There are three major questions for any MBA prospective student:

1.       How to get in?
2.       How to get out?
3.       How to pay for it all?

Getting into a program of your choice is only the beginning because completing the program, within your desired time frame, is the ultimate goal.  How about the third question – how to pay for it all?

If you’re not independently wealthy or your company doesn’t pay for your higher education, you have to think creatively on how you’re going to invest in your MBA education. Here are four ways to prepare, pay for, and/or payback your MBA education:

-save money;
-earn grant funds;
-take out loans; and/or
-use current wages

Saving money is a very effective way to fund your MBA education. Just take a look at the indebtedness of students (hyerplink - http://grad-schools.usnews.rankingsandreviews.com/best-graduate-schools/top-business-schools/debt) and you will soon realize that many graduates from top programs are in debt over $50,000. Saving money takes planning. Since most MBA candidates work for at least three years first, there’s a golden opportunity to save at least 10% of your earnings for an MBA program. There are very few reasons why you couldn’t save at least $10,000 for the first year of an MBA program.

Earning grant money requires a solid to exceptional transcript. The grades you earned in college can be a big plus for your MBA scholarship consideration. If you’re already out of school and aren’t satisfied with your performance in college, don’t fret. There are still ways to earn grant money. Since each school is different in their grant considerations, you should inquire within.

Taking out loans is the most common way to fund an MBA education. In order to qualify for federal loans, a FAFSA form needs to be filled out. Private loans should be avoided or used as a last resort. Always read the fine print to a loan and understand how it works before signing it. My advice with loans is to not take the money until you absolutely need it.

MBA students can opt to attend their program part-time, and thus, continue to earn a living. This is an attractive option financially because you can use your current wages to fund your education. However, you must also consider the lost financial opportunity and time if you were to quit your job, finish your program in half the amount of time, or earn more upon completion.

Funding your MBA takes time, commitment, and hard work. Consider all of your financial options and respond accordingly. Remember, it’s your money and time and there’s no greater investment you can make for yourself than continuing your education.

Liam Dunfey, M.A.
MBA Admission Consultant

I have been asked by MBA 365 to shed some light on several topics: MBA tuition financing and who should apply to international MBA programs.

MBA Tuition Financing

Unfortunately I can’t generalize for all European business schools but it appears that most schools offer financing alternatives. What I can tell you about ESADE is:

“ESADE offers MBA Student Loan Agreements for all nationalities through exclusive arrangements with large Spanish banks to specifically meet your needs. The majority of MBA candidates finance their tuition fees through student loans from lending institutions around the globe. Spanish banking institutions show their commitment to ESADE Business School by providing optimal lending terms to all ESADE MBA candidates (regardless of nationality). Our partner banks cover up to 100% of the tuition fees.”

My US classmates who have gone through La Caixa bank to obtain their loan have told me that the process was very simple and seemingly only required a signature. The ease of the process and the fact that the loan is denominated in Euros instead of US dollars, thereby eliminating the currency conversion factor, has led the majority of my US classmates to choose financing arrangements through the Spanish banks.

International Programs

My decision to attend a European MBA program was primarily driven by the pursuit of post MBA employment in Western Europe. I saw the large European alumni network and the proximity of the school to major European cities as a major advantage. What I realized upon arriving at ESADE is that international programs don’t just facilitate employment in a given location; it provides you the unique experience of being in an international community of students. When ESADE states that 47 countries are represented from the student body it is not a statistic liberally adjusted through creative ways of assigning student body countries of origin, but an accurate representation of people’s nationalities.

Yet, aside from all the soft intangible, we are here to find jobs after the MBA and to be quite frank, those wanting US based jobs will be better off attending an American MBA. The alumni network will be stronger in the US and access to recruiters will be better. That is not to say it isn’t possible to obtain a job in the United States from a European business school. I and several others have been able to obtain summer internships in the US but I feel that if you are set on living and working in the US, it would be more advantageous for your career development to attend a US MBA program with an extensive US based alumni network and corporate recruiter relationships.

Bryan,

ESADE Class of 2011

Every spring, a small amount of prospective MBA candidates are left with nothing but rejection letters and questions, mostly that begin with the phrase “What if.”  What if I wrote a better essay?  What if I scored higher on my GMAT tests? What if my grades were better or my recommendations were stronger? What if I worked for a Fortune 500 company to bolster my acceptance chances?

I ask my clients another type of question that empowers them to think very differently at the beginning of their search. What if you applied to six to eight first choice programs where you were within the admission range and where you could imagine yourself enrolled at any one?  In other words, why would you apply to programs if you’re really not that interested or they’re beyond your admissibility?  Why invest your money, time, and hope in something like that scenario?  My advice for prospective students has always been to focus on what’s within your reach. Think about how your education and career could be transformed at an appropriate program based on your goals and outcomes.

