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31 Jul 2014, 10:00
| FROM Stacy Blackman Consulting Blog: Exam Lifehacks for a Higher Test Score |
 You can’t avoid it. Every exam prep checklist has it, and every experienced tutor will advise you to do it: STUDY! Yes, we all hate to have to do it, but it really is the key to your success on every exam you’ll have to take. But, the fact is, even after you’ve studied all you can for whatever test you have coming up, you’re not guaranteed success. You might have heard stories of a classmate who crumbled under the pressure of studying for a test, or who slept right through his alarm on the morning of the test, or who ran out of energy and collapsed right on top of her desk during the exam. It really could happen to anyone. Before you panic about the chances of this happening to you, we’ve got good news! Our friends at Magoosh put together an Exam lifehack infographic to make sure you safely avoid any test-day nightmares. The infographic includes study tools and tips you probably didn’t consider before but that are crucial to keeping you sane all the way up to your test date. So, take some time to browse their list of exam lifehacks and master the 18 unexpected tips you’ll need for a higher test score. |
31 Jul 2014, 10:00
| FROM Stacy Blackman Consulting Blog: HBS Names New Director of Social Enterprise Initiative |
 Matthew M. Segneri, who earned his MBA from Harvard Business School in 2010, will become the new director of its Social Enterprise Initiative (SEI), the school recently announced. Launched in 1993, the SEI pioneered the concept of “social enterprise” by adopting a problem-focused approach toward understanding the management and leadership challenges facing organizations involved in creating social value, regardless of their structure or funding source. Segneri, working with the Initiative’s faculty co-chairs Herman B. “Dutch” Leonard and V. Kasturi “Kash” Rangan, will manage a range of programs and activities, including those that support research and teaching, educational programs within the MBA and Executive Education curricula, MBA field-based learning and career support programs, and alumni outreach and engagement. While an MBA student at Harvard Business School, Segneri was co-president of the Social Enterprise Club and a team leader for the New Orleans Service and Leadership Immersion Program, which brought HBS students to New Orleans to work on various projects after the destruction caused by Hurricane Katrina. Segneri comes to the position with a broad range of leadership experience in the private, public, and nonprofit sectors, most recently at Bloomberg Philanthropies in New York City, where he was a senior leader on the Government Innovation team. “From his days as a Harvard MBA student to his work at the highest levels of big city governments, he has made a lasting impact through his vision, strategic and operational skills, and energy and hard work,” says Professor Rangan. Segneri succeeds Laura Moon, who has become Managing Director of the School’s wide array of Initiatives, which focus on research and course development in specific topics such as leadership, health care, and digital technology. “I am excited and honored to return to HBS and the Social Enterprise Initiative, both of which have been so influential in my personal and professional life,” Segneri says. “This is an incredible opportunity to give back to the School and inspire, educate, and support leaders committed to solving our most intractable social and economic problems.” |
05 Aug 2014, 06:00
| FROM Stacy Blackman Consulting Blog: MBA Essay Tips from Johnson’s Admissions Director |
 Following recent application and essay innovations at Cornell’s Johnson School, interim MBA admissions director Ann W. Richards shared tips on how to approach the new, streamlined essay section. This year, applicants for both the one-year and two-year Ithaca based MBA programs are asked to write “Your Life Story” in 1,000 characters or less, as though it were the table of contents for the book of Your Life. Cornell’s Johnson School values creativity and authenticity, and Richards suggests applicants use this format to convey something unique about themselves so that the admissions committee can better understand who you are and what motivates you. Obviously, this prompt differs from a traditional MBA essay, and Richards stresses that it doesn’t need to be a chronological list of your life. Approach it creatively! Two-year applicants must then share—in 1,000 characters or less—what job they would like to have immediately upon graduating with an MBA. Richards urges honesty