I suspect we will learn fairly soon how many schools have been impacted by the end of unsecured CitiAssist loans for international students. The story is starting to appear widely. In addition to the New York Times piece on MIT Sloan and information on the Ross site, Clear Admit has just reported that program ended at Cornell's Johnson and that it would also impact other schools (HBS and Wharton were mentioned) that offer CitiAssist loans to international students without a co-signer.
Actually, Sloanie Ted Chan's "2BL.org" blog reported on the 6th about MIT Sloan's program ending and mentioned on the 10th that this would impact HBS. Ted presents an interesting analysis of the impact of the ending of CitiAssist that I would recommend reading.
-Adam Markus
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October 11, 2008
October 09, 2008
MIT'S CITI ASSIST LOAN PROGRAM CANCELED
As with any news story, please see more recent posts as well comments on this post for updates.
This is not good. I have not yet determined whether this only applies to MIT or covers other schools that used Citibank.
NY TIMES:
If anyone has more information on this, especially as it applies to other schools, please let me know by leaving comments or emailing me at adammarkus@gmail.com.
-Adam Markus
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This is not good. I have not yet determined whether this only applies to MIT or covers other schools that used Citibank.
NY TIMES:
Credit Crisis Is Bad News for M.B.A. Students
By Catherine Rampell… and not just because they will have trouble finding jobs on Wall Street. Some have also just had their student loan options yanked. An e-mail message sent to students Monday at MIT Sloan School of Management:
Dear Sloan M.B.A. student,
As a result of the nationwide credit crisis we regret that we must now notify all Sloan Master’s students that late last week MIT was notified that Citibank has exercised its 30-day option to cancel the CitiAssist custom student loan program with MIT Sloan, effective Nov. 2, 2008.
Students who have already had their loans processed and approved by Citibank appear to be safe, but those who were still securing financing may be in trouble. The school is now helping students scramble to find alternate financing.
-Adam Markus
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October 08, 2008
MBA Application Interview Strategy
This is greatly expanded and altered post from one I did in 2007. In this post I will provide some general advice for preparing for MBA interviews. The methods I outline are the ones I use with my clients.
Some will no doubt think it is odd that my first substantive post for October 2008 is on preparing for MBA interviews, but as I hope to show you, I am merely being proactive.
A REACTIVE VS PROACTIVE APPROACH TO INTERVIEW PREPARATION
First, I think it useful to contrast two different of ways of preparing interviews. As I will argue, a proactive approach to interviews is a more effective way to prepare for an MBA interview.
1. REACTIVE INTERVIEW PREPARATION
Just as the name implies, reactive interview preparation is based on reacting to actions taken by others. It has the following characteristics:
A. Timing: Reactive interview preparation does not begin until all other parts of the application process are completed and in the worst case not until the applicant is actually invited. Interviews are not approached as inherent part of the application process, but something that occurs independently from the rest of the process. For example, the applicant does not think about their resume as an agenda setting device (see below) for an interview, but simply as part of the application. Reactive interview preparation is invariably a scramble for time and often comes too late to have sufficient impact on improving the applicant's performance (An interview is a performance).
B. Approach to answering questions: Reactive interview preparation is always based on reacting to the questions. At its core, reactive interview preparation is based on responding to specific answers to set questions. As result, even those who use this method extensively have to prepare many answers to many questions because that is the only way they can be prepared. The problem, of course, is that when encountering a new question (If you put in charge of the world economy right now, what you do?) in actual interview, the interviewee is often at a loss about how to answer.
1. PROACTIVE INTERVIEW PREPARATION
Just as the name implies, active interview preparation is based on taking a proactive approach to interview preparation. It has the following characteristics:
A. Timing: Proactive interview preparation begins with making a resume. Consider that for all US MBA program alumni interviews, all US MBA program student interviews, and many US program admissions interviews, the only thing from your application that your interviewer will have is your resume. Hence, it is important that your resume contain only information you are comfortable discussing in an interview. It is, to some extent, an agenda setting document. Hence, you should view interview preparation to begin with the composition of your resume. Proactive interview preparation also involves begin interview preparation sufficiently early to have impact. For some applicants with weak English and/or interview skills, such preparation may require a month or more to have real effect. For some applicants, it might just require a day or two of highly concentrated preparation. Much will depend on your skills as well who is interviewing and from what school.
B. Approach to answering questions: Proactive interview preparation is always based on knowing what you want to say about yourself before you interview. At its core, proactive interview preparation is based on thinking about your message. You must also be aware of potential questions, but the focus should be on knowing what you want to say about yourself, no matter what the question. Proactive interview preparation is based on the idea that you don't know what you will be asked, but you do know your message. You should have keywords and stories that can be used to answer a variety of questions.
