Manhattan Review Blog

Yearly Archives: 2008

October has arrived. If you are considering applying for an MBA program in the fall of 2009, now is a good time to begin the process. It’s certainly not too late. You’ll still be likely to be ready to apply in rounds 1 or 2, which offer a pretty good chance of acceptance.

Order of Attack

1. GMAT PREPARATION

Preparation can last anywhere from 1-6 months, but 2 months usually is an adequate prep period. Though study can be done individually, taking a course or seeking out private tutoring provides disciplined structure and guidance for your study.

2. GMAT

Take the GMAT as soon as you feel ready. If you take it by end of October, you should have the needed time to retake the GMAT (including an additional 1 month prep) if your score is not what you desired.

3. RESEARCH SCHOOLS

During preparation, look into different MBA programs. Look at them from as many angles as possible, including ranking, conversations with current students and alumni, correspondence with admissions officers and visits to campuses. Ultimately, select a range of schools you’d like to apply to. The most important criteria to use in determining where to apply is: What places are best suited to your personality, professional and academic history and goals? There are a variety of recommendations as to how many schools to apply to. Some say as few as 3, others as many as 8 or 10. Ultimately, you want to have some options, so lean toward more rather than less, and be sure to include safety schools. You may consider seeking advise from an admissions consultant to determine where it might be best to apply.

4. RECOMMENDATIONS

Ask for recommendations as early as possible, giving each recommender ample time to complete the forms on time.

5. APPROACH APPLICATIONS

The entire process and especially the application involve a great deal of self-evaluation. In this stage it will be most important that you recognize your strengths and weaknesses, and determine how you will express these in your applications. This will also be important in your interview. It is generally recommended that the application show your true self. There is no need to conceal mistakes; the incorporation of constructive explanations for faults, mistakes, or minuses will allow the admissions committee to develop a clear perception of who you really are. Admissions officers especially dislike fakeness and falsehood in applications.

Essays too require evaluation and most importantly they require time, time not only to write, but time to think as well. It is recommended that you spend between 50 and 100 hours on your essays, depending on the number of schools you apply to. Admissions advisors recommend that you devote your energy in particular to making sure each application explains why you want to attend particular programs.

6. INTERVIEW (Should occur as early as possible)

Interviews require preparation. Reviewing your application and practicing interviewing skills with a friend or co-worker is useful. Also, some individuals try to interview as early as possible at a local school and use this interview to test their skills, as well as to inform themselves of answers or approaches that seem to work, and those that do not. And, as your parents or friends have said to you time and again, be yourself and relax.

EMBA programs tend to be more flexible than MBA programs in terms of their GMAT requirement.Executive MBA programs tend to draw applicants with a large amount of professional experience. EMBA applicants generally occupy leadership roles in corporations both prior to and following their degrees, thus a different skill set than that tested by the GMAT is seen as applicable. These other skills, some EMBA programs find, are best measured not on the basis of GMAT scores, but on the basis of professional and academic experience.

Only a few EMBA programs have opted to eliminate the requirement completely. Among those are the University of North Carolina Kenan-Flagler program One MBA, the EMBA program at the University of Michigan, and the EMBA program at the University of Chicago’s GSB. Michigan, for example, offers an optional refresher course for the EMBA students who need quantitative review.

Other EMBA programs have chosen to waive the requirement in certain circumstances. At Duke University’s Fuqua EMBA program, it is not so easy to get a waiver. Waivers are granted in circumstances where a candidate has proven quantitative skills and attained a highly technical MA or PhD. NYU Stern and the Goosewetta Business School at Emery University accept waivers in certain cases.

Other schools like USC tell applicants that the GMAT is highly recommended, but not required. If a candidate’s experience and/or prior training or study do not prove an applicant’s quantitative capacity, the admissions committee might be concerned about their quantitative skill level without the GMAT to attest otherwise.

The main concern expressed among schools that continue to maintain their GMAT requirement is ensuring a standard of quantitative ability. Some EMBA programs that continue to require the GMAT in all cases include the University of Texas McCombs and the University of Pennsylvania Wharton.

Though requirements do seem to be changing, at the moment it’s clear that a good GMAT score is helpful in EMBA programs admissions decisions, especially when there is any concern about a candidate’s quantitative skills.

