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

JonFrank

QUESTION:

I’ve got an interview coming up and I did some due diligence on my interviewer and found his current job and background. Could I mention it during the interview, or would that sound offensive?

ANSWER:

Ah, the old “stalk ‘em on the Internet” trick. I love it. And I love how you call it “due diligence”; sounds way less creepy than saying you “Googled their name, looked ‘em up on LinkedIn and even found their photos on Picasa.”

You should really consider a career in marketing. Something tells me you’d be really good at it….

Anyway, let’s answer that question.

I always tell aaaall of my clients that they should get to know their interviewer, so bravo for taking the first step. Now, I’m not saying you should scroll through their Facebook profile and find out what they did for Valentine’s Day, but you never want to walk into a conversation without knowing at least something about the person you’re about to speak with. How good can the conversation be when it’s totally one-sided?

OK, sure, the purpose of this little meeting is for them to interview and get to know you, but the best way to leave a mark on your interviewer is to do more than just answer their questions and impress them with your background. You gotta connect with them on some level.

And to do that, you gotta find some common ground. And to do THAT, you gotta know something about ‘em. That means knowing his or her current job/background is a great tool to have.

Now, you just need to figure out how to use it right.

What you DON’T want to do is walk in there and say, “So, I read online that you’re from Detroit and have worked your way up at Ford before moving to your current role at XYZ company, and you have a wife, 3 kids and a Golden Retriever named Charlie.”

What you DO want to do is steer the conversation in the right direction, knowing what you know, and get the interviewer to bite the proverbial bait:

You: “I spent some time in Detroit working on a project for ABC company.”

Interviewer: “Oh, you worked on a project in Detroit? I am originally from Detroit.”

You: “Oh yeah? Where abouts?”

See how that works? If you do it right, having that information on your interviewer can really enhance the entire interview experience. So find out whatever you can about the person who will be interviewing you, then figure out a smart way to work it into the thirty or so minutes you’ll have with him/her. That will get the conversation flowing… and a successful interview underway.

May the force be with you,

– Jon Frank

JonFrank

QUESTION:

I’m considering applying to MBA programs in Europe, but I’m a little worried. How has the debt crisis affected job placements in European business schools?

ANSWER:

A valid concern, my friend. And one I am sure maaaany MBA-aspirants are thinking at this very moment. Now, I’m no macroeconomist and I wouldn’t want to make any broad assumptions, but looking at employment statistics of the most recent MBA graduates, the biggest change we see is… well, no change at all.

For the most part…

Of course there are changes. Average salaries of IE students (a program in Spain) went down 23%, as opposed to the previous employment report. However, for graduates of IMD, HEC, IESE (also in Spain), salaries, on average, went up in the single digits. Now, of course, this doesn’t really mean anything statistically significant; it’s just a comparison between two years, and could have more to do with changes in the make-up of the class or the administration of a particular school than anything else.

But what we DO notice is that there is no definite trend. Maybe it is too early, as these are numbers for three years AFTER graduation, and maybe these salary numbers haven’t changed YET. But looking at another stat – that of student employability, for which we have numbers right after graduation – things look good.

Overall, some schools have had drops and others have had increases in the percentage of graduates employed within three months. Again, nothing statistically significant. And nothing we don’t see from year to year. So what it’s looking like is that your chances of getting a good job are pretty much what they were 2, 4, or 10 years ago.

That doesn’t mean there aren’t changes, of course. Certainly there are, but to find trends you will probably have to look at industry specific numbers, and regional or country by country breakdowns of the country in which b-school students DO and DON’T get jobs. (Keep in mind, nobody has numbers for the jobs people aren’t getting, so this is all hypothetical. Also, a lot of work, if you ask me.)

If you really want to know what’s going on in your case, I would say ask around — chat with people in the industry/school/country you are planning to go into. See what they have to say and make a calculated decision based on that.

But remember: by the time you get out, things may have changed already

That help? I hope so.

– Jon Frank

JonFrank

QUESTION:

I tried to get some applications in during Round 2 this year, but work got in the way and I had to push back to Round 3. Everyone I talk to says Round 3 is nearly impossible, but I’m eager to start b-school this fall. Am I making a mistake applying in Round 3? Is there anything I can do to increase my chances of getting in?

ANSWER:

I hate to be the bearer of bad news, dude, but what everyone is telling you is right. Round 3 is tough. Really tough. But on the flip side, there wouldn’t BE a Round 3 if no one got in, so you just gotta build yourself an application that’s gonna beat the odds.

