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You can find a better version of my blog at http://www.adammarkus.com/blog/.

Be sure to read my Key Posts on the admissions process. Topics include essay analysis, resumes, recommendations, rankings, and more.

April 30, 2013

Do You Really Need an MBA?

In this post, I offer some advice for those considering applying to MBA programs. In the second post in this series, I discuss the different types of MBA programs.


I am not in the business of telling anyone that they need an MBA, only in helping committed applicants get into MBA programs. Frankly, I think one of my strengths as an MBA admissions consultant is that I am neutral about this question. I don’t believe that an MBA or any particular graduate degree is always worthwhile or even necessarily the best option for everyone looking to make a positive change in their careers and/or life in general. 

If someone says to me, “Should I get an MBA?” my response usually goes like this: “I can’t answer that question for you, but here are some questions you need to ask yourself.”

If you obtained an MBA, how would it impact you both personally and professionally? This is a rather general question, but one you can expect to need to answer in your application essays and interviews, so even if you are certain you want an MBA, you need to answer this question.  If you can't explain what the impact of an MBA would be on your career, you clearly need to learn more about programs and the typical outcomes that can be expected from attending them. You then need to relate those outcomes to your own situation.  On a personal level, do you hope that attending an MBA will have a positive impact on things like your sense of self-confidence, your range of life opportunities, worldview, and personal network?

Why do your professional goals require an MBA? Not all careers benefit from an MBA. If you have clear professional goals, an MBA may be an almost absolute necessity or relatively useless. Talking with senior people in your field, headhunters in your industry, and even looking at job postings can help you better understand the value of an MBA. If you are fundamentally uncertain about what you want to do, you might want to consider talking with a career counselor or even a life coach.

Do you really want to spend one to two years back in school for a full-time MBA? If your answer is that you don't, an MBA might still be a good choice for you, just not a full-time residential program.  I  will discuss other forms of MBA delivery in my next post.

How will you pay for an MBA? The costs involved in doing an MBA can be huge, so the financing of a degree is something that you need to look into.  Consider how much savings you have, other potential sources of support (Your employer, your family), and scholarships.  After looking into the cost of programs, put together an actual plan for how you would pay for an MBA. If you can't imagine paying for an MBA, you should talk with admissions offices to determine whether an MBA is really out of reach for your or not.   It is easy for anyone to say that you should not let financial considerations undermine your opportunities, but in some cases an MBA is really not a viable option because of the costs involved.  In such situations, you need to find alternatives (I’ll discuss such alternatives in my next post).

Have you calculated the ROI?  Calculating the expected Return On Investment is one very economically rational way to determine whether you need an MBA.  Calculating the expected Return On Investment is one very economically rational way to determine whether you need an MBA.   Forbes has an MBA calculator on its site, which will help you for calculating ROI for US fulltime MBA programs: http://www.forbes.com/static_html/bschool/bschool_calc.shtml.  Another calculator, which can be used for measuring the ROI can be found at http://www.mba360.com/mba-salary.html.  A 2011 article in Poets & Quants looked closely at ROI, see http://poetsandquants.com/2011/01/07/is-an-elite-mba-degree-worth-the-cost/.  ROI is just one way of measuring whe ther an MBA is worth doing and it can be misleading. For example, it can't take career and/or geographic change into consideration. Also consider that the higher your present salary, the lower your ROI will appear if the calculation is based on average post-MBA salary at the school you are considering applying to.   Finally, be highly suspicious about reported post-MBA salary numbers, especially if they are based on student self-reported data or come from programs where pre-MBA salary is relatively low.  Finally, with any investment past average performance is merely that, what happens with the average candidate and based on what happened in the past.


Have you really thought about the opportunity cost involved, not only in money, but in time? The opportunity cost of an MBA is not just in money, but in time.  The application process itself can be very time-consuming. I know some applicants who struggle with test preparation for up to two years before they are even ready to apply, but I also know applicants who sit for the GMAT once and find the whole thing rather easy.  The same applies to making applications.  I work with many clients who only apply to 1-2 schools, many who apply to 3-6 schools, and some who apply to 8-12 schools.  The time involved in the application process is thus highly variable.  Then consider the time you will be doing the MBA as well. Is doing an MBA the best use of your time?


