TOP 10 BEST PRACTICES FOR PREPARING YOUR MBA APPLICATIONS

This year will be the 10th year (!!) that I've been doing this under my own MBA Apply shingle. Surprising that I never put together something like this, but consider this some best practices I've learned in the 10 years I've been working with tons of applicants from practically all walks of life.

1. GET THE GMAT OUT OF THE WAY FIRST BEFORE ANYTHING ELSE.

Preparing for the GMAT exam requires focus, and you owe it to yourself to get the strongest score you can. While a high score won't be an asset, a low score can keep you out. For top 16 schools, aim for a 700 at a bare minimum, and ideally a 720+. For top 30 schools, aim for a 660 minimum and ideally a 700+. It's not impossible to prep for the GMAT while working on your applications (and you may have to do both in parallel if you have to retake it), but the more time you have to prepare for the GMAT, the better. In essence, aim to finish your GMAT by May/June in the year in which you intend to apply (either for the October Round 1 deadlines or January Round 2 deadlines).

2. VISIT A FEW SCHOOLS WHILE CLASS IS IN SESSION.

Regular classes are held from September to April (with August being pre-term for some schools, and May being final exam month for most schools).

School visits can be invaluable. You get first hand experience with what a business school environment "feels like" in a way that no website, brochure, discussion forum, or second hand information can provide.

Aside from the Q&A info sessions that adcoms may organize as well as sitting in on class, perhaps the most invaluable insight you'll get about a specific b-school (or just b-schools as a whole) is to talk to current students one-on-one, where they will be far more likely to open up "off the record". Offer to buy them a quick coffee, beer or even a meal. They are broke (or heavily indebted) students who will appreciate free drinks and food.

Again, visiting schools isn't about currying favor with the adcoms at all (the only people they will remember are those who make complete asses of themselves because of the sheer number of people they come in contact with in any given year), but for your own sake. That first hand experience will make it easier for you to write about what you want from b-school in a more personal, specific way.

Aim to visit a few schools. They don't all have to be your target schools. For example, if you're heading to Chicago to visit Booth, go and visit Kellogg while you're at it even if you don't plan on applying there. Or, if you're heading to Philadelphia to visit Wharton, take a quick day trip to New York and visit Columbia and Stern.

Visiting 2-3 schools will not only de-mystify what b-school is like, but it'll only help you hone in on what it is you want to get out of the b-school experience.

3. APPLY TO 4-7 SCHOOLS TOTAL.

Since there are way more folks of a comparable caliber applying than there are spots available at any one b-school, the admissions process can be a total crapshoot.  As such, it's a numbers game. Apply to too few schools, and you won't maximize your odds. Apply to too many schools, and you'll dilute your efforts across too many schools.

Target around 4-7 schools to maximize your chances, with the expectation that it's unlikely you'll get into every school you apply to. Spread it out across a range of schools: 2-3 stretches, 2-3 sweet spots, and 0-1 safeties. "Stretches" are schools where you have enough of a shot that they're worth applying to, but you'll need a bit of luck to get in. Sweet spots are schools where you have a more reasonable shot of getting into given your profile. Safeties are schools where you are virtually guaranteed to get into.

4. AIM FOR A SWEET SPOT OF 5-10 WEEKS TO COMPLETE ALL YOUR APPLICATIONS.

Although completing the applications does take some time, effort and focus - there isn't so much to do that it is a full-time job. Give yourself at least 5 weeks, and at most 10 weeks to complete all your applications, with the expectation that you'll be working on it a few hours each week.

Anything less than 5 weeks, and chances are you'll be rushing to get them in before the deadlines. Anything more than 10 weeks, and you risk "overworking" and overthinking your essays (polishing them to a point where your second-guessing will actually worsen the quality of your written applications). There is only so much you can do before it ends up being an exercise in rearranging the furniture.

This means if you're applying for Round 1 deadlines, as long as you begin by mid- to late-August, you should be fine. And for Round 2 January deadlines, you should start on your essays no later than mid- to late-November.

5. FOCUS ON ONE SCHOOL AT A TIME.

Around 80-90% of your time and effort will be spent on the first 2-3 applications (or even the first 1-2 applications, depending on the degree of overlap in the essays for your target schools).

You will find that once you've completed a few schools, each additional school will take very little time. In fact, by the time you get to your 4th school and beyond, it can take a week or even just a day or two to get them done.

Even if the essays or messaging are different from one school to the next, there's a learning curve - once you're "in the zone" after having done a few and you have a more natural feel for writing b-school essays, you'll find that it progressively takes less time to complete each subsequent application.

Focusing on one school at a time will help you focus, while also giving you the best chance of completing your entire list of schools in the most effective manner.

You don't have to be dogmatic about completing them one at a time, but avoid working on them in parallel as much as you can. What this also does is it gives you time away from a particular application, and that time away is invaluable, because it allows you to revisit the applications with a fresh set of eyes before you submit. What you may find is that while working on your 5th school application for example, you discover some new insights that you can incorporate into your 1st school application - insights that you may not have come up with had you tried to juggle a bunch of school applications at once and feeling overwhelmed about it.

