Several impressions and take-aways for applicants from the different events and sessions:

MIT Sloan Panels:

From the MIT panels it is clear that MIT is looking for demonstrated success academically and professionally.  The latter translates into success or professional progression that is better than the norm for your peers. In terms of those fuzzy attributes and personal characteristics that schools talk about, Sloan wants to see drive; an ability to build relationships and influence others;  and the establishment, pursuit and achievement of goals.  A few details about the individual programs:

1. 100% of the MFin grads have jobs this year, this program’s inaugural graduating class.
2. The EMBA is a program for those in mid-management with a demonstrated record of success who either want to advance in their career or make a slight career change without leaving their job.  Neither sponsorship nor the GMAT is required. (the latter may be requested if MIT has questions about the applicant’s quant skills.)
3. The LGO program focuses on managing the global production and distribution of goods and services. It is a joint, quant-heavy 24-month program between MIT Sloan and MIT’s School of Engineering. Participants earn both an MBA and an MS in Engineering.

We also heard two presentations by MIT Sloan professors. If you have any doubt that MIT Sloan is serious about innovation and global reach, abandon them. The creativity and global impact evident in just these two hours would force you to reshape your views.

Impressions from Conference Day 2 (Multiple presentations by various schools reps)

• Schools and admissions committee members look at different elements when they evaluate an application.  Pay attention to the nuances.
• Your informal and personally identifiable interactions with school admissions personnel are highly revealing. They COUNT! Arrogance at any point in time is a death knell for your application (and most relationships too.) Rudeness to a receptionist is a ding. What qualities impress positively? In your essays and interviews, reveal dignity, generosity of spirit, self-awareness, authenticity, and consideration of others. These qualities cannot be faked or “spun.”
• Regarding financial aid, merit aid tends to go to the top X% based on academic stats. Generally, when evaluating fellowship essays, the readers do not refer to your application essays. Poor credit can prevent you from obtaining the loans necessary for you to attend the school of your dreams if merit aid and your resources don’t cover the tab; get your credit in order before you apply.
• Regarding career development, the MBA employment picture improved throughout 2009-10. Read the employment reports for schools before you decide to apply and certainly before you decide to attend; you need to know school strengths as revealed in these reports. Understand the role of the career services staff (educating students about effective career planning and job search) and the limitations of that role. (They don’t create or find jobs for you.) Networking, which is about building relationships not the size of your contact list, is more important than ever. In order to build relationships, you must move beyond email.

Harvard Business School

At Harvard, we enjoyed an interactive two-hour presentation that was stimulating and engaging. To the extent it reflected the dynamism of the Harvard educational experience, I was extremely impressed.

This visit clarified for me that Harvard’s unparalleled brand is not just a matter of US News Rankings or smoke-and-mirrors branding.  At the same time, HBS is not for everyone, but like any top graduate program, it can be a fantastic experience for the right individuals.

Before the conference started my husband and I met with an acquaintance who is a professor at HBS. The professor was curious about my work, and I was curious about his. He asked me what I believe distinguishes Harvard students from the rest of the applicant pool. I thought for a moment and replied, “Leadership and impact.” He smiled, and the conversation moved on. Just before leaving, I asked him, “From your perspective as an HBS professor, what is a common quality shared by HBS students?” He replied, “I smiled when you answered my question because the students come from incredibly diverse backgrounds. However, if I have to identify a common thread, it would be leadership and impact.” If you are serious about attending Harvard Business School, make sure you demonstrate leadership and impact.

Reflections and Thank yous

It is our job as admissions consultants to help you choose the best target programs and show that you  belong at your chosen schools. The candor and graciousness shown by the hosting schools as well as by the presenting admissions directors will help Accepted’s staff do exactly that.

I am proud to report that Accepted’s staff was well represented at  the conference. In addition to myself, Jennifer Bloom, Paul Bodine, Judy Gruen, Tanis Kmetyk, Cindy Tokumitsu, and Robbie Walker attended.

Profound thanks to the hosts and presenters as well as to AIGAC, led by Graham Richmond of Clear Admit, and specifically to Maxx Duffy of Maxx Associates and Anna Ivey of Ivey Consulting who co-chaired the event. Thanks also to the sponsors: Veritas Prep, Clear Admit, Hult International Business School, Manhattan GMAT, MBA Podcaster, and Zoom Interviews

Learn More: Best MBA Programs: A Guide to Choosing the One for You.

