This week’s GMAT challenge from PrepForTests.com is a problem solving question.

Have a go at answering this and then review your answer.

Vitamin MBA is my attempt to help applicants work through road blocks to success that may include self-doubt, anxiety, procrastination and generally feeling overwhelmed by this process.  I now present you with a dose of “Vitamin MBA”:

I recently read an interesting post in the LifeDev blog, which discusses Abraham Lincoln, and how he positioned himself for success.  I agree it makes sense to learn from other successful people, so why not from the 16th President of the United States?

You can (and should) refer to the full entry, but here are some highlights that I found particularly interesting and relevant to those of you slugging it out with your MBA applications.

Point 2 – Learn the value of hard work.  This may be a difficult pill to swallow, but hard work is necessary to success, even when it is not always FUN.  Sometimes we procrastinate and come up with multitudes of excuses because we just don’t want to do something, (like write another essay about short and long term career goals).  However, for me it makes it strangely easier to acknowledge that – true, it may not always be fun – but you still need to slug it out and get it done.  Lincoln said, “My father taught me to work; he did not teach me to love it.”  So…like or not, tired or not, frustrated or not…just do it!

Point 3 – Don’t fret about formalities.  I have said this many times:  stop worrying about all of the steps and outlines and checklists, websites, meetings, forums…just start creating.  There is no ”right” way to get this done, you just need to dive in and start making your applications appear.

Point 11 – Don’t fear adveristy.  Lincoln said, “Always bear in mind that your own resolution to succeed is more important than any one thing.”  Applicants can become crippled with anxiety.  They wonder what the competition looks like, how fierce the competition is, how admissions will evaluate them, have applications increased this year, are they good enough, is their score good enough, is their GPA good enough…?  This is all somewhat irrelevant.  Set your goals – make them both ambitious and reasonable, and then go after it and do your best.  Stop feeling scared and focus on the accomplishment.

The economic downturn has now been academically confirmed, the Boston Herald reports; business schools in the Northeast are seeing a spike in applications for MBA programs. The connection between a slumping job market and a surge in people returning to school for advanced degrees, especially MBAs, is no coincidence.

“A slow or soft economy tends to yield an increase in applications,” says Kate Klepper, associate dean for graduate business programs at Northeastern University. She says business-school applicants, who typically have a few years of workplace experience after they graduate from college, often feel they can’t get the jobs they want during a slow jobs-growth period, so they apply to schools to advance their future prospects.

Of course, there are also those who lose jobs and are just trying to “ride out the storm” by going back to school during tough times, she adds.

Harvard Business School reports that applications for this fall’s incoming class jumped by nearly 16 percent, to 8,600 applicants, while other area business schools also report double-digit increases over last year – with MIT’s Sloan School of Management scoring the largest application increase with 28 percent. Northeastern University’s business school, meanwhile, saw a 13 percent rise, and Boston University experienced a 10 percent uptick.

Deidre Leopold, managing director of Harvard’s MBA admissions, tells the Boston Herald that the business school noticed an applicant increase of 10 percent two years ago, when the economy was still in generally good shape. However, during HBS’s recruiting conference in New York back in May, more than half of the prospective applicants attending felt that some “uncertainties” loomed in their economic lives.

That means we can probably expect to see an even bigger surge in applications this fall for next year’s incoming class. Has the weak economy been a motivating factor for you to consider B-school now?

Source: The Boston Herald

Chicago’s essays are a bit of a departure from the HBS, Stanford, Kellogg and Wharton essays we have covered in the last several weeks.  Similar to the NYU creative essay, Chicago asks applicants to create a slide show to demonstrate who you are.  The presentation will be printed out, and should consist of a combination of words and images (color is allowed) that will show the admissions committee the personal side of you.

When approaching any set of MBA essays, it is important to think about the aspects of your professional, extracurricular and personal life you want to communicate and select topics appropriately.

1.      Why are you pursuing an MBA at this point in your career?  (750 word maximum).

This essay could be approached as a fairly typical career goals essay, though it is notable that Chicago is not asking direct questions about your background and short- and long-term goals.  The structure of this essay is therefore a bit open ended, and you can choose to focus on your background, your future or why an MBA is the right choice at this moment. 

Chicago does specifically ask why you are interested in an MBA “at this point in your career,” which indicates an interest in knowing why now is the time for you to embark on your MBA journey.  Similar to the Wharton “why now” it will be important to have a solid and convincing reason that now is the ideal time to enter Chicago for your MBA.

While the question of “why Chicago” is somewhat answered in the next essay, you will still want to explain briefly why you think Chicago is the best place for you to achieve the goals you have set for yourself.

2.      Please select one of the following two questions to answer. (1000 word maximum)

1a) Please provide an example of a time when you had to make a choice between two equally important obligations. How did you decide which obligation deserved your attention? b) Did you try and predict other people’s reactions to your decision? If so, how accurate were you? Why do you think you were or were not accurate in your prediction? c) Reflecting on this experience, how do you think an MBA from Chicago GSB might have aided in your decision making process?

