Caution -long post!
Background: I've applied to MIT last yr in rd1 and my decision was deferred until end of rd2. I know my application made some impact but I think I lost to a competitive pool in the end. For some personal reasons, I am not applying there this yr. I've researched a lot on MIT and just wanted to share some info with others.
Let's understand what Sloan embodies first - In short, they care about 'hand and mind' - someone who can convert theory to practice/actions. The values they care about - Innovation, initiative, team work, mentoring/coaching someone, impact to a group (aspects of leadership). This is exactly what they are asking for, in the essays and CL. They want proven, accomplished (need not be professional) people in their own way, not people who want to be accomplished after studying at Sloan.
Why do they ask for recent experience: They are looking for people who have demonstrated these in their life in the last few years. They don't want people rest on past laurels which are outdated (Eg: I could be an active leader until school and become a couch potato after getting a job. This is one example, there are other possible ways we can explain why recent experience is important). I know there are exceptions to these but that's their approach. Yes, if you've something long term that runs into last 3 yrs, you can mention that.
Since it is clear that Sloan wants to be out of the box, the best approach for all Sloan essays is to start from a clean slate. Don't try to start from essays from another school. The CL is truly where they try to stand up for one of the values they ask for - innovative/creative. They are trying to be different from other schools. So, please don't try to churn out another school's career goals essay.
CL: Treat it like a job Cover letter. Unlike the essays, you have a chance to market yourself directly here. Focus the meat of your cover letter on accomplishments/experiences, Impact to an organization. As many people already mentioned, MIT doesn't care about your future goals, they know that most of us will change them anyways. So, unless it is related to your accomplishments, keep your career goals brief. Also, don't try to sell Sloan back to them. They know that they are good (exact words from their adcom officer at an infosession
So, go easy on telling them about how the specifics of their program will enhance your learning experience. The difference here is that other schools give you extra points for researching their program specifics and mentioning them in essays. They care about their yield and therefore are curious about your interest in their program. MIT cares only about your accomplishments (yield is probably not a concern for them as much?). Coming back to the CL, make sure that you don't miss out on the headers (address, adddressing Rod Garcia, etc) and tail of a cover letter (thank you, etc ). Do research the web for cover letter templates. And finally, no, the 500 word count doesn't include the headers.
I know lot of people would love to see templates. There is one in Paul Bodine's book
Essays: You can use the SAR (situation, Action, results) approach for the essays. Spend more time on what you thought and how you acted upon it (hand and mind
and results achieved. Adcom officers caution prospective students in infosession from spending too many words on "lessons learned". But I'd try to weave my 'lessons learned' although you may want to keep it short.
Good luck, I hope it helps someone in some way!
ps: I wrote this in a hurry after seeing so many questions on Sloan's essays. I'll edit it later and add more stuff as I remember