Feb 28 at 02:00pm
| FROM mbaMission Blog: Applying to MBA Programs as a Couple |
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If you and your significant other have both decided that an MBA degree is the ideal next step in your careers, you might find yourself facing the business school application process together. Applying to MBA programs as a couple can be a challenging yet rewarding shared experience, and you might be wondering what specific considerations you should keep in mind. [b]Identify programs that are a good fit for both of you.[/b] Although partners sometimes have similar career interests, in most cases, each partner has their own career trajectory and aspirations. Seek to identify MBA programs that will be a good fit for both of you in terms of specialization, career resources, student culture, and geographical preferences. When possible, visit schools together to get a realistic feel for what the experience will be like. In the long run, you will both be happier with the overall experience if selecting target schools was a joint effort. [b]Apply to the same programs or to different programs in the same city.[/b] Ideally, you will be able to identify programs that both of you are interested in and then work toward the same application deadlines for those programs. Most couples we work with at mbaMission aim to attend the same school. That way, when the semester gets busy with academics and activities, your time is spent primarily together, rather than divided between two business school communities. Attending an MBA program can be an all-encompassing life experience. It even has the potential to bring a couple closer as they study, work on projects, socialize, and travel together throughout the program. Another option is to look at different programs that are in the same city or geographic region. This can be an effective strategy if one person in the couple is a less competitive candidate than the other or if another school in a nearby location is a better fit for their career interests. For example, think Columbia Business School and NYU Stern in New York City; Chicago Booth and Northwestern Kellogg in the Chicago area; Stanford GSB and Berkeley Haas in the Bay Area; and Harvard Business School, MIT Sloan, Boston College Carroll, and Boston University Questrom in the Boston area. We have even worked with a client who attended Wharton in Philadelphia while their partner studied at a New York City school a train ride away. [b]Let the admissions committee know you are applying as a couple.[/b] Although some applicants are hesitant to share that they are applying as a couple, we recommend disclosing this information to the admissions committee. A school will not admit an unqualified applicant simply because they are in a relationship with a stronger applicant, but in some cases, a school is more likely to admit a borderline applicant if they apply with a partner who is a stronger applicant. Each candidate is always evaluated individually, but the admissions committee does understand that the stronger applicant will be more likely to actually attend the program if their partner is also admitted and can attend with them (accepting both candidates can therefore have a positive impact on the program’s yield, or the percentage of people who actually attend out of those admitted). Applying with his wife likely improved our client Carl’s* chance of being admitted to several top MBA programs. Carl’s wife, Lisa, had a GMAT score of 770 and an impressive career in health care consulting, while Carl had an average GMAT score and a less differentiated career in finance. Carl had initially applied by himself and been rejected at Wharton and waitlisted at Kellogg; the following year, Carl increased his GMAT score slightly and applied as a couple with Lisa to several programs, and both were accepted at Wharton, Kellogg, UVA Darden, and Berkeley Haas. They decided to attend Kellogg together. Note that some admissions officers and consultants believe that applying with a partner who is a stronger candidate is more likely to improve an applicant’s chance of admission if the couple is married or in a long-term relationship as opposed to a newer relationship. So, how and where should you disclose the fact that you are a couple? Some schools actually have a short question about this on their application form. If not, a short and succinct paragraph in the optional/supplemental essay section is appropriate. Keep the majority of your application focused on your individual profile! [b]Be sure each of you demonstrates a connection with the school.[/b] For any applicant to a top MBA program, showing a connection to the school is recommended. However, for applicants applying as part of a couple, this becomes even more important. You do not want an admissions officer to read your application and think you might just be going through the motions and applying to their program only because your partner is—or worse, to feel that you are not committed to the school and therefore that you might be more likely to follow your partner elsewhere. So, be sure that both of you clearly indicate your interest in the program by demonstrating your detailed knowledge of and enthusiasm for it in your essays and interviews, connecting with students and alumni, and attending events. Try to share that you are applying as a couple early in the process. For example, if you attend an MBA fair or informational event before applying and have the chance to chat with an admissions representative about it, they might remember you and your partner if you make a strong first impression (this is even more likely at programs with smaller numbers of applicants in a given year). [b]Set expectations and communicate with one another throughout the application process.[/b] As you start this process as a couple, take some time to discuss your expectations for how you will handle everything from school research and selection to working on application components. For example, discuss whether you will read one another’s essays. If you do share ideas and advice with one another, keep in mind that essays and applications are quite personal and subjective—just because your partner might have approached a topic in a different way does not mean your way is any less valid. Many couples find having the support of an [b][url=https://shop.mbamission.com/collections/services/products/complete-start-to-finish-package]MBA admissions consultant[/url][/b] helpful. A consultant acts as a partner and coach in the process who can provide external support, editing, and guidance to both individuals. [b]An alternative approach is to apply on different timelines.