in this essay as it will help AdCom determine if Johnson is the right place to move you toward your future goals. One-year applicants need to explain how their pre-MBA experience prepared them for the job they envision post-MBA—also in 1,000 characters or less. The admissions director explains the reasoning for this question is, “To determine if you can transition into your next job at an accelerated pace.” Strong candidates will show they’ve done their homework on the career field they want to move into, says Richards, and can demonstrate they’ve got the skills and experience to bring their career up to the next level. The optional essay is the place to address any aspects of your application you feel need further explanation, but Richards says applicants could also use the space to drive home all of their strengths. Either approach is welcome, though the director warns against recycling an optional essay written for another program! The admissions team at Cornell’s Johnson School will be traveling across the globe in August, with events scheduled in Shanghai and Beijing next week, Forté Forum events on the East Coast mid-month, and MBA fairs in various South American cities at the end of August. You may also be interested in: New Application at Cornell’s Johnson School Adds LinkedIn Feature Big Curriculum Changes at Cornell’s Johnson School |
05 Aug 2014, 06:00
| FROM Stacy Blackman Consulting Blog: Forbes Names America’s Top Start-Up Universities |
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Forbes magazine recently announced its latest ranking of U.S. universities which produce the greatest number of entrepreneurs. Its methodology involved tallying the universities’ entrepreneurial ratio: the number of alumni and students who identify themselves as founders and business owners on LinkedIn, compared to the school’s total student body—undergraduate and graduate combined. Top Ten Entrepreneurial Universities
The MIT $100K Entrepreneurship Competition helped land that school in the spotlight, having led to the creation of more than 130 companies and 2,500 jobs, according to Forbes. The article hits newsstands on August 18th. Meanwhile, see the complete list of the top 50 start-up schools by following the link above. You may also be interested in: B-school opens doors to entrepreneurship, new survey shows |
05 Aug 2014, 19:00
| FROM Stacy Blackman Consulting Blog: Tuesday Tips: MIT Sloan School of Management MBA Essay Tips |
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On its website, MIT Sloan highlights programs from Entrepreneurship to the Digital Economy. Innovation is key for MIT Sloan and the program seeks interesting students to build a class that can learn from each other and continue the tradition of innovation. When approaching this set of essays, your task is to remain focused on your overall application strategy and choose the key stories that can showcase your achievements at school, work and extracurricular activities while demonstrating that you will contribute to MIT Sloan’s mission. Essay 1 The mission of the MIT Sloan School of Management is to develop principled, innovative leaders who improve the world and generate ideas that advance management practice. Discuss how you will contribute toward advancing the mission based on examples of past work and activities. (500 words or fewer, limited to one page) The MIT Sloan application relied heavily on “behavioral essays” in the past. This year there is only one essay of this style, that requires you to describe your past accomplishments and experience on a specific level. These questions have typically focused on understanding how you work, think and act in a variety of situations. As you provide examples of past work and activities ideally you are highly specific about your thoughts and actions in the situation. This question is seeking to understand how you develop and execute on ideas. A work or extracurricular example where you demonstrated the ability to generate strategy and execute upon it would be ideal here. How did you identify your idea? What did you do to develop it? What did you ultimately accomplish? This essay will demonstrate your intellectual capacity and curiosity, which are crucial attributes MIT Sloan is looking for in MBA admits. Essay 2 Write a professional letter of recommendation on behalf of yourself. Answer the following questions as if you were your most recent supervisor recommending yourself for admission to the MIT Sloan MBA Program: (750 words or fewer) • How long and in what capacity have you known the applicant? • How does the applicant stand out from others in a similar