Interview Strategy Formulation
It is absolutely critical that you have an overall strategy for determining what you want to say about yourself. Just as with your essays, you need to formulate your self-marketing strategy for your interviews. Obviously what you put in your application should be consistent with and supported by your interview. However writing essays and talking for 30 minutes or more are simply not the same.
Don't worry about the questions, worry about your message!
While you should use the Accepted and Clear Admit sites to learn about the questions, an overemphasis on simply preparing answers to the questions that other applicants were asked is not the main thing you should be doing. Instead, decide what you want to say about yourself.
One way of being proactive is prepare a table like the following:
(CLICK TO ENLARGE)
This table can be used for doing an inventory of your keywords and stories that you will use for interviews. Next, I will consider some specific types of keywords you need to develop.
Strengths/Contributions/Future Potential/Personality
1. One of my key strengths is X. A story that demonstrates this strength is... Another story that does is... This strength will be a contribution at your school because... This strength will contribute to my future goals because...
2. Another of my key strengths is Y. A story that demonstrates this strength is... Another story that does is... This strength will be a contribution at your school because... This strength will contribute to my future goals because...
3. Another of my key strengths is Z. A story that demonstrates this strength is... Another story that does is.. This strength will be a contribution at your school because... This strength will contribute to my future goals because...
For each X, Y, Z insert a keyword describing your strength. Connect keywords to specific stories. If possible, find more than one story that demonstrates the keyword. Next think how this strength could be a contribution when you are student. Next think how this strength will contribute to your goals. By using this method, you will have prepared answers to such common questions as "What are your strengths" and "How will you contribute to our school." Additionally you will be ready to show how your past experience will help you achieve your goals. Additionally when asked questions which are less direct about your strengths, you will already have keywords and stories ready for those questions you can't predict. Keep in mind that your strengths might include particular skills as well as personality characteristics. You should think about strengths in the widest sense. Try to develop about 6-12(or more) keywords and 12-20 (or more) stories that relate to your strengths, contributions, personality, and future potential.
Weaknesses/Failures
1. One of my weaknesses is X. A story that demonstrates this is... Another story that does is... I want to overcome this weakness by... This weakness resulted in failure when...
2. Another of my weaknesses is Y. A story that demonstrates this is... Another story that does is... I want to overcome this weakness by... This weakness resulted in failure when...
3. Another of my weaknesses is Z. A story that demonstrates this is... Another story that does is... I want to overcome this weakness by... This weakness resulted in failure when...
HAVE AS MANY WEAKNESSES AS POSSIBLE, NOT JUST ONE OR TWO. TRY FOR THREE TO FIVE. Here you be preparing answers to the very common questions that are asked about weakness, but in addition you will need to think about how the MBA program and/or some other aspect of yourself will make it possible for you to overcome this weakness. Weaknesses should be real and not abstract. You should have clear stories that demonstrate your weaknesses, something many applicants initially have a problem with. Additionally knowing how a program will help you overcome your weakness will explain why you want to attend that school. Finally, SOME, BUT NOT All weaknesses make for great failure stories, another very common topic for interviews.
Leadership and Teamwork Skills/Potential
All applicants should have keywords and supporting stories describing their leadership and teamwork skills and potential. Given the very common nature of questions related to both leadership and teamwork, you should also be prepared for the following:
1. My definition of leadership/teamwork is... because... I demonstrated this kind of leadership by...
2. One leader I really admire is... because... I am similar/want to be like this person because...
3. I think I am a good team member because...
Have enough keywords and stories
If you have enough keyword and stories you will have a solid basis for answering the great range of questions that you are likely to be asked about yourself. Don't develop more than you can master, but don't skimp either.
Questions you should be ready to answer
In addition to having keywords and stories, there are certain questions that you should be ready to answer because they are commonly asked in interviews.
Goals/Why MBA?/ Why this school?
You should have outlined answers to the following:
1. I want an MBA now because...
2. I want an MBA from your school because...
3. Your school is my first choice because...
4. After my MBA, I will...
5. My goals are...
6. If I was not able to attend an MBA program next year, I would...
Ethical Dilemma Questions
Another very common question relates to ethical dilemmas. Be ready. Have a story or two ready. If you are having a difficulty formulating ethical dilemma questions, please take a look at the Institute for Global Ethics. Also see Business Ethics Research - Knowledge@Wharton.
Questions for the interviewer
You should be ready to ask questions to your interviewer. What you ask should be governed by the following considerations:
1. Is the answer to the question obvious? If so, don't ask the question.
2. Is the answer to the question really relevant to you? If not, don't ask it. General questions that have no specific connection to you are probably not worth asking.
