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.

• Tepper
• Darden
• Emory
• NYU Stern
• Wisconsin
• Yale SOM
• Washington
• Rochester
• Kelley
• Cornell
• Marshall

If you are interested in the Consortium, its missions, simplified application process, and fellowships, be sure to participate in the chat in Accepted's chat room.

I also want to let you know that we posted the transcript of last week's NYU Stern Admissions Director Chat with Anika Davis Pratt, Assistant Dean of MBA Admissions & Financial Aid; Isser Gallogly, Executive Director of MBA Admission; Paula Steisel Goldfarb, Senior Director of MBA Admissions & Financial Aid; and Emily Zwanziger, NYU Stern Class of 2010. Check it out in full, but for now, here are a few excerpts.:

naman (Oct 14, 2009 11:13:19 AM)
Isser: Stern MBA is traditionally renowned for finance, probably due to its location in NY. This is also supported in the recruitment profile for the last few years. How competitively are Stern MBAs (in other areas, specifically, consulting) viewed by the recruiters when compared with other top business schools?

IsserGalloglyNYU (Oct 14, 2009 11:17:16 AM)
Naman - Stern is great across the board. In consulting, we had recruiters from Bain, McKinsey, BCG, Deloitte & Booz plus many others hire students. In fact, McKinsey and BCG were two of our top recruiters this year for the class as a whole.

IsserGalloglyNYU (Oct 14, 2009 11:19:31 AM)
Naman- Another reason we do so well in Consulting is the students IQ+EQ. Not only are our students really smart, but they have superior interpersonal skills. Part of the reason we do the interview process the way we do is to get people with great EQ (emotional intelligence quotient). Recruiters really notice and appreciate that aspect of our students.

lcpink12 (Oct 14, 2009 11:18:58 AM)
Anika: What % of students does a term abroad on exchange? How much does this affect recruiting/interviewing on campus?

AnikaPrattNYU (Oct 14, 2009 11:24:16 AM)
LcPink12: Over 300 full-time and part-time students participate in our international programs each year. This includes semester exchange, our popular Doing Business in (DBi) program, and short-term opportunities in the summer. About 60 participated in semester exchange, 250 participated in the DBi trips, and 9 participated in short-term study. Students typically choose their semester to go abroad based on the recruiting schedule for their career of interest. If you want to immerse yourself fully in NYC, the DBi program is ideal because it is a one to two week format.

Linda Abraham (Oct 14, 2009 11:20:04 AM)
Isser what is unique about NYU's interview process that hones in on EQ?

IsserGalloglyNYU (Oct 14, 2009 11:29:04 AM)
Linda-There are a few things that are unique about our interview process. It is by invitation only - we only ask to meet you if we are very serious about you after reviewing the application. About 60% of those interviewed are admitted, about 30% of those who apply are selected to interview. The interviews are almost always here in NYC at Stern and conducted by a trained admissions professional. You have 30 minutes to make your case in person to the committee. The interview is not blind. The interviewer will have studied your application and ask you deeper and more specific questions. While you are at Stern, you may visit a class and have lunch with a student (depending on the time of year). If you apply to Stern, save some vacation days and money to fly here for your interview. We take the interview very seriously and it's a unique part of our process.

AnikaPrattNYU (Oct 14, 2009 11:29:09 AM)
Naman: NYU Stern is a great place to be if you want a career change into Consulting. Typically, over half of our incoming class plans on making a career change. At Stern, programs like the Industry Mentoring Initiative (IMI) partner with lead consulting firms and senior executives to mentor students changing careers into consulting. In addition, our student club - the MCA - has a rigorous casing training and prep leading up to consulting interviews -- just to mention a couple of the great resources here at Stern.

If you are interested in NYU Stern, review the chat transcript. The Stern representatives provide meaty, specific answers to a broad range of applicant questions.

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.

Darden is asking entirely new questions this year, and unusual ones too. While the triggers and prompts have changed, your goal remains the same: Answer the questions and reveal what is impressive and distinctive about you. Tell them what you want them to know in response to their questions.

My comments are in red:

1. How have the changes in the global economy over the last 18 months affected you and your plan for the future? (400 words)

The first part of this question is fairly easy for those directly affected (laid off for example) as a result of the financial crisis and recession. For those who were not laid off, the impact may simply have been a new frugality or sense of vulnerability as friends and family experienced lay-offs and hardship.  It could also have been more significant -- activism prompted by the crisis, a re-evaluation of goals, etc.

