Ask Jon Frank- P69-Q&A:WHY MBA? 7 OVERLOOKED REASONS TO GET AN MBA

JonFrank

THE MBA ADMISSIONS MYSTERY REVEALED

It’s time to touch on a subject that’s often neglected by the wider MBA Admissions community, but that’s particularly pertinent this time of year. Yep, you guessed it! JANUARY INTAKE ADMISSIONS, more commonly known as J-Term. Between the Columbia Business School’s J-Term and INSEAD’s Jan intake, we’re sure this is on a lot of your minds.

Senior Consultants Ben Koren and Mehdi Assadi attended January intake programs at CBS and INSEAD respectively, and wanted to share the ins and outs of the programs with those of you considering them. So…listen up:


And read on for Ben’s take on January intake…

WHY JAN-INTAKE?
First off, why apply in the January intakes? I myself decided I wanted to do an MBA after the round 2 September-intake deadlines had already passed. But I did not want to wait an entire extra year before applying. So, rather than risking a difficult round 3 applications slog, I decided to go for the January intakes. For others, however, the Columbia J-Term in particular offers some amazing characteristics that make it stand out among top business schools in America.

First and foremost, you do 4 semesters straight through. That’s right, no summer internship. I have seen some consultants call J-Term the “Accelerated” program. But this is totally wrong. It’s not accelerated, because you actually spend exactly the same amount of time in the classroom. You just do your second semester during the summer. So for people who don’t need the summer internship, it’s a great option. My class had an extremely high concentration of family business people, management consultants (who planned on going back), and entrepreneurs. If that sounds like your crowd, J-Term could be for you.

Second, J-Term is super INTERNATIONAL. 60% international, actually. So there are more foreigners than Americans. If you were to consider J-Term its own class, it demolishes every other American business school in internationality.

Third, J-Term is its own mini community within a larger MBA program. Most people who go to Columbia, Harvard, or Wharton will tell you that they became extremely close to the 60 or so students in their cluster/section/whatever. But in J-Term you become extremely close to the whole J-Term, which is about 180-200 students. You guys have the entire campus to yourself during the summer, which means some great summertime bonding. During your “second year” your classes are all together with the wider MBA community, but those bonds remain throughout the program and after.

Note: if you are a career switcher, or want a job that requires a summer internship to get in the door, you should NOT do J-Term. People certainly do career switch into banking and consulting from J-Term. I have a number of friends who achieved this. But your odds are greater if you follow the traditional recurring path (Sept intake–>summer internship–>GS/JPM/McK/Bain/etc).

If you are considering INSEAD, the Jan intake actually DOES allow for a summer internship despite its accelerated format. In the INSEAD September intake, you do your MBA straight through in 10 months. No internship. The January intake has a 2 month break in which most students will do an internship. So, if you need/want that internship (or just want to travel the world for 2 months with some awesome people), apply for Jan.

APPLYING
A successful INSEAD Jan-intake application is pretty much the same as a successful Sept-intake app. [More on that here.] However, a successful CBS J-Term application must achieve all of the same things as a regular MBA application, plus one additional thing: you need to prove that you don’t need the internship. This is easier said than done, as your entire career story (your “career arc”) must support the no-internship-needed thesis. But here are some simplified examples of successful reasons that applicants have given:

1) I plan on starting my own company during bschool. I have a very specific idea and plan to use the Lang Center resources to incubate my business during my 16 months. But what I don’t need is a summer break.
2) I plan on joining the family business after graduation. An CBS MBA will give me the skills and connections to prepare me to take over some day. But it’s better if I go 16 months straight and join the firm upon graduation rather than dilly-dallying during the summer.
3) I am a rockstar consultant and my firm is going to sponsor me. I will be returning to Bain/BCG/McK after graduation, so no need for that internship.
4) I work in an industry that doesn’t have traditional recruiting practices (e.g. Hedge Funds). I want to do an MBA to enhance my skill set and gain a credential, but firms in my industry don’t offer summer internships, so the J-Term program is perfect.

Of course, there are many other potential reasons to do J-Term. But no matter what you do, make sure you explain in your MBA essays why the internship is not necessary in your journey. And make sure you touch on some of the reasons outlined above about why J-Term sounds so amazing to you.

