The MBA Admissions Studio

So, July 1 it is, and the 2014 MBA admissions season is definitely now upon us. Having been in this industry for 11 years now, I feel it might be useful to open this season’s posts with a few short thoughts on the fads and fashions in MBA admissions, and how while lots of things change nothing fundamental changes.

Let’s start with what doesn’t change, which is that an MBA from an elite school is, for most, a dramatic career boost both in terms of opportunity and earnings. What also stays exactly the same is that the incremental relative career boost from an elite school (global top-15, more or less) is far greater than merely a good school – and everyone knows this, including recruiters.

Therefore what also doesn’t change is that elite schools are massively oversubscribed by admissions-seekers, and so MBA Adcoms are forced to screen out most of the hopefuls (which is of course exactly what they want. This is how they create “classes of the best,” which attracts recruiters for top jobs, an obvious reinforcing cycle.)

What does change is how Adcoms go about screening. But even this has not changed much over the years. File data, GMAT (or GRE) score, MBA resume, recommendations, extra-murals, and allied personal and professional boxes to check stay effectively the same from year to year (with some test score and general achievement inflation, undeniably).

The application element that is constantly in motion is the way MBA Adcoms ask you, the applicant, to talk about yourself via essays, or what stands in for the essays.

Time was you had to write a long description about yourself —something like the INSEAD application remains to this day. But then two things happened. First it became not-so-clear that applicants were doing their own writing, which led to Adcoms shortening the writing obligation.

Second, technology got more sophisticated, allegedly offering multi-media or social-media ways of capturing the quality of an applicant, which also led to lower word counts on average, while the more adventurous admissions committees such as those at Georgetown McDonough or Chicago Booth experimented with offering the opportunity to submit PowerPoint presentations, tweets, audio uploads and the like. NYU has long invited creative expressions of self, but famously had to draw the line when they were faced with two-week-old sushi…

The jury is out on how well this alternative communication works, not least because it judges applicants’ “flashness” with social- or multi-media rather than what Adcom really needs to judge, which is how good a b-school player, and subsequently how great a manager you will turn out to be.

Don’t let the tapering off of overall essay text-length obligation lull you into a false sense of security. As I’ve written in my book, and here on this site in previous posts, the essays play a singular role and this is not usurped or ursurpable. Essays package you for the admissions committee. They bring your file factoids to life. They provide the juice that gets the committee to notice you specifically from among a mass of competitors who present similar file achievements and scores.

So less bulk doesn’t mean less important. In fact, less space makes the essays harder. Now more than ever, every single word matters. Think of it like exchanging a beer for a tot of Jack Daniels. Less space, not less kick.

Tags: Chicago Booth, Georgetown McDonough, GMAT, GRE, INSEAD, mba resume, social media, tweets

Although it is still the off season for MBA admissions, and I keep a low profile at this time of the year, I couldn’t help myself from posting this piece of balanced “what-it’s-all-about” thinking from an INSEAD class:

The MBA admissions angle: as go professors so go admissions committees, and be assured on this particular topic that MBA Adcoms don’t offer places to one-dimensional workaholics. While you, the applicant, are frantically seeking to prove yourself professionally, they on the other hand are looking for applicants who can balance work, leisure, family and community (both while at school and after.)

From the video:

“It’s a cost to not be home to support your spouse when they are ill.
“It’s a cost to not be able to see your child taking the first step.
“It’s a cost to losing your health while you climb the corporate ladder.
“It’s a cost to not spend enough time with your parents while their clock ticks away.

“Money falls from the sky! It will find you. (So don’t fixate on it.) Be generous with your time, energy, ideals. Do the right thing. Be decent. Create value.”

Tags: INSEAD, work-life balance

I have various clients who are in the “uphill” phase of their MBA applications; having done one or two for Round 1, now pushing for a few more by early January. The gloss of self-discovery and self-expression is gone. It’s now just about getting it all done and done well, in what seems like an endless, thankless grind.

I’m sure there are many others out there in the same position.

So, as a pick-me-up, I’m sharing an old post: a heartwarming report from a 2009 MBA Studio client, who detailed his extended MBA admissions journey, see original report.

Not only is it a worthy success story which I’m most gratified to have played a part in — helping this very deserving applicant with a 640 GMAT into a top European business school — but it is also instructive as to the ups and downs of elite MBA applications, and the virtues of “keeping on keeping on.”

