US grad school app tips from Jon Frank -P7--TEST SCORES VS. ESSAY–WHICH IS MORE

JonFrank

HOW MANY GRAD SCHOOLS SHOULD I APPLY TO?

Sorry to deliver the news, but there is no one right answer to this question. However, there are a few guiding questions that can help you decide how many is the right number for YOU:

How many schools can I AFFORD to apply to?

Grad school applications can run you anywhere from $0 to over $100. Plus there are test score fees, transcript fees, and postage, so it can get pricey. HOWEVER, the application fee is going to be a drop in the bucket once you get your degree. Don’t pinch pennies here and try to save money and apply to five rather than ten schools. Spend the money and make sure you get in somewhere.

How many schools do I have TIME to apply to?

Consider your current schedule, the demands of your job, family, schoolwork, and how much time you can set aside to work on your applications: getting the recommendation letters, taking the standardized tests, assembling materials, writing personal statements, fixing up your resume, following up with schools to make sure your materials arrived. Think about how much time each of these tasks may take you (be conservative and give yourself extra time). With the time that you have, you could do an okay job on twenty applications, or a fantastic job on fifteen. Remember, the most important thing is to GET IN SOMEWHERE GREAT. To do that, you’re going to need a great application.

How many schools do I WANT to apply to?

Don’t waste your time applying to schools that don’t fit your criteria, but just like you did for college, give yourself a good range of safeties, reaches, and middle-of-the-road schools. But don’t be so picky that you only apply to just one school. No matter how perfect you believe your application to be, it’s always important to have backups.

How DIFFERENT are the programs I’m applying for?

This is important to consider when asking for recommendation letters, as you won’t be able to just reuse letters for different programs. Think about how much time your recommenders will need to get those letters written, and be realistic about your demands.

Am I good at making decisions? What if I have too many choices?

You won’t have too many choices, unless you apply to all crappy schools (why would you do that, silly?!) You WANT to have choices. You want everybody to want you. So go for more rather than less, if you have the time and energy to make them all shine. Once the rejections and acceptances come in, you’ll at least have a choice if one or more is an acceptance. So even if it’s not the greatest program, at least get in and be able to MAKE that choice, rather than apply to only three schools and get rejected by all of them.

The long and short of it: you should probably apply to 10-15 programs you are well qualified for, and 3-5 others that are a mix of safeties and reaches, plus or minus a couple.

Now go get it!

Jon Frank
HBS 2005

JonFrank

Hoping this helps!

JonFrank

When push comes to shove, the goal of every Accounting master’s program is to better prepare you for your career in Accounting and for your CPA. But a Master of Professional Accounting (MPACC) is a slightly different animal than other popular Accounting degree programs. Doing an MPACC will give you a broader skill set once you’re out of the program and in the real, exciting world of work. You’ll be able to take on a wider range of careers because you’ll have effectively studied more than just accounting.

The demand for skilled accountants is strong and as a result companies offer attractive staring salaries that can exceed six figures. There are also strong opportunities for accountants to advance to upper management or CEO of a corporation. If you prefer to be your own boss, you can start your own accounting firm and provide accounting services for businesses or individuals.

Masters in Accounting Educational Prerequisites

Typically an undergraduate degree in accounting is not required but if your degree was outside of business there may be prerequisites that may need to be completed before starting. Prerequisite coursework may include basic accounting, pre-calculus, and statistics. A satisfactory score on the GRE or GMAT is usually required for admission as well as some prior work experience. Schools may also require a satisfactory grade point average in undergraduate

And if that’s not a good enough reason to pursue an MPACC, here’s a breakdown of what makes it a great choice for you.

Career Outlook for Accounting Graduates

Accounting offers an exceptional outlook with projections of much faster job growth than other professions over the next decade according to the Bureau of Labor Statistics. The BLS projects that employment for accountants and auditors will grow 22 percent from 2008 to 2018 with about 279,400 new jobs during this period. Compliance with increased financial regulation is one factor driving demand for skilled accounting professionals.

You’ll be well prepared for Accounting…or Finance!

MPACC is different from other Accounting programs because it includes an even balance of accounting AND business classes to give students an alternative option if they decide they want to branch out. Some students choose to do their MPACC rather than their MBA because it takes less time and is less demanding, but prepares you for some similar job options.

It’s not a very long degree program.

You can complete your MPACC in just 2 semesters (full-time), sometimes three, depending on how the school spreads out credit hours. That means less time without income, which can make a huge difference in many people’s plans! Plus, compared to many other degree programs, that’s no time at all.

You can study at great schools like these, the top MPACC programs:

US News ranked the following schools as having the top 10 accounting graduate programs in the country based on factors such as recruiter assessment, mean starting salary, employment rates, and student selectivity.

1. University of Texas-Austin (McCombs)

2. University of Pennsylvania (Wharton)

3. University of Chicago (Booth)

4. University of Illinois – Urbana

5. University of Michigan – Ann Arbor (Ross)

6. Stanford University

7. Brigham Young (Marriott)

8. University of Southern California (Marshall)

9. New York University (Stern)

10. University of North Carolina-Chapel Hill (Kenan-Flagler)

Salary bump!!!

In addition to helping you earn your CPA, an MPACC can lead to a salary boost of anywhere from $5-10K. The average MPACC salary WITH a CPA is $58,500!

