Here’s the answer: it depends.

I know that’s a cop out, but it’s true. It really depends on you, your circumstances, and your goals. I’ve seen too many people—clients, friends, and others—target degrees that ultimately don’t make sense for them. And with today’s unprecedented (in our lifetimes) economic challenges, making the right decision about how to spend the next one to eight (PhD’s can take that long) years of your life is even more crucial.

As someone on his fourth career—counting at-home dad—I should know. My full bio’s elsewhere on this site, but I went straight from undergrad to a PhD program in clinical psychology. It took six years to complete the degree and less than six months for me to leave the field, afterward. Do I regret doing my PhD? Not really: it helped me secure a management consulting position and writing work in academia; and those three letters do look nice on business cards. Do I wish I’d thought more about my strengths and interests and gotten more professional experience before taking that six-year plunge? Absolutely.

In that spirit, let me offer some thoughts on each major graduate degree, and what to think about as you consider applying.

PhD: Having earned one, I think the best reason to pursue a PhD is to secure a career in academia. For professorships at big-name research institutes, it’s the only way in. Sure, people go into industry after becoming this “other kind” of doctor, but I would argue that they don’t need the degree to get there, and even that their time would be better spent gaining real-world experience. Beyond that goal issue, this is the right degree for you if you live and breathe research—using data of all kinds to build on existing theories, generate new ones, and explain phenomena. You should love all things research, including debating theory and methodology with others, to be a serious PhD candidate. As you can imagine, earning a PhD also takes tremendous discipline—for that matter, so does being a professor. It’s not for those who need a lot of structure and guidance.

MBA: The vast majority of my clients are MBA applicants. I help most write very specific goals into their essays. My guess is that post-MBA very few end up doing exactly what they say they will. That tells you several things, one of which is that this is a strong all-purpose degree, and not just for the business world. What other degree turns out so many bankers, consultants, non-profit heads, marketers, operations consultants, policymakers, and so on? None. So there are many good reasons to get the degree, which takes the least time of any advanced degree (one to two years) and generates a lot of job opportunities. Even today. Beyond recruiting, MBA programs endow students with fantastic networks—some debate this point, but I’ve seen how much my friends, colleagues, and even my wife (Kellogg MBA) have benefited from b-school contacts. Any reasons not to go? If business or related fields aren’t really your thing—as I discovered as a strategy consultant—don’t go. If you hate structure and data-based problem-solving and team projects, don’t go.

MD: My brother, both brothers-in-law, and many, many friends are doctors—not med students, not residents, not fellows, but practicing doctors. Most hate how long it took for them to get to this point: they watched friends make “real money” for years while they worked impossibly long hours for little monetary reward. Now, most love what they do, and are thrilled to be in such a stable field that allows them to truly help people while making a reasonable living. But is it for you? I think it comes down to enjoying solving the problems that doctors solve. That sounds self-evident, but I think people forget, especially after all the TV shows that highlight the profession’s highest and lowest moments, that in the end it’s often you in a room with patients and/or other doctors, trying figure out how to diagnose and treat a given set of symptoms. Are you good at that kind of pattern-matching-based problem-solving? Are you okay with the idea of dissecting a cadaver (you have to, in med school)? Do you mind dealing with people often at their worst (other than pathology, radiology, and maybe some other specialties, you’ll have to)? Ask yourself these questions to understand if you’d be happy as a physician.

JD: I know the least about this grad degree. But I do know that a very large number of trained lawyers do not work as attorneys—many are in the business world and elsewhere. That tells me at least a couple things: one, that getting a job as an attorney may be difficult, given supply and demand (it’s definitely a bad job market for lawyers right now); two, that many people rush into law school without really knowing if they want to be lawyers. So think hard about it. Maybe it makes sense to work in the field before committing to grad school. Research what attorneys do, day to day. Again, TV has glamorized litigation (i.e., trial work), but many lawyers rarely set foot in the courtroom. If you find a path that seems to match your skills and interests well, it’s a good sign.

The bottom line: think hard about your grad-school decision. Don’t get a degree because you feel you “should” or you don’t have a lot of other options. If and when you decide a graduate degree is the way to go, my fellow editors and I would be happy to help you make it happen.

