You are investing in your future, so be prepared to invest some time in your application. A successful MBA application takes time and research. After narrowing down your options to the business schools that are right for you, you then need to prove to them that you will be the right student for their program.
Now it is time to be marketing yourself.
Requirements vary greatly between business schools. The top schools can select the very best – students with high GMAT scores, extensive business and managerial experience and great presentation skills. But a high GMAT score does not guarantee you a place at a high ranking school, and often the school you feel fits your needs best may not require a GMAT result at all.
The application process
You need to start your application well in advance – at least a year before you plan to start your MBA. A typical business school application may require your education transcripts, GMAT scores and English language test scores, employment record and CV, two references, answers to specific questions or essays, and an interview. Make time to do it well and the return on investment will be with you for life.
To complete all of these you will need to have a good understanding of yourself, what you have to offer, and what the school offers you. Research the school thoroughly – not just their online guides or prospectus; talk with alumni from the course, read the school’s student blogs, and join their online discussions. You can also purchase Clear Admit’s impartial guides to the top US business schools through StudyLink. These give valuable insights into what each school specifically wants from a candidate.
Remember, the school is looking for two things – how well you will fit in, and how well you will stand out. They want to create an interesting and diverse class, so they need to know how you will contribute to that, and what makes you unique.
They are also looking for evidence of your leadership potential, intellectual ability and the thought you have put into your career plan.
Testing, testing…
Preparing for the Graduate Management Admissions Test (GMAT) can take a large amount of your MBA application time, especially if it has been a while since you last studied, or if English is not your first language. The test gives business schools a standardised way to assess candidates. It is split into three parts: analytical writing, quantitative and verbal. Most of the top business schools will require a score of 650 or higher - not only US schools but also those in the UK, Europe or Australia.
The GMAT is designed to test your logic and persuasive writing, and does not assess academic knowledge beyond basic maths and grammar. You can practice with sample tests and prep materials - find more about this at www.gmac.com. Focus on the areas you feel are your weakest. Remember the GMAT is not the only part of your application and it may make more sense to spend extra time on your essays or enhancing your other credentials.
What schools really look for…
Many schools only require GMAT results if your undergraduate degree does not meet their requirements. The University of Exeter (in South-West England) offers a 12 month full time MBA and requires a minimum of three years work experience. GMAT results are not required and English proficiency test results are only required for non-native speakers. Students must be at least 24 years old.
In contrast, Bond University in Queensland, Australia, requires at least eight years work experience for its Executive MBA program, and at least three of those years at a managerial level. They also require two references, a letter of employer support and a cover letter outlining your careers goals and the reasons for choosing an MBA with Bond. As one of the best universities in Australia for graduate outcomes, an MBA from Bond University has a good reputation and students benefit from the experiences of their hand-picked peer group.
One of the newest MBA programs on offer in Europe is at ESMT, in Berlin. They offer generous scholarships and a small, internationally diverse class. All self-sponsored candidates are eligible for between 20,000-40,000 euros in financial aid. The online application for the ESMT MBA requires good GMAT and English language proficiency scores, education transcripts, answers to set essays and an interview - which can be conducted by phone, video conference or in person.
Ulf Drier, from ESMT, says their program is unique thanks to the access to the 25 founding multinational companies who provide sponsorship for the substantial scholarships, as well as excellent career opportunities after graduation.
Remember that a successful MBA application will require strategic thinking, organisational skill and the ability to market yourself – all of which is good training for the MBA itself, and for your career in the future.
For more advice on how to get started with your MBA application, chat with one of our student counsellors today.