The Big Picture: The 5 Most Important MBA Numbers of 2018
Each year there’s a ton of new information that comes out about MBA programs. From new rankings to the latest GMAC news, there are a thousand little tidbits that can overwhelm applicants, students, and alumni. We’ve collected the most important MBA numbers of 2018.
To pare down the news into the information you need to know, we’ve taken a look at the big picture of the MBA for 2018 and outlined the five most important pieces of data you need to know. We’re talking about everything from the decline and U.S. MBA applications to the increase in female enrollment, the higher salaries and GMAT scores, as well as the increase in interest in technology. Continue reading…
U.S. Tops Highest MBA Salary Rankings
Return on investment post-MBA is one of the main considerations for candidates. After all, who would want to spend tens of thousands of dollars on an education without a solid salary afterward? That’s why it’s so important to look at how the best MBA programs can affect a graduate’s salary.
So, where should you go to school for your MBA if you want the best salary after graduating? We’re taking a look at the highest earning MBA programs per country to dig down into what you can earn as an MBA all over the world.
What Are the 5 Most Common MBA Interview Questions?
To get into an MBA program, you’ll first have to make it through the interview process. Depending on where you apply, you could be asked a range of different questions, many of which are specific to the school. Unfortunately, this can make it difficult to prepare for success, especially if you’re applying to more than one school at a time.
To help you prepare for your MBA interview, we’ve gathered together the five most common MBA interview questions, along with advice for answering each question. But first, we need to figure out what questions you’re most likely to run into.
Determining the Five Most Common Interview Questions
In a recent podcast on Clear Admit, Alex Brown, who wrote Becoming a Clear Admit: The Definitive Guide to MBA Admissions, tackled some of the most common MBA interview questions faced by current applicants. He unpacked interview questions such as, “Walk me through your résumé” as well as “Give us an example of a time you took a leadership role.”
To get a full idea of the most common interview questions, we took a look at the top ten schools as outlined by the U.S. News & World Report to figure out which questions were asked by the most schools. We looked at:
- UC Berkeley Haas
- University of Michigan Ross
- Northwestern Kellogg
- MIT Sloan
- Stanford Graduate
- The Wharton School
- Chicago Booth
- Harvard Business School
- Columbia University
- Dartmouth Tuck
At each of these schools, there were a few common denominators when it came to questions asked. Here’s what we found:
1. Why did you choose this school/program?
Almost every school, except MIT Sloan and Harvard Business School, wants to know why you’re interested in their specific program. After all, admissions teams know that you’re interviewing at more than one school and they want to know that you’ve done your research and chose schools that were a good choice for you personally. They don’t want to necessarily know that you know the history or prestige of their school or program, they want to know how their program aligns with your goals and interests and how it makes practical sense for you.
When answering this question, you want to try and be as specific as possible when it comes to “why” this program. Be sure to know which clubs, classes, centers, professors, case studies, alumni, or events fit into your MBA goals. This is your best opportunity to demonstrate your research and to show the admissions committee doesn’t question why you chose them, and that you’ve taken the time to imagine what it’s like to attend their school.
2. Why are you pursuing an MBA now?
You can go back to school for your MBA at any time, but why are you interested in going back now? That’s what every school wanted to know except for Wharton, HBS, and Columbia. The goal with this question is to figure out how an MBA fits in with your current goals for your career and objectives.
During this question, you want to talk about your future career plans and why your situation in life is leading you to make a move to the MBA now. You’ll want to discuss your motivation for choosing the MBA now and how the MBA will help your long-term interests be accomplished. Make sure your explanation plots out a path where the MBA is vital to reaching your goals.
3. Walk me through your résumé.
All but four schools on our list asked students to walk them through their resume. Often, this is the first question that you may be asked in your interview. The goal of this question is to allow you to give a summary of your experience to date. This gives the interviewer some groundwork that they can build upon for the rest of the interview. So, how you answer this question is vitally important.
This question might appear very simple at first glance, but it can have a lot of little landmines that you’ll want to avoid. A good approach to this question is to think of it as your resume executive summary but in verbal terms. The interviewer is looking for key descriptive terms that define who you are. This is your opportunity to weave in some strengths, passions, and interests.
We suggest coming up with a two- to three-minute verbal version of your resume that focuses on highlights in your career. Make sure you focus on “why” you made certain career choices to better explain your path and then highlight the outcomes of those choices.
4. Tell me about a time you demonstrated leadership. What did you learn from it?
This can be a tricky question, but it’s definitely one that you could come across since all but four schools were reported as asking it. The goal here is to demonstrate that you’ve had some experience in a leadership role, even if it’s not traditional. During this question, you can speak about any influence you may have had over your peers—outside of traditional hierarchy—or leadership skills you may have gained during a project.
The key is to prepare three to four anecdotes that you can draw from to highlight such things as your leadership style and skills. In particular, make sure you can talk about key leadership skills such as vision, communication, teamwork, and so forth. And if you can, make sure you can quantify the outcomes of your experience.