3. Will the interviewer be able to answer the question? In general avoid asking interviewers questions that they are not really able to answer. Asking an alum who graduated five years ago about what is new at the school would be one such bad question.
When formulating questions it is obviously important to consider who you will be interviewing with because what you ask an alum is not the same as what you ask an admissions officer or current student.
Prepare intensively for any category of question that you are especially uncomfortable with.
Many applicants hate answering questions about weakness or failure. Other don't like ethical dilemma. Whatever it is you don't like, master it.
Tell stories that show the range of your experience
Keep in mind that you should use stories from different parts of your life. Don't overemphasize one specific situation. Instead tell stories that showcase the range of your experience. To do so effectively, means preparing a sufficient amount of keywords and stories ahead of time. Many applicants wait until days before an interview to prepare, but actually your interview preparations should ideally begin at least a month before you start interviewing. Why so long? Because you have a lot to do:
Over-preparation
I have a very simple and effective method for interview preparation: Over-preparation. The best way to do well in any interview is be prepared for an interview that will be harder than the actual interview. I write this based on my experience. Since 2001, I have been told by grateful clients that my practice interviews were harder than the real thing and as a result they could confidently handle the real thing. I think any highly experienced graduate admissions consultant should be able to provide this kind of practice to their clients. If you don't use an admissions consultant to help you prepare, find someone, a mentor perhaps, who can help you. Whoever you seek advice from, getting actual critical feedback from person who understands the MBA admissions process is critical.
Just as critical is your own preparation. The amount of practice (with someone else and alone) you require will really depend on three variables:
1. Your English ability. For international applicants with low intermediate to high intermediate level ability, expect to focus a significant amount of your time on practicing to speak.
2. Your comfort with interviews. Some people are just really good at interviewing and others are not. If you know that you are weak in the this area, you will really need to practice with another person who can judge your performance.
3. The difficulty of the interview. Some schools simply have difficult interviews (HBS for example), while others do not (Duke for example), so take that into account. A great way to determine the difficulty of a particular school's interviews is to read reports written by applicants (See my earlier post regarding where to find interview reports).
Keep it simple and don't recite from memory
Regardless of how complex the topic might be, when you tell a story, keep it simple enough for your listener to follow. The human brain can only absorb a limited amount of information, so when you tell a story make sure that it is something that can be easily followed and delivered very briefly.
For that reason (and others), memorizing long stories and reciting them should be avoided because it will likely result in your interviewer being unable to absorb your story. If the story takes too long to recite, the may also become bored or annoyed. Additionally memorized answers from a non-native speaker of English are a sign that the interviewee's English skills might be weak.
Don't write a script, just a very brief outline
Unless your English speaking ability is very weak, I would strongly recommend that you don't write scripts of your answers, instead prepare a very brief outline and practice telling the story. Tell your stories repeatedly so that you are comfortable doing so, but since you want to come across as polished, but natural, don't memorize it.
Use an audio and/or video recorder
For many people, except for watching yourself on video, nothing is worse than listening to your own voice. However as painful as it maybe, doing so will help you identify weakness in your answers and overall performance. Therefore record and analyze yourself.
Relax and be confident
I know this part can be hard, but the more relaxed and confident you are, the more likely you are to have a good interview. Creating the right impression is as critical as what you actually say. Make your interviewer feel your enthusiasm.
Practice for specific interviews
Finally, don't just practice for any interview, practice for specific interviews. While you may initially need to think about overall strategy and need to prepare your stories, you should focus some of your practice on specific interviews. If you have mock interviews, make sure they are school specific because a very important aspect of the interview really is about you showing your connection and fit to the school.
f you are interested in my interview preparation or other graduate admission consulting services, please click here.
Questions? Write comments, but do not send me emails asking me to advise you on your application strategy unless you are interested in my consulting services. Please see my FAQ regarding the types of questions I will respond to. Before emailing me questions about your chances for admission or personal profile, please see my recent post on "Why I don't analyze profiles without consulting with the applicant."
-Adam Markus
アダム マーカス
ビジネススクール カウンセリング コンサルティング MBA留学 インタビュー 面接
Some will no doubt think it is odd that my first substantive post for October 2008 is on preparing for MBA interviews, but as I hope to show you, I am merely being proactive.
A REACTIVE VS PROACTIVE APPROACH TO INTERVIEW PREPARATION
First, I think it useful to contrast two different of ways of preparing interviews. As I will argue, a proactive approach to interviews is a more effective way to prepare for an MBA interview.
