Ultra Elite: Chicago Booth : Ultra Elite Schools

In monitoring the discussion forums, talking with Booth applicants on the road, and meeting prospective students here on campus, the Admissions team is often reminded of the misconceptions prospective students have about the Chicago Booth admissions process. The Admissions Committee finally attempts to de-bunk the top 10 myths!

Myth 1: The GMAT is the most important part of the application.

There is no one admissions requirement that is more important than the other. While the results of your GMAT exam are important to us, they are by no means the only tool we use to make an admissions decision. The GMAT score is not a "make or break" item. At Chicago Booth, our application process is a holistic one in which the Admissions Committee attempts to learn all about you in order to determine a fit between you and Chicago that goes above and beyond your GMAT score.

Myth 2: A campus visit is a must if you expect to be admitted.

Myth 3: It's impossible to be admitted during Round 3.

Booth does in fact accept students in Round 3. Round 2 sees the greatest number of applications and since we fill spots in the program as we progress through the Rounds, there will naturally be fewer spots left for Round 3 applicants. The best advice is to apply when you believe that you can turn in the application that you're most proud of that best reflects your strengths and talents. However, we do encourage our international students to consider applying by Round 2 in an attempt to avoid potential hassles in obtaining a student visa prior to the start of classes.

Myth 4: You must have a minimum GPA or GMAT score and have 5 years of work experience to be considered for admission.

This is an easy one; there are no minimums for these factors! Anyone who has or will obtain a bachelor's degree and can report a GMAT score is eligible to apply for admission to Chicago. You can view our class profile online to see some statistics for the class of 2009.

Myth 5: An interview with a staff member will increase your chances of admission more than an interview with a student or alum.

Regardless of who your interviewer may be, the feedback is valuable and is weighed equally in each and every case. Each year, we rely heavily on our alumni all over the world to conduct interviews with applicants. The same holds true for students here at the Harper Center and those who may be studying abroad. These two groups, each member of which has been carefully trained, conduct the vast majority of interviews. At times, the Admissions staff will also conduct interviews in certain locations.

Myth 6: The earlier you submit your application before the deadline, the earlier your interview invitation will come.
The interview invitation process lasts a few weeks for each round as our staff and graduate assistants read and review thousands of applications. The process of inviting applicants to interview is entirely random, and the point at which you hear from us is not a reflection on the strength of your application or the timeframe in which you submitted it - we promise! And we really do extend interview invitations all the way up until 9:00 am on the mid-decision date!

Myth 7: If you were not a Business major, you are at a great disadvantage in the admissions process.
Students who apply to and enroll at Chicago Booth come from a variety of backgrounds with respect to their undergraduate studies. In fact, 34% of the class of 2009 had a liberal arts background. We are always excited by the unique experiences that each student's education brings to the community at Chicago.

Myth 8: Chicago Booth prefers applicants from finance and consulting backgrounds.
We value diversity in all its forms, including career industry. Many of our applicants come from finance or consulting backgrounds; but many more have work experience in other industries, including military service, marketing, education, retail, and non-profit work, just to name a few. It's not what you do that matters - it's how you do it and the experience you'll bring to the classroom and study groups.

Myth 9: The Admissions Committee members only read the first essay in the application - they disregard the rest.
Our staff, including our Admissions Fellows, reads each and every essay, recommendation letter and transcript that crosses our desks. This makes for a great deal of work but we're committed to putting together the best possible class and to do so, we feel we need to get to know each applicant well. This process is a part of what makes Chicago Booth a unique place. You've worked hard to submit your application, and we appreciate that effort.

Myth 10: A letter of recommendation from the CEO of my company/a Booth alum I met once/the Governor/the President of the United States is better than getting one from a supervisor or colleague who knows me well.

Choose your recommenders carefully! Letters of recommendation are a crucial part of the admissions process and while you may be tempted to impress the admissions committee with the connections you've made, you'll want to work with someone who knows you and your accomplishments, talents and skills well. Your current or former supervisor and a colleague or client who can speak at length about your value to your company or organization is a much better choice than someone who may have an impressive title, but little insight into you as a person or future Chicago Booth student.

