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FROM Accepted.com Blog: How Hard do I Need to Study to Crack the GMAT? |
There’s a questions university professors hate to hear: “How hard do I have to study for this?” You’ve probably learned to be shy about asking just how much (or how little) you need to work for that top score. When it comes to the GMAT though, don’t be shy with this question. You’ve got a busy life! It’s wise to figure out just how much study it takes to crack the GMAT. Bear in mind, of course, that the answer depends a lot on you. Every GMAT test-taker has different study needs. What are yours? There are a few ways to figure this out: What Schools Are You Trying to Get Into? This is the most obvious question to ask yourself. The GMAT score requirements at b-schools can vary a good deal, of course. Now, if you’re aiming for the top schools, you’ll obviously need higher GMAT scores. However, even in the most competitive MBA programs, score requirements still differ. To figure out exactly what scores are needed at your best dream schools, check out this table and infographic for GMAT scores at top schools. Knowing your target score helps you know how much you might need to study. But researching competitive GMAT scores is just a starting point. In order to know how much you should study, there are still other things to figure out. What is Your Current GMAT Ability? If you need a higher-than-average score will you need to study more? Logically, it seems like you will. But this isn’t always a case. And on the flip side, a lower target score may not mean less study. You see, your target score comes at the end of your journey, when you take your exam. But how much you need to study doesn’t just depend on where you’re going. It also depends on where you are right now. Suppose you’re aiming for a 690. It’s not a bad goal. This can get you into a mid-tier school pretty easily. A high 600s score can also give you a chance at a top school, provided the rest of your application is strong. But if 690 is where you want to go, where are you now? In other words, what GMAT score can you get right now? To find out, you need to take a GMAT practice test. But don’t just take any test! Look for a full-length practice test that is well-designed, as similar to the real GMAT as possible. (If you’re not sure where to find a truly excellent practice test, here’s some advice on where to find full length mock GMAT exams.) If you get 650 on a practice test, then you don’t that much further to go. Boosting your score up to 690 should be fairly easy. But if you’re currently testing in the 500s or low 600s? In that case, you’ve got a lot of study ahead of you. Make a Study Plan Once you find your target score and compare it to your current score in practice, you’re ready to make a study plan. This is where you figure out exactly how much you’ll need to study in order to crack the GMAT. Make a specific weekly or daily planner. Outline the GMAT prep books and websites you’ll use, the practice sets you’ll go through, the lessons you’ll read or watch on video, and so on. A well-researched, carefully crafted study plan is the most accurate measure of how much work you need to do. Of course, that’s not a 100% perfect measure either. You may find you need to do more studying along the way. Or you may learn even faster than you’d hoped, so that you can shorten your study plan. David Recine is a test prep expert at Magoosh. He has a Bachelor of Social Work from the University of Wisconsin-Eau Claire and a Masters in Teaching English to Speakers of other Languages from the University of Wisconsin-River Falls. He has been teaching K-12, University, and adult education classes since 2007 and has worked with students from every continent. Related Resources: • Affordable Online Test Prep, a podcast episode • Should You Take the GMAT or GRE? • Time Management Tips to Make the Most of Your Test Prep Tags: MBA Admissions The post How Hard do I Need to Study to Crack the GMAT? appeared first on Accepted Admissions Blog. |
FROM Accepted.com Blog: Today London, Tomorrow the World! One Year MFA at LBS |
This interview is the latest in an Accepted blog series featuring interviews with business students, offering readers a behind-the-scenes look at top programs. And now, introducing Sara Ganz… Accepted: We’d like to get to know you! Where are you from? Where and what did you study as an undergrad? Sara: Born in raised in Miami, Florida, I grew up immersed in a cultural hub – studying history, musical theater, art, and literature. After falling in love with strategic business operations during my pre-college internship, I pursued an undergraduate degree in Economics and Psychology at Harvard College. Accepted: Where are you currently attending school? What year are you? Sara: I am currently completing a one-year Masters in Financial Analysis degree at London Business School, which is centrally located in London adjacent to Regents Park. Accepted: How did you know the MFA program at London Business School was the right “fit” for you? Sara: My older brother graduated from the University of Chicago in 2012 and earned a Masters in Management from London Business School in 2013. My decision to attend LBS was largely reflective of how stellar his experience had been and how much he developed personally and professionally within the scope of his one-year program. When London Business School announced that they were launching a Masters in Financial Analysis Programme for recent college graduates, I was eager to complement my broad liberal arts undergraduate experience with a specialized finance program, through which I am gaining practical training across financial sectors. London Business School has a remarkably acclaimed faculty, state-of-the-art facilities, a wide array of technological training, and serves as a global hub for innovation, bringing in key thought leaders from around the world. Following my masters, I will be joining The Estée Lauder Companies, a global enterprise in 150 countries. To me, studying in a global environment is advantageous to understanding international business on a more personal level. Accepted: Looking back at the application process, did you experience any challenges applying internationally? Sara: As an American, I had a very straightforward visa application process. London Business School provided comprehensive instructions that rendered what I anticipated to be an arduous process quite simple. Accepted: What are some of your most rewarding extracurricular activities (both before entering LBS and current activities)? How have those activities helped shape your career? Sara: Since I was young, in addition to the arts, my most rewarding extracurricular activities have been philanthropically oriented. And I have always wanted to work for a company that engages profoundly with community outreach. In addition to believing in the brands they develop, I was drawn to ELC for their continued dedication to innovation, sustainability and prolific giving campaigns. During one of my internships with ELC, I was humbled to work on the Breast Cancer Awareness Campaign which was founded in house by Evelyn Lauder in 1992. At both Harvard and London Business School, I launched BCA Campaigns to educate women (and men) about the benefits of early detection after discovering alarming statistics regarding the increasing numbers of women in their 20s and 30s who are at risk for developing breast cancer. At London Business School, the clubs are inclusive to all academic programs – spanning Early Careers, MBA’s, Executive MBA’s, etc. Therefore, joining these organizations is an amazing way to interact with the broader LBS community. I am on the executive committee for the annual TEDxLondonBusinessSchool conference as well as the Retail & Luxury Goods Club eCommerce conference, both of which will be held this May. I am also a member of Women in Business, Finance Club, Investment Society, Salsa Club, Women’s Touch Rugby Club, and the Sundowners Committee – an organization that plans weekly events for the school community. Through these organizations, I have further developed my strategic planning and time management skills. Accepted: What have been your favorite aspects of LBS thus far? Has studying in another country been everything you expected? Sara: Throughout the calendar year, London Business School organizes various Global Immersion Field Trips (called GIFTs) around the world. Recently, I traveled to Hong Kong and Shanghai with fifty classmates. In partnership with Fudan University, we gained firsthand insights into Chinese business practices, negotiation strategies, and techniques to facilitate successful western corporate integration. This was by far the most interesting school trip I have ever been on and one of my favorite LBS experiences. We even had the chance to visit the newly launched Disney Shanghai, which incorporated distinctly Chinese influences into the traditional Disney franchise. Accepted: Lastly, can you share any tips you may have for U.S. students who are considering applying abroad? Anything you wish you would have known? Sara: While one-year masters programs are only just beginning to gain traction in the U.S., they have been, and continue to remain, very popular in the UK and EU. In additional to the MBA and EMBA, LBS offers three one-year programs, two for students recently out of college (Masters in Management, Masters in Financial Analysis) and one post-professional (Masters in Finance). Considering the diversified portfolio of clubs at LBS, many of which organize treks to different parts of the globe, there are innumerable opportunities to travel with your peers and classmates. In addition, by proxy of living in London, traveling around Europe is easy and affordable. I am currently on a train to Paris to visit friends from college for the weekend, and have upcoming trips planned to Prague, Amsterdam, Belgium, Morocco, and Rome. Living in the USA makes traveling abroad quite difficult, and I highly recommend taking the opportunity to study abroad. At London Business School, I have gained a network of incredible friends – truly inspiring individuals who have not only made this year dynamic, exciting and fun but have also provided a window into their unique cultural backgrounds. Studying in an international classroom is a once-in-a-lifetime opportunity. This year has already been truly transformative, and I am so lucky to be returning to New York next year with such a global network and perspective. Thank you Sara for sharing your experience with us – we wish you continued success! For one-on-one guidance on your med school applications, check out our catalog of MBA admissions services. Do you want to be featured in Accepted’s blog? If you want to share your b-school journey with the world (or at least with our readers), email us at bloggers@accepted.com. Related Resources: • College Students, Recent Grads Interested in Business: London is Calling! [Episode 180] • LBS Launches New Finance Master’s For New Grads • Why Study Abroad for Your MBA at All? Tags: MBA Admissions The post Today London, Tomorrow the World! One Year MFA at LBS appeared first on Accepted Admissions Blog. |
FROM Accepted.com Blog: Choosing From Multiple Business School Acceptances |
