7 Ways to Make Your MBA Application Stand Out

April 26th, 2011

Last week, we outlined ten ways that non-traditional applicants can set themselves apart from the crowd. Say you’re a traditional applicant, however, or from an “overrepresented pool” of MBA-hopefuls; how should you frame your candidacy and stand out?

1. Display excellent communication skills.

Most people who are naturals for business school have strong quantitative skills. While these are undoubtedly impressive and will form the bedrock of your candidacy, excellent communication skills can make you unbeatable. (Check out another post of mine for a more in-depth treatment of the subject).

First, make sure you nail the aspects of the application process that require verbal prowess. Your essays should be cogent, polished, authentic, and memorable. And don’t underestimate the rigor of the interview. It may only be 30 minutes, but you may be surprised at the challenge of compressing the main aspects of your story into a limited time frame.

Next, take a look at your academic record as represented by your college transcript. If you didn’t touch the written word as an undergrad, don’t sweat it: a high GMAT verbal score will more than compensate for any weaknesses in your academic profile. While a scaled score above 37 is superb, 90th percentile hovers around 40-42. This accomplishment speaks volumes and is bound to impress admissions officers, especially if you were a Math or Finance major. And remember not to blow off the AWA section even though it doesn’t count toward your score out of 800! Admissions officers will use it to evaluate the authenticity of your essay. A perfect “6” does add a bit of sparkle to an otherwise solid package.

Finally, one of the most valuable ways to demonstrate your communication skills is simply to excel at the verbal parts of your job and try to have something to show for it, whether a promotion or a recommendation letter. Remember that most applications require recommenders to rate the applicant’s communication skills. So, if you’ve been stumbling through presentations or writing incomprehensible memos, you should start thinking about the impression you’re making on your colleagues.

Don’t worry if others’ perception of you is currently low in this regard. You still have the summer to make a difference, and you may be surprised at how quickly perceptions of you change once you take the appropriate steps.

2. Highlight interesting or unusual college experiences.

Yes, your work experience and your most current achievements are the most important aspects of your application. However, admissions officers will look at your entire profile and the history of your performance, including what you did with every summer since you were 18 (if you’re applying to the most competitive programs).

So, if you taught math to prison inmates for a year, competed in marathons, or designed a popular line of fashion accessories, feel free to incorporate those experiences into your application. The great thing about MBA apps is that you can make nearly everything “count.” And if you have flaws or deficiencies, you can always make up for them if you start now. In this sense, your effort and self-awareness are significant factors in the process!

3. Demonstrate a knowledge of what’s important these days.

Lately, we’ve been noticing that sustainability and corporate responsibility have become increasingly important in the business world. Just check out several of our MBA News Roundups to get a sense of how these trends are changing the corporate landscape. An interest in these areas cannot be faked (there’s a reason why the application process is so detailed and requires you to list the hours and general responsibilities of every position you’ve held). However, if relevant, compelling interests have been a part of your professional profile for years (if you chaired a sustainability club at school, then started an initiative in the same vein at work, for instance), make sure to play them up.

It may seem obvious, but stay on top of the current events and trends in your industry of expertise. General awareness of the world can shine through in your essays and during your interview.

4. Show that you are a team player.

A stand-out individual performer with mind-blowing stats is certainly impressive, but even more impressive is a stand-out performer who is also a team player. If you’re applying to team-focused programs like Kellogg or Tuck, the quality is doubly important.

“Team skills” might seem rather nebulous and undefined to you, but chances are, you’re already a team player if you’re interested in business and management. Just look to see if you’re doing any of the following and highlight specific examples in your application:

  • Help and encourage others at work
  • Mentor others
  • Influence superiors
  • Help a group see the big picture
  • Help groups reach a consensus
  • Facilitate discussion and interaction

5. Don’t overlook your hobbies.

Remember that admissions officers are looking to craft a well-rounded class and to admit students who will contribute to a robust extracurricular life at the program. You will likely be asked what specific clubs and activities you plan to join if you are invited to interview. So take the time to familiarize yourself with the offerings and whittle your list down to 2-3 organizations. Some schools like Chicago Booth even have a set of “blank powerpoint pages” in their application which you can use to showcase aspects of your identity/experience which are not touched upon in the rest of your materials.

