Manhattan Review Blog

Monthly Archives: February 2008

Columbia University is among many students’, MBA or otherwise, “dream” schools and can seem like an intimidating place. Its admissions percentage in the past few years has dropped 1%, from 17 to 16. Today we will see how Columbia’s admissions system works, what they expect from their applicants, and what make Columbia Business School special.

Admissions and Letters of Recommendation

Columbia is unique in that it has rolling admissions rather than rounds. Rolling admission is a system where there is either no set date by which applications must be in, or the deadline is at the end of a very long stretch of time. Sometimes a school accepts applications until the class has been filled. Each applicant is considered individually. According to Columbia GSB’s website, the application review for September 08 admission began on January 9, 2008 and the deadline is April 16th 2008 for US students. The decision period for the Columbia admissions team is 12 weeks.

This system has the benefit of giving the student leeway as to when they get their applications done. However it can also be seen as equivalent to having a system of rounds: Many admissions experts will still tell you to get your application in as early as possible. The school also offers an early decision (ED) option (deadline typically by mid-August for the following Fall) but you have to withdraw your applications to other schools if you want to do this. The school takes ED quite seriously calling it an “honor pledge.” In addition to withdrawing all other applications, you must pay a deposit. You are “ethically” bound due to this pledge, says Columbia. If you are not absolutely sure about Columbia, do not apply for Early Decision.

As far as recommendations go, Columbia would like you get one from the person that knows you best and can speak to your accomplishments and strong character points. The recommendation, similar to at other schools, should focus on how you will contribute to the business community and be a leader. Columbia asks the recommender to respond to 10 specific questions. The form is on Columbia GSB’s website.

Key admissions points at Columbia:

- You have the option of applying Early Decision or Regular Decision (January or September intake)
- All of these options are Rolling Admissions
- If you are completely 100% sure about Columbia, applying for ED may increase your chances
- If you are not 100%, be very, very wary of applying for ED
- If you are not admitted during the ED process, you will be rolled into the Regular Decision pool

Columbia’s Advantages

There are many benefits to getting your MBA from Columbia. One of which is its location in New York City. Because of the presence of industry and the sheer number of powerful business leaders, Columbia offers their students exposure to the best and brightest of the business community in New York.

- There are many industry professionals teaching courses at Columbia who often bring in guest speakers
- Because of the different industries, Columbia is able to offer specialized programs, e.g. for students interested in venture capital, real estate and entrepreneurship

Some key points to realize in applying to Columbia are that they have a number of admissions options including early decision and regular decision January and September intake. Remember that the processes for these can be subtly different, so prove that you are indeed detail oriented and get the process down. Columbia is extremely selective so make your application as best as it can be. Don’t worry if you don’t get in on your first try. Columbia GBS, similar to other Columbia graduate schools, has a specific system for re-applying which may be a testament to their education authority. If you are interested, the school offers a link to the re-apply page from their admissions website. When you are looking for a recommender, try to focus on people who know you well and know that you can be a leader in and out of the classroom. Columbia needs to know how you will contribute to global business after you graduate.

Today let’s look at what Vanderbilt expects from its applicants.

According to Business Week Online’s interview with John Roeder, director of admissions at the Owen School of Management, applications are up for the fourth year in a row. This past year, applications were up 10%.

Indicate your Interest

As a common phenomenon, more students are applying for first round admissions. Due to the number and quality of these applicants, many of them receive admission, making 2nd and 3rd round admissions more competitive. Thus, there are benefits to applying early:

- Less competition due to fewer spots being filled at that point
- According to the school, it is easier, relatively speaking, to get merit-based scholarships. Most of the “best” scholarships are only given to candidates in the 1st round and possibly second round

The Process

The interviews are only offered to select candidates – the ones who have more work experience. This interview not only gives Owen and its admissions team to get to know you, your goals and your story, but gives you a chance to visit Owen and decide if you like the campus culture. The interview tips are quite the same as others we have heard before:

- Be prepared and have detailed questions
- Again, have questions! The admissions team wants to see how much research you have done on the program – don’t ask a question you could have easily figured out on your own before hand.