“Choosing From Multiple Business School Acceptances” is the final post in our series Navigate the MBA Maze. You’ve been accepted at two solid schools. Great! Or, you’ve been offered admission to an OK school with a significant scholarship and your #1 choice with no financial aid. Or, you’ve been admitted to a top-tier program, but you really wanted to go to Harvard. You should be celebrating, but instead you’re worrying. What do you do now? What criteria do you use in making your decision? Here are the factors that should guide you: 1. Which institution best supports your future goals and most likely career path? This criterion is paramount when you have clear, well-defined goals, for instance, “I want to run an IT consultancy serving financial services firms.” If financial aid is an issue, calculate whether the full tuition program will increase your earning power by more than the amount of the scholarship, or whether your preference for the more expensive school is worth the difference in cost. 2. Which educational approach do you prefer? Do you prefer to learn through case study or analysis, or a combination of the two? 3. Where would you rather live for X years? Do you want to live in a big city or small college town? What region do you want to live in? Do you prefer a big university or a small college? Religious or secular? Liberal or conservative? Enjoy your great options and use these criteria to guide you as you make your decision. Related Resources: • Harvard, Stanford, Wharton: What’s the Difference? • When & Why to Pass on a B-School Acceptance Offer • MBA Choices: Dream School vs. Scholarship School? Tags: MBA Admissions The post Choosing From Multiple Business School Acceptances appeared first on Accepted Admissions Blog. |
FROM Accepted.com Blog: Academic Performance in Your MBA Admissions Profile |
In my last article we laid out the five elements that you must pay attention to when planning your MBA application. We will talk about the first of those five in this post: academic performance. Your academic performance as an undergrad, from the first to the last year, is extremely important for any graduate program, and the MBA is no exception. Traditionally, admissions committees analyze three aspects of your academic record: 1. Your performance in each and every one of your classes, particularly in the most rigorous courses and/or the most relevant to the MBA. It’s important that you provide context for any dips in grades that deserve an explanation; many schools offer the opportunity to discuss gaps or any discrepancies in the optional essay. This is the place to clarify if your grades suffered because you were trying to balance a job with your studies, a personal or family situation, or any unusual event that could have had an effect on your grades. 2. The reputation and selectivity of the institution where you studied. If you have reason to believe that your university is not well known by the business school that you will be applying to, it’s important that you provide them with objective information regarding the reputation, rankings, and selectivity of your undergraduate institution. For example, there are universities that select their students through a very rigorous admission exam. If you were one of the few selected, make sure to include that information in your application. 3. The continuity of your performance. Adcoms look very carefully into the academic workload you carried every semester, and they pay particular attention to periods in which you might have lowered your workload. For example, that semester-long break you took to work full-time, or the year when you decided to take two classes instead of the usual five. Be prepared to justify and/or explain your decision in the appropriate part of the application. If your grades in math and in other quantitative classes are low, I recommend that you take pre-MBA courses in subjects such as accounting, finance, calculus, and statistics. You can take them at any accredited university or community college, but make sure you earn solid A’s in all of them. This will diminish the effect that low grades might have in your MBA application, as you will be showing that you are now able to handle the academic rigor of the MBA. Finally, make sure to demonstrate your academic capacity with a strong score in the GMAT or GRE, which is the topic of the next article of this series. By Esmeralda Cardenal, previously the Associate Director of Admissions at Yale SOM, Director of MBA Admissions at MSU Broad, and consultant at Cardiff Business School in the UK. She is happy to help you showcase your achievements in your MBA application. Want Esmeralda to help you get accepted? Click here to get in touch! Related Resources: • MBA Action Plan: 6 Steps for the 6 Months Before You Apply • 5 Tips for Your Low GPA, a podcast episode • 3 Steps for Applying to Business School with a Low Undergraduate GPA Tags: MBA Admissions The post Academic Performance in Your MBA Admissions Profile appeared first on Accepted Admissions Blog. |
FROM Accepted.com Blog: Wall Street: Here I Come! |
Today’s guest is Patrick Curtis, CEO & Co-founder of Wall Street Oasis. Patrick graduated from Williams College in 2002 and worked as an Investment Banking Analyst for Rothschild & Co for two years. He then joined Tailwind Capital as a Private Equity Associate in 2005 around the same time that he founded Wall Street Oasis, which he has led as CEO ever since. He also earned his MBA with a concentration in entrepreneurial management from Wharton in 2010. Welcome, Patrick! What is Wall Street Oasis? [1:20] It’s an online community for finance professionals and students trying to break into finance careers – investment banking, private equity, etc. We have 500K registered members and 1.5 million visits per month. The community is similar to any forum-based site. And we offer paid services in addition: interview courses, resume review, etc. What’s the backstory? [2:55] I landed on my feet at Tailwind after being fired from my first PE job. I was talking to a friend who had technical skills, and we were thinking about starting a site. There was no good place online for people trying to break in, or for bankers to commiserate about their long hours. We tried to make the tone fun – the theme of the site was monkeys (it still is). It grew steadily – it took on a life of its own. I didn’t work on it full time until after my MBA. How did you choose the name and the monkey theme? [4:50] Have you heard of the book Monkey Business? It resonated with me at the time. How did you handle the layoff? [6:00] I was pretty devastated. I realized the transition from IB to PE was more difficult than I’d anticipated. I had all the technical skills, but the project management skills didn’t translate right away. In the end, I think it was more an issue of culture and fit – but it was a hit to my confidence and I had to work hard to get my next job. It can be tough to keep a long-term perspective. What’s your favorite resource on Wall Street Oasis? [10:10] It’s really the community itself. I still read a lot of the threads and participate. It’s really the lifeblood of the business. We have interview courses, resume review, etc. But the forums and the community itself is really great. You recently started a podcast! Can you tell us about that? [11:15] I partnered with Alex Grodnik, a UCLA MBA. The goal is to bring to life interesting stories. We’re featuring AMAs, people’s stories. We have three episodes so far, and we’re planning to do one a week. It’s called the Wall Street Oasis Podcast. What are the skills and qualities that investment banks look for? [12:40] There’s often a misperception that technical acumen is the most important thing. Banks tend to look for polished communication skills, especially for client-facing roles. Their ideal is someone who can work well with teams, has great communication skills, and also has great financial modeling skills. Finding and retaining those candidates is challenging for banks – they’re trying to improve work-life balance. But it’s still one of the most attractive careers for undergrads right out of college, because you learn so many transferable skills. Wall St. is famous for insane hours and the banks have seemed to be trying to change that. Do you think the banks’ attempts at encouraging a little more work/life balance are real, or are some of the “limits” banks have put in place over the last several years mere window dressing? [15:50] I was skeptical – but from what I’ve heard, I’ve been surprised. There has been improvement. Having predictability and knowing you’ll have some out-of-office time is an improvement in people’s quality of life. There’s a host of ways that banks could make the job more attractive. One would simply be to hire more analysts and reduce the work hours. Say I’m two to three years out of college and want to switch to IB. Any advice? [21:10] It’s not easy. I can’t sugarcoat it. Traditionally, there’s a defined path for banking analysts. Make sure your resume screams “banking.” Maybe you need to take a financial modeling course. If you have some experience with accounting or work with financial statements, then highlight that. Reach out to alums – be aggressive in your networking. And realize that you might have to start at a small boutique bank. It’s a difficult task to transition because the competition is so tight. Is an MBA or a masters in finance a good route to making the switch? [24:25] Absolutely. An MBA – especially at a top school – gives you another shot at on-campus recruiters. But you need to focus fast because recruiting starts right away. MFin is even faster than the MBA. Who should go for the MFin vs an MBA? [26:10] I’m not that familiar with MFin programs vs MBA programs. I sense that the MFin can be less competitive than top MBAs. It’s a more technical degree, and may also attract more international students. But if you can get into a top MBA, it may be a stronger route for recruiting. What is distinctive about IB interviews? [27:30] It depends on your background. If you’re from a liberal arts background, they may not expect you to know as much. If you’re from a finance background, they may grill you to test your technical chops. There’s a wide set of behavioral questions, as well as technical questions. They’re looking for a balance. What’s an example of a behavioral question? [28:30] “Tell me about a time you disagreed with your boss and what you did.” “Why should we hire you and not someone else?” You should have a set of experiences you can talk about – have a story with a conflict and resolution you can relate. Show, don’t tell. Point to actual experiences and projects. A lot of candidates underestimate this, and they have cookie-cutter answers that sound canned and insincere. What did you like about the world of financial services? [30:40] In investment banking, I really enjoyed the challenge. In private equity, I enjoyed the breadth of businesses I got to analyze. And running my own business now – the freedom is priceless, even though I work a lot of hours. Before I got married, I was even able to travel and work from abroad for about a year. It’s now about 7 years since you earned your MBA at Wharton and 12 years since you started WSO. Looking back, what’s your perspective on the value of your MBA and your Wharton experience? [32:45] I saw a lot of potential in Wall Street Oasis, and growing the business was my goal going in. My Wharton experience has been extremely valuable. People in my cohort gave me great feedback. A lot of the mentors on my team are from my Wharton network. It’s been great for my business. Do you recall any courses that were particularly valuable? [35:00] Negotiations. Also, pricing. I’ve learned a lot about digital marketing just from running the business. The MBA solidified my knowledge in finance and opened me up to new areas. Any last bits of wisdom or advice for those who want to go to Wall St.? [36:55] Don’t get enamored with perceptions of prestige in a certain bank or industry – look at the day to day aspects of the job/function. Realize it’s incredibly competitive. Your goal right out of school should be to develop skills. Related Links: • Wall Street Oasis • Wall Street Oasis Podcast • Accepted Thread on WSO Related Shows: • From Rwanda to Wharton to West Coast Start-Up: MP Davis’ Story • Affordable Online Test Prep • What’s Life Like as a Darden MBA and Entrepreneur? • The MBA Menu at Columbia Business School • Get an NYU Stern MBA: Interview with Admissions Dean Isser Gallogly • The Facts About Financial Services Subscribe: Tags: Admissions Straight Talk, Grad School Admissions, MBA Admissions The post From Wall St to Wharton, While Starting Wall Street Oasis [Episode 204] appeared first on Accepted Admissions Blog. |
