Posts Tagged ‘mba’
Getting into the Best MBA Schools
Posted by Paul Maywood in MBA Advice Saturday, 3 January 2009 21:06 1 Comment
So you want to get your MBA from a top tier MBA school? How do you go about differentiating yourself from the countless other applicants that are in the same boat as you? Well here is where I can help you. I myself went through this process and attended one of the top 5 MBA schools in the world. Having been through the process and attended I can tell you what the schools (or at least mine in particular) are looking for and what you can expect from the MBA application process.
Know what you want and why
First things first, narrow down the field. I can’t count the number of times people have approached me asking for information about my school and my MBA. They always want to know “How do I get in?”, “What GMAT score do I need?” etc. The first thing I ask is, “Why do you want an MBA?”. I get answers from wanting more money to starting their own businesses. I knew a guy that wanted an MBA to simply boost his resume and wanted to put as little effort into actually getting one as he could. Smartly he paid very little for his MBA but he got what he wanted.
For MBAs it is true that you get what you pay for. You may learn just as much from a less ranked school but you may not have the networking, professors, class choices and prestige as the higher ranked B-school. Determine what you want out of your MBA and it will determine what you put in (time and money). This may be a top tier school or something else.
Now that you are set in that you want the most out of your MBA you need to decide what you’d like to focus on. Just like undergrad the top MBA schools are known for different concentrations. The University of Chicago GSB is known as an excellent financial school but just down the street is Northwestern’s Kellogg School of Management that is known for marketing. Pick the schools that match your educational profile and goals.
Now we are cooking. You have decide that an MBA from a top tier B-school is right for you and you have narrowed down the list to the few that match your profile. Let’s get to applying.
Take your short list of B-schools and get all their application material and look at when the applications are due. Additionally look and see if they have rolling admissions. If they do then the key is to get your application in as early as possible. You are then competing with far fewer applications and more openings. Most of the applications will be similar in that you need reference letters, essays, GMAT, undergrad transcripts, interviews etc. The number and variety will differ but in general the idea is the same. They want to know as much about who you are that they can. Assuming you get accepted you will represent them as a marketing tool the rest of your career and they do not want to have bad PR.
With that being said no one component is more important than the other per se but that doesn’t mean that any one of the is unimportant. It is you as a whole they want to get to know.
GMAT
Lets get this one out of the way first as it is the one most people stress about. My advice. Don’t stress this. Certainly a good score helps and you shouldn’t blow this off but don’t go hog wild spending all your time trying to get 10 more points while neglecting all the rest of the application. Some schools probably have a minimum that they are willing to accept but if you compensate that with other strong components you will do fine. In my opinion you should simply pick up one of those books with practice tests etc and brush up on your skills and take the practice exams.
Interviews
At some point you are going to have to meet someone from the school. At some institutions they have current MBA students conduct interviews, others have alumni, admin staff etc. Any way you look at it, it is the same. They are seeing if you fit their criteria and expectations of their school. My advice here is to be yourself. Walk in with confidence and enthusiasm and sell yourself. One question they will undoubtedly ask is “Why an MBA and why our school?”. Make sure you prepare your answer for this and do your homework about the school and program. Many schools MBA programs are slightly different and in some cases radically different. Talk about these points and your preferences and demonstrate that you are serious and interested in their program. As far as why an MBA you already did that as part of your prep work from earlier.
Essays
Most MBA applications will also require some sort of essay. These vary greatly in both number and content. Some are more along the lines of “Why do you want an MBA?” to more bizarre ones like “If you were a tree, what kind of tree would you be and why?” I didn’t spend much time writing my essays but I did think a lot about what I wanted to write. I really struggled with writing something that “they wanted to hear” vs. what I felt was my answer. In the end I wrote what I wanted and not what I thought they wanted to hear. I guess this approach really worked out in my favor since I was accepted. I’d suggest the same for any prospective MBA student. Be yourself and answer honestly.
Reference Letters
I just wanted to write a quick note on reference letters. A huge plus is if you can get someone who earned his or her MBA from the same program and you know from a professional level. Try to avoid friends and family unless there is a special circumstance. Most schools will ask for very specific references, such as current employer, etc. Lastly give your referrer plenty of time and all the material to complete the letter. Most people are more than willing to help given you isn’t burdening them with too little time.