Speaking of work experience, the “average number of years” figure is quite similar to UCLA Anderson: 4.8 years. However Owen is more concerned with the quality of the time spent in the work force. They want a “strong” work background.

- How have you impacted your organization?
- What progress have you made?

Additionally, you should indicate that you are able to work in a team and that you have been involved in some kind of community outside of work experience. Through your interview, application and essays, let them know that you really plan to “dig in” at Owen and get involved.

Target Markets

Owen has large demographic spread, with most (77%) of its students coming from outside the southeastern United States. Owen also boasts representation from 20 different other countries mostly from Latin America, Asia and Europe. The school credits this variety to its successful employment rate at top organizations like Google and Nike. However Owen is reaching out to two very unique groups:

- The Military. All four branches of the armed forces are represented at Owen. The school feels that students who are exiting about the military have unique leadership qualities to offer the Owen and the business community.
- Students interested in working in health care and human resources

Owen is looking to increase global representation in its student body, as well as adopting new programs that cater to women who are interested in Business education.

Not everybody gets admitted to his or her favorite schools. Sometimes, we wonder “if not me, then who?” “What does it take to get into the best B-Schools around? In our next few posts we will look at three schools: Columbia, UCLA and Vanderbilt, to see what it takes.

UCLA

Interviews and Applications

UCLA’s Anderson School of Management received 30% more applicants in round one of 2007 than in 2006. This means, for one, that the school is changing its interview process for efficiency purposes and two, it is that much harder to get in. Now interviews are by invitation only. In other words, you may not get the chance to show the admissions team at Anderson who you are in your own words, so your application must be stellar.

If you do get the interview, be sure to be prepared. Know your resume inside and out and be able to speak to it without a second thought.

Lydia Heyman, director of MBA admissions at Anderson also has a few tips for one of the more mysterious application questions: the inevitable “is there anything else you would like to say” question.

- Out of the job? Explain why.
- Get a poor grade in undergrad? Explain why.

You have the opportunity to shed some additional light on something that without your story may not seem so positive. At this point in the application it seems best to elaborate as much as you can.

Scores and Experience

The admissions team also knows how hard the application process can be to get into a top business school. The phrase Tough Competition comes up at Manhattan Review quite often for a reason. The demand for an MBA from a top tier school is high and making your application stand out is no job for the faint of heart.

At UCLA last year there were 3,200 applications for 360 spots. Surely, most of those applicants had high test-scores and great grades in undergrad. It is a best practice to make your essay shine. Unfortunately, this is much harder than requesting a transcript. Here are some more tips:

- Give an example of past leadership experience, or something that says you have leadership potential for a management position
- Show them that you can do well on the job market. How can you contribute to the business world?
- Will you be able to give back to the school later in life?

If this sounds troublesome, you should know that UCLA students on average have just under 5 years of work experience. There is a trend, according to Heyman, of business schools taking students right out of undergrad: so called “early career admits.” In fact, some schools may devote a higher percentage of their admissions to that group. Heyman says this is not necessarily the case with Anderson, but it is still something to be aware of. The question remains: how do you get a glowing recommendation from someone in the business world, when you have not yet been in the business world?

The GMAT, as usual, seems to either be your ticket to stardom or the bearer of bad news. Last year, Anderson required in the range of 580 to 780 on the GMAT to be considered. This year, you need a 680 minimum. The reasoning behind this score is that UCLA considers itself to be a quantitative program. The school wants your knowledge of algebra and calculus (though not a part of GMAT) to be at a high level on day one.

Anderson accepted 117 non-US students out of 359 total admissions. If you are not based out of an English speaking country, UCLA requires proficiency in English and a TOEFL score submission. Besides that, says Heyman, there are no other requirements.

Still want to go to UCLA Anderson? Remember:

- Take time to develop an outstanding application, because you may not have the opportunity to interview
- If you get an interview, prepare thoroughly and know your resume well
- Have enough experience to get a recommendation from an employer, but if you anticipate the “early career admit” trend to intensify, don’t wait too long to apply.
- Aim for at least a 680 on the GMAT. Make sure you are prepared to demonstrate a high level of quantitative knowledge.