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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• 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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Yale SOM 2011 Essay Questions

SHORT ANSWERS:
Please answer each of the four questions below with a short paragraph of no more than 150 words. This is an opportunity to distill your core ideas, values, goals and motivations into a set of snapshots that help tell us who you are, where you are headed, and why. (600 words maximum)

1. What are your professional goals immediately after you receive your MBA?

2. What are your long-term career aspirations?

3. Why are you choosing to pursue an MBA and why now? (If you plan to use your MBA experience to make a significant change in the field or nature of your career, please tell us what you have done to prepare for this transition.)

4. What attracts you specifically to the Yale School of Management’s MBA program?

You’ve seen this before — a classic goals question. What do you want to do after your MBA short-term and long-term and how will an MBA help you achieve that goal.

However, Yale has broken down the questions and asks specifically about Yale. You need to explicitly connect the Yale MBA experience to the achievement of your goals. Yale’s curriculum emphasizes the integration of business functions. In your essays discuss how an integrated, general management approach is important to you. How will a structured, but innovative program, with a required international project help you arrive at your desired professional destination? That program just happens to be Yale’s.

PERSONAL STATEMENTS

Choose two (2) of the following topics and answer them in essay form. Please indicate the topic numbers at the beginning of your essays. (500 words maximum per essay)

Yale is giving you more freedom this year than it did last when it required one personal statement and allowed you to choose a topic for the second.

Which questions should you choose? The ones that fit you like a well-made suit. The ones that enable you to relate the stories you are dying to tell. The ones that allow you to show what is distinctive about you and important to you. Choose the two questions that allow you to write easily about yourself, and go for it! Also make sure that your essays complement each other and that each discloses another facet of your life experience revealing you are a values-driven leader.

1. What achievement are you most proud of and why?

This is pretty straightforward. Make sure you answer the question in its entirety. For the achievement show impact and leadership, if possible. And don’t forget to answer “why you are proud of it” The latter element can reflect both personal challenge and the impact you had.

2. What is the most difficult feedback you have received from another person or the most significant weakness you have perceived in yourself? What steps have you taken to address it and how will business school contribute to this process?

Can you learn from criticism? Do you view “difficult feedback” and criticism as something to be defended against and rebutted, frequently by discrediting the critic, or as a learning and growth opportunity. (Please see “Demonstrating a Growth Mindset.” and “Admissions Tip from Dr. Pausch’s Last Lecture (Part 2)”) Show a growth mindset and resiliency in your response.

3. Describe an accomplishment that exhibits your leadership style. The description should include evidence of your leadership skills, the actions you took, and the impact you had on your organization.

When have you made a significant contribution to an organization or team in a leadership role? What was the challenge? How did you lead? What was the impact and outcome? A PAR approach to this question could work well.

4. An effective leader for business and society is one who is able to hear, understand and communicate with people from all segments of society. In order to educate such leaders, Yale SOM is committed to promoting diversity and creating a community that cultivates a wealth of perspectives. In this spirit, describe an instance when, as part of a team, you played a role in bringing together individuals with different values or viewpoints to achieve a common goal.

Again, Yale has given a detailed and directed question. Use an example that complements the other examples you have provided. If you have used professional examples in other essays, perhaps here you can give an example from your church or sports team or band or political involvement, or ?

5. Required for reapplicants: (answer this topic plus one (1) of the other topics): What steps have you taken to improve your candidacy since your last application?

ADDITIONAL INFORMATION (OPTIONAL)
If any aspect of your candidacy needs further explanation, please provide any additional information that you would like the Admissions Committee to consider. (250 words maximum)

Why isn’t your current supervisor writing your rec? Why did your grades dip during the first semester of your senior year? Why is there a eight-month gap on your resume? What are your responsibilities while working for a family business after having left a prestigious investment bank and why did you make the change? Answering any of those questions (but not all) could be the topic of your optional essay. And of course an infinite number of similar subjects could merit discussion in the optional essay.

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

Yale SOM 2011 MBA Application Deadlines

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

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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The option to take the GRE instead of the GMAT exam is a somewhat recent development. What began as a trend (started by Stanford GSB) among a few schools has exploded into an almost-standard option available at 27% of the U.S. News‘ 433 b-schools on the Best Business School rankings report. More than 300 b-schools total accept the GRE as a GMAT alternative (including those not included in the U.S. News rankings).

