Round 1 or Round 2 – that is the question…
There is definitely a frenzy around trying to submit applications in round 1. So much so that you might wonder what the other rounds are for. If everyone needs to submit applications in round 1, who exactly is being admitted in round 2? The answer: a lot of people are admitted in round 2, and if your application is not ready this October, you should not be afraid to slide to round 2.

All things being equal, round 1 may be a bit of a smarter strategy. At the beginning of round 1, all of the seats in the class are available. At the beginning of round 2, a bunch of seats have already been given away, and you are also competing with those on the waitlist. But then of course, there are those who say that all of the top candidates are applying in round 1 – and you are up against the toughest competition. So then, maybe it is best to apply round 2. Hmmm…this is confusing…

The truth is that the admissions committees know what they are looking for. They have become pretty good at estimating numbers, and evaluating and accepting applicants that fit their criteria. The best strategy is not to play the game of which round, but to submit your application as soon as, but not until, it is ready. Earlier today, I spoke with a client who believes she can raise her GMAT from 650 to 700, but it will mean waiting until round 2 to submit applications. My advice? Go for the 700 in round 2. Always make sure all aspects of your application are the strongest they can possibly be, and then submit. Never sacrifice quality just to get in to round 1.

And with all of that said…I would never recommend round 3. But that is a topic for another day.

As I often state, the MBA application process is very much about marketing yourself to the admissions committees. Some of my clients find it helpful to actually create a Marketing Plan, consisting of the four P’s: Positioning, Product, Place and Promotion. A Marketing Plan is designed to launch a product thoughtfully and effectively. Here, the product is you. This will help you focus your strategy by articulating several key elements outlined below. Once these elements have been clarified, you can more effectively put your strategy into action. You may want to try this exercise yourself before diving into your essays. Below is a sample using Wharton as the target school.

Positioning Statement:
General Statement – Inside and outside the office, I am known as a key contributor to every team. I am a self starter who not only takes initiative, but also energizes those around me. I bring strong communication, an open mind and respect for others to every setting and work with diligence and focus to bring about strong, positive outcomes.

Specific Background – I have a strong background in strategy consulting, primarily in the technology industry, where I have been involved with all stages of the product lifecycle – from market research and development through to product launch. Most recently, I was part of a team that advised a high profile security firm on a new product launch into a competitive space. I also serve on the boards of the Stanford Alumni Club and Nature Support, where I initiate positive change for causes about which I am passionate. I want to combine my current knowledge and skill set with an MBA to successfully manage my own brand after business school.

Goals – I am pursuing an MBA to facilitate a transition into a brand manager position with a large consumer products company, and to enhance my personal growth. Ten years from now, I plan to be CEO of an innovative consumer products company, focused on environmentally friendly products.

Product = Key Competencies (Skills, Knowledge, Traits):
Skills – leadership, teamwork, analytics
Knowledge – client services, non-profit, technology industry
Traits – compassionate, self-starter, strong communicator

Place = Characteristics of Target School:
Values – Leadership, diversity, initiative and focus
Teaching Methods – Case and theory
Geography – East
Size – Largest program
Culture – Collaborative, innovative, creative, team based

Promotion:
1) Apply first round
2) Campus visit
3) Side letter from current student
4) Attend local presentation
5) Highlight accelerated career progression
6) Highlight board positions, especially Nature Support
7) Clearly link personal and professional experiences to future goals
Demonstrate passion for Wharton curriculum, culture and non-traditional programs

Today is August 12, 2005. Approximately 2 months to first round deadlines. If you have not yet started your applications, do you still have time?

The answer to this question is personal. It depends on how much time you have in your schedule, how difficult it is for you to write essays and how focused and motivated you are. In general, two months is enough time to submit at least some applications first round. Although you will be working very hard, this is a very realistic timeline.

On the other end of the scale, I have had applicants call me a week before applications are due. They want to submit in the first round, are going to take the week off of work, not sleep and devote all of their time to writing essays. They figure that 100 hours of work should do the trick. While 100 hours may be plenty of time, I am a big believer that the time should be spread out. Because this is such a personal, soul searching process, sometimes you just need to call it a night and sleep on it. Tough to do when you only have a week. While this may work for some, it is not a recommended strategy!

