UCLA Anderson Provides 7 Reasons to Pursue an MBA
Reflecting on the value of an MBA is essential to know what’s driving you; it will make your application stronger and help you feel better about your decision.
So, is a full-time MBA program worth the time, cost, and effort involved? Adrian Aguirre, the associate director of MBA admissions at UCLA Anderson, laid out 7 reasons it could be.
Continue reading…Where Should You Go? The Benefits of a Mid-Tier MBA
You have an MBA acceptance letter from both Harvard Business School and Cornell SC Johnson. Which do you choose?
Your gut reaction might be to choose Harvard’s top-ranked MBA program without a second’s pause. After all, aren’t business school rankings—like those compiled by the Financial Times and U.S. News & World Report—the most important consideration when choosing your MBA program?
In some cases, you might be right. If you’re most interested in reputation, then ranking is all important. However, there are many times when rankings should be taken with a grain of salt. They tell a story, but not the whole story, especially when it comes to you as an individual candidate.
Just because a specific school is top-ranked, does not mean it should be the top rank for you. Many mid-level MBA programs are just as impressive and could be a better fit for you depending on your needs.
In this article, we’ll take an in-depth look at when and why you should choose a mid-ranked MBA program over a top-ranked program. Continue reading…
What Do You Do If You Can’t Afford an MBA?
An MBA is expensive. There’s no doubt about it. So, how do you afford one?
According to U.S. News & World Report, the average cost of an two year, full-time MBA from one of the top business schools in the U.S. is over $130,000. That number doesn’t include the cost of boarding and books ($40,000), peripheral expenditures ($20,000), and the cost of lost income ($120,000). Altogether, your total opportunity cost could come to around $300,000 for a two-year MBA.
If that number sounds astronomical, you’re not alone. While earning an MBA can advance your career path and greatly enhance your future earnings, few people feel blasé about the upfront cost. However, with a little bit of research, insight, and know-how, paying for your MBA doesn’t have to be out of your reach.
If you’re a prospective MBA student worried that you can’t afford an MBA, here are a few ideas to help you pay.
Drexel LeBow MBA Admissions Answers 5 Questions
In our latest installment of the MetroMBA “5 Questions” series, we speak with Kate Sonstein, Associate Director of Graduate Recruitment & Admissions at the Drexel University Lebow College of Business. Sonstein discusses the importance of experiential learning and the quality of the students, staff, and faculty at LeBow.
1. What advice would you give an MBA candidate interested in Drexel LeBow?
“There are so many great things to think about when coming back to get your MBA, and sometimes it can be overwhelming. My best advice includes two simple things: be yourself and put your best foot forward on your application.
It’s important that you’re true to your personality and qualities in the admissions process because you are looking for an MBA that is the best fit for you, not your friend or colleague. You are on a search to find a home for the next 1.5-2 years of your life, and it is important that the MBA you select meets your individual needs at an academic, personal, and professional level. Otherwise, you could end up with a program that does not provide the type of interaction that is the best fit for you.
You also need to gain an understanding of the program and school where you are applying and demonstrate that in your essay and communications. Don’t just Google a few classes and stick them in your essay—believe me, we can tell. Big tip: spell check everything! And make sure your recommenders know why you are applying so they can write you an impactful letter. The best applications are those that are unique and showcase your strongest qualities, but also those that are genuine.”
2. What is Drexel LeBow’s greatest asset and what do you wish MBA students knew more about?
“Drexel LeBow is a community of ambitious, hard-working people who are striving to be the brightest and the best in their field. At Drexel LeBow, we are your greatest asset—our faculty, both with high impact research and industry collaboration; our staff, including our experienced career services team and involved college leadership; our advisors, guiding you through your experience every step of the way; and our students, go-getters always striving to be the best in every aspect of their experience.
I think our MBAs are still learning more about our newest feature in the curriculum: graduate minors. Graduate minors at Drexel are an opportunity to build an additional functional area of study at the graduate level through courses offered in other subject areas. Minors are offered across the university in over 50 different disciplines including data science, health administration, project management, and business analytics management. Minors can be built into the Drexel LeBow MBA plan of study without any additional courses—students simply put their 18 free elective credits towards their minor.”
3. What opportunities, outside of the classroom, does LeBow offer MBA students to get hands-on experience?
“Hands-on experience is crucial to the graduate experience, particularly in an MBA program. At LeBow, both our full-time and part-time students have the opportunity to participate in experiential learning opportunities, regardless of what other commitments they manage outside the classroom.