6. Show that you evolve.

Once again, there’s a reason why applications require you to list the hours and specific responsibilities of every paid and unpaid position you’ve held since 18. Admissions officers want to get a sense of your trajectory as a professional and as a human being. Just as non-traditional applicants should highlight different sides of their work personality, traditional applicants need to demonstrate that they have a history of making the most out of what they are given in every situation and are thus likely to do the same with the incredible resources of an MBA program. An expensive and rigorous business education is not for everyone, so frame yourself as the kind of person who would benefit from it.

One of the most popular questions asked during interviews is, “What have you learned?” It may seem basic at a cursory glance, but make sure you can actually answer it.

7. Show that you truly need/want the degree.

Traditional applicants can make sure they don’t come across as run-of-the-mill by simply showing that they have given deep thought to the process. In everyone’s book of admission horror stories is that “friend of a friend” who worked at a top investment bank, got a 750 on the GMAT, graduated summa cum laude and somehow didn’t make it into his/her dream program. We don’t know what happened, but best to be on the safe side: know that self-entitlement can be toxic to your application, so don’t skip the self-reflection process and take the essays seriously.

Be prepared to answer the following: “Great goal. But do you really need an MBA to do that?”

Test Your MBA Knowledge (Part 2!)

April 25th, 2011

Did you ace our first MBA quiz? Try your luck once more with Part 2 and stay tuned for future challenges! (Scroll down for the answers).

1. Which of the following business schools does not offer a joint MD/MBA degree?

a) Stanford Graduate School of Business
b) Columbia Business School
c) Duke Fuqua School of Business
d) University of Chicago Booth School of Business
e) all of the above offer MD/MBA programs

2. Which of the following schools has the least number of students enrolled in its full-time MBA program?

a) Cornell Johnson School of Business
b) New York University Stern School of Business
c) Stanford Graduate School of Business
d) University of Virginia Darden
e) Tuck School of Business at Dartmouth

3. Which top b-school prides itself on its weekly “C-Functions,” which feature entertainment organized by a specific campus group?

a) Yale School of Management
b) Northwestern University’s Kellogg School of Management
c) MIT Sloan School of Management
d) Boston University School of Management
e) UCLA Anderson School of Management

4. The “Multidisciplinary Action Projects” (MAP) course is a signature component of which business school’s first year curriculum?

a) Darden School of Business: University of Virginia
b) University of Texas at Austin McCombs School of Business
c) Olin Business School at Washington University in St. Louis
d) Michigan Ross School of Business
e) Kelley School of Business: Indiana University Bloomington

5. What top business school is planning to open a new complex named after the co-founder of Nike this spring?

a) University of California–Berkeley Haas School of Business
b) Stanford Graduate School of Business
c) University of California–Los Angeles Anderson School of Management
d) Harvard Business School
e) New York University Stern School of Business

Answers:

1. e) all of the above offer MD/MBA programs

2. e) Tuck School of Business at Dartmouth. With approximately 500 students, Tuck’s full-time MBA enrollment is the lowest of those 5 schools. NYU Stern has a full-time MBA enrollment of 807; Stanford GSB’s enrollment is 799, Cornell’s is 602, and Darden’s is 772.

3.  c) MIT Sloan School of Management. Read more about C-Functions here.

4.  d) Michigan Ross School of Business. Ross students spend seven weeks of the spring semester of their first year exclusively dedicated to MAP projects, which entail working in small groups to solve a real-world business problem presented by a client company. For more about MAP, click here.

5. b) Stanford Graduate School of Business. Learn more about the GSB’s new Knight School of Management here.

After the MBA: Private Equity

April 24th, 2011

Welcome to another post in our After the MBA series, in which we chronicle a variety of post-MBA career opportunities to give you a sense of which might be the best fit for you.

Job/industry:

Private Equity

What it is:

Private equity firms make investments in the private equity (equity that is not quoted on a public exchange) of operating companies. A private equity firm’s goal is two-pronged: 1) acquire an ownership or large minority stake in a company and 2) maximize the value of that investment.