Here is what he wrote in the original:

“Hard work certainly goes a long way. These days a lot of people work hard, so you have to make sure you work even harder and really dedicate yourself to what you are doing and setting out to achieve.” — Lakshmi Mittal

“The above quote by the great Mittal is really my matra and this is what i believed in when i started on this journey. There were a great deal of challenges and difficulties that i faced but what kept me going was the ultimate goal! MBA is what i wanted to do, this would take me to my destination and i wanted to give in my 100 percent to get there!

“I started this blog back in February, 2009 and at that time I had no idea what was ahead of me. I still remember my first post on 9th February 2009. That was the day when I first laid my hands on the “Official Guide for GMAT Review”. That was the day I promised myself that I’ll put in my sole(sic) into the GMAT preparation and give-in my best shot towards my business school application.

“So without further ado here is a timeline representation of some of the important events that followed that day:

August 15, 2009 – Prepared an outline for essays. First stop – INSEAD! Quite a bold move eh!

Sep 29, 2009 – Submitted my application to University of Hong Kong (I still haven’t heard back from them )

“Like World cup is to soccer, Wimbledon is to Tennis, an acceptance is to an applicant blog. I waited 12 months for such a post and I can’t be happier. I couldn’t have done any of this without the love, support, and encouragement of my parents and my girl friend. I would like to dedicate this admission to them. Amma, Appa and Vrush – this one is for you!

“I also want to thank many people who have played an important part in my journey:

.
“My apologies for making this post so long. If there is one take-away from my MBA application journey (apart from persistence) that I’d cherish life long is this acquired addiction of Blogging. So I’ll be back here soon with another post. Till then, hang in there and have fun! Muchas Gracias!”

Tags: application timeline, ESADE, GMAT, HKUST, IESE, INSEAD, MBA applicant, NUS, Tsinghua

In differential calculus an inflection (or inflexion) point is the point on a curve where the curvature changes sign and therefore shape.

Lives and careers have inflection points too: those moments where, due to events or new insight, suddenly everything is turned around or looks different.

Inflection points can be “achievements” but they don’t need to be. Often they are mixed, bitter-sweet moments of self-understanding and emotional arrival. Communicating these moments is key to convincing Adcom of your unique, personal, individual motivation for MBA study and beyond.

Sometimes when I talk to clients at the profiling stage of their application — when we sift through their past and present scouring for admissions value — they will blow right past an inflection point such as a change of college major, or death of a parent, or visit to the national gallery in Berlin (or whatever it may be) and I have to slow them down to fully explore and capture the value therein.

Due to confidentiality, I can’t tell their stories, but I did notice an example used recently on the Businessweek MBA Journal site where a now-current INSEAD student shares his “road-to-Damascus” moment:

“A favorable USD/GBP exchange rate and good salaries enabled us to enjoy a hedonistic lifestyle in New York, which included fancy dining, live music and sporting events, and parties on most nights. Yet, during all of this, I witnessed an act of kindness that changed the way I view the world and my aspirations. This moment of humanity would ultimately drive me to pursue an MBA at INSEAD.

“Midway through my training in New York, my friends and I went to see a Yankees baseball game. We caught the subway to return home and sat down next to a homeless man named Sam. Two stops later, another homeless man, J, boarded and sat next to Sam. They proceeded to talk and we overheard parts of the conversation. It became apparent that Sam and J had never met before. Then, Sam asked J if he would like to share some dinner, and J gladly accepted. Sam pulled out a tin of Vienna sausages and some dry crackers, which they shared. We watched all this and lumps gathered in our throats. Sam had no wealth and bleak prospects, yet was willing to share his food with a complete stranger. Would we have shared something worth as much to us with another stranger?

“This act of generosity humbled my friends and me…. I was inspired to seek more in life than those parties and materialistic pursuits. I didn’t want to waste my precious time, and I wanted a challenge. I wanted to make my mark on the world.”

Powerful stuff. Note that you don’t need a bleeding heart story to have an inflection point, or to get into business school. But you do need to be sensitive to the real inflection points in your life, which by definition will be highly individual to you, and how they have shaped your aspirations. This is the key to being real and therefore being believed when you share your goals with the MBA Admissions Committee in your application essays or interview.