1. REACTIVE INTERVIEW PREPARATION
Just as the name implies, reactive interview preparation is based on reacting to actions taken by others. It has the following characteristics:
A. Timing: Reactive interview preparation does not begin until all other parts of the application process are completed and in the worst case not until the applicant is actually invited. Interviews are not approached as inherent part of the application process, but something that occurs independently from the rest of the process. For example, the applicant does not think about their resume as an agenda setting device (see below) for an interview, but simply as part of the application. Reactive interview preparation is invariably a scramble for time and often comes too late to have sufficient impact on improving the applicant's performance (An interview is a performance).
B. Approach to answering questions: Reactive interview preparation is always based on reacting to the questions. At its core, reactive interview preparation is based on responding to specific answers to set questions. As result, even those who use this method extensively have to prepare many answers to many questions because that is the only way they can be prepared. The problem, of course, is that when encountering a new question (If you put in charge of the world economy right now, what you do?) in actual interview, the interviewee is often at a loss about how to answer.
1. PROACTIVE INTERVIEW PREPARATION
Just as the name implies, active interview preparation is based on taking a proactive approach to interview preparation. It has the following characteristics:
A. Timing: Proactive interview preparation begins with making a resume. Consider that for all US MBA program alumni interviews, all US MBA program student interviews, and many US program admissions interviews, the only thing from your application that your interviewer will have is your resume. Hence, it is important that your resume contain only information you are comfortable discussing in an interview. It is, to some extent, an agenda setting document. Hence, you should view interview preparation to begin with the composition of your resume. Proactive interview preparation also involves begin interview preparation sufficiently early to have impact. For some applicants with weak English and/or interview skills, such preparation may require a month or more to have real effect. For some applicants, it might just require a day or two of highly concentrated preparation. Much will depend on your skills as well who is interviewing and from what school.
B. Approach to answering questions: Proactive interview preparation is always based on knowing what you want to say about yourself before you interview. At its core, proactive interview preparation is based on thinking about your message. You must also be aware of potential questions, but the focus should be on knowing what you want to say about yourself, no matter what the question. Proactive interview preparation is based on the idea that you don't know what you will be asked, but you do know your message. You should have keywords and stories that can be used to answer a variety of questions.
Interview Strategy Formulation
It is absolutely critical that you have an overall strategy for determining what you want to say about yourself. Just as with your essays, you need to formulate your self-marketing strategy for your interviews. Obviously what you put in your application should be consistent with and supported by your interview. However writing essays and talking for 30 minutes or more are simply not the same.
Don't worry about the questions, worry about your message!
While you should use the Accepted and Clear Admit sites to learn about the questions, an overemphasis on simply preparing answers to the questions that other applicants were asked is not the main thing you should be doing. Instead, decide what you want to say about yourself.
One way of being proactive is prepare a table like the following:
(CLICK TO ENLARGE)This table can be used for doing an inventory of your keywords and stories that you will use for interviews. Next, I will consider some specific types of keywords you need to develop.
Strengths/Contributions/Future Potential/Personality
1. One of my key strengths is X. A story that demonstrates this strength is... Another story that does is... This strength will be a contribution at your school because... This strength will contribute to my future goals because...
2. Another of my key strengths is Y. A story that demonstrates this strength is... Another story that does is... This strength will be a contribution at your school because... This strength will contribute to my future goals because...
3. Another of my key strengths is Z. A story that demonstrates this strength is... Another story that does is.. This strength will be a contribution at your school because... This strength will contribute to my future goals because...
For each X, Y, Z insert a keyword describing your strength. Connect keywords to specific stories. If possible, find more than one story that demonstrates the keyword. Next think how this strength could be a contribution when you are student. Next think how this strength will contribute to your goals. By using this method, you will have prepared answers to such common questions as "What are your strengths" and "How will you contribute to our school." Additionally you will be ready to show how your past experience will help you achieve your goals. Additionally when asked questions which are less direct about your strengths, you will already have keywords and stories ready for those questions you can't predict. Keep in mind that your strengths might include particular skills as well as personality characteristics. You should think about strengths in the widest sense. Try to develop about 6-12(or more) keywords and 12-20 (or more) stories that relate to your strengths, contributions, personality, and future potential.
Weaknesses/Failures
1. One of my weaknesses is X. A story that demonstrates this is... Another story that does is... I want to overcome this weakness by... This weakness resulted in failure when...
2. Another of my weaknesses is Y. A story that demonstrates this is... Another story that does is... I want to overcome this weakness by... This weakness resulted in failure when...
3. Another of my weaknesses is Z. A story that demonstrates this is... Another story that does is... I want to overcome this weakness by... This weakness resulted in failure when...
