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.
Today is a continuation of our ongoing examination of the recent changes at top business schools around the United States.
On the radar today:
MIT Sloan is actively attempting to raise its profile and become a more recognizable institution. During his recent interview with Business Week Online, Sloan’s Dean David Schmittlein discussed various unique opportunities to make the program more recognizable and to develop a tighter connection with world business leaders.
Some of the changes the school plans to make include the following:
- Customize the curriculum to the needs of learners
- Make the program more relevant to medium term career goals
- Add a number of new degree programs
Similar to many top Business Schools, Sloan is working hard to develop new engagements around the world. Sloan anticipates many announcements to surface about their updated relationships with global business leader within the next six months
Maintaining a Competitive Edge
MIT wants to become a more competitive program in the face of rising challenges and rising interest from students worldwide in getting an MBA. MIT is striving to increase its value on the “B-School Market”, with a number of key points that they believe separate them from the rest of elite B-Schools:
- Management education is not only about the MBA
- Advances in strategy and consulting
- Building on the strength of entrepreneurship and innovation
- Family based institutions
Stanford Seeks to Go Green and Turn Socially Conscious
Stanford has also launched a new curriculum. An interesting aspect of this curriculum is a new class called Critical Analytical Thinking:
- Designed to develop the student’s ability to construct a strong argument
- Learn how to take a tough topic and make an argument about it in a very short period of time.
- Done in a small group; students are instructed to mutually critique each other’s work
- The student’s teacher becomes the student’s personal advisor
New Campus, Same Values
The new campus for Stanford’s Graduate School of Business will be exclusively green and provide the comfort of California style architecture, integrating indoor and outdoor environments. The new campus will reflect the new changes within curriculum. The campus and building will also provide the students with flexibility in learning as more seminar rooms are built which facilitate working in small teams. According to the school’s website, $100,000,000 USD of Nike CEO Phil Knight’s donation will be put towards the new $275,000,000 USD campus. The project, called the Knight Management Center, breaks ground this year and the new campus will replace the old business school’s outdated infrastructure. The campus will be shared with other schools in the university via the innovative multi-disciplinary courses that Stanford Graduate School of Business are introducing into their curriculum.
These requirements for flexibility and collaborative learning come together in a course called “Innovations in Bio-Design.” The student make-up for that course, according to the dean, is 1/3 Business, 1/3 Medical School, and 1/3 engineering. The course is based on developing a Bio-Design idea and creating a business model for it. Thus, the students must work together due to the disparate nature of the disciplines involved.
Such a course reflects Stanford’s focus on business “not existing in a vacuum,” according to Dean Rovert Joss: Stanford’s new business curriculum takes social, environmental and other non-market situations seriously and considers its institution to be a center for social innovation. Stanford’s curriculum embodies the idea that business and social awareness are not mutually exclusive.
Changing Faces and Strong Values
MIT Sloan and Stanford’s updated MBA programs both reflect similar ideas about how business education fit with culture and the environment. Both programs embody the idea that business must coexist within the environment and the global landscape while business education must reflect that coexistence. Additionally, the way that an MBA fits with a student’s future must be accounted for within the education itself.
Lastly, the schools discussed both today and yesterday are making their curricula more student-focused. These programs are striving to strengthen the value of an MBA degree by exposing students to how business operates in the real world and most of all, helping students to be prepared (and employed) when graduation finally comes around.
During the recent two years, many business schools have revamped or retooled the curriculum of their MBA programs . This is designed to better prepare students to manage and thrive on new challenges in an ever-changing global business world through a more profound intellectual experience and more effective training on leadership development. These modifications allow students to customize their MBA programs with a greater selection of electives, an increased number of half-semester core courses, more exchange programs for studying aboard, smaller classes, a closer integration of in-person and online class participation, and more week-long intensive courses.
Deeper, Smaller, Broader
So what are those key improvements? In a nutshell, MBA curriculums have been remodeled in 4 major aspects:
1.) Content – More real-world relevant courses, more interdisciplinary courses (such as legal and international relations courses), and more collaborative effort – Harvard Business School, for example, offers the opportunity to cross-register for courses in other select graduate programs. So do many other top business schools. More extra-curricular lectures from business professionals and on-site projects with corporations or governments.
2.) Configuration – Broader spectrum of electives allow you to construct your own study program and make your B-school academic experience unique. The weight of core courses as requirements for the degree is lowering. Many core courses are also offered in half-semesters to let you take many different courses within a semester’s time. For example, about half of Columbia Business School’s core courses are half-semester.
3.) Delivery – More high-tech equipped classrooms with more frequent use of the Internet. Smaller class sizes. Classes are taught in seminars that maximize active participation and deeper intellectual involvement. More courses are taught by two or more faculty members as a team.More interaction with faculty advisors. For example, at Stanford Graduate School of Business, your faculty advisor partners with you to select the courses that fit with your personal background and interests.
4.) Format – New curriculum models. For example, Yale’s MBA program did away with the traditional self-contained subject courses such as marketing, finance, and organizational behavior. Instead it starts to offer an Integrated Leadership Perspective course focusing on managing internal and external parties such as all levels of employees, customers, competitors, and investors. The goal is to tie together all that students learned in the first year in a holistic manner.
What prompted these changes?
Many top-rated business schools had not developed new MBA programs in nearly 30 years. Why all the changes now?The major reason for the changes is one framework of business education simply won’t work anymore. Interdisciplinary studies and experience-based learning foster the kind of creativity, leadership, problem-solving skills, critical and independent thinking, business ethics, and cultural sensitivity necessary to succeed in real-world business.
The impact of the dot-com era and an increasingly dynamic, global economy are two main catalysts for curriculum changes. MBA programs now incorporate more courses specifically geared toward e-commerce, digital media, and information technology. Programs also look beyond textbooks to incorporate more interactive learning into the classroom. The growing significance of communication in a global context also translates into a stronger emphasis on foreign language study and traveling abroad within MBA curriculum.
Finally, many top business schools have changed due to new dean and program director appointments in the past few years. These new personnel bring years of experiences, fresh perspectives, and great initiatives to instill new energy into well-established institutions in a competitive and adaptive MBA education world.
What Is Required of the Schools?
To take the program to the next level, those schools need significant funding from their respective parent institutions to support new facility, new equipment, increase in faculty and more. Both Stanford and Columbia are in the midst of expanding their business school campuses.As we can see, a lot of more work is ahead for all the top institutions. To educate next century’s business leaders, all the business schools need to stay at the forefront of the changes.
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