This week’s MBA News Roundup features stories on updated b-school program offerings, as well as the experience of venturing abroad for a fulfilling educational and cultural experience. Enjoy!

1. Wharton School Follows Yale, Stanford with Overhaul of Business Curriculum

Planning to attend business school in 2012? Be prepared for a new education at schools like Wharton, Yale, Stanford and most likely many others in the near future. Read more details in this Bloomberg post.

2. Johns Hopkins Offers New Executive MBA Program

The International Business Times reports that Johns Hopkins is accepting applications for its inaugural EMBA class that begins May 2011. Want an MBA in 18 months? This may be a great option for you.

3. Chinese Students Flock to U.S. B-School

More and more Chinese students are coming to the United States for an MBA and the educational experiences seem to be occurring both inside and outside of the classroom. Be sure to check out this Poets and Quants article for more.

4. MBA in Asia: Stepping Stone into Greater China

In contrast to the previous article in the Roundup, CNN‘s Business 360 blog points out that although more Asian students are applying abroad to business school, more westerners are also applying to schools in Asia as well.

5. For New Grads, Jobs Still Tough to Find

This Wall Street Journal article features an interview with the president of the MBA Career Services Counsel, a professional association, who provides insight into what students can expect for post-MBA job searching.

Remember to follow KnewtonGMAT for more business school application tips, GMAT help, and MBA news!

What’s your view? – Take a Survey
You could win $120 in Amazon giftcards for your views

What do you want from an MBA? Got clear views on what b-schools should offer? Education market research agency, CarringtonCrisp, are working with b-schools to better understand what prospective MBAs want and making sure it’s part of their offer. So take 10 minutes, make your views known and complete the survey at http://www.snapsurveys.com/tomorrowsmba2010. You could win $120 in Amazon giftcards for your views.

The Economist is launching a Global Online MBA Forum on 15th and 16th November 2010 for all potential MBA candidates interested in meeting business schools, gaining practical advice, and learning about diverse MBA programmes around the world.

Some of the schools exhibiting are:

● Cornell University: Johnson Graduate School of Management
● University of Toronto: Rotman School of Management
● Hult International Business School
● IE Business School
● York University: Schulich School of Business
● University of California, Riverside: School of Business Administration
● Copenhagen Business School

“Thinking about an MBA? Get all the info you need at The Economist’s FREE Global Online MBA Forum on November 15th and 16th. Speak to leading business schools and get advice on the best MBA program for you. Sign up today!”

Register and Learn More

According to the Graduate Management Admissions Council (GMAC), Europe, largely represented by Western European countries, was the only region where more full-time MBA programs reported stronger application volume in 2009 compared with 2008. Shorter program length, lower tuition fees, an international environment, and, for Europeans at least, no visa hassle have all played a role in this surge. Even post-grad stats were looking good with a greater percentage of European MBA grads (85%) finding employment within three months than their US counterparts (79%) [1].

However, recent economic woes in Europe and a more positive job outlook in the US MBA job market could make an American MBA more attractive to European applicants. MBA Spain and ZoomInterviews explored what US business schools offer Europeans and what they are doing to attract more top MBA applicants from Europe.

Going beyond rankings and statistics, what are the real differences between European and US MBA programs?

The most obvious differentiator is length. European b-schools have heralded the shorter program–from INSEAD’s intensive 10-month MBA to London Business School’s flexible 15 – 21-month program. In contrast, two years is the norm at top US b-schools. Despite what some applicants may think, required curriculums at both one- and two-year programs are comparable in terms of course content. Of course, you’ll be cramming all that knowledge into a much shorter time period. This means that European MBAs tend to be much more intensive than US programs. In terms of extra-curriculars such as clubs or even social life, while they do exist in European programs (INSEAD’s Chateau parties in Fonty are legendary), candidates may find themselves with very little free time to take advantage of them.

Shorter programs also bring up the question of how students can truly take advantage of an MBA in one year or less. Work experience is one answer. The average career length for entering European MBA candidates is over five years compared to under four for US candidates. Greater time spent in the work force equips European b-school students with the business fundamentals necessary to succeed in the intense shorter MBA programs.

The shorter program also means applicants can get back to work sooner–a key concern for those returning to their company or remaining in the same field. In addition, for many applicants, the main advantage of a shorter MBA program is money. Although tuition and living expenses can be comparable between the top US and European schools, in a European program you are only out of a salary for one year–that can make a big difference in your final MBA costs.

Another key difference is international diversity. Though many US b-school curriculums emphasize international courses and a global perspective, the reality is that the student bodies in US programs tend to be mainly made up of actual US bodies. European b-schools seem like the U.N. in comparison. International students at IESE account for 80% of the student body, London Business School also boasts 80%, and INSEAD with 92% promises that no more than two people from a single nationality will be represented in any study group. For MBA candidates committed to international careers, the diversity offered at European schools is a big plus, not only for the cross-cultural experience they offer, but also the worldwide alumni networks they become a part of.

