Downturn ups stakes for MBA applicants

Downturn ups stakes for MBA applicants

The US economy may not yet be officially in recession, but it’s fair to say that things aren’t looking good.

        

Along with a drop off in business for bespoke tailors near financial
centres, rising MBA applications are an anecdotal early sign of
economic woe. True to form, more people are seeking refuge in an MBA.

        

Latest statistics from GMAC, which runs the GMAT entry test for
business schools, show that registrations for January and February this
year were almost 12 per cent higher than for the same period in 2007.
The growth in registration volume was highest outside the US, where it
grew by a quarter.

        

The number of GMAT test-takers has also seen a sharp increase since the
start of the year. In the US the numbers rose by more than 7 per cent,
but the biggest rise was outside the country, where the number of
test-takers rose by nearly 22 per cent. Some UK schools have already
reported a rise in applicant numbers, and the quality of candidates.

        

We’ve been here before of course, and not all that long ago. The dotcom
shake-out of 2000 plunged the US into recession. According to GMAC, 85
percent of the 55 reporting business schools saw increases in the
number of applications for full-time admission in the 2002-2003
academic year. More than 59 percent of the schools saw jumps of more
than 10 percent. Part-time programmes also experienced increasing
numbers of applicants, to the tune of 61 per cent increase. It is
expected that this time round, online programmes will see the sharpest
rise in applications, on account of their relative affordability and
flexibility.

        

So is it worth taking a business degree while the economy is in turmoil? If you’re made redundant, it can be a good option.

        

A good programme can bring you up to speed with current business
developments, make you more marketable for when the economy picks up
and prepare you for a change of career direction. But with extra
competition for places, you need to make your application stand out.
People who have been in a career for a decade or more may find their
self-promotion skills are somewhat rusty our outmoded.

        

So it’s crucial that you develop a solid application strategy and apply to a range of schools.

        

According to Alison Yemm, head of MSc operations at University of Bath
Management School, the personal statement is the most important part of
the application.

        

“This is your chance to tell the school why you want to go there and
what you hope to achieve,” she says. “It can also help to sell an
applicant with an uninspiring first degree or gaps in work experience.
Be succinct, avoid clichés and don’t plagiarise personal statements
posted on the internet because it will be noticed.”

        

Take time to analyse what it is you want out of your studies. What do
you enjoy and excel at in your career? How will studying for an MBA
develop the skills you have? What can you bring to the school? Examine
what you have achieved in life outside your career.

        

Look at what you enjoy and what you’re good at. Include any
non-professional ambitions that flag up attractive facets of your
personality.

        

Making sure your resumé is the very best it can be is important too.
You must be utterly honest about your experience and qualifications to
date – even if you have been made redundant.

        

If there are any shortcomings in your CV, such as low test scores or
gaps in experience, tackle them head on in the ‘anything to add’
section at the end. Explain the reasons for any past failures and if
possible show how you resolved or improved a situation. Take
responsibility. Stick to the facts and don’t offer excuses.

        

When it comes to references, most schools require that you provide a
recommendation letter from your current employer. If you don’t want to
let your boss know you are applying to do an MBA, it’s usually
acceptable to give references from a previous employer.

        

Before you seal your application, read it through. If possible, get
someone you trust to read it. Think about how you come across – you
need to sound confident without being arrogant; serious without being
dull; clear about what you want to do, why you want to do it at this
school, and where you see yourself going. If you’re worried about your
CV, there are numerous websites that offer resumé reading services for
a fee.

        

Only once you feel you have satisfied these criteria should you post
off your application. Re-reading everything one more time might make
the difference between getting an interview and being rejected.