6. THINK, WRITE AND SPEAK IN PLAIN ENGLISH.

For many b-school applicants, they have forgotten how to write in plain English, because most if not all of the writing they have been doing since college has been in a corporate work environment.

Every industry has their own shorthand, jargon, and figures of speech - to the point where in some cases it has morphed into its own dialect that only people in that industry can understand.

Most applicants can write about their personal lives or anything they do outside of work in plain English (no one would ever say "My spouse and I consolidated into a mutually beneficial union due to our aligned interests"). However, a lot of applicants have never had to write, speak or even think in plain English at work, because everything at work is communicated in an industry dialect or "corporate speak." Just bear in mind that if you are talking about your work in a resume, essay, or interview - you will likely have to act as your own English translator.

One effective way to help you write in a clear way is to read your essays out loud. If it sounds stiff, abstract and formal - then it probably is. Your essays should sound like YOU outside of work. The language should sound like how you talk, except without the decorative "ums, ahs, you know's, see what I mean, like, yeahs, " and so forth.

7. HAVE OTHERS READ AND CRITIQUE YOUR ESSAYS.

Feedback is essential. That third person perspective is something you do not have when you're knee deep in your essays.

Get your friends, colleagues, family members, or even paid consultants to review your writing for clarity, specificity, economy and tone.

Chances are, you will get conflicting feedback. That's normal. Narrative writing is subjective, and not everyone will have the same opinion about your "story" - what you wrote, or how you wrote it. As the author of your narrative, it is a judgment call (and yours alone) as to what feedback to incorporate and what to ignore. Frankly, the entire application process is a judgment call from both the applicant's and adcom's perspective. However, you can make more informed choices about your essays (in whole or in part) when you get feedback from others who are not in your head.

8. GIVE YOUR RECOMMENDERS 4-6 WEEKS TOTAL TO COMPLETE ALL THEIR REC LETTERS - NO MORE, AND NO LESS.

This may sound counter-intuitive, but you do not want to give your recommenders too much time. The reason is simple: the more time you give someone, the more time they have to procrastinate. And the more they procrastinate, the more likely they'll rush to submit it at the very last minute. Don't project your own stakes onto others: yes, the applications mean a lot to you personally, so you'll be more motivated and uptight about every single little thing, trying to get everything done and to the tee. Your recommenders frankly don't have those stakes, even if they really like you, and as is human nature - they will procrastinate and sit on it if given the chance. You would too if you were in their shoes and being asked to write them for someone else.

Having said that, by all means, talk to potential candidates who you would like to write your recommendation letter a few months before the deadlines so that you can finalize who your recommenders will be.

But give them the materials to submit their recommendation letters around 4-6 weeks from the deadline. That way, they have enough time to write them to the best of their ability, but not so much time that they can completely set it aside and forget about it.

9. AIM TO SUBMIT IN THE 1ST OR 2ND ROUND; AVOID THE FINAL ROUND

For most schools, they build most of their class from their first two rounds, so by the time the last round comes around, there are few spots left and as such, the decision process is even more subjective and random. This is especially the case if you are a traditional applicant (finance, consulting, engineering, healthcare, corporate) because it's unlikely they will need or want any more traditional applicants by the time they review applications from the final round. If anything, they are hoping to fill the class with more non-traditionals from non-profit, military, arts/entertainment/sports, and so forth. Again, nothing is impossible, but if you can, avoid the final round.

If you are undecided between the 1st and 2nd round, just  know that it makes no difference from an admissions perspective (your chances are the same). However, I have found that applicants who aim for the 1st round tend to be more productive, even if they are busier at work. The reason for this is simple: when you are busy at work, you have no time to navel gaze or to procrastinate. You just execute.

The 2nd round tends to be a more difficult deadline to aim for simply because of the holiday season: from Thanksgiving to the New Year, it's a dead zone. A lot of applicants mistakenly believe that because they have all the time in the world because they will be with their families or on holiday, they can focus on their application. And they are often wrong, because it's much harder to substitute between "personal time with family/friends" and "b-school applications". It's far easier to procrastinate and waste time when you have that time to waste, and there's this mad rush to complete the application nursing a New Year's hangover.

So ideally, aim for the 1st round, but know that the 2nd round is also fine (except that it'll likely be more difficult for you in terms of time management). And avoid the last round if you can.

The only exception to this is Columbia and Sloan - the only schools that have 2 rounds of admission. For both of these schools, treat their 2nd round as the "final round." In other words, for Columbia and Sloan, aim for their Early Decision and R1 deadlines respectively.