Despite the advantages of a European program, US business schools still maintain not only the bulk of the top spots in the rankings, but also a long-standing reputation as premiere business training grounds–after all the MBA was invented in the USA. Yet only 12% of Harvard Business School’s 2010 class entrants were from Europe, 8% for Chicago Booth and 6% for Northwestern Kellogg. So why aren’t more Europeans flocking to US programs? Rose Martinelli, until recently long-time Chicago Booth School of Business Dean of Admissions and currently Assistant Vice President for Enrollment at the University of Chicago spoke to us about this question and more.

Beyond demographical factors such as Europe’s lower population numbers, Ms. Martinelli pointed out that location is a driving factor–it is simply easier, geographically, economically, and from a bureaucratic point of view (no visa required), for Europeans to attend a European school. She also conceded that cost can be a major influence, however pointed out that cost disadvantages may not be as big as many applicants think. “At Chicago Booth, for example, students can speed up their MBA from 6 quarters to 4, reducing the overall costs.” In addition, US MBA programs, including Booth, offer merit scholarships to high-performing European applicants which can reduce the cost differences even further or in some lucky cases, make an American MBA a profitable venture.

While location and cost are indeed big concerns, Ms. Martinelli says that US business schools offer invaluable experiences not often found in European programs. Enrollments in US business schools are bigger than European business schools which creates more diversity in the classroom in terms of backgrounds and experiences. They also offer a greater number of extracurricular activities including laboratories, special projects, seminars, and professional and leisure clubs. The top US b-schools are also attached to well-endowed universities allowing MBA students to tap into subjects as diverse as architecture, engineering and public policy.

The longer length of the program also allows students to really specialize in the areas of their interest and truly explore exactly what they want to do when they graduate. They can try out the entrepreneurship ideas of their dreams, participate in consulting projects, and chose from a dizzying array of electives. US b-schools also let students experiment with different careers through their internships before committing themselves to full-time opportunities.

Many European applicants choose a US b-school as a way to access a job in the United States. Despite the negative effects of the financial crisis on recent MBA grads, according to Ms. Martinelli, European students are very sought after in the US. They offer diversity and language skills which are highly valued by US-based international companies. From a recruiting standpoint, she also notes that many European grads tend to perform well in the recruiting process.

But what do European students have to say about all this? We asked two recent MBA grads, Santiago from Spain (Haas School of Business at UC Berkeley) and Joanna from Poland (Chicago Booth) to share their experiences.

According to Santiago, the US is at the forefront of new business practices. Studying at Haas put Santiago in the very middle of that environment of change and innovation, right next to Silicon Valley. With unprecedented access to world leading tech companies, Santiago and his classmates had internships and interactions with Google, Facebook and a host of dynamic tech start-ups. These exposures could not have happened in Europe and made his MBA much more meaningful.

Joanna likes the fact that US business schools have more experience in business education than European schools. Her two-year program at Booth exposed her to multiple educational, networking and employment opportunities which don’t necessary exist in Europe. Another important aspect for her was the opportunity to gain work experience through the summer internship. She concluded that for anyone interested in getting job experience in the US, American b-schools should be a natural choice.

While European and US business schools each have their own advantages and drawbacks, deciding where to study an MBA is a very individual choice. Important considerations such as school location, geographical preference of your post MBA career, career perspectives, expense, length of program and degree of access to extracurricular activities, should rightly be defined by the MBA applicant. Oh, one thing you needn’t worry about: post MBA-salaries. For the top schools, European and American, post-grad salaries are comparable [2].

Alon
http://www.zoominterviews.com/

[1] Based on calculations of the top 15 US and European MBA programs as rated by the FT 2010 Global Rating Report

[2] FT, Global MBA Ranking 2010

1. Wharton Grads Head to Far East for Jobs

These days, more and more grads are stretching their career goals to foreign lands and different types of companies.  This CNBC article investigates why.

2. Students Seek a Responsible Angle to their Studies

This article from The Independent examines the increased interest in social enterprise among b-school students and graduates.  Could this trend just be a fad or a sign of changing mentality among MBAs?  Read more to find out.

3. Admissions Q&A: University of Texas

The director of admissions at University of Texas talks to Businessweek about how to make your b-school application stand out and the influence of Austin on students’ experiences.

4. MBA Interns Land Job Offers

The job outlook for b-school students is looking better than last year.  The key to success?  Networking, networking, networking.  Find out more in this Businessweek feature.

5. How Social Entrepreneurs Heal the World’s Wounds

In this Forbes post, Columbia Business School professors discuss how the school’s social entrepreneurship program is bridging cultural divides.