Consulting courses and projects are a key aspect of experiential learning at LeBow. Our students work with many industry partners through our Business Solutions Institute to solve complex business problems, working with decision makers and company leadership alike. Students can opt to work with a for-profit or not-for-profit company in a consulting course, or work on a consulting project through the Institute.
LeBow also offers the opportunity for residency-based courses, both domestically at one of our two Pennsylvania campuses or internationally. Domestic residencies are offered based on topical learning, such as Six Sigma or Negotiations for Leaders, or as a consulting course option. Our international residency course includes 10 weeks of study about a specific foreign market, and then concludes with a trip to that country (or countries) in the last week of term.”
4. How does LeBow support its MBA students for post-graduation?
“Throughout the MBA experience, our Graduate Career Services Team works closely with all our MBAs, regardless of their specific career goals. Opportunities including workshops, one-on-one coaching, and industry engagement events are integral to the MBA experience.
As an alumnus, we also strongly encourage involvement and engagement with the College and our current students. In addition to our University and College level alumni groups, we have the Drexel LeBow Graduate Alumni Association for our MS and MBA alumni that is quite active. The group hosts a number of events each year, including our signature night of Alumni Networking each April.
Alumni also have lifetime access to our Graduate Career Services Team. The team consists of a variety of professionals with different backgrounds and expertise who are available as they transition to multiple roles throughout their career, or simply for professional development advice and feedback. We encourage our alumni to be as involved as possible—it’s all about who you know!”
5. What’s your favorite online blog that you would recommend for students?
Overlooking the Schuylkill River, between West and Center City Philadelphia.
“I’m not originally from Philadelphia, so some of my favorite blogs are about Philly and all the amazing things it has to offer. My [number one] choice is always Uwishunu.com (if you say it out loud it sounds like “You wish you knew”) and it always delivers. They do weekly and monthly city happenings and highlight some of the best events and food spots in the city.
Our main campus is also located in the University City area of Philadelphia, and they have a great blog that I love to use to keep up with our neighborhood. Philly is a city filled with culture, history, art, and some of the best food you will eat so there is always something to explore!”
The 5 Important Things You’ll Need to Know When Getting an MBA
If you’ve gone through the rigamarole of an MBA application, chances are you’re feeling a bit taxed (no pun intended). Don’t slow down now! Sometimes when you have your life and education under the microscope it’s helpful to get a gentle reminder from a reliable source—like us—of what you hoped to get out of the degree in the first place. Here are a few tips that might help calibrate your b-school compass:
Practice On The Field
Cliff Oxford, founder of the Oxford Center for Entrepreneurs, wrote in the New York Times that certain traditional MBA programs are “like having athletes studying game film but never practicing on the field.” This is why many schools encourage students to apply for internships during enrollment or summer semesters. These opportunities can be competitive—especially if you have your mind set on a large company—but don’t let that deter you.
There are many ways to stay connected with the global marketplace, where you will be employed in only two years. For starters, keep applying and remain alert to positions that may have a greater potential for longevity. Interviews that don’t lead to an internship are still essential experiences. If your chosen program doesn’t have adequate outlets for students to engage with employers, ask for them.
Let A Mentor Set The Pace
Mentorships reinforce the idea that there’s no substitute for experience. For students too intimidated to reach out to a professor, consider that mentorships may be the most rewarding part of their job.
Many schools offer a mentorship program built into the curriculum. Large schools like the University of Oregon and the University of Miami pair students with local professionals to “meet regularly throughout the academic year to discuss everything from study habits to career choices.” Schools have reported that these connections are pivotal for students in achieving their ideal positions and cultivating life-long relationships in the field.
Mentorship is also a staple of the career path designed for students at powerhouse business schools like the Yale School of Management, which recently revamped its WE@Yale program.
Change Your Perspective
When under pressure, remember to give yourself a break. Exercise and meditation are steadfast options, but use your imagination. Jerry Seinfeld reportedly displayed images from the Hubble Space Telescope on the walls of his writing room to calm his nerves. ”I don’t find being insignificant depressing. I find it uplifting.”
Completing your MBA is a personal exploration above all else. Don’t forget your true entrepreneurial spirit while finding your footing. After all, changing ones career is the second most common reason, according to students, that they pursue an MBA in a first place.
Experiment With Electives
Special projects and electives are a chance to step out of your comfort zone. These courses are updated on a yearly basis, meaning that they cover cutting-edge topics that can open up new worlds and help you garner skills that separate you from the rest.
For example, the Stern Signature Project at the NYU Stern Center for Business and Human Rights recently led students to create a business plan “focused on sustainable employment and profit” for a private Kenyan social enterprise.
The NYU Stern Center for Business and Human Rights launched in 2013, focusing on various issues like manufacturing, sustainability, and much more.
