Posts filed under 'Admissions Tips'
Huh? For free? Yeah right, you may be thinking. But seriously, you may be closer to a scholarship opportunity than you realize, and with some work and planning, you may just find a way to actually get your MBA fully paid for. With the economy being what it is there’s no better time than now to think outside the box when it comes to saving money. Your business school expense is no exception.
Getting a scholarship or fellowship award surely takes some hard work, but when you’re talking upwards of $150K for two years of b-school, it may make you think twice. And consider this: the difference between having a mountain of debt when you graduate and not having student loan debt could make a significant impact on some very important post graduate decisions – an entrepreneurial venture vs. a corporate job, lifestyle choices, where you decide to live, and a whole host of other life choices.
Business Week gives several great tips in Monday’s article “How to go to Business School for Free”. The article gives several pointers for winning scholarships, but the first tip is probably the most important one – start thinking about and planning for your MBA early. This gives you the chance to consider various schools and give some good thought to which ones are the best fit for you. You also need time to become familiar with the scholarships and fellowships available at each school. Planning ahead may also give you the chance to add something to your experience that could enhance your application – volunteering, a key leadership role, etc. Being ready to apply for the first round of applications is also imperative as in this case and many others, the early bird gets the worm!
Click here to read the full article.
September 10th, 2008
Confidence is a surprisingly important factor in the entire application process. As reported in this New York Times article, Rosabeth Moss Kanter, professor at Harvard Business School and author of Confidence explains that “confidence isn’t optimism or pessimism, and it’s not a character attribute. It’s the expectation of a positive outcome.”
So as you take on the massive undertaking of applying to business school including taking the GMAT, think positively. This is not a substitute for doing your homework. The best thing you can do to improve your success is to prepare. Kanter advises with each failure that you return to when you were successful, evaluate what worked and apply those skills to your current situation.
Do not dismiss small accomplishments either. You may not score perfectly on the test, but perhaps you can get all of the make gains within each section. “Small wins can improve the odds of bigger successes later on.”
She encourages readers to compartmentalize their life. If you have a crummy day at work, do not let that affect your studies. Similarly, if you did poorly on a practice test, you should still take the time to enjoy your friend’s birthday celebration. “Sometimes you can develop sufficient confidence from your successes in one sphere so that it spill to over to the other.”
Kanter warns that just as confidence is contagious, so is negativity. Avoid people that try to bring you down. She found that people who feel like failures share their misery and take out frustrations on others. Life is too short and you do not need anything to detract form you successfully gaining acceptance to your dream school.
I don’t remember who said it, but I remember reading, if you think you can or you think you can’t, you are right either way.
March 20th, 2008
Can’t decide between business school and law school? Why not do both? That is the argument made by universities offering a joint JD/MBA degree. The accelerated programs allow students to earn the two degrees in less time than it would take to earn the degrees individually (Generally four years compared to the five it would take to earn the degrees individually).
Most programs* require students to apply individually to each program and take both entrance exams, the LSAT and the GMAT. Some full time working applicants are so turned off by the tediousness of just one application that they opt to apply to one program (often law school) and then send in application to the second program (business school) during their first year of studies. However, law school’s first year is notoriously busy, so this may not be the best solution.
You may be asking yourself if a joint degree makes sense for you. And once again the answer is not black and white. There are basically two schools of thought. Naturally schools and their graduates support the dual degrees. Georgetown University says, “The worlds of policy and management have become inextricably intertwined since the advent of increased government regulation of business, as well as the burgeoning international trade market. In a global economy, the role of the attorney in the day-to-day management of businesses has become paramount, as the modern business manager needs immediate access to legal advice.”
Pepperdine University adds that the program “provides the unique opportunity for students to gain the knowledge required to address the increasingly complex legal problems that will arise as American business expands further into the world market.”
The second school of thought says that the dual program is an inefficient use of your time and money as there are few niches where both degrees would be utilized. Most graduates end up tapping into only one of the degrees (often the MBA) in their careers. A person with both degrees may end up competing for a job against a graduate with an MBA. According to some, employers may be suspicious of people with both degrees, questioning a candidate’s ability to make and keep a commitment.
So naturally, this boils down to you and your ultimate goals.
*University of Chicago’s Kellogg school is an exception, with a true joint program lasting only three years and requiring only one application.
