Friday, June 10, 2011

Consulting Industry Hiring Increases in 2011

The consulting industry, a major recruiter of MBA graduates, has bounced back in 2011 from the dismal days after the economic crisis in 2009 when the global consulting industry contracted by 9.1%.  The research firm Kennedy Information reported that 2009 was the worst year for the consulting industry since 1982. 
The projects that consultants are working on this year are more profit-oriented as well.  In 2009, 87% of projects were aimed at cutting costs, while in 2011, 53% of project spending for consultants will be focused on business growth plans. 
Not all consulting sectors are expected to grow at the same rate though.  Growth for spending on strategy consulting is forecasted to expand by only 1.1% a year between 2011 and 2014, while consulting on operations management will grow by an annual average of 5.1% and IT consulting by 3.9% a year to 2014.   
Of the elite strategy consultancies, BCG had the best 2010 with 12% growth.  But the major players are getting more and more competition by the Big Four audit firms that continue to aggressively expand and mid-sized firms that offer experienced independent consultants at lower rates.  

Guidance for Younger MBA Applicants

There is a trend of younger applicants (with three years or less of work experience) applying to MBA programs.  In recent years, many of the MBA programs in the United States have shown a willingness to accept less experienced applicants who have a great deal of potential.  However, MBA admissions committees will take a cautious approach and very closely scrutinize a younger applicant’s background and knowledge.  If you are a younger applicant how can you maximize your limited experience and gain acceptance?  The key will be generating application materials (essays, letters of recommendation and resume) that contain the following information:
Maturity. You must show that you are mature beyond your age and experience level, that you are poised under pressure and will add value to group projects.  To do so, your essays and recommendation letters must clearly display that you have sound judgment, that you view mistakes as learning opportunities and have exceptional analytical and interpersonal skills which will allow you to easily blend in with more experienced MBA students.            
Why MBA, Why Now?  Admissions committee members may agree that you are very intelligent and have great potential, but they must be convinced that you can benefit more from the MBA experience now and not in the future.  To handle this tricky issue it is essential that your essays lay out your motivations for needing an MBA – affirmative reasons that are practical and based on concrete goals.  Your career goals should serve as the pivotal reason for needing an MBA; then you must persuasively illustrate why these specific goals make it necessary to get an MBA at this time. 
You are a natural leader.  Although you did not achieve the title manager at work there are still many other ways to reveal your management potential.  To do this, young candidates should display leadership qualities and an extraordinary impact made on an organization.  For example, you could mention innovative ideas you devised and implemented, or a solution you tailored for a client that was initially rejected by management, but that you were persistent and convinced them to go forward and eventually the idea was extremely effective.  You could also detail fundraising, organizational and promotional activities or creating new initiatives in college organizations.  Regardless of your experiences, when talking about leadership, you must tell a memorable story that gives concrete examples of your ability.
You have high-quality professional experience.  The shorter your professional experience, the more important it is to emphasize the quality of the experience, your extensive personal growth and the ability to learn a great deal in a short period of time.  There are many ways to show that your work experience was short yet outstanding, such as working with important clients, assignments involving complex analysis, or rapid promotions earned.  To drive this point home it will be crucial to highlight that your experience was unique in your organization as your managers did, in fact, recognize your advanced abilities.    
You can make a tremendous impact.  Admissions committees are searching for results-oriented people who are likely to be very active both during the program and upon graduation.  Therefore, after stating that you know exactly why you need an MBA, you must demonstrate why your unique background and skill set will allow you to make a meaningful contribution to the program inside and outside the classroom.  If you can convey compelling reasons why you can add significant value to the MBA program in your essays, letters of recommendation and resume, you will take a big step towards being admitted.

Thursday, June 2, 2011

International Applications Decrease in Some Major U.S. Business Schools

The Wall Street Journal recently reported that there was a 4% decrease in Fall 2011 international student applications to the 25 United States business schools that normally award the largest number of degrees to international students.  The reason for this trend is thought to be increased competition from business schools in Europe and Asia that have invested significant resources in business programs in recent years.  While international applications increased by 4% overall to all U.S. business schools, this is significantly less than the 12% growth in international applicants in engineering and science programs, and the 8-9% growth in education, arts and humanities and life sciences programs.

