The GMAT Club Blog

MBA Admissions & Accepted News

We just added two great GMAT advice articles from Manhattan GMAT to our GMAT resources:

• GMAT Strategies for the Math-Challenged
• Strategies for the GMAT’s Verbal Section

Reminder: If you are planning to take a GMAT test prep course or either in a traditional class room setting or online or even with a personal tutor, you can receive 10% off Manhattan GMAT's regular prices. Read these articles to find out how you can take advantage of  this offer for Acceptees.

April 30 is the last day to:

• Take advantage of Accepted's MBA-Pre-season Special. In addition to saving you money, starting now gets you advice when you can actually do something to improve your profile. That improvement is worth more than the actual dollar savings, but we let you save money too.
• Save 20% on Create a Better Sequel: How to Reapply Right to B-School, the ebook for MBA reapplicants. Whatever you did last time didn't work. Don't repeat the same mistakes. Learn how to evaluate what went wrong and then change it for next time.
• Submit your photos to the Beautiful B-School Photo Contest. Yes it ends on Wednesday. We have received lovely photos in the last several days and would like to have more. So if you are visiting or have visited or are enrolled at any of the schools listed in the B-School Zones, share your works of art with the world and posterity . Submit your entries by Wednesday. Winners can receive an Amazon gift certificate worth up to $200.

What Matters the Most to You in a Job?

NY Times surveyed MBA Students from top 15 Business Schools about their career choices. The question was asked to identify most important factors when choosing a job. The Top 3 were: Challenging responsibilities, High Compensation, and Work/Life balance. Full Story Link.

That's probably exactly as I had my priorities aligned when I graduated, but after getting my first MBA job, I realized that even though the pay could be good and responsibilities challenging, my idiot boss could turn the whole thing upside down and I could easily hate a job that was still high paying and had plenty of challenges. My conclusion - when we graduate, we feel well "rested" from being fully employed after a year or two of MBA program, which makes us a bit idealistic about our first MBA job, but then reality quickly sinks in as we realize that things are actually more complex.

Good Job hunting to all the graduates!

Herbalife President has an MBA? Maybe

Funny how things catch up with us - Herbalife's President apparently stated on his resume & bio that he had an MBA from Cal State. However, it appears that he never actually received the degree. It's interesting that people are able to get away with things like that. Why spend two years when you can just "say" you have a degree and be a president of a company? The really interesting part is how it all got surfaced. It seems WSJ dug it out. WSJ Article is here. However, this gets better and better - the person who found the discrepancy is Barry Minkow - the ZZZZ Best Barry Minkow - you may want to read his Bio on Wikipedia - he was the  teenage grandfather of Enron. I happened to hear a lecture by the CFO of ZZZZ Best, who served 5 years in prison and now does lectures about corporate responsibility. Anyway, the Wall Street Journal article is really good - read it.

News for 2009 MBA Applicants

News for '09 MBA Applicants:

• Columbia has posted its J-term 2009 MBA Application.  I'll post the questions and tips in the next few days. If you want to get started on your J-term essays, you can do so now with the essay questions from CBS.
• HBS Director of Admissions Dee Leopold announced in a recent blog post that the Harvard Business School 09 application should be available in mid-May. Go HBS!

Reduce GMAT Anxiety; Ross PT Chat Transcript

Accepted is continuing to post transcripts from recent chats and to add to its rich resources for MBA students:

   

• In "Three Tips to Reduce GMAT Test Anxiety" Bara Sapir of NY Test Prep provides three important suggestions to reduce test anxiety. Check out these tips if your knees shake when you start to think about test day. Also, learn about a NY Test Prep discount for Accepted clients and visitors. (BTW, Accepted has hosted 186 MBA admissions chats since 1999, most of them with admissions directors at top programs from around the world, and 29 chats in the most recent admissions cycle.)
• 2008 Michigan Ross Part-Time Admissions Chat with Jim Hayes. Ross assembled an impressive team for this chat including a current part-time MBA student and representatives from career services, admissions, and academic services. If you are considering Ross' part-time program, check out this transcript.

MBA Admissions Chats: Wharton WL, LBS MBA vs MIT, Ross PT

And the chats keep on coming.

Recent Transcripts Excerpts:

• Wharton Waitlist Transcript with Thomas Caleel
  

thurston (Apr 2, 2008 1:01:32 PM)
  Hi Thomas, I am a R2 waitlist candidate for Wharton. First, thank you for hosting this chat. Second, I have a quick admissions question for you. Let say we have two hypothetical RE-APPLICANTS. Both have similar app packages: work experience, extra curricular, GPA, GMAT, references, interview, etc. In fact, the only difference is in a previous year one was waitlisted and the other was outright denied admissions. Both are re-applying and both have demonstrated *very similar* improvements in their application. If you MUST chose between the two, who would you admit -- and, more importantly, why?