In our research about full-tuition scholarship at business schools outside of the US, we found that quite a number of business schools offer partial tuition scholarships that also significantly cut the costs of a management education. We couldn’t keep this information to ourselves!

London Business School – London, England

Number of partial scholarships available: Over 30 different scholarships

Average class size for full-time MBA program: about 205

How to apply:  Some are awarded solely on consideration of the original MBA application. Others require submission of additional material. Many scholarships are based on the candidate’s country of origin. A number of scholarships are available solely to female candidates.

Lancaster University Management School – Lancaster, England

Number of partial scholarships available: 3 different types

Average class size for full-time MBA program: about 40-50

How to apply:  Only awarded to candidates who have been awarded a place in the program with the submission of general application and evidence of exceptional leadership qualities. One particular scholarship is designed for German-speaking students and sponsored exclusively for members of the German website e-fellows.net.

IESE Business School, University of Navarra – Campuses in Barcelona and Madrid, Spain

Number of partial scholarships available: about 15 different types of scholarships, 1 of them is awarded to 20-30 students per year

Average class size for full-time MBA program: about 215

How to apply: No separate scholarship application is required although some scholarships are awarded to strictly to female candidates, candidates from developing countries, or candidates from Asian countries.

INSEAD - Fontainebleau, France

Number of partial scholarships available: about 45 different types of scholarships

Average class size for full-time MBA program: 830

How to apply: For most of the scholarships, no separate scholarship application is required. Some are based on merit and some based on financial need.

Copenhagen Business School – Copenhagen, Denmark

Number of partial scholarships available: 18 scholarships for students from outside the EU/EEA

Average class size for full-time MBA program: about 40

How to apply: No separate application or additional materials necessary to be eligible. Students receiving a scholarship may not receive a scholarship from their home country or be entitled to a state education grant or any other public support in Denmark.

International Institute of Management and Development (IMD) – Lausanne, Switzerland

Number of partial scholarships available: 7

Average class size for full-time MBA program: 90

How to apply: Accepted candidates for the program are considered for most of the scholarships.

In this article, we wanted to expand on the list of US business schools to provide information for students interested in pursuing their management education outside of the US. Many top non-US business schools are also very generous with full-tuition fellowships and scholarships.

Below is our compiled list (for more information on the scholarship offering, click on the names of each school):

The Rotman School of Management, University of Toronto – Toronto, Canada

Number of fellowships awarded each year: : 8 in total

- 5 general full-tuition scholarships

- 1 for the top Canadian male applicant

- 1 for the top Canadian female applicant, and

- 1 for the top international student

Average class size for full-time MBA program: 264

How to apply: No separate scholarship application is required. Candidates are automatically considered for scholarships during the application review.

HEC Montreal – Montreal, Canada

Number of fellowships awarded each year: about 6

Average class size for full-time MBA program: 175

How to apply: No separate scholarship application is required.

Nyenrode Business Universiteit - Breukelen, the Netherlands

Number of fellowships awarded each year: 12 in total

- 5 for students of any nationality

- 7 for students from specific regions/countries including Mexico, Vietnam, China, and Indonesia

Average class size for full-time MBA program: Not listed

How to apply: No separate scholarship application is required.

Rotterdam School of Management, Erasmus Graduate School of Business - Rotterdam,the Netherlands

Number of fellowships awarded each year: 4

Average class size for full-time MBA program: 350

How to apply: No separate scholarship application is required.

Melbourne Business School, University of Melbourne – Melbourne, Australia

Number of fellowships awarded each year: 3 in total

- 2 for students who are descended from, identify with, and are accepted by a designated Australian Indigenous community and

- 1 for an international student

Average class size for full-time MBA program: 90

How to apply: All successful MBA candidates are automatically considered for scholarship support and successful candidates are notified as part of the admissions process.

Westminster Business School, University of Westminster – London, England

Number of fellowships awarded each year: Not announced

Average class size for full-time MBA program: Not announced

How to apply:  Selection is based on excellent scholastic record in undergraduate studies and/or evidence of excellence in previous employment, business and community service. International applicants from developing countries are considered.

