This week, our B-school Buzz bloggers share some exciting news on their b-school applications and internship interview tips, among other updates.

Accepted! – If you’ve ever had the gratifying experience of learning that your b-school application has been accepted, then Ellipsing My Way… To Business School’s post about hearing from the Cornell Johnson School of Management will take you right back to that magical (and overwhelming) moment. He writes, “I didn’t know what to do or say. To be honest I barely remember what was said…  ‘Congratulations this…  deposit that…’  All I could do is keep saying ‘Thank you… Thank you…. Thank you….’  I do remember saying ‘I’m sorry I don’t even know what to say other than thank you…’” Way to go, Ellipsing!

Interview invites – Mako at Random Wok had good news to share this week as well: He’s been invited to another interview, this time with the Wharton School. This was especially great to read, given that Mako was dealing with a rejection from Harvard Business School last week. Once again, he writes with emotional candor about his application process so far, and ends the post on a positive note: “I’ve been invited to interview at more than half the schools I applied to, and reaching this milestone is a good feeling.”

Internship interviews – Meanwhile, Praz at Columbia MBA Class of 2012 reminded us that the interviews don’t end once you’re accepted to a program. He shared his preparation strategies for on-campus internship interviews, explaining how he readied himself for both the technical and behavioral/fit parts of his interviews. The result? “For the summer I’ll be here in NYC at American Express as a finance manager intern,” he writes. Nicely done!

A couple of other posts worth checking out this week – Military to Business shares some research he conducted to find out how many military personnel have made their way to Harvard Business School, and the GMAT Prep blog highly recommends the book The Leader Who Had No Title by Robin Sharma, commenting, “I like the way Robin Sharma makes success look so easy and achievable…. Consistent simple steps followed daily lead you to success.” Sounds like a book worth checking out.

Though the labor protests in Wisconsin have focused our nation’s attention on state budget woes, many other organizations have been adversely affected by budget shortcomings, including top business schools.

In the article “Business Schools Get Lean,” BusinessWeek‘s Francesca Di Meglio reported that many b-schools have been forced to reduce spending, due to decreased endowments and state cuts to higher education in the wake of the recent recession. Avoiding layoffs has been a priority for most schools, but could not always be avoided. Here are a few of the cutting-back strategies employed by the b-schools featured in the article:

Tuck School of Business – Reorganized existing tasks, such as centralizing the school’s recycling system, which saved labor hours. Also reduced travel in favor of technologies such as videoconferencing.

Chicago Booth School of Business – While Booth didn’t lay off existing faculty, the school held off on filling openings and has reduced its temporary and contract workers. Like Tuck, Booth has also cut its travel budget and implemented a policy requiring approval from the dean’s office for travel.

Wharton School of Business – One round of layoffs in executive education department. Renegotiated contracts with vendors and cut down on travel and entertainment expenses.

Harvard Business School – Turned off heating and cooling systems during non-business hours. According to Meghan Duggan, assistant director of sustainability and energy management at HBS, this simple action resulted in six-figure savings.

Program cuts aren’t the only concern for potential b-school students. As businesses also struggle with their budgets, many of them are cutting back on tuition assistance programs, another BusinessWeek article reports. In “Tuition Benefits Drying Up,” Erin Zlomek writes, “In 2010, 56 percent of employers offered graduate school assistance, down from 69 percent in 2003, according to annual benefits data collected by the Society for Human Resource Management (SHRM).”

Whether you’re diving into the application process full-throttle, or just starting to test the waters, good advice is always welcome. Today’s tips come courtesy of the Career Insider blog at Bucknell University, which posted a comprehensive entry yesterday with pointers on the MBA application process supplied by panelists representing Harvard Business School, Wharton Business School and Tuck School of Business.

Here are some edited excerpts of the advice culled by Bucknell’s Jamie Leacock ’11; click on the link above for the original entry, which also covers selecting recommenders, taking the GMAT, the admissions process and what a typical schedule looks like during an MBA program.