There are of course a few odds and ends such as the application and resume but you should already have these. The application is generally factual such as prior work experience, education, and community work where again don’t hesitate to sell yourself.
In the end do your homework, and spend time on all aspects of the process but most importantly do it for your own reasons. Assuming all goes well you’ll be off and studying for your MBA courses gaining valuable training for your future. Good Luck.
About The Author
Paul Maywood is a freelance writer and is a married father of 3 living in Chicago (burbs). I have an advanced degree and work and stuff….that’s about it.
Passing the GMAT, Graduate Management Admission Test
Posted by Jill Kamienski in MBA Advice Saturday, 3 January 2009 21:06 No Comments
The Graduate Management Admission Test (GMAT) is the entrance exam for many graduate level degrees in business, management, and finance, including the MBA. Most schools require the GMAT in order to get accepted into their program, and the score is weighed heavily. The reason it is taken so seriously is because it puts everyone on an equal basis. Undergraduate degrees vary widely between schools and departments. The professional career of one applicant can be quite different from that of another. The GMAT is the main way a school can get a direct comparison between two applicants of dissimilar backgrounds.
Preparing for the Test
The GMAT tests the student’s quantitative and verbal skills. The skills are based off a high school level, so neither engineering skills nor an English major are required to be successful on the exam. Below is an overview of the types of questions that the test contains. A full study guide with practice exams should be used before attempting the test for the first time.
Quantitative
The quantitative section of the GMAT is made up of problem solving and data sufficiency questions. The problem solving questions and data sufficiency questions are mixed together, so you will never be sure which will appear next. There are 35 questions in this section, and 75 minutes are allowed to complete it.
Problem Solving
The problem solving section of the GMAT consists of questions that the examinee must answer mathematically. Most are in the story problem format, where a brief real-life situation is set up and there is one correct solution. The problems include the use of arithmetic, including percentages and fractions; algebra; and geometry, including areas and volumes. Conversions between units are not used and do not need to be memorized.
Test taking strategy: The answers are presented in numerical order, which assists in guessing when the examinee does not know how to work the problem. Start with the middle answer and plug it into the problem. If the result is too large, look only at the smaller answer choices left. If the result is too small, look only at the larger answer choices left. That means that on problems that lend themselves to plugging in, the examinee will at most have to plug in three possible solutions, rather than a full five.
Data Sufficiency
The data sufficiency section contains a problem similar to the problem solving section; however, the problem itself does not give enough information to fully answer the question. The problem is followed by two statements. The examinee’s job is to determine whether they have enough information to find a solution using the stated problem and the statements. The possible answers for these types of problems will be
• Statement 1 is sufficient to answer the question
• Statement 2 is sufficient to answer the question
• Each statement alone is sufficient to answer the question
• Both statements combined are sufficient to answer the question
• The statements combined are not sufficient to answer the question
Like the problem solving section, these problems require knowledge of arithmetic, algebra, and geometry. The goal of these problems is to determine whether or not there is enough information to answer the question, and NOT to determine whether or not the answer is correct.
Test taking strategy: Look at each of the two options individually and see if they are sufficient to answer the question. If either is you can limit the options available to choose from to be the one that is sufficient or that each is sufficient on its own. If neither is sufficient individually then look at the two combined and see if that will give an answer.
Verbal
The verbal section tests basic rules of English as well as the examinee’s ability to understand what they are reading and make logical conclusions. The verbal section is made up of sentence correction, critical reasoning, and reading comprehension questions. The three types of questions will be mixed together, however each reading comprehension sequence is made up of three of four questions and those questions will always follow each other immediately. There are 41 questions in this section and 75 minutes are allowed to complete it.
Sentence Correction
The sentence correction section contains a few sentences with one, or a portion of one, underlined. The examinee must determine if the underlined portion is proper English, or if not, which of the answer choices would turn the sentence into proper English. Common mistakes that must be caught and corrected in the sentences include subject/verb agreement and tense agreement.
Test taking strategy: Ignore the first answer choice when reading through the options. The first choice is always the same as the one that is actually in the sentence problem, and reading it again just takes away time.
Critical Reasoning
Critical reasoning is a short paragraph that contains a logical argument. The answer choices ask about what can be concluded from the paragraph using logic.