FROM Accepted.com Blog: How Will You Pay for Your MBA? |
Are you applying to MBA programs outside of your home country? Not sure how you’re going to pay those massive tuition bills? Sounds like you could use some expert tips to make your business school experience more affordable! REGISTER FOR OUR UPCOMING WEBINAR: How Will You Fund Your MBA Abroad? Hundreds of MBA applicants have turned to us with the all-important question: How will I pay for business school outside my home country? Now get the answers you need – straight from MBA funding guru Michael Hollis, Associate Relationship Manager at Prodigy Finance. Michael will help you understand: 1. Payment options for school, as an international student 2. How Prodigy Finance loans work, and the benefits of their loans 3. Interest rates and how monthly loan repayments are calculated LIVE WEBINAR: Thursday, May 18, 2017 at 10am PT/1pm ET Tags: MBA Admissions The post How Will You Pay for Your MBA? appeared first on Accepted Admissions Blog. |
FROM Accepted.com Blog: First Drafts Of Personal Statements: Let Yourself Go |
Writing the first draft of your personal statement is probably the hardest part of the whole application process. And it makes sense – it’s not easy to capture so much of your experience onto a single page. Moving Your First Draft from Just OK to Simply Spectacular I’ve read hundreds of first drafts over the years. Most were okay. Not stellar, but that could be polished up enough to probably win an interview at an average program. But I’ve also read a few first drafts that totally blew me away, ones that told me the applicant would be accepted somewhere great. First drafts that, although the language might not be sharp or the organization might be terribly muddled, already contained the core of what would be an astounding final version. In fact, sometimes in the most focused, sharp sounding, well-written essays, applicants are just too focused on how their story sounds to really recognize what was special about it. Write Big, Even When Word Counts are Small When you allow your first draft to be expansive, writing and writing without worrying about limitations, wonderful things can happen. I frequently find the best ideas are hidden, just waiting to be pulled out and put center-stage. For instance, in the middle of one applicant’s four-page first draft, this gem was tucked away: [The radiology attending] was pointing out how sometimes we forget that in interpretation that it is still an image and not an actual person. However, our interpretation will significantly impact the human and not the image. This same radiologist on a separate occasion while a resident and I were looking at a plain film of the chest brought up the same point, but in a very creative way. He pulled up a painting by René Magritte that said “This is not a Pipe.” In this painting, Magritte cleverly communicates with his viewers that it was truly not a pipe, but an “image” of a pipe. This passage concealed an essential truth of how this applicant had come to view radiology. We brought it to the start of her personal statement, and used it to set the stage for an essay focused on the radiologist’s commitment to his patients: “The Treachery of Images,” one of surrealist artist René Magritte’s most famous works, depicts an ordinary pipe with “this is not a pipe” written below it. While a resident and I examined a chest x-ray, our attending pulled out this image. I immediately understood his meaning. What we saw was not truly a pipe, only its image; similarly, a chest x-ray was only a representation of what we were really seeing. It was a reminder that what was revealed in these shadowed images – the reality behind the image – could be used to treat our patients. Many things stand out about this introduction. This revelation about radiology is expressed in a creative way that shares something about the expanse of her education. The way she seems to effortlessly extrapolate these other aspects of her life to this chosen specialty implies a level of comfort with this specialty – a way of thinking of herself already as a practitioner of it. It also helped roll out a very clear structure for the essay focusing on how these images could help real people. This applicant succeeded because she gave herself the freedom to write expansively in her first draft, expressing – albeit unknowingly – what was special in her story. Whatever your educational goal, try giving yourself this freedom, and allowing yourself to discover what is special about your own story. By Cydney Foote, Accepted consultant and author of Write Your Way to Medical School, who has helped future physicians craft winning applications since 2001. Want Cyd to help you get accepted? Click here to get in touch! Related Resources: • From Example to Exemplary, a free guide to writing outstanding application essays • Stand Out! A Critical Goal for Your Application, a podcast episode • How to Get Started on Your Personal Statement with One Easy Technique Tags: Admissions Consulting, College Admissions, Grad School Admissions, Law School Admissions, MBA Admissions, Medical School Admissions The post First Drafts Of Personal Statements: Let Yourself Go appeared first on Accepted Admissions Blog. |
FROM Accepted.com Blog: Can You Get Accepted to Your Target B-School With Low Stats? |
If you’re planning to apply to b-school next year and are worrying about your GPA, GMAT, or any other potential weak point in your application, we have great news for you: How to Get Accepted to B-School With Low Stats is now live for on-demand viewing! Choosing the right schools to apply to is so important – if you misjudge based on your profile and get rejected, you could risk an expensive and frustrating reapplication process. We understand that this can be a stressful process, especially when you’re anxious about any part of your application. That’s why we created How to Get Accepted to B-School With Low Stats. If you missed the live webinar, or if you’d like to see it again to review, you can now watch it anytime. Tags: MBA Admissions The post Can You Get Accepted to Your Target B-School With Low Stats? appeared first on Accepted Admissions Blog. |
FROM Accepted.com Blog: The Importance of Creating a Strong MBA Budget |
You’ve heard that an MBA is an investment dozens of times. And after you’ve got those letters in hand, you will say the same. It’s not a cliché; it’s just truth. But, it is a steep investment for many students. Figuring out how you afford a degree in your home country is often tough enough, and that’s when you know the financial institutions and your tuition is payable in the currency you earn. Even if you move cities, it’s not difficult to get a solid grasp on the expenses you’ll face in addition to the standard costs you’ll need to pay. Perhaps you’re even lucky enough to live in a country, such as the United States or Australia that facilitate educational loans. And then, some students want an incredible education and international experience and need to fly across oceans to get it. A strong MBA budget is critical for these applicants. It’s not just a matter of finding the funding; MBA budgets are all tied up with visas and campus experiences. You need a budget before you can get a visa As an international student, you’ll need to obtain a visa to study. While you’re sweating through GMAT prep and rewriting the same sentence time and time again, your study permit may not seem like a challenge, but you’ll jump through hoops to get it. One of those challenges is proving financial ability. And, to do that, you’ll need to have a budget to hand. At first, making a budget will seem relatively easy. Universities want to make it easy for their students and provide an estimate of costs (indeed, it’s a legal requirement in the US to do so). Harvard’s 2018 MBA cost summary page provides an example of costs, broken down into line items. You’ll see lines for tuition, healthcare, and programme materials fees. There’s also a line item that sums up board, personal, and other expenses – and, being the second-highest amount listed, seems like it should cover everything you need. But, it may not cover as much as you think. On Wharton’s Budget and Tuition page, you’ll find a similar breakdown, but the business school is careful to point out that summer living expenses, apartment security deposits, furniture, and entertainment, amongst other expenses are simply not included. And, even that may not do it. There is a Global Experience Requirement for MBAs attending Stanford, and the amount you’ll need to pay towards that varies according to the way you choose to fulfill it. They estimate a spend anywhere between $2200 and $4000. While it may not seem like a high figure next to the $66,540 yearly tuition fee, it’s still enough to concern international students worried about currency strength and fluctuations. In order to obtain a visa to enter the United States to study at any of these (or countless other) universities, you’ll need a visa. Before you can apply, however, you’ll need to obtain an I-20 form from your school that outlines the cost of attendance – and your ability to meet it. On the plus side, the cost of attendance included on the I-20 form is provided by the school – and you only need to prove enough funds to meet those line items. On the downside, you don’t want to take the school’s cost of attendance as the final figure. Budgets go beyond university cost of attendance As the cost of attendance information from Wharton and Stanford should suggest, an MBA isn’t the same as pursuing an undergraduate degree. It’s not even the same as other grad-level degrees where travel is far more optional. With networking and international experience at the core of many MBA programs, an MBA budget must include socializing, club memberships, study treks abroad, and competition entries. These figures aren’t often included in the cost of attendance provided by the school. At the very least, they’re unlikely to be as accurate you would like. And this makes a difference. If you pursue financing that meets the cost of attendance provided by the university, it’s enough to secure a visa (provided, of course, that you’ve met all the other requirements laid out by the Department of Homeland Security), you’re doing yourself a disservice. If you’ve sunk a little too much into your apartment security deposit, needed to buy a new laptop, paid more for your travel than expected, couldn’t find accommodation fast enough, or just can’t let that career trek pass you by, you may just find yourself short of cash for essentials (like food and electricity). By the time you’ve gotten to that point, you may find your credit is over extended, or you can’t get a loan without being in another country. Finding financing, like obtaining a visa, and just getting a seat at a prestigious business school isn’t easy. A far better option is to pursue the financing you need according to your budget rather than the school’s cost of attendance. After all, you won’t want to negotiate your experience; it’s part of the MBA investment – and something you truly don’t want to miss. Katie studied human rights and graduated with a Bachelor’s degree from Kent State University while working with NGOs in Geneva, Switzerland. Although she has since settled in South Africa, with work towards a Masters in Forced Migration through the University of the Witswatersrand, nothing stops her from being a proud American. Although writing is often solitary work, Katie has been part of the Prodigy Finance Team as the Content Specialist since 2013. She also loves rugby, sloppy Mexican food and Tudor history which means you could find her in any section of a bookstore. Related Resources: • Paying for Your MBA: Before, During, & After, a free webinar • Tips for Planning Your MBA Budget • MBA Scholarships: How do I Apply and What Should I Emphasize? * This blog post is sponsored by our friends at Prodigy Finance Tags: MBA Admissions The post The Importance of Creating a Strong MBA Budget appeared first on Accepted Admissions Blog. |