A few weeks ago, I was asked to help a prospective MBA student who was rejected to the four schools that she applied to for fall 2010. When I looked at her transcript, resume, and test scores, I wondered why she had applied to Tier I programs with Tier II credentials.  Plus, she only applied to four schools, a further gamble in the admission process. Her options are more limited now.  This could have been avoided with a little planning and advice.

If you go beyond eight applications, focus can be lost, more money is spent, and the pressure mounts to complete all applications within deadlines. If you go below six, as mentioned above, and you reach a beyond your admissibility, you may be left with nothing but rejection letters, frustration, and most importantly, lost time.

You’re probably wondering what “first choice programs” are?  They are the six to eight programs on your list that you would be happy enrolling if you are accepted.  Simply put, first choice programs get you thinking that even if you are rejected to all but one, you will be excited to go to that one. It’s moving away from your mindset of putting programs into the three traditional categories: elation, content, and tolerance. Attitude is critical in successfully graduating from MBA programs. Use this philosophy in the admission process too.

MBA admissions can be daunting. With a little planning, though, the process can be effectively streamlined, making the admission process a worthy investment in the end.

Liam Dunfey, M.A. is the lead admissions counselor for MBA365.com.  To learn more about the MBA365.com Admissions Consulting Services please click here.   Liam can also be reached via email at ldunfey@mba365.com

As Madhavi mentions in her post, strong extracurricular activities are a must for any serious applicant. Since most applicants to top programs will probably have a solid GPAs and mind-blowing GMAT scores, strong participation in extracurricular activities is one of the main places on your application where you need to stand out (in a good way, of course).

Where do you find a good outlet for your charitable involvement? One often overlooked example is your alma mater’s alumni association. If you’re not currently a member of your alumni association (or better yet, you didn’t even know one existed), sign up immediately!

A university’s alumni association exists mainly to promote the goals and interests of the university in the broader community. It raises the university’s ability to raise money, gain political clout, recruit students, and enhance its image. The best part is, most alumni associations rely on alumni volunteers’ help. Getting involved is often a great opportunity to showcase or develop your leadership skills and show initiative in giving back to your community.

There are various ways to get involved. If you no longer live near the area where you went to college, look into starting a local alumni club. Alumni clubs across the country host various social, networking, and volunteer events to promote the spirit of their university. If a local club already exists, sign up and volunteer your services in planning various club events or running the club.

You can also visit your alumni association’s website to find out information regarding the structure of the association; often, you can volunteer to sit on various committees or even run for the board of directors. Not only is this a great way to show your commitment to you alma mater, it is also a fantastic networking opportunity. Look for opportunities that will allow you to showcase or develop skills that you lack in your work experience.

Getting involved with your alumni association has many tangible benefits for prospective MBA applicants. Some schools, such as HBS and Tuck, actually look for evidence of applicants’ post-graduation involvement with their schools – it shows that, if accepted, the applicant will continue to be involved with the school. If you’re looking for attractive extra-curricular involvement, look no further than your alumni association.

Join the forum discussion on this post - (1) Posts

There are three important steps to follow to get a strong recommendation:

Selecting the recommender: The best recommender is a supervisor  who has interacted with you closely. Recommendations from CEOs or CFOs are absolutely useless  unless you have closely worked with them on several projects. A supervisor who can talk about your strengths, weaknesses and really knows what you are made of is one of the best choices. A peer review is sometimes sought by schools. When the recommender selection is left as an open choice, a supervisor is preferred over a peer.

Coaching the recommender: This is an essential and crucial step. Make sure you coach your recommender about your goals and aspirations. Tell him/her why you are looking for an MBA. The recommender may very well be mindful of your work culture, team spirit, attitude etc. It is also important that he or she be made aware of your professional goals; it’s your duty to make an appointment and tell him or her about your goals in greater detail. The next step is to tell him/her about the timelines for your applications. Don’t hesitate to send across a gentle reminder if necessary!

The recommender’s say: In short, the recommender must back-up whatever you said in your essays. In fact, the recommender gets a chance to narrate instances and elaborate on many of your key attributes. You can make sure that your application ties together if your recommender reinforces your ideas and elucidates your qualities. Taking the extra steps will ensure that the  the recommendation letter makes the maximum impact on your application, resulting in a favorable outcome.

Selecting the right school is one of the most important steps  in the application process. I consider the following aspects crucial to the selection process.

Curriculum and Electives: Check what a school offers as a part of the curriculum. Do the electives offered meet your career goals and aspirations?

Career Placement: How good is the recruitment in your field of  interest. If you are an international student make sure you find out which companies are willing to sponsor work permits. Not all companies are inclined to recruit international students.

Teaching Style: Teaching methodology is typically a mix of case study and lectures, although some schools only practice the lecture-based method. Personally, I think case studies present a real-life experience and schools that promote this method, such as Harvard, are a better choice.

Networking: Know how strong the school’s alumni network is and the type of career events and fairs are typically held.  Networking is very important for internships as well as post-MBA jobs. One of your main professional networks will be through the school you graduate from.

Location: Location can be important to applicants because of family ties, weather preferences or other interests.

