Manhattan Review Blog - Test Prep, Admissions Consulting and Career Training

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.

Related posts:

• Rejection and Reapplication
• Putting together a Superb Application (Part I)
• Interview Preparation
• Decision Brief vs. Case Study
• Admissions Update Part 2: Vanderbilt’s Owen School of Management

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.

Related posts:

• Rejection and Reapplication
• Putting together a Superb Application (Part I)
• Interview Preparation
• Younger MBA Applicants (II)
• Younger MBA Applicants (I)

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.

Related posts:

• Younger MBA Applicants (I)
• Wait Listed?!
• Manhattan Review Announces Raffle Winners
• From Seeking an MBA to Seeking Success (Part II)
• 5 Tips for Getting into Business School

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.

Related posts:

• The Dos and Don’ts of Getting Promoted
• The Path to a Happy First-Year in Business School (Part III)
• Negotiation and Decision Making (Part 2)
• GMAT Test Day FAQs Part 3
• GMAT Test Day FAQs Part 2

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

Related posts:

• Insights from the GMAC Part 1
• The Ins and Outs of Your GMAT Score III – Computer-Adaptive Test Strategies
• The Ins and Outs of Your GMAT Score II: Computer-Adaptive Testing
• Retaking the GMAT
• Pros and Cons of Computer Adaptative Test