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Price Comparison of MBA Consultants and Links to their Sites

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Price Comparison of MBA Consultants and Links to their Sites [#permalink]

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New post 23 May 2015, 06:22
Hi Alphanumericman,

Thanks for watching the video and commenting. You're right in that during the video I don't directly address why prices are what they are and I regret not having posted instead that the video would 'help people understand how to get the best value for their money from a consultant given prices being what they are'. I apologize if that statement caused you to waste time watching my video.

In terms of giving you a sense of why consultant prices are what they are - in the video I do talk about a few topics that are indirectly related to fee allocation:
- factors like how much time/availability your consultant will have for you,
- the number of revisions the consultant will be willing to do on essays/resumes (unlimited or limited),
- how much money independent vs consultants who work for firms really make (and what type of service you can reasonably expect from each).

I'm sorry to hear that you didn't find the video useful. And I'm sorry and surprised to hear that you think it was just a promotional video for myself. The video is 15 minutes long and I think it provides candidates with a lot of insider knowledge into the mba admissions consulting industry. I actually put a lot of time and effort into making the video and the segment in which I speak about independent vs consultants who work for firms is in the 'Costs & Benefits' section which only lasts 2 minutes. The rest of the video covers (I think) a lot of important topics that people should consider when hiring a consultant:

I Asking for examples of past work
II Performing Due Diligence
III Full vs Part-time Consultants
IV Costs & Benefits (ROI)
V Consultant Availability to the Client
IV Firm and Consultant Transparency
IIV Leveraging Recommendations
IIIV Tips for International Applicants

All the best to you in your applications and hunt for a consultant :)
Leah


Quote:
I watched your video, and I do not think that it offered any reasonable explanation of "why prices are what they are." It seemed mostly like an argument for why independent consultants are superior to firms, i.e., a sales pitch for your own services. Sorry if this sounds harsh, but that's just my honest feedback.

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Re: Price Comparison of MBA Consultants and Links to their Sites [#permalink]

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New post 23 May 2015, 08:56
fxMBAconsulting wrote:
Hi Alphanumericman,

Thanks for watching the video and commenting. You're right in that during the video I don't directly address why prices are what they are and I regret not having posted instead that the video would 'help people understand how to get the best value for their money from a consultant given prices being what they are'. I apologize if that statement caused you to waste time watching my video.

In terms of giving you a sense of why consultant prices are what they are - in the video I do talk about a few topics that are indirectly related to fee allocation:
- factors like how much time/availability your consultant will have for you,
- the number of revisions the consultant will be willing to do on essays/resumes (unlimited or limited),
- how much money independent vs consultants who work for firms really make (and what type of service you can reasonably expect from each).

I'm sorry to hear that you didn't find the video useful. And I'm sorry and surprised to hear that you think it was just a promotional video for myself. The video is 15 minutes long and I think it provides candidates with a lot of insider knowledge into the mba admissions consulting industry. I actually put a lot of time and effort into making the video and the segment in which I speak about independent vs consultants who work for firms is in the 'Costs & Benefits' section which only lasts 2 minutes. The rest of the video covers (I think) a lot of important topics that people should consider when hiring a consultant:

I Asking for examples of past work
II Performing Due Diligence
III Full vs Part-time Consultants
IV Costs & Benefits (ROI)
V Consultant Availability to the Client
IV Firm and Consultant Transparency
IIV Leveraging Recommendations
IIIV Tips for International Applicants

All the best to you in your applications and hunt for a consultant :)
Leah


Quote:
I watched your video, and I do not think that it offered any reasonable explanation of "why prices are what they are." It seemed mostly like an argument for why independent consultants are superior to firms, i.e., a sales pitch for your own services. Sorry if this sounds harsh, but that's just my honest feedback.


Thank you for your detailed reply. Having now watched the entire video, I agree that there is a lot of informative content about the admissions consulting industry. I did not mean to belittle the time and effort that you put into the creation of this video, and I'm sorry if it came across as such. My feedback was only about the 2 minute section which seeks to "help people understand how to get the best value for their money from a consultant given prices being what they are." I disagree with your analysis, and moreover I think that is a disingenuous oversimplification to make blanket statements about firms such as "when you buy a $4k package, the most you’ll receive is $2k in services" (implying that when you buy a $4k package from an independent consultant, you'll get $4k in services). I work for a professional services firm myself, and while it is true that what the firm pays me is somewhere between 10% to 50% of what the client pays the firm, that does not mean that the client only gets 10% to 50% of the value they paid for. If this were the case, then why would anybody ever employ a professional services firm in industries such as law, accounting, consulting, etc.? Or is there something so unique about the admissions consulting industry that sets it apart from other industries in such a way that firms are useless in this industry?

