The Value of an MBA for Women [Infographic]

UNC Kenan-Flagler and the Forte Foundation joined together to create an infographic that highlights the role an MBA plays in the life of a working woman.

MBA for Women

Via HowToMBA and The Forte Foundation

Rejected MBA’s: Now What?

B-School Rejection

Rejected? You have four options…

You just received your final rejection letter.  You have four options. You can:

a)      Mope and sulk.

b)      Decide you don’t need or want an MBA.

c)      Reapply next year.

d)     All of the above.

Listen, we’re not going to deprive you of your right to be bitter about rejection. Do what you need to do, but then please try and get over it so you can start making decisions and being productive.

Once you’ve calmed down, we recommend that you objectively (to the best of your ability) analyze your profile based on the programs you applied to: Were your qualifications competitive at those programs? If you were qualified, then did you do something wrong in your MBA application?

If after you coolly analyze your application you conclude that you simply shot too high, then I encourage you to consider MBA programs that are ranked lower than those you already applied to. If you only applied to top ten schools, broaden your scope. Look at programs in the top 30 range instead. Are any of these programs strong in your area of interest? Will they support your MBA goals? Are they well respected where you plan on living and working? If yes, then perhaps you should submit applications to the best of these schools (best for YOU, that is) during the next rounds of this application season.

If you happen to be reading this in the future, like after a round 1 or 2 rejection, realize that schools outside the top 10 understand and expect that exceptional students will be applying to their programs in later rounds after being dinged at other top schools. Later admissions rounds exist for a reason: to offer competitive qualified applicants a chance at acceptance late in the game. Don’t let the number 3 or even 4 scare you off!

If, however, you are reading this post after the late round deadlines or you simply have your heart set on attending one of the programs that dinged you, and are not willing to consider applying to any others, then I say save your time and money and jump straight to your reapplication effort.  Focus on what you need to change in your application to also change the outcome.

Not sure if you can objectively analyze your application and qualifications? Invest in an Accepted.com Application Review and have an experienced professional evaluate your application and provide advice on what steps to take next.

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The Waiting Game: What MBA Applicants Should Do After Hitting SUBMIT

The Waiting GameWithin twelve hours I heard the same question from three clients, so I suppose this question may be on the minds of more than three, “now that I’ve submitted my applications, what should I do?”  The following are a list of suggestions:

1. Continue to learn about each school by speaking with faculty, alumni and students.  The more information you have the better.  Be conscious of their limited time, so be thoughtful with the questions you ask. In addition, you may wind up with an unsolicited endorsement of your candidacy.

2. Conduct more research on your intended goal in anticipation of an interview invitation.  If instance, your intended goal is consulting, read The McKinsey Way or BCG on Strategy.  If you are an up and coming entrepreneur, Back of the Napkin or anything by Peter Drucker or Guy Kawasaki.  If you are transitioning into marketing, check out Communities Dominate Brands or Marketing Strategy: A decision-focused approach.

3. Review our MBA interview database.

4.  Attend any events the school may be having (including virtual events).  Stay involved.  Show your interest.

5.  Make up for any gaps you may have in your application (quantitative skills, volunteer work).

6.  Create new opportunities to add revenue, decrease costs, increase efficiency, increase market share, increase shareholder value, increase safety, increase satisfaction (customer or employee) at work.

7.  Use your leadership skills with any opportunity you can imagine.

8.  If you haven’t been doing so yet, begin reading business press.  You need to understand the jargon, the acumen, and what drives business today.

9. Now sit back and relax.  Schools receive the largest number of apps in the second round and if they use student readers, the students are on vacation until sometime in January leaving a big bottleneck in the review process.  Learn to be patient.  A must-have in this process.

If you have additional questions or concerns about applications, please contact Accepted.com.  My colleagues and I are available to consult with you.

Natalie Grinblatt EpsteinBy Natalie Grinblatt Epstein, an accomplished Accepted.com consultant/editor (since 2008) and entrepreneur. Natalie is a former MBA Admissions Dean and Director at Ross, Johnson, and Carey.