By Dr. Sachin Waikar, formerly a McKinsey consultant and now an author and advisor to business and grad school applicants.

• November Special: Save $100 on orders over $2000 with code MBA100.
• MBA Letters of Recommendation that Rock is our featured ebook this month and 20% off. Check it out. Learn how to help your recommenders to help you.
• MBA Interview Feedback Database: Prepare for your critical MBA interview and then share your experience after you interview. Plus, providing an interview report will automatically enroll you in Accepted's It's a 10! contest. 
• FREE MBA Interview Prep Mini Course. Enroll as soon as you get the interview invitation.
• November Telethon: Save November 23, 2009. We will host our last telethon of 2009. Details to follow.
• London Business School Masters in Management Chat. Wednesday, November 11, 2009 at 10:00 AM PT/1:00 PM ET/6:00 PM GMT. Please join Jamie Wright, Masters in Management Client Services Manager, and two students in the program who will be available to answer your questions. Are you a recent college graduate with less than one year of work experience and ready to embark on a management-oriented career? If so, join us on Wednesday to find out more about London Business School's Masters in Management program.
• Review the Kellogg Chat Transcript. We just posted the transcript from last week's chat with Kellogg's Assistant Dean and Admissions Director, Beth Flye, and two current Kellogg MBA students.. A few excerpts:

GoMBA (Nov 5, 2009 12:02:48 PM)
Jenny: I would like to know about prospects for entrepreneurs at Kellogg. I am an entrepreneur and want to do an MBA.

JennyRowlandKELLOGG (Nov 5, 2009 12:03:25 PM)
GoMBA-Kellogg has a great entrepreneurship & innovation program that continues to get more and more robust every year (from my understanding!). The "core" entrepreneurship class allows students to create real business plans and go to market strategies -- many of these business ideas have gone on to win case competitions and to be tried out in the real world. The entrepreneurship program is also currently offering a two day boot camp/crash course for students interested in the basics in business plan writing, funding, pitching, and tec.

Patty (Nov 5, 2009 12:04:20 PM)
Beth: I know that Kellogg has announced that it will start to release decisions as they get made. Does that apply to all 3 outcomes (admit/waitlist/deny)?

BethFlyeKELLOGG (Nov 5, 2009 12:05:30 PM)
Hi Patty, and thanks for your question. We will release a batch of admit decisions first and then we will continue with all 3 decisions through out the deadline period.

GoMBA (Nov 5, 2009 12:17:11 PM)
Beth - So does it happen that a great application is denied because the interview doesn't go exceptionally well?

BethFlyeKELLOGG (Nov 5, 2009 12:17:36 PM)
Hi GoMBA. That is good question. It is possible that could be the outcome if there were major concerns as a result of the interview. Again, it really depends on all of the criteria together.

GoMBA (Nov 5, 2009 12:27:38 PM)
Beth - Could you please elaborate on 'major concerns' during the interview.

BethFlyeKELLOGG (Nov 5, 2009 12:34:23 PM)
GoMBA, for me, an example of a major concern from an interview would be the impression that the candidate does not have a clear case for why he/she wants an MBA.

1. Kellogg
2. Chicago Booth
3. Wharton
4. Columbia
5. USC Marshall

BusinessWeek also published its part-time MBA program rankings and its rankings of executive education programs. Its methodology in all three cases focuses on "end-user satisfaction."

The articles and videos accompanying the rankings are recommended if you are considering an EMBA or part-time MBA program. Like everything and everyone else, these programs were hit hard by the Great Recession.

A few highlights from the lead article:

• EMBA student satisfaction has plummeted as students increasingly foot the bill and expect career placement services commensurate with those offered their full-time MBA colleagues.
• Of the 83 EMBA programs suveyed, only the University of Texas at Austin's McCombs School of Business boosted student satisfaction since the last survey.
• "Nearly half of all EMBA programs and part-time programs" reported a decline in application volume in 2009.
• 80% of participating part-time programs experienced a decline in student satisfaction.

The chat will take place in the Accepted chat room.

During our most recent MBA admissions chat, we hosted a busy event with the Consortium. Here are a few excerpts from the transcript.

Linda Abraham (Oct 20, 2009 7:05:14 PM)
To all the school reps, does the applicant ranking influence the evaluation of the application?