MASTER’S IN ACCOUNTING GRADUATE SALARY

According to the U.S. Bureau of Labor Statistics, the median salary of accountants and auditors is about $59,430 per year and the top 10 percent of accountants earn over than $100,000 per year.

Accounting Salary Comparison Chart

Accounting Career	Median Annual Salary*
Financial Reporting Accountant II	$61,286
Cost Accountant II	$57,527
Revenue Management Accountant	$92,372
Forensic Accountants	$61,390
Tax Accountant II	$58,907

Sources:  U.S. Bureau of Labor Statistics wage data published March 27, 2012; Accountants and Auditors; Salary.com;Financial Reporting Accountant II; Cost Accountant II; Revenue Accounting Manager; Tax Accountant II.

The cost of the program isn’t terrible.

Depending on the cost per credit hour, the total program cost (including tuition and fees) can range from $20-$30K. That’s relatively low compared to other degree programs out there, and you’ll earn that back quickly when you’ve gotten a job.

Great post-grad job opportunities.

MPACCs go on to work for the big four in accounting: PWC, Deloitte, E&Y, and KPMG.

You’ll get a good amount of attention in your program.

MPACC programs accept between 50-80 students depending on the size of the school or program. Usually schools that offer all the popular accounting degrees accept less, while schools that ONLY offer the MPACC accept a larger class. So in general, you’ll get more face time with your professors, meaning a more enriching academic experience and better opportunities at networking for post-grad school jobs!

-Jon Frank

xixi_sissi

Thanks for sharing~

JonFrank

Applying for Master of Finance? It's hard, isn't it?  

JonFrank

So, you’re thinking about becoming a Master of Finance. But you’re flipping through the application packet or scrolling through websites and everything’s starting to become one big blur. Take a deep breath, and don’t freak out. We’ve got your questions covered.

What are some of the best programs out there?

Ready to be dazzled? Here goes: Wharton, Chicago (Booth), NYU (Stern), Stanford, Columbia, MIT (Sloan), Berkeley (Haas), UCLA (Anderson), Harvard, and Northwestern (Kellogg). Yeah, pretty much the best programs in the world. And you could be studying at one of ‘em. But there are a ton of smaller schools out there, too, with top-notch academics and great post-grad opportunities.

What are the key factors that will impact my application?

These schools like applicants who already have a lot of work or internship experience, who communicate well, and exhibit stellar language skills.

How high should my GPA be?

AS HIGH AS POSSIBLE. But really concentrate on your test scores.

What test scores do these schools want me to get?

On your GMAT you want anything over 700. On your GRE you should aim for 590 verbal, 790 quantitative. If you’re taking TOEFL, top schools look for at least 100. Smaller schools look for around 75-85.

How many letters of recommendation do I need, and what should they say?

Two to three, depending on the program. They should be from people who can evaluate your skills in this field, and at least one should be from a direct employer or supervisor. In general, you should pick people who know you very well and want you to succeed. Start building those relationships now!

What about the interview? I’m nervous.

Don’t be! Usually schools only conduct a 15-20 minute phone interview by invitation only – very few applicants actually get interviewed!

This all sounds so difficult. Why should I do this?

Because this degree will be a huge advantage if you want to get you a job in the financial analytics field. Plus, it will only take about a year to complete! Since no previous coursework in finance is required, the courses aren’t too challenging, and financial aid isn’t hard to get. Also, the average salary WITHOUT a Masters is $44,080. The average salary WITH a Masters is $79,143.

Sounds like a win/win to us.

JonFrank

Hello,everyone

jyj1021

Thx sooooo much~~~

JonFrank

Which is more important in my grad school application: my test scores or my essay?

This is such an important topic, we were worried you wouldn’t believe us if we just gave you one sweeping answer. So, we decided to be all grad school about it and do a study using the scientific method. Here are the results of our study.

THE RELATIVE MERITS OF TEST SCORE AND ESSAY IN THE GRAD APP—ADMISSIONADO-STYLE

Observation: I have to take exams AND write an essay for my grad school app. (Facepalm.)

Question: Which one is more important?

Hypothesis: IDK that’s why I’m doing a study. But probably they are both important or they wouldn’t both be there.

Method: Ask smart people (some of Admissionado’s top grad school consultants) who know this stuff.

Data:

The essay is the most important thing for getting you into your schools, regardless of your major. The test score’s purpose is twofold: one is meeting the minimum requirement for admission (or first round of screening) for the adcom to even look at your app. Second is to find out whether your English is good enough for certain RA/TA jobs.

–Dr. Ching Au,MIT Ph.D

The test score is fundamental. You can easily find the average score information for the past years to see if you measure up. But once you achieve the recommended score, or score higher than average, it is the essay that decides whether you can get in or not.

–Bolong Li, NYU

My opinion is both of them are important. It’s like the Wooden Bucket Theory: to be admitted to a top school, neither of them can be weak. If your time is limited when application season starts, I would suggest you start applying for some second-tier programs and retake the tests at the same time so that your can apply for some schools in the second round, when the competition is less fierce.

–Allison Zhang, Washington University in St. Louis

Conclusion/Analysis:

BOTH ARE IMPORTANT, and neither will get you admitted on their own. You’ve got to get the adcom to at least open the door for you first—that’s the test score. But then once you’ve got their attention, you better use your words (your essay) wisely, to deliver your best sales pitch.

@JonFrank
HBS 2005

joybb

mark一个