A Transformational Year: The MIT Sloan Fellows Program

Listen to the show!What is the solution for a seasoned manager who is too experienced for an MBA, but not so enthusiastic about the idea of a part-time EMBA?

Listen to the recording of our conversation with Stephen Sacca for the low down on an 84 year-old secret that just might change your life: The MIT Sloan Fellows Program in Innovation and Global Leadership.

00:02:44 – What is the MIT Sloan Fellows program?

00:04:32 – Experienced candidates only.

00:05:22 – Overview of an intensive year.

00:07:48 – A great idea: The April orientation.

00:11:10 –The MIT Sloan Fellows Program in Innovation and Global Leadership: What is in a name?

00:15:56 – Integration with the various MIT Sloan programs.

00:17:59 – The common denominator among Sloan fellows.

00:19:52 – Trips: not just for fun.

00:25:41 – Why career changers need not apply.

00:28:55 – The most common feedback from graduates.

00:32:39 – Advice for applicants.

Listen to the full conversation to learn more!*Theme music is courtesy of podcastthemes.com.

Related Links:

MIT Sloan Fellows Program in Innovation and Global Leadership
MIT Sloan School of Management
• Ace the EMBA
• Top Executive MBA Program Essay Questions: How to Answer Them Right!

Related Shows:

The Stanford MSx Program for Experienced Leaders
Business, Law and Beyond: An Interview with John Engelman
• Dr. Douglas Stayman Shares the Scoop on Cornell Tech NYC 

Subscribe to Admissions Straight Talk:

Subscribe to Admissions Straight Talk in iTunes! Subscribe to Admissions Straight Talk in Stitcher!

Download your free copy of Ace the EMBA!

MIT Sloan 2015 MBA Essay Tips & Deadlines

Check out the rest of our school-specific MBA essay tips!

Stata Center at MIT

For years MIT Sloan asked applicants to create a cover letter as part of its application. MIT dropped that requirement last year, but this year the big news is that MIT is asking you to write your own recommendation. And while many of you write your own reviews at work and some of you may have been asked to write recommendations for your recommender’s signature, which the schools hate, this year it’s from you to MIT Sloan. More on that below.

Resume:

Please prepare a business resume that includes your employment history in reverse chronological order, with titles, dates, and whether you worked part-time or full-time. Your educational record should also be in reverse chronological order and should indicate dates of attendance and degree(s) earned. Other information appropriate to a business resume is welcomed and encouraged. The resume should not be more than one page in length (up to 50 lines). We encourage you to use the résumé template provided in the online application. 

Go beyond mere job description to highlight achievement. If your title is “consultant.” Saying that you “consulted on projects” is redundant and uninformative at best. Writing that you “Led a 6-member team working on a biotech outsourcing project to Singapore with a budget of $X; it came in on time and under budget.” conveys infinitely more. Quantify impact as much as possible. You want the reader to come away with a picture of an above average performer on a steep trajectory.

Essays:

We are interested in learning more about you. In each of the essays, please describe in detail what you thought, felt, said, and did. Please draw upon experiences which have occurred in the past three years. 

1: The mission of the MIT Sloan School of Management is to develop principled, innovative leaders who improve the world and to generate ideas that advance management practice.  Discuss how you will contribute toward advancing the mission based on examples of past work and activities.  (500 words or fewer)

First identify examples that illustrate you either “developing others into principled, innovative leaders who improve the world and generate ideas that advance management practice” or practicing your own form of principled leadership.  You can choose professional and non-professional examples. Once you’ve jotted down several example , choose between 1-3 that you want to focus on. What should you focus on? The examples that show you transforming an innovative idea into a reality. Remember MIT Sloan’s “commitment to balancing innovative ideas and theories with hands-on, real-world application.”

Show how your leadership and impact in this experience has improved the world in some small way; you don’t need to have cured cancer or ended starvation in Africa. Then tie those examples to future plans. How will you build on that experience at MIT Sloan and beyond? How will you fulfill MIT Sloan’s mission on the job and off?

 2: Write a professional letter of recommendation on behalf of yourself.  Answer the following questions as if you were your most recent supervisor recommending yourself for admission to the MIT Sloan MBA Program: (750 words or fewer) 

• How long and in what capacity have you known the applicant?
• How does the applicant stand out from others in a similar capacity?
• Please give an example of the applicant’s impact on a person, group, or organization.
• Please give a representative example of how the applicant interacts with other people.
• Which of the applicant’s personal or professional characteristics would you change?
• Please tell us anything else you think we should know about this applicant.

Quite the curve ball! You can have a little fun with the first bullet, but then get serious. And yes you are supposed to write this as if you are your manager.

First of all think about the questions. Reflect, how do you stand out in a positive way from your peer? If possible focus on leadership and interpersonal skills and give an example of your ability to lead, to diffuse tension, to listen, to be entrusted with responsibility or whatever way you feel you stand out. And of course reveal impact. You need to show that your attributed made a difference and perhaps allowed you to contribute more and progress faster than most.