As with all MBA admissions, putting together a top notch Jan-intake application is more of an art than a science. So brush off your paint kit and canvas!

JonFrank

ADVICE FOR FUTURE MBA APPLICANTS
B-Schools are dropping their deadlines and essays faster than Shia LaBeouf can get arrested, which means it’s ON for all you MBA applicants.

To help you out, we polled four of our consultants from the top schools (Stern, HBS, Haas, and CBS) and asked them one simple question:

If you could give one piece of advice to future MBA applicants, what would it be?

“I had the audacity to apply to b-school fresh out of undergrad when I was only 19. Stern deferred me for two years so that I could get that crucial work experience. My best advice goes out to younger applicants. Don’t be afraid to apply! If you can express your passion, problem-solving skills and maturity in your written work and interview, you have a great shot no matter your age. If you have had no direct reports in your career to date, then let the adcoms know how you managed upward or managed a client. There’s always a way to showcase the impact you have made.”
– Stefanie Barlow, Stern

“While your stats (read GMAT score and GPA) are certainly important, they are only part of the battle. In my opinion, the best MBA programs don’t just want a number… they want a sure thing…. and the best way to prove you’re a sure thing is to clearly articulate YOUR MBA story (why MBA, why now, what are your career goals, what have you done so far that proves you are uniquely qualified to achieve those career goals, and how will an MBA fill any gaps and propel you to that next level). The beauty of this part of the application is that it’s never too early to start… even if you know you want to apply 2 years from now, you can start thinking about this story TODAY.. and don’t be afraid to discuss with friends, family, or co-workers so that by the time actually putting pen to paper on the application comes around (and trust me, “career goals” WILL be one of the application questions), you’ll nearly be there!”
– Dominic Dragisich, HBS

“Do everything you can to research the schools you’re interested in. Talk to current students and alumni, visit if you can, and go to any events in your area. One of the biggest benefits of business school is the network and you want to make sure that you genuinely like and connect with the students at that school and with the school’s culture. Plus all that homework will pay off when you write your essays or are in an interview. Showing that you really made an effort to get to know the school will show them that you’re serious when you say it’s your dream school!”
– Julie Bowman, Haas

“My best advice to future MBA applicants would be to first make a decision on where they would like to live post MBA. If they want to live on the west coast, than they really need to focus on west coast schools. If they want to live in the Midwest, than they really need to focus on Midwestern schools, etc.. Most of the firms that will be recruiting from each MBA program will be locally based because the human resources department of most firms do not have the means or resources to send their people to schools across the nation to look for candidates, only local MBA programs.”
– Phillip Herring, CBS

JonFrank

THE MBA ADMISSIONS MYSTERY REVEALED

It’s time to touch on a subject that’s often neglected by the wider MBA Admissions community, but that’s particularly pertinent this time of year. Yep, you guessed it! JANUARY INTAKE ADMISSIONS, more commonly known as J-Term. Between the Columbia Business School’s J-Term and INSEAD’s Jan intake, we’re sure this is on a lot of your minds.

Senior Consultants Ben Koren and Mehdi Assadi attended January intake programs at CBS and INSEAD respectively, and wanted to share the ins and outs of the programs with those of you considering them. So…listen up:


And read on for Ben’s take on January intake…

WHY JAN-INTAKE?
First off, why apply in the January intakes? I myself decided I wanted to do an MBA after the round 2 September-intake deadlines had already passed. But I did not want to wait an entire extra year before applying. So, rather than risking a difficult round 3 applications slog, I decided to go for the January intakes. For others, however, the Columbia J-Term in particular offers some amazing characteristics that make it stand out among top business schools in America.

First and foremost, you do 4 semesters straight through. That’s right, no summer internship. I have seen some consultants call J-Term the “Accelerated” program. But this is totally wrong. It’s not accelerated, because you actually spend exactly the same amount of time in the classroom. You just do your second semester during the summer. So for people who don’t need the summer internship, it’s a great option. My class had an extremely high concentration of family business people, management consultants (who planned on going back), and entrepreneurs. If that sounds like your crowd, J-Term could be for you.