Are you ready to commit yourself to the application process? The MBA application process can be particularly grueling if you are applying to programs that even moderately difficult to enter. You should expect to use a great deal of your time outside of work for doing applications.  Many applicants find that they have to put some if not all of their hobbies and social life on hold while doing their applications. If you plan well and start early, this is likely to be a less of problem.


Are you sure this is the right degree for you?  For some people, it is obvious an MBA is the right degree, but for others not necessarily.  You might very well want to go back to school, but carefully what you want to study and what you want to do. In my next post I’ll discuss some graduate degree alternatives.

Have you thought about more specialized degrees or training?  Sometimes more specialized training, like CFA or CPA, simply makes more sense. Carefully consider whether professional certification will get you want.

How much do you know about MBA programs?
 Even if you are certain that you want an MBA, if you don't know much about programs, keep an open mind.  I would recommend that all applicants learn about programs by visiting schools, attending information sessions, reading websites/blogs, and talking with alumni and current students.  If you do a bit of investigation, you will be making a more informed choice. If you decide to apply, you need to take these investigatory steps anyway, so I highly recommend doing so as  early as possible in your admissions process.


You need to answer the questions above because doing so will help you assess whether you really need an MBA. Additionally, once you have answered them, you will have a good initial basis for handling MBA essays and interviews. If you are not satisfied with your own answers to these questions, you need to think more deeply and do more research. 

People who take the time to fully consider their options are more likely to make the right decision. If they decide to pursue an MBA, they do it from a position of strength, based on both knowledge of what an MBA can do for you and self-awareness that it is the right way for you to move forward.

In the next post in this series, I discuss the types of MBA programs because not everyone should or can attend a typical one to two year residential full-time MBA program.

-Adam Markus
I am a graduate admissions consultant who works with clients worldwide. If you would like to arrange an initial consultation, please complete my intake form. Please don't email me any essays, other admissions consultant's intake forms, your life story, or any long email asking for a written profile assessment. The only profiles I assess are those with people who I offer initial consultations to. Please note that initial consultations are not offered when I have reached full capacity or when I determine that I am not a good fit with an applicant.

April 28, 2013

Take the MBA Search Survey, and win $100 and our sincere gratitude!

I wanted to ask that my readers take the MBA Search Survey. 
Cheers,
Adam

Take the MBA Search Survey, and win $100 and our sincere gratitude! The anonymous data will be shared with admissions officers from top programs.  Make your voice heard!

Business school applicants turn to my website  as a source of reliable information and valuable advice on the MBA admissions process.  As Association of International Graduate Admissions Consultants (AIGAC) members, we are conducting a survey to help us better understand our readers' goals and needs.

We'd like to invite all of our readers to share their school selection priorities and views on the MBA application process.

This online survey should take no more than 10 minutes to complete.  We would love to receive as many responses as possible before the closing date of May 15th – and will be giving away three $100 VISA gift cards as a token of our gratitude!  We'll also be sharing the results of the survey this spring to help candidates better understand the nature of today's applicant pool.

Thanks in advance for your participation.

Simply click here to begin: Click here to take our MBA prospect survey.

Alternatively, you can paste this URL into your browser’s address bar: http://j.mp/AIGAC


-Adam Markus
I am a graduate admissions consultant who works with clients worldwide. If you would like to arrange an initial consultation, please complete my intake form. Please don't email me any essays, other admissions consultant's intake forms, your life story, or any long email asking for a written profile assessment. The only profiles I assess are those with people who I offer initial consultations to. Please note that initial consultations are not offered when I have reached full capacity or when I determine that I am not a good fit with an applicant.

April 20, 2013

Visits to Booth and Kellogg and some thoughts on learning about MBA programs

I know my blog has been quiet since April 2nd.  For spring vacation, I went to Chicago, where I froze most of the time in very un-spring-like conditions.  My parents and brother live there, so it was time to spend some quality time with the family. In addition, I visited both Booth and Kellogg. Both visits were very productive as it was a chance to meet with admissions at Booth and talk with some of my former clients who are attending Booth and Kellogg.

I had a great opportunity to have a private meeting with a couple of admissions officers at Booth, who were kind enough to take time out of their schedules to meet with me.  It was a frank and off the record meeting, so I will not directly be writing about it.