FROM Accepted.com Blog: Stanford GSB MBA Essay Tips & Deadlines |
Stanford is once again re-using it’s essay questions. And there’s good reason for the recycling: These are excellent questions that succinctly get to the heart of what Stanford wants to know about you. They are not easy questions, but they are thoughtful, probing ones. Stanford gives a lot of advice and guidance on its website as to what it’s looking for in the essays. You should access that advice in addition to reviewing my suggestions below. Stanford was the first top MBA program to release its application due dates for 2017-18. Those dates are virtually unchanged from last year. My tips are in blue below. Stanford GSB 2017-18 MBA Application Questions: Essays help us learn about who you are rather than solely what you have done. Other parts of the application give insight to your academic and professional accomplishments; the essays reveal the person behind those achievements. When writing your essays, resist the urge to “package” yourself into what you think Stanford wants to see. Doing so will only prevent us from understanding who you really are and what you hope to accomplish. The most impressive essays are the most authentic. We request that you write two personal essays. The personal essays give us glimpses of your character and hopes. In each essay, we want to hear your genuine voice. Think carefully about your values, passions, aims, and dreams prior to writing them. Essay A: What matters most to you, and why? For this essay, we would like you to: • Do some deep self-examination, so you can genuinely illustrate who you are and how you came to be the person you are. • Share the insights, experiences, and lessons that shaped your perspectives, rather than focusing merely on what you’ve done or accomplished. • Write from the heart, and illustrate how a person, situation, or event has influenced you. • Focus on the “why” rather than the “what.” This superficially straightforward question has been Stanford’s first for at least the last sixteen years, but it is actually one of the most difficult, if not the most difficult MBA essay questions to answer. Superficial responses will fail. The prompt demands introspection. Before you put finger to keyboard or pen to paper, really reflect on what you value, how you have acted upon those principles, and why you value them. Stanford’s advice urges reflection. The question requires it. When I reflect on our many successful Stanford clients, initiative in the face of need is the common thread among them. They are always the ones who revealed, especially in Essay A, that they do not turn away when they see a problem or need for action. They grab the initiative when faced with an opportunity to contribute. They are comfortable expressing emotion and their values, and their actions reflect both, but particularly the latter. Think purpose-driven, principle-driven lives and leadership. More than anything else, initiative and self-awareness characterize the successful Stanford applicant. Implication: You have to know your values and those times you have acted upon them. Yes I wrote that a few seconds ago, but it bears repeating. Climbing Mt. Everest or suffering from terrible social ills is not a requirement of admission, but you do have to know the person occupying your skin. Essay B: Why Stanford? Enlighten us on how earning your MBA at Stanford will enable you to realize your ambitions. • Explain your decision to pursue graduate education in management. • Explain the distinctive opportunities you will pursue at Stanford. • If you are applying to both the MBA and MSx programs, use Essay B to address your interest in both programs. Now that question is succinct, and really says what they want to know. Similar to questions that have occupied this Stanford application slot for years, this question is a variation of a standard MBA goals question, as revealed in the bullet points after it. For this forward-looking question, you need say why you want an MBA. The best way to do so is in terms of your desired post-MBA professional direction. Then explain how Stanford’s program specifically will help you travel down that path. Note the emphasis in the bullet points about the “distinctive opportunities you will pursue at Stanford.” Do your homework. You need to know what are the distinctive characteristics of the Stanford MBA program or you simply can’t answer the question. Understand the flexibility inherent in Stanford’s curriculum, its integrated approach to management, its entrepreneurial culture, and how all these elements (and others) will help you learn what you need to know to achieve your career goals. Realize that the curriculum allows for personalization based on your goal and your past experience, specifically your previous business education. Two pieces of information are required to answer this question: A clear MBA goal and an in-depth understanding of Stanford GSB’s curriculum. (Folks: It’s not just the ranking, brand, or location.) Please do NOT write that you want to attend Stanford because of “the flexibility inherent in Stanford’s curriculum, its integrated approach to management, its entrepreneurial culture….” That phrasing is too general for your specific reasons (and besides the Stanford adcom can google the phrase if they see it too often and see that you found it here). Go deeper and be more distinctive in your writing so that you really tie your goals to Stanford’s program. Stanford also asks that if you are applying to both the Stanford MBA and MSx programs, you use Essay B to address your interest in both programs. It gives those applying to both programs an extra 50 words to address that interest. Essay Length: Your answers for both essay questions combined may not exceed 1,150 words (1,200 words if you are applying to both the MBA and MSx programs). Each of you has your own story to tell, so please allocate these words between the essays in the way that is most effective for you. Below is a suggested word count, based on what we typically see. Essay A: 750 words Essay B: 400 words Essay B (if applying to both the MBA and MSx programs): 450 words Formatting: • Double-spaced • Indicate the question you are answering at the beginning of each essay (does not count toward the word limit) • Number all pages • Upload one document that includes both essays Be sure to save a copy of your essays, and preview the uploaded document to ensure that the formatting is preserved. If you would like professional guidance with your Stanford GSB application, please consider Accepted’s MBA essay editing and MBA admissions consulting or our MBA Application Packages, which include advising, editing, interview coaching, and a resume edit for the Stanford GSB application. Stanford GSB 2017-18 MBA Application Deadlines: ***Disclaimer: Information is subject to change. Please check with individual programs to verify the essay questions, instructions and deadlines.*** By Linda Abraham, president and founder of Accepted and co-author of the definitive book on MBA admissions, MBA Admission for Smarties: The No-Nonsense Guide to Acceptance at Top Business SchoolsWhat Stanford GSB is Looking For • Why MBA?, a free guide to writing about your MBA goalshttps://blog.accepted.com/2013/08/22/understanding-stanford-gsbs-take-on-demonstrated-leadership-potential/• Harvard, Stanford, Wharton: What’s the Difference?, a short video Tags: MBA Admissions The post Stanford GSB MBA Essay Tips & Deadlines appeared first on Accepted Admissions Blog. |
FROM Accepted.com Blog: Why Cornell Tech was the Perfect Fit for This Londoner |
This interview is the latest in an Accepted blog series featuring interviews with business students, offering readers a behind-the-scenes look at top programs. And now, introducing Tosin Adeniji… Accepted: We’d like to get to know you! Where are you from? Where and what did you study as an undergrad? Tosin: Hi, I’m Tosin and am a proud Londoner. East London, to be specific. I went to University of Kent in Canterbury and studied Law. I had hopes of being a entertainment lawyer at that time, but after graduation, I just went into the business/marketing side of entertainment instead. Accepted: Where are you currently in b-school? What year? Tosin: The Big Apple – New York City at Cornell Tech, which is Cornell’s newest campus. I’m doing the 1 year accelerated MBA program and have one semester left until graduation. Accepted: Why did you choose that program? How were you a good fit? Tosin: I knew about four years into working in entertainment that I wanted to do a MBA to gain broader business skills, but also draw closer to the technology aspect. But after lots of research, I found it difficult to find a program that catered to a non-traditional candidate like me. I stumbled upon Cornell Tech after I attended a Cornell Johnson event in London and started receiving email marketing about their other campus. It was quite late in the application rounds, but I knew Cornell Tech’s mixture of practical projects, cross functional team building and forward thinking way of teaching business students made it the ideal program for me. Accepted: What has been your favorite thing about Johnson at Cornell thus far? Tosin: My favorite thing has been the ability to work with various companies on various real life problems. In our Fall semester, I worked with a New York video content start up, an Israeli predictive analysis company for autonomous cars and the AOL innovation lab. I learned so much working across such extremes of different industries with technology being the common denominator. I particularly enjoyed the AOL project I worked on with my team, since we set out to build a futuristic smart conversational interface that changes the routine of content consumption. It was a great end to the semester, when we entered our project into the Verizon’s innovation lab’s challenge and won $15,000, as well as the ability to build out a real life prototype with Verizon’s help over the Spring months. Accepted: You’re a Londoner! How was the application process to MBA programs for you? Did you experience any challenges as an International applicant? Tosin: Applying to international programs from London was difficult at times as you often miss out on frequent open house or admissions events. International schools usually do one round of events in Europe, so you have to stay on top of communications so you don’t miss the one event. Despite that, thankfully it was easy enough to connect with past students via LinkedIn which was really helpful. Being apart of the Forte Foundation’s MBA Launch was also helpful, since my application fee was waived and I had a ready made network I could connect to for more information about most top B schools. I am now a Forte Fellow, so I would definitely recommend joining a local MBA launch group if you’re thinking of potentially applying to B-school. Accepted: What are some of your most rewarding extracurricular activities (both before entering Cornell and current activities)? Tosin: Before Cornell Tech, I enjoyed mentoring and was a youth leader for the teenagers in my church for a few years. Since coming to b-school, it’s been difficult to carve out space and time for such a commitment, however through Cornell’s strong association with WiTNY (Women in Technology and Entrepreneurship in New York) I have participated in career fairs for high school students who have an interest in technology. I now informally mentor one particular girl and ensure I give any guidance I can whenever necessary. I believe in mentoring, both as a mentor and a mentee. There is always so much great advantage to sharing stories, wisdom and ideas. Accepted: Lastly, can you share your top three tips for surviving, and thriving, as an MBA student? Tosin: 1. Become an expert at learning people’s names and remembering faces. You’re going to meet a lot of people throughout your MBA experience and although it may seem small, knowing names can be a game changer! 