WendyHuberUVA (Oct 20, 2009 7:06:22 PM)
Linda, applicants should apply as if the schools do not see the ranking. Rankings are only looked at when we are deciding fellowships, they are not used in the admission decision.

JacquelynnDayROCHESTER (Oct 20, 2009 7:09:08 PM)
Linda: While we do consider an individual's rankings, we look at the application as a whole, therefore we encourage students to focus on submitting an overall competitive application

RTorres (Oct 20, 2009 7:05:50 PM)
What happens with applicants that apply to the Consortium and to the specific MBA programs at schools when they are not accepted into the fellowship? How are their MBA applications handled? Are they still considered by the schools?

ErinNicklesburgWISCONSIN (Oct 20, 2009 7:07:59 PM)
RTorres: Each applicant is evaluated independently by each school in terms of both admission and Fellowship decision. An offer of admission does not indicate a guaranteed Fellowship offer, as they are separate. The admission offer will stand regardless of the Fellowship offer. If a Fellowship offer is not given, the applicant will go into the general merit-based aid pool.

AmyPR (Oct 20, 2009 7:12:34 PM)
What is the difference between the November application date and the January application date? Do chances of acceptance increase one date vs. the other?

LaurieShunneyCORNELL (Oct 20, 2009 7:15:21 PM)
AmyPR- Competitiveness for admission and scholarship may increase in later rounds. In general, we recommend submitting the strongest application possible. If you are prepared to apply during the November round, it may help.

My advice for Wonderman is to look into Kellogg School of Management’s MMM program, a dual degree program that integrates management, operations and design, from concept to execution. The program combines the rigors of Kellogg’s outstanding management program with cutting-edge work in operations and design at McCormick Engineering School, a top engineering school.

 “What?” I can already hear Wonderman gasp, “But I’ve spent years trying to shake my engineering label and operations background! And what does design have to do with my future Finance role!”

Well, Wonderman, think a few years down the road. Imagine the head of a VC or PE firm considering dozens of young hopefuls like you who are eager to find companies that their firm can turn into niche players. Undoubtedly, all the candidates understand sophisticated financials and strategy. But what if one in particular can also roll up his sleeves, poke into a company’s every nook and cranny and efficiently manage it, at every level? What if this candidate also understands the role of good design in companies’ products? My crystal ball says that your candidacy might get special attention…

The MMM is fully integrated into Kellogg’s MBA program. It is a shared student experience, and participants have equal access to all resources, extracurricular and leadership opportunities. MMM students earn two degrees, with one set of requirements; the MBA from Kellogg and the Master of Engineering Management from McCormick.

Students major in either Operations or Design, a track co-founded in 2007 by industrial design guru Don Norman. The flexible curriculum allows students to take courses in those areas most suited to their goals, including marketing, operations, finance and entrepreneurship, while also gaining access to world-class experts and facilities in nanotechnology, biotechnology, transportation and other technical disciplines.

According to Yhana Chavis, Associate Director of Admissions at Kellogg, “Currently, consulting is the most popular post-MBA position for MMM students, followed by energy (think ExxonMobil and General Electric) and high tech. We’re also seeing a spike of interest in Private Equity and Venture Capital, due to the operations component.” MMM graduates also go into retail, transportation and finance." Yet others have started their own firms.

In an era of breaking down knowledge into individual parts, the MMM offers a refreshing alternative by arming its graduates with a holistic approach to management. Given today’s business environment in which funds and know-how cross the globe at breakneck pace, this breadth and depth of knowledge can be a formidable tool for a professional investor.

If you are interested in the design aspect of this program, you can also take a look at INSEAD and Rotman, two other top MBA programs that champion good product design via their collaborations with design schools. Stanford also has its own design center.

Tailoring your b-school experience and turning your target schools into potential partners will be the subject of accepted.com editor Tanis Kmetyk’s ongoing series of posts, and a new book, that will help you become not only a better applicant but, ultimately, a better professional.