March 10th, 2008
A new survey released by GMAC, the company that administers the test, may make the GMAT even more important to your application than ever before. GMAC conducted a study from 1997-2004 and concluded that a student’s GMAT score was a greater indicator of a student’s success than any other factor including one’s undergraduate GPA.
“The data corroborate the anecdotes we hear from business school admissions staff about the usefulness of GMAT scores,” said GMAC Psychometrician Eileen Talento-Miller, who co-authored the study with GMAC Vice President for Research and Development Lawrence Rudner. “Although the strength varies from person to person and program to program, GMAT scores are powerful predictive tools overall.”
As an indicator, the GMAT score proved more representative for US based MBA programs than international ones. The study accounted for full time and part-time students, public versus private institutions, and found no significant differences.
“When one considers the range of variables that can affect a student’s first-year grade average,” the authors write, “such as motivation, job considerations, family considerations, course preferences, professor preferences, teaching quality, and grading quality, the magnitude of the predictive validity coefficients for these core admission data is quite impressive.”
What does this tell you? It means admission officers may start applying even more consideration to your test score. Of course this does not mean you should neglect the other areas of your application. The good news is that studying and practice can help you bring your score up. As you study, do not expect to raise your score 30 points by devoting an entire weekend to studying. Consistent focused studying will help you raise your score. Naturally, as a tutoring company, we believe that having a coach or a tutor to help you navigate the content is a great advantage.
March 6th, 2008
Not all business schools are created equal. Therefore, your application to each program should not be equal. Completing one application and collecting references is tedious enough, tailoring the essays and compiling additional information may be exhausting. However, the stress and effort of customizing each application are worth it to end up the right program.
Your dream business school may really encourage letters of recommendation from academic professors even if you graduated a few years ago while your second choice would prefer hearing from someone who works with you on a daily basis. If you don’t make it in to your first choice, it would be a shame to lose out on your second choice because you did not get a more relevant reference letter.
Check the websites of schools to find out what the admissions office wants.
The entire application process is a drag. But as with the test, if you extend the effort and do it right the first time, you won’t have to do it again. Instead, you can spend your energy reading dense documents for class.
February 14th, 2008
Despite representing more than a quarter of the overall population, minorities only make up approximately 6-7% of the student population at the top 30 MBA programs. Management Leaders for Tomorrow is trying to increase that number. The non-profit’s goal is to “correct the dramatic under-representation of minorities in leadership positions [and] increase the number of minorities in institutions that develop talent, such as first-tier business schools and high-profile companies.”
Over the course of 12-months, their MBA Prep program offers students one-on-one counseling and meetings with current and former admissions counselors who can offer true insight into the admission process. Helping students emphasize strengths and address perceived weaknesses, the counselors review essays, offer interview tips, and demystify the overwhelming application process. The seminars address additional strategies and guidance. Students will have opportunities to meet and develop relationships with admission officers at top business schools. All this for a $75 application fee and a $300 enrollment fee which is refunded after successful completion of the program.
MLT’s success speaks for itself. “MBA Prep graduates are admitted at three times the national rate for business school applicants, regardless of ethnicity.” 40% of the minorities at Harvard Business School are alumni of the program. 45% of MLT graduates are accepted to a top 10 business school and 42% were accepted to a school ranked 11-20.
February 7th, 2008
Applying to business school is a lot of work – there’s a lot more to it than just taking the GMAT. As I mentioned in an earlier post – if you do it right the first time around, then you probably won’t have to do it again. There are a few things you can do months or even a year before you decide to make the commitment to apply.
Now is a good time to build up your resume. To prove your career dedication, seek a promotion or take on new responsibilities. You can seek out opportunities by talking to your boss. Whether it is offering to help a new hire, supervising a tedious project or finding alternative efficient solutions to company problems, any additional leadership is positive. If you decide to ask your boss for a recommendation, such initiative may impress her so much it will reflect in her letter.
If you have already graduated college, your GPA is what it is. However, a low GPA is not an application death sentence. You can certainly take additional classes to improve your transcript, prior to becoming a matriculated student. Whether it is a business class at a community college or a graduate level course at a nearby university, any additional studying will reflect positively on your application. If you do well, especially if it has been a few years since graduation, it demonstrates your ability to succeed academically and maturity to balance coursework and a career.
Extra curricular activities from sports to volunteering will reflect positively on your application as well.
And, don’t forget, the two factors that you can truly control in the admission process…your GMAT score and your essay.
February 1st, 2008