UCLA is looking to expand its representation globally, so whoever you are and wherever you come from, don’t hesitate to apply – just make sure you have the credentials.

The outlook for first and second year MBAs seeking summer or permanent positions in 2008 is still bright. The mortgage crisis and talk of recession may cause aspiring MBAs and those currently enrolled in MBA programs anxiety. Job cuts, especially in the investment banking, private equity, and corporate finance sectors might also contribute to concern among current students and applicants.

However, thus far, early indicators do not suggest gloom or hiring freezes. On the contrary, hiring for summer internships as well as for first-year associate positions is up from last year. Salaries are also up.

But why are salaries for MBA graduates increasing? Why is hiring up even in times of low economic growth? Why do businesses continue to place such a high value on those who have completed an MBA, even in times of recession? These are valid questions to ponder in today’s market for those engaged in the MBA process.

Why are salaries for MBA graduates increasing, and why is hiring up?

Companies tend to look into the future when they, for example, give a summer intern an offer at the close of the summer. Firms are sometimes looking as far as 4 or 5 years into the future. Thus, the hiring decisions of firms are not always verdicts on the health of a current economy, but rather verdicts on the economy’s future. Since firms predict that they will need these new recruits later on, they must hire, train, and pay them now. According to the Wall Street Journal, $300,000 USD (including bonus) is a rough average figure for a first-year associate’s salary at top investment bank in 2007. In 2008, this figure is growing.

Why do businesses continue to hire MBAs in volatile economic times and pay them often more than a non-MBA candidate for the same position?

According to certain business people, business school provides only formal training in management. In concentrating so heavily on formal training, they fall short of its proclaimed end of producing talented and prepared businessmen and women. These critics charge that although MBA graduates have studied the game, they in reality are quite unprepared to play it. Though such a theory gives increased legitimacy to pursuing a part-time MBA in which a student works while studying or the short-term executive MBA traditionally for the seasoned businessperson, hiring trends still show that corporations value MBAs, and even in times of weak growth recruit and hire them. This can be attributed to another interesting aspect of corporate hiring: companies view MBAs as possessing formal skills that with time will combine with sufficient experience creating better leaders and executives for the corporation’s future.

What does this mean for all of you?

- It is not necessarily time to worry about the impact that a possible economic recession will have on hiring levels this year
- Holding an MBA can dramatically increase your salary and your marketability to potential employers
- As a new employee you are an investment and investments typically produce future financial gains. That being said, even though the economy may be faltering now, the near future could require many talented new employees for major companies
- Even though the MBA degree has its naysayers, salaries and hiring levels should speak for themselves

A Word of Caution

Finally, it is undisputable that a potentially turbulent period is looming. There is no downside to being more cautious and to working more diligently. We still remember: eight years ago so many MBA graduates were tipsy with their McKinsey or Merrill Lynch offers, and found that after graduation they were left idling for a year to take the job later, or taking a package to leave.

Learn the most you can at school! If there are many sharpened tools in your toolbox, there will always be some bright spots for you regardless what happens to the market.

Repeat Test Taking

Much of the conference hosted by the GMAC that we discussed earlier also focused on the extensive research that the GMAC has conducted on test takers, and how they score on the GMAT. The GMAC included 27,763 candidates in its comprehensive study. The retake rate is 18%.

Who retakes the GMAT?

• Candidates with lower than average Total scores
• Higher percent of non-native speakers of English
• About the same number of men as women
• Test takers that did not finished Quantitative section
• Test takers with a high discrepancy between Verbal and Quantitative scores

27.4% of retake candidates took their second exam between 31 and 60 days after their first test date while 20.4% of candidates retook within the first 30 days. Only 15% of students retake after 180 days from their first exam date.

The highest gains in score for retake candidates usually occur in the GMAT Quant percentile.

Who gains the most from retaking?

• High discrepancy score
• Below-average first scores
• Did not finish Quantitative section
• Young test takers who are 24 years and younger
• Native English speakers

GMAC Conference

In the fall of 2007, Manhattan Review was invited to attend an insightful and interactive conference hosted by the Graduate Management Admission Council (GMAC). After a busy season launching a spectrum of new products and services, we have taken some serious looks at the conference notes and materials along with various, in-depth reports published by the GMAC.

