What are business schools in the business of? They’re in the business of picking students who go on to do amazing things and become famous business leaders. The more successful grads a business school produces, the more prestigious that school becomes and the more alumni donations that school will receive. The more prestigious a business school is, the easier it is for them to attract top-notch candidates. It’s all one happy, virtuous cycle. Business schools want to accept people who have a high chance of success with the least amount of uncertainty, which is why the business school admissions game is like picking stocks. That is, admissions committees are trying to choose candidates (stocks) who have potential to achieve exceptional success (maximize return) with a high probability (minimize risk). Just like stock pickers, admissions officers are trying to maximize the reward/risk ratio.
To that end, as you think about your overall business school admissions strategy, think about ways you can demonstrate glimpses of being the next Jack Welch or Warren Buffet while also positioning yourself as a low risk bet. Typically, applicants from fields like private equity and management consulting represent low risk investments because they’ve already shown an ability to be reasonably successful in business. By virtue of getting a job at a management consulting firm like McKinsey, you’ve already validated yourself to some degree. What business school admissions committees look for in these types of applicants is whether they have a chance of becoming a truly exceptional business leader, not just whether they have a chance of achieving above average success. If you’re one of these applicants, you need to increase the reward side of the reward/risk equation by demonstrating a desire and the potential to do something extraordinary. You do not need to waste any time proving that you can do business analysis.
On the other hand, off the path applicants such as architects, musicians, athletes, teachers, soldiers, etc. represent potential high reward investments because of their unique backgrounds and unique reasons for getting an MBA. However, they also represent much riskier investments. For example, military guys have had great formal leadership experience and can talk about really interesting war stories. But because they’ve never worked in a traditional corporate environment, business school admissions committees see them as riskier bets. The key for applicants with more unique backgrounds is to carefully address concerns that business school admissions committees have about “wild card” applicants. As an example, doing well on your GMAT tells admissions officers that at the very least you’re smart (and have the intellectual capacity to handle the academics) even if you haven’t had a chance to demonstrate your business abilities in a more traditional work environment. Showing that you are serious about going into business, that you are prepared to handle the quantitative work, and that you have a clear idea of how an MBA will help you achieve your career vision, will be critical.
Everyone will fall on different parts of the below reward-risk graph. The key for business school admissions is to recognize which quadrant admissions committees put you in based on your immediate profile and background, then figure out whether you need to push your candidacy higher along on the reward axis, lower along on the risk axis, or perhaps both. The goal is to get to the fourth quadrant (high reward, low risk; bottom right hand corner). A great marketing job can really help change the complexion of your candidacy in a BIG way.