10. TREAT THE ENTIRE APPLICATION PROCESS AS PARALLEL TO YOUR CURRENT CAREER TRACK.

In short, don't quit your job to focus on the GMAT or the b-school application. It doesn't signal to the adcom that you're focused. Instead, it tells them that you're not as competent as the other applicants out there who can still put together strong applications even as they are juggling work, family and extracurriculars.

If you happen to be unemployed at the time of application, make sure you're staying productive on something, whether it's volunteering, working freelance gigs, or just something that is allowing you to continue moving your life in a forward direction. The last thing anyone wants to see is someone who is in a holding pattern in their life, as if b-school is some panacea they are waiting for before giving themselves permission to make life choices.

And this goes for those who are also currently employed. Treat the b-school application process as a parallel track. If you get in, it should be an *option* (the option being: "should I go, or should I stay in my current job, or even should I switch to another job?"). It should not be the only door you're waiting for to open.

B-schools want to accept people who don't need them, just like a bank tends to lend money to those who need it the least. B-schools appreciate enthusiasm, but there can be a fine line between enthusiasm and desperation, and there is no worse turn off than a desperate person.

The more you treat b-school as an option (and not a necessity), the more likely it'll come across in how you communicate in your essays as well as in your interviews. You're more likely to come across as confident and enthusiastic, as opposed to desperate and needy.

IS BUSINESS SCHOOL WORTH IT?

IS BUSINESS SCHOOL WORTH IT?

One of the most basic but important question I get from folks is whether an MBA is worth it (and in particular, a full-time program).

The debate seems to have been going on ad infinitum, with sentiment ebbing and flowing with the state of the economy.

From a practical standpoint for many folks who are deciding on whether to apply or not (or whether to attend or not * after * they have gotten admission!), the answer may be clearer than you’d expect.

1) CONSULTING: AN MBA IS BASICALLY A PREREQUISITE

Regardless of your prior professional background, if you’re looking to work as a management consultant at firms like McKinsey, Bain, BCG, Monitor, LEK, Accenture, Deloitte, etc. then an MBA is worth it, because you don’t really have much choice: you’re highly unlikely to get hired without one.

Even if you are a consultant looking to upgrade your brand (i.e. you work at a small no-name consulting firm and hoping to work at McKinsey), your chances are slim unless you get an MBA. And even if you are looking to stay at your current firm, you will likely be highly encouraged to go back to do an MBA (read: your chances of getting promoted to a post-MBA position are slim unless you have one).

Moreover, for many of these firms, you essentially have to shoot for the top 16 US programs (and LBS and INSEAD in Europe), since these consulting hire the majority of their incoming associates from these programs. You will get some MBA hires who did not go to these schools, but they are a minority. They will also hire some folks from law schools or direct industry hires, but for the most part, consulting firms have a highly structured (and highly stratified) recruiting process that focuses on a select number of schools.

2) FINANCIAL SERVICES: AN MBA IS A MUST IF YOU DON’T HAVE A FINANCE BACKGROUND

Regardless of what aspect of financial services you’re looking to work in – investment banking, equity research, sales/trading, asset management, private equity, hedge funds, venture capital, commercial lending/underwriting, insurance, etc. – if you don’t have a finance background and looking to make a career switch into it (even if you have corporate/business experience), then you’ll have a very hard time getting these jobs without an MBA.

The culture of financial services doesn’t value the MBA to the same degree as consulting, but it is often seen as a passport to getting in the door for those with no prior relevant experience. And areas such as investment banking focus their recruiting efforts almost exclusively on top 16 MBA programs.

Also, if you’re in a “back office” or “middle office” role at a financial institution (or you’re in any support function such as IT at a bank), and you’re looking to make that switch into revenue generating functions as listed above, then an MBA is worth it to re-brand yourself because it’s hard to make that switch without one.

While some schools have introduced specialized Masters’ programs in finance, these programs are still relatively new compared to the established MBA programs. Basically, if you had the choice, the MBA is the better bet and will give you more access to recruiters than a specialized masters program.

3) NON-BUSINESS PROFESSIONALS SEEKING A CORPORATE CAREER IN THE US

If you are coming from a non-business profession (engineer, science researcher, lawyer, doctor, military officer, teacher, athlete, artist, etc) and looking to transition into business job function, then an MBA can be extremely valuable. Although not a must like it is for consulting or financial services, getting an MBA is certainly worthwhile enough since making that transition into a business career will be easier and faster.

“Corporate life” basically includes the two industries above (consulting and financial services), but also any job function on the business side in any industry: marketing, operations, financial planning/corporate finance, business development, corporate development, human resources, investor relations, etc. In many of these jobs beyond the college entry level, they require either relevant prior experience or an MBA (and most of these firms will not hire you to start alongside fresh college grads at the entry level).

4) BUSINESS PROFESSIONALS SEEKING TO SWITCH INDUSTRIES

Basically, an MBA makes it much easier if you’re looking for a fresh start (without having to fully start over) in a new industry. For example, you’re a brand manager at a consumer products company who is looking to switch into business development at a green technology firm. Or, you’re an investment banker looking to work in sports marketing.