Tags: Businessweek, INSEAD, MBA admissions committee, MBA goals essay

I found myself following a discussion on the Businessweek “Getting into B-School” forum. The thread is headed: “Does rank really matter among top 6?”

I select extracts to present here because the comments — before they descend into the flaming and slanging that bedevils these forums — deal with important (and corrective) thinking about what matters with rankings, and to whom, and helps understand how US program rankings are perceived internationally too. It finishes with common sense that I endorse.

Original question: “Does rank really matter among Top Business schools? With my European point of view, I consider that there are only 6 Top Schools (in descending order): HBS, Stanford, Wharton, Columbia, Booth and Kellogg. Actually, I don’t really care about rankings here: my only criteria is prestige (which in my view is the only thing you can’t ignore when applying to business schools). In Europe, these schools are famous: if you say Stanford or Columbia, everybody knows what you’re talking about. [But]If you say Tuck business school (at random), very few people will have heard of it regardless of the quality of the school.

“So my question is: among this prestigious top, does is REALLY matter if you go to one or another? On this forum we can often read that if you go to HBS it is infinitely better that if you go to Wharton but Wharton will change your life so much more than Kellogg, and so on and so forth.”

Response: “In France [among] 100 person taken randomly in the street and educated in France, 100 will know about HEC, 90 about Harvard, 3 to 5 about Stanford, Wharton, Kellogg, Columbia and 10 maybe will know about INSEAD. But I would say that 90 will know about Yale, Princeton, 100 about Oxford, Cambridge.”

Response: “As a Frenchman I feel the need to throw in my 2 cents on this one. INSEAD is hands down the strongest MBA brand in France. Does every random person on the street necessarily know the name? No, but who cares? The employers do.”

Response: “I would like also to add that the education at the top business institutions is quite the same. I highly doubt that you will learn better investment management in Chicago or Wharton than in Yale, Haas or Fuqua. If you visit those schools, you might get surprised by the background of the faculty. You might take a class at Berkeley taught by a Yale alumni or even receive Michael Porter at Tuck.”

Response: “Although I agree with the notion that the value of an MBA drops as the ranking drops, I do not agree that there is a substantial difference between similarly ranked programs. Every objective metric I can think of (starting salary, quality of recruiting companies, average salary of graduates after 20 years etc.) clusters most top 15 programs closely together. The main exception seem to be HBS and Stanford. Another objective metric are the GMAT and the GPA. Those two metrics are hardly distinguishable in the top 15 programs, including HBS and Stanford.”

Original: “I’ve reached my conclusion I believe: go where you think you belong regardless of what people say/think. I chose to apply to Wharton and CBS finally even if i totally agree HBS/GSB are more famous and Booth/Kellogg are great schools simply because i think it will teach me what i want to learn in my specific field…And education among them is NOT that different, apart from some specialties that should ultimately lead your choice.”

Tags: Booth, Businessweek, Columbia, HBS, INSEAD, Kellogg, mba, MBA rankings, Michael Porter, Stanford, Wharton

The Economist recently ran an obituary of Swatch magnate Nicolas Hayek, and this offers me a concrete example to explain why management consulting is a weak long-term goal for MBA admissions.

(Yes, I’m always pushing clients to give clear examples or anecdotes to back up their MBA admissions claims. So this is me “practicing what I preach.”)

In 1982 Hayek was brought in as a management consultant by a group of banks to advise them on the sale of Switzerland’s last big watchmaking conglomerate which they had bailed out a few years earlier. But, rather than merely consult on sale-exit strategies, Hayek created and led a group of industrialists who bought the conglomerate from the bankers, and built it into the world’s largest watch company, with almost a quarter of the global market, with Swatch as the lead brand.

As the Economist says: “Mr Hayek’s strategy of making cheap watches more cheaply and expensive watches more desirable helped lift the rest of the Swiss watch industry, which is once again leading the world. Last year Swiss firms exported nearly 23m timepieces worth more than $12 billion, a figure that would undoubtedly have been far, far smaller had Mr Hayek stayed in management consulting.”

The point is: Hayek had two careers ahead of him in 1982. He could have stayed a management consultant, advising on deals, for a fairly prestigious, reasonably well-paid life. Or he could do what he did: turn the ailing consortium around through industry-innovative operations, cost restructuring, and marketing management, to totally renew the Swiss watch industry. He was a leader, innovator, decision-maker, and business-builder at the ultimate level.

