The game is on to get into graduate business school and the competition is fierce. The Graduate Management Admissions Council (GMAC) found that MBA applications rose to near-record levels in 2008, with 77% of full time MBA programs reporting increased application volume, compared to just 64% in 2007. Overall, business school applications jumped by 10%, what GMAC calls the greatest percentage increase in the last five years. And that upward trend is likely to continue through 2010.
If you want to join the MBA masses, consider these guidelines.
Seventy percent of full-time MBA programs reported applicants in 2008 had better academic qualifications than in 2007. That means to be competitive, you need to prepare as best you can for the Graduate Management Admissions Test (GMAT), a standardized exam required by most admissions offices. Check with school admissions offices for their most recent report on average accepted GMAT scores – and try to beat that score by at least 10% to put you in above-average range. Doing exceptionally well may even help earn you some extra ka-ching from the admissions office. A majority of scholarships offered to full-time MBA candidates and to specialized master’s program candidates are merit-based, according to GMAC.
Have a Long Term View
Anyone interested in going to business school should do a bit of soul-searching in advance, says Philip Delves Broughton, a recent Harvard Business School graduate and author of Ahead of the Curve. Think about how you’ll add value to the business community beyond Wall Street upon graduation. After all, getting an MBA doesn’t mean working strictly in finance at a traditional investment bank (whichever ones are left). You might work as a fundraiser for an international non-profit, work for the sales team at Disney (STOCK QUOTE: DIS) or work for yourself. Think about how you’ll be useful, as opposed to just how to nab a six-figure salary upon graduation.