ThomasCaleelWHARTON (Apr 2, 2008 1:01:47 PM)
  Thurston, thank you for the question. It's really impossible to say outright which one.
  This process is very holistic (as Dan and Amelia can attest to), and there is never "one" thing that means admit or deny.

ThomasCaleelWHARTON (Apr 2, 2008 1:02:48 PM)
I do think you are concerned that being on the WL might give you some preference in the re-app process. The answer there is not really. For re-apps, we look at the learning the candidate has undergone, and how they express that in the re-app.

ThomasCaleelWHARTON (Apr 2, 2008 1:03:23 PM)
  By the way, simply sitting down and re-reading your original app will be very helpful should you choose to re-apply...

• London Business School MBA with Zoë McLoughlin & Peter Johnson This chat was unique because it was for MBA and MIF candidates at London Business School, which is still accepting applications for 2008 applicants.  The final deadline is May 2, 2008.

andrew (Apr 7, 2008 1:06:25 PM)
  Zoe: has the admissions office noticed a large influx of applications this year? If so, please elaborate. Thank you.

ZoeMcLoughlinLONDON (Apr 7, 2008 1:07:16 PM)
  Andrew - yes, we have noticed an increase in quantity but there are always places for good candidates, even in Stage 4.

Linda Abraham (Apr 7, 2008 1:06:37 PM)
David & Helen: do you see MBA recruiting at the MBA and the MiF programs affected by the credit crunch and sub-prime mess in the US? Do your graduates have jobs?

HelenGreenLONDON (Apr 7, 2008 1:08:48 PM)
Linda, recruitment has continued to be strong on campus this year with more recruiters than ever coming to meet with our students. Although the market is competitive, there are still considerable opportunities available and recruiters clearly continue to value our students’ wealth of experience and diverse backgrounds. We are seeing recruiters taking a long term view and continuing to maintain their ranks of associates from the MBA and MiF programmes.

DavidMorrisLONDON (Apr 7, 2008 1:09:23 PM)
Linda, building on Helen's answer, there is also a growing number of companies from the Industry sector recruiting at the school, either coming to campus and/or posting jobs.

Upcoming Chats:

Accepted is hosting the first Michigan Ross Part-Time MBA Program chat tomorrow Tuesday April 15 at 3:00 PM PT/6:00 PM ET. If you are interested in Ross' part-time MBA program, please join Jim Hayes, Senior Associate Director of Admissions and other members of the Ross PT team in Accepted's Chat Room for an informative chat.

Tips for Reapplicants

Most '08 MBA applicants know if they are starting b-school in the fall or not. If you fall into the "or not" category, you are facing a reapplication decision.

MBA Reapplication Tips      

I am reprinting my tips for reapplicants along with a list of resources you can use as you ramp up for a successful MBA reapplication effort.      

1. Determine what you need to change. Your previous approach didn't  work. Don't turn in the same essays.
2. Analyze your qualifications versus your target schools'  average stats and requirements.  Don't rely on miracles. Be realistic.
3. Seek feedback. Fewer and fewer schools are providing feedback, but if yours does, grab it. If it doesn't, consider obtaining an MBA Application Critique.   
4. Evaluate your application. Do your essays and letters of rec (if you have access to them) add to the reader's knowledge of you? What could you do to improve them? Again, consider using Accepted's application evaluation service.   
5. Work on weaknesses. For example, if you applied  to business school with a low GMAT, study for and retake the  test.
6. Prepare to highlight valuable recent experiences. When  you reapply, you want to show that you are "new and improved."

MBA Reapplication Resources:

• Create a Better Sequel: How to Reapply Right to Business School, Accepted's featured ebook, is 20% off this month. A reader recently wrote, "After a string of Dings, the information in Create a Better Sequel: How to Reapply Right to Business School gave me confidence to start my re-application process this fall!"
• MBA Admissions: Advice for Reapplicants
• Re-Applying to Business School After Being Rejected, a podcast from MBA Podcaster. The podcast highlights the somewhat different reactions of b-schools to reapplicants .  Note the emphasis on evaluation and growth.

Not sure you can objectively evaluate your past application? Demoralized by a stack of dings? To deal with your morale issues, please see:

• Personal Statement Tip: Pick Yourself Up and Applaud.
• Admissions tip from Dr. Pausch's Last Lecture

To provide objective analysis and ensure the positive change you want to show, jump-start your reapplication effort by combining Accepted's Application Evaluation with our Start Smart MBA Mentoring(TM) service.