capacity? • Please give an example of the applicant’s impact on a person, group, or organization. • Please give a representative example of how the applicant interacts with other people. • Which of the applicant’s personal or professional characteristics would you change? • Please tell us anything else you think we should know about this applicant. MIT Sloan asked candidates to submit a cover letter for their MBA application for several years. This iconic essay challenged candidates every year to encompass career goals, reasons for an MBA and interest in MIT Sloan in a short professional style cover letter. This year MIT Sloan returns to a typically professional format with a requirement to draft a letter of recommendation for yourself. You are placed in the role of your most recent supervisor and asked a series of questions that MBA programs typically ask of your professional recommenders. The wrinkle to this question is that your most recent supervisor may also be writing an actual letter of recommendation for you. MIT Sloan is one of the few MBA programs without a preference for your current supervisor as a primary recommender, so you could also avoid that scenario. Regardless, this “recommendation letter” should both reflect similar feedback as your actual recommendation letters and provide new information. The key challenge in answering this question is the tone to take. Ideally you are measured about both your strengths and weaknesses, while showing confidence that you are accomplished and also that you are able to improve when you need to. The ideal tone is mature and logical, without overt bragging. Your actual supervisor may get away with more glowing terms when describing your work, but you will want to keep in mind that self-awareness and interest in improvement are assets to an MBA applicant. Take note that several elements of this question focus on interpersonal skills. This is your opportunity to showcase leadership and teamwork. Self-awareness about your impact on others will come through here and demonstrates you know yourself and how you come across to your team, managers and peers. The Admissions Committee invites you to share anything else you would like us to know about you, in any format. If you choose to use a multimedia format, please host the information on a website and provide us the URL. MIT Sloan’s entirely open-ended optional essay invites applicants to respond to the essay in any format desired. This allows you to do anything you need to with this space, including clarifying any concerns or highlighting interesting aspects of your background or profile. This essay is an ideal opportunity to provide any information that you were unable to work into the other two essays and provide a new angle on your candidacy. If you have an unusual background, hobby or extracurricular experience, this may be an opportunity to provide that information to the admissions committee. With similar questions asked by other MBA programs in the past Stacy Blackman Consulting has advised candidates on everything from photo journalism projects to customized multimedia presentations. The format is far less important than the content, but it’s also true that images or presentations can provide a new perspective on your application. Stumped by your MIT Sloan MBA application? Contact Stacy Blackman Consulting to learn how we can help. |
06 Aug 2014, 06:00
| FROM Stacy Blackman Consulting Blog: UT McCombs Offers MBA Essay Advice |
 Like many schools, UT McCombs School of Business has updated and streamlined the MBA application essays for the upcoming admissions season. Associate director of admissions Brodie Reynolds took to the Texas MBA Insider blog this week with a few tips for approaching this year’s prompts so that you can convince the admissions team that McCombs is the right program for you. The first required essay question asks applicants to imagine they are introducing themselves to their new classmates at the Texas MBA Orientation for the Class of 2017. Personal and professional aspects can be shared through an essay, a video introduction, or your https://gmatclub.com/chat profile. The operative word here is “imagine”, and Reynolds notes that many previous candidates have missed the mark by a mile with this one by submitting a generic paragraph about themselves, or by recycling an essay from another school. Use some creativity with this prompt, and stick to the concept of providing an introduction to people who know nothing about you. Make sure to include both professional and personal information so AdCom gets a better feel for your candidacy beyond just one facet of your life, says Reynolds. The