[/b] Some couples decide to stagger their MBA experiences at the same program, with one partner starting the program and the other partner working in the same city and then applying to the same program one or two years later. If you find yourself in this situation, or if you or your partner is not admitted this year and will reapply while the other is in their second year, make sure that the partner who plans to reapply attends plenty of events with the partner who is attending, thereby getting to better know the school, students, and staff. Doing so will give the reapplicant a much better chance of being admitted the second time around because the school will feel optimistic about their likelihood of actually attending. In recent years, we at mbaMission have seen multiple examples of a student’s partner gaining admission to the same program after getting to know it well. [b]Finally, enjoy the shared experience![/b] Sharing the MBA experience with your partner can be very rewarding, and schools appreciate knowing you are applying as a couple. As HBS alumni Kate and Patrick described, “Our time at HBS has brought us closer together. . . . Having the opportunity to learn, grow, travel and meet a whole new set of people has been a wonderful new chapter in our relationship together.” To discuss your MBA application, reach out to mbaMission for a [b][url=https://www.mbamission.com/consult/mba-admissions/]free consultation[/url][/b]. *All names have been changed for privacy. [url=https://www.mbamission.com/who-we-are/team/jen-kedrowski/][b]Jen Kedrowski[/b][/url] is a veteran mbaMission admissions consultant, with 20 years of experience in the industry. She received her MBA from Cambridge University, Judge Business School, where she learned firsthand what sharing the MBA experience with a significant other is like, having met her future husband early on in the program. |
Mar 5 at 09:00am
| FROM mbaMission Blog: What to Do If You Have Decided to Postpone the GMAT Exam for a Year |
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With regard to the GMAT, raw intellectual horsepower helps, but it is not everything. Manhattan Prep’s Stacey Koprince teaches you how to perform at your best on test day by using some common sense. In the past, we have talked about what to try if your deadlines are rapidly approaching and you do not yet have the score that you want. What if you decide to postpone the exam and possibly your B-school applications? First, a pep talk. You made a choice; you did not “fail.” You could, for example, choose to apply this year but lower your standards in terms of where you apply. In fact, depending on your goals, this may be better than waiting a year to try to get into a “better” (or at least more highly ranked) school. On the other hand, let us say that you are only willing to spend more than $100K if you can get into a certain “level” school, and your GMAT score is holding you back. In that case, postponing for a year may be the way to go. Any “helpful” friends or family members who say, “Hey, I thought you were applying to business school!” can be told, “It is actually a smarter career move for me to wait until next year.” They do not need to know that the GMAT had anything to do with that decision. So how do you get that score? There is no guarantee you will get a certain score. Now that you have given yourself some more time, though, put together a smart plan that will give you the best possible chance. Take a break If you are already burned out (and most people in this situation are), take a breather. The best thing you can do for yourself right now is clear your brain and ratchet down the stress levels. Come back to the GMAT with a fresh perspective in January. Set up a plan Whatever you were doing before was not working for some reason. You need to figure out why so that you can then figure out what kind of plan will work for you. First, what was your broad study plan/pattern? Were you working on your own or with friends? With a class? With a tutor? Second, what materials were you using and how were you using them? How were you actually studying/learning when you were not in class or with a tutor? If you had/have a teacher or tutor, contact them for help with this step. Make sure to provide detailed information about how you were working on your own and any ideas you have about what was and was not working. Also ask other experts for advice—post on some forums, speak to other teachers or tutors, and so on. The article Developing a GMAT Study Plan contains a number of useful resources to help you figure out next steps. Note that the article is a two-parter. I have linked to the first part here; the second half is linked at the end of the first part. Questions to ask yourself
I need more help Research your options now (class? books? online materials?) and set things in motion so that you can hit the ground running when the time comes. Then, after taking a break, you can come back with a clear head, a fresh perspective, and a plan—all of which are critical if you want to have a good shot at overcoming the GMAT! |
Mar 10 at 01:00pm
| FROM mbaMission Blog: The GMAT Is Changing for 2024 |
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[b]The GMAT exam is changing.[/b] And I do not mean in the computerized adaptive way that informs your score! The Graduate Management Admission Council[img]https://s.w.org/images/core/emoji/14.0.0/72x72/2122.png[/img] (GMAC[img]https://s.w.org/images/core/emoji/14.0.0/72x72/2122.png[/img] ) announced this week that major changes are coming to the GMAT exam’s format and structure, likely in later 2023. (The current GMAT is expected to be offered through early 2024.) What changes are planned? [b]1. The exam will be shorter![/b] The new [b][url=https://www.gmac.com/gmat-other-assessments/about-the-gmat-exam/gmat-focus-edition]GMAT Focus Edition[/url][/b] will consist of three 45-minute sessions. This new testing experience will require approximately one hour less than the current GMAT, for an improved test-taker experience. [b]2. It will no longer include written essays![/b] The updated GMAT will no longer include the Analytical Writing Assessment (essay) section. All questions will be multiple choice. This might remove the additional anxiety some test takers feel when tasked with writing lengthy timed essays during the same sitting in which they must contend with quant, verbal, and critical thinking exam topics. [b]3. You will have the flexibility to return to prior questions.[/b] GMAC notes that the new GMAT Focus Edition will allow test takers to mark specific questions within a section and return to them later—similar to options candidates currently have with the GRE exam—and to change up to three question responses per section. This is in stark contrast to the GMAT’s current structure, which does not allow test takers to return to earlier questions. You will also be able to choose which section you would like to begin with, which will hopefully help you perform your absolute best on the exam. [b]4. A new Data Insights section is being added.[/b] Based on feedback from business schools, the GMAC is striving to redesign the test to assess skills most relevant in today’s business world. [b]5. Score reports will include only one date’s test scores.[/b] The stress about how much of one’s prior exam history will be included on score reports will be removed, with GMAC revealing that a given score report will present a test taker’s scores only from that particular test date. You will be able to send a score report to up to five schools for free, and you can decide which schools those will be after you view your score. So, what does this all mean for MBA applicants? [b]If you are aiming to apply to MBA programs in several years (i.e., from 2024 onward). . .