Remember to follow KnewtonGMAT on Twitter for more MBA updates!

What should I do NOW? (During Undergrad)

One of the most important steps you can take during undergrad, if you know that you’d like to get your MBA within 5 years, is to go ahead and prepare for and take the GMAT exam while still in (or soon after) college. Test-takers who are closer to their college years tend to score higher, likely due to the fact that math problems and other skills are still fresh in your mind, along with the fact that you are still in “study mode” and used to setting and sticking with a study schedule. Most GMAT test-takers have been out of college several years, and find it hard to get back into that mindset and to prepare for the GMAT alongside working full time (just ask many of the members of the Beat the GMAT site!). Your scores are valid for 5 years, so get it over with now, and then when it comes time to apply to business school in the future, you can focus your energy on your application, as opposed to worrying about the GMAT then.

After college graduation

Aim to gain at least 2-4 years of solid work experience, in most cases. The average MBA applicant has about 3-4 years of experience, but check the stats at the schools you are most interested in. It is possible to get accepted with fewer than that, but most schools feel that having some work experience makes you much more valuable to the class- you’ll have a frame of reference and lot more to contribute. If you have an idea what your long term goals are, gain experience in an industry and position that will best further those goals. Refine those goals over time if needed, and get advice from mentors, colleagues, and supervisors in your chosen career path, and particularly any who’ve gone to the business schools you are interested in. Along the way, consider getting involved in activities outside of work, including professional organizations, and volunteering activities.

1-2 years before you aim to begin b-school

This is the time to really research any schools you are considering, and ultimately to work on your applications! Visit schools and get a feel for the culture and how well you fit with each program. Develop your list of schools, and start brainstorming for your essays.

Be sure you know the deadlines of the programs you are interested in. Ideally, you’ll start brainstorming for and drafting your application essays during the summer, just over a year before you’d begin an MBA program that starts in the fall (which most full time programs do). You’d aim for earlier deadlines if possible. In many cases, first round deadlines are in October, second round in Dec or Jan, and third round later in March or April. Prior to the deadline, you’ll need your GMAT completed (possibly done years ago!), your application complete with essays and resume, your recommendations submitted, and your transcripts sent. After that it’s a matter of submitting those applications and making those long term career goals come true!

Jen Kedrowski
Kaplan GMAT

1. 30 Under 30: The Top Young Entrepreneurs of 2010
Inc. Magazine highlights these rising business stars. Learn about how they got started – and where they’re headed.

2. B-School, Day One: A Primer
Learn how to be proactive in your business school adventure with this helpful BusinessWeek article, aimed at first-year MBA students.  Take notes, folks.

3. What Women Do With Their MBAs
An increasing number of women are attending business school. Forbes examines which fields they choose to enter with their MBAs.

4. Graphic Novel Replaces Business School Textbook
Imagine studying from a comic book!  This business school textbook brings out the little kid in all of us.  USA Today reports.

5. What the Best Business Schools Seek in an Ideal MBA Applicant
This video features Chioma Isiadinso, author of The Best Business School Admissions Secrets, giving advice on how to make sure you have a strong application when applying to b-school.

6. Harvard Business School Drives Yale and MIT’s Edifice Complex
It’s a constant race for Yale and MIT to match HBS’s facilities and state-of-the-art buildings.  This Bloomberg article discusses the high price and the extended benefits of keeping up with Harvard.

7. Graduates Going to Great Lengths to Get Ahead
The BBC reports that many young professionals are eyeing China to gain the work experience they believe they need to get their ideal jobs.

8. Six Keys to Being Excellent At Anything
Want to be successful? Who doesn’t? Get tips from the Harvard Business Review on developing a stellar work ethic and a mentality conducive to success. There are book recommendations, too!

9. Some Business Skills to Go With the Passion
Why an entrepreneurial mindset is not just for an entrepreneur, but for everyone.  In this New York Times article, a student who has taken an MIT entrepreneurship course says, “You see that the essence of the entrepreneurial spirit isn’t so much about money as it is about passion.”

10. Expensive Executive MBAs: A Costly Lesson
Why is it that executive MBAs cost twice as much as full-time MBAs?  This article in The Economist compares this sharp increase in price to an exclusive VIP membership to a senior level networking group.

Check out Knewton’s MBA News Roundup next week for all the GMAT, MBA, and business-related news that’s fit to print. And don’t forget to follow KnewtonGMAT on Twitter for more MBA updates!

Admissions officers will consider all of the pieces of your application holistically when making an admission decision. But in terms of what YOU should focus your time and energy on at this point, focus on the pieces YOU CAN STILL CHANGE.