Wednesday, June 1, 2011

I got into the Northwestern IMC Program!

from: XXX@gmail.com
to: Transcend Admissions Consultants <transcendadmissions@gmail.com>
date: Tue, May 31, 2011 at 3:41 PM
subject: IMC Application follow-up

Dear David,
It has been awhile since we last talked.  But I am happy to finally tell you that last Thursday I received the offer of admission from the Northwestern University (Medill) Master in Integrated Marketing Communications (IMC) program!!  Actually, they gave me a deferred admission - which requires me to work for a year, so I'll be joining their class in 2012.  Therefore, lately I have been busy looking for a perfect job :p

Anyway I think it is a perfect result. I don't need to worry about reapplying and at the same time can get a full time work experience. You have given me a great deal of help to achieve this.  I think your waitlist and interview strategy worked perfectly in this case.  Million thanks!!!!  I'll definitely recommend Transcend Admissions to my friends and schoolmates.

Anyways, thank you so much for your help and support. We will keep in touch!!!

Sincerely,
H.I.

Friday, May 27, 2011

Kellogg EMBA Program - GMAT Not Required!

Going forward the Northwestern University Kellogg School of Business Executive MBA program will not require a GMAT score to be submitted as part of the application.  The program is geared towards working professionals with little time to prepare for the GMAT exam (the EMBA requires a minimum of 8 years of work experience, and the average student has 12-15 years of work experience), and therefore Kellogg has decided that they will primarily evaluate candidates based on their career progress.

Harvard Professor Becomes Dean at Georgetown McDonough School of Business

David A. Thomas, professor and former associate dean at Harvard Business School will become the new dean of Georgetown University McDonough School of Business as of August 1st, 2011.  Thomas is a professor of Business Administration and directs Harvard's Organizational Behavior Unit; he was also a former professor at the Wharton School of Finance at the University of Pennsylvania.  Thomas holds undergraduate and graduate degrees from Yale and Columbia Universities, respectively.

Thomas is now the third high profile HBS professor to take over the top position at prominent business schools over the last several months, as professor John Quelch became the vice president and dean at China Europe International Business School (CEIBS) in Dec. 2010, and long-time HBS finance professor and social entrepreneur Peter Tufano became the dean at the University of Oxford, Said Business School in Nov. 2010.   

Tuesday, May 24, 2011

MBA Internship Hiring Has Increased in 2011

This article reports that many of the top business schools in the United States, including Northwestern (Kellogg), Cornell (Johnson), Carnegie Mellon (Tepper) and the University of Minnesota (Carlson) have showed a significant increase in hiring for MBA students who had internships in the summer of 2010.  Employers in the consulting, banking, consumer packaged goods and energy industries are driving this growth as they look to fill their talent needs.

Many MBA career services directors are cautiously optimistic about these positive figures, and note that many employers are waiting longer to extend offers and hiring interns year-round, instead of in the fall as was more common in the past.  MBA career services offices have also shifted their focus to instruct candidates how to best leverage their network to aggressively find internships, instead of waiting for employers to recruit on campus.    

Monday, May 23, 2011

Georgetown MBA - Finally!!!!

陳 冠甫 souloriginxxx@yahoo.com.tw
to: Transcend Admissions Consultants <transcendadmissions@gmail.com>
date: Mon, May 23, 2011 at 2:13 PM
Dear David,

I would like to tell you that after a long, long wait I FINALLY received the offer of admission to the Georgetown MBA program!!!  Thank you for all the hard work and support you put in on my applications - especially finishing many last minute essay edits and helping me create an effective waitlist strategy that eventually led to this acceptance.     

I am very excited to become your Georgetown University 学弟 and for all the possibilities this MBA degree will bring. :) 

Lets plan a dinner soon to celebrate, and I would love to hear your insights on living and studying in Washington D.C.! 