[/b] You will likely be taking the GMAT Focus Edition, if you choose the GMAT for your MBA application exam. (Note: Per current policies, most business schools also accept the GRE, and a growing number of programs accept the Executive Assessment.) You should plan to follow the updates GMAC provides and wait until the new exam is available before preparing for and completing your testing. [b]If you are aiming to apply to MBA programs in 2024. . . [/b] Because GMAT scores are valid for five years, you can choose to proceed with your GMAT preparation and exam in 2023 or early 2024, if you feel comfortable and confident with the current exam structure. This could also be a good option if the best time for you to spend two to three months preparing for the exam is sooner rather than later. The easiest way to discover whether you feel comfortable and confident with the current structure is to take a [url=https://www.mba.com/exam-prep/gmat-official-starter-kit-practice-exams-1-and-2-free]free [b]online practice test[/b][/url]. [b]If you are applying to MBA programs in 2023. . . [/b] The coming GMAT changes will not likely affect you. If you prefer an exam that is a bit shorter and more flexible than the current GMAT, or if you struggle to achieve the GMAT score you are targeting, then consider looking into the GRE or Executive Assessment as alternatives, if your target programs accept these exams. |
Mar 13 at 08:00am
| FROM mbaMission Blog: Three Misconceptions about the Chicago Booth School of Business |
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[url=https://i0.wp.com/www.mbamission.com/blog/wp-content/uploads/2015/10/Booth.jpg?ssl=1][img]https://i0.wp.com/www.mbamission.com/blog/wp-content/uploads/2015/10/Booth.jpg?resize=300%2C156&ssl=1[/img][/url] The University of Chicago’s Booth School of Business is one of the top MBA programs in the world, boasting several Nobel laureates and holding a spot among the elite “M7” programs. Yet despite the school’s strong reputation, many applicants are often surprised when they investigate its MBA program. Here are three common misconceptions about Chicago Booth… [b]1. It is not just a finance school. [/b] Chicago Booth has become synonymous with finance. Its reputation in this space is certainly well deserved; Booth’s finance faculty members, which include Nobel winner Eugene Fama and Fischer Black Prize winner Raghuram Rajan, have made significant contributions to the field of finance. Booth itself even [b][url=https://www.chicagobooth.edu/mba/academics/curriculum/concentrations/finance]claims on its site[/url][/b], “There is no better business school in the world to study finance than Booth.” But does that mean Booth should be known only for finance? We always recommend that applicants investigate for themselves the career outcomes and resources available. Looking at Booth’s employment report, you will find that 35.1% of its most recent class (Class of 2022) entered the financial services industry. That means approximately 65% of the class entered positions in industries such as consulting, technology, health care, consumer products, and real estate. In fact, consulting is so popular that 35.5% of the Class of 2022 (more than 190 Booth graduates) accepted consulting jobs, making the school one of the top programs for consulting placements. Another popular and sometimes overlooked focus at Booth is entrepreneurship. Over 70% of Booth students choose a concentration in entrepreneurship, which is not surprising, given the school’s experiential lab courses and resources from the Polsky Center for Entrepreneurship and Innovation. The Startup Summer program offers incoming students the chance to work for a Booth-led start-up the summer before they start their MBA courses. And the school’s popular New Venture Challenge is a top start-up accelerator, helping launch more than 370 start-up companies over the past two decades. [b]What is the takeaway here?[/b] Booth should undoubtedly be on your list if you are interested in finance, but if you are not, definitely do not count Booth out. It is more than just a finance school. [b]2. Flexibility means freedom to explore. [/b] Booth has also become known as the most flexible business school, with only one required course that everyone takes (called LEAD). Indeed, Booth gives its students more freedom than other programs in that students are not required to pick a concentration (though most do), and they can choose their courses and electives (and professors) right away in the first quarter. You can design your course load to match your recruiting timeline. And you can even take up to six courses outside Booth at other University of Chicago schools. Most find this flexibility empowering as they challenge themselves beyond classes in subjects they already know well or mix and match courses tailored to their needs as career changers. But many applicants do not realize that this reputation for flexibility can be misleading. Booth’s curriculum has more structure than many expect. For example, in the full-time MBA program, students must choose one course from three foundation areas—Financial Accounting, Microeconomics, and Statistics—and at least one course from seven of eight categories, which include Marketing, Decisions, Society, and Strategy. But what is different about Booth is that within these areas, students can opt for the basic course, such as “Business Statistics,” or a more challenging one to satisfy their foundational requirements, such as “Machine Learning” or “Data Mining.” Rest assured that Booth has track suggestions, career advising resources, and second-year students to guide you. Perhaps where most applicants misjudge Booth is thinking that flexibility applies only to course selection, when in fact, it extends to the entire Booth experience: which student clubs you join, the teams you form, where you live, and so on. The school does not assign you to a learning team to collaborate with a preselected group of fellow students, you do not take multiple classes with the same cohort of students, and you are not required to live on campus. Booth truly supports the freedom of each individual student to make their own choices and believes that this freedom best prepares students to navigate future ambiguity and complexity. [b]What is the takeaway here?[/b] Flexibility is core to Booth, but this does not mean you will miss out on opportunities or have zero guidance or support. Think of flexibility as more opportunity to explore. [b]3. The community is cohesive but not always on campus.