China Europe International Business School – 3 campuses in China: Shanghai, Beijing, Shenzhen

Number of fellowships awarded to 2008 entering class: 6

Average class size for full-time MBA program: 196

How to apply:  Selection is based on financial need.

The programs above also all offered numerous partial scholarships. So, again, we say-do NOT be scared of tuition prices! Inquire at your dream schools to find out about their scholarship offerings.

Most of us think that getting a management education simultaneously means earning an MBA and accumulating a large amount of debt in student loans. Inspired by a recent article from BusinessWeek which challenged this notion with a report on full-tuition fellowships, we performed extensive research and data collection on our own and summarized our findings in three segments.

Today, we will present key data of full-tuition fellowships from many of the top US management programs including Berkeley’s Haas, Columbia, and University of Chicago. In the next two articles, we will cover major non-US schools.

During your application process, do not overlook these fellowships. Many schools usually require one extra essay or interview to be eligible for a two-year, full-tuition fellowship. The list of fellowships at the schools below may surprise you.

University of Chicago

Number of fellowships awarded to 2008 entering class: 11

Average class size for full-time MBA program:  550

How to apply: Most admitted applicants are automatically considered at the time of the application, but many have additional required interviews as part of the final selection process. All of the fellowships have a mentoring component.

Columbia

Number of fellowships awarded to 2008 entering class: About 25

Average class size: 1,196

How to apply: Automatically considered with application

Harvard

Number of fellowships awarded to 2008 entering class: 25

Average class size: 918

How to apply: Scholarships are awarded based on financial need. To apply, complete and submit a financial aid application upon admission

California Berkeley Haas

Number of fellowships awarded to 2008 entering class: 14

Average class size: 250

How to apply: For most of the fellowships, students automatically quality with application. For one particular fellowship, an additional essay is required.

MIT Sloan

Number of fellowships awarded to 2008 entering class: 10-12

Average class size: 375

How to apply: Automatic consideration with application

Pennsylvania Wharton

Number of fellowships awarded to 2008 entering class: 10

Average class size: 825

How to apply: Selection is based on the a number of criteria such as personal background, leadership, and integrity. Students who fit the criteria must complete a separate financial aid form.

Virginia Darden

Number of fellowships awarded to 2008 entering class: 61

Average class size: 632

How to apply: All admitted applicants are considered. For one fellowship, a separate application is required

Yale

Number of fellowships awarded to 2008 entering class: 11

Average class size: 180

How to apply: All applicants are considered for merit scholarships

The bottom line is that it is definitely worthwhile to perhaps write an extra essay if it means earning a savings of $200,000 for your education. For many of the fellowships, all admitted applicants qualify.

For a list of more business schools that offer full-tuition fellowships, please refer to this insightful article in BusinessWeek.

Issues of gender are discussed during the studies in relation to the experience of women in the workforce; notably, the differing role of networks for men and women has been an interesting topic of discussion in the program. They found that women tend to network more naturally across organizations and to have stronger contacts within their group of peers. Men, on the other hand, build stronger networks upward, which leads to better opportunities to promotion. Women, therefore, are at a noticeable disadvantage in terms of networking upwards within their organizations.

Another instance of behavioral differences between men and women that Buchel discusses happens during the job application process. When looking at a job description, women tend to become discouraged by the requirements they feel they are not qualified for, usually opting not to apply at all. However, men on average who are faced with the same situation tend to apply anyway, with a more optimistic and less hesitant attitude. These discussions of behavioral trends help the women to recognize their own tendencies and disadvantages, allowing them to be conscious of and improve in these areas.

When asked why Europe has lagged behind the US in terms of business programs for women, Buchel states that the issue of women in management hasn’t been on the forefront of corporate attention in Europe. The scarce number of women in executive positions has limited the viable market for such programs. However, these programs have been picking up more and more in Europe, especially since Scandinavian countries have begun to have much stronger female participation in management. Female representation on the political front, such as Germany’s Chancellor, Angela Merkel, has also pushed the agenda of female leadership on the forefront in Europe. The establishment of programs such as Buchel’s has certainly created a unique example of how we can both recognize and promote the leadership of women in the workforce.