2. Become an expert in prioritizing. There is always a million and one things to do and honestly not everything is going to get done. Well at least perfectly… As a high achieving, ambitious MBA that may sound absurd, but in any business it’s a real life lesson to embrace – that you can’t always wait for “perfect.” 3. Remember to have fun. It can be hard sometimes in the midst of team work, assignments, networking, job searching, clubs, trips and more to stop and enjoy the surroundings or people in a non-MBA way. Go sight seeing in the next big city, have a picnic in the park or just a long hike. Just explore while you have this unique time. You can follow Tosin’s journey by following her on Twitter (@Miss_Tosin). Thank you Tosin for sharing your story with us – we wish you continued success! For one-on-one guidance on your med school applications, check out our catalog of MBA admissions services. Do you want to be featured in Accepted’s blog? If you want to share your b-school journey with the world (or at least with our readers), email us at bloggers@accepted.com. Related Resources: • A Conversation about Cornell Tech NYC with Dr. Douglas Stayman • Navigate the MBA Maze: 9 Tips to Acceptance, a free guide • The Admissions Straight Talk Podcast Tags: MBA Admissions The post Why Cornell Tech was the Perfect Fit for This Londoner appeared first on Accepted Admissions Blog. |
FROM Accepted.com Blog: The GMAT and Your MBA Admissions Profile |
The GMAT, along with your undergraduate academic performance, is the most commonly used predictor of how you will do in the MBA coursework and plays a key role in the MBA application. Your GMAT score is sometimes also used by prospective employers (consulting firms and investment banks mostly) in the pre-screening process for interviews, as well as by several organizations that produce MBA rankings. You cannot take the GMAT lightly, and if your intention is to apply to a top MBA program, you will need to obtain the highest possible score. This is not the type of test for which you can prepare in a few days. In fact, most of my clients spend several months preparing for it, and many of them take it more than once. To avoid surprises later on, here are a few tips: 1. Start now. If you already decided to apply to business school, now is the time to start preparing for the GMAT. Your results will be valid for five years, so even if you are only finishing college and don’t plan on applying for another couple of years, start preparing now! You will be thankful you took it early and have it out of the way when the rush of the application season starts. 2. Set aside a time each day to prepare. The GMAT is like a marathon. You don’t start training the day before the marathon, but months before, particularly if you have never run long distances before. Sustained practice over a longer period is much more effective than cramming for a few days before the test. 3. Always work with a timer. One of the complaints I hear a lot from those who don’t do well on the GMAT is that they knew the answer but didn’t have enough time. If you always practice with a timer you will get used to thinking and answering fast, and will not have a problem the day of the test. Give yourself the same amount of time you’d get for a given section during the actual test. 4. Take practice tests as often as you can. This will help you get used to the format of the questions, and it will also train you to answer questions correctly even when you’re tired. Those word problems get harder after you’ve already answered 20 or 30 questions! Also, taking practice tests will allow you to evaluate your progress, see what areas you need to work on and which ones are your strong ones. 5. Once you have identified your strengths and weaknesses, make sure to spend more time on the areas where you struggle the most. It is a natural impulse to try to spend more time on the sections that feel easier and abandon the ones where you seem to struggle, as this provides a false feeling of security. Don’t make that mistake. Preparing for the GMAT requires dedication, discipline, and lots of practice. Unless you are used to standardized tests, most people can only achieve a high score after many hours of study and dedication, but it’s worth it. A high score on the GMAT will mean another favorable point towards your application, a higher probability of acceptance, and a higher chance of a scholarship. The time and effort you spend preparing for the GMAT is definitely worth it. By Esmeralda Cardenal, previously the Associate Director of Admissions at Yale SOM, Director of MBA Admissions at MSU Broad, and consultant at Cardiff Business School in the UK. She is happy to help you showcase your achievements in your MBA application. Want Esmeralda to help you get accepted? Click here to get in touch! Related Resources: • MBA Action Plan: 6 Steps for the 6 Months Before You Apply, a free guide • 5 Killer GMAT Prep Tips, a free webinar • How Does Your GMAT Score Fit into the Holistic MBA Application Puzzle? Tags: MBA Admissions The post The GMAT and Your MBA Admissions Profile appeared first on Accepted Admissions Blog. |
FROM Accepted.com Blog: How Personal is Too Personal? |
The personal statement serves as a terrific opportunity to share with admissions committees an interesting and unique aspect of your life. How much should you tell, and how much is too much? When I applied to college, I wrote a personal statement describing some challenging family circumstances I’d had while growing up. I can still remember my best friend warning me that it was too risky, too intense. So I went back to the essay and asked myself: what did I learn from this experience? Does it speak to my strengths and individual qualities, or is it something meant for a therapist’s office or a private journal? I studied the essay carefully and made sure it gave the reader a good sense of who I really was, and not just the people in my family. I was careful to focus on what I had learned from these challenges, and how the experience had made me a more independent, compassionate person. I decided to send it in, and I was lucky to get great responses. (In fact, one admissions counselor even wrote me a personal note!) So, in this case, taking the leap was well worth it. But, in some cases, it is not. What are the Adcoms Looking For? All admissions committees want to accept a wide range of interesting, talented applicants. They want – as you would, if you were picking a team of any sort – a diverse group of smart, motivated, innovative, and unique individuals who can add up to an interesting, richly layered community. They want people with integrity who will get along with others, and they want people who will add to their campus in an endless variety of ways. They also want applicants who are stable, confident, and have already achieved important things in their lives. How Do You Choose a Personal, But Not Too Personal Essay Topic? Prepare for your personal statement by listing all of the meaningful events in your life. Which experiences really changed you, influenced you, and made you the person you are today? For example, did you grow up overseas? Do you speak several languages? Are you from a cultural background that might make you stand out or may have enriched your life in a special way? Do you have a handicap that has in fact made you stronger? Do you love to cook Thai food, run marathons, play the piano? Do you have a passion or interest that might be unusual but gives meaning to your life? What have you had to work really hard at? Then, mark the ones that helped you learn what you want to do with your life, the ones that led you to clarify your values, even if they are very personal. Ask yourself: do these experiences make me sound emotionally unstable, ambivalent, or insecure? If so, take them to a therapist, not the admissions committee! But, if your topic has helped you become stronger and wiser, then I’d consider it to be a viable option. Tips for Sharing Personal Stories Here are a few tips to further help you determine if your personal statement is too personal or just right for displaying your inner truths and ambitions: 1. Always be honest – admissions committees can smell exaggeration from a mile away! 2. Don’t give details about your current or past romantic relationships – this is an example of information you can share with your therapist or best friend, but not the adcom! 3. Don’t focus your anecdotes on resentment, anger, or other feelings of ill-will – instead, focus on strength, recovery, and growth – in short, resilience. 4. Emphasize what you learned – you should jump on all opportunities to discuss what you did or what you would like to do with that knowledge or experience, not just on what happened. If you pass the above criteria, then I’d say go for it. Be yourself. Make it interesting. And tell the truth. By E. S., former admissions consultant at Accepted. Accepted, the premier admissions consultancy, helps applicants like you apply to top programs confidently and successfully. Click here to learn how we can help you get accepted! Related Resources: • 5 Fatal Flaws to Avoid in Your Application Essays, a free guide • Different Dimensions of Diversity, a podcast episode • Proving Character Traits in Your Application Essays Tags: Admissions Consulting, College Admissions, Grad School Admissions, Law School Admissions, MBA Admissions, Medical School Admissions The post How Personal is Too Personal? appeared first on Accepted Admissions Blog. |
FROM Accepted.com Blog: The Answer to the BIG Money Question… |
You have questions about how you’re going to pay for that MBA as a foreign student. And we’ve brought in the experts to give you the answers. Join us on Thursday, May 18th at 10am PT/1pm ET for How Will You Fund Your MBA Abroad?, a webinar that will help you create the financial plan that will make your b-school dream feasible. This must-attend webinar will be presented by Michael Hollis, Associate Relationship Manager at Prodigy Finance. You don’t want to miss it if you are aiming for an MBA outside your home country. The webinar is free, but you must reserve your spot to attend. Tags: MBA Admissions The post The Answer to the BIG Money Question… appeared first on Accepted Admissions Blog. |
FROM Accepted.com Blog: Difficulties Securing a Loan for Your International MBA? |
