Top 10 Most Expensive Private Business Schools in the U.S.

In 2013-2014, b-school prices at private, elite business schools in the U.S. increased about $3,000 since the previous academic year. The average tuition for these 10 costly programs is almost $13,000 more than the average tuition of all ranked programs.

By contrast, one of the least expensive schools (not listed below) is Brigham Young’s Marriott School of Management with tuition and fees at $22,560 (and only $11,280 for students of the Church of Jesus Christ of Latter-day Saints faith).

Check out our B-School Zones to learn more about the top MBA programs!

Source: U.S. News “The Short List”

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Related Resources:

• Which B-Schools Offer the Most Scholarships?
• CommonBond’s Story: A Revolution in Student Loans
• MBA Scholarships: How Do I Apply and What Should I Emphasize?

Kellogg 2015 MBA Essay Tips & Deadlines

In September 2014, Kellogg “rebranded” itself and moved away from the more obscure “Think Bravely,” which was difficult to wrap your mind around. It’s returning to its traditional core values or at least to a more concrete mission: “Inspiring growth.” The video below explores and clarifies this mission as well as the values Kellogg holds dear. I highly recommend that you watch it to grasp understand Kellogg’s fundamental principles. 

A couple of key takeways from the video: Kellogg seeks individuals who:

  • Have a growth mindset (for details, please see Caroline Dweck’s Mindset: The New Psychology of Success, one of my favorite books).
  • Work well in a collaborative environment while striving to grow individually and at the same time inspiring growth in individuals, organizations, and markets.

Essays:

1.
 Resilience. Perseverance. Grit. Call it what you will…. Challenges can build character. Describe a challenging experience you’ve had. How were you tested? What did you learn? (450 words)

A perfect prompt for an essay showing that you take responsibility for you actions — even in challenging situations — and that you courageously face those challenges, deal with them, and grow from them.

The question asks you to describe one experience that you found challenging. I suggest you open with either a difficult moment or interaction, then describe what led up to it and continue with how you dealt with it. Reveal results both in terms of the situation and more importantly in terms of your personal character growth.

For more thoughts on resilience, please see Resilience: Moving On.

2.
 Leadership requires an ability to collaborate with and motivate others. Describe a professional experience that required you to influence people. What did this experience teach you about working with others, and how will it make you a better leader? (450 words)

This question reflects Kellogg’s emphasis on collaborative leadership. As in question 1, Kellogg is asking you to describe one experience. This time  the school seeks a professional one where you influenced others. You can use a STAR framework for this response (Situation, Task, Action, Results). Start with the situation and simply describe what was going on. Then relate your group’s task and responsibility. How did you motivate the others to move in one direction? How did you influence and persuade? Finally what were the results for the group, but more importantly for you? What did you learn about leadership, collaboration, and influence?

While it isn’t a requirement and I can imagine instances where this may not be true, in general examples where you led by virtue of your stature and others’ respect for you will be more compelling than those where you led by virtue of station and title. 

Re-Applicants Only: Since your previous application, what steps have you taken to strengthen your candidacy? (250 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? Check out MBA Reapplicant 101 — a lot of (free) resources. 

Additional Information (Optional): If needed, use this section to briefly describe any extenuating circumstances (e.g. unexplained gaps in work experience, choice of recommenders, inconsistent or questionable academic performance, etc.) (no word count)

This is a true optional question If necessary, use it to provide context for possible negatives. Take responsibility for mistakes if necessary and discuss what you have changed so that you don’t err in the same way again.

Keep this section short and to-the-point. Don’t be fooled by “No word count.”

Video Essay: 

The Video Essays provide applicants with an additional opportunity to demonstrate what they will bring to our vibrant Kellogg community – in an interactive way. Each applicant will complete two short video essay questions. The questions are designed to bring to life the person we have learned about on paper.

 • After submitting a completed application, each applicant will be asked to complete two Video Essay Questions. One will be about the candidate’s interest in Kellogg and the other will be a “getting to know you” type of question.

 • There are 10 practice questions which candidates can complete as many times as they like to get comfortable with the format and technology. The practice questions and experience will simulate the actual video essay experience, so this is meant to be a useful tool and help applicants feel prepared.

 • There is not an opportunity to re-do the answer to the official video essay questions. We encourage applicants to practice so they are comfortable with the format once it is time to complete the official questions.

 • Candidates will have 20 seconds to think about their question and up to 1 minute to give their response.

• We estimate the Video Essays will take 30 minutes to complete – which includes time for set-up and answering all the practice questions.

To prepare for your webcam session, you need to practice for the experience of talking to a video camera with no responses from another human being. For tips on how to prepare and behave during the webcam session, please see Kellogg’s “Video Essay” on its Application Components page as well as my Tips for Video MBA Essay Questions.

If you would like professional guidance with your Kellogg 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 Kellogg application. 

Kellogg 2015 MBA Application Deadlines:

Round     . Due Date*            . Decisions Released
Round 1 September 24, 2014 December 17, 2014
Round 2 January 7, 2015 March 25, 2015
Round 3 April 1, 2015 May 13, 2015

*Your application must be received by Kellogg no later than 5p.m. CT on the deadline for the round in which you are applying.

MBA Admissions A-Z: 26 Great Tips - Download your free copy!

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.

Tips for Video MBA Essay Questions

Get more MBA video essay tips!