This also applies to social enterprise and non-profit, since the kinds of jobs you would be aiming for on the admin/managerial side tend to be staffed by “corporate refugees” who previously worked in the private sector, and tend to hire people in their own image (i.e. those with business backgrounds and/or with MBAs).

Of course, it’s certainly more possible to make this switch without an MBA (unlike the other three situations above), but an MBA will make it a lot easier for you to make that switch without having to take a huge step back in pay and responsibility.

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So if any of these four things applies to you, then the answer is easy: an MBA is worth it (assuming you believe these careers to be worth pursuing), even without considering any of the intangibles or personal factors, such as the network, taking two years off for personal “me” time, discovering new interests, learning more about other careers, and so forth.

SO WHEN IS THE MBA NOT WORTH IT FROM A CAREER STANDPOINT?

Simply put, an MBA won’t have much benefit from a career standpoint if you are already working in a business job function AND you’re not interested in switching to consulting or financial services.

For example, if you’re a banker or PE guy who wants to stay in finance (in any capacity), an MBA won’t be worth it from a career standpoint, because an MBA isn’t going to make it any easier for you to change from one firm to the next, or from a PE to a HF and back again. It ultimately comes down to your transaction experience, network, and the job market in the industry - when it’s hot, you will have firms coming to you; when it’s cold, an MBA won’t help you land jobs that don’t exist.

Or if you’re simply looking to move up the ladder in your industry in a similar job function, then you don’t need to go back full-time: consider doing a part-time MBA or an executive MBA down the road.

Finally, if you’re looking to start your own business in the short-term, you are better off investing that money in wise counsel and getting that business off the ground right away while the idea is still hot in your mind, rather than spending two years in business school where you will learn mostly “book knowledge.” The biggest problem with business schools and entrepreneurship is that business schools unwittingly teach students to conceptualize their way through problems as a substitute for rolling up their sleeves and getting their hands dirty. In plain English, they confuse analysis for execution, and running your own small business often lives and dies more on the latter than the former.

THE MYTH OF THE LONG-TERM

Forget about the long-term value or even the medium-term value of an MBA. The reason why is simple: it’s debatable, it’s a matter of opinion, and it’s ambiguous. You will get more conflicting and differing opinions on this than you would on what it will do for you in the immediate term (i.e. right after graduation). Furthermore, if the value of the MBA in the short-term is limited at best in your situation, then it’s not going to be any more valuable in the medium- or long-term.

When deciding whether an MBA is worth it to you or not, focus on the short-term benefit: what it will do for you in terms of recruiting while you’re an MBA student? Will it give you access to the kinds of jobs you want immediately after graduation? While it may seem cynical to disregard the academics – the reality is, the MBA is a professional degree whose main purpose is to turn students into employable business professionals after graduation, so the academics aren’t an end in itself, but a means to that end. While business schools would like to say that they want to teach you knowledge that you can use for your entire career long-term, the reality is, the kind of knowledge and decision-making you do in the long-term will have little to do with what you learned ten years prior in b-school, and more to do with your recent experiences and lessons learned in the past three to five years.  Again, the value of what you learn in business school is most relevant (if not exclusively relevant) to your first few years after business school.

In plain English, the MBA is ultimately about helping you secure the kinds of jobs in the short-term you want that you couldn’t have gotten without the degree (or would at least make it a lot easier for you to secure those kinds of jobs). That, more than anything else, dictates whether the MBA will be worthwhile to you.

How would you differentiate the top schools? (updated)

I assume you’ll do your own research, and since there’s so much info out there on the websites, discussion forums, etc. which take a pretty dry approach in comparing schools, I’ve decided to stick with the car analogy – when you strip away all the discussion about GMAT averages, salary stats, career placement profiles, student satisfaction surveys, rankings, etc. you’ll find that these analogies are pretty apt (if I must say!). The reality is, these schools are far more similar than they are different, so here’s a bit of a tongue-in-cheek comparison of the schools’ reputations:

HARVARD BUSINESS SCHOOL

HBS is like a British exotic car of varying quality – Rolls Royce, Bentley, and Aston Martin. They are Establishment, top hats and all. Like British exotics, HBS is really known for its heritage and prestige (with sport performance and classic styling to back it up). Some drivers are able to break the "unapproachable" mold and will take their cars for a bit of a joyride, but some are trapped in the pomp and circumstance of their cars. Only drawback is that they are incredibly high maintenance (more reliable than Italian exotics, but the repair costs are astronomically high) and insist on being noticed. And watching an HBS alum “fail” a la Jeffery Skilling is like seeing a Bentley stranded on the side of the road – everyone else can’t help but gloat.


