MBA Applications Increased at Many U.S. Business Schools in 2014

After a big decline during and following the global economic crisis, applications have increased sharply to a number of top business schools in the United States.  The Wall Street Journal recently reported that many elite schools saw double digit growth in applications submitted to their MBA programs.

The biggest mover was Washington Foster School of Business, where applications increased by an incredible 74% from 2013 to 2014.  Foster’s more tailored marketing approach and strong connections with the thriving technology companies in the Pacific Northwest Region can likely account for this increase.  Another big winner was UNC Kenan-Flagler, where applications went from 1,493 in 2013 to 1,912 in 2014, a sizable 28% increase.  Georgetown McDonough School of Business credits its strategy to attract underrepresented minorities and international students by joining the Consortium for Graduate Study in Management, and holding monthly on-campus information sessions for its significant 23% increase in applications in 2014.  Applications to Georgetown MBA from U.S. students rose 27%, and international applications grew by 20% in 2014. 

Most admissions committee members cite the improving economy and job market, as well as the streamlined admissions process at many schools (i.e. fewer required essays) for such application increases.  However, those of us in the MBA admissions consulting industry can also recognize that these top business schools have been recruiting international applicants more aggressively, especially here in Asia, where admissions committee members typically travel around the region several times each year to connect with potential applicants.  Such marketing and recruiting efforts have definitely had an impact on application totals from the Asia Pacific Region.  

Other MBA programs which had large upticks in applications from 2013 to 2014 include Indiana Kelley (20.3%), Arizona State Carey (44%), Duke Fuqua (9.6%), Rice Jones (19.4%), UCLA Anderson (32%), USC Marshall (10%), UT Austin McCombs (10.2%) and Washington Olin (19%).  Not every school fared this well, however, as MBA applications declined at some high profile schools such as Michigan Ross (-7.7%), Yale SOM (-2.3%) and Boston University (-4.3%).

As many business schools continue to “streamline” their applications and market more aggressively, we expect that MBA applications will continue to increase in the short-term.  With this in mind, the 2014-2015 application cycle will no doubt be a particularly competitive one.  Although the total number of required essays and word limits has decreased at some MBA programs, we do not feel that this makes the MBA application process less onerous.  If anything, it makes it even more difficult for applicants to provide meaningful information that can allow the admissions committee to clearly see their core value, uniqueness and future potential.  And with fewer essays to write, it will be more important than ever for applicants to construct a powerful resume that clearly reflects their responsibilities, achievements and impact.  Finally, the interview process will likely become more critical and competitive than ever, as applicants must seize this one precious opportunity to convince the interviewer that they are a perfect fit for the program and truly need an MBA education. 

We hope this information was helpful for all of you aspiring MBA applicants out there.  And of course, if you have any questions about the application process, or how to create a winning application strategy, feel free to reach out to us with your questions at info@transcendadmissions.com.

GMAC reports robust business school hiring outlook in 2014

Ever-increasing business school tuition coupled with the opportunity cost of leaving one’s job for one to two years makes the decision to pursue a graduate business degree a difficult one for many potential MBA, MAcc, MFin and MiM applicants.  Potential applicants who are sitting on the fence might be persuaded to apply after learning that the projected 2014 job market is among the best ever (particularly the MBA job market), as major global corporations continue to see value in hiring highly-skilled business school graduates.

GMAC’s recently released 2014 Corporate Recruiter Survey indicates a very positive employment landscape for MBA and other master’s-level business students who will graduate in the following twelve months.  Some of the Survey’s key findings are as follows:

            MBA

§  An astounding 80% of all companies surveyed plan to hire MBA graduates, compared to 73% in 2013.

Ø  83% of responding companies in Asia Pacific plan to hire MBAs this year, up from 70% in 2013.

Ø  A whopping 86% of employers in the United States said they plan to hire MBAs in 2014, up from 81% last year.

Ø  84% of consulting employers plan to hire MBA grads, up 13 percentage points from last year.

Ø  Health care and pharmaceutical employers: 90% of the companies expect to hire MBAs this year, up 19% from 2013.

Master in Management (MiM)

§  50% of all companies surveyed plan to hire Master in Management graduates, compared to 45% in 2013.

Ø  68% of Asia Pacific employers expect to hire Masters in Management graduates, up from 52% in 2013.

