Chicago Booth 2011 MBA Essay Questions

It’s an entirely new Chicago Booth MBA application this year.

Essays

1. The Admissions Committee is interested in learning more about you on both a personal and professional level. Please answer the following (maximum of 300 words for each section):

a. Why are you pursuing a full-time MBA at this point in your life?

Ah, the old “why now?” question. What recent experiences have convinced you that now is the time for you to pursue an MBA? Hopefully those experiences will also reveal leadership, intellectual curiosity, fit with Chicago, and support for the goals you are going to discuss in B.

Two cautions:

1. “I hate my current job” doesn’t work. However, a thoughtful analysis of things you like and dislike in current and past positions could provide a portion of your response to this question.
2. Don’t repeat your resume. Choose one or two particularly significant experiences that can serve as a trigger for answering the questions.
   

b. Define your short and long term career goals post MBA.

A allows you to draw on professional and non-professional experience, but most of you will choose to discuss your work. B is all about career.

Despite Rose Martinelli’s acknowledgment that some of you may not be 100% committed to a particular career path, Booth wants to know what is your most likely or attractive career path at this time. Those aspirations should flow naturally from the experiences discussed in A and your resume.

Short-term goals refer to your immediate post-MBA goals. Long-term are usually 10+ years post-MBA.

c. What is it about Chicago Booth that is going to help you reach your goals?

This is a more directed and clear way of saying “Why Booth?”  What about Chicago’s flexibility is important to you? What about its “challenge everything” ethos and quantitative rigor will help you achieve your goals. While I would say that almost any “Why School X” should be answered by connecting the school’s programs and strengths to your goals, Booth is removing ambiguity with the clarity of its question. Link the two.

d. RE-APPLICANTS ONLY: Upon reflection, how has your thinking regarding your future, Chicago Booth, and/or getting an MBA changed since the time of your last application?

This is a straightforward question. Remember, Chicago (and any school you are reapplying to) wants to see growth. Same ol’, same ‘ol got you a ding last time and probably will again this time. Let this brief essay show a maturation and evolution of your goals and reasons for wanting to attend Chicago Booth

2. Chicago Booth is a place that challenges its students to stretch and take risks that they might not take elsewhere. Tell us about a time when you took a risk and what you learned from that experience (maximum of 750 words).

When did you make a decision with an uncertain outcome and significant possibility of loss, harm, or embarrassment along with the potential for high rewards?  How did you analyze the pros and cons, the downside and the upside? What did you learn?  How did you grow from the experience? How has it influenced you going forward?

Assuming that #1 is all professional, this essay may (not must)  be an essay where you want to introduce a non-professional commitment.

3. At Chicago Booth, we teach you HOW to think rather than what to think. With this in mind, we have provided you with “blank pages” in our application. Knowing that there is not a right or even a preferred answer allows you to demonstrate to the committee your ability to navigate ambiguity and provide information that you believe will support your candidacy for Chicago Booth

Essay Question 3 Guidelines

We have set forth the following guidelines:

• The content is completely up to you. Acceptable file formats are PowerPoint or PDF.
• There is a strict maximum of four pages, though you can provide fewer if you choose.
• The document will be printed in color and added to your file for review; therefore, flash, hyperlinks, embedded videos, music, etc. will not be viewed by the committee. You are limited to text and static images to convey your points.
• The file will be evaluated on the quality of content and ability to convey your ideas, not on technical expertise or presentation.
• Files need to be less than 9 megabytes in order to upload. If your file is too large you may save your file as a PDF and upload your essay.

If you like choice, you will love this question. You can’t get much more open-ended.

I frequently say that an application is like a jigsaw puzzle in which different pieces come together to present a portrait of you, the applicant.  Given your grades, GMAT, job history, and the first two essays, what element of your background would you like Booth to know about that hasn’t been revealed? That should be the focus of your response to #3. A personal interest

There are an infinite number of good approaches to this question. Here is one: If you have a hobby, use the slides to celebrate it. Take pride in it. Share it. Show that you could be a fun contributing member of the Chicago Booth community.

For the last couple of years, Chicago Booth required four PowerPoint slides. This year you have options and choice. You can respond using images as in a PPT, words, or a combination of the two. For the Micheners among you, don’t even think of writing a four-page grand finale/summary that you print to PDF. No one wants to read it.

If you would like help with your Chicago Booth MBA application, please consider Accepted’s MBA essay editing and admissions consulting or a Chicago Booth MBA Package, which includes essay editing, interview coaching, consultation, and a resume edit for the Chicago Booth MBA application.

Chicago Booth 2011 MBA Application Deadlines

* Your application must be submitted by 5 p.m. (CST/Chicago time) on the day of the deadline in order to be considered for an application round. This includes receipt of all online and mailed-in materials. Applications submitted after a deadline will automatically be considered in the next round, as long as all materials are included with the application.