For the US, the top 10 is:

1. Stanford
2. Dartmouth (Tuck)
3. Harvard
4. Chicago (Booth)
5. Pennsylvania (Wharton)
6. Columbia
7. Cornell (Johnson)
8. Northwestern (Kellogg)
9. Virginia (Darden)
10. Yale

The lead article associated with the rankings has additional noteworthy data-points:

• Although most graduates at top MBA programs see a significant return on the MBA investment, rising tuition and pre-MBA salaries mean that breaking even (not to mention profiting financially) takes a little longer than it has in the past.
• "Europe is home to the seven best business schools when it comes to a return on your investment, led by top-ranked INSEAD, whose graduates had a five-year gain of $192,000."
• Forbes plans to publish its Best Business Schools report annually in the future, instead of biannually as it has in the past.
• Excellent piece on "How to Get Into Business School" by Matt Symonds.

The rankings also includes articles about the individual programs including a worthwhile piece on entrepreneurship at INSEAD.

If you're curious about my views on rankings, please see The Rankings.

That’s Kellogg’s Essay 3 this year. It’s the resurrection of an earlier essay, and one that effectively replaces the “How would you contribute to Kellogg” essay from years past. Note also that Kellogg has (finally) stipulated word counts, rather than those ambiguous spacing and page limits, which often prompted my clients to ask me if it was okay to use 1.5 spacing and 9-point font to fit in their 1200-word essays (it wasn’t).

So how should you handle this one?

First, consider that there’s no more Contributions essay, so this essay pulls naturally for information on how you will enhance Kellogg’s community. Don’t brush that off. Second, as always, approach it with a nice, clean structure and rich specifics.

Structure: You have some options here. One would be to talk about the specific areas in which the admissions committee member can see your contributions: your unique and relevant professional experience, your leadership at work and beyond, your deep experience with community service. And so on. But perhaps an even more effective structure would mirror the one I advise my clients to use in answering the “How can you contribute?” question when it comes up in interviews: discuss how you would be a highly valuable member of the Kellogg community inside and outside the classroom. Let’s use that one to talk about specifics.

Specifics: So you’ve laid out a structure with something like this: “A student member of Kellogg’s admissions committee would hopefully perceive the many ways I could contribute to the school’s community both inside and outside the classroom.” Now fill it in with rich specifics. The “inside the classroom” part is arguably less important here, as you’ve already discussed work experience briefly in the Goals essay and, frankly, because Kellogg can fill its class many times over with individuals with great scores, grades, and professional experience. But talk briefly about your unique functional and leadership experience at work—the super complex financial models you developed, the high-profile HR taskforce you were selected for, the analyst group you led on a key marketing initiative. And link those to a few specific Kellogg classes and/or team assignments. Then move on to the “outside the classroom” part. Here there are several potential areas to emphasize: social enterprise, cultural groups, travel, hobbies, sports. Talk about specific achievements (especially leadership) within this and, as with the earlier part, link them to specific Kellogg activities. Will your time spent with the Peace Corps in South America help you lead a GIM trip to Brazil? Sure it will. Will your experience establishing a soup kitchen be relevant to leading Net Impact? Sure it will. Will the six triathlons you’ve completed help you start a Kellogg Triathlon Club? Not a chance. I mean, sure it will. You get the idea.

I hope this makes clear that the new (old) Kellogg essay is more or less a “How will you contribute” question in new (old) clothing. They want to know if you’ll be a dynamic, involved, unique contributor to Kellogg’s all-important student community. Show them that’s exactly what you’ll be. My fellow editors and I would be happy to help.

By Dr. Sachin Waikar, former McKinsey consultant, published author, and advisor to applicants to business and grad schools.

Dean Jain was famous for his thoughtful approach to leadership, collaboration, and marketing. Having known him personally (my wife is a Kellogg MBA), though not in great depth, I’m sure his soft-spoken nature and keen insights will be missed. He, along with his predecessor Don Jacobs (who was Kellogg’s dean for over 25 years!), are credited with building much of Kellogg’s reputation as a top marketing program and the big-name b-school with the greatest emphasis on people skills and collaboration.

So what does it mean that Dean Jean is departing, especially for MBA applicants in these highly competitive times? I’ll lay out some thoughts in self-question/answer format.

Does this mean a lot of things will change at Kellogg?