HAVE AS MANY WEAKNESSES AS POSSIBLE, NOT JUST ONE OR TWO. TRY FOR THREE TO FIVE. Here you be preparing answers to the very common questions that are asked about weakness, but in addition you will need to think about how the MBA program and/or some other aspect of yourself will make it possible for you to overcome this weakness. Weaknesses should be real and not abstract. You should have clear stories that demonstrate your weaknesses, something many applicants initially have a problem with. Additionally knowing how a program will help you overcome your weakness will explain why you want to attend that school. Finally, SOME, BUT NOT All weaknesses make for great failure stories, another very common topic for interviews.
Leadership and Teamwork Skills/Potential
All applicants should have keywords and supporting stories describing their leadership and teamwork skills and potential. Given the very common nature of questions related to both leadership and teamwork, you should also be prepared for the following:
1. My definition of leadership/teamwork is... because... I demonstrated this kind of leadership by...
2. One leader I really admire is... because... I am similar/want to be like this person because...
3. I think I am a good team member because...
Have enough keywords and stories
If you have enough keyword and stories you will have a solid basis for answering the great range of questions that you are likely to be asked about yourself. Don't develop more than you can master, but don't skimp either.
Questions you should be ready to answer
In addition to having keywords and stories, there are certain questions that you should be ready to answer because they are commonly asked in interviews.
Goals/Why MBA?/ Why this school?
You should have outlined answers to the following:
1. I want an MBA now because...
2. I want an MBA from your school because...
3. Your school is my first choice because...
4. After my MBA, I will...
5. My goals are...
6. If I was not able to attend an MBA program next year, I would...
Ethical Dilemma Questions
Another very common question relates to ethical dilemmas. Be ready. Have a story or two ready. If you are having a difficulty formulating ethical dilemma questions, please take a look at the Institute for Global Ethics. Also see Business Ethics Research - Knowledge@Wharton.
Questions for the interviewer
You should be ready to ask questions to your interviewer. What you ask should be governed by the following considerations:
1. Is the answer to the question obvious? If so, don't ask the question.
2. Is the answer to the question really relevant to you? If not, don't ask it. General questions that have no specific connection to you are probably not worth asking.
3. Will the interviewer be able to answer the question? In general avoid asking interviewers questions that they are not really able to answer. Asking an alum who graduated five years ago about what is new at the school would be one such bad question.
When formulating questions it is obviously important to consider who you will be interviewing with because what you ask an alum is not the same as what you ask an admissions officer or current student.
Prepare intensively for any category of question that you are especially uncomfortable with.
Many applicants hate answering questions about weakness or failure. Other don't like ethical dilemma. Whatever it is you don't like, master it.
Tell stories that show the range of your experience
Keep in mind that you should use stories from different parts of your life. Don't overemphasize one specific situation. Instead tell stories that showcase the range of your experience. To do so effectively, means preparing a sufficient amount of keywords and stories ahead of time. Many applicants wait until days before an interview to prepare, but actually your interview preparations should ideally begin at least a month before you start interviewing. Why so long? Because you have a lot to do:
Over-preparation
I have a very simple and effective method for interview preparation: Over-preparation. The best way to do well in any interview is be prepared for an interview that will be harder than the actual interview. I write this based on my experience. Since 2001, I have been told by grateful clients that my practice interviews were harder than the real thing and as a result they could confidently handle the real thing. I think any highly experienced graduate admissions consultant should be able to provide this kind of practice to their clients. If you don't use an admissions consultant to help you prepare, find someone, a mentor perhaps, who can help you. Whoever you seek advice from, getting actual critical feedback from person who understands the MBA admissions process is critical.
Just as critical is your own preparation. The amount of practice (with someone else and alone) you require will really depend on three variables:
1. Your English ability. For international applicants with low intermediate to high intermediate level ability, expect to focus a significant amount of your time on practicing to speak.
2. Your comfort with interviews. Some people are just really good at interviewing and others are not. If you know that you are weak in the this area, you will really need to practice with another person who can judge your performance.
3. The difficulty of the interview. Some schools simply have difficult interviews (HBS for example), while others do not (Duke for example), so take that into account. A great way to determine the difficulty of a particular school's interviews is to read reports written by applicants (See my earlier post regarding where to find interview reports).
Keep it simple and don't recite from memory
Regardless of how complex the topic might be, when you tell a story, keep it simple enough for your listener to follow. The human brain can only absorb a limited amount of information, so when you tell a story make sure that it is something that can be easily followed and delivered very briefly.
