MBA Application

Along with your official GMAT results, letters of recommendation, application essay, and transcripts, most MBA schools require applicants to complete an application form. Although this may seem like the easiest part of the process, great care should be taken when completing the form. It provides the school with a quick overview of your qualifications. Here are some things to keep in mind during this important part of the application process.

Neatness

Some application forms can be completed online, but others still require you to complete them in paper format. If your handwriting is less than perfect, you should probably print your answers. Overall, the information should be neat and easy to read. Avoid crowding information just so it can fit on the page. If it is an essay style answer, many schools will allow you to attach an additional piece of paper. Proofread your application for any spelling, grammar, or punctuation errors before you submit it.

Completeness

All of the information requested on the application form should be provided, regardless of whether it has already been supplied in another document. For example, many application forms will ask you about GMAT scores. However, these scores are provided to designated schools after you write the test. Therefore, it may be tempting to just leave this information out. In addition, questions like "Why do you wish to attend our school" may be addressed in your essay. Nevertheless, you should provide all of this information if asked to do so on the application, even if it has been repeated elsewhere.

In general, provide as much detail as possible. When asked about your education and work experience, there may be a space for you to list accomplishments, awards, responsibilities, etc. If you were first in your undergraduate class, be sure to include that information. If you increased productivity by 15 percent at your previous job, make certain you mention that, even if it is also included on your resume.

Accuracy

Double check to make sure all the information you are providing is accurate. This includes your undergraduate GPA, the dates you attended school, the time you spent in each of your positions in the workforce, and so on. Providing inaccurate information, even unknowingly, can make you appear dishonest, and may prevent acceptance. And, of course, make sure that all of your contact information is current, complete, and correct. The last thing you would want to happen is to miss out on the opportunity to participate in an interview because you provided an incorrect phone number or address.

MBA Essay

The MBA essay is an important part of the application process, and it can also be quite difficult. However, with proper preparation and effort, most MBA candidates can prepare an essay that will impress those in charge of admissions at their school of choice.

Most schools will pose a question or series of questions that the MBA applicant must address in their essay. A large number of potential questions can be asked, but most usually focus on just a few themes. They can include personal accomplishments, career goals, ethics, personal interests, personal failures, and personal values, as in what qualities you admire most in others.

Before you even begin to jot down initial ideas, it is important that you thoroughly understand exactly what the question is asking. An outstanding essay that does not specifically address the original question will be looked upon unfavorably by universities. For example, you may be asked to discuss a personal failure and how you dealt with that failure. Even if you feel your essay would be more effective if you described an academic failure, resist the urge to stray from the assigned topic.

The next step is to brainstorm possible ideas for your essay. Some authorities on MBA essays recommend that the applicant allow several weeks for this step. It is possible that you might think of the perfect idea right away, but giving yourself some time to think about it may lead to thoughts that you would not have considered initially.

Next, a rough draft should be constructed. Again, it is a good idea to put it away for a period of time before you look at it again. Take a second look, and begin the revisions. Most resources say that any unnecessary words or information should be removed from the essay. In addition, admissions committees should really get an idea of who you are as a person, so avoid using cliché words, phrases, and ideas.

When you are satisfied with what your essay contains, go over it again for any issues with spelling, punctuation, grammar, and word usage. In addition, double check that the essay adheres to the word count requirements set forth by the school. Significantly exceeding the word count limit can lower your essay score.

By paying attention to exactly what kind of information a school wants to know, preparing a succinct and personal essay that demonstrates your individuality, and giving yourself plenty of time to devote to the writing process, you can increase the chances of being accepted into an MBA program.

MBA Interview

Not all schools require MBA applicants to participate in an interview as part of the admissions process, but many top schools are increasingly making it a requirement. How heavily the interview is weighted also depends on the school. Regardless of how much of an influence the interview will ultimately have on whether you are accepted, it is important to do well.

Basic preparation

You cannot anticipate exactly what will be asked, but some general preparations can go a long way in helping you feel more confident when it comes time to sit down with the selection board. Prepare for the MBA interview in much the same way as you would a regular job interview. Before the date arrives, ensure that you know how to get to the location. Identify potential obstacles, such as lack of parking or heavy traffic, and plan to leave in plenty of time so you can arrive early. It is also a good idea to research the school and find out who you are going to be speaking with. Knowing the interviewers' background and specialty may help you anticipate what types of questions they will ask. Review the information that was contained in your application as well. Chances are good they will ask you to elaborate on some of this information.

On the day of the interview, dress professionally and conservatively, just like you would in an actual business environment. Bring multiple copies of your resume so everyone who will be participating in the interview can have their own copy. Try to relax so you will not appear nervous.

Possible questions

Although many questions may be asked, top business schools are generally looking to assess several key areas to determine whether an applicant is a good MBA candidate. Firstly, the interviewee should be prepared to discuss their background in business. This includes not only academic qualifications, but work experience and volunteer work as well. Make sure you can explain how these experiences enhanced your understanding of the business world. You should also have a strong knowledge of the business world in general, so be prepared to discuss major issues and current events in an informed, intelligent manner. Do your best to present yourself as confident and happy, even if you are feeling nervous. Selections committees look for people with a diverse range of interests, so they may ask you about your activities outside of the business world as well. Finally, they will want to know exactly why you want to obtain your MBA. Be prepared to answer questions dealing with each of these areas before the big day arrives.