Regarding the second part of the question, one appropriate response to the Great Recession would be the development of a Plan B for your post-MBA goal especially if you are a career changer or you are interested in a career in finance. The need for flexibility and a sense of how your skill set and experience may be useful in more than one industry or function benefits you as you apply and navigate economic uncertainty. My correspondence with MBA admissions directors last winter and discussions at the recent AIGAC conference made clear the wisdom of having a Plan B.

2. What will you contribute to an MBA program and what are your personal and professional expectations of the program you attend? (600 words)

Showcase both your knowledge of Darden and your strengths by discussing how you have contributed to organizations or to your community in the past and how you will use the same qualities to contribute to specific aspects of Darden's community and program. Make sure you include in your response your "expectation" of the program or in other words, what you hope to extract from it.

If you would like help with your Darden MBA application, please consider Accepted's MBA essay editing and admissions consulting or a UVA Darden Comprehensive Packages, which provide essay editing, interview coaching, consultation, and a resume editing for the Darden MBA application. And if you purchase before July 31, 2009, you can save 15% on all editing and comprehensive packages.

UVA Darden 2010 MBA Application Deadlines

*Application due by 11:59 PM (EST)

1.How have the changes in the global economy over the last 18 months affected you and your plan for the future? (400 words)

2.What will you contribute to an MBA program and what are your personal and professional expectations of the program you attend? (600 words)

Short and sweet. That's how Darden likes its application. I will post my tips in the next few days.

Darden has not yet published its deadlines. We will also post those when available.

Certain terms came up in almost every presentation. Co-author with me of MBA BlastOff: 45 Terrific Tips to Launch Your MBA Application to Acceptance and MBA I.V.: Mainline to Top MBA Programs MBA Interview Questions and Tips, Maxx Duffy, has a useful term for words that tend to be overused in admissions because they represent important values: "umbrella words." As a consequence of this overuse, qualities like leadership are best broken down and demonstrated than talked about in their umbrella form.

Similar treatment is appropriate for umbrella-words-in-training -- the terms that came up over and over again in connection with almost every school at the conference. It's important for you to know how to relate to the latest and greatest buzz on the MBA scene. Merely parroting it won't do. Like the school representatives, you need to go deeper. Let's examine the most common of these terms:

• Experiential learning. Almost every school touts its experiential learning opportunities. So don't write or talk about "experiential learning." Discuss how each school's particular experiential program is right for you. Reveal how Haas@Work will help you achieve your goals in your Haas application; or why Stern's Industry Mentoring Initiative is the perfect program for you because you are a career changer committed to a particular direction; or how Columbia's Master Classes represent the ideal opportunity to put theory into practice, a process you have enjoyed on a previous, specific occasion. Understand the nuances and points of difference between these programs to show that you have done your homework and really belong at your target schools.
• Sustainability. Green is the color of the day, and I'm not just talking about Twitter avatars in sympathy with Iranian demonstrators. Don't write vaguely about "sustainability." Will you participate in INDEAVOR, The Energy Club, The Africa Initiative, or all the above at INSEAD to further your interest in renewable energy and entrepreneurship? Which of the almost twenty courses that study sustainability at Darden are you most interested in? How will you take advantage of the Batten Institute's resources as you dive into sustainable development in emerging markets?
• Global. Global everything was everywhere at the conference. Ross sends roughly 50% of its MAP projects outside the US to roughly 30 countries. Yale has a required International Experience in its core and hosts a Global Leadership in Healthcare Conference with other professional schools at Yale. Which aspects of your target schools' global offerings are relevant to your goals and interests? If they are relevant, don't talk about study abroad or international projects; talk about the particular programs that are attractive to you, and why they appeal.
• Flexibility. Several programs emphasized the increased flexibility of their programs. Both Tuck and Columbia have decreased the number of required courses and introduced mini-courses or seminars. Stern gives you a wide range of options in terms of designing your program. Yale allows you to take almost all second-year electives outside of SOM. How does your school's flexibility assist you in reaching your MBA goals? What level of flexibility is important to you?