Yours Truly,

Kory Chen

Friday, May 20, 2011

Positive Hiring Trends for 2011 MBA Graduates

The Graduate Management Admissions Council (GMAC) (the company that brought you the GMAT) has recently reported that the job market for the class of 2011 MBA graduates has significantly improved from 2010. 

In a GMAC survey from March 2011, 54% of MBA class of 2011 respondents indicated that they have already received at least one offer of employment, up from 32% just one year ago as many employers seek to expand operations.  Average salaries for MBA graduates are also on the rise, as annual salaries for job-seekers in the United States and Europe are now over USD91,000.

This is very positive news for current MBA students and future applicants, and is strong evidence that the global economic situation is steadily improving. 

Tuesday, May 10, 2011

In Many Asian Countries, Women GMAT Testtakers Outnumber Men

This recent Bloomberg/Businessweek article notes that the number of women taking the GMAT exam from China, Taiwan, Vietnam and Thailand is now greater than men.  Last year, 57% of all examinees from Taiwan were women.  These Asian female applicants to MBA programs are likely the reason female enrollment in many programs has increased in recent years.  Ten years ago MBA programs generally had about 25% female enrollment, but now in many programs female enrollment accounts for over 30% of all students.   

Should I Take a Break to Prepare for the GMAT?

A common question we receive at Transcend Admissions Consultants is whether applicants should quit their jobs in order to prepare for the GMAT and create their graduate school applications.

There is no doubt that preparing for the GMAT and producing high-quality application materials is very difficult and time-consuming, especially when you have to balance your time with a very demanding job.  Because of this, many applicants believe that they must quit their job to effectively complete these tasks.   However, before leaving your job you must carefully consider the implications of this decision.  For a Fall 2012 graduate school applicant that quits their job in May 2011, there will be a 16 month gap before the programs begins, which is a considerable amount of time.  During this period you may be giving up potential promotions or management/leadership experiences that could be keys to your success in graduate school.  In addition, if you are not accepted by the schools you apply to you may face a difficult and uncertain job market.   

The applicant must also consider the fact that thousands of graduate school applicants have been able to successfully manage studying for the GMAT and preparing their essays while still thriving at work.  Those applicants who leave their jobs will certainly be at a disadvantage to applicants with similar credentials who continued to work during the application process.  The admissions committee will wonder why the applicant could not balance their job and GMAT preparation at the same time and may decide that they do not have the determination necesary to be a leader.  The admissions committee may also assume that the applicant lacks organizational ability - a key skill for graduate school.       

If you do decide that you must leave your job in order to prepare for the GMAT and do your applications, you should also find something else to work on in the meantime that will show skill development and enhances your resume, such as community service involvement.  In the admissions interview you will definitely be asked about an employment gap, and should be ready to discuss your recent activities, and how these experiences have made you a stronger candidate that can add uniqueness and value to the class. 

An alternative to consider is requesting a leave of absence from your employer.  This can give you the valuable time you need to prepare for the GMAT, but will allow you to return to work so you can continue to enhance your knowledge and skills.  We have found that many employers are open to this type of arrangement.

Thursday, May 5, 2011

Paying The Deposit - Then Changing Your Mind

Many graduate school applicants face a dilemma when they are accepted early by a school and asked to quickly pay a deposit before they have time to receive the final decision from the other schools they have applied to.  This becomes even more difficult when the school that has accepted them is not their first choice.

First of all there is nothing wrong with politely asking for a payment extension by explaining to the school that you would like to evaluate all of the offers from the schools you have applied to before paying the deposit.  Many schools will appreciate your honesty and grant such an extension for a limited period of time.

However eventually you may have to make the decision whether or not to pay the deposit while you are still waiting to hear from your dream school.  So what should you do if you eventually receive an offer from your dream school - is it okay to back out and reject the first school?  Here are some points to consider when making this decision:

Monetary consideration.  The deposit will almost certainly not be returned if you back out so you will need to consider whether you can afford to lose this amount of money.