-or-

2a) Have you ever made a decision that caused you to go against popular opinion? Please describe that situation and your rationale for you decision. b) Did you feel at any point that people misperceived your motives? Explain? c) In retrospect, how do you think an MBA from Chicago GSB would have affected your decision?

Both of these questions (you will need to choose one to answer) delve fairly deeply into your ability to reflect introspectively on past decisions and explain what you learned and what you could have improved.  In these particular questions, you are also being asked to speculate on the usefulness of an MBA from Chicago GSB in the situation you describe. 

A work example is preferable, though a particularly strong leadership position in a community service activity may be acceptable.  In either case it will be important to be able to describe how an MBA would have assisted you, and ideally the situation will be one you envision encountering in your future career.

In both questions, part b requires the emotional intelligence to speculate about others’ feelings or reactions to your actions.  This demonstrates an interest in seeing how you relate to others on an interpersonal level, and is also an opportunity to demonstrate leadership and teamwork skills.  Thoughtfulness and maturity will be especially important when answering either question.

Researching Chicago’s unique program is also crucial when answering either question, and reading blogs from current students is a great way to understand the culture and program from the inside.

Slide Presentation 

We have asked for a great deal of information throughout this application and now invite you tell us about yourself. Using four slides or less, please provide readers with content that captures who you are.

This question invites a creative approach.  Therefore, a bit of soul searching to discover themes or pivotal events in your life may help generate ideas.  Because the project is incredibly personal, it will be completely up to you what the topic will be.  Some suggestions about structure may be four distinct aspects of your life and personal qualities, a narrative with four stages, or four themes that have emerged as you have progressed as a person and MBA applicant.  While the presentation should be personal, it is still important to think about what you would like the Chicago admissions committee to know about you and to choose a subject appropriately.

Optional Essay

If there is any important information that is relevant for your candidacy that you were unable to address elsewhere in the application, please share that information here.

This essay is optional and should be used for any issues in your application – low GPA, gaps in work experience, or a lack of recommendation from your current employer.  Remember to be concise and focus on explanations rather than excuses.  For a topic such as a low GPA or academic probation, make sure to also focus on how you have changed  since the event and the evidence in your current life that you will be a strong Chicago GSB student.

Read on for real stories from MBA applicants and students…

Starwalker struggled with Ross’s essay questions this week, but found inspiration alongside Darden student and fellow blogger Mandy Lozano. Both link to a video of professor Randy Pausch, famed for his Last Lecture about celebrating life, who died Friday, July 25.

Welcome to new blogger the BS Applicant, who muses over being an introvert manager after taking a Myers-Briggs test that labeled him a “moderately expressed introvert.”

MBA Veggie, Happy Bunny and Soni are giddy with joy, now that Columbia has released the Fall 2009 application online.

Greek Entrepreneur offers four reasons why you should apply at Round One; he’s convinced that irrespective of what the b-schools are saying, the majority of the admissions come from R1 and R2 application pools.

During his internship in Chile, Iday reveals the culinary aspects of his truly global MBA.

The first years have landed at Tulane, with a bevy of international MBAs ready to embark on a compulsory one-month management communication course.

RVD at Wharton West provides a recap of and response to the Scoretop scandal, adding that one of his readings last semester in MGMT 621,“The Rationalizing Animal,” was all about the psychology behind exactly this type of situation.

Stacy Blackman’s Weekly Roundup of B-School Intelligence

The Financial Times has created a new website called MBA Gym, which provides free, interactive online training sessions on key concepts, such as Strategy or Finance, taught in MBA programs. The site offers a series of workouts, each lasting for approximately 15 minutes, which aims to give a brief and engaging introduction to the subject.

Starting in Fall 2008, NYU Stern MBA students can enhance their understanding of the nonprofit sector in a new course, “Examining the Nonprofit Capital Market: The Integrated Challenges of Performance Measurement, Scale and Sustainability.” Through course work and guest lectures, students will confront these challenges and address methods for increasing efficiencies through business practice.

The Ross School Office of Admissions has moved the deadline for Round One applications to the full-time MBA Program from Nov. 1, 2008, to Oct. 10, 2008.  Under the new timeline, Round One applicants who are selected for an interview may be invited to do so as early as mid-October. The new deadline also means that all invitations to interview will be sent by Dec. 1, 2008, which enables applicants to complete them before the holidays.

Richard K. Lyons, the chief learning officer of Goldman Sachs, New York, was named the 14th dean of the University of California, Berkeley’s Haas School of Business this week. In other news, the school is creating a center focused on developing new management strategies and technologies to promote innovation in American companies and help firms maintain a competitive edge in the global marketplace. The Garwood Center for the Management of Technology and Innovation is being created with a $4.5 million endowment from Haas School alumnus Ed Garwood, BS 31, and his wife, Elsie.

The Financial Times reports that HEC Paris will open the third iteration of its executive MBA program in Beijing in October, targeted towards managers working for Chinese state-owned enterprises. The announcement follows moves by other Western business schools, notably London’s Cass school of business at City University, to freeze programmes in China.