Second, J-Term is super INTERNATIONAL. 60% international, actually. So there are more foreigners than Americans. If you were to consider J-Term its own class, it demolishes every other American business school in internationality.

Third, J-Term is its own mini community within a larger MBA program. Most people who go to Columbia, Harvard, or Wharton will tell you that they became extremely close to the 60 or so students in their cluster/section/whatever. But in J-Term you become extremely close to the whole J-Term, which is about 180-200 students. You guys have the entire campus to yourself during the summer, which means some great summertime bonding. During your “second year” your classes are all together with the wider MBA community, but those bonds remain throughout the program and after.

Note: if you are a career switcher, or want a job that requires a summer internship to get in the door, you should NOT do J-Term. People certainly do career switch into banking and consulting from J-Term. I have a number of friends who achieved this. But your odds are greater if you follow the traditional recurring path (Sept intake–>summer internship–>GS/JPM/McK/Bain/etc).

If you are considering INSEAD, the Jan intake actually DOES allow for a summer internship despite its accelerated format. In the INSEAD September intake, you do your MBA straight through in 10 months. No internship. The January intake has a 2 month break in which most students will do an internship. So, if you need/want that internship (or just want to travel the world for 2 months with some awesome people), apply for Jan.

APPLYING
A successful INSEAD Jan-intake application is pretty much the same as a successful Sept-intake app. [More on that here.] However, a successful CBS J-Term application must achieve all of the same things as a regular MBA application, plus one additional thing: you need to prove that you don’t need the internship. This is easier said than done, as your entire career story (your “career arc”) must support the no-internship-needed thesis. But here are some simplified examples of successful reasons that applicants have given:

1) I plan on starting my own company during bschool. I have a very specific idea and plan to use the Lang Center resources to incubate my business during my 16 months. But what I don’t need is a summer break.
2) I plan on joining the family business after graduation. An CBS MBA will give me the skills and connections to prepare me to take over some day. But it’s better if I go 16 months straight and join the firm upon graduation rather than dilly-dallying during the summer.
3) I am a rockstar consultant and my firm is going to sponsor me. I will be returning to Bain/BCG/McK after graduation, so no need for that internship.
4) I work in an industry that doesn’t have traditional recruiting practices (e.g. Hedge Funds). I want to do an MBA to enhance my skill set and gain a credential, but firms in my industry don’t offer summer internships, so the J-Term program is perfect.

Of course, there are many other potential reasons to do J-Term. But no matter what you do, make sure you explain in your MBA essays why the internship is not necessary in your journey. And make sure you touch on some of the reasons outlined above about why J-Term sounds so amazing to you.

JonFrank

WHAT NOT TO ASK
When you get dinged, it’s hard to stop the questions swirling around your head. And the self-doubt. And the anger. And more of the self-doubt. And a lot more questions.

We hear ya. But the truth is, you’ve got work to do… and not much time to do it. And it’s VERY easy to get caught up in the wrong headspace, preventing you from moving forward on your MBA reapplication the right way.

So, we’re here to help you get out of your own way so you can get on your way to an MBA. [Oooh! Rhymes!]

Check out our list of questions you SHOULD and absolutely should NOT be asking yourself as you prepare for an MBA reapplication.

NOT TO ASK: What’s wrong with me?

Look, there’s nothing wrong with you, so cancel that pity party. The admissions process is complicated and it’s definitely not a science, so that ding may have nothing to do with you as an applicant. There could be a whole slew of reasons for that rejection. Maybe they hit their “quota” for “McKinsey guys” this year, or “future NGO CEOs.” Or maybe they had an influx of international students last year, so they had to pull back this year. Or maybe you didn’t apply early enough. It could have nothing to do with your GMAT or your essays or your undergrad GPA. At the end of the day, the MBA admissions process is a numbers game and sometimes those numbers just don’t work out in everyone’s favor.

TO ASK: How can I improve my profile?

To be a successful MBA reapplicant, you need to show PROGRESS. How are you better this time around? So instead of sitting there, drinking whiskey straight from the bottle, get out there and start improving that profile. Take on more leadership experience. Get more involved in stuff outside of work. Improve that GMAT score. You don’t have much time, so make the most of it.

NOT TO ASK: WTF??