Inspiration and enthusiasm.  Does the first school inspire you to learn and are you extremely enthusiastic about studying there?  If the answer to these questions is no, then you probably should not attend the school, whether you paid the deposit or not.  Graduate school is a huge investment of time and money - this is a decision you must be 100% certain about.  You may regret it for the rest of your life if you go to the wrong school.  Also, the school only wants students who really like their program to attend.  So if you are not enthusiastic about the program in the end it is also better for the school if you do not enroll.       

Ethics.  There is an issue about whether accepting the offer of admission from a school and paying the deposit and then backing out is unethical.  Some people might persuasively argue that this is unethical behavior.  However one can also argue that paying a deposit is simply a monetary issue, not an ethical issue.  If you paid a deposit for a hotel and then decided not to stay there most people would certainly not consider this an unethical decision.  The school still gets to keep your money, so they have gained something.  In addition, many graduate school programs put hundreds of applicants on the wait list for precisely this reason.  Rest assured if you back out, the school will be able to find a qualified and eager candidate to take your place.    

In the end we advise applicants to follow their instincts and go to the school that they like the most.  It is a very personal decision, but foregoing your deposit may be worth it in the end.

Friday, April 29, 2011

Harvard!!!!!!!

from: 李宗諭 <wt2xxx@gmail.com>
to: David Johnston <transcendadmissions@gmail.com>
date: Fri, Apr 29, 2011 at 2:18 PM
subject: Thank you!! David
mailed-by: gmail.com

Dear David,

I never thought I would be saying this but:  I'll be going to Harvard next year!!!   I was recently admitted to the Harvard University Graduate School of Design for the Master in Urban Planning program.  To summarize, I was also accepted into Duke, University of Michigan, Cornell, UPenn and Columbia! 
I just wanted to write you a message to thank you for all of your support.  I especially appreciate the extra time you spent getting to know my background and revising numerous drafts of my resume and essays.  I think this really paid off as you really helped me refine my career goals, clearly display my uniqueness and persuasively explain my future potential.  And of course, I submitted many of my essays and recommendation letters for editing at the last minute, thanks for your efficiency and dedication is allowing me to meet all the deadlines. 

After being rejected by University of Wisconsin last year I really did not think this was possible.  But after a lot of hard work I made it to Harvard.  It is really a dream come true! Thanks again for all of your help and support this this stressful application process.  I wish you and your business the best of luck in the future.

Best Regards,

李宗諭
Chung Yu (Jonathan), Lee

Tulane MS in Finance

from: Kane Chen <kychenxxxx@gmail.com>
to: Transcend Admissions Consultants <transcendadmissions@gmail.com>
date: Fri, Apr 29, 2011 at 1:30 PM
subject: Re: Hi David
mailed-bygmail.com
Hi David!

This is Kane Chen.  I wanted update you on my applications.  I have been admitted to the Tulane University Master of Science in Finance (MSF) program, the Illinois Institute of Technology MSF program, and have been waitlisted at University of Rochester (Simon) MSF program. 

After putting a lot of thought into this I have decided to go to Tulane next year!  Many thanks for all of your help with my applications.  As you know, in the beginning I was not confident that my GPA and TOEFL would be high enough to be admitted to these prestigious schools.  But with your advice and detailed editing, my essays/SOPs and letters of recommendations really highlighted my strenghs and minimized these weaknesses.  I know that I could not have accomplished this without you.

Lets go drink some whisky and celebrate before I go to the US!  And of course, you are welcome to visit me in New Orleans next year during Mardi Gras...  ;)

Sincerely,

Kane

NYU in Shanghai

NYU has opened facilities in Shanghai, on the campus of East China Normal University.  Currently the program is limited to current NYU students from New York that want to study abroad in China.  Courses are offered in NYU Shanghai by the Stern School of Business, the College of Arts and Sciences, and the Steinhardt School of Culture, Education and Human Development.  Future plans are to expand NYU Shanghai to 3,000 undergraduate, graduate and professional students.     

Tuesday, April 26, 2011

Strong ROI For Part-Time MBA Programs

Bloomberg Businessweek reported  recently that although the return on investment (ROI) can be much more difficult to calculate for part-time MBA programs, the value is very real.