For that reason (and others), memorizing long stories and reciting them should be avoided because it will likely result in your interviewer being unable to absorb your story. If the story takes too long to recite, the may also become bored or annoyed. Additionally memorized answers from a non-native speaker of English are a sign that the interviewee's English skills might be weak.
Don't write a script, just a very brief outline
Unless your English speaking ability is very weak, I would strongly recommend that you don't write scripts of your answers, instead prepare a very brief outline and practice telling the story. Tell your stories repeatedly so that you are comfortable doing so, but since you want to come across as polished, but natural, don't memorize it.
Use an audio and/or video recorder
For many people, except for watching yourself on video, nothing is worse than listening to your own voice. However as painful as it maybe, doing so will help you identify weakness in your answers and overall performance. Therefore record and analyze yourself.
Relax and be confident
I know this part can be hard, but the more relaxed and confident you are, the more likely you are to have a good interview. Creating the right impression is as critical as what you actually say. Make your interviewer feel your enthusiasm.
Practice for specific interviews
Finally, don't just practice for any interview, practice for specific interviews. While you may initially need to think about overall strategy and need to prepare your stories, you should focus some of your practice on specific interviews. If you have mock interviews, make sure they are school specific because a very important aspect of the interview really is about you showing your connection and fit to the school.
f you are interested in my interview preparation or other graduate admission consulting services, please click here.
Questions? Write comments, but do not send me emails asking me to advise you on your application strategy unless you are interested in my consulting services. Please see my FAQ regarding the types of questions I will respond to. Before emailing me questions about your chances for admission or personal profile, please see my recent post on "Why I don't analyze profiles without consulting with the applicant."
-Adam Markus
アダム マーカス
ビジネススクール カウンセリング コンサルティング MBA留学 インタビュー 面接
October 07, 2008
Three of Japan's Most Experienced Graduate Admissions Consultants Now Offer a Joint Interview Referral Program
Three of Japan's Most Experienced Graduate Admissions Consultants Now Offer a Joint Interview Referral Program
H. Steven Green (http://hstevengreen.com/home.html ), Adam Markus (http://adammarkus.com/), and Vince Ricci (http://vinceprep.com/) are pleased to announce that they have established an interview practice referral service. Each consultant's clients will now have the opportunity to do interview practice with two other great consultants. All three consultants, who previously worked together before going into private practice, know that their clients will be well served by being able to utilize a referral system.
By providing a direct referral, our clients will experience mock training sessions that are specifically designed to address potential areas of weakness. Such background information, that only their primary admissions consultant can provide, will allow for more targeted and effective interview practice.
We know that mock interviews are important part of the process and it is particularly valuable for our clients to benefit from multiple viewpoints. More valuable still because all three of us have excellent track records at preparing clients for successful interviews to such schools as Stanford GSB, HBS, Columbia, University of Chicago GSB, Wharton, LBS, INSEAD, and IMD.
For more details, please contact your counselor:
H. Steven Green (http://hstevengreen.com/home.html )
Adam Markus (http://adammarkus.com/)
Vince Ricci (http://vinceprep.com/)
----------------------------------------------------------------------------------
We will return to our regularly scheduled posts of a mostly non-commercial nature soon.
-Adam Markus
アダム マーカス
ビジネススクール MBA留学 カウンセリング
H. Steven Green (http://hstevengreen.com/home.
By providing a direct referral, our clients will experience mock training sessions that are specifically designed to address potential areas of weakness. Such background information, that only their primary admissions consultant can provide, will allow for more targeted and effective interview practice.
We know that mock interviews are important part of the process and it is particularly valuable for our clients to benefit from multiple viewpoints. More valuable still because all three of us have excellent track records at preparing clients for successful interviews to such schools as Stanford GSB, HBS, Columbia, University of Chicago GSB, Wharton, LBS, INSEAD, and IMD.
For more details, please contact your counselor:
H. Steven Green (http://hstevengreen.com/home.
Adam Markus (http://adammarkus.com/)
Vince Ricci (http://vinceprep.com/)
----------------------------------------------------------------------------------
We will return to our regularly scheduled posts of a mostly non-commercial nature soon.
-Adam Markus
アダム マーカス
ビジネススクール MBA留学 カウンセリング
September 28, 2008
A great year not to apply to B-school?
In this post, I provide some guidance on whether it is better to apply for Fall 2009 or to wait for the market for MBA admissions to improve. All trends (see below) indicate that Fall 2009 entry will be one of the most difficult for applicants, so it is worth considering whether it is better to apply now or to wait.
Situation: You have 2-5 years of work experience, are between the ages of approximately 22-27, like your job now, and have GMAT score in the 80% range for those admitted to the schools you want to attend. Should you apply for Fall 2009 or wait till Fall 2010 or later?