The bullet that will make many of you squirm is the second to the last one. It is asking for a weakness and before you tie yourself up in nervous knots about dealing with that point, please see “Flaws Make You Real.” You don’t have to make your response to this bullet the longest part of the essay, but do respond honestly and effectively. 

Optional Essay

The Admissions Committee invites you to share anything else you would like us to know about you, in any format. If you choose to use a multimedia format, please host the information on a website and provide us the URL.

I discussed this question with someone in MIT Sloan’s admissions office. First of all realize that you can choose an essay or multi-media presentation. The media option is there so you can express yourself in the way you find easiest and most revealing. MIT does not want a recycled essay from another school. The person I spoke to was explicit about that. If you choose the multi-media format, realize it should be something viewable in about a minute — no 20-minute videos or 100-slide expositions or lengthy orations. Keep it short. It’s also fine to link to something you have created for a club, event, or cause that’s important to you.

What’s behind the option? A deep and sincere desire to meet you as a human being. A genuine, animated, real live human being. So don’t regurgitate your resume or spew stuff found in the required elements of your application. Have the confidence to share a special interest or deep commitment. I’m not suggesting Mommy Dearest or True Confessions; use judgment. I am suggesting that you allow the reader to see a good side of you not revealed elsewhere in the application.  Let them see what makes you smile, motivates you to jump out of bed with joy, and gives you a feeling of satisfaction when you turn out the light at the end of the day.

MIT Sloan has an excellent video with advice on its optional essay. Here it is:

MIT Sloan 2015 Application Deadlines:

Application Deadline Decision Notification
Round 1 September 23, 2014 December 17, 2014
Round 2 January 8, 2015 April 6, 2015

If you would like professional guidance with your MIT Sloan MBA application, please consider Accepted’s MBA essay editing and MBA admissions consulting or our  MBA Application Packages, which include advising, editing, interview coaching, and a resume edit for the MIT Sloan application.

Learn How to Choose the Best MBA Program for You!

Linda Abraham By , president and founder of Accepted.com and co-author of the new, definitive book on MBA admissions, MBA Admission for Smarties: The No-Nonsense Guide to Acceptance at Top Business Schools.

The Economist’s Top 20 North American MBA Programs

How much do MBA rankings matter? Click here for the short answer. Below you’ll find The Economist’s top 20 American business schools, with a rank on the left (ranking the top 20 in the U.S. and Canada) and a rank on the right (the school’s place in the top 100 global rankings). As you’ll see, the American programs listed are all located at the top or very close to the top of the top global programs. The Economist article highlights the legacy of American programs – their size, their history, their all-star faculties (all of Wharton’s 245 professors have PhDs), and their financial magnitude.

As always when looking at rankings, you need to understand the methodology behind them. The Economist’s methodology is a weighted average going back to 2011 of some fairly quirky factors including “Diversity of recruiters,” “Number of languages taught,” and “Number of overseas countries with an official alumni branch.” If those and other factors considered by the Economist are not important to you, then this ranking probably isn’t that useful to you.

There are 16 schools on the global rankings that have an average GMAT score over 700; 14 of them are American (with Stanford GSB taking the cake with an average of 729).For opening up doors career-wise, the top 5 schools in the global rankings were all Americans – Chicago Booth, Dartmouth Tuck, UVA Darden, and Columbia. Interestingly, even with the top marks for job opportunities, graduates from American programs tend to earn less than those from European and Australian programs – the Economist article claims that this is likely due to the limited pre-MBA work experience of those accepted at American programs. (Even Stanford’s grads, who in America boast the highest average salary of around $130,000, earn less than grads from less prestigious programs like IMD in Switzerland and University of Queensland in Australia.)

In terms of cost, the American schools certainly rank at the top of the chart. A Harvard MBA will run students $112,000. A degree from Wharton costs $130,000.

How much do rankings really matter? Click here to view our 2-min answer.

Download our free special report: Best MBA Programs

Accepted.com

Where Does Wall St. Hire: U.S. B-Schools Sending Grads into Financial Services

According to GMAC’s just released Prospective Students Survey Report, 37% of prospective MBA students hope to go into finance after they earn their degree, making it the most popular post-MBA destination. If you fall into this crowded category, then you’ll be interested in knowing which b-schools prepare the most grads for jobs in financial services.

As you’ll see below, we’ve created two charts (based on data from U.S. News’ top 25, which happens to have 26 schools because of a tie for 25th place) that display the U.S. schools with the highest percentage of grads going into financial services and those with the highest number of grads reporting financial services jobs. We did not include non-U.S. programs because U.S. News doesn’t rank them, and we wanted the data to be consistent. There are definitely financial powerhouses outside the U.S.