Master in Accounting (MAcc)

§  Demand is increasing for Master in Accounting graduates (45% in 2014, up from 36% in 2013).

Ø  53% of responding companies in Asia Pacific plan to hire MAcc graduates this year, up from 39% in 2013.

Ø  64% of finance/accounting employers plan to hire MAcc grads, up 10 percentage points from last year.

Master in Finance (MFin)

               

§  More employers are seeking Master in Finance graduates (44% in 2014, up from 39% in 2013)

Ø  57% of Asia Pacific employers expect to hire MFin graduates, up from 40% in 2013

Ø  62% of finance/accounting industry employers who were surveyed said that they plan to hire MFin grads, compared to 55% last year.

  

As one can see, the hiring outlook among responding companies is strong overall, particularly in the Asia Pacific region, providing assurance for future job-seekers in this region.  We hope this information is helpful for you as you make your graduate school decision.  You can click here to access the full GMAC 2014 Corporate Recruiter Survey.

How to Answer the “Why MBA Now?” Question in an Interview, Part II

Greetings aspiring MBA candidates! We would like to build on our previous post that delved into the often problematic “Why MBA Now?” interview question.

In our last post, we encouraged interviewees to establish a clear, career-oriented reason for pursuing an MBA. These reasons should revolve around the interviewee’s future career aspirations, which allow the interviewee to explain that an MBA is needed to achieve them. This is primarily a discussion about the future, and that an MBA is essential for the person’s future career development. But we often find that the interviewee’s answer to the “Why MBA Now?” question is limited to this topic only: an explanation of their future goals and that they need an MBA now to achieve them. However, this is really just an answer to “Why MBA?” and does not address the key issue which is why now is the right time to get this education (as opposed to one or two years from now).

To fully explain why now is the right time to get an MBA the interviewee must offer some context about their past experience. Thus, a brief discussion of the past is also critical to providing a complete and compelling answer to this question. If the interviewer does not fully comprehend the interviewee’s past experience, it is impossible for them to fully appreciate why the interviewee needs an MBA now.        

A complete “Why MBA Now?” interview answer will therefore:

a)      Provide some context about the interviewee’s past professional experience. They might briefly point out their progression and the key skills that they have developed which they can build on in the future.

b)      Detail their future career plans.

c)       Explain that after evaluating the feasibility of these plans, they have come to the realization that without an MBA it will be very difficult to achieve them and that now is the best time to get this education.

While a), b) and c) above seem to be simple enough on paper, explaining them in a coherent and easy to understand way in a high pressure interview is extremely challenging which is why a lot of advance preparation is needed.

To further elaborate our ideas about how to best execute the “Why MBA Now?” question we would also like to offer the following sample interview response. 

Sample “Why MBA Now?” response:

“My five years of project management experience in the pharmaceutical industry have been extremely rewarding, and I’ve developed solid leadership, analytical and problem solving skills while driving several important process improvement projects. It’s just been over the past 1.5 years I’ve become quite sure that strategy consulting is the path I want to devote my career to. Merck’s acquisition of my company forced me to quickly learn how major pharmaceutical companies plan and execute their global operations. When I began to see the positive effects the new Merck system was having on my company’s operations and product sales, I became really interested in business strategy and how it could lead to improved performance. I then started networking within the management consulting industry which led to informational interviews with managers at BCG and Accenture. I just became really passionate about consulting at that point, and I knew it was what I should be doing.

Needless to say, with my past education in accounting and experience in project management there’s no way to break into consulting unless I ‘retool’ with an MBA. And at 28, it doesn’t make sense to wait.”

  

In this sample answer we can see that the interviewee has provided some useful context about their previous work experience, stated their career objectives and why this path interests them, and then explained that now is the right time to get an MBA education.

We hope this information is helpful for all you aspiring MBA candidates out there! Please take plenty of time to carefully consider how you would respond to this frequently asked question before you enter your interview. Or if you would like to seek our expert assistance in interview preperation, feel free to reach out to us at info@transcendadmissions.com.  