Mr. David Wilson, President and CEO of the GMAC, was the keynote speaker. Major issues that he addressed in his humorous, yet informative introduction included:

• GMAC works together with MBA programs in maintaining quality of business school education by upholding high testing standards
• The demographics of MBA applicants (and GMAT test-takers) are constantly changing. Some MBA programs are demanding more work experience from candidates. Some MBA programs are more active in recruiting college graduates with little experience
• Undergraduate students should think about taking the GMAT before they graduate. Test scores are valid for 5 years

Mr. Wilson also described recent expansion and plans at GMAC for further growth in Europe and Asia.

Before we continue on with detailed analysis of GMAT trends, we would like to share a few findings of ours based on what is published about Mr. Wilson’s impressive track record: A professor and a former partner at Ernest & Young, Mr. Wilson graduated from Queen’s University in Canada, received his MBA from the University of California (Berkeley), and Ph.D. from the University of Illinois. It is not surprising that the GMAC has grown by leaps and bounds (from 6 staff members in 1994 to 100+ staff members currently) under Mr. Wilson’s leadership, while making the MBA an internationally recognized high-value degree.

Study Time and GMAT Score

At the conference, GMAC senior managers shared some interesting data about the number of hours test takers study and their scores. The numbers provided by GMAC prove that as the number of hours a student prepares for the exam increases, the student’s self-reported GMAT score increases correspondingly. For example, students who reported that they spent 84 hours (equivalent to 8-9 weeks assuming an average weekly study time of about 10 hours) preparing for the GMAT on average scored in the 500-540 range. Students that studied 20 hours more (equivalent to 10-11 weeks with the same assumption earlier) scored 100 points more, scoring in the range between 600 and 640.

Similarly, results from GMAC show that the number of weeks of advanced preparation directly correlate to test takers’ scores. Test takers that study 10 weeks are 13 percent more likely to score over a 600 than students who study 1 to 3 weeks.

At the conference, the GMAC also released information collected from surveys of test takers. 29 percent of GMAT test takers spent 20 or less hours preparing for the exam. 24 percent of test takers prepared for 21 to 50 hours. In the next bracket, 24 percent of test takers spent 51 to 100 hours preparing. Another 24 percent studied 101 or more hours.

When asked how far in advance test takers began to study, 5 percent answered that they spent no time preparing. 9 percent started preparing less than one week before taking the test. 23 percent prepared 1 to 3 weeks in advance. 26 percent prepared 4 to 6 weeks in advance while 17 percent prepared 7 to 9 weeks. Finally, 21 percent prepared ten weeks or more.

Conclusion

Make the extra effort and go the extra mile – the rewards will definitely come your way! Hard work and determination are certainly good friends with luck.

We are here to provide cost-effective and time-effective preparation courses for all of you so that you can get a leg up over your peers, but nothing replaces your own self-study.

Here is the last installment of our GMAT Test Day FAQ Series. For more information, visit the link at the end of this entry. Good luck and happy studying!

16. What are the rules for cell phone and PDA use?

You cannot use your cell phone or PDA during the test or on your break. We recommend you turn off any electronic devices stored in the locker. Please do not check your voicemail or emails during your break. You will be violating the test center rules and may be asked to leave immediately.

17. What happens if there are extreme circumstances such as severe weather or computer malfunctions?

Usually, the start of the test will be delayed or will be rescheduled. If such action is not possible, you can choose either a full refund or to sign up for a different test date free of charge.

18. When I sit down at the computer, do I take the test right away?

You will have to begin your test as soon as possible, but first you will have to agree to the GMAT Nondisclosure Agreement and General Terms of Use statement including that you will not use any non-permitted devices. You must agree to this statement, or risk not being allowed to complete the test and forfeiting your test fee

19. What should I do if my computer does not work?

You should raise your hand and tell the test administrator. You should not try and fix it yourself.