Student Body: What is the composition of the student body? What is the extent of diversity in terms of work experience, age, nationality etc? How enthusiastic and active are the students?

Outside Classroom: Student organizations and cultural clubs enable you to pursue your interests and develop your skill set via extracurricular activities. Learning about the various clubs will help you understand what you will be able to experience outside the classroom.

Hands-on Experience: Many schools encourage their students to work for companies even when they’re taking classes; doing so helps you hit the ground running.

The various sources of information about schools are be their students, staff, alumni, websites (check out the MBA365 school-specific pages), MBA fairs and class visits. Class visits are more advisable once you have figured out your top 5 choices and will help you make your final decision.

From my experience I would suggest the following:

A complete and thorough reflection of WHY an MBA would help you achieve your career goals. Know very well what you wrote in your essays and make sure that you reinforce it in the interview.

WHY MBA? WHY MBA NOW? CAREER GOALS?  ABOUT YOURSELF? (Hint: Show a career progression and also showcase extra curricular activities) WHY XYZ SCHOOL? (Hint: Bring out the match between your goals and what the school has to offer and also what you can contribute and how you can continue to pursue your other interests.) These are all  typical questions and they must be answered VERY VERY well.

Apart from these questions, the MOST important thing is: Have specific examples in your professional and personal life illustrating leadership, failures, hurdles, accomplishments, contributions to organization, and team work. You should have  covered quite a few of these in your  essays, but you will need more examples for the interview. So, make sure you have an experience to quote in each of these areas. ALSO if you say abc is your strength, have an example ready where you demonstrated that strength. Generally you are asked for two or three strengths, so have lots of examples ready for the interview.

It is the same case with weaknesses. Have an example of a specific weakness and also show how you are working to overcome it – it is important to mention this.

In your recommendations ensure that the recommender actually backs whatever you stated in the essays and anything you would possibly say in interview; CONSISTENCY is very important.

In regards to career goals, you are expected to be very focused and clear. The POSITION you would like to get post-MBA, 5yrs, 10yrs and 15yrs down the line. The industry and function must be very clearly stated and you must be in a position to say which company you are looking at post-MBA. Even if your essays don’t specifically ask for this information,  the adcom (the business lingo for admissions committee ) will most likely ask you this during the interview. They are interested to make sure that the MBA program can help you with your career aspirations.

Due to the high level of competition, schools tend to accept students who put in the effort to find out as much as possible about the school. Attending MBA events, getting in touch with Alumni, current students and staff and class visits are a plus. There may be questions in the interview that test your knowledge about that particular school.

Also, make sure you have questions for the adcom as well. Don’t just ask something whose answer can be found right on their school’s website. IF all this is done, you are all set!   Good Luck on your interview!  I know you’ll ace it!

Wondering what schools expect when they talk of extra-curricular activities?  Well, be it any domain that the school is concerned about, they look for one key trait: leadership!  In fact, one need not have held any lead role designations in one’s work experience.  The initiatives you took and your leadership instances count.

The admissions committee looks for your commitment and leadership  in these activities. It is often misinterpreted that community service alone qualifies for this section. Definitely not.  Do something you are passionate about that would help you enjoy whatever you do and be sure to bring out instances where you could showcase your leadership.  Tell them how you would pursue this interest at school.  Your activity could be music, some sports club…just anything.  Anything, but you are expected to do something outside of work…some for fun and some out of passion and interest.  No one out there wants a nerdy bookworm.  Try to be the right mix!

I’d love to hear from anyone regarding some of the things they’ve done regarding extra curricular activities.  Did you join a club?  Help out at a museum?  Please leave a comment and tell me about your leadership skills!

We have been hearing “It is the best to apply when you and your application are ready”.  But, why not get ready for early rounds? Even if your stars don’t turn lucky for you, you would still have many doors open if you are an early bird. Yes, people who are not happy with the offers they get in the first round decisions always stand a chance to apply to their next set of schools’ second admission rounds. This is more appropriate for international students who are typically allowed to apply only to certain rounds of admission, most likely the first couple of them. First round generally spans from Oct to Dec. But certainly, as said, ensure you are all set when you apply. You may go through the MBA Checklist post to measure your readiness.

How important is the GMAT in the admission process scale of one to ten?  Hmm… let us first redefine the scale. It is a scale of ten ones rather than a scale from one to ten. Each applicant is evaluated on a gamut of aspects ranging from aptitude to work experience to extra-curricular activities to essays. Even recommendations are a critical component…

The GMAT is an indicator of your aptitude. It helps to predict how one would perform in class. It is better to get the GMAT out of your way and get onto other things which demand more effort and time. Certainly, the GMAT might appear to be a monster on your journey to secure an MBA. But trust me, once you get past this hurdle, you will realize that you have just hit the tip of the iceberg. Simply blow the GMAT out of your way and swiftly fly past it.  Giving one’s best to every inch of the admission process is important. No piece weighs more than any other.

If you need some guidance into acing the test be sure to see my article “The Four Letter Word..GMAT”