Looking Back on the Shrinking MBA Application

MBA Application Process

“A Matching Process”

A very long plane flight gave me the time to organize the thoughts that have been swirling through my head for months in response to the shrinking MBA application, innovations in the interview process, and various articles and posts about the widespread changes and experimentation in this year’s MBA application.

I applaud the schools for experimenting. I respect admissions officers. The ones I know are dedicated professionals who work hard to attract and then select the most talented, diverse classes they can.

At the same time, I am disappointed by some of their motivations for these experiments and concerned about the impact of the shrinking MBA application on their ability to make informed decisions.

For example, Niki da Silva, the University of Toronto Rotman School of Management’s Director of MBA Recruitment & Admissions, wrote in a recent Ask the Expert column on mba.com:

“The combination of an increasing influence and prevalence of admissions consultants, and the volume of blogs/message boards advice on presenting a profile that Schools are looking for have contributed to an environment that has become difficult to get an authentic picture of an applicant.”

In a Poets and Quants article, citing a Bloomberg Businessweek interview, Wharton Vice-Dean of Innovation Karl T. Ulrich said:

“Over the last 10 to 20 years, because of blogs and the applicant community and discussion forums, people have developed a really good sense of what the admissions process looks like, down to what kinds of questions are asked and how they manage the interview,” he said. “So in some ways that was one of the reasons we wanted to try some other approaches, because it had become kind of a game in which everyone knew the rules. We wanted to get the applicants in an unscripted environment, with a more dynamic kind of interaction. That was one of the main goals.”

Inauthentic Applicants or Disingenuous Critics?

On some level, as one of the older admissions consultants around, I should be flattered to be among those triggering this wave of experimentation and innovation. However I find the credit to be at best a left-handed compliment for a few reasons:

  1. The admissions consultants I know are urging, nagging, teaching, questioning, and doing everything in their power to encourage applicants to be genuinely at their best in their applications. Certainly a brief examination of Accepted’s articles, blogs, webinars, or my book would reveal that Accepted.com urges both self-reflection and integrity in the application process.
  2. While I agree that message boards display some applicants’ I’ll-write-whatever-will-get-me-in approach to the application essays, that attitude preceded online forums and the growth of the admissions consulting industry. And blogs are as varied as their authors. Most top business schools have excellent admissions blogs. Really mandatory reading for applicants to those programs. Student blogs can also be valuable sources of information about school culture and the b-school experience. Blaming “blogs” and more informed candidates for inauthenticity is perplexing at best.
  3. If essays are no longer authentic or informative, schools should do away with them entirely.
  4. MBA programs advise, polish, spruce, transform, and coach their students to the Nth degree when those students apply for jobs. Why is that advising OK? Why aren’t schools (or future employers) concerned about genuineness then?
  5. If inauthenticity is corrupting the admissions process, class quality should be declining. Yet every year, schools, and frequently admissions officers, delightfully declare the ever-improving quality of their classes. We need a reality check — dare I say authenticity check — either on the claim of soaring class quality or on the complaint of a process allegedly sullied by blogs, information, and admissions consultants.

Is the plethora of information really contributing to inauthenticity? Or are admissions committees today simply dealing with a more informed applicant body that is working hard to present itself well? As a result, do admissions committees find it harder to distinguish between the clueless and the clued-in because there are so many more applicants with access to information – so many more clued in?

And what about the role of professional consulting and advising? Admission officers’ used to say “We can tell when applicants use consultants.”  Those comments just made the commenters look silly as more and more clients were accepted to MBA programs. Clearly admissions staff couldn’t “tell.”

I proudly plead guilty to making admissions committees’ job harder by helping applicants present themselves well and as distinct individuals. I recognize that Accepted’s blog, articles, ebooks, webinars, MBA interview feedback database, and other resources as well as our one-on-one MBA admissions consulting are contributing to “this problem.” However, accusations of inauthenticity and fabrication aimed in this direction merely reflect the profound ignorance of the accusers. Nothing more.

MBA Admissions: A Contest?

I also hear another increasingly common complaint — a cliché really — the lament that the application process has morphed into an “essay-writing contest.”

Would anyone prefer a GMAT contest? A GPA contest? Or perhaps a beauty contest?