There’s no magic formula for that, and as much experience as I have working with MBA applicants (we’ve done nearly 12,000 here at PE), I can’t tell you with 100% certainty what’s gonna work for ya. What I DO know is this: there is no room for error on a Round 3 application.

Your essays are gonna have to be SPOT on. And I’m not just talking about answering the prompts; I’m talking creative, memorable, compelling, etc. The adcom is tired. He or she has spent the past 6 months reading application essays and, naturally, it’s aaaaall blending together. You’re gonna have to pop off the page if you wanna get his or her attention. And the way to do that is to have smart answers, strategic career goals, examples of leadership, and lots and lots of specific details to back it all up. Oh, and it’s all gotta be wrapped up into an essay that grips him or her, and holds on to the end.

And then your LORs will have to complement that nicely. And your resume will have to be TIGHT.

But there’s also one more VERY important thing you’re gonna have to work in there,  and it’s an explanation for why you waited so long to apply. Why didn’t you apply in Round 1 or 2? Why wait until the 11th hour? That’s gonna need to be addressed, dude. After all, if you really wanted to attend this particular b-school so badly, you would have crushed those applications earlier in the year. So you need to explain your reasoning while also proving to the adcom that you’re serious and passionate about getting an MBA.

Weaving aaaall of that together into an application isn’t easy… and that’s why Round 3 is so tough. It’s a complicated dance (not unlike The Dougie), but if you do it right, you can prove all those people wrong, and reach your goal of starting b-school this Fall.

If you’re up for the challenge, go for it. And if you need any help, well, that’s why we’re here.

– Jon Frank

JonFrank

Don’t mean to beat a dead horse here [side note: is there a less gruesome way to say that?], but Round 3 is a tough nut to crack. For many reasons. Which we’ve outlined before. People WILL get in during Round 3, of course, and there are many applicants out there who should apply. But there are also some who should put the breaks on MBA applications right now and come back in Round 1 next year.

And who are those people?

Same-year re-applicants:

So, you applied to Wharton in Round 1 and the news wasn’t so great. And now you wanna give it another go. Don’t. Why? Well, the key to a successful reapplication is proving to the adcom that you’re a stronger, smarter, better applicant this time around. And how on earth can you prove that when it’s only been, what, four months since the last time you applied?

IT’S NOT ENOUGH TIME.

You can’t possibly improve your profile in four months, at least to a noticeable level that’s gonna make the adcom’s mouth water. So don’t even try. Not only will most schools not accept a re-application in the same year, but if they do, it’s not gonna bode well for you. And when that app gets rejected again, which it will, it’s only going to hurt you for Round 1 next year when, again, not enough time has passed for you to improve your profile. See where we’re goin’ with this?

Desperate re-applicants:

Round 3 is already tougher than the others, and navigating it successfully requires some finesse. So the worst thing you can do is rush an application and submit it just because you want to go SOMEWHERE this fall.

If you applied in Rounds 1 and 2 and didn’t get good news, don’t use Round 3 as your final lifeline. The adcoms are smart people, and they can smell your desperation. They can also quickly pinpoint a rushed application, or tell when an applicant doesn’t want their school, just A school.

Instead, take a step back, give yourself some time to evaluate what went wrong earlier in the year, and then give yourself even MORE time to make it right moving forward. Don’t sell yourself short and apply haphazardly just to stick to some pre-determined timeline. B-school is a hugely important step in your life, and you’re only doing yourself a disservice by rushing the process.

Applicants with lower-than-average scores:

Is your GPA lower than last year’s incoming class? What about your GMAT? If the answer is yes, WAIT. The competition is FIERCE in Round 3, and if your application isn’t damn near perfect, you’re wasting your time. Your chances will be muuuuch better in Round 1 next year when there are more spaces available.

Got it? Good.

Now get out there and start working on those Round 1 apps. Yes, it’s early, but the smartest applicants use this extra time to fill in the gaps and improve their profiles. Do it, do it.

-Jon Frank

JonFrank

I know, we’re getting a little ahead of ourselves here, right? I mean, many of you are still wading through the admissions process, thinking of nothing but what matters most to you and why, or practicing your interview skills in front of the bathroom mirror. And those of you who have already been admitted (congrats!) are busy enjoying the moment… as you well should.