OK, so, feel free to ask this one. But ONCE. You’re not helping yourself by harping on what happened. Dust yourself off and move on.

TO ASK: Do I Need an MBA?

You may know the answer. And it’s a big, fat yes. But this is definitely something worth thinking about before you start your MBA reapplication… all that hard work, time, etc. Do you need to do it all again? Do you actually NEED this degree? Are there other ways to achieve your goals? You’ve got the moment to consider it. So do it. Done? Great, now let’s reapply.

NOT TO ASK: Are schools even open to reapplicants?

Here’s a fun secret: they wouldn’t have MBA reapplication questions on their apps if they weren’t open to it!

TO ASK: What did I miss in my last application?

Be honest with yourself, and if you can’t give your app an unbiased review, ask someone else for help. But in order to have a successful MBA reapplication, you need to be better than the last time around. And you can only be BETTER when you know exactly where you stood the first time.

Things to consider: limited work experience, limited leadership experience, limited extra-curricular experience, a narrow list of target schools, not making a strong case for why you NEED an MBA, and disjointed career goals.

NOT TO ASK: Why did I even try?

What? Are we still having this pity party?!?! COME ON!

TO ASK: When should I start this process again?

Answer: NOW. When you’re reapplying, the game changes. You’ve gotta develop a different strategy (yup! one that shows how you’re BETTER than the first time), and you gotta…erm… be a better applicant than the first time. So there’s lots to be done. We know you are exhausted, you JUUUUST finished, after all. But you gotta get back in the saddle. You’ve done it once and now you know what went wrong and what you need to focus on. So this time is gonna be a LOT easier.

As G.I. Joe [always] said, “Now you know, and knowing is half the battle.” So, really, you only have to fight HALF the battle this time. That’s not too bad, eh?

So now that we know the answers to all our questions, let’s start the actual work. Need some help? Check out these 4 tips to a successful MBA reapplication, and then fire up our “Dealing with a Ding” webinar recording hosted by the one and only, Jon Frank.

JonFrank

How to apply to 3 schools in 5 weeks
FIVE WEEKS LEFT:

1. Contact your recommenders and get the ball rolling with your letters of recommendation, letting them know your deadlines.

2. Reach out to people from each of the three schools you’re applying to so you can get some info for your “Why School X” essays. Think alumni, current students, even faculty – folks who can give you a glimpse of the programs from the inside.

3. Start your application essays to School 1.

FOUR WEEKS LEFT:

1. Log into the websites for all three schools and start filling out the forms they’re all going to request… you know, the perfunctory paperwork.

2. Keep working on your application essays to School 1.

3. Start your application essays to School 2.

THREE WEEKS LEFT:

1. Make sure your recommenders have gotten their LORs in. If not, send them a kindly reminder of your deadline.

2. Finish your application essays to School 1.

3. Continue working on your application essays to School 2.

4. Start your application essays to School 3.

TWO WEEKS LEFT:

1. Be ABSOLUTELY sure that all your recommendations are in. To quote Elvis, “It’s now or never.”

2. Complete your online application forms to all three schools.

3. Finish your application essays to School 2.

4. Continue working on your application essays to School 3.

ONE WEEK LEFT:

1. Finish your application essays to School 3.

2. Check all three applications (forms and essays) for mistakes. Look VERY carefully over everything, as the time away from most of the material will help you to more quickly and easily spot errors that could otherwise trip you up.

3. Click submit and send them on their merry way.

4. Kick off your shoes, pour a glass of your favorite drink, put up your feet, and relax (optional, but highly recommended).

JonFrank

Do bschool rankings really matter?
Question:

Does program ranking REALLY make a difference? Why is it better to go to a higher ranked MBA school?

Answer:

Gooooooooooood question. There’s been a TON of trust and power invested in the ranking systems out there as a way of deciding which are “the best schools.”

It’s not that the rankings MAKE the school better, but that the rankings TRY to reflect the “success” of the school. Each of the famous ranking groups (US. News, Financial Times, Princeton Review) has its own criteria (for the most part transparent, which you can read about on the ranking site), in which they give a certain weight to things like GMAT score, exclusivity, outgoing salaries, percent employment, etc. etc. These weighted values add up to some nominal “value” of a school… think the star rating guides that movie reviewers use. The higher the value, the better the school.