Test taking strategy: Any outside knowledge about the subject should be ignored. If it can not be concluded solely from the information given, then it is not the correct answer for the purpose of the exam.
Reading Comprehension
The reading comprehension section contains a few paragraphs and then a series of questions regarding the passage. The passage will remain visible throughout all of the questions so the examinee can refer back to it. This section will not include logical conclusions, but will require the reader to put the pieces together to understand the larger picture being presented.
Test taking strategy: The notepad can be used to write a couple words describing the key concepts of each paragraph, and an indication of where names of people or specific items appear for quick reference later while answering the questions.
Analytical Writing
Two essays must be written analyzing an issue. Thirty minutes are allowed to complete each essay.
Argument Analysis
The argument analysis presents a couple paragraphs that argue for or against some subject. The job of the examinee is to read the argument and decide if the argument is contains sufficient information to uphold it, or if it is lacking in critical information. The examinee must then present their analysis in an essay.
Issue Analysis
The issue analysis presents a couple paragraphs that have an issue with two sides. Each side may be clearly presented or it may be implied. The examinee must choose one side of the issue and present an essay supporting their position.
Test taking strategy: Either the noteboard or the textbox can be used to create an outline for the essay. All the points the examinee wants to cover can be typed out and later reorganized into a flow that makes sense. A few more details can be stuck in between points until the examinee has created the analysis they want within their mind. Then it is only a matter of turning the points into complete sentences in order to finish the essay.
Taking the Test
Once the studying is complete, the exam will be taken at an official testing center. These centers are located around the country and follow detailed procedures.
Registering
Registration is completed online. The examinee can search for testing centers near their location and then find out what times are available for testing. The test can be completed any day a testing center is open, there are no set dates set aside for nationwide testing. The web site will ask for your personal information and payment. Be sure that you use your official name exactly as it is written on your identification such as a driver’s license.
Checking In
To check in you will be required to present photo identification that includes a signature. A driver’s license is the most common form, but a list of all acceptable forms are given on the website during registration. After the testing center has identified the examinee they give the examinee a paper with the GMAT rules spelled out. After reading through that the applicant will have their picture and fingerprint taken. Everything the examinee brought with them to the testing center will be stored in a locker. Only identification and the locker key will be allowed into the test room. Even car keys must be left behind.
Entering the Test Room
Each time the examinee leaves and reenters the test room their fingerprint will be retaken and the computer will attempt to match it with the earlier print taken. If the fingerprints do not match, then identification will have to be shown again. The test room itself is soundproof, with one wall of glass where a proctor sits and watches everyone within the room. Cameras also videotape everything within the room and are displayed real-time to the same proctor. Each examinee, which may be taken any exam offered by the testing center, not just the GMAT, will be in individual cubicles with a computer and some desk space.
Selecting Schools
Once the computer is running the exam the examinee can verify the personal information and then select which schools the score should be sent to. The schools selected at the testing center are free, schools added later through the online interface will have an additional cost.
Computer Adaptive
The exam itself is adaptive. That is, each question asked is based on the answer to the previous question. If the examinee answers a question correctly, the following question will be harder. If the examinee answers a question incorrectly, the following question will be easier. This allows the computer to narrow in on the precise abilities of the examinee.
The Noteboard
Each examinee is given a noteboard to use with the exam. The noteboard contains a few pages of plastic-covered sheets of paper. Dry erase pens are used along with it to work math problems or make notes about verbal problems. Small writing is difficult, so practicing exams by writing largely or getting a dry erase board it useful. If the examinee runs out of sheets they can raise their hand and the proctor will bring them more.
Taking Breaks
Each time the examinee reaches a breakpoint in the test the proctor must come in and escort that person out. The proctor knows to come when the examinee raises their hand. After a short break the examinee must once again have their fingerprints taken to get back into the testing room.
Getting the Score
As soon as the test is complete the examinee is given a choice to keep the score or cancel it. If it is cancelled the examinee will never find out how they did, but no schools will be sent any results. If the score is accepted then the examinee gets the qualitative and verbal scores immediately at the computer. The score ranges between 200 and 800. The essays are scored later by the combination of a human and a computer program. That score ranges between 0 and 6, and is given separately from the other two scores. When that score is available the examinee receives an email with a link to a page containing a full report of their exam results.
Once the examinee has their score, they are ready to begin applying to business schools.
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