[/b] As mentioned earlier, Booth does not dictate where students live. Although the campus is located in a diverse neighborhood called Hyde Park, just south of downtown Chicago, most students opt to live in Chicago’s vibrant downtown, in an area known as “The Loop.” In fact, a recent student shared that most students live in one of three apartment buildings right next to each other. This off-campus proximity makes for an incredible social scene, with regular dinners at Chicago’s many eateries and popular weekly “TNDC” events at local bars. In addition, Booth students who live in The Loop have an easy train ride down to Hyde Park and enjoy all the benefits of urban living with modern apartments and easy access to restaurants, shopping, museums, and Chicago landmarks. When students are on campus, everything at Booth is housed within one building, the Charles M. Harper Center. The heart of the Harper Center is the Rothman Winter Garden, a six-story atrium that serves as a gathering space for events and a common area for students, faculty, and staff to connect throughout the day. Fun fact: the Harper Center also houses an impressive contemporary art collection of 500 works by more than 120 global artists. While Booth students are free to choose from a wide variety of student clubs and activities, the school facilitates regular social interaction through weekly events for all types of students and lifestyles. Further afield, Boothies (yes, they call themselves that) rave about the two annual ski trips and student-organized Random Walk trips abroad. [b]What is the takeaway here? [/b]Booth’s community is not fully centralized on campus, but the school and students still cultivate a thriving social scene. At Booth, you will not find a completely campus-centric culture like you will at its neighbor Northwestern Kellogg, nor does Booth have a dispersed metropolitan culture like that of Columbia Business School. Between the career opportunities, curriculum, and community, Booth offers a plethora of chances to explore. So, you must ask yourself, Will you relish in those choices or feel daunted by them? I hope this post has given you a better understanding of Booth. For even more in-depth information on the school, download a free copy of the [b][url=https://shop.mbamission.com/products/university-of-chicago-booth-school-of-business-insider-s-guide]mbaMission Insider’s Guide to the Booth School of Business[/url][/b] or watch our video on [url=https://youtu.be/7K1vOx7-gKE][b]How to Get into the Chicago Booth School of Business[/b][/url]. |
Mar 20 at 07:00am
| FROM mbaMission Blog: MBA Admissions Myths Destroyed: Reapplicants Should Not Reapply |
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You applied to business school(s) once and did not get in. It took a lot of effort and caused a lot of heartache. Now what do you do? You cannot apply to those schools again, can you? What would be the point? They already rejected you once, so they will definitely do the same thing next time, right? Not necessarily! Remember, MBA admissions committees are governed by self-interest. Simply put, the schools want the best candidates out there. If you are among the best candidates, why would any admissions director think, “Well, this is an outstanding candidate who can add something special to our school and has unique potential going forward, but they applied last year, so we’ll just forget about them.” Indeed, the reapplication process is not a practical joke or a disingenuous olive branch to those permanently on the outside. If the schools were not willing to admit reapplicants, they would not waste time and resources processing and reviewing their applications. Although many candidates fret about being reapplicants, some admissions officers actually see a reapplication as a positive—a new opportunity. The Yale School of Management’s assistant dean and director of admissions, Bruce DelMonico, noted, “I can certainly bust [that] myth. Our admit rate for reapplicants is actually the same as it is for first-time applicants. It’s important, though, for reapplicants to explain to us how their candidacy has improved from the previous time they applied. Reapplicants need to make sure they enhance their application, rather than just resubmitting the same application.” In short, reapplicants, you have no reason to believe that you only have one chance. Like any competitive MBA applicant, continue to strive and achieve; if things do not work out this time, they just might the next time. |
Mar 23 at 05:00am
| FROM mbaMission Blog: Get an Early Start on Your Resume and Personal Goals |
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We at mbaMission try to encourage business school candidates to get as much “noise” out of the way as possible before they begin working on their official application(s) and essays, even several months in advance. We want applicants to have the freedom to reflect on their experiences, formally and thoroughly brainstorm, choose ideas, prepare outlines, and then focus on crafting powerful essays. Essentially, we want them to be unfettered as they engage in what is, for many, one of the most significant creative challenges they will ever face. If you are targeting Round 1 deadlines this fall, using this time to address a task such as preparing your resume—a process that often requires several rounds of revisions—will allow you to focus better on the other elements of your application later. By revising your resume now, you can dedicate the time needed to do so at a more leisurely pace, before “crunch time” hits. Further, you will lay the foundation for brainstorming for your essays by reminding yourself of your most significant accomplishments. If you prepare your resume now, you will definitely thank yourself later for having completed this task early. Note: We recognize that you may achieve additional accomplishments before applying. We nonetheless suggest that you update your resume now and then revisit and amend it as necessary one to two weeks before your application deadlines. A similar message applies to personal leadership—you always have time to take steps to bolster your chances of admission. Many candidates completely ignore the personal side of their candidacy. But if you have, for example, completed a triathlon, learned a language, published an article, or simply been an inordinately dedicated neighbor/sibling/mentor in an unofficial capacity, your story can provide an interesting point of differentiation. So, if you have an activity or adventure in mind that you would otherwise complete later anyway, we recommend pursuing it now. We are not suggesting that you start writing poetry tomorrow in hopes of getting something published, for instance, but if you are a dedicated poet and have verses that you have long intended to submit, do so now. If you can run 20 miles and have always planned to run a marathon, do it now. These kinds of personal stories can help set you apart from your fellow applicants. |
Mar 28 at 11:00am
| FROM mbaMission Blog: A Successful Stanford GSB Essay Example |
