From a possible comeback for an MBA-starved Wall Street to the vocal disapproval of one Harvard Business School student, as well as the announcement of the top MBA program in Europe, let’s dig in to recent MBA news!
For decades, MBA graduates of a certain caliber had only Wall Street in their sights. The idea of starting their post-graduate careers anywhere else was simply anathema. Increasingly, however, the financial district of lower Manhattan is losing its luster—something that probably dates back to the economic crisis of 2008. Even though Wall Street itself has recovered magnificently, it’s no longer attracting young MBA blood in droves—a damaged reputation and flat salaries took care of that. But is a comeback ahead? (Poets & Quants)
From MBA students in India and China vanquishing their American counterparts on their GMAT scores to big data getting big attention from students and recruiters … and Harvard Business School plowing through its fundraising goal, there’s a lot going on in MBA news. Let’s dig into the headlines!
Are GMAT scores a world apart?
The high GMAT scores pouring in from test-takers in India and China are having some unforeseen consequences. It’s gotten to the point that some business schools are even separating out applicants based on the region of the world they come from so as not to discriminate. One admissions consultant says that American applicants are “banging their heads against the wall” over their comparative GMAT scores. (The Wall Street Journal)
Harvard Business School
Bloomberg Businessweek has just released its 2014 ranking of full-time MBA programs, and some people may be surprised at certain schools’ new standings. For this survey, schools are ranked according to a myriad of factors, including recruiter marks (employers’ opinions of a program’s graduates) and enrolled student survey responses.
This year’s results certainly show a few major shakeups. Duke Fuqua, which ranked sixth in both 2012 and 2010 (up from eighth in 2008) knocked long-standing first-position holder Chicago Booth from that coveted spot (it is now ranked third). Perhaps even more notably, Harvard Business School (HBS), which has held steady at number two since 2008, dropped to eighth and failed to make the top five for the first time in list history.
Here’s some of the latest news and reports about business school admissions and the current MBA landscape from media outlets across the country. From a jump in the number of applications of full-time MBA programs to a troubling small decline in the number of female applicants overall, there’s a lot to explore!
GMAC reports overall spike business school applications
- Are happy days here again? According to a report by the Graduate Management Admissions Council (GMAC), the makers of the GMAT, most MBA programs are reporting significant growth in their full-time business school applications. 61% of global full-time two-year MBA programs that participated in the survey say they have seen application growth, up from 50% in 2013. Another way to look at it: 2014 is the first time in five years when a majority of schools reported a spike in full-time applications.One big surprise that GMAC’s research found: Six
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
Looking to unlock the good life by going to business school? Best to stay on top of the current MBA news. Check out some of the latest headlines, recaps, and studies about the MBA admissions process from media outlets across the country.
From parents of prospective MBAs having to foot more of their kids’ tuition bills, to a proliferation of GRE applications being submitted instead of GMAT applications, it’s been a busy few weeks. Here are some highlights in this month’s MBA news:
A new study finds that aspiring MBA applicants are increasingly planning to turn to their parents to help finance their education. Note the small gender gap. Women, who generally enter the MBA admissions process at a younger age and with less financial means, are more likely to have their parents involved in the financial aid equation than men are. (The Wall Street Journal)
Mentors can … Read full post
To support my efforts here, I get daily alerts from Google spiders who hunt for news about, or otherwise concerning, MBAs and the GMAT. Every now and then one of these alerts will contain a snippet of information from the interwebs that subsequently does its job and inspires a post. One such link led me to this CNBC article about a new start-up called Hourly Nerd.
Hourly Nerd is a by-product of Harvard Business School’s FIELD curriculum—a fairly recent addition to HBS pedagogy and one I have written about before here and here. Soon-to-be Harvard MBAs started Hourly Nerd with the intention of matching money-starved students with time-and-money-starved businesses. The model actually reminds me of one used by crowdSPRING: a service that matches those in need of graphic design services with those who can provide them, all at a below-market price. For the record, I like … Read full post
While admissions officers want to know that you are interested in their schools, they are not interested in reading about your love for their school at every single turn. Some candidates mistakenly believe that they need to tie in aggressive and enthusiastic statements about how they will improve their skills at their target schools in each essay, regardless of whether the school asks for it or does not.
Let’s consider this (entirely fictitious) example of an individual who writes about how he started a small business for the Yale SOM essay question, “What do you consider to be your most significant accomplishment? Why?” Consider the following hypothetical conclusion:
“In starting ABC distributors, I learned a great deal about entrepreneurship and I hope to formalize this knowledge at the Yale SOM. Only with Yale’s vast entrepreneurial resources and profound alumni connections will I be able to take my next venture to … Read full post
One of the most common questions we hear from applicants is “What type of candidate is HBS/Stanford/Wharton/Chicago Booth/etc. looking for?” Of course, the answer to that question is that schools do not want only one type of applicant. Instead, each school is seeking to assemble a diverse class and thus wants to be able to identify distinct qualities in each candidate.
Although trying to simplify a school’s approach to admissions (“Kellogg wants team players!”) can be appealing, you should avoid trying to fit some perceived mold, because doing so will only mask your true distinct qualities. Rather than pandering to a stereotype with regard to your personal/professional experiences or changing your stated goals to match an imagined bias on the part of an MBA admissions committee, you should spend a great deal of time brainstorming to best understand how you can showcase your … Read full post
In an attempt to decrease the import of personal essays in the admissions process at Harvard Business School (HBS), the university has cut in half the number of required essays. Down from four essays of up to 2,000 words, the coveted institution will now require just two essays at 400 words per. Here are the questions:
- Tell us about something you did well. (400 words)
- Tell us about something you wish you had done better. (400 words)
Isn’t the brevity and imprecision sublime? A recent blog post by our partners over at mbaMission comprehensively and deftly analyzes the HBS essay questions as well as the impact the new requirements will have on applicants. This is a highly recommended read. The insight offered can and should be generalized to personal statements for all MBA programs.