STANFORD GSB

Stanford is like an Italian exotic – from iconic marques like Ferrari, Lamborghini, and Alfa Romeo, to super exotics like the Pagani Zonda, as well as the “all style and no substance” that are the Maseratis. In terms of styling and performance, they are bold, distinctive, and anti-authoritarian much like Stanford – built as if to be a complete counterpoint to the British exotics. They aren't the most reliable cars, but they sure look good, and they are the ultimate joyride car, risks be damned (few cars can replicate the exhaust note of a Ferrari). If HBS is about prestige, Stanford is about rebellious sex appeal. Just like not every Stanford GSB alum is of the same caliber, knowledgeable “car guys” know that there’s a huge difference between Ferarri and Maserati – the former is a real sports car, while the latter is a piece of sh*t. But to the uninitiated, they draw attention in equal measure.


WHARTON (UNIVERSITY OF PENNSYLVANIA)

Wharton is like a German exotic – Porsche, AMG, Maybach, Alpina, and Ruf, which represents a long history of performance that is analytical, clinical and precise, with styling that has always maintained a sporty middle ground, in between the conservative or even stodgy styling of the Brits and the more extreme elements of the Italians. They combine the quality/reliability of German engineering that the British and Italian sports cars don't have, with the cachet that rivals only the British and Italian luxury cars. The styling for the most part hides some of the best engineering under the hood, so the cars tend to draw less attention on the road. For example, most people may not even know the difference between an AMG or a regular Benz, much like most people may not have heard of Wharton, but when you say “Penn”, they respond, “oh, Penn State.” Moreover, they don't quite have the same cachet of the British and Italian luxury cars, even though many drivers would still kill to say “I drive a Porsche” even if it’s just a Cayenne (i.e. a Toyota SUV with a Porsche stamp).


BOOTH (UNIVERSITY OF CHICAGO)

Booth is like Mercedes-Benz – one of the preeminent luxury car brands, but without as much of the sex appeal and prestige of an exotic car. Underneath the hood, the performance is as good and sometimes even better than its more “prestigious” counterparts in the UK, Italy, or its neighbor in Zuffenhausen. In fact, while a Ferrari, Aston Martin or Porsche owner will talk about the driving experience as “fun”, “raw” or “holy f*ck yeah!!!”, Benz owners will whip out spreadsheets of performance statistics to quantify how their cars are just as good as the others. Styling wise, it’s even more conservative than its German counterparts, perhaps a bit stodgy, boxy and awkward at times (and some models are just downright ugly). But hey, it's built like a tank - impenetrable to any kind of criticism.


KELLOGG (NORTHWESTERN UNIVERSITY)

Kellogg is like a Volkswagen - they aren't the most reliable cars, but they are sure fun cars to drive. They also have a very young, hip and aspirational image - but one that is within reach of many people. When you think of the Beetle, Golf GTI, Jetta, Cabrio, Rabbit, Vanagon/Westfalia (hippie van!!), Passat or Touraeg, you think of a hip young couple who shop at farmer’s markets on their way back from CB2 to pick up funky kitchenware to decorate their so-hip-it-hurts exposed brick loft space – in the suburbs. They are very good at promoting and managing its reputation as a “cool and hip” car to drive. Oh, and they are always smiling, showcasing their Crest Whitestrips ™ bleached teeth. But damn, they are a good looking bunch of people who manage to out party every other school and still look good doing it.


SLOAN (MIT)

Sloan is like an Audi - more people have them than you'd expect, and for a German car, they are a bit younger and hipper – and more accessible. They are mentioned alongside the other great auto manufacturers, but still fly under the radar in most discussions. They are reliable workhorses that hide its performance and luxury behind a very understated and unassuming exterior – much like Sloanies and their abilities. Even their sportier versions (S-series, R8) are understated compared to its direct competitors. If its peers are a combination of style and substance, they are almost focused entirely on substance, if at the expense of style (if you have ever been to the MIT campus, you’ll know what I’m talking about).


COLUMBIA BUSINESS SCHOOL

Columbia is like a BMW - an amazing machine that combines performance, quality and cachet, but it also attracts a disproportionate number of overly aggressive drivers who believe they own the road, and act accordingly (blasting horrendous techno music, cutting people off in traffic, honking their horns, etc.). Like the BMW, the “New York advantage” of Columbia has a Jersey Shore element to it. Cheesy club music, overpowering cologne, and drivers who love challenging every single luxury/sports car at a stop light. Or if you happen to drive a Honda (Stern), the BMW driver will rev up his engine and give that look of disdain. I’m sure there are some laid back and friendly BMW drivers, but they seem to be drowned out by the sheer number of a**holes – much like the loud minority at Columbia that give the school a bad name. But hey, across the board, they are still amazing machines and an astute person will know it’s not the car, but the driver behind the wheel. Just don’t get the X5, which is known to explode for absolutely no reason, much like a few loose cannon Columbia alums out there.