I tried to also arrange such a meeting at Kellogg, but my prior contact in the admissions office is no longer there and I could not even get a reply to my request for meeting. Oh well, I guess I’ll have to try again when I am back in Chicago.

Still I visited Kellogg to see it again after not having done so for about six years.  As everyone who has been there knows, the place is too small and a new campus will surely be welcome.  According to the Northwestern University website, construction is supposed to start this summer and be completed by 2016.

The main purpose of my visit was to meet with a couple of my former clients who are first year students there.  They explained how their first year had gone. I was happy to learn that both had excellent internships for the summer.   I hoping to have interviews up with both of them later this year.

I met with first and second year students at Booth.  What was particularly interesting for me was the very different perspectives my former clients had on Booth, something which again reinforces my belief that especially in a program as flexible as Booth, students experiences will really vary greatly.   Differences in perspective also reminded me of why  it is so important that applicants to MBA programs make their own determination about a school and don’t just take any single one perspective on it.   Visiting for yourself and talking to multiple students and/or alumni is really the best way to determine whether you really fit.

Applicants, including the many I have been talking with for initial consultations the last couple of months, often ask me what to do in the spring.  My advice is always to visit schools if you have not done so. Going to them while they are still in session is best.  If you are planning on making round one applications, waiting to visit till the fall can be too late.  Best to do it now and fully account for your visit in your essays.


-Adam Markus
I am a graduate admissions consultant who works with clients worldwide. If you would like to arrange an initial consultation, please complete my intake form. Please don't email me any essays, other admissions consultant's intake forms, your life story, or any long email asking for a written profile assessment. The only profiles I assess are those with people who I offer initial consultations to. Please note that initial consultations are not offered when I have reached full capacity or when I determine that I am not a good fit with an applicant.

April 02, 2013

Q&A with a Member of the HBS MBA Class of 2014

"HBS2014" was kind enough to answer my questions. HBS2014 is a former client and a member of the Harvard Business School MBA Class of 2014. HBS2014 is Asian and in his early 30s.

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Adam: How hard has the first year at HBS been for you?

HBS2014: The day-to-day work is not as bad as I thought, but making an impactful comment in front of a class of 90 students is not an easy task – not necessarily hard, but challenging in a good way.

Adam: What parts of the program have you liked the most? The least?

HBS2014: I am always impressed how well structured and integrated all the Required Curriculum (RC) courses are. For instance, a new concept learnt in Marketing appears in the next case you read for Operations, and vice versa. No complaints on the program so far.

Adam: What has most surprised you about your first year?

HBS2014: Something I should have known better before entering, but the section experience has been surprising in a pleasant way. Taking all classes with the same people in the same room in the same seat for the entire year gives you an opportunity to consistently see how classmates approach different problems, and is part of the uniqueness of HBS.

Adam: You are older than most of your classmates. Do you think this has mattered at all?

HBS2014: Not really. I feel the pressure myself that I will be leaving my early 30s by the time of commencement, but I don't care about this when I am at school.

Adam: Do you actually have any time for clubs?  If so, which ones are you active in?

HBS2014: No. Not that I am swamped with studying, but more because I haven't prioritized clubs too much. I plan to spare more time in the second year for clubs such as Asia Business Club and Greater China Club, given my intent to work in Asia after HBS.

Adam: Are there any common characteristics you find amongst your classmates?

HBS2014: Many are really humble and hardworking. For one of the first mid-term exams we had, the mean score of the class was around 90 out of 100 with marginal deviation. Many are genuinely smart, but on top of that, people do make effort.

Adam: What are hot topics, activities, classes, etc. at HBS right now?
HBS2014: Strong focus on entrepreneurship, whether it is one of the RC courses (The Entrepreneurial Manager), FIELD program, and the iLab.

Adam: Are there any changes coming to HBS?

HBS2014: Not that I am aware of.

Adam: What advice do you have for those considering application to HBS?

HBS2014: Visit the campus. The class environment is one of the biggest differentiating factors of HBS, and I highly recommend prospective students to pay a visit before application. If you happen to have no contact with current students, please let Adam know so we can get in touch.