20. What if something happens to disrupt the test?

Based on the policies listed on the websites of GMAC®, Pearson VUE and ACT, if anything happens during the test that serves as an interruption or causes a mistiming, or if anything is out of the ordinary or deviates from normal testing procedure, GMAC and/or Pearson VUE will conduct an examination of the situation. One of those organizations will then decide if they should pursue disciplinary action including score cancellation. If any organization decides to take any action against an examinee or on behalf of one, the affected parties will have the option of A) take their test again at no additional charge, or receive a refund UNLESS that person is found to be the cause or source of the disruption. If you should opt to take the test again, you must take it in its entirety.

21. Can I use a testing aid such as a calculator?

No, you cannot use a calculator or any other type of aid including laptops, PDA’s, translators, dictionaries etc.

22. Can the test administrator kick me out? What for?

Yes. There are many reasons for dismissal. These include providing false information or not providing it at all, bringing a test aid, not complying with an administrator’s reasonable requests, helping another test taker or letting them help you, tampering with the operation of the computer, and not following any rules or procedures.

23. Is there a plagiarism policy, regarding the writing section?

You must write two essays for the Analytical Writing Section of the GMAT. If there is evidence of plagiarism, your scores can and will be cancelled. Please note that your essays become the property of GMAC.

24. What happens after the test?

After the test you will answer some questions about yourself and your plans for graduate school, and whether you would like to take part in various surveys or receive further information. Your answer choices to these questions may reflect information that you previously provided, earlier in the registration process.

25. How do I send my scores to schools?

There are a few options for sending your scores. After you take the test, you will have the option of selecting 5 programs to send your scores to at no extra charge. Be careful, because this action cannot be undone and also be sure to select the correct program.

Later, you will have the chance to choose more schools to send your scores to. You will need to order an “Additional Score Report” (ASR). You can pay by credit card or check. Each additional school costs $28 USD.

26. How can I tell if my GMAT score is high enough?

It depends what you mean by high enough. Different schools have different expectations as to what GMAT scores admitted students should have. Some schools have a minimum requirement – you will need to research this on a program-by-program basis, including research on what the range of scores was for the last entering class. Your GMAT score is only one third of your application, so let your score be a rough guide to where you apply but do not limit yourself. Also, if you are unhappy with your score, it is fairly common to take the GMAT twice. If you take it twice, be sure to prepare thoroughly in order to achieve a higher score.

For a complete list of GMAT FAQs, please visit here.

Today’s news is the second part in our GMAT Test Day FAQ series. Check back soon for more updates.

8. What should I bring to the test center on the day of my test?
You do not need to bring much to the test center. In fact, you will not be allowed to bring any of your personal belongings such as cell phones, backpacks, purses, or handbags into the testing room. If you do bring your belongings with you, you will be required to put them in a storage area such as a small locker. So just bring the essential items (including clothes) you need before, during and after the test in a bag with flexible surface. The test administrator will provide you with everything you need to take the test, including a pencil and scratch paper/erasable booklets.

9. What is the test center like? Will they let my family in with me?
The test centers are typically very small. Depending on their locations and relationships with Pearson Vue, they might be owned by Pearson VUE or just an affiliated center in the network. If they are the latter, they may administer other tests for non-Pearson VUE entities. Therefore the condition of the test center and your test center experience may vary.
There is a waiting area. Depending on the number of staff members on duty at the test center and the number of test takers waiting, your wait time may vary. Feel free to relax. If you want to continue to read notes or books while waiting, lock your belongings away in the locker first except for a book or some notes. When you get called, you can quickly go to your locker and lock the last item before proceeding. But please be quick, otherwise the staff may become impatient.
Your family or friends will not be permitted to wait for you at the test center while you are taking your test. They will also not be able to contact you while you are being tested.

10. What is the testing room environment like?
You will take your GMAT at an individual computer workstation next to many other computer workstations in a testing room. Your computer workstation is similar to a basic small office cubicle. Please note that there will be audio/visual monitoring during the test.

11. What should I wear? Is there a dress code?
There is no dress code. You should dress comfortably and possibly bring extra layers in case the room gets cold.