Now, let’s set all that aside. I think you do have to take the rankings with a grain of salt. Remember that the rankings are first and foremost a BUSINESS unto themselves, and a very lucrative business at that. So every year we will see certain schools go up and down on the list. Does this mean that all schools “goodness” changes every year, and exactly on the year? Of course not. It just means that if the rankings didn’t change, the ranking sites would have nothing to write about, and lose their customers. Sure, some years, a university may open a successful new school or department or hire a great new dean or pick up a world-renowned professor, but for the most part, there’s not a TON of variation on these scores.

So, when considering schools, of course prestige is important, but the difference between rankings (Haas being 7 and Columbia being 8, for example) is not really THAT important. It is FAR more important to choose the best school that FITS you. You’re the one shelling out the big bucks for that MBA, so you’ve got to be sure that you’re going to succeed—not just succeed, but THRIVE—in that program. Yet again, it all comes back to our mantra: go to the best school you can get into.

–Jon Frank

JonFrank

FIVE THINGS YOU NEED TO KNOW BEFORE YOU APPLY
When you think Dartmouth, you think tradition. Ivy League. New England. C’mon, the school’s older than the country, that’s gotta say something.

It also happens to have one of the highest starting salaries for grads of its Tuck MBA program, so it’s not surprising that it’s a VERY popular program for bschool applicants. So, how do you stand out from the crowd? We asked our consultant and MBA guru Yaron Dahan to let us in on the inside track for Tuck applicants:

A Strong Community. Joining Fellow “Tuckies,” as students of Dartmouth’s school of business are often called, are known for being a friendly, sociable bunch. Get to know your fellow classmates by joining a Tuck Tail social mixer (and perhaps meet your soul-mate? There is a rumor that there are more Tuck marriages than marriages at any other B-school). Figure out how you fit into the Tuck community and show the adcom that you’re looking for more than just a degree… you’re looking to be a part of something special.
First Year Project. This is a VERY cool long-term, hands-on project, where you actually get to DO what you KNOW. You team up with four other MBA students and work on real-world business problems—under the guidance of a faculty advisor. It’s an awesome way to get impactful experience AND a killer means of networking.
Access to Professors. Tuck has one of the LOWEST student-to-faculty ratios of any business school out there, so building relationships with the faculty is both easier and more important. What does this mean for you as an applicant? Well, it means that it wouldn’t hurt to reach out to those prospective professors before you apply, learning more about their classrooms and areas of study. Name-dropping in your application essays is a BIG mistake… unless you actually KNOW the people you’re name-dropping, then it’s GOLD.
Sports. Besides being a very friendly place, it’s also a very sport-friendly place, with lots of outdoor sporting opportunities, even Dartmouths very own ski slope (talk about elite, huh?). Anyway, what this tells you as an applicant is that having a background in sports—or, more to the point, extracurricular activites—is something the Dartmouth folks are looking for. This speaks to one of our favorite sayings here at Admissionado: “Schools are looking for people, not just profiles.”
Business Plan Competition. Every spring, Tuckies can participate in the Dartmouth Entrepreneurial Network Business Plan Competition, which pulls in major consulting and venture firms to hear pitches on the “next big idea.” What’s the prize? $50,000, for starters, but it’s also a BIG leg-up when it comes time to graduate your program and look for a job.

JonFrank

Which MBA Is Right For Me?
Choosing the right MBA program is like trying to find that perfect piece of real estate. It’s got to meet your needs now as well as your potential needs in the future. You need to have a good foundation but also have room to grow. Plus, you’ve got to be willing to move and be able to afford it – it’s enough to make you want to curl up in a dark corner with a dark beer and some dark chocolate.

But on the bright side – there’s a lot you can do to make sure that you’re choosing the right MBA program. This month, we’re giving you the rundown on how to select your b-school. Start with some solid research (our School Guides can help you out), and then figure out what YOU want out of an MBA. Then once you know what you want and what’s available, what’s next? Forget everything you’ve read about “fit” and just remember one thing – “Go to the best school you can get into.”
Four Steps to Choosing the Right MBA Program

Know the programs. Research is key, not just for learning about the programs but also for figuring out what YOU want out of an MBA.Know your profile. Understand where you stand and be realistic... but also take a few risks. You never know what can happen.Take a balanced approach. We recommend applying to at least 7 schools - 2 reach, 3 mid-range, and 2 safe.Go to the best school you can get into. Don't get thrown off by all that talk about "fit." A top school can get you wherever you need to go.