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New post 23 May 2015, 09:38
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I hear what you're saying - why would any company ever work with KPMG for auditing services if they could just go to an independent accountant - presumably for the same amount of money they will get more work and billable hours out of the independent accountant. But individuals don't go to KPMG for accounting services - larger firms do (and there are a number of business reasons for doing so but this isn't the place for a case study. By definition individual people, not larger groups or organizations use MBA admissions consulting services. Does the scale of the organization justify the amount of each package that is allocated to the firm owner/firm's operating expenses?

Quote:
I work for a professional services firm myself, and while it is true that what the firm pays me is somewhere between 10% to 50% of what the client pays the firm, that does not mean that the client only gets 10% to 50% of the value they paid for.


From the point of view of the client who pays $4000 to three firms the logic was:
- Firm A: $4000 paid, consultant earns 10%, consultant delivers on 100% of his earnings (but 10% of firm's earnings)which = $400
- Firm B: $4000 paid, consultant earns $50%, consultant delivers on 100% of his earnings (but 50% of firm's earnings) which = $2000
- Independent Consultant: $4000 paid, independent consultant earns 100%, independent consultant delivers on 100% of his earnings which = $4000

I've either worked for or received an offer of employment from 3 well known, US-based, MBA admissions firms. One offered me 10%, one 15% and one 45% of the fee. When I worked for those firms I certainly delivered on 100% of what I was paid - let's say I was getting 10% of a $4k package....I was then delivering on $400 worth of services...let's say I was getting 45% instead....then I was still delivering on 100% of that $1800 I earned. But if both clients needed full school packages it would be unreasonable to assume that I was able to dedicate the same time to the $400 client as I could to the $1800 client. Because if I'm earning $400 per client then I need to take on 4 times as many clients as I do if I'm earning $1800 to end up with approximately the same salary.

The video presents the facts and hopefully gives candidates insight that allows them to independently evaluate their choices. I think that all consultants deliver on what they are paid, it's just that some earn a lot less than others. There are some great firms out there that pay their consultants 50% - when a candidate is comparing two firms that look equally good to him - if he knows that one pays the consultant $2000 and another pays its consultant $400 for the same package that the client will pay $4000 for....well it is a pretty sure bet that the consultant that earns more is the one to go with IMHO.

The joy in working with clients is having the time to get to know them as people and really coach them and see them grow and succeed - all the joy would be sucked out of the work for me if I had to work with clients in an assembly line way because I had to take on a high volume of clients.

My point in the video is that MBA admissions clients are individuals, not corporations. There are some reasons that working with a larger firm benefits them - there can be reasons why it is to their disadvantage as well.

Quote:
Thank you for your detailed reply. Having now watched the entire video, I agree that there is a lot of informative content about the admissions consulting industry. I did not mean to belittle the time and effort that you put into the creation of this video, and I'm sorry if it came across as such. My feedback was only about the 2 minute section which seeks to "help people understand how to get the best value for their money from a consultant given prices being what they are." I disagree with your analysis, and moreover I think that is a disingenuous oversimplification to make blanket statements about firms such as "when you buy a $4k package, the most you’ll receive is $2k in services" (implying that when you buy a $4k package from an independent consultant, you'll get $4k in services). I work for a professional services firm myself, and while it is true that what the firm pays me is somewhere between 10% to 50% of what the client pays the firm, that does not mean that the client only gets 10% to 50% of the value they paid for. If this were the case, then why would anybody ever employ a professional services firm in industries such as law, accounting, consulting, etc.? Or is there something so unique about the admissions consulting industry that sets it apart from other industries in such a way that firms are useless in this industry?

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New post 07 Jun 2016, 18:06
Hello from the GMAT Club MBAbot!

Thanks to another GMAT Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).

Want to see all other topics I dig out? Follow me (click follow button on profile). You will receive a summary of all topics I bump in your profile area as well as via email.

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New post 23 Jun 2016, 06:29
Hi farful,
First of all congratulations on your newly minted MBA- I saw your description of why you would seek an admissions consultant and I think there are many people out there like you- people who are new to this experience and want to draw upon the advice and expertise of people more familiar with the process. That's exactly what we provide here at StratusPrep- we have a network of consultants who understand what it takes to get into the top MBA programs and can guide you. Just like if you were trying to be a professional baseball player- at some point you would be seeking out a batting or a pitching coach or a fielding coach to get you ready for that elite level- it really is the same with MBA counselors. Our counselors went to the best schools and understand what it takes- and we rely on the team approach in that if you have an expert on Harvard and you want Wharton- we consult within our network to make sure you get the best advice of our collective knowledge.
I know you have graduated but if you do have friends who are now where you were a few years ago- send them to us for a free consult so they can see for themselves how we can be helpful.
Best wishes on your new career path!
farful wrote:
gbrooks6687 wrote:
Just out of curiosity, what is your reasoning behind "needing" a consultant? You must have given this a lot of thought, especially because of your budget.