Getting a seat in an international MBA program isn’t easy. If you’ve sat for the GMAT or submitted even a single application, you know it (you can feel it in your bones as you dream of acceptance letters). Even though a positive response from an admissions committee feels like the end of the line, it’s only the beginning. Before you can make it to campus, you’ll need to secure a visa and… financing for your studies. What’s standing in the way of your degree? If you’re from a country with a strong economy and a respected currency, you’ll have a difficult time understanding the fear that shakes others when faced with dollars, euros, or pounds. Currencies in the rest of the world, especially in developing regions have experienced significant declines over the past few years – and the current uncertainty of affairs (everywhere in the world) makes it even more difficult to secure a fraction of the funds to pursue an international degree. This factor alone tends to discourage potential applicants – through it shouldn’t. If an elite business school sees your potential, why shouldn’t a financial institution? Anyone who has submitted an application for an international MBA program has taken the first step towards this realization, but they’re hardly out of the woods. They’ll still need to find funding. In some parts of the world, banks make it exceptionally difficult to borrow money. The regulations in countries like India almost demand physical collateral and co-signers. Not everyone has a substantial property they can put up against their education. And, not only does the amount of the loan reflect against your credit; it also counts against your co-signers. They may not be able to borrow money for an emergency or a new home until you’ve repaid the loan. And you want to borrow how much? Even when you can secure a loan without much hassle, it’s tough to borrow enough money from a local bank. Educational loans in South Africa, for example, are available up to the amount it would cost to attend a university in the country. Some students are able to secure loans that only cover ten percent of their budget at an international institution. It’s not that banks don’t appreciate the value of an international degree or a master’s degree. It’s not even that they don’t want to loan money (that’s how they make theirs, after all). Banks typically don’t know how to price the risk on international institutions. No matter how many Brazilians receive their MBA from INSEAD, it’s still such a tiny fraction of the population that banks don’t have enough data on loan repayment. Your credit score matters – and yet it doesn’t Getting a loan on the other side isn’t necessarily easy – even when you’re applying for an American loan to study at Harvard (a name known around the world). You’ll need a credit history or a co-signer, and neither one of those are terrifically easy to come by as an international student; your credit rating isn’t transferable across borders. You could have a stellar credit report in Romania, but it won’t do you any good in the UK. Credit is rated differently in every country and, naturally, that means your history isn’t transferable across markets. Indeed, credit reporting is partially responsible for the inability to secure funds from traditional institutions. We’re not talking about individuals with a poor credit history, either. We’re talking about the history element itself. Banks have no idea what you could make with an LBS or Wharton MBA. The amount they feel comfortable lending is based almost exclusively on the salary you’re making without an elite MBA and in your home country. As tough as it is, you can understand when the loan representative at the bank nervously laughs when you ask for $100,000 for the first year of your education. The Prodigy Finance difference Ready to jump up and down with the same excitement you’ll expend when you receive your acceptance letters? Banks are not the only option. There are educational loan providers that focus solely on education. Prodigy Finance, for example, extends loans to international students pursuing graduate level education. Financing doesn’t require collateral or co-signers. Prodigy Finance loans are extended according to the company’s predictive model rather than your past. Your loan amount is reflective of the amount you can earn post-MBA based on the salaries and metrics of students previously in your situation. At some schools, loans may cover the full cost of tuition; at others, it’s possible to borrow 80 percent of the total cost of attendance. It’s a little more complex than the formulas banks use, but then, international educational financing is all Prodigy Finance does. Now, celebrating its tenth anniversary, Prodigy Finance makes it possible for students to register and see how much they’ll qualify for before applying to MBA programs. That means you can stop worrying about your financing and get cracking on those quants or obsessively checking for those coveted acceptance letters. Katie studied human rights and graduated with a Bachelor’s degree from Kent State University while working with NGOs in Geneva, Switzerland. Although she has since settled in South Africa, with work towards a Masters in Forced Migration through the University of the Witswatersrand, nothing stops her from being a proud American. Although writing is often solitary work, Katie has been part of the Prodigy Finance Team as the Content Specialist since 2013. She also loves rugby, sloppy Mexican food and Tudor history which means you could find her in any section of a bookstore. Related Resources: • Paying for Your MBA: Before, During, & After, a webinar • Why Study Abroad for Your MBA at All? • Making International Student Loans a Prime Investment, a podcast episode * This blog post is sponsored by our friends at Prodigy Finance Tags: MBA Admissions The post Difficulties Securing a Loan for Your International MBA? appeared first on Accepted Admissions Blog. |
FROM Accepted.com Blog: Having Trouble Securing a Loan for Your International MBA? |
Getting a seat in an international MBA program isn’t easy. If you’ve sat for the GMAT or submitted even a single application, you know it (you can feel it in your bones as you dream of acceptance letters). Even though a positive response from an admissions committee feels like the end of the line, it’s only the beginning. Before you can make it to campus, you’ll need to secure a visa and… financing for your studies. What’s standing in the way of your degree? If you’re from a country with a strong economy and a respected currency, you’ll have a difficult time understanding the fear that shakes others when faced with dollars, euros, or pounds. Currencies in the rest of the world, especially in developing regions have experienced significant declines over the past few years – and the current uncertainty of affairs (everywhere in the world) makes it even more difficult to secure a fraction of the funds to pursue an international degree. This factor alone tends to discourage potential applicants – through it shouldn’t. If an elite business school sees your potential, why shouldn’t a financial institution? Anyone who has submitted an application for an international MBA program has taken the first step towards this realization, but they’re hardly out of the woods. They’ll still need to find funding. In some parts of the world, banks make it exceptionally difficult to borrow money. The regulations in countries like India almost demand physical collateral and co-signers. Not everyone has a substantial property they can put up against their education. And, not only does the amount of the loan reflect against your credit; it also counts against your co-signers. They may not be able to borrow money for an emergency or a new home until you’ve repaid the loan. And you want to borrow how much? Even when you can secure a loan without much hassle, it’s tough to borrow enough money from a local bank. Educational loans in South Africa, for example, are available up to the amount it would cost to attend a university in the country. Some students are able to secure loans that only cover ten percent of their budget at an international institution. It’s not that banks don’t appreciate the value of an international degree or a master’s degree. It’s not even that they don’t want to loan money (that’s how they make theirs, after all). Banks typically don’t know how to price the risk on international institutions. No matter how many Brazilians receive their MBA from INSEAD, it’s still such a tiny fraction of the population that banks don’t have enough data on loan repayment. Your credit score matters – and yet it doesn’t Getting a loan on the other side isn’t necessarily easy – even when you’re applying for an American loan to study at Harvard (a name known around the world). You’ll need a credit history or a co-signer, and neither one of those are terrifically easy to come by as an international student; your credit rating isn’t transferable across borders. You could have a stellar credit report in Romania, but it won’t do you any good in the UK. Credit is rated differently in every country and, naturally, that means your history isn’t transferable across markets. Indeed, credit reporting is partially responsible for the inability to secure funds from traditional institutions. We’re not talking about individuals with a poor credit history, either. We’re talking about the history element itself. Banks have no idea what you could make with an LBS or Wharton MBA. The amount they feel comfortable lending is based almost exclusively on the salary you’re making without an elite MBA and in your home country. As tough as it is, you can understand when the loan representative at the bank nervously laughs when you ask for $100,000 for the first year of your education. The Prodigy Finance difference Ready to jump up and down with the same excitement you’ll expend when you receive your acceptance letters? Banks are not the only option. There are educational loan providers that focus solely on education. Prodigy Finance, for example, extends loans to international students pursuing graduate level education. Financing doesn’t require collateral or co-signers. Prodigy Finance loans are extended according to the company’s predictive model rather than your past. Your loan amount is reflective of the amount you can earn post-MBA based on the salaries and metrics of students previously in your situation. At some schools, loans may cover the full cost of tuition; at others, it’s possible to borrow 80 percent of the total cost of attendance. It’s a little more complex than the formulas banks use, but then, international educational financing is all Prodigy Finance does. Now, celebrating its tenth anniversary, Prodigy Finance makes it possible for students to register and see how much they’ll qualify for before applying to MBA programs. That means you can stop worrying about your financing and get cracking on those quants or obsessively checking for those coveted acceptance letters. Katie studied human rights and graduated with a Bachelor’s degree from Kent State University while working with NGOs in Geneva, Switzerland. Although she has since settled in South Africa, with work towards a Masters in Forced Migration through the University of the Witswatersrand, nothing stops her from being a proud American. Although writing is often solitary work, Katie has been part of the Prodigy Finance Team as the Content Specialist since 2013. She also loves rugby, sloppy Mexican food and Tudor history which means you could find her in any section of a bookstore. Related Resources: • Paying for Your MBA: Before, During, & After, a webinar • Why Study Abroad for Your MBA at All? • Making International Student Loans a Prime Investment, a podcast episode * This blog post is sponsored by our friends at Prodigy Finance Tags: MBA Admissions The post Having Trouble Securing a Loan for Your International MBA? appeared first on Accepted Admissions Blog. |
