Day 7: The typical MBA Application

Sometimes knowing what is needed to be done & the efforts needed for it may help us in deciding if we may want to pursue it further. For example, the MBA.

What does it take to put together a typical MBA application?

The Elements of the MBA Application

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Resume: Aha, knowing how important the B-School Resume is, we already discussed this is in the Day 6 article in the series. The 1-page ultra-compact B-School Resume would be a nice condensed summary of all your top professional and personal accomplishments. To many application readers, this is the favorite starting point.

Application Form: The application form will take in your contact information, details about your education, family information, professional experiences and more. Why is this important? Your background- your undergraduate major, occupation, age, ethnicity, gender, etc. do have a say! There are many short answer questions in the application form and using these to show the complete information about your profile should be your goal.

Essays: These will form the heart of the application. Through your essays, the Admissions Committee (AdCom) gets to know you both at a professional and a personal level. The essay questions vary from school-to-school and you can get an idea of what matters to the B-School more through the essays. What’s in an essay, you ask? A LOT! More on this in the next few days.

Letter(s) of recommendation: The AdCom wants to know what others have to say about you – sometimes being too specific about it. So other than the common LoR from GMAC, your recommenders might have to fill out individual detailed LoRs for different B-Schools (Sigh!). These letters of recommendation needs to come from someone who knows your performance in a work setting, preferably from a current or former direct supervisor. Mostly, all recommendations are to be submitted electronically. You will be filling in details about your recommenders and they will receive separate access to fill out or upload the letters.

Test Scores: The dreaded test scores which has spawned a big business for the test prep industry. Love them or hate them, these are here to stay. The preferred exam for management programs is GMAT as it was specifically designed for B-School. But tests like GRE, EA are all equally accepted. Some B-Schools like IE or Warwick may also admit applicants through their own tests.

English Proficiency Tests: If you are an applicant whose first language wasn’t English, then you may have to prove your proficiency in English through standardized tests like TOEFL, IELTS Academic, Duolingo and others.

Transcripts: A transcript is a detailed summary of your grades (for all the courses you have taken) that is issued by your university (typically Registrar’s office or Academic Affairs office). You will receive them in sealed envelopes and will be submitting a transcript for every degree you hold post high school. Typically the official transcript will be a document, either on paper or online, that lists all individual courses you have completed and also mentions the grading scale. For many universities, at the time of application, only unofficial transcripts are required.

The MBA Interview: There is the much anticipated (& dreaded) interview which can be the deal-breaker. The interview serves as an opportunity to you to show that you are the same as on paper(through the rest of the application). Typically done by AdCom members, second year students or alumni, there are so many variants of these. Technically, you start prepping for an interview right from when you put your application together.

Application Fee

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Applying to B-Schools is a costly affair. But luckily many B-Schools may also give full or partial application fee waivers if you visit campus or attend their virtual events or if you happen to have a high GMAT score too! For example, take the Tepper Chart my Path and get an application fee waiver.

Of course, some of these elements of the MBA Application need deeper probing. Do keep an eye out for more on these. Until next time, happy planning!

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Day 5: Demystifying MBA Rankings

Ok, out with it. Go ahead. Ask me which MBA rankings are the best.

Well, all the rankings are good! Say, WHAT?

Let’s open this can of worms.

Because you see, as always, it depends. On the methodology of the rankings. On who is being surveyed. On what they are asked. On how & when the data was collected. On, of course, YOUR criteria & how you intend to use these rankings in your decision of choosing a B-School.

Let’s check out the Top MBA Rankings

Not sure if you have seen a ‘Yellow Pages’ before (check the banner image above). It was a nice big book (with yes, ‘yellow’ pages) full of listings of commercial businesses (based on what services they were offering).

To me, MBA Rankings are the yellow pages of business education. They can help you to distinguish between various programs. They are great lists to get familiar with the various B-Schools. The only difference between the different rankings is from the emphasis laid on various parameters. Let me introduce you to 5 of the most influential and popular MBA rankings from the media houses.