Linda Abraham: Hello, my name is Linda Abraham and I am the founder of accepted.com and the moderator of today’s chat. First, I want to welcome all applicants to the Q&A today, and I want to congratulate you for taking this time to learn more about Chicago's Booth School of Business. It is critical for the decision-making process and your admissions chances that you know as much as you can about the schools you’re applying to. Being here today allows you to ask experts about these processes.

I also want to give a special welcome to Kurt Ahlm, Senior Director of Admissions at Chicago Booth, and to Julie Morton, the Associate Dean of Career Services at Chicago Booth. Thanks to everyone for joining. This is your chance to ask the questions that are important to you. About applying, about re – applying, about Admissions policies and of course about career opportunity at Chicago Booth, but I’m going to take advantage of my position as a moderator and ask the first question. So, to both Kurt and Julie, what’s new at Chicago Booth?

Kurt Ahlm: That’s actually a lot new in Chicago Booth as to we just appointed a new Dean. Sunil Kumar comes to us from Stanford. He's going to start in January so that’s one obviously big new thing that’s happening and absolutely bringing a lot of other new things. To be candid, from an admissions perspective and just I think from a school perspective, I think really what’s been new in the past couple of years is we've just been really trying to get out there. We’ve been and really give people greater access and greater understanding in what Booth can provide. I think for a lot of people what seems like new things happening in Chicago is really pretty much business as usual, but I think the way we’re promoting the program and talking about areas like marketing and entrepreneurship and strategy in general management, a lot of things that Chicago hasn’t got the attention from in the past is now becoming just more common knowledge. So, I think that, at least from my perspective, what’s being perceived as new is really just stronger messages out there about the institution.

Julie Morton: Yes, I think from a career prospective, the exciting news for us is that the economy appears to be picking up. Certainly not a dramatic turnaround by any means, but it's definitely more robust than what we’ve seen for the last couple of years, which is great news and a good new development from our perspective. One of the things that we’ve seen sort of gradually is a real diversity of student interest from our career perspective, and related to that, a real broadening of where our students are going in terms of jobs. I think part was frankly driven by the economy - as the economy tanked, especially in areas where Chicago Booth is particularly well-known, such as the financial services field on Wall Street, certain students certainly looked more broadly, but I think that the change is really more profound than that. I think students have really started to look beyond the traditional MBA hirers for potential opportunities because of their interest in their foci.

One of the things that we’ve been able to do which has been great is we’ve got such a great team of people doing player outreach. There are soon to be seven of us on the team who really focus on that and we've been able to really cover the world from a geographic prospective and through that, combined with students broadening of interest, we've been able to make some really nice headway in a new geographic market and also new functions in industries which is a great new development. And then of course the biggest news on campus is that 579 new first years have arrived for their first day of orientation which was last Tuesday so that's big news.

Kurt Ahlm: Yes.

Linda Abraham:: Great, thank you very much. I'd like to follow up with a question for both of you. It has been recently reported that MBA's are increasingly interested in marketing as a post-MBA goal and as an area of study during their MBA. Chicago of course is famous for its strength in finance. What does it offer someone interested in marketing, for example?

Kurt Ahlm: Sure, so, just as something to point people in a direction in terms of a great resource, in terms of learning about marketing at Chicago Booth is – so we have a lot of academic centers here. They were originally put in place to provide greater opportunities to bring in additional research, maintain faculty within the field and they are truly academic centers. A lot of them have evolved and do a lot of student programming. One in particular is called the Kilts Center, named after James Kilts, former CEO of Gillette. Anyway, Chicago has always had a very strong marketing program but obviously it's easy to bucket programs when we're located just 12 miles south of another phenomenal program, Kellogg. And at least in the Chicagoland area and certainly a more global perspective has been that one's known for marketing, the other one's known for finance and I think, now that people have begun to dig a little bit deeper and as schools begin to really promote "fit" a lot more in terms of culture and recognizing schools can provide really good academic opportunities, both of us are becoming more known for a broader range of options.