Your GPA/transcripts? (For most:) already set in stone. Your work experience? Not much you can change there, unless you happen to get a promotion right now, or begin working on a new and exciting project just in time for applications. Recommendations? You have a limited amount of influence on these. The two component s of your application that you can STILL CHANGE, and therefore where you can maximize your time and effort: GMAT and application essays.

GMAT test-takers who score higher report studying more hours than lower-scorers, according to GMAC. Preparation does make a difference—reviewing the math formulas and problems you may not have seen in years; reviewing grammar rules and logical thinking; learning how to approach these new data sufficiency questions; and most importantly, practicing on the computer in a timed, realistic testing environment. Familiarizing yourself with computer adaptive testing strategy and training with full-length timed practice tests will go far in increasing your comfort level with the exam and allowing you to perform your best on test day. Given how important the GMAT score can be for admission to top MBA programs, this is an area worth investing your time and resources in.

The application essays are the one component of your application where you create something FROM SCRATCH to represent who you are as a person. You have the opportunity to convey what you will bring to the program, and what the program will do for you in the context of your career goals. In some cases, the essays can make or break an admissions decision, and can balance out a weaker aspect elsewhere on the application. Be sure to devote sufficient time to crafting these essays, something that many applicants unfortunately fail to do. Admissions officers can tell when you threw something together at the last minute, and usually the quality of hastily written essays without much thought or effort will not stand up to competing applicants’ applications at top ranked schools. Set aside time to brainstorm for your essays, to organize and plan them, to draft them (possibly multiple times), and to proofread and edit them.

Jen Kedrowski
Kaplan GMAT

“Touché” I thought to myself. He gets it. (That’s why I liked him right from the start!)  His words were timely, as a day or two earlier I had come across this post from an MBA aspirant on a new website, Poets & Quants, dedicated to the b-school universe: “Should You Hire an MBA Consultant?”

In the post, the aspirant thoughtfully laid out his criteria for choosing his consultant. I was delighted to read how happy he is with his current consultant. (Let me stop right here and say “bravo,” as the consultant’s company is a fellow member of AIGAC, the professional organization co-founded by the owner of Accepted.com, Linda Abraham. AIGAC sets and maintains a high level of industry standards  for graduate admissions consultants.)

I went down his list of criteria, some of which I agree with and some of which I don’t, but what grabbed my attention most was his first paragraph, in which he maintained:

“Let’s say I wanted to go to Harvard Business School. I would rather take advice from someone who has been to and graduated from Harvard Business School than someone who hasn’t.  That’s a no brainer right? Well I think there are many consultants out here who have not attended these top schools and yes [sic] feel that they are qualified to advise others on how to get into them. It’s like really… you’re telling me how to get into HBS and you didn’t even get into or go to HBS? What do you know?  in a nice way of course ”

He continued with:

“She’s been through the business school process herself and got into (AND GRADUATED) what I consider the top business school in the world! So that in and of itself makes her qualified to be a consultant in my eyes.”

During my nearly one dozen years in the admissions industry, potential clients have occasionally asked me if the fact that I do not have an MBA allows me to be qualified to help them get one. My answer has never wavered: Each of us has his/her area of expertise. MBA’s run organizations. I do not. MBA’s know how to do financial analysis. My checkbook is not always balanced. But I do know how to tell a story (I also spent 15 years as a journalist.) And helping clients tell their stories in a clear, coherent and compelling way is what I do best. Moreover, not being affiliated with a school (as an alumna) allows me to encourage clients to look beyond stock choices to explore other options at other schools. In short, my clients are the yin to my yang (or is it the other way around?) and there are hundreds out there who got into their dream business schools in spite of, or more likely because of, the fact that I do not have an MBA.

I would also like to point out that many (many!) admissions committee members don’t have an MBA either. But they do know how to evaluate an application, market their school and build a winning team/cohort. Just as business schools make a big deal of seeking diversity, the road leading to those schools is populated by different points of view, different approaches and different backgrounds. Admissions consultants reflect that diversity. In my humble opinion, whether or not we have an MBA is irrelevant in our quest to help clients present themselves in their best light and find the programs that best match their aspirations. The bottom line is results, and anyone out there looking for a consultant should focus on that above all.

By Paris-based Accepted.com editor Tanis Kmetyk, who has well over a decade of experience advising applicants to top MBA programs. She’d be happy to share her expertise with you when you apply too.

Presenting: Kaplan Video Series: Key Takeaways for MBA Admissions

Video interview with Directors of Admissions at NYU (Stern), MIT (Sloan), Cornell (Johnson), Washington (Olin), Thunderbird, and Fordham GSB

This is the fourth video of a Kaplan series on Business School Admissions – brought to you by Kaplan’s Road to Business School.

Road to Business School – The premier forum for meeting business schools
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This post is brought to you by Kaplan. Have a GMAT Question?