The Financial Times (FT) Rankings: These are among the most influential globally (and the most popular among my clients in India & Asia). A global ranking that covers 143 schools, getting into the top 20 is indeed prestigious for the participating schools. INSEAD, LBS, Chicago Booth, IESE, and Yale are in the top 5 schools this year. Though the survey is based on 20 different measures, compensation & internationalization get a lot of weightage. (Methodology here).

U.S. News & World Report : An US-only ranking, this is based on 8 criteria. High importance is given to student selectivity (25%) and peer assessment score by B-School Deans & Directors(25%). The majority of US applicants trust this ranking more. (Methodology here).

Forbes: This ranking is based on just one parameter- the return on investment(ROI) achieved by alumni five years post-graduation (5 -year MBA gain). There are 3 rankings- Best Domestic MBAs, Best 1-year International Programs & Best 2- year International Programs. All of these are published once in 2 years (latest is from 2019). (Methodology here).

Bloomberg Business Week: This fully relies on customer satisfaction. Weightage is given to 4 key groups: compensation, learning, networking, and entrepreneurship (based on what students, alumni, and recruiters think are necessary for assessing a B-School program). (Methodology here).

The Economist: This ranks from the student’s perspective and is based on the following: open new career opportunities(35%), personal development and educational experience(35%), salary(20%), and potential to network (10%). (Methodology here).

Poets& Quants: This ranking is a composite ranking made of the above 5 rankings. More emphasis is given to the US-only rankings. This does mitigate some of the faulty survey techniques and methodologies of the individual rankings and offers an interesting take on things.

How should you use these rankings?

So, School x is at Rank 3 on your favorite MBA Ranking list. Says who? According to whom? How? Why? Consider the answers to the following questions before making your decision.

Whom are they surveying?

For the FT rankings this year, Harvard, Stanford & Wharton (HSW) & Columbia famously skipped the survey. For the Economist 2021 rankings, 49 schools declined/were ineligible to participate and 13 B-Schools (including all of the M7 schools-Stanford, Harvard, Wharton, MIT, Chicago, Kellogg, and Columbia) boycotted the survey and still, they published a “Best Business School list”! So, it matters who is responding to these surveys.

What are they asking

Are the criteria being surveyed of great importance to you? Do you trust facts more or opinions more? Some of these surveys focus more on opinion-based criteria. While others are purely based on facts. But then it is also how the facts might be collected or computed which can alter the results.

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What about the methodology?

You have to figure out how these B-Schools get there on the list. Many of these methodologies are flawed and nowhere perfect. Imagine each of these rankings to be a “Yellow Pages” book. They are listing B-Schools in some order (based on their set of criteria). Will you select a school just because it was on the first page? Forbes uses a 5-year gain (why only 5 years?). Economist rankings have been so unstable and always came up with the biggest surprises. FT rankings places a lot of emphasis on international diversity and the way it is calculated, which has an inherent bias not favorable to US B-Schools. And again, GMAT and GRE scores reported are faulty. These are just a few of the issues. Go through the methodology to know more.

Why do they do this?

Some things don’t change from the yellow pages era. For both media and B-Schools, this is done for brand recognition and advertising.

Don’t just don’t consider rankings at their face value -they may mean a lot or nothing.

So, what should I do now?

Rankings are a GREAT starting point for your research.

I love the ready-made lists and poring over the data shown. Some rankings do give out a lot of other data. The ‘create my short list‘ feature in Bloomberg Business Week is a neat tool to compare and know more about the B-Schools in the rankings.

But when it comes to using rankings in your decision-making, the suggestion is to make YOUR own ranking. “MBA Rankings” can factor in as a criterion in YOUR own ranking. At CareerLabs, we help clients arrive at this through guided tools.

So, go back to your own reasons and goals for the MBA and assess your fit with the program. That’s all matters in the end!

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