Get To Know Your Pack
A drive to succeed doesn’t mean that you have to be the lone wolf on Wall Street. Every MBA program has students who come from unique backgrounds, cultures, and histories. These are your future colleagues. They’re also hidden mentors who may be your most valuable supporters.
Many schools, like the Wharton School at the University of Pennsylvania, actively acclimate their students together with unique Olympic-like events, helping bridge the various cultural gaps of the incoming students. Not only are these events fun, unless you hate being outside or sack races, but they are potentially powerful networking events for you and your peers.
What Is The Worst MBA Advice You Have Ever Heard?
The path to business school is paved with experts and know-nothing-know-it-alls alike—it’s just hard to tell the difference sometimes.
This is especially true when it comes to “dos” and “don’ts” of the trade. You’re bound to encounter confusing, conflicting, or just plain bad advice in any field but there’s something about business school that seems to attract meaningless jargon like flies to honey.
I spoke to Accepted’s Linda Abraham and North Star Admissions’ Karen Marks, two leading admissions counselors and bonafide MBA experts, about the eight worst pieces of advice most commonly doled out to MBAs-to-be.
“Tell them what they want to hear.”
“The admissions committee will see through it, the applicant will blend into the gray mass of applicants who are making the same mistake, and at competitive schools, will get dinged,” Abraham writes. “Telling schools what you think they want to hear means telling them what you don’t know, and it also means you’re not telling them what you want them to know.”
“If you are waitlisted, ignore the school’s directions and make a dramatic gesture to demonstrate your interest.”
According to Marks, “People … have been known to do everything from emailing the admissions office once a day (relatively benign, but inappropriate) to sending homemade gifts (creepy) to showing up in the admissions office and refusing to leave until they have spoken with the Dean. All of this backfires, it’s really important to listen to the school’s directions and express your interest in ways that underscore your ability to follow directions, and your understanding of the culture.”
“Change your career goals and personal story for each school.”
Marks explains, “Your goals and core narrative should remain constant, no matter what school you are applying to. Don’t tell Stanford that you want to work in micro-finance and Kellogg that you dream of marketing, just because you think it’s what they want to hear.”
Abraham recalls an interaction she had with “an applicant who came to us initially for Rejection Review.” This applicant was told by his consultant, a former Yale SOM adcom director, “she would have rejected him also because the applicant’s goal made no sense given his work experience, education and extra-curricular activities. He explained that his friends had told him to use the “hot” goal that year, so he used it in his application. Next year he applied with an authentic goal (and app) and was accepted to an M7 school.”
“You have no chance of getting into a top MBA program because you didn’t go to a top undergrad.”
Abraham couldn’t disagree more with this statement.
“If an applicant excelled at their local college, shows leadership, and has had an impactful career, and has a competitive test score, they have a chance at elite MBA programs,” she says.
“You have a 750-plus GMAT and a 3.9 GPA, you’re in anywhere.”
Both counselors call hogwash on this one.
“You can’t rest on academic laurels. Yes, those numbers are very attractive to top b-schools, but if they are combined with arrogance—forget it. Schools also want to see leadership and impact in their accepted students. So, if Super Student wasn’t a super employee or entrepreneur or campus community member, those stats do not guarantee acceptance at top MBA programs.”
“Your goals don’t really matter, because you’re likely to change them once at b-school.”
Abraham writes, “Yes, your goals are likely to change and schools know that, but they at least want you to start their program with direction and a goal they know they can help you achieve. Goals are a major component in fit at most top MBA programs. And if yours are vague or don’t match the strengths of your target schools, then you simply aren’t showing fit.”
“If you have a blind interview, you can wing it.”
“You can wing it. BUT you are unlikely to be as effective as the other applicants who prepare,” Abraham notes.
“They will have researched the school, know exactly why they want to attend this program, and mined their own experiences and achievements so they are ready to show they belong at the interviewing school and will contribute to the school’s student body and alumni network.”
“Oh, and they also have thoughtful questions to ask the interviewer.”
“You won’t get in if your numbers are below an arbitrary number, so don’t even bother applying.”
Abraham has worked with “multiple clients who had extremely low GMATs and GPAs, below 2.5 and below 600, who have been admitted to Wharton, Booth, HBS, etc. I also admitted applicants with weak numeric profiles to Tuck when I was the Associate Director of Admissions. (They had other stellar qualities).”
Abraham believes that “essays, personality, perspective and life experience are more important than numbers.” She adds, “Application reviews are comprehensive. One element is extremely unlikely to keep you out or carry you across the threshold of a dream MBA program.”