JonFrank

3 MBA Application Mistakes  that can Wreck Your Chances
Before you submit your MBA application, check for these common (and avoidable) mistakes.

1. Careless Errors

First, run through the spelling, grammar, all the standard obvious mistakes. Then, check your SCHOOL NAMES. We see this aaaallll the time. Our guy submits his Wharton application, but all his essays talk about how Duke is the right fit for him. Nothing sparks a red flag faster than having the wrong school names in your essays. Spell check will not catch this, so you’ve got to go through your essays with a fine-toothed comb.

2. Letting Your Recommenders Run the Show

Have you checked in with your recommenders? Do you have an idea of what they’re writing about you? Simply asking them to help is not enough. When it comes to LORs, the adcom isn’t only looking to see what those people say – they know you’re smart enough to choose those recommenders wisely (right?) – they’re also looking to see how you manage a project and another person. This is your chance to prove to the adcom that you’re a good manager. If you can’t get them to submit their stuff on time, it reflects badly on you. So… get out there and manage them! Also, you’ll want to give them a little bit of guidance in terms of what they should focus on in your (RICH!) work experience. Make sure those recommendations support the claims you make elsewhere in your application. The content of your recommendation should confirm what you’ve featured elsewhere in your application, while also bringing some new stuff to the table.

3. Waiting For the Last Minute to Submit

This is the most devastating mistake of them all. Through pain, sweat, and tears, you’ve birthed this beautiful application and now you’re having trouble letting go. So you’re going to wait until the verrrrryyy last minute to submit. What could happen? Well, here are some things that have gone down*:
•The website servers are overloaded and can’t process your MBA application. You end up submitting late.
•You think the deadline is at 5PM but really it was at 12PM… five hours earlier.
•You go to submit your MBA application and your Internet cuts out. Comcast is not sympathetic; neither are adcoms.

*Yes, these are real. And very possible for anyone who has been juggling work and essays and LORs and school research for months on end…

Alright folks, Round 1 deadlines are just around the corner. Watch out for those last-minute details for your MBA application!

JonFrank

Applying EarlyDecision or EarlyAction? Here's what you need to know
About 450 colleges offer students the choice to apply early, but what does it mean? And more importantly, is it worth it? First, let’s break down these early admissions plans.

Early Decision (ED) – Married

Students applying ED usually submit their application in November and receive a decision by December. You can only apply to one school early decision, and if accepted, you MUST attend that college and withdraw all other applications. ED is a binding agreement.

Early Action (EA) – In an open relationship

EA is similar to ED, but it’s nonbinding. Students will receive a decision in January or February, and if accepted, you do not have to commit to that school. You can still continue to apply to other schools under regular admission, and give the school a decision same as regular admission.

Single Choice Early Action (SCEA) or Restricted Early Action – It’s complicated

SCEA is like EA in that it’s nonbinding; however, you cannot apply early to any other school until you’ve heard back from your SCEA school. Once you’ve gotten the school’s decision, you can apply to other schools.

Now it’s time for the big question – should I apply early?

The good news is ED acceptance rates are often significantly higher than regular decision acceptance rates. So if you’re sure about the school and you’re prepared to submit your application, ED is a great option.

However, since it’s a binding agreement, you won’t get to see financial aid packages from other schools. You could turn down the offer if the financial aid isn’t adequate, but by then, it may be too late for you to apply anywhere else. If you apply EA or SCEA, you probably won’t get the same admissions edge as you would applying ED, but you’ll have the chance to compare financial aid offers before you make a decision.

Consensus –

If you’re still choosing between schools and financial aid packages, EA and SCEA will give you some flexibility to make your decision. If you’ve done your research and are 100% committed to your dream school, then apply ED. You’ve got better chances of getting in, and you can rest easy in December while your friends panic until May.