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“What matters most to you, and why?” This is a huge question and one that requires a great deal of thought before answering. How do you approach this essay prompt that the (GSB) poses in its application? To help you, we have recorded a videooffering guidance on this topic! Be sure to subscribe to mbaMission’s YouTube channel for the most up-to-date content. Today, we are going to take you through an actual successful GSB essay and discuss its strengths. The essay we will review in this post is showcased in the book “What Matters?” and “What More?”: 50 Successful Essays for the Stanford GSB and HBS (and Why They Worked), co-authored by mbaMission Founder Jeremy Shinewald. To read more of our analysis of this essay, and that of 49 other examples, be sure to download your copy today. Note that this essay is not meant to be a template—it is one applicant’s personal answer. At mbaMission, we encourage you to reflect on and write about what is meaningful to you! The first paragraph of our highlighted GSB example follows; In Lithuania, one of the most Catholic countries in the world, it is almost inconceivable for anyone to leave the church. Yet, as I grew older, I increasingly felt that as a person of science, I couldn’t reconcile being committed to an organization founded broadly on beliefs. Despite a rich tradition and the good guidance the church provides, I still felt that to be true to myself I should file for apostasy—a challenging process! Several of my friends refused to be my witnesses and vouch for my sanity—in our society one is “insane” to leave the church—because they feared I would be ostracized. Finally, finding two people who confirmed the thoughtfulness of my choice, I met with the priest only to hear him reject my deed of will. I had to find his superior to finally get my act stamped and my name removed from the baptismal book. Although I would no longer gain entry to sacred grounds and could not be married in my country, making my life marginally more difficult socially, I was nonetheless at peace with myself because I know that there is no price for living by the truth. This is an aggressive opening. Three sentences in, and the reader learns that the applicant filed for apostasy. Note that our writer is not trying to tell us about the church. Rather, he is sharing a lot about himself. In fact, he is even deferential to the church to ensure that the admissions committee understands that can be diplomatic. Nonetheless, he very forcefully asserts that he is an independent thinker, taking a symbolic step that will disadvantage him, just to be true to himself and his conscience. That said, the next paragraph is really critical: To me, this is emblematic of my approach to work and life: I have always had strong opinions, unwavering whether they are aligned with the majority or not.From a young age, my teachers joked that one day I would start a revolution setting Lithuania straight. By the end of high school, my educator asked me if he could resign from applying for highest distinction on my behalf, rather than start a storm by presenting my candidacy, as not all teachers appreciated my independence as he did. (I actually agreed to his request because grades and titles were confirmations rather than goals.) Later, while at Vilnius University, I made my approach of a thesis advisor very carefully, seeking an individual who would strenuously challenge me, because truths must withstand scrutiny. I found that advisor in Professor Sarkinas, our former chairman of the central bank. He was known to intimidate, but I just accepted that he pushed students to reconsider their thoughts and reveled in his constant challenges. Over my four years with him as an advisor, he expanded my view of economics and my perspective on learning. His most important lesson was not a theorem, but was about debate and seeking truth: to oppose, one must understand his opponent, at times, better than one understands himself. The reader understands that the applicant’s theme is independent thought, but what is important to a business school is that an independent thinker is still productive and does not yield to dogma or consider themselves an expert on everything. In this paragraph, our author talks about how he specifically chose an advisor who would challenge his opinions. In doing so, the writer shows that he seeks understanding before asserting himself. Again, this is a strong theme, but he thoughtfully balances it out. Equipped with my professor’s wisdom, I have embarked on my career in investment management by building my brand on independence and truth. When the biggest mobile telecom provider in the Baltics was going public, I gave an interview about its prospects, wherein I stated that the IPO was a “smoke screen” to force a higher bid in a parallel private process with a competitor (as synergies in a unified company were far more compelling). Furious, the company excluded me from the IPO, canceled its road show for me and even resigned on group insurance offered by our parent company.In the end, after its IPO, news surfaced that it in fact was in negotiations with its competitor throughout the IPO process, which was intended to inflate its price. Later, in an offering by eight brokerages, an overhyped, fast-growing, Lithuanian financial institution launched its IPO. Listening attentively, I understood that its CEO had admitted to two minor fraudulent practices during its road show and found its business model simply did not add up. I was certain the firm was a deceit that the market did not want to see. At the time, I was on a road show and was repetitively asked about that IPO. I answered honestly that the company was a swindle and that management would end up in jail—not a popular thing to say! As I write this essay, the company is being liquidated and management is in custody, in one of the biggest financial scandals in my country’s history. In this paragraph, the reader sees the payoff—all the author’s independent thought comes in service of others. The applicant is recognizing frauds that others cannot spot. He is not blinded by a good story. He digs deeper and sees that something is fishy. Something does not add up, and this is to the benefit of his firm, investors, and society at large. His independence is a superpower, not a crutch or a problem. Further, throughout this essay, we are not just learning about a character trait but are also gaining a picture of an individual who has had distinct experiences and will add a unique voice to his class, through his background, knowledge of the capital markets in an emerging region, and other aspects of his character. His message is complete—the applicant has an authentic voice and has led an interesting life. He concludes his essay with the following paragraph: Recently, I visited one of the distributors who asked me for another market presentation. When I was about to start my talk, the regional director stood up and said to his colleagues, “Quiet, let’s now listen to the truth.” Maybe just a brief utterance, but also the most rewarding moment of my career, when it became clear to me that truth is not a liability, but a way to help and shape reality. This is a nice closing to a well-constructed essay. Of course, writing somewhat aggressively can be risky, but readers clearly understand what this applicant stands for, and his principles certainly manifest in this essay, as they no doubt did when he was on the GSB campus! If you found this post helpful, consider downloading the, “What Matters?” and “What More?”: 50 Successful Essays for the Stanford GSB and HBS (and Why They Worked). Also, sign up for a and speak with an mbaMission consultant about any questions you might have about your GSB application—or really about anything related to MBA applications. mbaMission is here to give you our expert opinion and help you on your journey. Finally, be sure to subscribe to our YouTube channel for even more MBA application tips and advice. Thanks so much for reading, and good luck with your applications! |
Mar 29 at 07:00am
| FROM mbaMission Blog: Is an MBA Worth the Investment in 2023? |