format is up to you, but chose the platform where you’ll shine. Strong writers would do well to focus on the essay, while candidates with a flare for design might feel https://gmatclub.com/chat best conveys their personality and accomplishments, the associate director notes. If you’re confident of your editing skills and think a video is the way to go, McCombs is excited to meet you that way as well, Reynolds says. The second required essay question focuses on why McCombs is the right program for you and how you’ll contribute to your classmates’ experiences. With only 500 words for this prompt, you need to get down to brass tacks immediately. We here at Stacy Blackman Consulting advise clients applying to McCombs to clearly answer the question, “Why Texas?” Specific understanding of what clubs and activities you will be involved at when attending McCombs will be useful here, and provide an opportunity to show your overall fit with the program. “If you can’t outline in easy terms why you are interested in our program in particular, then you will not be competitive,” Reynolds warns. The associate director goes further, suggesting applicants create a five and 10 year career plan and then see which classes, organizations and opportunities at McCombs specifically speak to that career plan. “We should not be left wondering why you, with your specific career goals, would want to come to McCombs. This is your opportunity to convey in no complex language why we are right for your career growth,” Reynolds advises. If you can speak succinctly to why McCombs, what your professional goals are, and how the Texas MBA will get you there, you should do fine. “Get started early and edit, edit, edit!,” Reynolds writes. “Your essays can really send a strong application into orbit, so good luck, and happy applying!” You may also be interested in: UT McCombs 2014-2015 Application Deadlines, Essay Questions UT McCombs Offers MBA Admissions Interview Tips |
06 Aug 2014, 12:00
| FROM Stacy Blackman Consulting Blog: Economist Launches MBA Scholarship Contest |
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Earlier this week, Which MBA?, the business education group of The Economist Group, announced the launch of its second ever Brightest Minds MBA Scholarship Contest. The first Brightest Minds MBA scholarship ran earlier this year and drew over 4,500 entrants. The winner of the $25,000 MBA scholarship, Rishabh P. from India, is currently applying to several of the business schools that sponsored the first contest and plans to begin his studies in Fall of 2015. “The Brightest Minds Scholarship connects prospective MBA students with leading business schools that can help them achieve their career goals. We are thrilled to provide our large audience of MBA seeking students an opportunity to win substantial financial support towards his or her MBA program of choice,” says Adam Ingberman, Head of Which MBA?. The contest is open to all prospective MBA or EMBA students worldwide. The winner will be the student who scores the highest on The EconomistGMAT Tutor simulation test. The simulated GMAT exam utilizes adaptive technology similar to that of the real GMAT, so the difficulty level adjusts according to the test-taker’s ability. The winning student will be awarded a $25,000 scholarship towards tuition to one of the business school sponsors: [*]Yale School of Management[/*] [*]Warwick Business School[/*] [*]UNC Kenan-Flagler Business School[/*] [*]University of Virginia, Darden School of Business[/*] [*]University of Florida MBA Programs[/*] [*]University of Exeter Business School[/*] [*]University of Edinburgh Business School[/*] [*]Rotterdam School of Management, Erasmus University[/*] [*]Pace University[/*] [*]Jones Graduate School of Business, Rice University[/*] [*]International University of Monaco[/*] [*]HEC Paris MBA[/*] [*]Florida International University College of Business[/*] [*]Aston Business School[/*] [/list] The contest officially opened on August 4, 2014 and will close at 11:59pm ET on October 31, 2014. The winner will be announced on November 17th. Five randomly selected runners-up will receive a free iPad mini. |
06 Aug 2014, 22:00
| FROM Stacy Blackman Consulting Blog: UCLA Anderson Fall 2015 Essay Questions |
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UCLA Anderson School of Management has announced the essay questions for the 2014-2015 MBA admissions season. They are: First-Time Applicants: One Required Essay
The following essay is optional. No preference is given in the evaluation process to applicants who submit an optional essay. Please note that we only accept written essays.
