Forbes pulled out all the stops when they published an article called “The MBA Megabucks CEOs.” Most of us are interested in the average MBA salary question when it comes to rating our potential return on investment from business school, but the kind of megabucks this article was talking about are above and beyond what any of us dream of making– or are they? I mean, it’s not for nothing that nine out of ten high school yearbook quotes talk about shooting for the moon.
As it turns out, forty out of the 100 best paid CEOs in America during 2011 hold an MBA degree. So an MBA can mean megabucks, but it doesn’t necessarily guarantee it. But we knew that already. While the promise (or better-than-average chance) of seeing a return on our investment in graduate education is an important factor in our decision to go, I … Read full post
Anyone thinking about going to business school knows the value proposition includes networking. When I was asking around my social circle about what an MBA education was all about one close friend told me that 50% of the value was in the education itself and the other 50% came from the relationships you build while in school. The education-to-network breakdown fluctuates widely for different individuals, but a 50/50 split is a reasonable generalization.
Business school networking
The expectations around network-building likely involve some or all of the following:
- your classmates
- other b-schoolers you might meet at business competitions
- outside professional relationships founded via an internship
Each expected source is reasonable, valuable, and realistic. However, an oft overlooked and severely under-valued source for enriching relationships the diverse, intelligent, experienced, and invested group of individuals that comprise your institution’s teaching faculty.
Hoping to unlock the good life by going to business school? Stay on top of what’s making news in business education today with these latest headlines, recaps, and studies about the MBA admissions process.
From Wharton topping Harvard in the coveted category of average GMAT score, to business school admissions officers frowning on “helicopter parenting,” here are this week’s highlights in MBA education news:
- For the first time ever, the University of Pennsylvania’s Wharton School has an average GMAT score for its new class of MBA students that beats the average GMAT score for Harvard Business School’s new class: 728 vs. 726. While Wharton’s 728 mean score only went up three points from last year, the new high is a sizable increase over its 718 score in the previous four years. Meanwhile, Stanford School of Business has yet to release its own average GMAT score, and, historically, they’ve been
Future MBAs have a lot to keep track of when applying to business school, so we’re here to provide some straight talk on the issue of admissions rounds for business school—namely, whether applying in round one, round two, or round three is best for your particular strengths.
Many MBA admissions officers will tell candidates that if they can submit their applications in round one—or at least avoid round three—they should do so, the logic being that most of the spots in the class will be filled by strong applicants by the time round three comes along.
But there are no absolute rules for when to apply; it is dependent upon the strength of the business school candidate. Before applying, every candidate should think about which round is best for him or her as an individual. Inevitably, there are two common questions that crop up during the MBA admissions process…. Read full post
It’s never too early to start putting together your MBA application. While you’re gathering your materials, it’s a good time to take stock of your progress and determine your next steps. Where are you in the process now? Where would you like to be next week, next month? We’ve put together some tips to get you going!
Before you apply to business school
Start at the beginning with the bigger questions before focusing on specifics like taking the GMAT and writing your personal essay.
- Determined your business school application timeline and which round of admissions best fits your strengths?
- Selected the MBA programs you’re targeting?
- Figured out how you’ll finance your MBA?
- Prepared for the GMAT by taking the Kaplan 20-Minute Workout
Did you know that most business schools process MBA applications in rounds? What does that mean for you? Well, for most schools, it means that there are three separate application deadlines—or rounds—of processing. How does this play into your business school admissions strategy?
Round one: application deadlines in September—October
Round one sees some of the best MBA applications. Those who apply in the fall are often candidates with good grades, solid work experience, and high levels of organization in their activities. If you are a strong MBA candidate, it is probably a good idea to apply in round one. Submit in the earliest round possible provided you don’t compromise the quality of your application.
Not to suggest you should postpone the process unnecessarily, even if you are not the most well-rounded candidate. If your GMAT scores are above 600, the early deadline is the one for you. In … Read full post
If you’re considering going to business school, you should feel pretty great about your path to unlocking the good life. After all, the availability of MBA jobs is up across the board, and that includes startups and opportunities for entrepreneurs.
The usual suspects—consulting firms and big banks—are still hiring in droves, but a recent Bloomberg BusinessWeek analysis showed that startups lead the pack among organizations that recruit MBAs on business school campuses. In the summer of 2013, the University of Pennsylvania’s Wharton School reported that the number of its students working summer internships at startups rose 15 percent.
The shift toward the startup
This shift toward entrepreneurship is an interesting change, as business school students embrace the risks and potential rewards of startup companies. This shift is not without its critics. In a controversial article in the Wall Street Journal, noted academic … Read full post
New York University’s (NYU’s) Stern School of Business must be happy with the essay responses they received from applicants last MBA program admissions season, because the school has made no changes to its essay questions for this year.
Stern maintains its standard career essay prompt and again gives candidates two completely different options for the second essay, one that is professional in nature and another that is personal. Many applicants will likely be daunted by the “personal expression” option, because the significant latitude it offers can lead to uncertainty—as in, “Am I doing this right?” We suggest that rather than worrying about which format to choose, you first consider what you want to say as an applicant. Who are you? What do you want the Stern admissions committee to know about you? Once you can answer those questions, determine which option better allows you to showcase your message and your … Read full post
Last year, Harvard Business School (HBS) took a new approach to the application essay questions for its MBA program, moving from multiple queries to one very open-ended prompt with no clear word limit. This year, HBS Director of Admissions and Financial Aid Dee Leopold seems to have surprised even herself, judging from a recent blog post, by announcing that the school will be keeping its questions… err, question… exactly the same.
With the benefit of a year of HBS acceptances under our belt using this specific question, we can at least offer some confident guidance on word limits, an issue that really perplexed last year’s candidates. Last season, we had many successful applicants to HBS, some of whom used as few as 750 words while others used as many as 1,250. In general, we encouraged our clients to stick with 1,000 or fewer, but certain candidates who had plenty … Read full post
Following what seems to be an emerging trend this season, the Tuck School of Business at Dartmouth College has decreased the number of required applications essays for their MBA program this year from (an already fairly minimal) three to just two 500-word submissions, one of which is a classic career statement, while the other asks candidates to share and reflect on a significant leadership experience. Having just 1,000 words with which to convey meaningful elements of their profile means that applicants will need to be especially judicious in choosing their messages and particularly efficient in their writing to get the most impact from these two rather circumscribed essays. As always, we recommend a thorough brainstorming session before you put pen to paper (or fingers to keyboard) so that your messages are clear, complete and fully on topic.
Please respond fully but concisely to the following essay questions. There are no … Read full post