FROM Accepted.com Blog: Webinar on Funding an MBA Abroad: This Thursday! |
Have you reserved your spot for this week’s webinar, How Will You Fund Your MBA Abroad? If you want to learn how to pay for business school as a student studying in a foreign country, then you’ll want to tune in this Thursday, May 18th at 10am PT/1pm ET for Prodigy Finance’s IMPORTANT webinar. Need to save money? Need to pay the bills? Need to pay for b-school? Learn how on Thursday. REGISTER for How Will You Fund Your MBA Abroad? Now! Tags: MBA Admissions The post Webinar on Funding an MBA Abroad: This Thursday! appeared first on Accepted Admissions Blog. |
FROM Accepted.com Blog: Paul & Daisy Soros Fellowship for New Americans: Funding, Community for Immigrants |
Let’s learn about the $90K fellowships awarded by The Paul & Daisy Soros Fellowship for New Americans. Today’s guest, Dr. Craig Harwood, earned his BA in Music from Queens College and then a PhD in Music Theory from Yale University in 2002. Dr. Harwood went on to serve as the dean of Davenport College at Yale University and the Director of Macaulay Honors College at Hunter College before becoming the Director of The Paul and Daisy Soros Fellowships for New Americans in 2013. Welcome! What are the Paul & Daisy Soros Fellowships for New Americans? [1:20] It’s a fellowship dedicated to honoring immigrants and the children of immigrants. We provide support – up to $90K – for them to go to grad school. It’s $90K over two years: $25K a year for stipend (to cover living expenses), and $20K for tuition. Who were Paul and Daisy Soros? [2:30] They were immigrants from Hungary who escaped Nazism and communism and made their way to the U.S. Early on, Paul Soros wanted to attend grad school in engineering, and he was accepted to top schools, but couldn’t afford the tuition. A friend pointed him to Polytechnic University, where he was able to afford graduate school. He had an extraordinary career in engineering – he specialized in systems for loading and cargo on ships, and became the world’s leader in the field. Later in life he invested with his brother George Soros, and he and his wife did very well. They became philanthropists and supported a many educational causes. How did the fellowship program come about? [4:45] About 20 years ago, Paul and Daisy Soros were thinking through how they could make a lasting contribution that honored their experience and especially how valuable grad school had been in their lives. They didn’t want to put their name on a building: they wanted to support other new Americans and propel them to accomplish their goals. Who is eligible to apply? [5:48] New Americans – immigrants and children of immigrants. There are three main categories of eligibility: • New American status: An applicant was born abroad, they need to be naturalized, a green card holder, adopted to the US, or have been granted DACA status. If you were born in the US, both parents must have been born abroad as non-US citizens. • Academic standing: You must be entering grad school or in your first two years of grad school at the application deadline, and attending grad school full-time in 2018-19. • Age: You can’t have reached or passed your 31st birthday by the application deadline. Can you describe the application process? [8:50] The application is on our website. There are some general questions – background questions, etc. We ask you to upload a resume. We ask for test scores (whichever scores your grad program requires). There are two essays. We have space for optional exhibits, and there are letters of rec. The essays are really important – it’s where we get to know you as a person. The first essay asks about your New American experience – what it means to you. We encourage people to start ahead of time to allow plenty of time to think – especially since this is a question that’s different from most grad school/fellowship essay questions. The second essay is a more typical grad school/fellowship type essay, about your goals and how the program will help you. For letters of rec: we require three, but accept up to five. The optional exhibits section: this can be a journal article, a newspaper article about you, artistic expression (poetry, art, etc). So test scores are part of the application? [11:20] Yes, but just graduate exam scores. And if your grad program didn’t require it, we don’t. How many applications do you receive for the 30 fellowships? [11:55] Last year we received 1775 applications for 30 fellowships. We narrow it to 77 finalists, and then invite the finalists for an in-person interview in LA or NY. From the interviews, we select 30. What did the 77 finalists do to stand out? [12:55] We’re looking for individuals who’ve demonstrated creativity, initiative – a spark. People who bring a creative insight to what they do – beyond working hard. People who’ve demonstrated high achievement for a sustained period of time. We want individuals who are going to go on to make contributions in the future. You mentioned the optional exhibits part of the application – what’s the rule? [15:40] We think of it as an opportunity for people to round out their application. I see people using it two ways: to go more in depth in the main focus of the application, or to highlight a different aspect of their personality that they weren’t able to delve into in their essays. I’ll give two examples. Somebody who’s into scientific research might submit an abstract of an article they worked on (or even the whole article). Or maybe we have someone studying to be a lawyer, but they also play the clarinet at a high level – so they include a recording of a concerto they performed. Why so many letters of rec? [17:30] We only require three, and we have a lot of successful applications with three. The average submitted is probably four. We’re looking for people who have the potential to make a great contribution, so having people attest to that is really helpful. The financial benefits of the fellowship are obvious, but what are the non-financial benefits? [18:40] The funding is so important – we want to enable people to choose careers without worrying about debt. But we believe that the community of fellows really provides the lifelong benefit. It’s a community of people working at the highest levels across fields – you join that community when you get the fellowship. We visit all the fellows at their home universities in the first year of the fellowship. We have an alumni association. In your first two years, you’re invited to our fall conference – you meet the other fellows in your cohort. So each year the new fellows feel a strong bond with the other fellows and with the program. What is the interview like? [21:38] It starts the evening before – we bring you in for a “celebratory dinner,” with fellows from previous years, members of the interview committee, and others. There are two interviews – each a half hour long, one finalist with a panel of four to five interviewers (some fellows from previous years and leaders from various fields). Many fellowship applicants prepare primarily for a conversation about their work/field – we also ask about the New American experience. We cover anything you talked about in your essay. Going back to the community of fellows. Can you share a story or two? [24:35] A great way to get to know the fellows is to go on our site and see their stories. One of the fellows from our very first year was Vivek Murthy – who just stepped down as US Surgeon General. Another early fellow is Fei-Fei Li, who earned her PhD in engineering at CalTech, and is currently the director of the Stanford AI Lab. There are so many more – leaders in music, performing arts, business, public policy… The first class was selected in 1997 (to begin in 1998). Where do you see the program going in the future? [27:38] We’ve been working on amplifying the fellows’ voices and spreading information about the program. We’re planning a 20-year reunion – bringing all 600 fellows back together. We’d like to get the fellows to help us think about the next 20 years. I just want to emphasize the power of this community. Often when people are filling out fellowship applications, they’re focused on funding. In this case, the community is so important. [29:00] A fellowship for immigrants is so important in this time – even more than when Paul and Daisy Soros started it. So much of the conversation around immigration focuses on what immigrants are getting from this country – we want to refocus on what they contribute, and that’s so powerful. If you’re a student now and you’re thinking of applying, reach out to the fellowship advisers at your university! Where can listeners learn more? [30:50] Pdsoros.org, and follow us on social media. * Before closing I want to provide an extra and share with you an email exchange that I had after congratulating a client on her acceptance to an elite MBA program (her top choice school). She responded to my congratulatory email with two points and her question. I’m summarizing: • Thank you for your email…. I have watched countless webinars that you have hosted and have listened to several of your podcasts. Talking to Jennifer when I first seriously considered applying to b-school sealed the deal for me to work with Accepted.com. • Jennifer is a rock-star. She continually encouraged me and had faith in me. Her responses were unfailingly quick and positive. I would not have been accepted if it were not for her. • Actually, I am in the tricky position of deciding whether to go to business school this year. [I have an opportunity to work for a company that I would really love to work for and that would be a tremendous opportunity”, I wonder if [my MBA program] will give me a deferment. I know they make this the exception not the rule! I would really appreciate your advice. My response to her delightful dilemma: Regarding your question. You first have to decide if a year of working at The Opportunity is better than getting your MBA a year earlier and possibly then working at The Opportunity or doing whatever you want to do. If you decide that’s your preference, and it appears it is, then you have nothing to lose by going to Top Choice MBA, explaining the situation and asking if you can defer a year. Explain that you have no intention of applying anywhere else and you are willing (if true) to put down a significant deposit to hold your spot (non-refundable if you do not start at Top Choice MBA in 2018 and applicable to tuition if you do start in 2018.) Then see what they say. If they say no, you can still accept the offer you now have and go to Top Choice in 2017. If you decide you’d prefer the Opportunity experience and are willing to reapply, then you can do that. In your approach, be appreciative of their acceptance and consideration and emphasize that you never anticipated this wonderful turn of events when you applied. Humility and gratitude go a long way. Our client was very appreciative of the advice. I know some of you may have similarly outstanding options and thought I would share this exchange and perspective. Related Links: • Paul and Daisy Soros Fellowship for New Americans • Soros Fellows Criteria • Get Your Game On, a guide to preparing for your grad school application Related Shows: • The Lauder Institute Changes to Reflect the World • When Global Business is the Goal • How Forté Helps Women Get into Business and Stay in Business • Venture For America: Champion Of U.S. Entrepreneurship • When Global Business is the Goal Subscribe: Tags: Admissions Straight Talk, Grad School Admissions, Law School Admissions, MBA Admissions, Medical School Admissions The post Paul & Daisy Soros Fellowship for New Americans: Funding, Community for Immigrants [Episode 206] appeared first on Accepted Admissions Blog. |