If Hayek was to have presented his career options to Harvard or INSEAD or LBS, etc., which of the two routes do you think the b-school Adoms would have favored more?

Don’t get me wrong. It’s fine to say you want to spend some time in MC in the short term, taking advantage of the rapid exposure to different industries and skills. But at the end of the day, management consultants are advisors, not doers. They are always the bridesmaid, never the bride. If Hayes had stayed a management consultant his value to everyone (including his MBA alma mater) would have been a fraction of what it became, and his obituary would never have been splashed across the world’s financial media.

When the admissions committee of a top MBA program is looking at you, they want to think that you may possibly one day be somebody like Hayes (in your own industry and in your own way.) If your career goal is consulting itself, you are telling them there is no chance of that.

Tags: ambition, banking, career plan, Harvard, innovation, INSEAD, LBS, Leadership, management consulting

There’s a heartwarming story for MBAs and MBAs-to-be in yesterday’s Financial Times by Herminia Ibarra, Urs Peyer and Morten T. Hansen, professors at INSEAD. (I must say, surely only among academics does it take three (3) people to write one short Op-Ed piece in the FT, but I digress.)

They say: “The global recession may be almost over but the debate rumbles on. How much were MBA-trained executives really to blame? As MBA professors, we heard arguments that we had been teaching the wrong models, neglecting ethics, forgetting common sense, sitting in ivory towers made of spreadsheets and generally nurturing greed. We listened to the charge that business schools were guilty of short-term thinking, especially when evaluating leadership. MBA graduates, so the argument went, were looking for quick riches.

“So, when we came up with the idea of a ranking of chief executives based on performance over an entire career, we also decided to check the myth of the value -destroying MBA against a large and meticulously compiled data set.

“When you rank the top chief executives in the world, based on return on shareholder investment and change in market capitalisation over their entire time in the job… four of our top 10 have the letters M, B and A after their names. Could it be possible that this much-criticised degree helps a business leader to add long-term value after all?

“Our analysis of 1,109 chief executives from 1995 to 2009 found that those with MBAs performed, on average, better than those without. The difference was not large but it was statistically significant. When we drilled down one more level, we discovered that those who had reached the position of chief executive before the age of 50 benefited particularly from a business school education. In fact, on average, having an MBA sends such individuals a full 100 places higher on our list.

“Of course, the term average is important. There are many high-performing chief executives without an MBA. But the overall tendency among the business leaders we analysed is for an MBA to correlate with a higher position in the ranking, especially for those who get the top job at a comparatively young age.

“Our data set does not explain why this should be the case but there are some obvious benefits to going to business school: an MBA gives you better all-round skills; it buys you credibility and it allows you to build a personal power alumni network.”

Full text here.

Tags: alumni network, Financial Times, FT, global recession, INSEAD, mba, ranking

Today I thought I’d share the extended journey of an MBA Studio client, as reported here and here. Not only is it a worthy and heartwarming success story in which I’m most gratified to have been able to play a part — helping this applicant with a 640 GMAT get into a top European school — but it is also instructive as to the ups and downs of elite MBA applications…

“Hard work certainly goes a long way. These days a lot of people work hard, so you have to make sure you work even harder and really dedicate yourself to what you are doing and setting out to achieve.” — Lakshmi Mittal

“The above quote by the great Mittal is really my matra and this is what i believed in when i started on this journey. There were a great deal of challenges and difficulties that i faced but what kept me going was the ultimate goal! MBA is what i wanted to do, this would take me to my destination and i wanted to give in my 100 percent to get there!

“I started this blog back in February, 2009 and at that time I had no idea what was ahead of me. I still remember my first post on 9th February 2009. That was the day when I first laid my hands on the “Official Guide for GMAT Review”. That was the day I promised myself that I’ll put in my sole(sic) into the GMAT preparation and give-in my best shot towards my business school application.

“So without further ado here is a timeline representation of some of the important events that followed that day:

August 15, 2009 – Prepared an outline for essays. First stop – INSEAD! Quite a bold move eh!