This expanded option allows b-schools to widen their applicant pool, attracting potential MBAs from other GRE-required graduate paths.

US News ranked b-schools that now accept the GRE include:

1. (tie) Harvard Business School and Stanford Graduate School of Business
3. Massachusetts Institute of Technology (Sloan)
7. Dartmouth College (Tuck)
9. New York University (Stern)
11. Yale University
13. University of Virginia (Darden)
14. Duke University (Fuqua)
16. University of Texas—Austin (McCombs)
19. Washington University in St. Louis (Olin)

According to David Payne, VP and COO at ETS, accepting the GRE is a smart move, specifically from a business perspective. “At no cost to the schools,” he says, “it allows them to increase the size and diversity of their applicant pool.” More than 600,000 people take the GRE every year, while only 270,000 take the GMAT.

Both tests have experienced an increase in the number of test takers every year for the last six years.

Advantages to test-takers of the move of b-schools to accept the GRE include:

• The GRE costs about $110 less than the GMAT.
• Students who wish to apply to both b-school and another graduate or PhD program can do so easily (and affordably) by taking only one test.
• Those with weaker quant skills will have an easier time navigating the GRE’s math section than that of the GMAT.

Related Accepted.com Blog Posts:

• More B-Schools Accepting GRE in Lieu of GMAT
• GMAT or GRE: Which is Best for You?
• Record GMAT Registration Volume in 2009
• GMAT Advice

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The best business schools according to FT:

1. London Business School
2. University of Pennsylvania: Wharton
3. Harvard Business School
4. Stanford GSB
5. INSEAD
6. Columbia Business School
7. IE (tied with Columbia)
8. MIT Sloan
9. Chicago Booth
10. Hong Kong UST Business School

I have long argued that far more valuable than the overall rankings are the specialty rankings. Here are FT’s specialty rankings:

Top for international business
1 Thunderbird School of Global Management
2 University of South Carolina: Moore
3 Georgetown University: McDonough
4 Insead
5 George Washington University
6 Hult International Business School
7 IMD
8 Manchester Business School
9 University of Southern California: Marshall
10 London Business School

Top for finance
1 University of Chicago: Booth
2 New York University: Stern
3 University of Pennsylvania: Wharton
4 Rice University: Jones
5 University of Rochester: Simon
6 London Business School
7 Columbia Business School
8 Macquarie Graduate School of Management
9 University of Iowa: Tippie
10 University of Toronto: Rotman

Top for accountancy
1 Brigham Young University: Marriott
2 University of Chicago: Booth
3 University of Texas at Austin: McCombs
4 New York University: Stern
5 Macquarie Graduate School of Management
6 University of Rochester: Simon
7 Cornell University: Johnson
8 University of Pennsylvania: Wharton
9 Rice University: Jones
10 Texas A & M University: Mays

Top for entrepreneurship
1 Babson College: Olin
2 Stanford University GSB
3 Imperial College Business School
4 UCLA: Anderson
5 University of California at Berkeley: Haas
6 MIT Sloan School of Management
7 University of Cambridge: Judge
8 IMD
9 Wisconsin School of Business
10 Insead

Top for economics
1 University of Chicago: Booth
2 Cranfield School of Management
3 MIT Sloan School of Management
4 Yale School of Management
5 University of Rochester: Simon
6 Imperial College Business School
7 Melbourne Business School
8 University of Pennsylvania: Wharton
9 IE Business School
10 New York University: Stern

Top for corporate social responsibility
1 University of Notre Dame: Mendoza
2 University of California at Berkeley: Haas
3 Yale School of Management
4 Ipade
5 University of Virginia: Darden
6 Brigham Young University: Marriott
7 Esade Business School
8 University of Michigan: Ross
9 University of North Carolina: Kenan-Flagler
10 Thunderbird School of Global Management

Top for general management
1 University of Virginia: Darden
2 Harvard Business School
3 Ipade
4 Dartmouth College: Tuck
5 IMD
6 University of Michigan: Ross
7 University of Western Ontario: Ivey
8 Northwestern University: Kellogg
9 Stanford University GSB
10 Duke University: Fuqua

Top for marketing
1 Northwestern University: Kellogg
2 Duke University: Fuqua
3 Indiana University: Kelley
4 Ipade
5 Esade Business School
6 Wisconsin School of Business
7 Imperial College Business School
8 University of Michigan: Ross
9 HEC Paris
10 Cornell University: Johnson

Rather than list all my important caveats for using rankings, I’ll simply refer you to our MBA Rankings Report.