Not likely. While the dean is of course the face of the school on many dimensions and a key influencer of its direction, Kellogg will almost definitely look for someone to carry on the reputation and traditions Dean Jain upheld, including a focus on marketing and people.

Who will be the new dean?

It’s not yet known. Kellogg has of course announced that the school will be selecting a new dean, but has said nothing about who that person will be, including whether the search will be internal, external, or both.

Should I mention the changing-of-the-deans situation in my essays or interview?

Maybe. As with anything, the key question is whether a given element of your essays or interview truly adds value to your application. If you’re talking about how exciting it is to be part of a shift in leadership at Kellogg, and how you will help carry on old and new traditions at the school in specific ways, go for it. If you’re mentioning the situation just to make clear you’re “in the know,” that will probably show.

In general, should I mention that I know a dean or any influential person in my essays or interview?

See the answer above. Name-dropping is rarely seen as much more than that, and could be a sign that your approach lacks substance. But if there’s a valid reason to bring up the person—for example, in talking about how specific courses they teach are relevant to your goals or how their discussion of the school’s culture showed how well it aligns with your personal approach—then it’s worthwhile.

Will this development affect Kellogg’s applicant pool?

Doubt it. As above, at this point, most top schools’ deans are reflections of their programs’ reputations, curricula, and cultures, rather than the other way around. So Kellogg will continue to be Kellogg, with or without Dean Jain, as valued as his leadership has been. Factors more likely to affect Kellogg’s applicant pool, including numbers and quality, remain the usual suspects: the job market, value of a top MBA in the near-future job market, rankings, and the like.

Should I still apply to Kellogg?

Definitely. As long as it fits your profile, goals, and preferences.

My fellow editors and I would be happy to help you craft your approach to Kellogg and any other b-school, regardless of their current dean situation!

By Dr. Sachin Waikar, Accepted.com editor. 

Please note that Kellogg has a more complex deadline system than most schools. Please visit their web site for details.

Northwestern Kellogg 2010 MBA Essay Questions

My comments are in red. This year's essay questions are similar to last year, with a bit of reshuffling. Kellogg also rephrases a couple of questions and asks new question in essay 4. Finally, Kellogg requests four essays this year, as opposed to five last year.

Essay #1 –MBA Program applicants - Briefly assess your career progress to date. Elaborate on your future career plans and your motivation for pursuing a graduate degree at Kellogg. (600 word limit)

This question is the same as Kellogg's #1 for the last several years. Kellogg wants to know your goals and the ways you believe Kellogg will help you achieve them. As I have said repeatedly, post-MBA goals are front and center in the MBA application. You need to connect the dots between your past, your desired future, and Kellogg to answer this question well. Thought and research are prerequisites.

When writing an earlier Kellogg tip, I referenced an email from a client. In the email, he thanked his editor for pushing him to clarify his goals -- which he hadn't wanted to do. He acknowledged how important they are. Make sure you know why you want an MBA before you start to answer this question.

Essay #2 – Describe your key leadership experiences and evaluate what leadership areas you hope to develop through your MBA experiences (600 word limit)

Appearing last year as essay 3, this question was "promoted" to the second essay. Kellogg of course is famous for its teamwork, and it certainly wants students with strong teamwork skills, but it also wants leaders. Don't be taken in by Kellogg's teamwork mantra and laid-back reputation. Employers wants to see leadership in Kellogg's grads, and you need to show leadership in your application -- especially in answering this question.

This essay allows you to both spotlight your outstanding leadership skills and show your knowledge of Kellogg. Go beyond your response to #1 and focus here on leadership. A corollary of this tip would be to use #1 to focus on non-leadership aspects of your experience i.e. teamwork.

As usual, you don't have a lot of room to elaborate. Choose 1-2 examples not discussed in depth elsewhere in the application. State how they prepare you for Kellogg in terms of allowing you to demonstrate leadership. Don't forget to answer the last part of the question.

Essay #3 – Assume you are evaluating your application from the perspective of a student member of the Kellogg Admissions Committee. Why would your peers select you to become a member of the Kellogg community? (600 word limit)

This is similar to an old question that had been part of Kellogg's application for years and was removed a couple of years ago; it asked you to evaluate your own file as if you are a member of the Kellogg Admissions Committee. In this case you are a student member of the committee.