TUCK (DARTMOUTH COLLEGE)

Tuck is like a Swedish car, from the pedestrian (Saab and Volvo) to the exotic (Koenigsegg). It's quirky, relatively small in number, but has a fiercely loyal following of aficionados. Not many people know about these cars, but those that do rave about it. Some Tuckies, like the Koenigsegg, are truly exceptional and can stand toe to toe with any other exotic in terms of performance, styling and cachet. Beyond that, if there is any reputation it has, it’s the family-oriented cars for hippies. Volvos and Saabs like Tuck seem to scream “I am a liberal outdoorsy vegan who collects bumper sticker slogans!” Strap some skis and bikes on its luggage rack, and you’re off camping! Don’t forget to bring your weed and Phish paraphernalia.


LONDON BUSINESS SCHOOL

LBS is like Jaguar and Land Rover. A luxury British car that is high performance, but with some reliability issues that vary from one car to the next. Styling is decidedly refined and sophisticated, much like how LBS grads see themselves. They have that muscular feel of American cars with more European styling and refinement, much like how LBS has that American-style 2-year MBA structure but with a decidedly European student body. Also, when you think of Jaguar and Land Rover owners, you think of upper middle class blokes of all ages (including the geriatric) who love to drink, and drink lots of anything alcoholic – much like LBS which might as well own a chain of pubs for its students.


INSEAD

INSEAD is like Peugeot-Citroen. Not because they are both French, but because they are both very well known everywhere in the world but the US. Similar to how Peugeot-Citroen is one of the world’s largest car makers, INSEAD is one of the largest business schools – but if you lived in the US you’d never know it. While they have a reputation amongst the public as “the everyday car for Europeans,” to those in the know they have the reputation for building supercars that have dominated the Le Mans (which again means nothing to the NASCAR/Indy centric US). Similarly, INSEAD grads are found in all sectors of industry from middle management upwards, but that has a reputation as Europe’s preeminent business school, and one of the most respected names within those who know business schools.


ROSS (UNIVERSITY OF MICHIGAN)

Ross is like General Motors. A bit of everything for everyone, but not really anything in particular that makes them really stand out, other than the fact that it has the feel of a quintessential college town. When you think GM, you think America. When you think Michigan, you think Americana. And like GM cars, quality will vary, but for the most part the cars are down the middle when it comes to styling, performance, and reliability. It’s a solid, good choice for a buyer with a modest budget and who isn’t interested in flash or being super urban and hip – much like how Ross is a solid middle-of-the-road top school for those who want some of the prestige of the other top 8 schools, but who aren’t too fussy and caught up in keeping up with the Joneses. It’s a utilitarian choice that gets you from point A to point B – a degree that helps you get a decent job so you can enjoy your family life. And if you want a bit of flash, you get their Cadillac.


FUQUA (DUKE UNIVERSITY)

Fuqua is like Chrysler, because it’s hard to tell the difference between GM and Chrysler cars, just like it’s hard to separate out Ross and Fuqua, and they seem to be interchangeable amongst applicants anyhow. Sebring or a Buick? Which one is Chrysler and which one is GM? I thought the PT Cruiser was GM? I’m confused. Just like Ross, Fuqua is a solid middle-of-the-road choice when you see the MBA for what it is (get a better job) while you get on with your life. It’s for people who don’t have hang ups about what school they go to, but want a good school – and unlike NYU and Haas (see below), for people who want a more quintessential American college town experience. Basketball. Football. Cheerleaders. Suburban Americana.


DARDEN (UNIVERSITY OF VIRGINIA)

Darden is like Ford because it prides itself on being “built tough”. From the Mustang to the F-150 to the Crown Victorias, their bread and butter are cars that can withstand all kinds of grit, grime and abuse – much like how Darden students pride themselves on their ability to survive their infamous workload. Just like the Big-3 US automakers, applicants tend to apply to Michigan, Darden and Duke (below) collectively because they are similar to one another. The difference is, Darden is the macho brother of the three. Not known for their refinement, but the cars most likely to withstand nuclear war. Don’t mess with Darden, because they will grind you up, spit you out, and crush you with their boots of steel. Boo-yah!


STERN (NYU)

Stern is like Honda – similar to Duke/Darden/Michigan, it’s a solid choice for people who want a good program that gets them from point A to point B in relative comfort, but whose style is a bit more fun and peppy than its Detroit counterparts. From the Civic to the Accord to the Pilot, it’s about practicality first and foremost. However, there are obnoxious owners of all marques, and Honda is no different – there is the minority of folks who constantly proclaim in that smug way that they could’ve gotten a BMW or Benz, but chose a Honda because of blah blah blah, just like a few Sternies here and there will claim they could’ve gotten into Columbia or Booth, but chose Stern instead. I don’t doubt that it’s true, but methinks the lady doth protest too much. Going to Stern is just like buying a Honda – no one is ever going to fault you for it, and for many who go there, they are happy with it being an enjoyable means to an end.