The other piece of this puzzle is “have you completed the GMAT and are you satisfied with your score?” If you still need to take the GMAT, you may have a lot of work ahead of you. Depending on where you are in the process, you may have to sign up for and take a class, and perhaps take the test more than once. If this is the case, first round may not be a realistic option.

Bottom line, we are right now in the thick of things for most schools. So, if you are planning to apply this year, now is the time to get started, be it on GMAT prep, writing essays, selecting recommenders or just generally piecing together your strategy. It is not too late to begin, you do still have time, but it is also not too early.

I receive emails and phone calls like this every day:
“2.9 GPA, 680 GMAT, 4 years work experience in consulting, promoted twice, good extra-curriculars – what are my chances?”

It’s a question that is virtually impossible to answer. The description above has a bunch of stats, but top business schools do not admit you based purely on your statistics. They really don’t. Even if you have a 4.0 and an 800, I could not tell you that you have a “great chance of getting into HBS.” And if you have a 2.4, you still have a chance at a top school.

This is because the top schools want to know who you are – and statistics and a resume don’t tell them that. It’s the essays, interviews and recommendations that will reveal who you are – this is where you can address weaknesses in the statistics and where you should spend a lot of energy throughout the application process.

You should know that most applicants to the top schools are “qualified”. That is, they would be able to handle the curriculum and benefit from the program. To be admitted, you need to demonstrate that you are more than merely qualified. It’s the story that you put together about your goals, your passions, your prior experience and how business school fits into the mix that will make the difference for you. Once that story is assembled I can better answer the question – “What are my chances?”

I just hung up the phone with a new client who believes poor recommendations were a key reason she was not admitted last year. She carefully selected her recommenders and gave them several months advance notice. Her first recommender gave her a copy of his letter after submitting it. It was six pages long, written with care…and all wrong. He emphasized the wrong qualities, rambled like crazy and did not provide relevant examples. Unfortuantely, this is not uncommon – and it’s the reason why managing your recommenders is as important as selecting the right ones.

The goal of managing your recommenders is to make it as easy as possible for them to write a glowing letter. The following process will also help you with your own essays, so it is a valuable exercise in and of itself.

1) Decide on 4-5 key characteristics that you would like your recommender to emphasize throughout the letter. Examples: leadership, teamwork, creative thinking, determination, focus, intelligence, charisma, integrity.
2) Come up with at least one concrete example that you feel illustrates each characteristic. Example: “Initiative – Last year, when I learned that international sales were declining, I took it upon myself to research the competitive landscape and learned of two recent market entrants. I then offered to lead a team to analyze these new competitors and develop a strategy for regaining our market share. Our team of five analysts proposed a solution after one week of work. The solution was implemented and within six months, we gained back 5% of lost market share.”
3) Create a bullet pointed list of all of the projects that you have worked on, in more detail than your resume. You want your recommender to actually read this document, so try to keep it to one page, and do not overload them with information. It should be a helpful, quick reference.

Invite your recommender to lunch and walk him or her through these materials. You should also provide a copy of your resume and discuss your goals. Don’t leave it to your recommender to remember everything that you have done and don’t leave this process to chance. Your recommenders will appreciate your assistance and thoroughness and will produce a better recommendation on your behalf.

One of the most dreaded questions asked by business schools is, “Tell us about a time you failed.” It can feel like a double edged sword: you have to come up with an honest answer, but you are afraid to reveal too much. You have just expended a ton of energy trying to prove you are fantastic and now you need to reveal a failure. My advice here: be as brutally honest as possible about your failures. By being honest about how you failed, you are actually revealing a strength: self awareness. Self awareness is key to growth and success, and to being admitted to business school.

Last year, I had a client who was laid off three times throughout his four year career. He was terrified of revealing this to the admissions committees. However, when he finally did tell the truth, he also demonstrated self awareness, an ability to learn from his mistakes and the mistakes of others, maturity, resilience, determination, and a whole host of qualities that business schools are looking for.

Honest introspection allows the admissions committee to get to know you. Discussing failures with honesty and maturity is the key to turning weakness into strength.