These terms reflect important concepts in graduate business education today, but if you write about them superficially, you will appear .... superficial. Don't reflect merely the shallow buzz in your application. Study and understand the points of difference by scouring school web sites and attending presentations. Just as the AIGAC presentations went beyond the superficial to the substantive, so will your receptions and presentations.  

Ensure your applications reveal a profound grasp of the distinctive currents among outstanding MBA programs, like those that presented to and hosted AIGAC last week. 

I asked [the applicant accepted to Harvard and Wharton] what the secret to his success was. And he basically said I have to think outside of the box, clichéd as it may sound. I have to market/brand myself in a way that outshines everybody else. My essays should be unique and differentiate me from the thousands of other smart 700+ GMAT applicants. Not an easy task. I also picked the NYU guy's brain a little bit. He said his application was pretty much "straightforward." He applied, interviewed and was accepted within a week. 

Straightforward, or out-of-the-box branding. Two different views on approaches to a successful MBA application from those who created them.  And if you ask MBA admissions directors -- those who read your applications -- you will again hear very different tunes. For example, in a the Darden 2009 chat, Darden Admissions Director Sara Neher advised Darden applicants, "What I want to know is what you will specifically add to our classroom and to our community. Show me your best!" Derrick Bolton, Director of MBA Admissions and Assistant Dean at Stanford Graduate School of Business has a different perspective:

Myth #1: Tell the Committee on Admissions what makes you unique in your essays.

This often leads applicants to believe that you need to have accomplishments or feats that are unusual or different from your peers (e.g., traveling to an exotic place or talking about a tragic situation in your life).

But how are you to know which of your experiences are unique when you know neither the backgrounds of the other applicants nor the topics they have chosen? What makes you unique is not that you have had these experiences, but rather how and why your perspective has changed or been reinforced as a result of those and other everyday experiences.

That is a story that only you can tell. If you concentrate your efforts on telling us who you are, differentiation will occur naturally; if your goal is to appear unique, you actually may achieve the opposite effect.

What's my take, having advised applicants to top schools for the last fifteen years?  A little more nuanced, and perhaps more practical. Let's look first at the applicant comments cited by Xclick.

A goal of thinking "out of the box" or even a less cliched drive for uniqueness risks being contrived, forced, and phony. It is the ingenuous response that Derrick Bolton warns against.  It leads to an essay that reflects THE most common applicant mistake: Telling the reader what you think they want to know as opposed to what YOU want them to know about you.

At the same time, you would be foolish to ignore the sentiment expressed by Sara Neher and many other admissions committee members. They want to know what you will add to the class. So how can you tell your story and differentiate yourself, especially if you come from a common applicant background? How can you portray the unique individual that you are? Will it come naturally as Derrick Bolton believes, just by reflecting on your motivations and lessons learned? 

There are many ways you can tell your story, and there are many ways to answer the questions. You can answer them superficially, describe your motivations in broad, general, grandiose strokes, and fail to differentiate yourself. Guaranteed.  And you will bore too. Ignoring the uniqueness element endangers your acceptance chances as much as focusing on it to the point where the essay no longer reflects you.  

Details, specifics, and anecdotes framed by your motivations, impact, and influence will distinguish you. Those elements probably comprised the "straightforward" essays written by the accepted NYU applicant in XClick's post.

You can also frame your experiences and motivations in ways that reflect your values and experiences. For example, my daughter recently wrote a personal statement for an internship.  She has plenty of stories to tell and knows why she wants this position, but she really wasn't sure how to approach the essay. After "hiring" me, we talked about possible approaches, and she ultimately decided to frame her essay with a conversation between us. In this earlier chat, I had asked her how she liked a related volunteer position. Her essay consisted of the thoughts racing through her mind as she considered how much she loves this work. Another effective frame for an essay could be your room or home and important objects in it. Or perhaps your thoughts as you hike, or run, or swim, or surf, or cook, or do whatever you love doing.

An effective frame:

• Allows you to answer the essay question in an engaging story format.
• Reflects your values and important elements of your life.
• Will always be unique to you. 

But if it feels contrived, forget it.  

I could go on for hours on this subject. I will be going into it much more deeply (but not for hours) during our next webinar. In the meantime, I am adding links to other blog posts and articles containing tips and tools for distinguishing yourself effectively in your essays.