In a recent interview with BusinessWeek, Bettina Buchel, director of IMD’s Strategic Leadership for Women program, discusses the experience of women in the executive management work force. IMD (International Institute for Management and Development), a global business school based in Lausanne, Switzerland, was the first business school in Europe to establish an executive education program geared specifically towards women. The program is part of IMD’s Open Enrollment program. It typically lasts for 4 days. The same program runs twice a year.

Buchel began the Strategic Leadership for Women program six years ago in 2002 to create an opportunity for women to explore different styles of leadership. The program focuses on two main areas: leadership and strategy implementation. It offers a unique environment for women to exchange experiences on situations within the workplace and learn how to promote themselves, all within a setting where they are not self-conscious of being the minority. 300 women have gone through the program, ranging from women in senior positions to women in their first five to ten years out of university. Buchel emphasizes the importance of this emerging issue of women in management, stating that of the Fortune 1000 companies, less than 50% have women representation in their top management teams.

What kinds of changes do these women implement in the workplace? Women who come out of this program become much more conscious about networking, having been shown a visual representation of how they network. They make efforts and adjustments at improving their upward networking and are also encouraged to come up with new responses to difficult situations in the workplace, having shared accounts of such experiences with each other during the course of the program.

The demand for such programs is heightening in Europe, with new programs being established in different cities, including London. Buchel also directs a program called Orchestrating Winning Performance, which has included more women and has been creating more activities geared towards women. Although women make up about 10% of traditional programs such as this one, the growing number of participating women is an important indicator of a shift in the agenda of women in management.

In an analysis of a b-school application, it is certain that some traits are going to be viewed positively by business schools across the board, for example, high GMAT scores or a high undergraduate GPA. However, certain schools such as MIT Sloan are looking for more particular characteristics in those they accept.

MIT Sloan seeks applicants with a background in Economics or Accounting. This may provide additional insight into the type of students that attend Sloan. In a similar vein, Sloan sees the Quantitative score on the GMAT as being particularly important in their evaluation. Certainly, if you do not see these parts of your application as being particularly strong and have your heart set on applying to Sloan, these facts alone should not deter you. Sloan also prefers a student body made up of people who have engaged in a range of professional sectors and have unique personal interests too.

Overall, it’s good to keep in mind that Sloan is about more than technology; it’s about creativity as well. So show in your application an ability to creatively reflect on who you are and if you are invited to interview, be prepared to respond spontaneously to an interviewer’s unconventional approach.

Set in the old industrial city of Pittsburgh, Tepper seeks business school students whose backgrounds prove them to be genuinely good and hard-working people, the type you’d like to share an office with. Offering its students a range of extracurricular activities during business school and boasting a superbly functioning administration, which makes the interview and job application process much smoother, Tepper is becoming an increasing attractive location for an MBA. Such flexibility and openness is also displayed in their waitlist policy which allows you, once placed on the list, to update your file, even add a recommendation, before they rank their waiting list applicants. Recently, Tepper has been flooded with 2008-2009 applications, receiving possibly 14% more than last year. In terms of getting into Tepper, just as for other schools, it is recommended that you learn as much as can about the school before applying. This allows you to be able to craft your application in such a way that an admissions committee is likely to interpret as a good match to the school. It also allows you to know early on whether the school will be able to adequately suit your needs. Tepper encourages applicants to visit or engage in its online forum to learn more about the school before applying.

McCombs at the University of Texas in Austin, the American headquarters for Dell as well as the live music capital of the world, is a business school that is adapting to a global business environment and seeking to be even more competitive in b-school rankings.

Some interesting facts on McCombs:

· Though things are big in Texas, McCombs tries to maintain a feeling of intimacy. Despite the fact that the University of Texas at Austin has well over 50,000 students, the McCombs MBA Program maintains a class size of just 260.

· McCombs is making more of an effort to increase its rank through the recruitment of international students, especially Latin Americans and Europeans.

· The University is also home to a great law school and an excellent public policy school (The LBJ School), and MBA Students can attend classes at these schools while enrolled.

· McCombs has become increasingly a school for those interested working in consulting, marketing and finance sectors.

· McCombs does not insist on work experience. But most accepted students, all but 2%, have at least some experience.