Banker_guy

01-17-2006, 04:29 AM

Hi Banker Guy,

It’s great to hear that you’re thinking in advance about how to get prepared to submit the best possible applications. You have what initially appears to be a fairly strong candidacy, but of course there is always more that you can do. For instance, here are two areas in which you could focus your development:

1) Extra-curricular involvement ?I am glad to see that you are pursuing some volunteer work in the community. However, it would be worth your while to immerse yourself in this side of your life more deeply, I think. Admissions committees are looking for individuals capable of demonstrating compassion and an ability to lead, both in and outside of the office. You should figure out how you can take your current volunteer work at the junior high school to the next level. How can you innovate the situation at the school? Perhaps you could help to rework the curriculum, or institute a mentoring or tutoring program in a certain area of need? The best MBA essays demonstrate specific accomplishments, rather than just chronicling long-term involvement. Essays about extra-curricular activities are a perfect place for applicants to demonstrate aspects of an effective MBA candidacy (leadership, teamwork, etc.).

2)Career goals ?One of the most important aspects of a successful application is a well-defined set of career goals. You must be able to say more than just that you’d like to stay in IB, or perhaps that you’d like to transition into private equity. This is just the first step towards a successful career goals scenario. You should also make it clear that you possess significant expertise in the field in question, and explain the specifics of how you hope to innovate the industry in some groundbreaking yet realistic manner. The best way to do all of this successfully is by doing research, and talking to people. It may seem like a long ways away, but I encourage you to start seeking out people in the fields you aspire to be in, and figuring out what it’s really like. That way, you can really explain what it is that you want to do, when the time comes to do so.

Good luck getting started with the MBA process!

Nick Maxwell
Clear Admit, LLC

Honestly, I think you're off the mark with your assessment that only these top schools are worth the opportunity cost, because a ranking alone won't have that much of an impact on your b-school experience or on your post-MBA career. It can help with your first job afterward, but other well-respected schools can be just as strong depending on your own qualifications and the quality of the school's program in your chosen concentration.

You're also seriously limiting your chances to get into b-school if you only apply to those three, because thousands of other applicants think the same thing, and they all want the cach?of having one of those marquis brands on their résumés. A 700 GMAT and 3.6 GPA in general are competitive, but 700 isn't particularly competitive at the top 5.

I would plan on doing a lot of research about these and other schools, and visiting them before you apply. The visit can completely change your impression of a school, its administration, faculty, students, program quality, sense of teamwork and camraderie, etc. Research as much as you can online (www.review.com and www.businessweek.com have a lot of good info), and develop relationships with the schools that have the best apparent fit for you (not due to brand/ranking, but program, setting, instruction style) so you can find the one that's best for you, not just your résum?

Good luck!

Thank you both for your response. They were both helpful and the comments about extra-curricular actvities and career direction in particular were insightful.

To Rivera's comments, I completely agree with your point of view and I know that there are plenty of other schools that offer a tremendous amount of opportunity and learning experience. Unfortunately, in my opinion, an MBA will fundamentally set me back 2 years. In my field, an MBA doesn't position me better for my career (in the short term) and arguably puts me at a disadvantage. Given my career path, my chances at a hedge fund or a PE firm are much higher being straight out of banking than they would be straight out of an MBA. Unfortunately prestige and perception play a large role in future opportunities and given this reality, the benefits of an MBA don't always outweigh the alternatives. Please feel free to argue my point of view as anything to the contrary would be refreshing.

On a side note, is a 700 GMAT (my actual score was 710) really not high enough? I was under the impression that GPA and GMAT were not the determining factors for MBA admission (i.e. high scores won't get you in but they can keep you out). Thoughts?

Dear Banker Guy,

I’ve just focused on your second question, which concerns your GMAT score of 700. The average GMAT score of those applying to the top schools is roughly 710. However, within this category, there is much room for variance between applicants and the score that they’ll need to be accepted to that school. Much will depend upon other parts of the application as well.

For example, if an applicant has a GMAT score of 760, he or she may still have trouble gaining admission to schools if he or she lacks extracurricular activities or has a low undergraduate GPA. Also, the applicant may not have executed on the application, failing to compile well-written essays or to persuasively show why he needs an MBA.

Thus, there are many variables which can help a candidate to make an application stand out from the rest. Because the adcom at b-schools is looking to accept a diverse range of applicants, they may be more willing to accept a lower GMAT score if the candidate has a unique industry or background or has sufficiently demonstrated another way that he or she might uniquely contribute to life at b-school.

It’s also important to remember that the admissions committee at each school places a different emphasis on specific criteria in the admission process. While some schools value GMAT scores as an indicator of future academic performance, other schools might use the rigor of past courses or the reputation and grades at your undergraduate school.

Regards,

Chelsea Ferrell,
Clear Admit, LLC