How to Answer the “Why MBA Now” Question in an Interview

There are several interview topics that every MBA interviewee should be prepared for such as discussions of an important professional accomplishment, a significant teamwork or leadership experience, points of learning from a mistake/failure or their strengths and weaknesses. MBA interviewees should carefully consider how they might discuss these topics when preparing for the interview. But perhaps the most important question that is asked in 99% of MBA interviews is “Why do you need an MBA now?” This question is simple – right? Based on our experience MBA interviewees often struggle to provide a coherent answer to this seemingly simple question. 

When our clients struggle to answer this critical “Why MBA now” question we often advise them to first focus on the purpose of the question. For many MBA interview questions, the interviewer’s purpose is to understand how the interviewee analyzes problems and why they make key life decisions. Getting an MBA is certainly a key life decision and thus this decision should be based on a well thought out plan.

The reason for pursuing an MBA will not be the same for every person and there is not one right answer as to why a person might need an MBA. Thus, when answering the “Why MBA now” question the interviewee must incorporate reasons that fit their specific situation. Here are several acceptable reasons for pursing an MBA:

•          You need to learn more about business and develop new skills to make a career transition

•          Your career progression has plateaued

•          You have gained adequate work experience and it is time to get a general management perspective so that you can move up to management level within your company.

•          You are at a natural break or transition point in career

•          You want to start and run a business but need more skills and a strong network in order to secure funding, deal with investors, customers, etc.

•          You want to learn more about international business and work outside your country

Thus, there a number of logical, career-oriented reasons for why a person might need an MBA at a certain time. In our next blog post we will provide more specific ideas about how to answer the “Why MBA now” question. 

Interview Skills Course - Nov. 2nd

Interview Skills Course:

Master Your Nerves - Ace Your Interview

-"How can an MBA help you achieve your goals?"

-"What key skills do you have that can help you succeed in your career?"

-"How can you contribute to our program?"

Are you ready to answer these and the many other extremely difficult MBA interview questions?

This one-day four (4) hour course is designed to give you real-world, practical knowledge which can quickly improve your interviewing ability and increase your chances for admission into your dream program.

Books are helpful for preparing for the GMAT, but to nail your MBA interview, you need to deeply understand the interview process, get inside the interviewer’s mind and learn what they want to hear - and you need real world practice in front of real people.

Schedule:

11/2 (Saturday):  14:00-18:00

Class Size, Location & Pricing:

Size: limited to 20 students

Location: A2 GMAT (台北市大安區信義路四段6號13F-7).

Pricing: NTD1,500 per student

RSVP to David at: david@transcendadmissions.com 

Instructor:

David Johnston (Graduate of Georgetown University Law Center; Founder of Transcend Admissions Consultants)

Course Overview

(14:00 – 15:00)  Understanding the MBA interview

-          An explanation of the MBA interview process

-          Review the most important interview questions and discuss the purpose of the questions

-          Learn how to best structure your interview answers

-          In-depth discussion of how to approach the most important questions (“why MBA?”, “why career goals?”, “why our school?”, and questions about teamwork and leadership)

-          Analyze a sample written answer to a “Why MBA?” question

(15:00 – 16:00)  Applying Your New Interview Skills

-          In the “hot seat:” Students give presentations and receive in-depth personalized feedback from the instructor other students

(16:00 – 17:00) Applying Communication Skills to the Interview

-          Introduction and examples of how to use effective body language

-          How to make a positive impression on the interviewer and get the interviewer to like you

-          Learn how to “break the ice” and convey a sense of humor in a professional setting

-          Strategies to practice for your interview

-          How to adapt a story to multiple questions and situations

-          Examples of the best questions you can possibly ask your interviewer to connect with them

(17:00 – 18:00)  Applying Your New Interview Skills

-          In the “hot seat:” Students give presentations and receive in-depth personalized feedback from the instructor other students

-          Ask David interview questions to see how he responds under pressure, and adapts the same story to different scenarios

How to Clearly Express an Accomplishment

Graduate programs, especially MBA programs value diversity of ideas and are extremely results-focused.  There is no one ‘right’ type of background for MBA programs - in order to create an optimal learning environment the admissions committee aims to fill the class with students from a wide range of industries and countries.  The admissions committee simply seeks students who are outstanding and the primary way applicants can to prove that they are outstanding is to provide clear explanations about some of their accomplishments.  Stories about key accomplishments will be first delivered in essays and eventually in the admissions interview.  

