Manhattan Review Blog

Monthly Archives: January 2009

Going to business school and getting the position you want afterwards is a multi-step process, involving a conscious self-assessment as well as the development of an understanding of the strengths and weaknesses of particular programs. Below is a step-by-step outline as to how to approach the MBA decision at each of its stages.

Step 1: Costs

Cost assessment should be based not only on the cost of tuition, but also on the cost of not receiving a salary for two years (or one year depending on the program), as well as the increased earnings gained from the MBA over the first few years. This formula varies from person to person and from program to program, so an individual assessment is necessary. You may want to consult the Forbes ROI calculator and the school statistics on post-graduate earnings.

Step 2: Schools

Deciding which schools to apply to is again an individualized question, but each applicant will want to take into account at least some of the following.

· Reputation. To many candidates, reputation or prestige is at the top of their list. Often times it is given too much weight.

· Expertise. How does the school’s area of expertise fit with your professional goals and aspirations?

· Location. Certain locations can open up professional opportunities, beyond the obvious advantages of global finance centers like New York or London. Some applicants chose schools because particular companies are headquartered in the vicinity of the school. Location should also be considered in terms of personal preferences, like livability.

· Teaching Styles and Curriculum. This requires inquiries into the various teaching styles and curriculum in practice and how they match your own style, goals, interests, and needs.

· GMAT and GPA statistics. When assessing how likely you are to get into a given school, you will want to look at the statistics of the incoming class in terms of GMAT, GPA, and professional experience. Increase your GPA according to the strength of your undergraduate institution as well as the technical/quantitative difficulty of your degree. Determine whether your scores and experiences combine to make you above average, average, or below average and thus likely, possibly likely, or unlikely to get in. This shouldn’t be the ultimate determinant of whether or not to apply, but rather indicative of how a given school will be categorized. MBA admissions consultants are quite helpful in this process.

· Consider attending an MBA fair. It will give you exposure to a range of programs. The applicants who find fairs most helpful are already at least somewhat informed about the application process and are prepared to ask admission committee members specific questions.

Step 3: Number of Schools

It is recommended that you apply to 3-10 schools. It all depends on you and the particular schools you apply to. Some schools, including top programs like Cornell, have fairly easy applications, so it may not take much extra effort to apply to them. Other schools have more peculiar applications with lots of distinct essay questions, like Stanford. Overall, it is recommended that you apply to at least one school that you will easily get into. Then, based on cost and time add additional schools you are interested in.

3: Finding an Ideal Summer Internship

Internship recruitment begins early. As soon as you arrive on campus in September, even August, you will begin the process of finding a summer internship. You will want to find an internship that matches your interests, opens doors, or provides a taste of a corporate culture that you are interested in experiencing or joining. The internship may or may not relate precisely to your future work, but will provide you with exposure to a culture, a style, and a system. For many, summer internships turn into full time positions after the first year, so you will want to do your homework.

Recommendations

Most first-year business school students find an internship, though the process is still quite competitive. For some people, the difficulty of the process comes not in finding one, but in finding the right one for them. For some, they are looking for industry experience. For others, who are seeking to reenter an industry in which they already have experience, they may be particularly interested in targeting a particular company. For others with less experience, they may want to learn about several industries before selecting a direction.  So devote adequate time to:

o  Attending information sessions or cocktail parties held by recruiters. These are great opportunities to establish informal contacts.
o  Network with other contacts (outside of business school). These sometimes work out well for first-year students. So remember that business school is not the only way by which to find a position.
o  Learn about industries. Such research will assist you in gauging your own interest as well as allow you to come across as possessing genuine and informed knowledge when you do approach recruiters.
o  Learn about individual companies. Companies want to know that you are interested in and knowledgeable about their work. Do your homework and learn potentially through informal on campus events as much as you can.
o  Prepare for case interviews and general interview sessions. Be able to explain yourself and why you are interested in a field, industry, and company, in addition to showing a developing understanding of the work of the company.  Also be practiced at answering the problem-solving questions that you may be asked to solve as a portion of the interview process.
o  Seek guidance during the process from your school’s career staff.