FROM Accepted.com Blog: Knight-Hennessy Scholars at Stanford [Application Tips] |
Do you aim to improve the world? Would you like to earn your graduate degree at Stanford tuition free? Then you will be happy to hear about the new Knight-Hennessy Scholars program at Stanford, a program that will cover 100 Stanford graduate students’ tuition for up to three years plus provide a stipend for room and board, travel, and personal expenses, in addition to offering complementary opportunities to develop as a change leader. The inaugural class of 50 Knight-Hennessy Scholars will enroll in the Fall of 2018. What makes a strong candidate for this exciting new program? First, Stanford is seeking graduate students who completed their undergraduate degrees in the past 5 years (that is the class of 2013 or later (if you graduated in 2012 or earlier, you are no longer eligible for this program)) and will be attending Stanford in the fall of 2018 (applicants apply to their graduate program and the Knight-Hennessy Scholarship separately; admission to one does not guarantee the other). In addition to being recent graduates, applicants must demonstrate a pattern of independent thought and dissent, ambitious and tenacious leadership with purpose, and civic action and kindness. That’s a lot to demonstrate! The good news is that Stanford does offer several application components to do so: a one-page resume, 2 required essays and an optional space for other critical information, and a 2-minute video essay to provide a more personal (and visual) impression of you. Here are the prompts for those materials and my suggestions in blue: Essay 1: Connect the dots. How have the influences in your life shaped you? For Essay 1, you may find it helpful to review the 2005 Stanford Commencement address delivered by Steve Jobs. This essay is the ideal space to share how you became an independent thinker, dissenter, ambitious and tenacious leader, and kind civic activist. While there is no limit for these essays, the recommendation is a length of between 750 and 1,750 words, so you have enough space to talk about a few experiences and how they shaped you. Do not describe your actions alone: go in depth about your fears, your frustrations, your doubts, and the voice that ran in your head to guide those actions. These are the keys to making a real impression. Essay 2: Describe three different paths for your career and life. To prepare for them, what do you need to learn at Stanford as a Knight-Hennessy Scholar? For Essay 2, you may find it helpful to review the Designing Your Life work by Stanford faculty Bill Burnett and Dave Evans. I love this question because it offers you the opportunity to talk about the diverse paths your future may take. Visionary leaders are constantly exploring new fields and daydream about the impacts they could make in any one of them, so take the leap to talk about the areas and industries of the world that most excite you. Again, the suggested length of 750 to 1,750 words will allow you to share the ways in which you have already made inroads in some of these fields and the passion that drove you in each. What risks did you take? What pre-conceived notions did you have to throw out so that you could pursue these passions? What failures pointed you in better directions? Additional Information: If there is critical information that you could not convey in your application (e.g., a factor affecting your academic performance), you may include it here. Please be brief. [The space allows up to 750 characters, which is about 115-120 words] Video Essay: Please select one of the following options to discuss in your video essay. Option A: Tell us about something for which you are grateful. Option B: Tell us about your Crazy Idea. Option C: Tell us about your most meaningful commitment. The video essay must be recorded online; it is not something you can pre-record and upload. That means that only the content and your personality matter, not any standard of video skills. Regardless of which Option you select, your two minutes of air time should reflect who you are, your passion, your ideas, your humility, your tenacity, and your self-awareness. The application for the Knight-Hennessy Scholarship is open now and may be submitted until September 27, 2017. In December of 2017, 100 shortlisted candidates will be invited to attend an Immersion Weekend in January 2018 to tour the campus and take part in individual and group exercises to further evaluate their candidacy. Yes, that should make you nervous: a full 50% of those invited to the Immersion Weekend will not be offered the Scholarship! If you would like professional guidance with your Knight-Hennessy application, consider Accepted’s essay and resume editing to help you craft a successful application. ***Disclaimer: Information is subject to change. Please check with individual programs to verify the essay questions, instructions and deadlines.*** Jennifer Bloom has been a consultant with Accepted for 17 years and is a Certified Professional Resume Writer (CPRW). She is an expert at crafting application materials that truly differentiate you from the rest of the driven applicant pool. If you would like help with your application, Jennifer can suggest a number of options that work with any budget. Want Jennifer to help you get accepted? Click here! Related Resources: • From Example to Exemplary, a free guide to writing outstanding application essays • Get Accepted to Stanford GSB, a free webinar • Stand Out! A Critical Goal for Your Application, a podcast episode Tags: Grad School Admissions, Law School Admissions, MBA Admissions, Medical School Admissions The post Knight-Hennessy Scholars at Stanford [Application Tips] appeared first on Accepted Admissions Blog. |
FROM Accepted.com Blog: 8 Tips for Better Admissions Resumes |
Looking for solid tips for the actual writing of your resume? What should you include? What should you leave out? What sort of tone should you use? What do you need to know? The following eight tips will guide you towards creating an impressive, persuasive, accurate resume: 1. Know your target program’s mission. The best way to convince the admissions board to offer you a spot in their next class is to understand the goals and mission of their program. Before starting your resume, you should learn as much as possible about what sorts of candidates your program seeks. Then, customize your resume toreflect the aspects of your background that are most relevant to the program you are applying to. 2. Know yourself professionally – your skills and your accomplishments. What skills are you particularly good at? What accomplishments are you proudest of? What have you achieved that gained you the most recognition? Interview yourself and inventory your previous jobs, the skills you acquired, and your “greatest hits” as a professional – the times when you contributed to your organization the most. Look through your formal performance reviews for glowing appraisals, scan your work files for successes you may have forgotten about, or keep a personal career folder where you keep track of new skills you’ve learned or the comments of happy customers. Additional questions to consider: Do you fill a role traditionally filled by someone much older than you? Have you become one of only a few to transition to a coveted department or role? Have you earned awards for your work that far surpass the average rate of recognition? You can list these types of data points in a Highlights section at the top of your document. 3. Stand out personally. Fight negative stereotypes about your profession to show that you are exceptional. If you are an accountant, admissions committees tend to assume you are risk averse, so you need to add material that shows some of the bigger risks you’ve taken: entrepreneurial efforts, motorcycle racing, etc. If you’re a finance type, you might be perceived as conceited or aloof, so you should be sure to include evidence of your social skills and humility: community service efforts, mentoring, etc. 4. Be concrete, specific, quantitative. Don’t say “Developed e-commerce plan that was selected for implementation” when you mean “Designed $5 million e-commerce strategy that increased revenues by 12% and attracted six new clients.” If you work for a private company and can’t disclose revenue figures, refer to percentage increases or improvements or cite the improved industry ranking of the organization’s product or performance as a result of your contribution. Think of numbers and other hard details as the proof that you can deliver. 5. Know how far back to go. As a general rule, if you are applying to graduate school and have at least two years of work experience, your high school activities should not be included in your resume. However, there are exceptions to this rule. For example, if you won a prestigious national award in high school, you may consider including this important recognition. 6. Know your negatives. The vast majority of us have screwed up once or twice in our careers: been downsized, locked in a dead-end job, or just failed to work to our full potential for a time. You can’t lie about these career plateaus (see Tip #7) but you can present them in the best possible light so you have the chance to explain them fully if they come up during the interview. It all starts with your resume. With the right strategy you can deal with everything from typecasting and job- hopping to limited experience and unemployment. 7. Don’t lie. Making up degrees, accomplishments, and other personal and professional facts is always a bad idea. Don’t do it – it’s unethical and potentially self-destructive. Adcoms won’t hesitate to show students to the door when they learn their resume is more fiction than fact. But less brazen forms of dishonesty should also stay far from your resume. For example, if you were one of six members of a team of managers with equal rank and responsibility, don’t say you “Served as lead of six-member management team.” 8. Be strategically creative. No, we don’t mean using DayGlo ink or faux marble resume paper. We do mean bringing to the preparation of your resume the same capacity for thinking outside the box that you bring to your career. For example, if the traditional chronological resume will bury your best material near the bottom, consider using a “functional” resume format or even a combination of the chronological and the functional. Similarly, if you paid for your entire college education, add a line mentioning this in your resume’s education section. Want to let the adcom know that you’re from a minority group without committing the no-no of adding a personal data section? Add a memberships section to your resume and include the name of community organizations (for example, “South Asian Business Alliance of Ohio”) you belong to so adcom readers know what groups you identify with. The logic underlying all of these points is that your resume is not just a list of your experiences – it is a strategically assembled document that shows your impact and makes a case for what a great fit you will be in your target program. Related Resources: • Leadership in Admissions, a free guide • How to Write the Qualifications Summary for Your Resume • What Should I Write About? Making a Difference Tags: Admissions Consulting, College Admissions, Grad School Admissions, Law School Admissions, MBA Admissions, Medical School Admissions The post 8 Tips for Better Admissions Resumes appeared first on Accepted Admissions Blog. |