Many applicants struggle to identify and adequately explain their accomplishments.  In many cases, applicants have had an experience with a great result, such as completing a project that helped their company save US$250,000 per year - but they fail to help the reader deeply understand why this accomplishment should be viewed as impressive.  Other times, applicants fail to see that their stories could be viewed as impressive accomplishments, if explained in the right way.

Stories with an impressive result:  Achieving an impressive final result is obviously a great reason to tell a story but there should be much more substance to the story than the final result.  Providing an explanation of the challenges that you overcome to get to the result will give the reader some context into specific situation.  Explaining challenges faced can also allow the applicant to showcase the creative thinking and skills they applied to find a solution.  Most importantly, an explanation of challenges will heighten the drama in an essay and make the story more interesting - and more memorable in the mind of the reader.     

Stories without a really impressive result:  Even if a story does not have an amazing result (like helping your employer save US$250,000 in one year) it does not mean the story is not worth telling.  Sometimes the result of our actions cannot be easily quantified.  For example, perhaps you have had a volunteer experience teaching English to children and you created a unique learning method that the children really responded to and benefited from.  It might not be possible to quantify exactly how much their English improved, but as long as you can explain that you felt your idea had a positive impact on the children, the volunteer organization, or yourself then it could still be a great story.  Always look for ways to explain the impact on others, and also on yourself, such as something you learned or a skill (like leadership!) you improved.

By clearly presenting your accomplishments and the challenges you faced during the process you’ll be sure to help the admissions committee fully comprehend and value them.  Of course, if you are having trouble clearly expressing your key stories and accomplishments in your essays, using our Essay Analysis & Editing service would probably pay dividends for your business school applications.       

How to Shorten Your Resume to One Page

MBA essay word limits are shrinking.  Essays that used to have a 750 word limits are now limited to 250-500 words.  With these very tight space restrictions it is impossible to mention all of your important past experiences in the essays.  As the essays get shorter, the resume becomes an even more important vehicle to provide the admissions committee with a holistic perspective of your background.  And of course, your resume might provide the only information your interviewer knows about you.

You will want to convey a lot of critical information in your resume.  However, trying to shift large chunks of essay content into your resume won’t work - it is still highly advisable (or even required) for applicants to submit a one page resume.  If you have had a lot of important professional and extracurricular experiences you face the difficult task of prioritizing them and squeezing them into one page.  If you are struggling with this here are some tips that can help you save valuable space on your resume:    

Reduce the length of your statements. Your bullets should provide adequate detail about your responsibilities and list your achievements but they do not need to tell the entire story.  Sometimes context is important; but if your bullets are spilling over into three lines you’ll need to reduce some context from your statements.

Remove the statement of objectives.  A statement of objectives is not necessary for an MBA resume.  It takes up a lot of space and provides little value.  The typical information conveyed in a statement of objectives would normally be covered in a personal statement or “goal” essay. 

Reduce the number of sections.  You do not need a separate section for items like awards, publications, community service, etc.  This would often eat up too much space and could be condensed under broader headings like: “Additional Information.”  It might make sense to create a specific section only if the information was critical to your field of study or future goal.

Reduce the number of bullets.  You do not need to list several bullets for every experience you’ve had.  Use more bullets for more recent or longer professional experiences.  Limit internships or military experiences to one bullet unless there is something particularly important you need to express.

Adjust the formatting.  The last thing you can do is make minor adjustments to the formatting to squeeze more information into one page.  But be sure that the resume is uncluttered and easy to read.  Some minor formatting adjustments can make a big difference: the font theme Times New Roman takes up much less space than some other fonts and you can create extra space by listing your address, phone number and email address on one line.

We hope these tips were helpful!  If you need any help creating the perfect resume for your graduate school applications please consider using our Resume Editing Service.  

Northwestern (Kellogg) MBA Deadline Update

If you are planning to apply to the Northwestern (Kellogg) Full-Time MBA program you’ll want to be aware that the admissions office has provided updated information for applicants that will request off-campus interviews.  Kellogg recommends that applicants requesting off-campus interview submit their application about one month before the final deadline!  See the deadline information here:

Round 1

- Final Deadline: October 16, 2013
- Recommended deadline for off-campus interview requests: September 18, 2013

Round 2

- Final Deadline: January 7, 2014
- Recommended deadline for off-campus interview requests: December 3, 2013

If the admissions office for the MBA program recommends that applicants do something, it would be wise to follow their advice.  Therefore anyone who is planning to apply to Kellogg in Round 1 and will request an off-campus interview will need to start working on their Kellogg MBA essays ASAP!