Reapplicants who applied for the class entering in fall 2013 or 2014 are required to complete the following essay:
UCLA Anderson 2014-2015 MBA Application Deadlines UCLA Anderson Goes Private |
08 Aug 2014, 09:26
| FROM Stacy Blackman Consulting Blog: Emory Goitzueta 2014-2015 Essay Questions |
 Emory University’s Goitzueta Business School has announced the essay questions for the Fall 2015 MBA application. Required Essay Questions
Reapplicants Applicants who have applied to Goizueta Business School in the past are required to answer the following questions:
You may also be interested in: Emory MBA 2014-2015 MBA Application Deadlines |
11 Aug 2014, 10:00
| FROM Stacy Blackman Consulting Blog: USC Marshall 2014-2015 MBA Application Deadlines |
 The University of Southern California’s Marshall School of Business has announced the Fall 2015 MBA application deadlines. Round 1 Deadline: October 15, 2014 Notification Begins: December 15, 2014 Round 2 Deadline: January 15, 2015 Notification Begins: March 15, 2015 Round 3 Deadline: April 15, 2015 Notification Begins: June 1, 2015 Applications must be submitted by 11:59 p.m. PST on the day of the deadline to be considered in that round. For more information, please visit the USC Marshall admissions website. |
12 Aug 2014, 05:00
| FROM Stacy Blackman Consulting Blog: Tuesday Tips: 2014 UCLA Anderson Essay Tips |
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Last year UCLA Anderson reduced the required essays to only one, following the trend started by Harvard. UCLA’s essays were previously focused on career goals and last year’s single essay only asked about short- and long-term goals. This year the one required question adds an additional element to the question by asking a more open-ended question to get at applicants’ personal lives and values. With over a decade of experience helping applicants just like you, contact us to learn how Stacy Blackman Consulting can help you define your best essay content. Required Essay UCLA Anderson is distinguished by three defining principles: Share Success, Think Fearlessly, Drive Change. What principles have defined your life and pre-MBA career? How do you believe that UCLA Anderson’s principles, and the environment they create, will help you attain your post-MBA career goals? (750 words maximum) This single required essay is actually three essays in one. First you will need to think about the principles, or values, that have influenced your life and career. Second your post MBA career goals need to be defined to answer the final part of the question. Third, you will need to explain why an MBA, specifically an Anderson MBA, will help you achieve your goals. When you reflect upon the principles that have defined your life consider telling one or two key stories to illuminate who you are. UCLA is looking for personal expression in this essay, and to understand how you are different from other applicants. Consider the turning points or moments that triggered reflection for you. Have you experienced a significant personal setback? What is your family background? Have you lived outside your home country? When did you face a turning point or make a big decision about your career? What were some of your proudest accomplishments? What moments have called upon your need to collaborate, lead or innovate? For the second part of the essay briefly explain what you plan to do immediately after graduation, and then what you want to accomplish over the long-term with your career. A career path that focuses on demonstrated passions and interests throughout your life is going to be most compelling as you write this essay and each section should bridge seamlessly into the next. For the part of the essay focusing on UCLA Anderson’s part in your plans, UCLA specifically requests citing specific classes, professors and programs. To express a bit more on the personal side it will be helpful to include the social and extracurricular aspects that attract you to the small and close-knit experience at Anderson. Be specific as you discuss the clubs and conferences that are unique to the UCLA MBA. Optional Essay Are there any extenuating circumstances in your profile about which the Admissions Committee should be aware? (250 words maximum) It is important to focus on explanations rather than excuses in this essay. Potential extenuating circumstances may be a very low GPA, academic probation or using a recommender other than your current supervisor. Clearly explain the situation, and if it is a situation from the past, explain why you have changed. Providing evidence that you will not repeat the actions in question will be very important. |
13 Aug 2014, 09:00
| FROM Stacy Blackman Consulting Blog: 5 Ways to Stand Out in a Competitive Job Market |