By Linda Abraham, President and Founder of Accepted.com.

Next, Dean Blair Sheppard from Duke Fuqua is working to expand Duke’s global footprint by opening Duke campuses in China, India, and the United Arab Emirates. In order to do so, Sheppard must navigate through each country’s rules and regulations, create new, global curriculums, build the campuses, and figure out how to distribute Duke faculty abroad.

According to Georgetown McDonough’s Dean George Daly, the most pressing concern facing his student is jobs. Therefore, Daly is less concerned with million-dollar building and expansion plans and is more interested in building new opportunities for his students. Typically, more than half of Georgetown graduates found jobs either on Wall Street or in consulting. This past year, only 67% of students received job offers by graduation, a significant drop due to a decrease in available jobs in those two popular areas. Daly’s new goal is to do more outreach to Washington, D.C. employers—”the employers in its own backyard”—including government-related firms. Building new relationships with recruiters and shifting student expectations to a wider range of careers, according to Daly, “will be a tough sell.”

Edward Snyder, incoming dean at Yale SOM, has a different sort of task ahead of him. When Snyder takes the dean position next July, he’ll be faced with the challenge of revamping Yale SOM’s image and building up its brand. Fortunately, Snyder comes with years of experience. As former dean of UVA Darden and Chicago Booth, Snyder knows how to achieve such goals as boosting diversity, improving b-school/university relations, and fundraising. In fact, Snyder explains that what attracted him to Yale is just what had attracted him to Chicago—”the challenge of building another business school within a prominent university.” Snyder’s specific goals include fundraising to complete a $150 million building project, strengthening ties with alumni, increasing class size, and, perhaps most importantly, creating enthusiasm among Yale SOM students, faculty, alumni, recruiters, and donors. “The law school [at Yale] is No. 1, undergrad is No. 1 or close,” he says, “how about making Yale School of Management No. 1, or close to it, too?”

(Sources: “Deans Set Priorities for Tough Times” and “Turnaround Specialist to Take On Yale,” both from the Wall Street Journal)

Related Accepted Articles:

• Duke University Continues to Expand Worldwide
• Duke Fugua 2011 MBA Application Questions, Deadlines, Tips
• Haas’ Dean Rich Lyons Unveils New Strategic Plan
• Haas Announces New Dean
• Yale SOM 2011 MBA Application Questions, Deadlines, Tips

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Despite these significant drops in job offers, the recent GMAC Corporate Recruiters Survey show that this year’s graduating class expressed much more confidence in the economy. In 2009, only 9% of MBA graduates felt that the global economy was strong, or at least stable, while 2010 findings show that 33% exude such confidence.

According to the survey, this optimism is due to the fact “that employers are shifting away from an emphasis on  cost-cutting and retrenchment, devoting more attention to expanding their businesses—and growing increasingly likely to hire business school graduates.”

David Wilson, GMAC president and CEO, says, “While the job market may be cyclical, the value of management education is constant.”

The press release also lists other major findings from the Graduate Management Education Graduate Survey, including:

1. The most popular industries among the Class of 2010 are finance and accounting
2. The second most popular industries are products/services and consulting
3. The highest success rate was found among students entering the manufacturing sector.
4. The second most successful industries are healthcare and energy/utilities.
5. Most than half of graduates expect to work in a different field upon graduation than before starting their MBA programs.

The survey also compared job offers and salaries by citizenship. See the chart on the GMAC press release for more information.

Meanwhile, over at Bloomberg Businessweek, a related article (”The MBA Job Picture Brightens“), indicates that while optimism may be on the rise, that positive attitude is only prevalent at top-tier schools. Recruiting opportunities at MIT Sloan, for example, picked up 40% this year, back to 2007 recruiting standards. Harvard Business School and Chicago Booth, the latter of which reported that 80% of its graduates had landed full-time jobs upon graduation, also experienced upticks in recruiting and in job offers.

But the fact that the top ten business schools are experiencing a rush of job landing success doesn’t help the rest of the MBA world. The job outlook for grads at most MBA programs is still bleak.

The BW article points out one more thing: While MBAs at top schools may be having an easier time finding jobs this year than last, the salaries at those jobs are not up to par with those of 2007. According to Chris Branin, a recent UVA Darden graduate, “It’s much easier to find a $50,000 a year analyst position somewhere than it is to find those jobs that come with an $80,000, $90,000, or $100,000 salary. My feeling is that it’s not really hard to find a job. I think what is difficult now is to find the jobs MBAs are expecting to see when they graduate.”

Also, obvious as it may be, the article reviews how graduates from top tier MBA programs not only have an easier time finding jobs, but finding jobs with higher salaries.