Answer 1: It depends. Let's assume your dream schools are HBS and Stanford GSB.
HBS & STANFORD GSB ARE FOR THE YOUNG
Of course, if you are over 25 and specifically focused on HBS or Stanford GSB where age seems increasingly to be a factor and youth is an advantage, I would not advise waiting in most cases if your TOEFL score meets the minimum and your GMAT is at least 650 (HBS's minimum score). According to BusinessWeek for Fall 2007-2008 admission, the average age of admits at HBS is 27 (mean and median), with the 80% range for months of work experience being 35 to 62 months, while Stanford does not report the average age, the 80% range for work experience was 23 to 66 months. By comparison, Wharton's average age was 28 (median) and 29 (mean) with the 80% range for work experience being 48 to 96 months, Chicago GSB's was 28 (mean & median) with the 80% range for work experience being 35 to 85 months, Kellogg's was 28 (mean and median) with the 80% range being between 41 and 96 months, Columbia's was 28 (mean and median) with the 80% range being between 31 and 88 months, and MIT Sloan's was 28 (mean and median) with the 80% range being between 24 and 120 months.
BOTTOM LINE: If you want to get into Stanford for HBS, it is optimal to apply by or before age 27. At the other top schools mentioned, it is optimal to apply by or before age 28, but their greater age ranges (as indicated by 80% range for work experience) indicate that they are more welcoming to those who will be as old as 30-32 upon entering. I don't suggest waiting till your 29, 30, or 31 to apply, but the admissions outlook for doing so is significantly better at such schools as MIT, Wharton, and Kellogg.
If you fit into the criteria I mentioned at the begining of this post, even if your test scores are low (but meet the minimums for GMAT and/or TOEFL), if you can put together a strong application, it would be rational to apply to HBS and/or Stanford. For some 26 or 27 year olds who are generally happy with their present work situation, but who want to go to HSB and/or Stanford, I think it would be perfectly rational to only apply to one or both of those schools for Fall 2009 admission. Such individuals can always apply to a greater range of schools the following year, even as their age begins to be a negative factor for entry into HBS and/or Stanford.
ANSWER 2: MARKET CONDITIONS FOR FALL 2009
From US News and World Report, 9/27/2008:
If you are passionate about making a major career change OR
If you have suddenly become unemployed or otherwise need a new career option
OR
If you are passionate to get an MBA education
OR
If you have scholarship
OR
if you are sponsored by your company
OR
if you are getting too old to get into the schools you want to go to..
APPLY FOR FALL 2009 OR AS SOON AS YOU CAN.
ON THE OTHER HAND, if you are happy with your present work situation and will still be at an optimal age for another year or more, I would suggest either only applying to the very top schools you want to attend or simply waiting. While it is possible that Fall 2010 entry will be worse, if over the next year you can enhance your application through improved test scores, further work accomplishments, and/or valuable extracurricular experience, I think you might find Fall 2010 or later entry a better option in terms of your ability to obtain admission. Again, you might to test the waters by simply only applying to a school or schools that will not be a compromise choice. The clear implication of this is that you might need to apply again as reapplicant. Please note this is not a good option for schools like INSEAD or IE which have restrictions on reapplication. For US schools reapplication is common and in my experience reapplicants can get into HBS, Stanford, Wharton, and other top programs.
HOW TO CONTROL FOR MARKET CONDITIONS:
Whether you are applying for Fall 2009 or later, I think it is especially important to have a school selection strategy that fully accounts for the difficulty of admission. Please see my earlier post on a portfolio approach to school selection.
Questions? Write comments or contact me directly at adammarkus@gmail.com. Please see my FAQ regarding the types of questions I will respond to. Before emailing me questions about your chances for admission or personal profile, please see "Why I don't analyze profiles without consulting with the applicant." If you are interested in my graduate admission consulting services, please click here.
-Adam Markus
アダム マーカス
ビジネススクール MBA留学 カウンセリング コンサルティング 米国大学法学院 大学院入学 大学院 合格対策
Situation: You have 2-5 years of work experience, are between the ages of approximately 22-27, like your job now, and have GMAT score in the 80% range for those admitted to the schools you want to attend. Should you apply for Fall 2009 or wait till Fall 2010 or later?
Answer 1: It depends. Let's assume your dream schools are HBS and Stanford GSB.
