How to get into business school -- or, how not to do what I did.
Sep 19 '00 (Updated Sep 26 '00)
I am a woman who usually speaks in absolutes. This time, however, I must begin my editorial with a caveat:
I have not yet gotten into business school.
What, then, qualifies me to write on the topic of getting into graduate school? I'll tell you -- pain; the pain from having started this process incorrectly and the pain from the panic attacks which have ensued in the past week.
First, a little background on me...
I graduated Bryn Mawr College in 1998 with a double major in Economics and Political Science. Shortly before graduation, I began working as a mergers and acquisitions ("M&A") analyst at an investment bank in Philadelphia.
My analyst program was designed to be a Three-Years-and-Out program, familiar to most in finance. The timing of the program was that I was supposed to be an analyst for three years and then depart for graduate school. After getting my M.B.A, I would then be hired as an Associate (either at my previous firm or elsewhere). The problem is, while most investment banks hire analysts for either two or three years, most graduate school programs prefer to see five-or-six years of experience before accepting someone. It has created quite a Catch-22 for those in my industry: to get an M.B.A, you have to have advanced in your career, but to advance, you often need an M.B.A.
This past May, I was unexpectedly promoted to Associate a year early. Although I was honored, I started to weigh my options now that I had the new title on my resume.
How did I know it was the right time to apply?
My department is small. Quite small. Although the firm where I work has over 2,500 people, and the Philadelphia office has over 100, the mergers and acquisitions department only has four executives, including myself.
When I joined my firm, it was just the current Managing Director and myself to staff the department. In the past two years, we have added a Senior Vice President (just under M.D. in terms of rank) and an analyst (just under Associate). I have truly enjoyed the intense experience of working in a small department and the unparalleled exposure to all types of M&A issues. However, my knowledge is entirely limited by the knowledge of my two supervisors. What they know, they teach me, but what they lack, well...
I felt like I had hit a glass ceiling.
I went to a liberal arts college so that I could enjoy a broad spectrum of courses. Although I loved classes such as "Sins and Sinners" (English Lit.) and French Romanticism, I was unable to take classes useful to my career, such as Advanced Accounting and Finance. Like many liberal arts grads, I have learned what I have needed to know for my job on the job. This has served me well, but there are huge gaps in my knowledge which can only be filled by additional education. It was time to apply to grad school, and hope that the three-and-a-half years of experience that I will have by the time I enter will be enough to get me in.
What I did wrong...
What I did wrong was think about business school ("B-school"), obsess about B-school and plan every aspect of my B-school application process. For a year. Although it is a good idea to plan, I have since discovered that it is better to ACT, rather than just to plan.
I am now running against the clock to get everything done in time, so I thought I would share with you what I have realized during this process. These suggestions are in no particular order and are not a definitive list of things you should do. They are, however, things I have learned and screwed up myself, so take them for what you will.
How not to screw up the process like I did...
1) Start early. Start early. Start early. By early, I mean start getting everything in order a year or so in advance of when the applications are due. Although I was mentally preparing and psyching myself up for a year, I didn't actually start the application process until this past June. Even though the applications are not due until November, that was not enough time to prepare everything without undue stress.
2) Realize that the application process is not going to be like your college application process. In high school, almost everyone is applying to college the same time you are. Professors are understanding and you can schedule around the application process. When applying to B-School, you will most likely be juggling a full-time job, where your supervisors will NOT be sympathetic to your plight! I work 60-to-70-hour weeks, and my weekends are spent either working or recovering. I did not allot myself enough time to get everything done in that time and did not realize how much week-day time would be required going to the post office, calling my colleges, etc.
3) Start with a good manual that will step you through the process. I highly recommend "How to Get Into the Top M.B.A. Programs" by Richard Montauk. The book is several hundred pages long and details every step from how to pick an M.B.A. program to how to tell your boss you are applying to what to do if you don't get in. I have reviewed this book at
http://mawrter.epinions.com/book-review-2E2F-4131DC6-39D155CE-prod1
Even if you don't pick up that exact book, find one which speaks to you as you thumb through it in the bookstore. If you don't need to know how to write an essay, don't waste money on a book which focuses on that topic. The book did not really tell me anything that I wouldn't have already known, but it was a great source of comfort to know that I wasn't skipping a step in the process.