Sep 29, 2009 – Submitted my application to University of Hong Kong (I still haven’t heard back from them )

.
“Like World cup is to soccer, Wimbledon is to Tennis, an acceptance is to an applicant blog. I waited 12 months for such a post and I can’t be happier. I couldn’t have done any of this without the love, support, and encouragement of my parents and my girl friend. I would like to dedicate this admission to them. Amma, Appa and Vrush – this one is for you!

“I also want to thank many people who have played an important part in my journey:

.
“My apologies for making this post so long. If there is one take-away from my MBA application journey (apart from persistence) that I’d cherish life long is this acquired addiction of Blogging. So I’ll be back here soon with another post. Till then, hang in there and have fun! Muchas Gracias!”
.

Tags: ESADE, GMAT, HKUST, IESE, INSEAD, NUS, Tsinghua

The setback-failure-weakness essay is commonly asked for in MBA Admissions because it is a test of an applicant’s maturity, self-knowledge, honesty, and ability to learn from mistakes. It is, in other words, the biggest indicator of real leadership ability and potential.

Sample questions that approach this topic are:

Tuck-Dartmouth (Essay 3): Describe a circumstance in your life in which you faced adversity, failure, or setback. What actions did you take as a result and what did you learn from this experience?
Harvard Business School (Essay 2) Tell us three setbacks you have faced?
INSEAD (Essay 3) Describe a situation taken from your personal or professional life where you failed. Discuss what you learned.
Judge-Cambridge (essay 2) What did you learn from your most spectacular failure?

MBA applicants often struggle with these essays because they feel that admitting a weaknesses or sharing a time when they failed erodes their candidacy. In fact, it does just the opposite. Leaders know their weaknesses, and can admit them to themselves and others — in order to work on them, or work around them. It shows self-insight and points to seniority. No one is comfortable talking about their weak spots and failure. But nobody is perfect or has not failed. Not Bill Gates, not Richard Branson, not me, nor you, nor the admissions officer.

So it is not admitting a weakness is what will get you dinged, because it’s like waving red beacon that betrays inexperience and a junior mindset. If you “have no weaknesses” that just tells Adcom that you don’t know what they are yet or that you’re too immature to face them. It says you don’t know yourself, therefore you don’t yet know where you will mess up. You are a liability to yourself and your company.

Take a tip from George Soros, self-made billionaire, philosopher, philanthropist, social reformer, and fund manager extraordinaire – famous for “breaking the Bank (of England)” by shorting the pound sterling in 1992 – who shares this candid account of his weaknesses:

“I’m a very bad judge of character. I’m a good judge of stocks, and I have a reasonably good perspective on history. But I am, really, quite awful in judging character, and so I’ve made many mistakes. It took me five years and a lot of painful experiences to find the right management team. I am please that finally I found it, but I cannot claim to be as successful in picking a team as I have been in actually managing money. I think that I’m very good as a senior partner, or boss, because I have a lot of sympathy for the difficulties that fund managers face. When they are in trouble I can give them a lot of support, and that, I think, has contributed toward creating a good atmosphere in the firm. But I’m not so good at choosing them.” – ‘Soros on Soros: Staying Ahead of the Curve,’ Wiley & Sons, NY, 1995, p.18

See, the greatest business leaders all have weaknesses and all have made significant mistakes in their careers and their lives. The point is not to prove that you don’t fail, or won’t fail. It is to prove that you have the insight into yourself to be able to recognize and compensate for your weaknesses.

What Adcom wants to know is not how you avoided failure, but how you managed it, what you learned, what insights into yourself you gained, and how you grew from there. They want to see that you have the will and the insight to locate and understand the source of your mess up – the underlying weaknesses that caused it – and that you have the maturity to face and work on the issue.

To summarize: the setback essay is not testing to see if you have weaknesses. We all do. It is a test of your self-knowledge and maturity. The committee wants to see if you can candidly face, discuss, and work on your flaws, or if you will you try to hide them or blame circumstances or other people. This is a significant test of your readiness for senior leadership.

A note on tone
Soros is candid, straightforward, and objective in his self-analysis. He shares measured self-insight with the reader. He doesn’t try to slip in softening or deflecting phrases, or hide behind humor; nor is he self-excusing or whining and looking to blame others – the hallmarks of a too-junior applicant.

[Updated 9/2011]

Tags: b-school, Cambridge-Judge, essay writing, Failure essay, HBS, INSEAD, maturity, setback essay, Tuck, Weakness essay, writing style