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Distinguishing yourself from other applicants is crucial in a competitive, post-MBA job market. Accenture recruiter Katherine LaVelle recently shared with Bloomberg Businessweek some of the characteristics she’s looking for in new hires. It doesn’t matter where you plan on working after b-school; if you’re not already cultivating these aspects of your personal and professional profile, now’s the time to begin. 1. Take advantage of change. LaVelle notes that today’s companies need business school graduates who can help them adapt in this age of digital and market transformation. IT is now essential to every role, she says. 2. Think globally. Cross-cultural awareness is mandatory these days, and all of the elite business schools include opportunities to participate in projects abroad. LaVelle looks for such experience in applicants, and says, “If they can’t complete a global assignment, they must at least show an interest in—and knowledge of—the global landscape.” 3. Never stop learning. The business landscape has undergone dramatic changes in the last decade, and will continue to do so for the foreseeable future. Staying abreast of the latest developments in your field is critical for success, so take advantage of Massive Open Online Courses (MOOCs) at the top business schools, as well as any training opportunities your employer may offer. “I value intellectual curiosity,” says LaVelle. “Applicants who pursue training programs or other education opportunities show that they’re committed to learning new skills and growing as professionals.” 4. Grow your network. Making meaningful professional connections can create as much value for you as your MBA degree. Many new businesses start as a result of a current professional connection, so seek out mentors, groom your relationships, and become a resources for others as well. “I found it helpful to join a broad range of organizations at first–including groups that focused on capital markets, women in business, and everything in between–before narrowing my involvement, once I had a better sense of where I wanted to specialize, ” LaVelle explains. 5. Know what you want. While an MBA program will expand your horizons and open doors you never considered, having a clearly formulated goal is integral to success. Some flexibility is fine, as long as there’s a common thread linking what you’ve done so far with what you plan to do post-MBA. Life may throw you several curve balls along the way, but a clearly thought-out career map will get you to your goals despite any roadblocks that crop up. As LaVelle notes, your career should tell a complete story and lead you to a clear destination–one that you have aspired to and believe is the best fit for your professional and personal life. |
14 Aug 2014, 06:00
| FROM Stacy Blackman Consulting Blog: MOOCs and the Future of Management Education |
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The growing number of Massive Open Online Courses (MOOCs) offered at the top business schools is something of a hot button topic these days. Harvard Business School entered the foray this past spring, but rather than using an existing platform such as Coursera to launch its courses, HBS elected instead to create its own proprietary digital platform, HBX. In a new Harvard Business Review blog post, HBS graduate and former faculty member Pankaj Ghemawat takes a look at what business schools don’t get about MOOCs, which, he argues, is basically that the future of management education will be a combination of these new and traditional teaching methods, not a battle for superiority between them. As an example, Ghemawat points out the difference in approach between HBS and the Wharton School, which last year announced it would offer a Wharton MBA Foundation Series that would allow students all over the world to learn the same material a first-year Wharton MBA student would. Harvard Business School, meanwhile, is using its MOOCs to target pre-MBAs. Professor Ghemawat, who has also taught a MOOC for IESE Business School on the Coursera platform, sees the strengths of each of these approaches but calls them seriously incomplete. “Both schools treat MOOCs as complements to their existing offerings, rather than as substitutes—complements that are disconnected from what goes on in their traditional classrooms,” says Ghemawat, who suggests a recombining of efforts would be more beneficial. His post covers arguments from the traditional-minded elite business schools’ position, and offers thought-provoking counterpoints to each assertion. As we move further into the digital age of management education, a deeper understanding of the power and possibilities that MOOCs can provide is in order. I invite you to follow the link above to learn more of Ghemawat’s thoughts on the issue. You may also be interested in: Harvard Business School Offers its First MOOC Harvard Business School Enters Online Learning Weigh Trying a MOOC Before Your MBA |
14 Aug 2014, 10:00
| FROM Stacy Blackman Consulting Blog: London Business School Deadlines, Essays for August 2015 Intake |
 London Business School has posted the four application stages and essay prompts for the upcoming MBA admissions season. Deadlines Stage 1 Deadline: October 3, 2014 Decision Notification: December 11, 2014 Stage 2 Deadline: January 5, 2015 Decision Notification: March 26, 2015 Stage 3 Deadline: February 27, 2015 Decision Notification: May 14, 2015 Stage 4 Deadline: April 17, 2015 Decision Notification: June 25, 2015 Essays The essay questions for the MBA class of 2017 are:
Admissions for the August 2015 intake will open in late August. All applications are due by 17:00 GMT on the day of the deadline. If you require a visa to study in the UK, LBS encourages you to apply in Stages 1 – 3. For more information, please visit the London Business School admissions website. |
15 Aug 2014, 09:00
| FROM Stacy Blackman Consulting Blog: Indian School of Business 2014-2015 Deadlines, Essay Topics |
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The Indian School of Business has announced the following deadlines and essay questions (found within the online application) as part of the 2014-2015 admissions season. Cycle 1 Deadline: September 15, 2014 Notification: November 15, 2014 Cycle 2 Deadline: November 30, 2014 Notification: February 15, 2015 Essay Questions Essay 1: Innovation or doing things differently it is said is a key to future success. Could you substantiate or negate this idea based on your experience. Please provide examples from your own experience – either examples of your own innovation or examples of others whom you have worked with. (300 words max) Essay 2: Applying to and enrolling in a Business School is an important career decision. Critically look at your career to date, the choices you have made, the key influences behind those choices, your goals for the future and how you expect to benefit from the ISB experience in achieving your goals. (300 words max) Essay 3: One of the following (200 words max): A) This experience completely changed my way of thinking. Or B) An instance when you went out of the ordinary to achieve something significant, but in hind sight feel you could have done better. Or C) Tell us about your role in a team that made a significant contribution to the organization Or D) Contribution to peer learning and engagement with the ISB student body are important aspects of the ISB experience. What contribution do you expect to make in this direction during the one year at ISB. Optional Essay: Please provide additional information, if any, that will significantly affect the consideration of your application to the ISB. (200 words max) For more information, please visit the ISB’s admissions website. |
15 Aug 2014, 09:00
| FROM Stacy Blackman Consulting Blog: Indian School of Business Announces New Scholarships |
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The Indian School of Business has introduced 10 merit-based full tuition fee waiversapplicable to candidates applying this year to the Post Graduate Program in Management. According to the school, the PGP admissions committee will make the selection of candidates, looking at a combination of academic brilliance, leadership potential, work experience, and other attributes. There is no separate application for this waiver. Applicants simply submit their PGP application before these deadlines: Cycle 1: September 15, 2014 Cycle 2: November 30, 2014 The ISB follows a rolling admissions process for international applicants. The deadline is January 15, 2015. You may also be interested in: Indian School of Business 2014-2015 Application Deadlines, Essays |
18 Aug 2014, 07:00
| FROM Stacy Blackman Consulting Blog: Assess 5 Funding Options to Help Pay for an MBA |
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This post originally appeared on Stacy’s “Strictly Business” MBA Blog on U.S.News.com Getting your MBA acceptance letter is a once-in-a-lifetime experience, but submitting your deposit for business school is a thrill of a different kind. After you decide where to attend, you’ll only have a few months to get your finances in order. Before it’s too late, take a look at how to assess the following sources of funding when planning to finance your MBA. 1. Scholarships and fellowships: Scholarships are clearly a great source of funding – it’s free money – but it’s easier said than done to get them. Be aware of how your school makes scholarship offers, as you may need to prepare a separate application to be eligible. You may also need to submit a different application for each fellowship or scholarship. Don’t lose out because of a missed deadline. Look beyond your business school, too, to organizations like the Forte Foundation or Consortium for Graduate Study in Management that offer highly valuable scholarships for MBA students. 2. Company sponsorship: If you’re one of the lucky few with a sponsorship offer, make sure you know exactly what you’re getting into before you accept. Because sponsorship often comes with an obligation to return to the company after you complete your MBA, take a step back and assess whether you’re absolutely confident you want to return. Breaking such an agreement after your earn the degree can lead to not only strained relationships with former colleagues, but also a mountain of unforeseen debt. Some lenders such as CommonBond will allow you to take out a loan to pay for an MBA even after you’ve graduated, but it’s always better to be prepared ahead of time. Meanwhile, if you plan to return to your company but don’t have sponsorship, it never hurts to ask about options. See if you’re eligible for any reimbursement given the new skills you’ll bring to the table. 