HAAS (UC – BERKELEY)

Haas is like Toyota, much like Stern is like Honda. It’s for the practical minded who simply want to get a good degree so they can get a better job. Nothing more or less than that. And Haas fits that bill, much like a Corolla, Prius or a Tacoma. While some may be curious about why you would buy an American car, no one will question why you bought a Japanese car – just like many internationals may have more explaining to do when it comes to “why did you go to Ross/Fuqua/Darden?” but fewer if any outside the US will question why you chose Haas. Or Stern. In other words, Haas and Stern are like Toyota and Honda because they are all very well known worldwide, whereas American cars have more limited traction, especially outside of North America.

And don’t even start on the supposed luxury brands such as Lexus or Acura – as good as they may be, they’re just “nicer Toyotas” and “nicer Hondas” – and there’s nothing wrong with that.


JOHNSON (CORNELL UNIVERSITY)

Johnson is like Subaru – a high quality and practical car, for those who know about it. The marque is typically not on the top of people’s minds at first, although if you were to ask them to track how many Subarus they see in a day, chances are there are more out there than they ever realized. You see, Subarus don’t like to draw attention to themselves, they simply get on with their business, and they attract buyers who want a reliable import/Japanese car, but want something different for the sake of being different (and something a bit more rugged). In a way, they are quirkier than the other Japanese marques, using boxer engines instead of an inline or V. Similarly, Johnson is sort of out there in rugged upstate New York – there’s more of them working amongst you, but you wouldn’t realize it unless you actually asked people where they went to school.


YALE SOM

Yale is the Mazda of business schools. What causes a person to go to Yale over NYU? It’s a toss up, really just like a Honda versus Mazda. Oftentimes, it comes down to who gives you the better deal and better financing. Similar to Honda, Mazdas are known for being fun and sporty economy cars that don’t take themselves too seriously. For example, who chooses Miatas? While I’m sure some could afford the more expensive European cars, most want a comparable quality experience that is within their reach. Again, if given the choice with no constraints, I’m sure most Miata owners would rather drive a German or Italian sports car, but few if any are complaining about driving that zippy little Miata around town. Similarly, while few would choose Yale over other top 8 schools, it’s a place where people seem pretty happy about being there – they could certainly do a lot worse.


ANDERSON (UCLA)

Anderson is the Nissan of business schools. Like Nissan would be compared to other Japanese marques, Anderson tends to fall under the radar, even though it’s known worldwide and they’re everywhere. Similar to Toyota and Honda, for the most part they are solid cars that appeal to the practical minded buyer who just wants to “get on with it.” Likewise, Anderson attracts students who simply see the MBA as a means to an end, and want a high quality school that will help them get a good job – it’s the practical choice for many who want or need to stay in California for their careers. While it doesn’t get the same level of exposure as Toyota or Honda, no one is going to fault you for ever getting a Nissan. At worst, it elicits no opinion, and at best, a positive one.

Why Career Goals Matter For the Application

One of the most common refrains I hear from applicants is "why do adcoms want us to be clear and specific about our career goals?"

Isn't that what business school is all about? Spending two years figuring out what you want to do. MBA students know that. Adcoms know that. So why is articulating your career goals such an important part of the application?

Put it this way. Every adcom knows that most candidates haven't *decided* on a career path. But they just want you to discuss *one* such path for the purposes of the application -- a path that you would seriously pursue amidst of other alternatives that you may be considering.

In other words, there's a difference between being "clueless" and being "undecided". When most b-school students say "I really don't know what I want to do," they are usually undecided, not clueless. They have an idea of the two or three paths they'd like to pursue -- but they just don't know which path to take (and they have given each path some thought and research). The clueless on the other hand simply don't know anything.

Asking you to articulate your career goals helps the adcom weed out the clueless, with the implicit understanding that you as the applicant may be undecided.

So while it's not really important to have decided on a career path (or to even follow through on what you wrote in your essays), it's important to at least get a clue.

It's important because from the moment you step foot on campus for your first day of classes, the signs of recruiting season for the upcoming summer already begin. The campus will be plastered with more company logos than NASCAR, and more trinkets and swag than an industry convention. Company recruiting presentations begin within the first month or two of school - just as you've barely begun to adjust to student life again. In this kind of environment, it's one thing to be undecided, but it's another to be clueless.

Most importantly, being able to articulate *one* career plan you would like to pursue in your application also reveals a bit about who you are and what you value. Sure, few people know *exactly* what they want in the long-term, but your ability to envison *something* specific at the least shows you have the ability to imagine beyond your immediate reality, while showing that you have some heart and conviction for something (and a plan on getting there) - that you're not just another worker drone who sleepwalks through his/her life.

What kinds of people get into HBS, Stanford or Wharton?

One of the most common inquiries I get is "what are my chances at Harvard/Stanford/Wharton? What kind of people do they look for?" The mythical "HBS, Stanford and Wharton" trifecta represents the epitome of what many applicants view as the Promised Land, or the quest for the holy grail (or maybe their own version of the 72 virgins in heaven).