Want to learn more? Get your free copy of MBA in Sight: Focus on Finance

For more information about the top MBA programs, check out our B-School Zone pages.

The top names on this list, in terms of absolute numbers, are the standard bearers in finance, known as Wall St. breeding grounds. I was a little surprised at how low MIT Sloan came out on both totem poles. It has very prominent faculty in finance, including Nobel Prize winner Robert C. Merton. Perhaps those smaller schools known for entrepreneurship, like Stanford, MIT Sloan, and Haas, are sending more of their graduates into non-traditional fields. Consequently they will not do as well in this kind of a ranking even though they have the curricular, co-curricular, and placement ability to support financial services goals.

Can you put less weight on attending schools at the top of the list even though you may want to go into financial services when you graduate? You can if you’ve already worked in financial services and are looking to get a broader understanding of business, management and leadership through the MBA. Those of you with that background already have valuable skills and a relevant network. Those of you looking to get into financial services for the first time, however, will probably want to look more closely at the programs higher up this list.

Realize that these lists don’t reflect the class profile of the programs or the typical credentials of admitted applicants. You need to know that information too to assess your competitiveness when choosing where to apply. Washington Olin (2nd in percentages) has an average GMAT of 696. UNC Kenan-Flagler (ranked #4 in percentages) has an average GMAT of 683. Both schools send 32% and 28% of their grads respectively into financial services. For those of you without GMAT bragging rights or other qualifications to get into Chicago (average GMAT 723), Columbia (716), and Wharton (average GMAT 725) — the leaders on this list in absolute numbers and overall USN ranking – Olin and Kenan-Flagler may be a good alternative and at least start you down your desired career path.

Much as I did with the similar data we compiled on consulting I must issue a warning: This list or ranking is valuable, but it doesn’t tell the whole story. “Financial services” is a very broad category covering everything from private equity and venture capital, to investment banking, money management, corporate financial analyst positions, and even good old bean counting (AKA accounting). Clearly your specific area of interest is critical, and you have to dig deeper into the employment reports at your target schools to confirm strong placement in your particular area of interest. Also understand how the curriculum and co-curricular activities, events, and clubs will help you do what you want to do after your MBA.

You want to attend a b-school that will help you realize your career goals. Identifying schools with exceptional track records for students with similar goals – especially for those of you seeking to change industries and enter financial services – is an excellent place to start when choosing which MBA programs to apply to, and ultimately, deciding where to attend. This list helps you focus your research. It is the starting gate, not the finish line.

Discover the Secret to Acceptance at Columbia Business School! Click here to register for the free webinar!

Linda Abraham By , president and founder of Accepted.com and co-author of the new, definitive book on MBA admissions, MBA Admission for Smarties: The No-Nonsense Guide to Acceptance at Top Business Schools.

Consulting at Top MBA Programs

MBA In Sight: Focus on Management Consulting - Click here to download your copy!Entrepreneurship is the sexy post-MBA job, but the reality is that less than 5% of grads from top MBA programs start a business at graduation. Per GMAC’s just released Prospective Students Survey Report, 34% of all graduate business students seek consulting positions after they earn their degree. My suspicion is that the figure is even higher among full-time MBA candidates. True, many will work as consultants for a few years, and then down the road start their own business.

If you are in that vast mass of MBA wannabes planning/hoping for a job in consulting immediately after you earn your degree, this ranking is for you! We’ve examined US Newstop MBA programs and the number of grads who have gone into consulting from each one. (The data here is from U.S. News.)

Schools Ranked by Percentage of Grads Going into Consulting

Schools Ranked by Number of Grads Going into Consulting

The biggest surprise is how low Stanford places on these lists. I would attribute that low ranking to the relatively high percentage of MBAs going into entrepreneurship (approximately 18%, the highest of any of these programs by far.).  Yale’s placement as #1 in percentage as well as Duke Fuqua’s, CMU Tepper’s and Emory’s as respectively #2,#6 and #8 on the percentage list also indicate real strength in consulting placement, which sometimes isn’t recognized.

Similarly Wharton’s #1 placement and Chicago Booth’s #4 spot in total numbers call into question the meme that these two programs are “just” finance powerhouses.

Certainly a high ranking in either of these lists indicates that the program has the recruiting ties, placement track record, and alumni network, as well as the curriculum, to support your consulting goals.  However, these numbers don’t tell the full picture. Dig into the schools’ class profile, placement stats, curriculum, extra-curricular activities and opportunities to determine which schools to apply to.

Ultimately you want to apply to programs that will take you where you want to go and that are likely to admit you.

Click here to download your free copy of Focus on Management Consulting

Linda Abraham By , president and founder of Accepted.com and co-author of the new, definitive book on MBA admissions, MBA Admission for Smarties: The No-Nonsense Guide to Acceptance at Top Business Schools.