Private equity firms can utilize a variety of strategies in their quest to obtain a controlling (or significant minority) position in a company, depending on the state of the company and other factors. For example, venture capital, which involves investing in young, not-yet-profitable companies (rarely for majority control), is technically a subset of private equity. Conversationally, the term “private equity” most often refers to investment strategies like:

  • Growth capital (aka expansion capital and growth equity): Growth capital is a type of investment (most often a minority investment) used to fund business expansion without bringing about a change of control in the business. Companies seeking growth capital investments are often mature companies (i.e. profitable), able to fund normal operations, but seeking to undergo some sort of transition or change which they would not be able to achieve without outside funds.
  • Leveraged buyout (LBO): A leveraged buyout occurs when a private equity firm uses a significant amount of borrowed money to acquire an ownership stake in a company. Though any kind of company could technically be the target of an LBO, it is important for private equity firms to ensure that the company will be able to meet its loan payments; thus, LBO candidates typically are stable companies with little debt, significant assets, and opportunities for growth.

Once private equity firms have acquired a stake in their target company, they seek to maximize their return — that is, make as much money as possible on the investment. This can be accomplished through a variety of methods (ex. merger or acquisition, recapitalization, or an initial public offering).

Associates and partners at private equity firms are involved in two main processes surrounding these investments. The first involves deal origination and transaction execution. Deal origination involves (among other responsibilities) identifying potential companies for acquisition and developing and maintaining relationships with mergers and acquisitions intermediaries and investment banks. Transaction execution comes in after the private equity firm decides to pursue a certain target company for acquisition: the firm must assess the company’s history, management, and financial forecasts; analyze the merits of the investment (“valuation analysis”); submit an offer; and if both parties are amenable to the offer, perform due diligence in order to ensure there are not any “deal killers” (i.e undisclosed risks and liabilities).

Once transactions have been executed, they must be managed; this involves supporting the company’s leadership and otherwise increasing the value of the investment. This is the second function of PE firms and is known as portfolio management.

Lifestyle

Private equity jobs can be demanding; the specific hours really depend on the kind of firm. In general, the work schedule is less intense than that of investment bankers — with the exception of when a deal is being carried out, at which point associates might be expected to work around the clock if necessary. At some large private equity firms, however, associates do work very long hours (~90 hours/week); smaller firms generally require 60-70 hours/week, often with a fair amount of travel time required.

Salary Range

The median base salary for Class of 2010 Harvard Business School graduates going into private equity was $135,000, with median guaranteed other compensation of $155,000. At Northwestern’s Kellogg School of Management, the median base salary for Class of 2010 grads going into Private Equity/Leveraged Buyout was $132,000; the median base salary for Private Equity/venture capital was $115,000 (these figures do not include other guaranteed compensation).

How to get a job in private equity

Private equity jobs can be difficult to land. Most firms use headhunters to recruit candidates; networking is another option. If your private equity network is lacking, your best bet is to contact recruiting firms (try places like Oxbridge, SG Partners, and CPI).

An MBA alone won’t necessarily make you an attractive candidate for a private equity firm. Above all, these firms are looking for private equity experience — and, failing that, extensive investment banking experience at a “bulge bracket” firm. It is also possible to move into private equity from a field like consulting — however, headhunters will be less likely to recruit from this industry than from investment banks, so candidates will need to make more of an effort to attract attention and display finance-related skills.

If you’re attending a top business school, it is possible that private equity firms will recruit at your school; take advantage of these opportunities! Some MBA programs also offer courses focused on private equity — if you are interested in PE, these academic experiences can only help you land a job post-graduation.

EdTech News Roundup: Calls to Reinstate EETT, Using Technology to Improve Legal Education, and the Debate Over Kindergartners and iPads in Maine

April 23rd, 2011

In this week’s EdTech News Roundup, read articles about educational uses for social networking, efforts to reinstate Enhancing Education Through Technology, and the attempt to use technology to revitalize legal education.

1. Social Networks Used for Study, Friends

Facebook and Twitter aren’t only for socializing, according to a new poll. They’re also useful for studying and networking.