Overall

Following the above plan will help you to adjust and excel in your first-year. You won’t get too bogged down worrying about an internship in May, nor will you be consulting math tutors throughout the year for assistance on problem sets, and you’ll be engaged in courses and activities that interest you and are a good use of your time. But also remember:

Don’t finish work on Friday and show up at business school orientation on Monday. A summer break to settle in, to relax and rest, or even lay on the beach makes a difference in preparedness for your first-year of business school too!

2: Selection of Courses and Activities

Determining where and how you will spend your time is also a key to an enjoyable year. Though some schools have core curricula or limited course options at the beginning, when selecting professors and out of classroom activities it helps to develop some knowledge before classes begin as to what is likely to be an engaging path for you. In addition, you will most likely want to form a study group to work on homework and prepare for tests. 

Recommendations

 o      Try to find a second year student who will help you navigate the academic, social and professional challenges of the first year of business school. This method has proven a successful one for many first years. They attain good advice and register for classes with great professors, know which clubs or activities are best to be a part of, and have the valuable guidance along the way of a peer who has gone through it all before.

o      Be prepared to network. This is something to consider in the classroom, in forming your study group, and in selecting activities. Business school is in part a way to meet people who in the future will be in positions of power in the business world. So you will want to get to know your classmates, but as with getting to know people in most contexts, you will be most successful if your interactions are honest ones, if others do not get from you the sense that you are talking with them just to in the future contact them for a job. Also avoid being too dominant in the classroom. Though your professor may be impressed, your classmates may find such dominance less appealing. If networking doesn’t come easy, allow yourself to learn and accustom yourself to your new surroundings slowly and develop friendships naturally through the parties, lunches, and classes you will participate as business school begins.

Your first year of business school is likely to be a busy one. Adjusting to a new place, meeting new people, learning new things, and opening new doors will make it an exciting, even thrilling experience. Yet, the best way to ensure that you will enjoy your first-year of business school is through preparedness. There are essentially three key ways in which to prepare, and thereby easily clear some of the main hurdles of the first-year.

1: Math Prep

Before you arrive on campus, you should focus on academic preparedness for the Math aspect of business school. If you feel a little weak on your quantitative skills prior to beginning your MBA, you are not alone. Approximately a third of MBA entrants need a full Math review course before they begin classes, and an additional third are weak in some area—whether accounting, statistics or excel spreadsheets—and need to spend some time working on it in the summer prior to beginning school. This does leave an additional third—these engineers, accountants or “traditional” candidates, who have been working in the finance industry prior to starting their study. If you fall into this category, you are unlikely to need much additional quantitative before your first-year classes begin. There are also diagnostic tests you may consider taking if you are uncertain of whether or not you are ready for MBA math.

Review Options

o Many business schools offer a math camp or quantitative review to students prior to entering the fall semester. Check with the school you will be attending to see what summer programs they offer. (It’s also a good networking opportunity.)

o GMAC sells a Quantitative review program called MBA Survival Kit, including 4 CDs covering finance, accounting, math and statistics skills. Each CD may be purchased separately. Available for $60 each or $155 for the complete set.

o MBA Math is an online math review course modeled on the Math Camp at Dartmouth University’s Tuck Business School. It’s available for $99.

Recommendations

o Seek out a program that is approved or recommended by the school you are going to attend. Many schools offer their own Math Camps during the summer.

o If you do fall into a category like “career-changer” (those out of practice in terms of quantitative skills), take a course. Not doing so will leave you in a position of having to catch up with your classmates, many of whom are accustomed to using analytical or quantitative skills daily. Not taking the time to review will make your first-year a much less pleasurable experience—academically, professionally, and socially.