So, the thing distinctive I think about Chicago in terms of our approach is Chicago has always had a very strong focus on analytics and really understanding how the quantitative elements - I don’t want it to be perceived as just number crunching but really how analytics, including some of the quantitative metrics, really help people to become better informed as marketers. So how do you leverage data, how do you really think about some of these quantitative and analytical measures to really better informed decision-making in the marketing field, right? And, I think, Chicago has had the propensity of really, through a flexible curriculum in terms of discipline-based approach to allow people not only a wide range of opportunity in the classes that they take, but it really has strong bases for understanding problems, dissecting down to the roots and making very effective decisions. So there's sort of this, again, "routine" here of a good thinking about marketing, not just necessarily in a creative sense so, how do this brand come to life in the market place, but really how do you define brand, how do you define segmentation, how do you really define the way your consumers behave, and how they will operate within the market place. And I think that’s the routine here in Chicago. It's very comprehensive, again, very analytical.

And the courses range, you know, anything from integrated marketing communications or something like advertising science, the things like data driven marketing, which is very heavy on the research side. But the blend of marketing classes combined with a lot of the things that Kilts offers which has things like managing labs to bringing companies into classroom settings where students can get real-world practical experience and they provide mentoring opportunities so, if as a marketing student, you want to be mentored by an alum – you have those opportunities. You have scholarship opportunities. So, there are a lot of things that Kilts helps to do that facilitate that marketing element here. So, you get really the best of both worlds. Network options outside the classroom and really sort of that in-depth analytical look at curriculum.

And the last thing I want to say is the beauty about Chicago and not just in terms of marketing but any sort of concentration you decide to pursue is, you know, because Chicago doesn't adhere to the strict core curriculum. We have a lot of flexibility, it's provided. You can start taking elective-based course work immediately at Booth. So, if you’re somebody who’s really interested in marketing but maybe doesn't have a great perspective of what it is to be a brand manager and just think you know, you have the option to start taking courses immediately, so you can take marketing strategy, you can take data driven marketing. You could do a lot of different things to give you that perspective and set you up very nicely to do internship in that field. So, for a lot of people who are career changers, you have the opportunity to begin to tailor-make your MBA early on to set you up, not only understanding the field at a much earlier level but putting you in the position to be more competitive for internships.

How has your B-school plan evolved? When did you decide to pursue this, what were you goals and have those changed, and of course the rotating decision on what schools and which is your top?

When: I started thinking about MBA around May 2004. My company has a program through which it sends some employees to Top MBA programs and by that time my manager said he would indicate me if I could get the min GMAT the company asks for. I studied for the GMAT and got 670 (which would be fine by that time, right now they ask for 700), but during the process another opportunity came and I preferred by that time to postpone the MBA. In the beginning of 2007 I realized that it was time to re-start.

What: Finance, Finance, and Finance, with a General Management perspective. Although an engineering undergrad, I've always worked in Banking, passing through several different areas. However, I considered - and sometimes consider - switch to consulting, but related to finance industry.

Where: Here things get complicated, originally, as I am already an AD, I though about doing an EMBA, and I researched in Europe: LBS, Chicago, INSEAD, IESE and IMD, during my research I came across to LBS’s MiF program, and almost decided to go for it. Later, talking to my bank's CFO, he persuaded me to attend a FT program, he believed that at part time one, I wouldn't get 100% from work and from the program; I decided to follow his suggestion, and decided that I wanted to improve my “soft skills” and not only the analytical ones, so it would be a FT program.
I made an initial list to research:
Europe: LBS, Oxford, Cambridge, IESE, and INSEAD;
Uncle Sam’s land: Chicago, Kellogg, MIT, HBS, Wharton, Cornell, Columbia, NYU, Ross, Tuck, Darden, Duke, UCLA, Stanford, Haas.

Later talking to my wife, we decided that I'd only try on metropolitan region. Thus, because of location I crossed out: Oxford, Cambridge, Cornell, Ross, Tuck, Darden and Duke. INSEAD was still "surviving" as it was very close to Paris, and as my wife is an artist, I don't need to explain you anymore, hehehe.

So 2nd list: LBS, IESE, INSEAD, Chicago, Kellogg, MIT, HBS, Wharton, Columbia, NYU, UCLA, Stanford, and Haas. INSEAD here doesn’t fit, right, and so I thought, I wanted a 2 years program, not because I’m a slowly learner, but because I wanted to get a 2 years experience. So INSEAD crossed.

After some more research UCLA and Kellogg were out. So I got as my final initial list: LBS, Chicago, MIT, HBS, Wharton, CBS, NYU, Stanford and Haas – 9 schools, but I would apply to 7 at most.