*Free* Personal Statement/SOP Information Session

Time:  Wednesday, August 28^th from 17:00 – 18:30.

Location:  Transcend Admissions Consultants - 106台北市信義路4段6號15F-14

Instructor:  David Johnston, personal statement guru and Founder of Transcend Admissions Consultants

Class Size:  Limit 16 people

RSVP:  info@transcendadmissions.com

An excellent personal statement can increase your chances of grabbing a coveted admission.  But when you think about your personal statement does it give you a headache?  Are you having problems generating and organizing ideas for this critical essay?  Transcend Admissions can help! 

It might be called a personal statement / statement of purpose / statement of motivation / study plan or goals essay but regardless of the name it is a critical essay that you will almost always need to write if you are applying to graduate school.   This challenging and complex essay requires the writer to include lots of information such as explanations of their important past experiences, the motivations behind their future goals and why they need graduate education now to succeed. 

Agenda:

°         Avoiding common problems

°         Organizing your ideas

°         Analyzing the question

°         Tips for outlining your answer

°         Clearly explaining your goals

°         Your need for graduate education

°         Your fit and contribution to the program

°         Writing in a concise and compelling way

°         Incorporating a theme & making your essay more interesting

°         Lots of practical materials!

°         Answering students questions about personal statements

*The information presented at this session is suitable of anyone applying to MS, Law, PhD, MBA or any other type of graduate program – as long as you need to write a personal statement.  Please join us!     

Interviewing & Public Speaking Class! (Aug. 31 & Sept. 1)

Talented public speakers are typically excellent interviewees as well.  This practical six-hour course will provide instruction in how to improve your public speaking ability, and then teach you to apply these methods in graduate school and professional interview settings.

Schedule:

8/31 (Saturday):      14:30-17:30

9/1 (Sunday):          14:30-17:30

Class Size, Location & Pricing:

Size: limited to 25 students

Location: A2 GMAT (台北市大安區信義路四段6號13F-7)

Pricing: NTD3,200 per student

**Special Bonus**: Course attendees can receive a 20% discount on the purchase of Transcend Admissions Interview Preparation Services in the future 

RSVP to David at: info@transcendadmissions.com

Instructors:

David Johnston (Graduate of Georgetown University Law Center; Founder of Transcend Admissions Consultants)

Austin Yoder (Graduate of Georgetown University; Georgetown alumni interviewer; public speaking guru)

Part One – Public Speaking

·         Overcoming the fear of public speaking

·         Breaking the ice, establishing a relationship with your audience

·         Overview of positive body language

·         Overview of how to structure & deliver your speech for maximum impact

·         Example speeches from Austin & David

·         Class participants give speeches & receive feedback from the instructor and other students

Part Two – MBA / Graduate School Interviewing 

·         An explanation of the MBA / graduate school interview process

·         Discuss the purpose of the most commonly asked interview questions

·         Learn how to best structure interview answers

·         How to approach the most important questions (“why do you want this degree?”; “why career goals?”; “why our school?” and questions about teamwork and leadership)

·         Analyze a sample written answer to a “Why MBA?” question

·         How to make a positive impression on the interviewer and get the interviewer to like you

·         Learn how to “break the ice” and convey a sense of humor in a professional setting

·         Ask David interview questions to see how he responds under pressure, and adapts the same story to different scenarios

·         In the “hot seat:” Students give presentations and receive in-depth personalized feedback from the instructor and other students

Part Three – Professional Interviewing 

·         The real purpose of an interview: getting to know you as a person, how you make decisions, and determining if your values align with the values of the organization

·         What not to do during a professional interview

·         How to set yourself apart from other interviewees

·         How to research and prepare for your interviewer to form a strong positive connection with your interviewer

·         Specific examples of the best questions you can ask your interviewer

·         Develop your narrative toolbox and apply your most compelling stories to multiple scenarios

·        How to practice for your interview in advance

·         Learn to integrate the communications and people skills learned from Class One on Public      Speaking into your interview style

·         In the “hot seat:” Students give presentations and receive in-depth personalized feedback from the instructor and other students