• Dean Robert Bruner of Darden on April 5 wrote on Twitter "Controversy over the role of B-schools in the crisis. Did they warn strongly enough about the risks of toxic assets? Probably not."
• Joel Podolny, formerly a professor at Harvard Business School and Stanford Graduate School of Business and previous dean of Yale's School of Management, asks "Are Business Schools to Blame?" He critiques schools for 1) Dividing the "challenges of management and leadership in a dysfunctional way." 2) Communicating the idea that applicants should "measure the MBA degree's benefit in terms of the additional salary they can earn." 3) Lacking contrition and failing to make changes in response to fallout from the crisis. My $.02: While #1 makes sense, I disagree with #2 and #3. Applicants should expect professional advancement from a professional degree and see if the degree will pay for itself. Basic business concept. It's a little too early for the programs to make meaningful changes in response to a crisis that really blew up in September. 
• Steve Kerr, former Chief Learning Officer at Goldman Sachs and at GE, disagrees vehemently in "Don't Blame the Business Schools."
• Henry Mintzburg blasts the business schools (as usual) in "America's Monumental Failure of Management."
• Stefan Stern defends them in "Why MBA bashing is unfair" 
• President of Thunderbird Dr. Ángel Cabrera has been vocal in saying the business schools are culpable.

Additionally, there are a slew of articles in the Harvard Business Review about the responsibility of MBA programs for the financial crisis. 

I would like to highlight today's excellent piece on The Wall St. Journal editorial page by Dr. Michael Jacobs of UNC's Kenan Flagler School of Business entitled "How Business Schools Have Failed Business."

His main points: 

1. Misaligned and dysfunctional incentive programs rewarded short-term gain instead of long-term value creation. Most business schools do not systematically address compensation systems.
2. Corporate boards were "AWOL." Schools don't require courses in board structure, composition, and processes. Courses in "ethics"are not enough and are not the same as governance.
3. The investment community failed to accurately evaluate risks. Jacobs argues that "as the gulf between the provider and the user of capital widens, the risks involved with selecting and monitoring the participants in the portfolio increase."  

Business School Rankings and methodology

1. Harvard
2. Stanford
3. Northwestern Kellogg
3. Wharton
5. MIT Sloan
5. Univ. of Chicago
7. UC Berkeley Haas   
8. Dartmouth Tuck
9. Columbia
10. Yale

Law School Rankings and  Methodology
1. Yale
2. Harvard
2. Stanford
4. Columbia
5. NYU
6. UC Berkeley
6. Univ. of Chicago
8. Penn
9. Univ. of Michigan
10. Duke
10. Northwestern
10. University of Virginia

Medical School Rankings (Research) and Methodology
1. Harvard
2. Johns Hopkins
3. Penn
3. Washington U (St. Louis)
5. UCSF
6. Duke
6. Stanford
6. Univ. of Washington
6. Yale
10. Columbia

A few caveats: My strong recommendation is to use the rankings as a library of raw data conveniently compiled in one location and not as a tried and true guide of educational quality. They are not the latter. They are the former. To the extent you are going to use the rankings as a guide to school reputation and brand value, you must understand the methodology behind them and what they are measuring. Be cognizant of the differences between what is important to you and what is important to the rankings.

A few observations on the rankings themselves:

1. There are many ties in the rankings, which implies that the differences in reputation are almost imperceptible when talking about closely ranked programs. For example the difference between being "in the top ten" and out of the top ten (i.e. #11) for medical (research) programs is 1 point, for the top law and business schools it's  2 points. Don't get hung up on these differences.
2. The "top ten" changes little from year to year. In most cases, if you compare these rankings to the 2009 version, it looks as if US News just reshuffled the deck a tiny bit.

For more on rankings, please see:

• The Rankings (Part 1 of 5) A multi-part series that just concluded.
• Rankings: Controversy and MagazineSales
• Thoughtful Dean Looks at Rankings
• Law School Admissions: Study Says Rankings Influence DecisionMakers

You will find in the special report articles on:

• Applying while or after a layoff.
• The series "MBA in Finance: Forget It?"
• The disappearance and reappearance of financial aid options.
• The wisdom of applying during times of financial uncertainty.

Please feel free to download and share Applying to Business School in Times of Crisis.

Please also use the comments to share your thoughts on the topics discussed in this special report.