So…who has time to start thinking or preparing for actual b-school classes? And, more importantly, who wants to? Those case studies are safely tucked away somewhere in the future, and that’s fine by you, thankyouverymuch. No need to start thinking about ‘em (and sweating ‘em) now.

Still… we saw this Tuck student’s advice for preparing for case studies (the infamous teaching method at a handful of b-schools) over on Tuck’s admissions blog and we just couldn’t resist sharing it with you. One, because it’s so simple (read: just be prepared) and two, because his map of “seats not to sit in if you don’t want to get cold-called” is pretty spot on, if not at all scientific.

If you’re targeting programs, or heading to programs, that feature the Case Method, this is worth a read. And if you’re not, well, it’s still worth a read (followed by a deep sigh of relief).

Jon Frank

superfans124

Don’t mean to beat a dead horse here [side note: is there a less gruesome way to say that?]

-- by 会员 JonFrank (2012/3/19 18:00:23)

actually, yes, Chinese will say "throw rock at someone who just fell down the well" as in 落井下石，hehe.  But great insights, as always, Jon.

JonFrank

QUESTION:

I was admitted to SMU Cox with a large scholarship for Fall 2012. Looking at my stats, I knew I could apply to other top ranked schools and I really wanted to apply to HBS, Wharton, NYU Stern, INSEAD, and a few other schools. But due to hectic project schedules I could not apply to any of these.

I am now in a dilemma as to what should I do? Should I accept the admission with scholarship without even trying to for my dream schools? 3rd round would be very competitive and so I do not want to apply.

The issue also is that if I wait I will have 7 years of work experience at matriculation, and I do not know if that is a good thing or a bad thing for my chances.

I therefore want your advice on whether I should wait another year to matriculate and try my chances at the top schools, or should I accept the offer?

ANSWER:

Hmm, tough situation.

Well first of all, lemme say that I’m not a life coach, just an admissions one. But I have seen lots of people in your situation, and I maybe can offer you some thoughts that will help you come to your own conclusion.

First, take all possibilities to their end, and think about them. Meaning, what will happen if you DO accept the admission: Will you regret forever not having applied to those other schools? Will you be happier because you started out a year earlier? Will it be better for your family?

And what about if you DON’T accept? What might happen if you don’t get accepted anywhere next year? What if you DO get accepted to Wharton?

Look, I don’t know your entire profile, so it’s hard to say… but with a solid GMAT score (above a 700) and good work experience you can get into a higher ranked school. Is it the better choice? Will you get an offer for a scholarship from somewhere else? Obviously, there are no guarantees.

But ultimately you have to go with your heart. If you really are excited to go to Cox, and you feel it can help you reach your goals, no need to get “greedy”. If, on the other hand, you feel like you will keep this regret in your heart your entire life, maybe you need to reapply.

All I can say is that if you aren’t sure, you gotta ask around. Speak to people who have attended Cox, and visit if possible. Do whatever you can to know as much as possible in relation to what you specifically want. And then it’s up to you to decide if it fulfills your needs.

I hope that helps.


-Jon Frank

JonFrank

QUESTION:
I am an Indian male working for an IT company. I have about 9 months of job experience. I understand that business schools get a lot of applications from Indian IT males each year and it is very difficult to stand out in such a crowd of applications with almost similar profiles. I am thinking of quitting my current job and working for an NGO. Will that improve my chances at a business school? If yes, then should that NGO be an internationally recognized NGO or any NGO from my native country will do?

ANSWER:
You are correct, man, that there is a LOT of competition among Indian IT males applying for business school. And you are also correct that you’re going to have to work hard to stand out among the crowd. You’re a very smart guy .

Now, just HOW you stand out is the question

Applying to work at an NGO may help your chances… and it also may not. Yes, standing out is going to be a VERY important challenge for you, but I’d say it’s even more important to be successful. What do I mean?

You gotta have some important responsibilities at work, good advancement and good achievements. And that’s important no matter where you are. So if you’re on a good track at your current job, you’ve gotten a lot of leadership experience and have the potential to do even more impressive things (bonus of those things happen to be International in nature), leaving may not be the best thing for you. You can use all of those experiences to your advantage and if you frame them correctly, they could absolutely stand out in your application.

If you’re only going to move to an NGO to try and improve your chances for b-school, I wouldn’t recommend it. If, however, you are really passionate about it and have lots of opportunities for leadership there, then yes. Go there. Do great things. Experience new things. But, again, if you are only thinking of doing it to “Be Original,” I’m not sure it’s the best idea.