12. What is the check-in procedure?
You will need to show the test administrator valid ID. Please prepare two to three valid IDs such as a passport, driver’s license, or a major credit card with your photo. That way in case one expires or somehow cannot be found at the test center, you are still good to go.
The administrator will also take your photograph, signature, and take your fingerprint digitally. You will be asked to agree to the GMAT Examination Testing Rules & Agreement. When you sign for the paperwork, please slow down and make your signature very legible and correspond to the full name on your ID. Otherwise you may be asked to re-sign your name multiple times which might affect your mood for the test later on. If you refuse to comply with any of these procedures, you may be asked to leave and forfeit your fee.

13. How long does the GMAT take? Are we given breaks?
The test takes around 4 hours. You are given two 5-minute breaks at scheduled intervals. It is important to not take more than 5 minutes during these breaks because you will be docked the amount of time you go over.

14. Can we leave during the test?
Not besides the scheduled breaks. If there is an emergency, raise your hand and the test administrator should let you leave; however the timer on your test will not stop. Be careful about leaving, because if you are gone too long or leave too many times, your test administrator may report you to Pearson VUE or GMAC. Note that you will need to provide your fingerprint at re-entry.

15. Can I bring a snack?
Yes, but not into the testing room. You can only eat, drink, or use tobacco during the scheduled breaks. If you need to smoke or go outside for any reason, be sure to alert the test administrator. Note that rules about leaving vary from center to center, so you should clearly understand those rules before making any decisions in order to avoid any problems. We recommend you bring some chocolates, power bars and water for two short five-minute breaks in order to maintain your momentum through the test.

For a complete list of GMAT FAQs, please visit here.

This week, we will be doing a FAQ series on the GMAT Test day. Should you have any other questions, there is a link to further FAQs at the end of this post. If your question is still not answered, visit our forum.

1. What is the registration process for taking the test?
Signing up for the GMAT is the easiest part of your process. You can register here.

Popular testing days fill up in advance, so if your schedule requires you to take the test on a certain day, be on top of it and sign up early. You need to pay the fee with a major credit card

2. Can I cancel my score, or have it not be reported?
You can cancel your score, but you must do so before you see it. Once you see it, it must be reported; you do not have the option of withholding it. We do not recommend canceling a score unless you were tested under adverse circumstances, like illness. If you do poorly and still report your score, it is not the end of the world. An improvement between two test scores may be highly regarded by your school of choice. If you cancel, the cancellation is still reported to the schools.

3. How many times can I take the GMAT?
There is technically no limit but we do not recommend taking the test more than three times. Taking the test many times may look bad. Plan on taking the test twice and reporting both scores (unless of course you do very well the first time). The admissions committee will take the best score of all your tests but will take a look at the history of the tests as well.

4. Are there any rules regarding how often I can take the GMAT in a certain number of days?
You can take the GMAT five times every year (12-month period). Within that year, you must wait 31 days between tests, regardless of score cancellations.

5. Is it common to retake the GMAT? If so, what kinds of results are common?
It is less common than you might think. Studies show that approximately 21% of the exams are taken by those who are retesting. Of those re-testers, it is uncommon that they take the test more than 3 times in a given year. Regarding results, the average increase between tests is 30 points on the total score. It is not unheard of that scores can go down with repeat testing. Your increase will depend on how much preparation you do in between. If you prepare well enough, odds are you won’t be compelled to retest!

6. What should I do if I don’t feel well on the day of the test?
If you don’t feel well, you should not take the test. You should be healthy and prepared when you take the GMAT. It will be an ordeal to sit through a 4-hour test while you are not at your best. You may end up canceling the score anyway. So do not get hung up on the rescheduling fee (US$50 if you reschedule before 7 calendar days of the test date or you will lose the entire US$250 test fee). Your bad score might become an anchoring point later on hindering your progress and hurting your self-confidence. Meantime, a bad score gets reported to schools as all your scores in the last five years will be shown.However, if you are sure that you can achieve a high score based on your prior practice tests, you should take the test even when you don’t feel well. That way you don’t waste the test fee and have a chance to experience the real test while having the option to cancel it at the end.

7. Should I arrive early at the test center?
Yes. Make sure you find out in advance where the test center is, and get there at least 30 minutes early because there is a check-in procedure. If you are more than 15 minutes late, the test administrators may not let you take your test and your US$250 test fee could be forfeited.

For a complete list of GMAT FAQs, please visit here.