The admissions process isn’t a contest at all. Or at least it shouldn’t be.

Yes it’s true not all applicants will be accepted to their dream school, and those who don’t may not initially feel like winners. But the GMAC’s MBA alumni satisfaction surveys reveal incredibly happy, overwhelmingly satisfied graduates. In fact 95 percent of alumni who graduated between 2000-2011 rated the value of their MBA degree as “good, excellent, or outstanding.” And it doesn’t seem to matter ten years later if the alumni got into their first-choice school or not.

The application process is a matching process. Kind of like dating. Schools and applicants initially try to attract the others’ attention.  Ultimately both have to agree they’re a match, or the relationship is over.

In order to match, the parties have to get to know each other. Schools put out brochures, web sites, videos. They host receptions, get-togethers, and admit weekends, and they attend fairs and multi-school events.  Clearly schools try to present themselves as attractively as possible to as many applicants as possible. Applicants present themselves through every interaction with a school, but the formal application clearly is the most significant element.

What’s REALLY Changed

Here is what really has changed as a result of forums, blogs, and yes the growth of the admissions consulting industry: the schools are no longer the sole source of information. It’s high time the schools adjust to this reality without blaming forums, blogs or even admissions consultants. This genie isn’t going back in the bottle.

Admissions directors: As representatives of institutions that value innovation and excellence, proudly proclaim that you are innovating because you are seeking the best way to get to know applicants and thereby create the ultimate in diverse, stimulating classrooms and communities. You don’t need to blame or credit blogs, forums, me, or anything else for the pursuit of excellence and a commitment to innovation.

But are the schools, with their shrunken applications, really getting to know the applicant? They can evaluate applications and decide who is qualified without any essays, interviews, or alternative presentations; they really just need transcripts, test scores, and a resume for that.  Do they have enough qualitative material to make informed, holistic choices when they get to the selection part of the decision process?

Stay tuned. I’ll explore that question in A Proposal for a Better MBA Application.

Linda Abraham By Linda  Abraham, president and founder of Accepted.com, co-founder and past president of the Association of International Graduate Admissions Consultants, and author of MBA Admission for Smarties: The No-Nonsense Guide to Acceptance at Top Business Schools.


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This article first appeared on Poets and Quants

Toronto Rotman Dean Steps Down after 14 Years

University of Toronto

University of Toronto

On October 18, Roger L. Martin announced that he would be stepping down as U. of Toronto’s Rotman School of Management dean. His announcement comes after nearly 15 years of devoted leadership to the Rotman School.

One of Martin’s greatest accomplishments as dean, according to a Bloomberg Businessweek article, is that he brought the concept of “design thinking” both to Rotman and to the business school world at large.

Martin was also responsible for significantly increasing the size of the Rotman MBA program. In 1998 when he took his post, the faculty had 30 members for about 130 students. In 2012, those numbers have nearly quadrupled to 120 full-time professors and almost 400 students. In 1998 only 10% of the student body hailed from outside of Canada; today that number is at 48%.

Martin also expanded the Ph.D. program, created a new global EMBA program, and established a new master of finance program.

Martin will be leaving his post in June of 2013, one year short of completing his third term as dean, a “highly unusual” situation given the university’s strict two-term limit for deans.

Martin plans on remaining at Rotman to work with researchers on “the future of democratic capitalism under the umbrella of two think tanks…the Institute for Competitiveness and Prosperity and the Martin Prosperity Institute, named for Martin’s parents.”

According to an Economist article, the school has yet to announce a new dean.


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* Photo courtesy of Benson Kua

MIT Offers Students $20,000 to Defer

$20,000 MIT ScholarshipAccording to a Wall Street Journal article, too many students enrolled in MIT Sloan this year, forcing the Sloan admissions committee to ask for volunteers to postpone their studies for a year.

What went wrong? How did the school get the numbers wrong?

The article goes on to explain the concept of “summer melt,” a term used in admissions circles to describe the dropping out of students from the pre-summer pool of incoming students. This year, according to Rod Garcia, senior admissions director at Sloan, “a higher-than-expected number of students stuck with their plans to attend.”