4) Get a good book on different schools and the programs that they offer. Not to give an unnecessary plug, but I have written a review of a book which I found to be very helpful: "Princeton Review Best 80 Business Schools."
http://mawrter.epinions.com/book-review-736E-7BD382D-39B98043-prod1
This book compared the top 80 schools in the country and looked at the types of programs they offer, what the students say and what it is like to attend school there. I had searched long and hard for a book like this, because although the schools' websites all boast about their programs, I found it hard to figure out where I would fit in and which had the best program for ME. Get a book. Memorize it. Then...
5) ...get organized. Make lists. Lots of them. Which schools appeal to you? How many recruiters come to school A versus school B? What are the application deadlines? I don't know about you, but if you are a finance geek like me, having lists -- especially ones laid out in a spreadsheet -- is a great comfort since you can see all of the info at a glance and know you are not forgetting anything. Which websites have you visited? From where have you requested catalogs? Have you gotten them yet? You get the picture.
6) Once you narrow your list of potential schools down to under ten, start finding info on them any way you can. Ask your co-workers who might have gone there, look at the employee profiles of companies where you would like to work (where did their CFO attend?), request catalogs, print out websites. FILE them (again, organization is key) and eventually whittle them down to a reasonable number (two-to-five applications seems most common).
7) Start to beg. I am not referring to the cost of attending B-School, which runs at about $50,000 per year at most private schools, but to the cost of applying. The GMAT exam (which is required) is about $190, each application will cost approximately $160-$180 and most colleges charge for official copies of your transcripts (the fee can run from $0 to $5 per copy, times the number of copies each school wants, times the number of schools to which you are applying.) It can really add up! I am applying to five schools, and I transferred from University of Pennsylvania to Bryn Mawr after freshman year. My application and testing fees alone have totaled $1,190, which does not even include
8) a test prep class. I had talked to many people who had taken the GMAT, and they all encouraged me to take a test prep class before attempting the exam. With the new computer format, any testing strategies you might have developed in your previous incarnations go right out the window. Plus, my reasoning was that if everyone else was taking the exam, and since your results are based on how other test-takers do on your same day, I was putting myself at a disadvantage if I didn't take the class. Fallacious reasoning at best, but it makes sense to me! :) For the record, I am taking the Princeton Review class, which I will review once it is done. Try to take the GMAT at least several months before you finalize your B-School choices. This way, you will know what schools are in reach and you won't be writing essays, taking a prep class, taking the GMAT and filling out applications simultaneously while trying to work full-time(as I am currently!) Also, if you need a re-take, you will have enough time.
9) Read the fine print. I was proud of myself because I had thought ahead and ordered five copies of my transcript from both undergraduate schools. What I didn't know is that some schools require two copies and others require that you enclose their "Official Transcript Request Form" (found in their application each year) with your sealed transcript. So now I am in the process of returning my transcripts to the registrars so that they can fill out the form and re-insert the transcripts into a sealed envelope and re-send the envelopes to me in time. Look at last year's application -- see what will be required and act accordingly.
10) Using your Palm Pilot or datebook, plan ahead so that you will be finished your school selection process by July. Although most applications are not available until August, you will have a head start on the essays if you look at the previous year's applications. Most schools require a general "Why an M.B.A? Why now?"-type of personal statement. The specifics of each essay can be filled in later, but get the outline of it down early. You will need the extra time to coordinate your 2-3 recommendations and filling out the applications, as well as getting everything else in order and writing the rest of the essays. Trust me. I am screwed.
11) Finally, stay off of Epinions! Do you realize how much progress could have been made on my essays if I hadn't gotten so involved with writing this editorial? :)
Since I am now fighting off daily panic attacks about getting everything done by November, I wanted to share my advice with you since I had not followed any of the above suggestions. Best of luck to anyone else contemplating the application process and wish me luck as I try to make it to the hollowed arches of [X] University!
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Epinions.com ID:
BunnyJav
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Location: Minneapolos, MN
Reviews written: 34
Trusted by: 59 members
About Me:
"You're the true Lord of the Dance, no matter what those idiots at work say"
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