Monday, April 25, 2011

Summer Reading

Many 2012 MBA applicants will be focusing a great deal of time preparing for the GMAT this spring and summer, but don't forget to keep expanding your knowledge and perspectives during your down time.  This article mentions several great books recommended by professors from top business schools.

Monday, April 18, 2011

Transcend Admmsions Consultants at the 3/27 MBA Information Session


Thanks to everyone who came out on a rainy Saturday evening!

Using Community Service to Enhance Your MBA Credentials

Many MBA applicants believe that an excellent GMAT score and GPA alone will earn them a ticket into a top MBA program.  While solid numbers will certainly help, applicants often overlook how community service involvement will enhance their profile and give them an edge.  MBA programs are searching for students with intelligence and business acumen, but also well-rounded and passionate people who want to make a difference.  Extensive community involvement is a way to show the other side of your personality and character.  And practically, if you did not participate in many outside-the-classroom activities in college, now is the time to involved so that you can add another dimension to your application package.         

Here are some reasons why community service can enhance your MBA credentials.

Displaying leadership skills.  MBA programs carefully evaluate candidates’ leadership ability and future management potential.  However, because many candidates only have 2-3 years of experience they have not had sufficient time to reach management level at work and often have difficulty showing legitimate leadership examples in their essays.  Getting involved in community service is a great opportunity to get real leadership experience that can truly benefit you and your resume.  Community service groups always need help with their activities and will likely give you a lot of responsibility if you ask for it.  In addition, you may also be able to improve other business and organizational skills if you work directly with the organization’s management on planning programs and events. 

You are an engaging and active person.  A person that was very active in their community in the past is the person who will likely get involved in the future. MBA programs are not only looking for people with deep business knowledge and experience to add to case discussions, they want people who will get involved outside the classroom in clubs, sports, competitions, recruiting, alumni affairs, etc.  Especially for the MBA programs that stress the importance of a close community environment, the admissions committee will be looking for evidence of your past community involvement.  And as social responsibility and ethics are becoming more important themes in business, MBA programs are searching for people who care deeply about their communities, and will be more inclined to admit people who have taken leadership roles in community service in the past.  MBA programs will also evaluate you on the type of alumni you may become – a person who gives back to their community will probably become an active MBA alumnus that helps the school promote its brand.

You are highly motivated.  Employers want people who are highly motivated self-starters.  Leaders must have the ability to motivate themselves and others.  However, many people say that it is unfair to expect candidates to excel in very demanding and time consuming jobs AND take on substantial community service commitments.  While these complaints are somewhat valid, we need to look to the core of what community service means.  The type of activities you engage in and the fact that you will not be getting paid says a lot about you.  Community involvement shows that you have passion for certain causes and that you are motivated by things other than money which are very attractive qualities. 
In addition, being able to thrive in a demanding job and getting involved in your community shows that you truly know how to balance your time and that you are willing to put a little bit more effort forth than everyone else.  These are the types of demands that are always present for CEOs and by showing you were able to successfully manage your time in the past indicates that you will probably be able to do so in the future.    
If you are planning to volunteer, do something that you have a passion for that fits your overall personality and application—you may be surprised by what you learn and how rewarding the experience can be.  And in the future when enroll in an MBA program, take advantage of all the community services activities available through the school, this may become the most rewarding part of your MBA experience!

Monday, April 11, 2011

Michigan! Rochester! Purdue!

from: shih hang <phrelXXX@gmail.com>
to: David Johnston <transcendadmissions@gmail.com>
dateMon, Apr 11, 2011 at 3:43 PM
subject: home run
mailed-bygmail.com
signed-bygmail.com

Dear David:

I would like to let you know the great news!
As you know I applied to only three schools - and I already got three admission offers from Michigan (Ross), Rochester (Simon) and Purdue (Krannert)!  Home Run!! 

Without your professional consultation, I am sure that I would not have the opportunity to get these offers.

Thannnnnnnnnnnnnnnnks & Good Luck!!!

Sincerely.

--
Yen Shih