2. Groups Call for Reinstatement of Federal Ed Tech Program

The fiscal year 2011 appropriations bill cut funding for Enhancing Education Through Technology (EETT), the only dedicated federal funding for technology in education. Read more about how education advocacy groups are lobbying for its reinstatement in this article from THE Journal.

3. Kindergartners Getting iPads

A school in Maine is pulling together funds to ensure that all kindergarten students get iPads. Watch this CNN video for more on this controversial initiative.

4. Technology — and Action — Emphasized as Tools to Improve Legal Education

Legal education has been notoriously slow to incorporate technological advances. Legal educators recently came together at conferences spearheaded by Harvard and NYU to discuss possible ways to embrace innovation.

5. How Technology and Online Learning Could Radicalise British Schools

Read Neil O’Brien’s take on how “School of One,” a program pioneered in NYC schools that creates personalized “playlists” of lessons for students, could revolutionize British schools.

Life After B-School: 5 Very Different Stanford GSB Grads

April 22nd, 2011

Our Life After B-School series chronicles the career paths of a few MBAs from a variety of b-schools. In this installment, check out the career decisions of 5 Stanford grads.

The Grocer:

Joseph Coulombe, MBA ‘54
Okay, so Joseph Coulombe won’t actually bag your groceries for you — but he has changed many Americans’ experience and expectations around food shopping. Coulombe founded the popular Trader Joe’s chain of supermarkets in 1967 to appeal to the “overeducated and underpaid” demographic he saw emerging in the market. Coulombe’s careful evaluation of the marketplace worked, and over the years he led Trader Joe’s into other emerging niches like environmentalism and health-consciousness. As a recent grad of Stanford’s GSB, Coulombe exemplified the entrepreneurial spirit: he got his MBA in 1954, during a recession and at a time when the words “Stanford MBA” didn’t connote quite the level of prestige they do today. He worked for a drugstore chain and started a line of convenience stores for them as a test. When the drugstore chain ordered Coulombe to liquidate the markets, he bought them out instead — and Trader Joe’s was born.

The Venture Philanthropist:

Kim Smith, MBA ‘98
Smith is the Co-Founder and Senior Advisor of NewSchools Venture Fund, a non-profit venture philanthropy fund that invests in educational entrepreneurship projects. The fund seeks to fund projects that will benefit underserved children in the U.S., and invests in both for-profit and not-for-profit ventures. In the organization’s own words, “NewSchools is focused on transforming public education — particularly for low-income and minority children in urban communities, who need and deserve better schools.” Smith, inspired by the vibrant culture of venture capital in the technology sector, founded NewSchools Venture Fund in 1998 along with venture capitalists John Doerr and Brook Byers.

The Astronaut:

Steven L. Smith, MBA ‘87
There are not many astronauts in the world — let alone astronauts with MBAs from Stanford GSB. Steven L. Smith, who has been on four space flights, has spent 49 hours and 25 minutes on spacewalks (that is, excursions outside a spacecraft in space), putting him on top 5 lists of spacewalk durations in America and the world. Smith started his career with NASA in 1989 and is currently the NASA International Space Station Program Liaison to the European Space Agency.

The Business Writer:

Tom Peters, MBA ‘72
Peters, like many b-school grads, spent a portion of his early career as a management consultant at McKinsey & Company. After he left McKinsey to become an independent consultant in 1981, he authored 14 books focused on business management practices. His most well-known book is In Search of Excellence: Lessons from America’s Most Successful Companies, (co-authored with Robert H. Waterman, Jr), which draws attention to 8 themes Peters and Waterman found to be present in successful organizations. In Search of Excellence enjoyed a great deal of popular success, though critics’ response to the book were mixed.

The Poet/Government Appointee:

Michael Dana Gioia, MBA ‘77
Gioia himself is proof that a business education can prepare a person for most any challenge: he has served as VP of Marketing at General Foods Corporation, a literary and poetry editor at various literary magazines, a visiting writer at Wesleyan University, the Chairman of the National Endowment for the Arts (NEA) and a full-time poet and critic. Gioia served as the Chairman of the NEA from 2003 – 2009 and maintains the view that the arts should be readily available to people everywhere; as he has said, “the arts are not a luxury.”