But let's go back to the first part of the question that asks you to "evaluate your application." Does that wording imply the kind of objectivity your grandmother provides? Definitely not. Clearly you are trying to market yourself so you should emphasize the positive and provide a cogent argument for acceptance using Kellogg's criteria, but most of you will have weaknesses in your profile. What compensates for them? Why should Kellogg admit you despite your weakness? This is a great place to show why a substandard GMAT or GPA should be overlooked.

In general you want each essay to reveal something new about your experience. How can you do so with this question, which by its very nature requires you to use the information found in other parts of your application? Include at least one or two elements that you either discussed in your interview or intend to discuss in your interview. Or go into more depth about something mentioned in an application box or your resume, but clearly this essay is not going to provide a lot of new information.

Essay #4 - Complete one of the following three questions or statements. (400 word limit)
Re-applicants have the option to answer a question from this grouping, but this is not required.

a) Describe a time when you had to make an unpopular decision.

New Question- Similar to last year's question about motivating a reluctant group, please note a few facets of this question. It is only 400 words. It does not ask for a treatise on popularity or decision-making. It asks you to "describe a time" (emphasis added), not multiple times. It asks for a story, an anecdote. Yes in discussing this incident, you can draw a conclusion or two about decision making, motivation, or leadership , but keep your response succinctly experiential.

b) People may be surprised to learn that I....

New Question- If professional activities dominate essays 1-3, this is an opportunity for you to shine a bright light on your favorite hobby or passion. Do you juggle, bike, run, cook, drum,  trek, save the world, or? Let the reader know a highlight of your experience and why you do it. Also, address the irony inherent in doing something surprising.

c) I wish the admissions committee had asked me......

In many respects, similar to #b. Have fun with this one. Let this essay show a different facet than is revealed by any of the other essays. If you play basketball every Sunday and haven't mentioned it anywhere, perhaps this is the place to talk about the fun side of you. Or perhaps you are a cellist in a local orchestra. Or you were active in Barack Obama's campaign. Or you lead a church youth group. The possibilities are infinite.

Required essay for re-applicants only - Since your previous application, what steps have you taken to strengthen your candidacy? (400 word limit)

No trick questions here. How are you a better candidate today than when Kellogg rejected you? Have you addressed weaknesses in your previous application? If you aren't sure where you fell short, obtain an MBA Application Review.

Responding to the Kellogg application essays will tell the committee a lot about you, your character, and your interests -- if you do a good job. It is a solid and comprehensive set of questions.

If you want to start now on your Kellogg application, please keep in mind that Accepted.com is running an Early Bird Special through the end of July: 15% off all MBA essay consulting and editing. Alternatively, consider our Kellogg consulting and Editing Comprehensive Packages. They too are 15% off this month. Start your applications early, submit first round, and save money.

The First Prize ($200 Amazon Gift Certificate) goes to Simon Lau for a magnificent shot of Columbia’s dormitory.

Columbia

Second Prize ($100 gift certificate) to Ninad Gujar for a stunning photo of fall foliage near Tuck.

Fall Foliage near Tuck

Third Prize ($50 gift certificate): A tie between Bizwiz for Kellogg and Sargsyan Gor for Stanford.

Kellogg

Stanford

Thank you again to all the hard-working judges:

• Eric Bahn, founder of BeatTheGMAT forum.
• Elissa Ellis-Sangster, executive director at Forte Foundation.
• Happy Librarian, author of  MBA Dream blog.
• MissionMBA, author of My Journey to a B-School... blog.
• MBAVeggie, author of The Journey of a Fall 2009 Columbia Incoming Student.
• Trystwithmba, author of B School Bound –> Aim, Be, Yay !
• Omne, author of Omne's MBA Journal
• The GMAT Club Team
• Maybe MBA, author of To MBA Or Not
• Tiny Dancer, author of Tiny Dancer’s MBA Blog
• Maverick, author of En Route to MBA

It may take a little longer than usual for us to add all the photos to our b-school zones pages and post the winner's page because we are busy working on a site facelift.  In the meantime, you can admire these beauties here.

Thanks again to all participants -- winners, honorable mentions, and judges.

2010 applicants, start taking your b-school pics for next year's contest.