I decided that I’d take the GMAT before and think more about this list later. After the GMAT, I went to as many info sessions and talked to as many Alumni I could. I decided not to apply to HBS, as I felt I didn’t belong there. Also I decided that I would go for GSB and MIT R1, as I thought R2 for GSB would be extremely competitive and MIT has only 2 rounds, so better on Round 1. As I don’t know if CBS is my first option I decided Columbia RD. Wharton and Stanford would be my R2 schools, because I didn’t have time to prepare good essays for R1 as I spent much time with GSB’s slide question. I decided that if not accepted at GSB – which by previous years the outcome would be before Xmas, I’d try NYU, and LBS, completing my 7 schools. But after the effort I put on my GMAT – fortunately the outcome was good - I decided that 5 would be maximum shots, and after working on GSB essays, and viewing that this year “copy & paste” wasn’t an option, I started seeing that I’d be exhausted if I got to 7 applications. It was very hard and demanding to conciliate the whole application process with my work, especially after July when Subprime started to spread the panic.

The decision: After GSB admittance, I decided to drop my application to Wharton, and that my last application would be Stanford. GSB has always been on “my lists”, no matter what the criteria, so it’s one of my dream schools. For the other schools I am still in the process, MIT I think it’s a perfect fit in terms of school’s philosophy; faculty is extraordinary, also the brand is as good as it gets for ex-engineering students. CBS is a great school, within a great location, I was just afraid with costs of living in NYC, I have some friends who graduated there and all of them loved their time. Stanford: a long shot; if I get an interview there I’d be happy. But with its <7% admittance rate, my perspectives are as everyone else’s.

Summary: Mission accomplished, I’ve already gotten into one of my dream schools, the process was very demanding, from the time I started studying for IELTS and TOEFL (Jan to March 2007), re-studying for the GMAT (April to September 2007) to writing the essays. I really think that those who can make more than 4 applications are heroes, after Stanford, I was exhausted, perhaps because I still need to improve my English skills, perhaps because Stanford is the hardest application package. One thing that in my process was very hard to handle, was the Letters of Reference, my manager is a very busy man, and I think I got really close to piss him of, for those who are planning to apply next year: take care of your recommenders. My whole process took more than 1 year, and fortunately I was admitted before 2008, otherwise I’d still be writing many more essays.

EDITED:

I was after interview admitted to MIT. and at CBS, I got the interview but was dinged afterwards, perhaps my honesty wasn't enough for them as I mentioned during the interview "if I get all schools I'm applying to I'm going to Stanford" - they thought I was a Stanford material, though Stanford didn't even give me an interview...

I had a trip planned to USA, to visit MIT, SF, NYC and Chicago, 3 days before taking off I received CBS's denial, so I really went to visit the other 3 schools. I loved my time in Boston with plenty of snow, students were amazing and I could see me living there, I was pretty confused, as before I was 60/40 to Chicago. After AdMIT weekend I was kind of 50/50 again.

Then I visit the Bay area. San Francisco is a very charming city and the weather is very similar to that here in Lisbon, I really liked the city, and Stanford Campus is amazing.

NYC is NYC, nothing else to say! Even though dinged by CBS, I decided that my application fee would turn into a class (actually a friend of mine who's attending Columbia did), and I went there to get to know the University, and attended a class.

Then Chicago. I was completely thrilled by GSB, by the city, by the people. During GSB's events we heard so many times: "if you're deciding among top 10 schools, go with your gut, it doesn't matter too much where you end up, all these schools are strong, amazing, and will lead you to where you want as long as you work for that". And my gut told me to go there. Off course that If have gotten into Stanford I would have rethought this, and probably would have decided for Stanford; however, after my visit to Chicago I was 95% certain that Chicago was the place I wanted to be.

Later with Stanford's denial, talking to some more friends and especially to my wife, I decided to attend GSB. Now with my VISA settled, leaving work in a week, all I want is to get some sleep in July, I know that when things start it will get pretty hectic.

I'd like to thank everybody here for inputs, helps, criticisms, jokes, etc. You guys are amazing.

