Filed under: General, Uncategorized — Tags: Add new tag, Grades — admin @ 10:52 pm

Can having too much fun in college kill your admissions hopes? The answer is not a simple yes or no. It depends on exactly how much “fun” you had and how much of an impact it had on your grades. Here’s the way the grades will be viewed by the admissions board:

1. Scenario One: You have a 3.5 but your grades dropped one semester (not a deal breaker especially if you have solid GMAT, above 720, and strong essays, work experience and overall application.
2. Scenario Two: Too many tequila nights for four years resulted in a below 3.0 gpa. My experience is that if you fall in this category, you will need to come up with some major damage control as well as reality check. The chance of being admitted at the top four MBA program is extremely unlikely. Note that I didn’t say absolutely impossible.  You may want to widen the net when selecting schools and have a good two or three back up schools. If every thing else is strong, I still think it will be extremly difficult to convince an admissions board to wink at four years of sketchy grades. In any case, you will need to “own” your story. Take responsibility and proactively address what happened. Avoid making excuses and make sure that the rest of your application does not suggest any maturity weaknesses. If recommenders can reinforce your commitment, focus, drive and maturity, that’s a plus. Your essays can also go a long way to show that you have grown a lot since your undergrad experience.  Finally, you can take a couple of courses and earn an A in each of them to show your discipline sitting through an academic course. A final option, though a bit extreme, is taking a masters degree. I don’t recommend this unless you are naturally interested in the graduate program. I wouldn’t just do a masters degree just for the sake of addressing the academic weakness as an undergrad. But if you have genuine interest in the subject and it fits with your long term goal, then go for it.

Filed under: Brand Champions — admin @ 7:50 pm

With July 4th behind us, many applicants are now getting ready to approach their recommenders for reference letters. This simple step can be a deal breaker for applicants if not handled correctly as seen by the following statement from Stanford GSB: “It is a violation of the spirit of the Fundamental Standard and Honor Code to draft or write your own Letter of Reference, even if asked to do so by your recommender. Such an action can result in denial of your application or withdrawal of your offer of admission. If the individual insists on this approach, you should find another recommender.” (Source, Stanford GSB’s admission website). Applicants face many more challenges as they assess who the appropriate recommenders are and how to get them to write strong recommendations on their behalf.

Questions to Ask before Selecting Recommenders
1. Do they understand your brand, and are they avid fans?
2. Do they have an MBA? If not, do they understand the value of an MBA?
3. Have they written recommendation letters before? Are they good writers? Have the people they recommended gained admission to top business schools?
4. Are they open to your providing them with information about your brand, accomplishments, and rationale for an MBA?
5. Do they have time to write an excellent recommendation letter?
6. Are they supportive of your school choice?
7. Do they have enough in-depth interaction with you to provide evidence of your leadership?
8. Are they senior enough in title to have a broad perspective of what your role is and how it fits into the company?
9. Are they optimists? You don’t want anyone approaching your recommendation from a “half empty” perspective.
10. Are they punctual? Avoid procrastinators who have a reputation of not delivering quality work at deadlines.
If you answer no to any one of these questions, you should think long and hard about whether the recommender is right for you. (For more details on winning recommendation strategies, check out The Best Business Schools’ Admissions Secrets.

Filed under: General — admin @ 12:48 am

Applicants to business school often make mistakes that make it easy for the MBA Board to reject their application. Below are some of the usual suspect mistakes that MBA applicants make:

1. Lack of passion: Do not sacrifice your passion in an attempt to spin a story you think the admissions board wants to hear. Focus on what gets you excited professionally? Applications without passion are bland and no one wants accomplished but boring students. The admissions board can see through contrived stories. So be authentic and talk about what matters to you and how the MBA will help you achieve your passion.

2. Lack of clarity about why you want an MBA: Be clear on why you are applying to business school. Your rationale has to make sense. Many candidates jump on the MBA bandwagon because many of their colleagues/friends are applying or because their jobs expect them to pursue an MBA as a natural next step. Make a compelling case for why you need the MBA to achieve the vision you have for your future.

3. Lack of time: A rushed application is likely to yield an unsuccessful application. We have all heard of the guy who did his application for business school in 48 hours and was admitted to Stanford and HBS. Well, as far as we know, this could very well be a great urban legend. Given the very high stakes, why would you want to rush the application and chance a rejection? Basic errors such as switching school names, grammatical and spelling errors occur when you are pressed for time.