The Kellogg School of Management

Rotman led the charge with a video essay question and last year Yale and Kellogg followed.

Worried about being literally on stage? Here are my tips if you need to respond to a question in a short 1-2-minute video.

First, realize that these video essays, like the written ones, are attempts to get to know you. Unlike the written word, however, the schools are seeking to see how you present yourself visually and with little time to prepare or polish answers. They are testing articulation and presence in a way that essays can’t and at much less expense than interviews. In that sense, these videos are a pre-interview screening device in addition to a way to learn more about your likes and dislikes, achievements, dreams, goals, and challenges.

And while you may not be able to prepare for a specific question, you definitely can and should prepare.

Learn how video essays came about, how they work, & how to ace them!

You need to practice for the experience of talking to a video camera with no responses from another human being. No body language. No facial expressions. No audience energy. Zero feedback. It’s just a dumb machine. Having created videos for Accepted, I found the experience very unnatural, but I think/hope I’ve gotten better with practice. You can too.

Until the questions become known, practice answering different essay questions in the announced time limit and then view the video. Here are a few sample questions to get you started, but I may update this list as we get more information from the schools:

• What do you do for fun?
• What are your passions, interests, and hobbies?
• If you could travel across the United States in a car with anyone, whom would you choose to travel with and why?
• What would you do on a rainy Sunday afternoon?
• How have you handled a difficult interaction? What did you learn from it?
• Describe a difficult professional decision you had to make.  What were the consequences, and what, if anything, did you learn?

If you are really nervous about the video exercise or about speaking in public, consider joining Toastmasters and forcing yourself to speak publicly. You will improve your “presence” and gain confidence. Both will help you with your video interview, any admissions interview, job interviews, and required public speaking.

So beyond preparing and simply getting comfortable with the format or anticipated questions, when it comes time for the real thing, do the following:

1. Dress neatly. Follow any dress guidelines the school provides. Women, put on make-up and jewelry lightly. If you wonder if your attire is too revealing, it is.  Men, have a hair-cut and shave. Make sure beard or mustache, if you have, are trimmed and neat.

2. It should go without saying, but keep your language clean — no profanity.

3. Think for a few seconds before you reply and then minimize pauses that we tend to fill with “ums” and “uhs.” They don’t contribute to “presence.”

4. If you tend to perspire, put on the air conditioning so the room is cool.

5. Sit up straight and lean a little bit forward.

6. Remember to smile. I put a smiley face next to the camera.

And two final points:

1. Schools want to accept students who reflect well on them.
2. You’ll do great!

If you would like help with your video essay, Accepted’s experienced MBA admissions experts, who have been prepping and critiquing MBA applicants for almost twenty years, are more than happy to help you.

Learn how video essays came about, how they work, & how to ace them!

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.

Related Resources:

B-Schools with the Highest ROIs

Want to learn more about HEC Paris? Check out our HEC B-School Zone!

In First Place: HEC Paris

When determining an MBA’s return on investment (ROI), it makes a big difference whether you’re considering the short-term or long-term gain. The Economist recently released data that measures the ROI (measured by taking the difference between pre- and post-MBA salaries and dividing it by the total cost of the program, including forgone salary plus tuition fees). For some programs (like Wharton) the short-term payoff is very low, but long term it’s much greater. Other programs, like one-year program HEC Paris, will give you a much more immediate positive ROI.

It also depends on YOU – if you had a low paying job, especially if you come from a poor country and then land a job in a country with a stronger economy, then you’ll have a better chance of leaping to a significantly higher salary post-MBA, thereby influencing your ROI.

Here are the top ten b-schools with the highest ROI from the Economist report:

School ROI after One Year
HEC Paris (France) 66.5%
Aston (Britain) 64.5%
U. of Hong Kong 60.2%
SDA Bocconi (Italy) 55.5%
International Uni of Japan 52.4%
York Schulich (Canada) 52.0%
Mannheim (Germany) 51.9%
Vlerick Leuven (Belgium) 51.9%
Grenoble (France) 51.0%
Dublin Smurfit (Ireland) 48.9%

As you’ll see, if you check out the Economist article, the list is dominated by European programs, and the top ten are exclusively non-U.S. programs (and almost the top 20 – U. of Pittsburgh Katz came in at 19th place). Those programs are almost all one-year programs with lower out-of-pocket costs (like tuition) and lower opportunity cost because you are out of the workforce for a much shorter period of time.

Wondering where top U.S. schools come out on the chart? All the way at the bottom, with ROIs like this:

School ROI after One Year
Harvard 14.8%
Stanford 13.5%
Columbia 13.0%
Kellogg 9.8%
Wharton 6.3%

A Poets & Quants article elaborates on the absence of U.S. programs from the top of the list, by opening with “Looking to get rich quick after graduation? Don’t go to Wharton, Stanford, or Kellogg…Go to HEC Paris (or the University of Pittsburgh’s Katz Graduate School of Business), instead.”

In short, the P&Q article explains, average first-year salaries pitted against two-year U.S. tuitions and lost earnings, don’t compete with the “winners” early on in the game. Wait it out, however, and a degree from Wharton will certainly be a coveted item with a rocket high ROI later on in your career. Furthermore, there are many people who would love to have the bottom-of-the-barrel, short-term returns on their tuition investment, especially given the anticipated long-term uptick.

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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.

Focus on Finance will help you research and identify the best programs for you to apply to given your finance goals.

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.