Adam: Anything else you would like to tell us?

HBS2014: In general, HBS requires more commitment to class compared to other programs. You have 2-3 cases to read every day which are each 10-20 pages long, and class participation counts for 50% of your grade. In return, it offers everything you need for your learning experience – great campus, committed faculty, amazing classmates etc. If this is an atmosphere you like, HBS is a school of choice, and I guarantee that you will enjoy the time here.

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I want to thank HBS2014 for answering my questions.



-Adam Markus
I am a graduate admissions consultant who works with clients worldwide. If you would like to arrange an initial consultation, please complete my intake form. Please don't email me any essays, other admissions consultant's intake forms, your life story, or any long email asking for a written profile assessment. The only profiles I assess are those with people who I offer initial consultations to. Please note that initial consultations are not offered when I have reached full capacity or when I determine that I am not a good fit with an applicant.

April 01, 2013

Rumours Regarding New MBA Essay Questions for the Class of 2016

Disclaimer:  While none of the following can be confirmed at this time, based on past posts prepared with the assistance of my Indian colleague, Mada Sukram,  this is surely worthy of my readers’ consideration. 

The ever shrinking Why MBA question at HBS

As appears to be the pattern from last year, top MBA programs are continuing to alter and shrink their essay sets.  For class of 2015 entry, HBS  gave 500 characters (about 100 words) for explaining why the applicant wanted an MBA based on the industry and function they will pursue. Industry and function were determined by selecting from a drop down menu of limited options.   According to Mada’s most reliable sources in the greater Cambridge area, this question will be replaced with something like the following:
“Which of the following reasons best describes your motivation for applying to HBS:
1.  The will to power.
2. Greed.
3. My obsessive helicopter parents who continue to control every aspect of my life.
4.  I believe an HBS MBA is the ideal platform upon which I can then go onto bring about world peace.
5.  I really need to get out of investment banking.
6. I’m no good at my current chosen career path, so I want to double down on it.
7.  HBS graduates like President George W.  Bush and Gov. Mitt Romney inspired me with their powerful rhetorical strategies that they had clearly cultivated in the HBS classroom. 
It is believed that the list of options will eventually include about 10-15 choices.  As far as Mada and I know, there is no indication that the HBS application will allocate space for an explanation of the applicant’s selection.

Location Matters Essay Question at Wharton

Mada’s sources on this one are literally not to be believed. Assuming their potential accuracy, Wharton’s new MBA branding strategy will be to emphasize “The Philadelphia Difference.”  To that end, a new essay question is be a part of the Class of 2016 application:

“Why are you passionate about spending two years in Philadelphia?” 

According to Mada’s sources, this question will be in addition to a more standard Why MBA/Why Wharton question.  Applicants who have not actually been to Philly are likely to have a  psychological advantage over those who have.  If you can’t understand what I mean, you have not been to Philly.


Haas replacing their song question with something even more cute

Last year, Haas asked “ If you could choose one song that expresses who you are, what is it and why?”, but this year they have an even cuter question, according to Mada’s sources in the People’s Republic of Berkeley, the following question will be replacing the song question:

“If you could choose one animal to express who you are, which animal is it and why?”

I suspect that many applicants will ask whether it is better to Oski or not to Oski.  I pity prospective Golden Bears who have to puzzle this one out.

Stanford alters “What matters most to you, and why?”

Finally, Mada’s sources in the greater Silicon Valley, indicate that Derrick Bolton and crew have decided it is time to radically alter the sacred unchanging question.  The new version may strike some as shocking in its direct and extremely aggressive attitude, not to mention unmitigated candor.

“Stanford GSB rejects the vast majority of applicants. Why should you matter to us?”

There is some speculation that has actually always been the real question anyway.

I want to thank Mada for his continued efforts on my behalf. Mada and I have worked together for as long as I can recall.




-Adam Markus
I am a graduate admissions consultant who works with clients worldwide. If you would like to arrange an initial consultation, please complete my intake form. Please don't email me any essays, other admissions consultant's intake forms, your life story, or any long email asking for a written profile assessment. The only profiles I assess are those with people who I offer initial consultations to. Please note that initial consultations are not offered when I have reached full capacity or when I determine that I am not a good fit with an applicant.
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