Flipping the Classroom

April 21st, 2011

With the advent of new technology and instructional videos like those of Khan Academy, a new educational strategy known as “flip teaching” is taking hold.

In “flipped classrooms,” the normal sequence of events is reversed: rather than listening to a lecture in class and then going home to do homework, students watch pre-recorded lessons at home, then go to class to apply their newfound knowledge to practice problems and clear up any points of confusion with the teacher. The classroom teacher’s role transforms from a so-called “sage on the stage” (i.e. lecturer) to a “guide on the side” — a no less important role that allows for a greater degree of personalization and support.

The idea is to transform the classroom from a place of passive absorption to one of engagement, active learning, and personal attention, where students are able to master and apply the concepts they learned about at home.

Aaron Sams and Jon Bergmann, pioneers of the “flipped classroom” movement, are both chemistry teachers at Woodland Park High School in Woodland Park, Colorado.  Check out these videos to see how the method has worked for them — and more importantly, their students.

Meet the Tech Team: Daniel Straus, QA Lead

April 21st, 2011

In this Knewton Peeps post, meet Daniel Straus, tech team member.

Position (and what you actually do):

QA Lead – Ensure the quality of all Knewton’s products (GMAT/SAT/LSAT/Adaptive Learning) (i.e. make sure stuff works right). :)

When/how did you start programming?

I have a degree in Computer Science, but started as a phone support person when I came out of school a long long time ago. I’ve been doing QA related development for the past 5 years.

What have you built that you’re most proud of?

A testing framework for Knewton using the new Selenium 2 platform to support our new adaptive learning products (which also works in the cloud to allow us to test things in parallel)

What are you working on now?

Working on building out our testing frame work for the new Knewton products as they come online

Any hobbies, secret quirks, or talents?

Music is a passion (especially punk rock).

What’s your favorite place or neighborhood in NYC?

Union Sq and Brighton Beach.

MBA Admissions Tip: Addressing Academic Strengths

April 20th, 2011

This post was written by our friends at Clear Admit. For more MBA admissions advice, check out their blog.

While we devoted time last week to advice on addressing weaknesses in one’s academic record, today we wanted to explore the other side of the issue: the strengths that lie in your undergraduate record.

Beyond issues of aptitude or previous achievement, there are a number of other things that your academic profile might say about you. For instance, if you have a range of quant-focused classes in your record, this might create the impression that you are well prepared for the sort of coursework you would undertake in business school. Meanwhile, if you have pursued extensive coursework in an area beyond the more traditional disciplines of economics, business administration or engineering, this could indicate some unique interest or perspective that you would bring to the classroom.

For example, applicants who pursued significant language study or took a number of classes in disciplines such as sociology, psychology, art, etc., will stand out among candidates who focused primarily on math, engineering or business courses in college. Along these lines, applicants whose transcripts show they studied abroad as undergraduates may be seen as more globally aware or as better prepared to work with an international student body.

In addition, for applicants who held a part time job or were involved in a number of extracurricular activities during college, high grades might be taken as a sign of a solid work ethic and strong organizational or time management skills. Finally, because many college students don’t take their studies seriously for some or all of their time at college, consistently strong grades could be taken as a sign of maturity and responsibility at an early age.

As you can see, there are a number of things that the adcom could conclude about an applicant’s general qualities and characteristics simply by looking at his or her transcript. This should encourage you to think about the more abstract ways that your academic record reflects your positive qualities and consider ways that you could convey this information in your application.

For more helpful information, contact info@clearadmit to receive a FREE initial consultation on your candidacy.

Test Your MBA Knowledge

April 19th, 2011

How well have you researched MBA programs? Put your knowledge to the test with this quiz on all things b-school. Scroll down for the answers, and stay tuned for future quizzes!

