ALQJ9:
Being laid off or fired is absolutely not the death knell for your prospects in the MBA admissions process. It happens to many qualified and successful people (e.g., Michael Bloomberg, Jamie Dimon.)
There are many of ways to attack this issue:
(1) Ignore it. You get to tell your story in the MBA application. If the termination was just a blip, focus on other matters.
(2) Acknowledge it minimally, especially in the "check the box" part of the application you noted. This past year has been particularly brutal for various parts of the economy, so a school will not hold it against you.
(3) Aggressively acknowledge it. In either your career trajectory essays or optional essays, you can talk about why you were terminated and then what that allowed you to do in your career since then. Everyone faces adversity in life. If you can talk about how it might have been shocking but you did X and Y and learned A and B from the entire thing, it's entirely fine. In fact, it could work in your favor if the 'redemption' or 'bounce back' is particularly impressive.
Now if you were terminated because of some sort of ethical or disciplinary matter, that's an entirely different story. I do not get the sense that's the case but that would require a separate approach.
In any event, feel free to reach out to us at
Admissionado if you need help strategizing how you might approach this issue in your application. We see this all the time and very rarely does it have a deleterious effect on someone's admissions chances.
Best,
Admissionado