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So, you are considering applying to an MBA program this year but wonder whether the time, money, energy, and everything else involved in this endeavor is worthwhile. The easy answer is yes—go for it. Chances are high that you will make more money, have a better knowledge base that can propel your career forward, and make connections that will position you for future success. But an MBA is not for everyone, and especially not for anyone who is unsure what is driving them to pursue the degree. Before you dive in, think about why you want an MBA and where you want it to lead you. If you are thinking about an MBA, then chances are, you are weighing the degree’s return on investment. You are certainly not alone. In fact, the Bloomberg Businessweek survey that informs the publication’s business school rankings revealed that in 2022, [url=https://www.bloomberg.com/news/articles/2023-03-10/mba-starting-salaries-fail-to-keep-up-with-inflation#xj4y7vzkg]73.3 % of the second-year student respondents[/url] at US programs indicated that increased compensation was one of the five primary factors behind their decision to earn an MBA. Well, the news is good on that front. That same survey found that in 2022, graduates gained a median of $85,000 in their first post-MBA role, compared with what they earned before entering business school. Getting an MBA also propels your salary higher than if you had merely a bachelor’s degree. A [url=https://poetsandquants.com/2021/05/05/lifetime-earnings-of-mbas/]2021 study [/url]conducted by data analytics company PaySpace for Poets&Quants found that graduates of the leading 50 U.S. business schools are expected to earn a median total of $5.7 million in cash compensation after 35 years of post-graduate work. That amount represents a premium of $2.3 million over what individuals who have only an undergraduate degree will earn. In addition to boosting your earnings, an MBA can fuel your career trajectory. Learning to work in teams, solve complex problems, and strategically make decisions can translate into being an effective contributor—and hopefully, leader—in the workplace. Not only do you develop technical skills over the course of your MBA studies but you also learn the soft skills in management and leadership that can help you navigate complex challenges in dealing with people and projects. The professional development you gain through your MBA experience can last well beyond your initial roles after your graduate and extend throughout your entire career. Attending business school helps you build your network, too. You meet students in classes, of course, but also during the significant amount of time you will spend on group work, volunteering, extracurriculars, study trips, and socializing. Given how global most MBA programs are these days—many have classes that are nearly 50% international—students are able to connect with classmates who come from different parts of the world, immediately expanding their global mind-set. In addition, business schools have vast alumni networks, allowing students to call upon such connections as needed throughout their career. Long after graduation, you might be invited to interview at a company, and a quick search of your school’s alumni database will give you the names of fellow graduates who work there. Bingo—you have contacts who can help you build your knowledge! While these factors certainly play into why someone would want an MBA, you still have more to consider. Before applying to business school, really examine your career goals. The last thing you want to do is apply to a program that will not propel you to where you want to be after graduation. MBAs can generally be found working in every field, but doing some research to determine whether you will gain as much as you want from the degree for what you aspire to do professionally in the long term is definitely worth your time. Some things to look into are whether an MBA program has courses that relate to your area of interest and whether the school has any notable level of job placement in the industries you want to target. An MBA would not be worth the investment if you were to find yourself scrambling for work at graduation. Another important factor to weigh is your finances. Sure, that median $85,000 gain in salary we noted at the beginning of this post sounds good, but not every industry or school will set you up for that kind of big number. Be real about your risk tolerance—are you in a position to take off two years for a full-time program, or would a part-time or Executive MBA program serve you better by allowing you to keep working? On the personal front, asking yourself whether now is the right time to go back to school is crucial. This question extends beyond just the financial aspect of pursuing the degree; ask yourself whether you have the time to dedicate to it as well. As you consider whether an MBA is worth the time and other resources that earning it requires, do not be blinded by the potential gain in compensation. Think about what else the degree could change for you in the long term. If you feel that it will advance your career in terms of greater leadership abilities and potential, then you very well might be making the right choice about applying to business school. |
Mar 30 at 06:00am
| FROM mbaMission Blog: MBA Admissions Myths Destroyed: I Need to Tell It All! (Part 1) |
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In your pursuit of acceptance to business school, you are competing against thousands of other applicants. Because you do not actually know these individuals, you may naturally assume that you need any and every edge available to stand out. As a result, you may feel compelled to provide every single detail of your life, exploiting your resume in particular to do so. We want you to maximize your opportunities, of course, but we also want to be sure you do not jeopardize your application by offering too much information. Our experience has shown that many resumes—especially those in which every margin is narrowed and every font is made smaller—provide a detrimental surplus of detail. Some become so dense with text that rather than being easily scannable, which is the ideal, they are entirely impenetrable and therefore easy to ignore. We often tell clients that “less is more,” explaining that a brief resume that will be read in full is more beneficial than a dense resume that will not get read at all. At an Association of International Graduate Admissions Consultants Conference, eight leading admissions officers were asked whether they would prefer a one-page or two-page resume, and one person led all the others in declaring, “Everyone together… one page!” Even with a one-page resume, however, you need to understand what is useful to include and what should be excluded. The answer to this riddle is different for everyone. You may consider jettisoning internships from years gone by, for example, or reducing the number of bullet points offered for past jobs. Eliminating entries for community involvements from long ago could be helpful. The agenda for your resume should be to create maximum impact, and sometimes that is achieved by using fewer words and bullet points. You may need to make tough choices, but the time and effort will be well spent if you ultimately submit a stronger resume and thereby make a more compelling statement about yourself. |
Apr 4 at 07:00am
