Last week, I did a webinar for the Forte Foundation giving tips on “Planning for an MBA”, or rather how to plan to apply for an MBA. The audience was current college students and people only a year or two out of college, who are thinking about applying for an MBA several years in the future. I thought I would share some of the advice I gave them. While the advice was more geared to people still in school/very early in their career, many of the tips are relevant for people applying this fall too.
1. Take quantitative classes while you still have the opportunity – An MBA program is very quantitative, and while you don’t have to be a business or econ major to apply, if you are someone who hasn’t taken many, or any, quant classes, I would recommend taking some while you are still in school or after you graduate. Helpful classes are financial accounting, statistics, and microeconomics. Taking classes serves two purposes: (1) it demonstrates your ability to handle the work; and (2) having familiarity with the concepts will make you a more confident student once you start business school.
2. Take the GMAT your senior year or as soon after graduating as possible – Your scores are valid for 5 years. Get it out of the way while you are still in school and still in test-taking mode. Once you get out of school it will be harder to find time to prep and take the exam. Those of you out of school, take it as soon as you can and well in advance of your application. Then if you find you need to take it again, you will have plenty of time. Each year I have applicants who put if off until right before they are submitting their application, don’t do well and then they are stuck.
3. Follow your passions and do what you really want to do, even if it’s non-traditional – Every year I get questions from college students asking what job they should take to get into business school. My advice is don’t take a job just because you think it will help you get into business school. In the eyes of the admissions committee, work from one sector or profession does not have more value than another. In other words, working in investment banking isn’t more valuable than working for a non-profit. If you pick what you are really interested in and have a passion for your work, you are more likely to be successful, and that is what is important.
4. Develop your career – When you start working, work hard and challenge yourself. Take the stretch assignments, volunteer for leadership opportunities, take initiative and look for ways you can contribute to your employer.
5. Develop relationships with mentors – They are valuable advisors and there is a lot to learn from them. Plus, these are the people you will look to for letters of recommendation when you are ready to apply. You want them to know you and your talents well. As you move on to other jobs, keep in touch with past supervisors and colleagues.
6. Get involved/stay involved in the community – We like to see people who have been active in their communities and are likely to be involved when they get to Tuck. When you graduate and start a new job, it’s easy to get caught up in work, but try to make time to stay involved in outside activities. It’s a good outlet for you, an opportunity to develop additional leadership skills and something valued by schools.
7. Get your finances in order – Business school is expensive. Until you buy a house, it is probably the biggest investment you are going to make. But don’t be scared by the price tag. There are ways to finance your education. Schools offer scholarships, there are student loans available, and the return on investment is definitely worth the cost. BUT right now, work on your financial health. Save money. Pay off your credit cards. Don’t buy a fancy, expensive car, etc. Loan opportunities may be better with a better credit history and you don’t want cost of attendance to be the deciding factor where you can go to school if you really have your heart set on a particular school.
8. Research schools – Do your homework to figure out which school best meets your needs. There are lots of ways to do this, and I caution you against just relying on the rankings. Those are a great way to start, but you should also talk to alums from lots of different schools, talk to current students, attend school informational events and fairs, and absolutely visit the schools you are applying to. Yes, the travel can be a little expensive, but when you put it into perspective by comparing it to the overall cost of an MBA, it is very little. An MBA is a big investment in terms of money and time, so you want to make sure that you have picked the right school for you.
9. Give yourself time – The application process is not easy and should not be rushed. The things we’ve talked about take time, and you should also make time to do some serious self-reflection. What do you want from your career, your life, why do you need an MBA, why now? What are your strengths and weaknesses? How will your past experiences help you on this journey? This level of introspection really pays off when you do start the application because you will have a better sense of your personal story, why you want to pursue your goals, what you want out of a program, and what you feel you will contribute.
Read the full article: Planning for an MBA