MBA Resume

Along with the MBA interview, GMAT scores, and MBA application, most admissions committees for top business schools require candidates to submit a resume, which plays an important part in the admissions process. To prepare a resume that will ensure that MBA selections committees will consider you a strong candidate, keep the following points in mind when preparing your MBA resume.

Keep it brief

A resume is intended to be a brief overview of your education, skills, and experiences. It is not necessary to include a detailed description of every part-time job you have had since high school.

Keep it focused

While admissions committees want to recruit well-rounded individuals with a diverse range of skills and interests, it is best to refrain from including all of this information on a resume. Hobbies and activities can be briefly mentioned, but they should not be the focus of the resume. Instead, use this important document to highlight your education and experience that is relevant to the MBA program. Focus on business education, work experience directly related to business, and volunteer work with a business focus.

Similarly, focus on the area of business that you would like to specialize in during your MBA. If you want to focus on project management, for example, highlight the courses and positions that involved working on tasks related to this specific area.

Include dates

For each school you attended or each position you held, be sure to indicate the start and end dates. Admissions committees are usually looking for candidates with experience in the business world, so be certain that they can easily determine how long you have been in the work force and/or out of school by looking at your resume.

Generally, it is recommended that jobs be listed by reverse chronological order. Ideally, more recent positions will show that you have assumed more complex roles and responsibilities compared to older ones. Highlight the key responsibilities for each position. In this way, admissions committees will be able to see how you have progressed in the business world since graduation.

Be specific

When providing descriptions for past and current jobs, it is recommended that accomplishments and responsibilities be included. Try to be as specific as possible in these descriptions. For example, 'increased productivity' is quite vague, but 'increased productivity by 10 percent during 2002' is more concrete, and will allow those making admissions decisions to accurately assess your skills in the business world.

MBA Scholarship

It is no secret that it is quite costly to obtain an MBA, and you'll almost certainly need financial aid, particularly if you plan to attend one of the top business schools in the world. While many students will have to take out a loan of some sort to finance their studies, there are also many scholarships available that can help offset some of the costs. Here are some tips to increase your chances of obtaining an MBA scholarship.

Research your options: The more scholarships you apply for, the more likely you will be successful in being awarded one. Devote some time to researching your options. Chances are your school will have a scholarship and awards department that can help you with this step. They will be able to give you information about scholarships that are offered by your school and other organizations.

Determine your eligibility: While it is a good idea to apply for as many scholarships as you can, make sure you actually meet the eligibility criteria. Some scholarships are offered based on gender, nationality, or even the type of major you wish to pursue. Apply only to the ones you stand a chance of winning. Otherwise, the time spent filling out the application forms will have been wasted.

Pay attention to detail: In some cases, you will be automatically considered for scholarships based on your academic performance during your undergraduate degree, or your GMAT score. Other scholarships will require you to submit an application. If this is the case, be sure to thoroughly review the instructions and submit everything that is asked for. Most importantly, make sure you give yourself enough time to devote to the scholarship application process. Some applications may require you to write an essay or complete a questionnaire. Do not leave this step until the night before. Research what the scholarship is all about and develop an application that will make those in charge of granting the prize take notice.

Research your potential schools: Some MBA schools have more generous scholarship programs than others. While you should avoid settling for a lower quality school just because you are more likely to receive a scholarship, you must also consider your own personal financial situation during the decision making process.

MBA Loan

While some MBA students will be lucky enough to receive a scholarship, have their MBA tuition covered by their employer, or have enough personal savings put aside to cover the cost of their graduate degree, most will have to take out a loan. There are numerous options when it comes to borrowing enough money to cover the cost of your MBA degree.

Federal loans

These loan programs are under the jurisdiction of the federal government, and will usually require you to apply with your school's financial aid office to be eligible for these funds. A common loan disbursed to MBA students in the United States is the Stafford loan. This type of loan may either be subsidized or unsubsidized, and this decision is based on the financial need of the student. Those who are able to secure subsidized loans will not be charged interest until they complete the MBA program and begin repayment. However, there is a limit on the amount of funds that can be classified as subsidized. Unsubsidized loans result in interest being charged as soon as the funds are disbursed. In most cases, the loan funds are sent directly to the school to cover tuition costs. The annual loan limit is $18,500.

Private loans

Many students find that federal loans alone are not enough to cover tuition and living costs while they are studying at a university. If this is the case, students can often take out additional funding in the form of private loans. Many of these require the student to undergo a credit check and provide proof of employment. In some cases, it may also be necessary to have another individual co-sign the loan. Private loan funds are sent directly to the student rather than the school.

Consolidation loans

After the student has completed the MBA program, a consolidation loan may be a good idea, particularly if they are still paying back undergraduate loans and have accumulated substantial debt while studying for their graduate degree. Basically, the student's debts are combined into one single loan, which can lower total monthly payments and also make financial planning easier since only one monthly payment is required instead of several.

Financial Aid Department

Most schools will be able to tell you about loan programs that are available to students. So, if you know you will have to take out an MBA loan, it is a good idea to speak with different schools to find out about the types of financial assistance they offer.