Adam: So, what did you learn during your first year at Booth?
Booth2010: First year is mainly getting core classes done (Accounting, Microeconomics, Statistics) to be able to take more advanced classes. Form a study group for each class, and learn to study together - collaborating in a team. Time management skill is critical since time flies and there are so many things you need to do. Corporate presentations, mini-presentations at lunch hours (lunch box provided), student groups, lectures of your areas of interest, study group, and social events apart from hours you spend on actually studying the material. MBA is very much about 50% intensive studying and 50% intensive job-hunting. You will need to manage time every minute if not, you will pile up things to do - so it is crucial to prioritize and allocate your time realistically. It helps to know your focus area of interest/industry/job function you want to pursue and keep current with what's going on in other end of recruitment - this year, due to economic hardship, many I-bank jobs were gone, and those who were aiming for I-bank jobs flooded into consulting and corporate finance jobs, while job opportunities itself diminished in number. It is also crucial to develop your network to create a pipeline for a potential position so that people may want to interview you for a position when available.

Adam: What part of the program have you liked the most? The least?
Booth2010: I liked the fact that the program offered breadth and freedom of choice in courses, yet according to the class requirements, you have certain fixed path until you claim the concentration. Study group is formed in most of the classes. Professors and TAs allocate enough time for office hours.

There was a program change since 2009: 3 Foundations areas of Accounting, Microeconomics and Statistics remain the same, 6 courses – One course in six of seven categories representing Functions (Finance, Marketing, and Operations), Management (Decisions, People, and Organizations), and the Environment in which firms operate (Macroeconomics and Global Institution and Political Economy) replaces the requirement to take four Breadth requirements and two General Management requirements (A and B). 11 electives, unchanged from the existing curriculum. Leadership requirement now applied to all (Full-time/Part-time/Evening) programs. There are some more changes, so I recommend you to read Booth homepage well and do not depend on past information so much. Basically school added even more flexibility to the program.

About the LEAD program, it is a very much a bond creating, fun program that focuses on your personality and development of team spirit and leadership. When you become 2nd year, you have a chance to become LEAD facilitator for cohort, with which you can develop/demonstrate leadership (and can write on your resume), as well as good presentation practice. Also, other forms of mentoring/mentee opportunities are abundant.

Some professors with less experience and low evaluation scores are to be avoided - it makes a difference. I also had to work extra to understand a professor who used slang a lot - but if asked they will listen to your needs/request.

Adam: How would you describe the culture of Booth?
Booth2010: Supportive-competitive. It is not too individualistic as I imagined before - staff are supportive, and professors will make sure you understand the subject. Social events are abundant and you only need to sign up. Most of the students live in downtown, and it is far from Hyde Park where the school is, and you develop social circle at where you are based at.

Alumni are very approachable and mostly helpful if contacted. Booth has presence in major industries but not all - so if you are going for industry like healthcare, you might need to find Alumni to reach out for potential opportunities and inquiries.

Career track and classes you take divide your path - and you never see some faces throughout year, which probably makes Chicago different from other schools with core classes where everyone sits in the same class for the first year.

Adam: Do you actually have any time for clubs? If so, which ones are you active in?
Booth2010: Clubs activities are mostly during lunch time and I found it difficult to go to those since most of the times there are some sort of lecture during lunch time, or I just wanted to prepare for classes. I am a member of the Healthcare Club in which we share info or organize conferences - also, some cultural group have frequent outings. Occasional communal events help to get back in touch with classmates you rarely see otherwise. It is crucial to have a membership and get your resume out in certain club's resume book to increase exposure to firms. Membership fees amounts to a lot, so select wisely.

Adam: Are there any common characteristics you find amongst your classmates?
Booth2010: Hard working, independent self-starters, as most of all MBAs. I find many people have strong finance background - I found others are a bit of minority. However, we have diverse people of various backgrounds, like advertised at MBA fairs - it is true.
Very international - many students from India is what I notice at most classes - South Americans are next, East Asia, then rest of Europe, Middle East. International Connection helps especially in times of recruitment.

