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Applying for 2009 or 2010.. What to do now? [#permalink]
23 Sep 2007, 08:52
I am thinking of applying to business schools next year (2008) for 2009 OR the year after that (2009) for 2010. I know most of you guys are in the process of applying already, and there are probably some "I should have __ a few years ago" in your minds. I hope you could share a few advice or your personal regrets that I could learn from, and eventually help me in my future application.
Let me first introduce myself. I am 21 years old, still in college, and I am in my senior year. I am part of the "minority". I have strong organizational/volunteer work, but a weak grade point average. Although I am likely to average above 3.0 in my senior year, my grade point average in the first three years of college are lower than 3.0 (but it is ascending). I have no post-graduate work experience. However, I do have a small but considerably growing microfinance business. From a portfolio of around $2,000 two years ago, it has grown to almost $10,000 (with a lot of help of course:)) The main reason I want an MBA is to learn how to expand this business, and create a firm or a consultancy that will help other entrepreneurs in this line of work. I also have an internship with a big international agency.
I am giving myself one to three years to prepare myself for the b-school application. Here are the things I plan to finish next year, upon graduating college in February 2008.
1. Study for the GMAT I have already started (hovering in the low 600s,) and will continue again in March. I plan to allot the whole month studying the GMAT, and start working in April. I will not take the test until I see a score of around 700 in my GMATprep.
2. Extra Curricular Activities I guess I will just continue what I am doing now. Other activities such as sports should not be a problem. But I am wondering, should I be attending as much forums and seminars as I can? Would that help?
3. Classes This will help make up my low grade point average. I think I had a D or C in College Algebra, a C+ in Stat, and a C in calculus. I believe I can ace those classes if I take them again. I never took finance/accounting. So which classes should I take? Calc, Algebra and Stat, for sure. Should I take finance/accounting as well?
4. Work experience. Ok, this is where it gets complicated. I know what I want to do after my MBA. I want to expand my business and promote microfinancing in my country. Ideally, I should be working in a similar field, right? But the small business I currently have does not require me to work 8 hours a day. So I got a lot of time in my hands, and I could get additional work.
I know job responsibility is as equally important as working for a big named company. So should I be looking for a job with lots of responsibility? Should I look for something similar to my small business?
Also, I would like to ask about international experience. I am thinking of studying Chinese in Guangzhou. Will this help me? This will surely lessen the number of months of my job experience. Will this kill my chances of applying in 2009?
Oh, and if there is anything else you guys want to add, feel free to do so!
You already seem to have some interesting experiences. What I would recommend is taking up a job that teaches you most / expands your horizons about your microfinance business. That way when you state your aims, you can clearly link it with your work experiences.
I am in similar shoes, friend. Based on what you said, this is what I would reccommend 1st and foremost.
Before taking the remaining classes to earn your bachelors degree, take other classes/electives to boost your gpa to as close as a 4.0 as possible. I know it's not NECESSARY to get a 4.0 or another very high gpa to get into B school but I'm sure it wouldn't hurt.
I am actually in this position right now. I am approximately 7 classes away from earning my Bachelors in English (Minors in Comp Sci + Mathematics) and am taking classes right now to boost my GPA.
This is a good start. From here, I can only suggest to ace the GMAT.
4.- Is your business a formal thing or just some money you have in the stock market? think about formalizing it (start with family and friends)
And then and only then, I would consider if an MBA is the way to go.
After that there is only work
It isn't a formal business. There are valid personal reasons why I cannot register it.
Eventually, I would also like to pass it on to the members of the small community. I am only residing here temporarily, and my family will move any time. This really worries me a lot.
One of the main reasons I am thinking business school is to polish my management skills. Although I have had classes in Social Entrepreneurship, Marketing and Microfinance, I do not have formal training in management (operations, finance, accounting, etc.) My teachers in social entrepreneurship and microfinance have their own microfinance businesses. Both came from the same school and took the same program as I did, and both encouraged me to take further studies to strengthen my managerial skills.