| FROM mbaMission Blog: MBA Admissions Myths Destroyed: I Need to Tell It All! (Part 2) |
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Recently, we discussed observing limits with your resume. This time, we take a similar approach with your essays—in particular, your goals essay. Some business schools ask applicants to discuss their career progress first in a classic goals essay: Briefly assess your career progress to date. Elaborate on your future career plans and your motivation for pursuing an MBA. Whereas other schools do not request any professional context: What are your short-term and long-term post-MBA goals? How will our school help you achieve these goals? Applicants tend to seize on these broad, open-ended questions as opportunities to discuss their entire career history in depth, offering far more than mere context for their goals. In response to a question like the first one here, some candidates will mistakenly use 75% or more of the word space provided just discussing their career progression to date. Although this may seem “brief” to you, the truth is that focusing so extensively on your past minimizes your opportunity to discuss other crucial aspects of your candidacy. If you devote too much of your essay to detailing your past career progress, you will be unable to thoroughly address your reasons for wanting an MBA and your interest in the school. Providing context for your goals by giving an overview of your professional life to date is unquestionably important, but you must be sure to balance the different sections of your essay. Clearly conveying your goals and your reasons for choosing a particular school is crucial so that you connect with your target, rather than miss it entirely. |
Apr 13 at 08:00am
| FROM mbaMission Blog: Multidimensional Brainstorming for Your MBA Application Essays |
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We at mbaMission often tell candidates, “You cannot turn a bad idea into a good essay.” We insist on taking our clients through a lengthy brainstorming process—starting with a thorough questionnaire—to discover the stories that make them distinct. As you uncover your stories, consider each one from as many different angles as possible. Doing so will not only help ensure you understand the various “weapons in your arsenal” but also provide you with maximum flexibility, considering that MBA admissions committees ask questions that vary dramatically from school to school. For example, an experience coaching a baseball team at an underfunded high school may have multiple dimensions, such as the following:
In addition, many MBA candidates—whether they work as bankers or lawyers, in internal corporate finance or corporate strategy—feel they must tell a “deal story” in their application essays. Although discussing a deal can be a good idea, what is vital is showing your distinct impact on the deal in question. You are the central character, not the deal. A straightforward story about how you dutifully completed your work and steadily supported others as a deal became a reality will not likely be very compelling. Further, the important thing is that the admissions committee gain insight into your personality, not your spreadsheets. Ask yourself the following questions to ensure your story is truly about you:
If you have questions about your application essays or wonder which schools you would be competitive at, sign up for a free 30-minute consultation with an mbaMission consultant. |
Apr 14 at 06:00am
| FROM mbaMission Blog: The Best MBA Programs for Social Impact |
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Over the last few years, we at mbaMission have seen growing interest in social impact careers among aspiring MBAs. Amid this increasing desire to make significant, positive change that solves critical social issues, business schools have responded by introducing new coursework and resources in social impact; environmental, social, and governance (ESG); and related topics. If you are seeking a purpose-driven career in sustainability, impact investing, or nonprofit management, which MBA programs are best? At mbaMission, I have helped countless business school candidates thoughtfully choose their target MBA programs. In this post, I share some “must consider” programs if you are interested in social impact as well as other programs that should be on your radar if you want to pursue a social impact career. Berkeley Haas, the Yale School of Management (SOM), Duke Fuqua, and Oxford Saïd offer robust resources that have consistently attracted socially minded applicants. Berkeley Haas[b] [/b] [url=https://shop.mbamission.com/products/uc-berkeley-haas-school-of-business-insider-s-guide]Berkeley Haas[/url] has four defining principles, including “Beyond Yourself.” The school strives to not only teach management skills but also achieve societal progress through innovation, inclusion, and sustainability. Haas has some of the most robust social impact resources, all within a wider university and city known for its progressive values. Perusing the course catalog, you will find such courses as “Social Investing” and “Strategy and Leadership for Social Impact.” [url=https://haas.berkeley.edu/ibsi/]The Institute for Business & Social Impact[/url] is a leading research center offering hands-on activities including the Berkeley Board Fellows, as well as fellowships for students focused on social impact. In addition, you can build practical social impact career experience at Haas through such clubs as Net Impact and competitions including the [url=https://haas.berkeley.edu/responsible-business/events/patagonia-case-competition/]Patagonia Case Competition[/url], while connecting with a network of students, alumni, and faculty who are equally passionate about social impact. Yale School of Management With a long-standing mission “to educate leaders for business and society,” [url=https://shop.mbamission.com/products/yale-school-of-management-insider-s-guide]Yale SOM[/url] is a top choice for those interested in social impact. The school’s past admits tell us it is a place where students genuinely want to make a difference. Even the first-year MBA core curriculum at Yale SOM includes content related to social and environmental issues. The school’s website presents an impressive list of elective courses related to social impact: “Financing Green Technologies,” “Inequality and Social Mobility,” and “Global Social Entrepreneurship,” to name a few. Yale SOM’s Program on Social Enterprise is the hub for social impact activities at the school. Outside the classroom, Social Impact Week is full of mission-driven programming, all led by students, and the Social Impact Consulting Club offers pro-bono consulting services to the nonprofit and public sectors. Duke Fuqua The tight-knit community at —or “Team Fuqua,” as Fuquans call it—profoundly cares about using business to serve society. The school offers four concentrations related to social impact: Diversity, Equity, and Inclusion; Energy & Environment; Leadership & Ethics; and Social Entrepreneurship. Beyond these focus areas, one of the top reasons to consider Fuqua for social impact is the school’s [url=https://centers.fuqua.duke.edu/case/]Center for the Advancement of Social Entrepreneurship (CASE)[/url]. Through CASE, students can engage with social sector leaders at such events as the Executive Speaker Series and the Sustainable Business and Social Impact Conference. Students can also gain hands-on opportunities via such clubs as Fuqua on Board and the CASE Initiative on Impact Investing. [url=https://www.fuqua.duke.edu/programs/daytime-mba/career-development]Fuqua’s Career Management Center[/url] even has team members dedicated to social impact career development. Oxford Saïd [url=https://www.mbamission.com/blog/how-to-get-into-said-business-school-oxford-said-essay-tips-and-examples/]Oxford Saïd[/url] is the only European school on this list. The hub of social impact at Oxford Saïd is the [url=https://www.sbs.ox.ac.uk/research/centres-and-initiatives/skoll-centre-social-entrepreneurship]Skoll Centre for Social Entrepreneurship[/url], which hosts the Skoll World Forum on Social Entrepreneurship and a fully funded scholarship for selected Skoll Scholars who are pursuing social entrepreneurship. A popular program within the Skoll Centre is the Impact Lab, a co-curricular opportunity that includes workshops and mentoring from alumni in impact careers. Other MBA Programs to Consider As mentioned earlier, many MBA programs have expanded their offerings related to social impact. So, this list would not be complete without mentioning a few more business schools to consider: [list] [*] GSB has a Center for Social Innovation, offers personalized learning that can encompass social impact, and conducts leading research on social and environmental problems.[/*] [*]HBS hosts a Social Enterprise Initiative and the Social Impact Fellowship Fund.[/*] [*]Kellogg offers a Social Impact pathway for its socially minded students and fosters a community-centered mindset.[/*] [*]Booth features the Rustandy Center for Social Sector Innovation as well as one of the country’s first social venture competitions, the Social New Venture Challenge.[/*] [*][url=https://shop.mbamission.com/products/mit-sloan-school-of-management-insider-s-guide][b]MIT Sloan[/b][/url]’s well-regarded [url=https://mitsloan.mit.edu/sustainability-initiative/welcome]Sustainability Initiative[/url] manages the Sloan Social Impact Fund.[/*] [*] Michigan Ross offers a concentration in Business and Sustainability in addition to a student-run Social Venture Fund.[/*] [*]Boston University’s full-time Social Impact MBA program aims to develop responsible leaders who will address social challenges.[/*] [/list] If you would like help identifying which schools would be the best fit for you, or if you have questions about your competitiveness at any of these programs, we invite you to sign up for a [url=https://www.mbamission.com/consult/mba-admissions/]free 30-minute consultation[/url] with one of our mbaMission admissions experts. |
Apr 17 at 06:00am
| FROM mbaMission Blog: MBA Admissions Myths Destroyed: I Have No Managerial Experience |
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Formal managerial experience is not a prerequisite for admission to a top MBA program—a truth some applicants might find ironic. Keep in mind that an MBA education is for individuals who aspire to become managers and is not exclusive to those who already are managers. If you are fretting about the fact that you have not had any subordinates to date and believe that having overseen a staff is a prerequisite to gaining admission to a top program, you are adhering to a myth and can stop worrying. Instead, think about the ways you have excelled in your position and made the most of the leadership opportunities you have had. For example, consider the numerous investment banking analysts who apply to MBA programs each year. Although analysts are at the bottom of the banks’ organizational charts and therefore do not have staffs to manage, they still have demanding jobs and must perform exceptionally well each day to succeed. Most analysts can tell the story of thriving in an ultracompetitive environment and thus reveal their professional excellence via their resumes, essays, and recommendations. And even if most analysts do not have staffs of their own, ample opportunities still exist for senior analysts to train and mentor newer analysts. So, even without a title and a staff, investment banking analysts can find ways to demonstrate their leadership and de facto management skills. And we imagine that with sufficient reflection and brainstorming, you can, too. If you have questions about your MBA application or wonder which schools you would be competitive at, sign up for a free 30-minute consultation with an mbaMission Senior Consultant. |
20 hrs
| FROM mbaMission Blog: GRE to GMAT Score Conversion: It Is Not a Science! |
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Would you like to know exactly how to convert your GRE score to a GMAT score? We get questions all the time on this topic. Our GRE-taking clients want to know their equivalent GMAT score to ensure that they fall within the GMAT range for their target schools. Unfortunately, no exact conversion for these tests exists. Although you can plug your GRE score into the ETS site to see the general range of equivalent GMAT scores, that does not give you the full picture! Most U.S. business schools accept both the GMAT and the GRE, but the GRE has historically trailed the GMAT as the standardized test of choice for MBA programs. However, it has gained significant traction over recent years, and now [url=https://poetsandquants.com/2022/04/06/average-gre-scores-at-the-top-50-u-s-mba-programs/]approximately 20%[/url] of all business school candidates submit their applications with a GRE. Despite this exam’s growing popularity, it is not yet used as an official factor in business school rankings, and thus, the range of acceptable GRE scores for admitted students is a bit more flexible than it is for the GMAT. Take, for example, Kellogg’s admissions stats: the average GMAT score for incoming members of the Class of 2024 was 729. The median GRE scores for these students were 162 Verbal and 163 Quant. This total GRE score of 325 equates to a predicted score of 680 on the GMAT, almost 50 points below the school’s average GMAT. This means that Kellogg admitted candidates with a lower “equivalent GMAT” when they submitted the GRE instead. So, the conversion of a particular score does not convey one’s total chance of admission based on that score. Using the Kellogg stats we just provided, if a candidate with the school’s median GRE score had converted that number to a predicted GMAT score, they would have seen that their predicted GMAT was lower than the school’s average by roughly 50 points and assessed their chances of admission based on that information. But, given the median GRE score for Kellogg’s admitted students, this process is clearly more of an art than a science, and there is simply more variability in a “good” GRE score. If you have questions about your test scores, need some basic guidance on your application essays, or wonder which schools you would be competitive at, you can start getting answers from an experienced mbaMission consultant. Sign up for a [url=https://www.mbamission.com/consult/mba-admissions/]free 30-minute consultation[/url] with one today! |
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