Related Accepted.com Blog Posts:

• GMAC Releases Results from 2010 Corporate Recruiters Survey
• GMAC Releases Global Management Education Graduate Survey Results
• B-School Students See Light at the End of the Job Market Tunnel
• GMAC: MBA Employers Express Job Market Optimism

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• Harvard Business School, Yale SOM, Northwestern Kellogg, Chicago Booth, and Michigan Ross are all either in the midst of searching for or have just hired new deans. B-schools around the country are trying to revamp their programs, ramp up fundraising, and freshen the face of leadership in an effort to restore “the tarnished reputations of business schools,” states an article in the Wall Street Journal, “B-Schools Try Makeover.” We’ve discussed the MBA makeover quite a bit in this blog; see the following articles for more information: “The MBA Oath: Where Business and Ethics Meet…Maybe,” “B-Schools Implement Reform Long in the Making,” “Haas’ New Image: ‘Developing Innovative Leaders,’” “Chicago’s Ted Snyder To Become Dean of Yale SOM in 2011,” “Kellogg Names NYU Stern’s Sally Blount New Dean,” “HBS News: Dean Light to Retire,” and “Ross Sad to See Dolan Go.”

• A related article (”Changing Course” in The Economist) also highlights changes b-schools have made to heighten ethical awareness, modernize and make more relevant curricula, and to churn out good people, as well as good businessmen. HBS’s MBA Oath has taken a front seat in this discussion, as well as Berkeley Haas‘ curriculum reform. Haas’ Dean Lyons says, “This feels like exactly the time for a business school to take values seriously—not just post them on the wall, but to really go for it.” Lyons explains that the MBA Oath, while a good idea, needs to be transformed from a b-school conversation into an integral part of universal culture. Enforcing the important role of strong, innovative leaders is also at the forefront of Dean Lyon’s evolving strategy.

Related Accepted.com MBA Resources:

• B-School Zones
• Submit a Stellar Application: 42 Terrific Tips, an instantly downloadable ebook
• Navigate the MBA Maze, a free email course

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B-schools, and not just the University of Nevada, Las Vegas (UNLV), are started to offer courses and clubs that focus on career development in the gaming/casino industry.

Harry Chernoff, a NYU Stern professor who teaches the course, Operations Entertainment: Las Vegas, explains that as the financial job market dries up, MBA students need to broaden their job-prospect horizons.

Many of the people who work in the gaming industry don’t have business degrees; until recently, it was not required or a common occurrence. Now, not only does having an MBA greatly increase a job applicant’s competitive edge, but people who are already in the industry are returning to school to get higher business degrees in the hopes of job advancement.

An MS in hospitality, especially when combined with an MBA, has also become a valuable asset in the casino job market; since most casinos are housed in hotels the two fields have become intertwined to the point of inseparability. (For example, frequent gamblers or “high-rollers” are often “comped” free rooms.)

B-schools (NYU Stern, Chicago Booth, and UNLV in particular) are making the “job trek” to Las Vegas (and to Los Angeles) to explore non-traditional ways to put their MBAs and MSes to good use. The entertainment/gaming industry is “screaming for management leadership,” says Chris Roberts, director of the School of Hospitality Leadership at DePaul University, and MBA and MS grads are the ideal candidates for the job.

Related Accepted.com Blog Posts:

• New MBAs Offer Mixed Reviews on Job Market
• More Students Head to Mom and Pop For Jobs
• B-School Students See Light at the End of the Job Market Tunnel
• Good News for MBAs: Job Opportunities Abound!
• GMAC: MBA Employers Express Job Market Optimism
• The Make-Your-Own-Job Solution

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Robert Dammon, CMU Tepper associate dean and professor, explains the price-wage connection: “The kinds of students that the best schools attract are going to get the highest-paying jobs.”

Paul R. Dorf, managing director of the consulting firm, Compensation Resources, adds, “The cream-of-the-crop companies hire the cream-of-the-crop grads.”

Top-ranked b-schools generally offer the most expensive programs and generally churn out the highest paid graduates. Harvard Business School, for example, has the most expensive MBA program, and the best paid alumni.

PayScale, a salary-comparison company, recently evaluated salary data of 23,000 MBA graduates from Bloomberg Businessweek’s top 45 American business schools.

Their data shows that on average, MBAs from top programs make $2.5 million (base-pay plus bonuses) over the course of 20 years in a single industry. HBS alumni make closer to $4 million, while alumni from lower ranked programs (but still in the top 45) like Iowa Tippie, make less than half of that.

Another interesting comparison between the higher ranked and lower ranked programs was the growth of salary over the two-decade period. Graduates from Yale SOM, for example, were awarded with extremely high starting salaries, but then experienced only small increases over the following 20 years. Grads from University of Connecticut’s business school, on the other hand, received lower starting salaries that more than doubled over that same 20-year period.