1. U.S. News and World Report recently released a list of the “Top 10 Most Popular Business Schools,” (based on each program’s yield). Which of the following schools is not on the list?

a) University of Florida Warrington College of Business Administration
b) Louisiana State University–Baton Rouge Ourso College of Business
c) Brigham Young University Marriott School of Business
d) University of Kentucky Gatton College of Business and Economics
e) University of Kansas School of Business

2. What U.S. business school’s executive MBA program offers a joint program with the London Business School?

a) New York University Stern School of Business
b) Harvard Business School
c) The University of Chicago Booth School of Business
d) Columbia Business School
e) The Wharton School of the University of Pennsylvania

3. What percentage of Harvard Business School’s Class of 2012 do international students constitute?

a) 14%
b) 24%
c) 34%
d) 44%
e) 54%

4. What industry employed the highest percentage of graduates from the Stanford GSB class of 2010?

a) Finance
b) Consulting
c) Energy
d) Technology
e) Nonprofit

5. What business school has the most Nobel laureates on its faculty?

a) Harvard Business School
b) Tepper School of Business at Carnegie Mellon
c) University of California–Los Angeles Anderson School of Management
d) University of Chicago Booth School of Business
e) Stanford Graduate School of Business

Answers:

1. a) University of Florida Warrington College of Business Administration. All the other schools listed are on the U.S. News list. The other 6 schools rounding out the list are: Harvard Business School, Stanford Graduate School of Business, University of Wisconsin–Madison School of Business, Columbia Business School, University of Pennsylvania Wharton School, and University of Michigan Ross School of Business. Check out the article here.

2. d) Columbia Business School. Students in Columbia’s Executive MBA – Global Americas and Europe program with London Business Schools attend monthly classes that alternate between London and New York. Graduates earn two full MBA degrees.

3. c) 34% of the class hails from outside the U.S., with 73 countries in total represented.

4. a) Finance. The top three were Finance (31%), Consulting (29%) and Technology (18%). The nonprofit industry only employed 2% of graduates.

5. b) Tepper School of Business at Carnegie Mellon wins this competition, with 5 Nobel laureates currently on its faculty.

Student Spotlight — Claire Juozitis: Aspiring Rockstar, Creative Writer, and Folk Music Fan!

April 19th, 2011

In this week’s Student Spotlight, meet Claire Juozitis, our first featured SAT student!

Name:

Claire Juozitis

Hometown:

Pittsburgh, PA

Current grade:

11th

What kind of college do you want to go to? Do you have a dream school?

I would love to attend a school in a big city. I love the feeling of urban life and I think it would be awesome to be able to meet so many different people. Also, I have to make sure I got to college somewhere where there is lots of great music! There certainly needs to be some good concert venues in the area. Right now, my dream school is The University of Pitt!

Do you know what you want to major in? What would be your ideal job after college?

I’m not sure exactly what I want to major in yet. I do love to write, though! Some sort of creative writing job would be awesome if my plans of being a rock star don’t work out.

Can you tell us a little about your SAT prep experience?

Before I started the Knewton courses, I was doing sections of practice tests on my own. That gave me a basis for what I needed to work on: I knew which type of questions were most difficult for me. Then I started up on the Knewton classes! I tried my hardest to attend every class on the weekends, which worked to my advantage I think. I only ever had to make up one lesson On Demand, and I found that I paid attention to and preferred the live classes much better. I also completed my homework right after the lesson while all the things I’d learned in class were still fresh in my head. Doing the homework right after class helped to ingrain all of those helpful strategies into my brain! Some of the most helpful strategies I learned were PIN and PIA. I’m not the best at math, and these were easy, obvious approaches to problems that I hadn’t been using as often as I should have.

Have you taken the SAT yet? If not, when are you planning on taking it?

I took it once without any real preparation, but I am planning to take it for real in March! Just a few weeks from now!

Any Knewton teacher shout-outs?

JC AND MARCUS! You guys truly are the best! I actually had FUN while preparing for the SAT’s, and I owe that all to you guys. I can’t thank you enough. JC, good luck with your music! And Marcus, good luck with whatever adventures you take on.

Lightning Round: Favorite song right now?

“Roll Away Your Stone” -Mumford and Sons (I love folk music)

Favorite TV show?

So You Think You Can Dance

Justin Bieber: Love or hate?

How about strong dislike? I don’t believe in hate!

Harry Potter or Twilight?

HARRY POTTER! I even have an autographed copy of The Goblet of Fire Smile :)