HBS & STANFORD GSB ARE FOR THE YOUNG
Of course, if you are over 25 and specifically focused on HBS or Stanford GSB where age seems increasingly to be a factor and youth is an advantage, I would not advise waiting in most cases if your TOEFL score meets the minimum and your GMAT is at least 650 (HBS's minimum score). According to BusinessWeek for Fall 2007-2008 admission, the average age of admits at HBS is 27 (mean and median), with the 80% range for months of work experience being 35 to 62 months, while Stanford does not report the average age, the 80% range for work experience was 23 to 66 months. By comparison, Wharton's average age was 28 (median) and 29 (mean) with the 80% range for work experience being 48 to 96 months, Chicago GSB's was 28 (mean & median) with the 80% range for work experience being 35 to 85 months, Kellogg's was 28 (mean and median) with the 80% range being between 41 and 96 months, Columbia's was 28 (mean and median) with the 80% range being between 31 and 88 months, and MIT Sloan's was 28 (mean and median) with the 80% range being between 24 and 120 months.
BOTTOM LINE: If you want to get into Stanford for HBS, it is optimal to apply by or before age 27. At the other top schools mentioned, it is optimal to apply by or before age 28, but their greater age ranges (as indicated by 80% range for work experience) indicate that they are more welcoming to those who will be as old as 30-32 upon entering. I don't suggest waiting till your 29, 30, or 31 to apply, but the admissions outlook for doing so is significantly better at such schools as MIT, Wharton, and Kellogg.
If you fit into the criteria I mentioned at the begining of this post, even if your test scores are low (but meet the minimums for GMAT and/or TOEFL), if you can put together a strong application, it would be rational to apply to HBS and/or Stanford. For some 26 or 27 year olds who are generally happy with their present work situation, but who want to go to HSB and/or Stanford, I think it would be perfectly rational to only apply to one or both of those schools for Fall 2009 admission. Such individuals can always apply to a greater range of schools the following year, even as their age begins to be a negative factor for entry into HBS and/or Stanford.
ANSWER 2: MARKET CONDITIONS FOR FALL 2009
From US News and World Report, 9/27/2008:
Due in large part to volatile markets, the business school business has been very hectic lately, a climate that could—if conventional wisdom holds—create one of the most competitive admissions cycles in history.
Business school recruiting events are often standing-room only, and test prep companies are fielding dozens more phone calls a day from nervous prospects. The organization that administers the Graduate Management Admission Test, the business school admissions exam, reports that the number of tests taken worldwide the past two years has increased far faster than in previous years. Although some of the growth can be attributed to interest in business schools rising overall, the numbers speak for themselves. GMAT growth for August was 24.5 percent from 2006 to 2008, compared to 16.5 percent growth from 2004 to 2006.
This is consistent with what I have previously stated (See here) and should come as little surprise to many well-informed applicants. All I can say is that based on my experience as an admissions consultant since 2001, Fall 2008 entry was hard, but I fully expect Fall 2009 entry to be miserable with many candidates who would in previous years have obtained admission at top schools, finding themselves either accepted into their safety schools or nowhere. Like with any investment, there is a time to enter the admissions market and a time not to.If you are passionate about making a major career change OR
If you have suddenly become unemployed or otherwise need a new career option
OR
If you are passionate to get an MBA education
OR
If you have scholarship
OR
if you are sponsored by your company
OR
if you are getting too old to get into the schools you want to go to..
APPLY FOR FALL 2009 OR AS SOON AS YOU CAN.
ON THE OTHER HAND, if you are happy with your present work situation and will still be at an optimal age for another year or more, I would suggest either only applying to the very top schools you want to attend or simply waiting. While it is possible that Fall 2010 entry will be worse, if over the next year you can enhance your application through improved test scores, further work accomplishments, and/or valuable extracurricular experience, I think you might find Fall 2010 or later entry a better option in terms of your ability to obtain admission. Again, you might to test the waters by simply only applying to a school or schools that will not be a compromise choice. The clear implication of this is that you might need to apply again as reapplicant. Please note this is not a good option for schools like INSEAD or IE which have restrictions on reapplication. For US schools reapplication is common and in my experience reapplicants can get into HBS, Stanford, Wharton, and other top programs.
HOW TO CONTROL FOR MARKET CONDITIONS:
Whether you are applying for Fall 2009 or later, I think it is especially important to have a school selection strategy that fully accounts for the difficulty of admission. Please see my earlier post on a portfolio approach to school selection.
Questions? Write comments or contact me directly at adammarkus@gmail.com. Please see my FAQ regarding the types of questions I will respond to. Before emailing me questions about your chances for admission or personal profile, please see "Why I don't analyze profiles without consulting with the applicant." If you are interested in my graduate admission consulting services, please click here.
-Adam Markus
アダム マーカス
ビジネススクール MBA留学 カウンセリング コンサルティング 米国大学法学院 大学院入学 大学院 合格対策
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