Hope that gives you a little clarity,

– Jon Frank

JonFrank

QUESTION:
I keep hearing you say that people should start their applications early. But the essay prompts won’t be out for a few more months still. What can I really do now?

ANSWER:
This is a very good question. Why? Because I know there are so many people reading this right now, just sitting around and waiting for those application essay questions to be released. And let me tell you, you’re wasting precious time, my friends.

It’s true the essays are a very important part of your b-school application. But they are not the only part of your application. And, in all honesty, there are other pieces of the b-school application that will be just as, if not more, important. Those – like your resume, your letters of recommendation and, most importantly, your b-school research – often get put on the backburner and become an afterthought.

And that’s a very, very bad thing.

You’ve got time on your hands right now and you should use every last bit of it.  Our team of MBA consultants has already shared what they think you can (and 100% should) be doing now to get a head start on your business school applications. And their advice is spot-on.

So I’m just gonna piggyback on their two cents to drive the point home

1. Soul Searching: Now’s the time to figure everything out and come up with a plan. What do you want to do post-MBA? Where do you want to be in 20 years? What are your greatest strengths? What are you biggest weaknesses? Why do you need an MBA and why do you need one now? These are the questions that will show up application after application, year after year. Spend some time coming up with answers NOW so you can just work them into your essays later.

2. Figure out your personal application obstacles: Are you a re-applicant? Are you older than the average MBA applicant? Younger? Do you want to get an MBA so you can switch careers? Are you coming from a non-traditional background? These are all big hurdles for b-school applicants and if you’re facing any (or all!) of ‘em, there are specific strategies you’re going to have to use in your applications, and the earlier you recognize that, the more time you’ll have to come up with a bulletproof plan.

If you want some help with that, we’ve got you covered. I’ll be hosting a whole slew of webinars on these very topics in the coming weeks and if you’re looking for something to do NOW (which, since you’re asking this question, I know you are!), this is a great place to start. You can get the full schedule and all the information for registering right here.

Research: Get online and start looking into all the schools you’re interested in. Talk to current students, reach out to alumni, go visit! Get all the information you can so you can a) figure out where you want to apply come Fall and b) have all the information to make a strong case to the adcom as to why that specific program is best for you.

And that’s only the beginning, my friends. For more information on what you should be doing for those apps and when, check out our Round 1 MBA Application Timeline. That should give you a niiiice schedule to live by.

Seriously, folks, use this time wisely. I can’t say that enough. MBA applications are tedious, they take time and they’re not something you want to be rushing. So get to it.

See you at our webinars?

– Jon Frank

JonFrank

QUESTION:
I have always liked Kellogg, especially when I went to visit the school a few times. I really want to go there, but I’m not sure if I can get in.

A little about me:

I attended a top undergraduate program in China, where I majored in management. I then got a Master’s in the US from a top-10 university. I have a 3.3 GPA, 750 on my GMAT and a TOEFL waiver. I’ll have two years of full-time working experience, as well as a 6-month internship in private equity.

My question is do I have chance to get in? Will it be less competitive with their one-year program?

ANSWER:
I can see why you like Kellogg; it’s a great program in a great city! And having visited a few times, it’s obvious you know that  So, can you get in?

Well, let’s talk about it.

Will you have two years by the time you APPLY? Or by the time you MATRICULATE? Because two years by the time you matriculate is a bit on the low side, and that might negatively affect your chances. Most business schools like people with at least 3 years of work experience. Now, two years is not a deal breaker – there are people who get in with that or less! – but it’s just a bit more challenging. You’re gonna have to make a strong case as to why you need an MBA, and why you need an MBA NOW. It’s gotta be airtight and it’s gotta make logical sense to the adcom. That’s gonna be key for you.

Beyond that, though, your profile seems very good (strong GPA, strong GMAT, great international experience); Kellogg is totally within reach! So I say…apply. If it’s your dream, you should go for it. And with a strong application, I can see some good things happening for ya.

As for which program to target at Kellogg, based on what you’re telling me, it seems to me that the two-year program makes more sense for you. You’re young and the two years will be good for you. The one-year program might be a better option for older applicants or those who don’t want to take a full 2 years away from work, but you’re young and you’ve got time. Plus, that summer internship will be good for you and your post-MBA career.

And, again, you’ve got a chance… so go for the gold, my friend.

Perhaps I’ll see you in Chicago next year?

Best,

Jon Frank