GMAT Club's Free GMAT Tests Policy Updated

Big news at GMAT Club - we have updated our complimentary access policy to our GMAT Tests.
Usually these tests are available for a fee of $79, but any member can gain complimentary access via 3 different avenues that ensure that the most active and helpful members are always rewarded:

   * 50 Kudos (if other members feel that your contribution is substantial, they will award you Kudos points)
   * 100 Forum posts and 25 Kudos
   * 200 Forum posts and 90+ days of membership (any member who has 200 posts and has been a member for 90 days will get a complimentary access to GMAT Club's tests automatically - both conditions must be met)

As always, anyone can get instant access to the 25 Math and 5 Verbal GMAT Tests by paying the $79 access fee. More information about GMAT Club's Tests is here.

Big thanks to all  members for their contributions and good luck on the GMAT!

Bad News for 2008 Grads

The drums of economic downturn have been beating loudly. Very loudly during the last few weeks. Almost like daffodils after a spring rain, articles about grads having fewer job opportunities and employers, especially in financial services, cutting college and MBA recruiting have sprouted:

      

• From The Wall St. Journal: "For Class of '08, A Scramble for Jobs." This article focuses more on this year's college senior.
     
• From BusinessWeek "It's Looking Grim for New Grads." The impact of the credit market melt-down is felt throughout financial services and by all grads interested in careers in business, specifically those interested in financial services.
• From BusinessWeek "Bear Stearns Rescinds Job Offers." Now it's official Bear Stearns is rescinding some offers extended to members of the MBA Class of '08. While it may have been more shocking if none of the offers had been rescinded, the reality is increasing nervousness and tension throughout MBA-dom. The memories of rescinded offers are recent (2002) and painful.
• From the NY Sun "Economic Woes Could Be Felt by MBAs of 2009.", a slightly more optimistic piece. It looks at the market and concludes that 2008 grads "dodged the bullet." The outlook for 2009 MBA grads is much more cloudy. In fact b-schools, like MIT Sloan, are pro-actively turning to their alumni to help with placement for '09 grads.

Implications

If you are graduating in this market, you may need to be flexible and bring out Plan B. IT, government, and health care are still hiring and going strong. Engineering grads are in demand.  Alternatively, this year may be a great time for travel or community service perhaps prior to grad school with the hope of graduating in an up economy.

But what if you are planning to apply to MBA programs this fall. I went out on a limb and gave my predictions for the upcoming MBA application season on April Fools Day, with the observation that time will tell whether that post was an April Fools Day joke or something more meaty. Commenter "It's Happening" points to the BW articles (published April 3) as proof that my predictions are coming true.

I like to be right, but there is also evidence going in the other direction. For example, MBA Tours reports that attendance at its events in Fall and Winder 07-08 increased 30%. I suspect that much of that increase took place before Bear Stearns collapsed and before the news got as bad as it' has been for the last month or two. I also hear that a surge in recently employed investment bankers is taking the GMAT exam.  A year or so ago, I was reading articles about these financial jocks who didn't feel it paid for them to go for their MBA.  Clearly something has changed dramatically.

I still believe that if articles continue to appear about unemployed MBA's, lower average salaries for MBA grads, and more rescinded offers, potential applicants who have jobs will be reluctant to give up the security of a paycheck for the uncertainly of a full-time MBA.  Fewer applicants could make next year a little less competitive year and an opportune time to apply. Furthermore, the fact that 08 or even 09 could be tough hiring years says nothing about hiring for 2010. Just like last year's recruiting environment implied nothing about this year.

Dealing with a lay off when applying to b-school

BusinessWeek this week screams on page 007 "34,000: Estimated number of jobs lost on Wall Street in the past nine months."

What if you are a holder of one of those no-longer-existing jobs and planned to apply this fall for matriculation in Fall 09? Does the layoff doom your application?

No. Not at all. Admissions committee members read BusinessWeek and a host of other periodicals that blare the same numbers, gloom, and doom. They  know you are not responsible for a recession (I said it), turmoil in the credit markets, inaccurate risk management at the top of major financial institutions, and the bust that so frequently follows a boom.

But you are responsible for your reaction to the lay off. If you quickly succeed in obtaining a new position that moves you closer to your long-term goal or that allows you to take on more responsibility and show growth, that's great. But obtaining a good job may be difficult in this business climate. Keep the following in mind:

1. You may have to adjust or alter your career plans to meet market conditions.  Risk management has suddenly become a growth industry. Perhaps your number crunching skills can be put to good use in this suddenly hot field.
2. If your layoff starts to drag on, don't plop yourself in front of the TV, video game, or sudoku book. Do something. Take up a new hobby. Learn new skills. Participate in a community service activity. Volunteer for a candidate. (There's more than enough of them this year in the US.) Transform your layoff into a growth experience with initiative, energy, and optimism. 

Either of these responses will allow you to show the resilience and backbone schools value. In addition, by taking these steps you will learn new skills, develop marketable talents, and demonstrate the personal qualities schools (and employers) admire.

Tomorrow's Post: My Stab at MBA Admissions Punditry.