These schools look for the same things as any other school - strong academics, quality work experience, strong interpersonal skills, and "depth" (i.e. no androids or worker drones). The difference is, these schools can afford to be more picky simply because they have a stronger pool of applicants to choose from.

There are essentially three kinds of people (regardless of nationality, ethnicity, gender, religion, etc.) at the Sweet Sixteen schools (see my prior post for what I mean by Sweet Sixteen):

(1) Blue Chips - these are folks with pedigree. They went to top undergrads and worked at highly sought after jobs (by those at the top undergrads). There's nothing particularly special about them as people, but they have a strong blue chip background. They are the Princeton undergrad to McKinsey kids, the Westpoint grad who serves in Iraq, Wharton undergrad to Goldman kids, and so forth. They didn't just work in IB, but they work at Goldman or Morgan Stanley. They didn't just work at no-name private equity fund, but they worked at Carlyle or TPG. They didn't just work in consulting, but at McKinsey/Bain/BCG. They are smart and accomplished kids who did as well as they could taking a traditional and well-trodden path.

(2) Vagabonds - these are folks who went to the same colleges as the Blue Chips (i.e. top undergrads), but rather than work at Goldman or Bain, they decided to take the road less traveled. They did the Peace Corps, worked as a theater producer, played on the PGA tour, became a clergyman (of whatever religion), worked in nonprofit, etc. Or they may have spent a year at Morgan Stanley, hated it, and decided to work as a personal aide to a Senator or Congressman.

(3) Average Joes -- they went to okay colleges, worked in decent jobs (IT, accounting, some random corporate job, 2nd tier consulting, etc.). Or they went to top undergrads, but ended up in decent but unremarkable jobs (i.e. a lot of the IIT folks who are applying, or the Harvard undergrad who works at a Big-4). Or they are they went to okay undergrads, and worked at no-name hedgefunds. Or they went to a state school and ended up in IB or MC. And so forth.

The difference with HBS, Stanford and Wharton is that you'll see far more Blue Chips and Vagabonds (and by extension, less Average Joes) than you'll see at other schools, and particularly at HBS and Stanford. That's partly self-selection (a good chunk of the Blue Chips and Vagabonds apply only to these schools), but also the fact that they are more sought after by all b-schools. Schools outside of these three will still get their share of Blue Chips and Vagabonds, but not to the same degree. And by extension, there are quite a few Average Joes at these three schools but not to the same degree as other schools.

One other thing: age range matters too. A Blue Chip who is more than 5 years out of undergrad sees his/her chances at these three schools diminish. Most of the Blue Chips you'll find at these schools are roughly 24 - 27 years old (but you can get away with being a little older at Wharton, and it's not really an issue outside of H/S/W). With Average Joes, there is also a limited window where you have a fighting chance -- around 2 - 5 years experience (and outside of H/S/W it's less an issue). It's only with the Vagabonds and US military personnel where age is less an issue (and if you look at the older folks in these classes, most are Vagabonds and US military officers (and if you're thinking that being in the Korean, Taiwanese, Singaporean, Israeli military for the 1 - 2 year stint as part of your mandatory service is seen in the same light - it's not; they dynamics are simply not the same as choosing the military as your career path in a volunteer army). While schools like to talk about getting "all kinds of people from all age ranges", the reality is at HBS, Stanford or Wharton, the window of opportunity is a bit narrower, and if you're an outlier (especially on the older side), you better have something special and unique to bring to the table.

Of course a lot of people don't fit neatly into one of these three buckets, but it's a good rough way to determine how an adcom will see your profile.

One way to look at it is that at H/S/W, if you are a Blue Chip or Vagabond, you are competitive so long as you submit a strong application. However, if you are an Average Joe, you need to be very lucky as well in addition to submitting a strong application (because of your Average Joe background, it becomes a far more subjective and random process).

Also, one thing to keep in mind is that for most of the Blue Chips and Vagabonds, going to HBS or Wharton or Stanford isn't the best thing that's happened to them - they have a long enough list of pedigree and/or accomplishments in their lives already that it's not that big a deal for them whether they have the HBS name or not. They don't dream about having a prestigious degree, because many of them already have one (their undergrad), or have done some pretty interesting things in their lives that it trumps whatever brand name they have on their resume. That's why you'll see that the biggest proponents of "brand" and what it does for your career on this board (and to some extent in real life) are people who didn't go to these schools (i.e. they don't get it) - brand doesn't come before achievement and talent; achievement and talent comes first, and "brand/pedigree" is a nice dessert that may or may not result.

Adcoms tend to admit people who don't need the "brand" on the resume - they would've been successful without it. It's like health insurance where they provide insurance only to the superhealthy, or banks lending only to those who don't need the money.

The real acid test for applicants is this: if getting into HBS or Stanford would be the best thing that's ever happened to you professionally or personally, your chances are probably pretty slim (because you don't have enough to bring to the table, which is why HBS/Stanford/Wharton would be the best thing that's happened to you).