Below are the top median salaries earned after less than 2 years out of b-school and then the estimated career total for a 20-year long career:

Related Accepted.com Resources:

• B-School Zones
• The Rankings: An Accepted.com Special Report
• Forbes ROI MBA Rankings for 2010
• BusinessWeek’s Top 10 Undergraduate Business Schools with the Best Returns on Investment

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• As social media penetrates the business world, business schools have no choice but to jump on the bandwagon and make sure that their students are well equipped with social media knowledge, reports the New York Times article, “Business Schools Respond to Demand for Use of Social Media.” Top b-schools, including Harvard Business School, INSEAD, and London Business School, are now incorporating social media material into their MBA curriculums. Anthony Salcito, VP of worldwide education at Microsoft, explains that as businesses adopt and adapt to the commercial value of social media networks, universities need to keep their students up to speed on the profitable potential of internet marketing.

Related Accepted.com MBA Resources:

• B-School Zones
• Navigating the MBA Maze, an ecourse.
• Submit a Stellar Application: 42 Terrific Tips, an instantly downloadable ebook.
• MBA BlastOff: 45 Terrific Tips to Launch Your MBA Application, an instantly downloadable ebook.

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Dunn has been serving as dean of Tepper since 2002.

“I accepted the position of dean because I wanted to give back to the place that has been so influential in my life and career,” said Dunn. “Without question, the Tepper School is one of the world’s best business schools and I was honored to be invited to lead such a great institution.”

According to Tepper administration, faculty, and students, Dunn has contributed significantly to the top b-school, including leading the $55 million naming donation from David and Marlene Tepper and implementing infrastructure, facility, and academic upgrades.

According to Mark S. Kamlet, CMU executive vice president and provost, “The next dean will have a very solid foundation, indeed, upon which to advance the school.”

For more information on b-school deans stepping down, please see:

• HBS News: Dean Light to Retire
• Chicago Booth Dean Announces Resignation
• Ross Sad to See Dolan Go
• Kellogg Names NYU Stern’s Sally Blount New Dean

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Ross’s Multidisciplinary Action Projects, the real world program that Dean Dolan cultivated, has become “sort of the signature element of the school…[a]nd it’s the way we differentiate ourselves to say that we really think in terms of developing leadership capabilities,” explains Dolan about the program’s success.

“He’s really solidified our identity in a way, as being a school that is really grounded in this idea of leading in thought and action and action-based learning,” says Kathleen Sutcliffe, associate dean for research and faculty at Ross.

According to Dolan, the construction of the new facility is also representative of Ross’s improved action-based learning philosophy.

Ross administrators and faculty say that they are sad to see Dolan step down and move on.

Dolan is following in the footsteps of Dean Edward Snyder from Chicago Booth and Dean Jay O. Light from HBS who also stepped down from their posts after a ten-year stint. “Well, ten years is time for you to execute your vision,” says Dolan, “and maybe it’s better for somebody else with a new view on the world to come along and have their chance to mold the school.”

Related Accepted.com Blog Posts

• Sitting Down with Ross’ Dean Dolan
• Chicago Booth Dean Announces Resignation
• Chicago’s Ted Snyder To Become Dean of Yale SOM in 2011
• HBS News: Dean Light to Retire; Director’s Update
• Interview with HBS Dean Jay Light

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• Advanced Placement examinations are becoming more and more popular among high school students. According to a recent Inside Higher Ed article, 25% of high school grads take at least one AP test. Top private universities now expect their applicants to have a few APs on their transcripts. A new study soon to be released by Harvard Education Press, however, reveals that the AP examinations may not be as valuable as most students and adcoms believe. A major criticism is that low-income high schools are scraping the bottom of the barrel in order to offer AP programs, rather than spending that money on improving already existing (and more important) programs. On the other hand, the tests do offer students with a chance to get ahead on their college courses, ultimately saving money.

• A BusinessWeek article, “Three Top B-Schools Look for New Deans,” provides an overview of the great search for new deans at Chicago Booth, Northwestern Kellogg, and Harvard Business School. Kellogg has already filled the position of dean by hiring Sally Blount from NYU Stern. HBS has not yet chosen a new dean, but most believe that the position will not be filled by an outsider.

• The GRE seems to be hitting all sorts of records recently. A recent ETS press release reports record-breaking GRE growth rates in Europe. European test volume increased 15% in the last year, marking the highest yearly increase ever for Europe. Another record-breaker: More test scores were sent to European institutions this year than in any other year. One reason for such an increase in GRE tests is the simultaneous increase in the number of business schools accepting the GRE in addition to the traditional GMAT exam. According to David Payne, VP and COO at ETS, “In this economy especially, the flexibility to use one test for admission to both graduate and business programmes is great for students who want to ensure that they have options. It’s a huge benefit to them.”

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