Adam: How has the financial crisis impacted life at Booth?
Booth2010: Impact is clear - many companies reduced their booth area or did not even come to Boston Career Forum - many students choose plan B (ex. IB to consulting). School wide, many people are having difficulty securing internship and full-time job. I heared rumor at some point in April that 50% of 1st years were without internship (should have improved) and 40% of 2nd years without full-time job. (In September, I learned more than 90% had internship, paid and non-paid) Career services have been trying very hard to reach out for Alumni for job opportunities and they have launched a portal specific for that purpose. VC, Investment Managements are now very invisible, and many multinational firms terminated sponsoring visas for internationals. There are some internship opportunities created by school - working for projects.
Economy seemingly boosted international students intake - as far as I heard from other students, number of acceptance doubled in many international countries - China, Japan, and France - so it should be a good time to apply, for international students, however loan situation is not any better.

Class of 2011 is the biggest in history, reflecting the economy crisis and choices people made accordingly. While, recruiting is not picking up very quickly.

Recruitment has been hit by cost cutting - less companies are flying to have session, some just canceled the program.

Adam: Do you have any specific advice for those considering application to Booth?
Booth2010: Booth is not only finance - also strong in consulting marketing and other areas. If you look at job stats on school website you will verify that. Corporate sponsorship helps. They do care about creative essays. Campus visit helps especially if you meet Adcom and make impression. Also, especially if you know specific companies you want to target to apply in US, it is good idea to research which schools they target to recruit - some firms target not exactly based on school rankings, but geographic proximity. It impacts your candidacy for the company.

Some companies recruit at Booth, and not at Kellogg, and some do at Kellogg, and not at Booth. Of course being a student at their target school improves your chance to be hired, since corporate HR's job is also to maintain School-Company relationship. It does make a difference in the end.

Adam: Anything else you would like to tell us?
Booth2010: Two years are big investment in your life. Choose your school well - considering location, program, etc. It helps to have great friends who can support you.

As we close this issue and as you walk away from your Admit Weekend experience, I wanted to share a couple of things with you that I’ve learned during my tenure here at Booth. As a member of the Class of 2012 who started Booth with the Class of 2011 I feel uniquely positioned to impart my sage wisdom and sound advice on those of you future Booth students who will not have had the advantage of an extra year here. So as I wind down my first first year and prepare to enter my second first year, here are a few bits and pieces of insight and advice in no particular order:

Decide sooner than later where you’ll be spending the next two years. I agonized over my decision for as long as possible dragging any and everyone (mailman, neighbor’s nanny, no one was safe) into my vortex of ambivalence and indecision. I always knew deep down where I would end up, and you may too, so just trust your instincts and pull the trigger. Once that’s done you can start wearing your Chicago Booth visor all the time.
Go on a Random Walk. I didn’t go on a Random Walk, but I wish I had – it’s a great way to meet people. If I had gone on a Random Walk I’d like to think that during LOE I would have been part of that private power hour in room 302 instead of quietly sobbing myself to sleep because I’d let the Wisconsin pollen get the best of me.
Travel. When people told me that business school was a great time to travel I thought they were crazy. Well, it may seem counterintuitive to travel extensively when you have no income, but what’s counterintuitive when you’re sitting on a beach in Barbados sipping Pina Coladas?
Stay out of Kovler Café. The money you save on sandwiches and salmon specials will make a difference when it’s trek time. But if you must, go for the taco salad. Life changing.
Write for ChiBus. This one requires no further explanation.
Do something outside of Booth. Getting sucked into the Booth bubble is a lot easier than it looks. In order to stay sane I recommend trying to get involved in something outside of school. Tutoring middle schoolers, joining a bowling league or taking pole dancing lessons, a little bit of outside perspective goes a long way.
Make sure you like your community directory photo. Trust me on this one, that photo will follow you for the next two years, so make sure you send in a photo that highlights your good side.
Wear sunscreen.
Don’t worry about your name tent. I haven’t seen mine since September.
Don’t buy Gatorade from the vending machine opposite Kovler. It will get stuck. I will say ‘I told you so.’
Check out the Museum of Science and Industry. Good, clean fun, within walking distance of Harper.
Don’t eat noisy snacks in the quiet study lounge. Those green apples may be free, but they are not a free pass to annoy everyone within spitting (figuratively) distance.
Bring your checkbook. There is an abnormal amount of check writing at Chicago Booth, don’t be that guy with a credit card and a confused look on his face.
The #2 Hyde Park Express is amazing. Just try it.

I could go on, but half the fun is figuring these things out for yourself! Best of luck