4. Lack of introspection: Applications that lack insight is another major mistake that candidates make. Admissions Boards can see all you have achieved by simply referring to your resume and recommendations. What is missing is the WHY behind what you have done. It is not enough to present your blue chip career and Ivy education, for instance. There are too many people with the same name brand background and only one out of ten of you will be admitted in many cases. Failing to provide the admissions board with your reasoning and motivations behind your decisions and actions leaves many unanswered questions which can hurt your admission chances.

5. Lack of judgment: Failure to exercise good judgment can hurt an MBA candidate’s admission chances. One area where this error plays out is the recommendation decision. Candidates who select a recommender based on title can sacrifice substance. Yes, a managing director or CEO recommendation can carry significant weight; however, this is the case only if the individual knows you very well and can speak substantially to your contributions and impact. Title alone will not get you any bonus points. Alumni recommendations are also not useful if the person does not know you very well. You are better off selecting recommenders who can speak at great length of your brand and back it up with specific examples. Some applicants also express poor judgment when it comes to their essays. For instance, avoid a personal tragedy story unless it truly had a profound impact on your character and you can tie the lessons learned directly back to business.

6. Lack of understanding of what business schools are looking for: MBA programs are not looking for a particular prototype. Yet many candidates make the mistake to assume that there is a particular candidate profile that is appealing to the admission board (for instance an investment banker or consultant). While a sizeable number of individuals from these two backgrounds apply to business school, MBA programs are interested in diversity across the board and are equally interested in candidates from the public sector, not for profit sector as well as varied industries. Also, assuming that business school admissions boards are mostly interested in your academics (the GMAT and GPA for instance) at the exclusion of other aspects of the application can be detrimental as well. Focus on presenting a strong application across the three application criteria: academics, leadership/managerial potential, and unique/diverse perspectives. The stronger you are across all three areas the better your chances of admission.

7. Lack of brand champions: It is not enough to have people writing recommendations for you. Applicants need to cultivate relationships with their recommenders for them to become their brand champions. Make sure the recommenders know what your goals are and the unique value you offer. I’ve read enough recommendation letters where the candidate says one thing in her application and the recommender says something else. This type of confusion never benefits the applicant. Brand champions will go the extra mile. They will sit down with you to understand your admission strategy and how you are marketing yourself. They will invest the appropriate amount of time to write detailed and glowing recommendations for you. Avoid situations where recommenders ask you to write your own recommendation letters and they sign them. This is a clear indication that the person isn’t invested in you and is unwilling to take the time to write a compelling recommendation on your behalf. Besides, MBA boards may be able to see through this! Don’t take the chance.

8. Lack of fit: Applicants who do not do enough diligence to identify schools that are an appropriate fit set themselves up for disappointment. Research the MBA program and make sure that there is a fit before applying. For instance if you don’t enjoy speaking in class, you may think twice before attending case focused MBA programs such as HBS and Darden. Also take the time to visit the schools and attend classes. When you skip this step and you blindly apply, your application may reflect the fact that you don’t understand the brand of the school.

9. Lack of leadership: All top MBA programs value leadership in their admitted students. Yet many applicants apply to business school without presenting a compelling case of their leadership track record. It is important to recognize that leadership is not simply about title. Leadership can be demonstrated through influencing others without formal title. It can be shown through thought leadership by becoming an expert in a particular thing and using that to create value for your firm. Leadership is about having an impact on people, whether it is on a mentee, colleagues you work with on a project, or changing the way customers at your firm are served. What is important is to present tangible examples of your role leading and ythe impact you had.

10. Lack of a brand: I saved this for last, though it is of utmost importance. Since Admissions Board members read hundreds (if not thousands) of applications per admission cycle, and can only accept 10-15%, you should ask yourself how your story is different from other candidates with similar work and academic profile. It is the quirky, interesting, and unique things that are distinctively you that set you apart. Be clear on what your brand is and avoid the temptation of having multiple people “weighing in” on your essays. You don’t want to “water down” your story in your attempt to take on the different feedback that you receive. What’s more important is to focus on one or two compelling things that differentiate you besides your job title and look for ways to reinforce that message through out your application. So for instance although you may be an engineer who has strong academic records and work experience, you may focus on your innovative interests and the fact that you enjoy transforming things. So your brand could be “Turnaround Innovator” instead of the generic “Smart Engineer Guy”.