Hi there, we've actually talked before (though you may not remember). You were extremely helpful and gave me a great start (and resources) to my research on business schools. So I thank you for that :)

I'll keep my response short. I've recently decided to pursue an MBA. The biggest reason why I feel I need a consultant is because I don't know anything about business schools nor do I know anyone personally who is in or went through business school. I need someone knowledgeable to help guild me through this process. Furthermore, I will be a one-time applicant. I have my age working against me, but more importantly, I have family considerations. This summer will be the only chance I have to move without impacting my family a great deal.

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New post 12 Sep 2016, 12:25
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Is higher price indicates better service? Would you choose $400 Application services over $4000 full school package with confidence? You would hesitate - Right? I did the same mistake. I have chosen full school package priced at $4,000 offered by a premier consultancy over best service offered at modest price. I regret my choice of going with this premier consultancy and buying it's full school package priced at $4,000 and still failing to secure my safest B-School (3rd choice) on my list.

Later, I approached to GyanOne Services, India who charged me $400 (After discounts) for application review. I worked with Rishabh, GyaneOne's Consultant, who was truly interested in my profile and he believed in my chances and made things happen. With this consultancy I have made it to my top choice of B-School.

Here is how it happened all....

Unsure of quality, service, and expertise from Consultancy services based in India (especially influenced by the unsubstantiated comments by other candidates on blogs), I have bought Full School Package worth $4,000.00 from a consultancy based in US expecting that I'll secure my place into my safest B-School first before applying to my top choices (This is also because of Application deadlines for 2016-17 cycle). However, The whole engagement with this pricy consultancy was total disaster and consultant I was working with was lacklustre in working with me and was working just for the sake of completing my application somehow. It was very frustrating for me as well. I wanted to give my best shot irrespective of outcome but I was feeling that my application wasn't strong enough to that end.

In order to assess my candidacy beforehand, I have submitted my profile to School's Associate Director for Admissions and met MBA Recruitment Officer before submitting the application formally. I have received very positive feedback from both, Associate Director (He called me personally) and MBA Recruitment office, regarding my potential for the school's program. However, When I have submitted application ( With the feeling that I was missing something but my consultant was repeatedly told me that everything was perfect and nothing to worry) I got dinged -:( That was devasting moment.

I was less frustrated because of rejection than frustrated because of my consultant's lacklustre attitude and approach which costed me more than $4000. Good thing was this school was my third choice and I've learnt hard lessons from this application process.

Later, I have approached GyanOne Services whose fees is just $400.00 i.e. 10% for application (Excluding Interview prep and other additional services) of what I have paid earlier. The service I have received was truly outstanding - Much better than I have received at the cost of $4000.00. With this service I've made it to my top choice of B-School (Best B-School in Europe).

My point here is when you chose consultancy service, Do not assume anything and choose consultant best suited for your needs. Do not hold any biased views towards any particular region's consultancies rather have fact based reason's for your decisions after all it is such a costly decision.

All the best!

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New post 16 Sep 2016, 14:47
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Any good consultants in India?

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New post 16 Sep 2016, 20:42
I truly believe the MBA Admission consulting pricing is completely ridiculous. There is value in their services, but is not necessarily worth $4k. During my MBA I helped plenty of classmates polish their resume, craft cover letters, and prep for interviews. If you are concern about budget, I would advice to seek out current students and candidly ask them for help.

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New post 16 Oct 2017, 09:14
larellano wrote:
I truly believe the MBA Admission consulting pricing is completely ridiculous. There is value in their services, but is not necessarily worth $4k. During my MBA I helped plenty of classmates polish their resume, craft cover letters, and prep for interviews. If you are concern about budget, I would advice to seek out current students and candidly ask them for help.


We don't think it's *necessarily* ridiculous, but here's an infographic around the industry's avg pricing so folks can decide for themselves.

edit: comes out a bit small here, can see it in our accompanying post about mba admissions consultant pricing


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Re: Price Comparison of MBA Consultants and Links to their Sites   [#permalink] 16 Oct 2017, 09:14

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