To balance out the numbers, the program, just weeks before school began, sent out letters to the members of the incoming class offering guaranteed admission to the following year’s class.

When that didn’t work to get the number of incoming students down, the school offered students a $15,000 scholarship if they postponed their studies a year.

When pre-term classes began on September 21st and there still weren’t enough takers, Sloan upped the offer to $20,000. Only four students took the bait – including one woman who had already quit her job, sold her car, and rented an apartment in Cambridge – bringing the class down to 413 students, up from last year’s 404.

Other programs have offered money for deferrals in the past, include MIT’s masters in finance program last year, and Yale SOM in 2006.

Implications

  1. MIT will be a little stingier with offers of admission.
  2. MIT’s admissions office did a great job in selecting students who really want to attend MIT. While this “mistake” may be mildly discomfiting, it really reflects an admissions office that’s doing a better-than-expected job. Kudos.


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How to Make the Most of MBA Fairs

MBA Fairs Special ReportThe MBA Tour will reach the four corners of the globe in the upcoming months, having separate tours in Asia and India in September, the Middle East and Istanbul in October, and Canada in November. The tour events provide you with great opportunities to meet with school representatives and learn more about the schools.  However, fairs also can devolve into mind-numbing circuits of big, crowded halls where you collect shiny brochures that will gather dust and nothing more.

How can you ensure that those few hours are beneficial?

I recently had the opportunity to interview Peter von Loesecke, CEO and Managing Director of The MBA Tour LLC, and am sharing inside tips Peter revealed for making the most of your MBA Fair experience.

  • How should applicants prepare for a fair so that they can get the most out of the event?

Applicants attending MBA Tour events should prepare themselves by researching MBA programs, by thinking about their career interests and goals, and by knowing how an MBA helps them achieve those goals and interests. Career interests may be described as something that rounds out an applicant’s education or satisfies a personal goal like improving leadership skills.

  • What are reasonable goals for spending a few hours at an MBA fair?

A reasonable goal for anyone attending an event is to make a lasting impression so that the representative will remember you.  My suggestion is to have your resume available and I recommend wearing business attire. Business casual is ok,  but most serious students, especially those outside the US, attend in business attire.  Make sure you ask questions that pertain to your personal situation and goals and avoid asking questions that can be answered off the school’s internet site.

  • What should applicants do while at the fair to get the most out of it?

Expand your horizons. Everyone comes to our events with first impressions of programs and where they want to go to school. Don’t let those first impressions influence who you speak with. Try and visit with as many schools as you can and have your visit recorded. That way a program has a record of your interest.

  • How much time should an applicant try to grab with a school representative at a fair?

Perhaps 3 to 5 minutes with each representative present. Schools reps local to the city in which the event is being held are usually very busy. Schools from out of town will have more time to spend with you. Use that availability to make an impression. If no one is competing for time than a student can take as long as he wants. However, I urge students not to monopolize a conversation because it demonstrates a level of insensitivity.

  • Is it appropriate to ask for a business card and to contact the representative after a fair?

Yes, absolutely and you should send them an email thanking them for the time they spent with you. You can even resend your resume too!

  • What are common mistakes applicants make when participating in MBA fairs?

Asking questions that are not relevant to his or her situation or not researching schools before talking with them. Here are some questions not to ask…

  • “What is your average GMAT score?”…research this online on Business Week or through other sources.
  • Tell me why I should apply to your school…” never ask this of an admission officer because it implies you think the school would be privileged to accept you.
  • Where is your school located?“…this question does not exhibit much prior research.
  • Asking a local program…”How strong is your career services in this city?” A better question is: “Does your career services center have connections into XYZ industry where I am looking for a position after graduation?” The second question is a fair question and should be asked. The first one will generate a predictable response of “Of course we are strong in job placement in this city”

The more your questions relate to your goals, situation and background the better they are to ask because asking penetrating questions allows the representative to get a lasting impression of you! Remember you are considering a big investment by going back to school. Schools want to get to know you as a person.

To register or for more information about scheduled fairs, check out the MBA Tour website.

How to Make the Most of MBA Fairs was excerpted from MBA Fairs: Advancing Your MBA Ambitions. To view the entire free special report, please click here.

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