5. Are there any questions you’d like to ask the interviewer?
At all but two of the schools—Harvard and Dartmouth Tuck—interviewees were asked to finish out the interview with their own questions. While this might appear to be a simple question at first, it is vital that you get it right. No admissions committee wants you to be a passive candidate, and this is your chance to demonstrate that you are thoughtful, prepared, and interested.
The key here is not to be generic and only ask questions like, “Why do you love X school?” Instead, you want to ask questions that are specific to your goals. For example, you might ask, “What other resources does the school offer for this industry?”
In the end, whether you’ve already been invited to a few interviews or you’re still waiting to hear back, it’s important to get prepared as quickly as possible. By practicing answers to some of these common questions, you can ensure that your interviews go off without a hitch.
Upcoming December MBA Application Deadlines
As winter approaches and December comes into clear view, let’s review all the major upcoming MBA application deadlines for December and January. Get those applications in ASAP so you have more time to enjoy the holidays with friends and family as you await your acceptance letter in 2019. Best of luck, and Happy New Year in advance! Continue reading…
Top 10 Schools that Specialize in Healthcare Management
Healthcare Management MBAs are becoming a popular track for students who want to enter a growing industry that’s ripe with innovation. According to the Bureau of Labor Statistics, medical and health care managers, also called healthcare executives or healthcare administrators, are responsible for planning, directing, and coordinating medical and health services. They manage entire medical facilities, departments at nonprofits, and medical practices for physicians.
BLS reports that employment of health care management personnel is projected to grow 20 percent from 2016 to 2026, which is much faster than the average for nearly all other industries. This is partially because the Baby Boomer working class is aging into retirement, thus increasing more demand for healthcare services. The average pay for health care management professionals is an estimated $98,350 per year ($47.29 per hour).
While some health care managers have a bachelor’s degree, master’s degrees also are common in the field. If you’re a prospective MBA hoping to enter the health care field following graduation, are you aware of all the specialized healthcare management majors, courses and programs offered at business school across the nation? Many of the country’s top business schools have put together special options for students looking to get an in-depth look at one of the largest and fastest growing sectors in the US economy. Let’s take a look at the best of the best. Continue reading…
Financing Strategies For “Nice” People, and More – New York News
Let’s explore some of the most interesting stories that have emerged from New York business schools this week.
When It Comes To Their Finances, Nice Guys Fall Short – Columbia Business School News
According to new research co-authored by Columbia Business School‘s Sandra Matz, “people who describe themselves as ‘agreeable’ are strongly connected to a bleak financial future—including lower savings, higher debt, and a higher likelihood of becoming financially insolvent.”
Matz elaborates, “This research proves that being nice may win friends but it can cost a lot of money. This is especially true for those who start off with less money, as they have no financial safety net to compensate for their personal habits. Unfortunately, having a nice and warm personality—in the arena of business and finances—can often have real financial costs.”
According to the article, “Agreeable individuals perceive money to be less important than their more disagreeable counterparts, and consequently have, on average, worse financial health—which is measured by savings, debt, and default behaviors.”
“Nice Guys Finish Last: When and Why Agreeableness Is Associated With Economic Hardship” was published in the Journal of Personality and Social Psychology.
You can read more about Matz’s research here.
Opportunities Abound in Distressed Debt Investing – Gabelli Connect
The Fordham University Gabelli School of Business recently hosted a talk at its McNally Amphitheatre on the subject of “distressed debt investing,” a multi-trillion dollar industry in which “investors hunt for opportunities where they can purchase debt [with the hope] that the gambit will pay off eventually.”
Attendees were privy to first-hand accounts of distressed debt investments and legal advice from a variety of experts. Baupost Group partner Fred Fogel highlights the “importance of both curiosity and perseverance.” Paul Weiss Bankruptcy and Corporate Reorganization Co-Chair Alan Kornberg “encouraged those just starting out to get a feel for the process by sitting in on bankruptcy hearings.”
Former Wachtell Lipton Bankruptcy Department Head Chaim Fortgang emphasizes the creation and maintenance of “good working relationships.”
You can read more about the talk here.
Look to Entrepreneurs For What’s Next in Healthcare – Johnson Business Feed
The Johnson Business Feed interviewed visiting faculty member Elspeth Murray about the increasing demand for innovation in the healthcare industry, from the use of smartphones to the expansion of ambulatory care.
“Consumer behavior has changed, and that will begin to push on the healthcare system. At a certain point, healthcare practitioners are either going to lose patients or be forced to adopt new ways of treating and accommodating patients.”
She advises students returning to school to focus beyond their specialty and remain “open to taking risks and re-framing your view of the industry, and to be aware of what is happening outside of your bailiwick. Take a good look around at what’s happening and go for it.”
Murray’s 2002 book, Fast Forward: Organizational Change in 100 Days, which she co-authored with Peter R. Richardson, explores how “entrepreneurial thinking gives you the creative ideas and the juice and design thinking helps you see the problems to be solved in the right way.”
Check out the rest of the Murray interview here.