3. Retirement savings: This less obvious pool of money comes with a few extra considerations, first and foremost being that you should always think hard before touching money set aside for retirement. However, those who have saved aggressively already and plan to continue doing so may find it worth it to take some money out for the short term. You’re exempt from the 10 percent penalty for early withdrawals when you put the funds toward qualified higher education expenses, of which attending business school is one. You’ll still face income tax on this money, but the tax burden will likely be less when you’re in a graduate student tax bracket. 4. Federal loans: The U.S. government offers at least two loan options for each academic year: the Stafford Loan and the Grad PLUS Loan. The Stafford is limited to $20,500 for a year, while the Grad PLUS is available up to your school’s cost of attendance. You can apply for these loans online via the Free Application for Federal Student Aid, and the Department of Education is a great resource for information on rates, fees, eligibility and more. 5. Private loans: When you’re looking for the right loan, it pays to shop around and find a lender you trust at an interest rate you like. After all, your MBA is only two years, and you’ll probably be working with your lender for 10 or 15 years. Private loans can provide customized options to help you save, sometimes at rates even lower than the federal government’s. If you’re looking to augment your other MBA financing, seek a lender with great customer service and ask about what loan options can maximize your savings. Finally, use an online MBA student loan calculator to organize your costs and see how loans with different interest rates can work in your favor. Your MBA is a great investment, and I hope you can make the best use of the months ahead to make sure you have all the funding you need. |
19 Aug 2014, 06:00
| FROM Stacy Blackman Consulting Blog: B-Schools Battle for Top Talent |
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Competition among top MBA programs to attract the most brilliant applicants has grown fierce, according to a news piece in Business Because. With tactics ranging from launching online programs, expanding class sizes, increasing scholarship opportunities, overhauling curricula and creating ever more specialized courses, it’s clear the elite programs will continue to pull out all the stops to entice the best candidates. Seb Murray’s article, in which I share a few of my own views related to this trend, brings up several interesting points about this intensified competition, and includes perspectives from the admissions side of top programs in the US and abroad. If you’re curious to know what tactics b-schools are employing to lure in the top talent, I invite you to follow the link above for the whole story. |
20 Aug 2014, 11:00
| FROM Stacy Blackman Consulting Blog: US News Names 10 Most Expensive MBA Programs |
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In addition to its standard business school rankings released annually, US News and World Report occasionally releases a “short list” magnifying individual data points. This week, the news magazine takes a look at the ten most costly private MBA programs in the United States. According to their research, average tuition fees for the 2013-2014 school year were roughly $62,000—an increase of $3,000 over the previous year and about $13,000 more than the average among all ranked schools. Based on tuition and required fees for the 2013-2014 school year, here are the 10 most expensive private MBA programs in the United States:
You may also be interested in: Assess 5 Funding Options to Help Pay for an MBA Uncover the Hidden Costs of an MBA Education MBA Rankings: Valuable Tool or a Distraction for Applicants? |
22 Aug 2014, 21:00
| FROM Stacy Blackman Consulting Blog: Register for HBS Class Visits Now |
 Harvard Business School has announced that registration for class visits is now open. In her latest blog post, Director of Admissions and Financial Aid Dee Leopold notes that the first day to visit a class is September 10th, which is after the Round 1 deadline. Applicants shouldn’t be worried though, as a campus visit bears no influence on the HBS evaluation process. Besides, Leopold points out, if you’re invited to interview and come to campus to do so, you’ll be able to sit in on a class at that time. Also, the initial visits in September are for second-year classes only, in order to give new students a chance to get comfortable with the case method and their section mates. Visitors scheduled in early October will be able to observe a first-year class in action, and registration for these visits will begin in early September. Leopold writes that second-year students begin leading HBS tours and information sessions in September, so visitors at that time can and should take advantage of hearing from current students about the MBA program, in addition to admissions staff members. You can check the events section of the Harvard Business School website for the schedule of tours and info sessions. You may also be interested in: Harvard Business School 2014 MBA Application Tips MBA Trends at Harvard Business School and Beyond Harvard Business School Enters Online Learning |
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