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”

Check out our free webinar: How to Pay for Your MBA

Accepted.com

 

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?

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:

Yale SOM 2015 MBA Essay Tips & Deadlines

Check out the rest of our 2015 MBA application essay tips!Yale is down to one essay this year from two last year. 500 words max. What does this shrinkage imply? You need to make the most of that single essay, but you also need to take the time to make every box in the application a home run.  They are not after-thoughts. Your job descriptions and activity history are increasing in importance. Write and edit them carefully. Focus on achievements. Quantify when possible and keep in mind Yale’s commitment to “educating leaders for business and society.”

My tips are in blue. 

Essay Question:

The Yale School of Management educates individuals who will have deep and lasting impact on the organizations they lead. Describe how you have positively influenced an organization—as an employee, a member, or an outside constituent. (500 words maximum)

This essay would do really well with an anecdotal response telling the story of how you positively affected your department, team, club, company, client or any entity that benefited from your contribution.  You can start with a moment of challenge or triumph. Then go back, provide context, and tell your story of contribution, hurdles overcome, and complexity handled. If your impact has lasted, say so.

Video Questions:

As part of your application, you will be asked to answer three video questions. These questions are intended to give you another opportunity to tell us about yourself. These questions are not meant to be difficult and should not require extensive preparation or special knowledge to answer. After hearing each video question, you will have 20 seconds to formulate a response, followed by up to 60 seconds to respond.

After August 15th, you will see a link in your applicant status page checklist that will allow you to complete the video questions once you have submitted your application and fee. To answer the questions, you simply need an internet connection and a webcam. These questions will take roughly 15 minutes to complete, and you will have the opportunity to test your connection and respond to a sample question before answering the questions. Once you have completed the questions, your responses will be added to your application and we will begin the review process.

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. It is a weird experience. For tips on how to prepare and behave during the webcam session, please see: Tips for Video MBA Essay Questions.

Optional Information:

If any aspect of your candidacy needs further explanation (unexplained gaps in work experience, choice of recommenders, academic performance, promotions or recognitions, etc.), please provide a brief description here. (200 words maximum)

You can use the optional essay to explain or provide context as Yale SOM suggests or you can use your optional essay to highlight something in your experiences, background, personal or professional life that didn’t fit into the required essay and that you want the admissions committee to know about. Consider relating a diversity element, a unique area of interest or an accomplishment that you don’t feel is adequately described elsewhere.

Don’t use this optional essay as a grand summary of your application or reasons for wanting to attend Yale. Make sure the optional adds value.

Required for Reapplicants Only: 

Since your last application, please discuss any updates to your candidacy, including changes in your personal or professional life, additional coursework, or extracurricular/volunteer activities. (200 words maximum)

If you would like professional guidance with your Yale SOM 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 Yale MBA application.  

Yale SOM 2015 Deadlines:

Round 1
September 18, 2014
Decision: December 8, 2014
Round 2
January 8, 2015
Decision: March 27, 2015
Round 3
April 23, 2015
Decision: May 25, 2015

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.

Top MBA Programs Using Shared Letter of Recommendation Questions

Looking for application essay tips? Click here!

A Shared LOR = Good News for Applicants, Recommenders, and B-Schools

The number of top-ranked MBA programs now asking the exact same questions for the letters of recommendation is growing, which is good news both for recommenders and for candidates. LORs are very important to an applicant’s case, providing an objective assessment from a supervisor, former manager, or other professional that helps affirm (or not) what the applicant has stated about her own skills, traits and abilities. But different questions with different word limits were onerous for both applicants, who had to ask the same people to write varying assessments for their multiple applications, as well as the recommenders.

This year, Harvard, Darden, Yale, Stanford, Columbia and Wharton are asking these questions:

 • How do the candidate’s performance, potential, or personal qualities compare to those of other well-qualified individuals in similar roles? Please provide specific examples. 

 • Please describe the most important piece of constructive feedback you have given the applicant. Please detail the circumstances and the applicant’s response.

Harvard, Wharton, and Yale have word limits for both questions, though the other programs do not. Not all schools had released their LOR questions for the 2015 application season as of this writing, so this list is not comprehensive, and other schools may be added to the list. Stanford has a helpful link to a transcript of a podcast on what elements make for successful and effective LORs. This advice is certainly applicable to LORs for any other MBA program as well.

Some schools also ask recommenders to fill out a personal qualities and skills grid form, evaluating applicants in a variety of areas. Currently, there is no unity among the schools on the use of a grid, so carefully check each school’s requirements.

Graduate school admissions consultants have lobbied to streamline this LOR process for years, and this convergence around shared questions is a direct outgrowth of those efforts. Last year, at the annual conference of the Association of International Graduate School Consultants (AIGAC), the topic of LORs became unexpectedly lively, with school admissions directors expressing concern over the integrity of what they were reading in LORs, and AIGAC members arguing that using shared questions would enhance the integrity of the process because it would take pressure off both applicant and recommender.

Anna Ivey, president of AIGAC, is pleased with the development of more schools converging around shared LOR questions. “Applicants have for years found themselves in quite a pickle because they have had to dump so much work on their recommenders. In some cases, their recommenders have had to write more words than the applicants do in their essays. That has created all kinds of distortions, despite good intentions.

“As AIGAC’s MBA Applicant Survey has shown since its inception, a sizable minority of recommenders ask applicants to write their own letters, and we suspect that’s because there’s only so much bandwidth they can dedicate to someone else’s application, let alone for multiple people for whom they might be writing letters. That multiplier effect makes for a daunting amount of work. Any convergence around common recommendation questions not only makes the application process easier for applicants and their recommenders, but also helps preserve the integrity of those recommendations and the application process. Cutting down on the duplication and extra work for recommenders will make it more likely that recommenders write their letters themselves, and that’s a great outcome.”

Download our free special report: Best MBA Programs

Judy Gruen By , MBA admissions consultant since 1996 and author (with Linda Abraham) of 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