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

Last month, he announced his decision to step down as Dean of Chicago Booth effective June 30, 2010. Following a year’s leave, he will assume the Deanship of Yale SOM in July of 2011. Sharon M. Oster will continue as Dean of Yale SOM during Snyder’s sabbatical year.

“Ted Snyder is widely regarded as the most successful business school dean in the nation,” Levin said. “He brings experience, enthusiasm, and vision to the Yale School of Management, and he looks forward to maintaining the school’s tradition of preparing students for leadership in business and society by raising their awareness of the context in which business operates. Ted especially appreciates Yale’s openness to collaboration across its schools and departments and its strong institutional commitment to infusing its educational programs with global experiences and global awareness. Ted is also committed to advancing the curricular innovations begun by the SOM faculty three years ago.”

Snyder has served as Dean of Chicago Booth since 2001. Under his leadership, the school almost doubled its number of endowed professorships and more than tripled its scholarship assistance to students. Snyder oversaw the move to the school’s new Hyde Park campus on time and on budget, expanded the school’s presence in Singapore, and established a new campus in London. In 2008, Snyder announced a $300 million gift from Chicago alumnus David Booth and his family, which was the largest donation in the history of the University of Chicago and the largest gift to any business school in the world. In recognition of this gift, the school was renamed in Booth’s honor. During Snyder’s tenure, the school also successfully completed a capital campaign and more than doubled its endowment.

The appointment of Snyder is a coup for Yale SOM. He is well-regarded and had significant success at Chicago in raising money, attracting talent, and increasing the prestige and prominence of Chicago’s MBA program.

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

These learning concepts have long been implemented in liberal arts education, but it is only in the face of economic crisis that business schools are beginning to take more seriously these ideals.

Martin’s goal is to create a sort of “liberal arts MBA.”

According to the NY Times in “Multicultural Critical Theory. At B-School?,” the current financial situation reinforced the importance of this goal, though the adoption of these ideals in MBA programs has been in the making already for a number of years.

[E]ven before the financial upheaval last year, business executives operating in a fast-changing, global market were beginning to realize the value of managers who could think more nimbly across multiple frameworks, cultures and disciplines. The financial crisis underscored those concerns — at business schools and in the business world itself.

Top b-schools are re-designing their programs to include a liberal arts approach to business. This more traditional, interdisciplinary learning plan includes a stronger emphasis on the historical, global, and moral implications of business, leadership, and social responsibility.

The Graduate School of Business at Stanford, for example, now offer a mandatory class called “The Global Context of Management and Strategic Leadership.”

Stanford’s dean, Garth Saloner, explains, “Stanford wants its business students to develop ‘a lens that brings some kind of principled set of scales to the problem.’”

Needless to say, Mr. Martin’s Rotman School has taken great strides towards liberalizing its business education, with “integrative thinking” and “design thinking” at the near center of its curriculum.

“Design thinking” is a popular “innovation-oriented approach” that many b-schools are embracing. President of the design firm, IDEO, describes the creation of Stanford’s new design-based Hasso Plattner Institute of Design (d.school):

What’s different about design thinking is, it’s focused on taking that understanding you have about the world and using that as a set of insights from which to be creative.

A graduate of the d.school further explains the difference between what she learned at b-school versus what she learned at d.school:

At business school, there was a lot of focus on, “You’ve got a great idea; here’s how you build a business out of it.” The d.school said, “Here’s how you get to that great idea.”

UVA’s Darden and the Yale School of Management have also implemented similar curriculum changes.

Not all top MBA programs are acting so quickly to make this significant switch. Dean Edward A. Snyder, from Chicago Booth, says that Chicago has decided to keep its curriculum traditionally disciplined-based.

More and more b-schools are expected to make similar changes in the coming years.

The impact that these new programs have had and will have on management are unclear as of now, but Dean Martin is optimistic: “[I]f you give [students] ways of thinking that help them with these complicated dilemmas, they’ll make choices that are in some sense more worthy and have higher moral quality.”

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