions expect to receive by a designated deadline the application, GMAT (or GRE) scores, college transcripts, a personal essay, a list of activities and/or a resume, letters of recommendation, and the application fee.
When to apply
Most traditional MBA programs begin in the fall semester, and the application season begins the fall prior. More flexible schedules may accommodate entry at several times throughout the year, each with its own application deadline. Some schools have rolling admissions, reviewing applications as they come in and cutting off applications after a certain date. A relatively common application practice is to accept applications in two or three rounds with separate deadlines and notification dates. This practice cuts down on the time it takes for you to receive a decision.
Whether your program has one deadline or three, rolling admissions or not, it’s best to get your materials in as early as possible. Early applications cut down on your competition and may make you eligible for additional scholarships and financial aid. To ready yourself for early applying, take the GMAT as soon as you decide to pursue an MBA.
What to submit
Most programs expect to see the following:
- A completed, signed application form
- GMAT (or GRE) score
- Transcripts of prior academic record
- Letters of recommendation, at least one from an immediate supervisor
- A personal statement — an essay usually explaining why you want to earn an MBA
- For some programs, additional essays, usually defining why you want to study at that institution
- A hefty application fee, which can vary from around $50 to $250 or so at some selective universities
You may also have to send in documentation of state residency, financial aid forms, or other relevant information.
If one required component of your application isn’t in place by the deadline (or whenever the admissions committee stops considering applications), no one will read any of it. So if one of your recommenders forgets to send in a letter or you neglect to order an official transcript from a college you attended during the summer, your application may be jeopardized or thrown out.
Crafting Effective Business-School Essays
More people apply to MBA programs than any other post-graduate degree, which results in a large number of business-school graduates seeking positions. This fact poses a problem for business-school administrators who want to boast about their alumni’s high employment rates. Therefore, MBA programs are much more likely to accept you when they see evidence of your future success. This support comes to them in your academic record, for sure, but it’s also conveyed in the case you make in your personal statement.
Before you sit down to write your essay, outline your future plans. Define exactly why you want to earn an MBA and clarify specific career goals. The personal statement should not only convey what you’ve achieved so far, but it should also link your past accomplishments to concrete future goals, ones that require an MBA to fulfill. The essay is your chance to show admissions the unique contributions you can make to their program. To this end, here is a summary of what an appropriate personal statement is not:
- The essay isn’t a summary of your past education, activities, and accolades. Your resume fulfills this task. Use the personal statement to provide deeper insight into who you are as well as what you do.
- The essay isn’t a university fan letter. Resist the temptation to fill your personal statement with boundless praise. Your discussion of the business school should reveal your knowledge of its strengths as they relate to your particular goals. Don’t tell a school about its unique concentrations and experiences; show how these opportunities align with your goals and abilities.
- The essay isn’t poetic license. The personal statement provides an opportunity for you to convey your story in creative ways. By all means, use stories and sensory description to reveal your qualities in a very real way. But avoid overstepping the boundaries. Observe word or page limits and follow directions. An attempt to dazzle with difference may just show admissions that you have trouble following rules.
- The essay isn’t a philosophical treatise. Focus on what’s true for you rather than what’s true for the world.
- The essay isn’t a personality assessment. Perhaps the biggest mistake applicants make in writing their personal essays is over-generalization and under-substantiation. You don’t convince others of your personal characteristics by simply telling them you’re awesome or hardworking. Show who you are through carefully chosen stories that unfold through specific details. Allow the reader to draw conclusions about who you are from reading about how you interact with the world.
- The essay doesn’t have to sugarcoat. Don’t be afraid to express some vulnerability. You aren’t good at everything. If you were, you wouldn’t need an advanced degree. Sometimes the best way to endear your reader is to acknowledge a shortcoming.