Filed under: Money Matters — admin @ 12:28 am

A good two-year MBA program costs in the vicinity of $140,000. For all but a few students this represents a major sacrifice. An MBA degree, of course, constitutes a sound investment – there is no replacement for the rigorous training and vast networking opportunities offered at a top school. Nevertheless, financing an MBA requires careful planning and a thorough knowledge of the available options. Here are some things to keep in mind when thinking about the financial side of business school:

1. Scholarships, grants, and fellowships are hard to get – but they’re worth the effort. Many top business programs – such as those at Harvard, Stanford, and Kellogg – offer need-based grant and fellowship assistance. These will not cover the full cost of tuition but can significantly offset it. All top MBA programs use need-blind admissions; if you are offered admission, they will help you figure out how to pay.

2. Hard work pays off. Merit-based scholarships, though rarer than need-based ones, are available at some schools. Columbia and Kellogg, for instance, both award grants to exceptionally talented students – which means, with an extraordinary track record in academics and demonstrated leadership, you stand a stronger chance of coming into some of the available funding, which can be as much as $10,000 a year. Stanford also recognizes achievement during the MBA program: the Siebel Scholars Award is given to top students in their second year.

3. Seek outside sources of funding. Many top corporations sponsor fellowship programs for MBA students. Keep in mind, however, that grant money in excess of tuition and standard fees becomes subject to taxes.

4. Take advantage of every angle. Significant outside funds exist for students who fit a certain profile. Often these are scholarships for minority and women students: the Forte Foundation seeks to sponsor future female leaders in business; the Toigo Foundation does the same for minority students. Some schools even offer career-specific grants, such as the Leaders for Manufacturing fellowship at M.I.T.’s Sloan School of Management. Many of the Wall St firms also offer scholarships. Sometimes, you have to do some extra digging to get access to fellowship information.

5. Borrowing is a necessary evil. Almost all students who graduate from MBA programs do so with some debt. The trick is to manage and minimize that debt. Loans come in two kinds: federal and personal. Federal aid is available only to citizens and permanent residents of the U.S. Many non-federal options do exist for international students. Some of the best are the loans available through Nelnet, which have relatively low interest rates and often do not require a co-signer.

6. Schools usually have partnerships with banks to offer non-federal loans to their students – for instance, Harvard partners with Citibank – but regardless of the loans available to you, comparison shopping is essential.

7. Financing the MBA is a complex endeavor that must begin years before matriculation. Essential both to minimizing your debt and ensuring your eligibility for loans is savings: before issuing a loan or other financial aid, a school or bank will look at your financial records from the past three years; the financial aid office will want to see that you have been responsible about putting away money for your education.

8. The Internet has radically altered the playing field when it comes to financing one’s education. Be wary of scams, as they are plentiful, but many legitimate resources exist. Some of the best are Fastweb.com and Finaid.org.

9. If coming from the corporate world, it is wise to explore the possibility of employer sponsorship. Your career after graduation may affect your debt as well. Some top schools, including Stanford, offer loan forgiveness for MBA graduates who enter the non-profit sector or work in developing countries.

10. The financial aid process must be managed carefully. Two major elements of this are documentation and deadlines. To successfully apply for a loan, you must have all the relevant documents in order. These include FAFSA application, CSS profile, and tax returns from the past three years (including those of a spouse or parents, if relevant). It is also critical to check that your credit rating is accurate and up-to-date: poor credit or extraordinary outstanding debt can jeopardize your loan application. Finally, be mindful of deadlines: fellowships at a given school almost always have earlier deadlines than the application itself; different schools also have different deadlines for filing the FAFSA. The bottom line: do not leave any stone unturned and pay close attention to financial aid and fellowship deadlines.

Filed under: MBA Scandal — admin @ 11:51 pm

GMAT SCANDAL

Cheating scandals involving MBA students and applicants seem to be occurring more frequently.

In 2005, some applicants who logged on an unauthorized site to learn their admission outcome paid the price by losing their admission offer to schools like Harvard Business School. In 2007, an ethical firestorm erupted at Fuqua when thirty five current students were accused of cheating.

Now several thousand students who used a questionable website, Scoretop, to get an edge on the GMAT may find their admission dreams derailed.

While there is strong pressure on applicants to put together “wow” applications, it is never a license to cheat. Taking any ethical short cuts is a sure way to end your MBA aspirations.