What are MBA graduate programs looking for?

One myth surrounding the MBA admissions process is that applicants are accepted based on their credentials (e.g., what undergraduate school they attended, an internship they completed). However, schools are not looking for what you have done; they are looking for why you have done it and how well you did it!

The panelists urge prospective students to be able to explain the choices they made and why they excelled. Talking about the quality of your experience and why it was right for you is a surefire way to exude individuality. The best job is not what you think schools are looking for; it is what you are passionate about.

What qualities do admissions officers look for in an applicant?

When reviewing applications, the panel asserts that admissions officers are thinking about the long-term – what kind of alumni are you going to be?

One panelist who has worked at Bucknell, Tuck Business School, and Wharton says he seeks the following when making decisions: applicant’s integrity, their risk-taking ability, their leadership as expressed in the context of their own life, and (his highest weighted criteria) their initiative.

One way to demonstrate these characteristics during an interview is by using the mirror technique. When asked to tell about a leadership experience, after answering, re-frame the question and ask the interviewer about opportunities for leadership at that school. Utilizing these tips can certainly be beneficial to your application process.

Should I re-apply if I don’t get in the first time?

One panelist said 10% of Wharton Business School applicants were re-applying. He advises re-applicants to be very careful not to look like the main goal is to get into that particular school. At schools where the application can be re-activated, he was very impressed when applicants started over, treating the re-application process as a blank state instead of reusing old essays. It can be a good idea to paint a new self-portrait of yourself based on the new experiences you gained during the past year.

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The essay questions for Harvard Business School’s class of 2013 are now posted online along with the questions for recommenders.

Harvard Business School has remained fairly consistent this year. Most of the standard Harvard Business School questions are repeated, with a few new choices for the final two essays. Whereas last year’s questions asked about a difficult decision or writing a cover letter, you are asked about a frustration and how you would introduce yourself to your classmates this in this set of essay questions.

Set your strategy before you approach any set of MBA essays. For Harvard Business School, this is especially important because you have a choice of several questions to illustrate your candidacy. If you are working with a consultant, it’s a great idea to brainstorm about the best stories you have to demonstrate your important leadership, management, academic and personal qualities.

Harvard Business School is interested in knowing how you work as a person, how you think, and what kind of leader you are. Community involvement and a broad international perspective are certainly valued, as you can see by the topics. Most importantly, specific and concise examples are the best way to demonstrate who you are. Without specifics, a claim to be a leader is empty. Also make sure to answer the question completely, but do not add extra information if it is not relevant. For example, Harvard Business School’s career vision essay does not ask you why you need to go to Harvard Business School to accomplish your vision. No need to add information that is not requested unless it ties in cleanly with the overall essay.

The limited word count for Harvard Business School essays forces applicants to be focused and concise. When you answer a question, think about a discrete example that can be efficiently described, leaving you room to discuss lessons learned. When choosing Harvard Business School topics, start with the two required questions and then work through the topics for the remaining two questions by referring back to your application strategy and the attributes and experiences you want to highlight.

Essay 1 (required – 600 word limit): What are your three most substantial accomplishments and why do you view them as such?

This is a great question to highlight a few important areas of your life, and the accomplishments should draw from your well-rounded life rather than just work. Try approaching this question from the “why do you view them as such?” and then working back to the accomplishment. While an incredibly impressive accomplishment is exciting, it’s most important to show the moments where you grew, changed or realized something crucial about yourself. If you were an Olympic gold medalist and didn’t explain why this accomplishment was meaningful, the question was not fully answered. Even a seemingly humble accomplishment can be illuminated with your own reflection. That being said, this is also an opportunity to share your own key achievements. Make sure you provide detailed information about your contribution to the achievement to highlight your ability to lead and achieve through your direct efforts.

Essay 2 (required – 400 word limit): What have you learned from a mistake?

Don’t be afraid to admit you make mistakes because the key part of this question is describing what you learned. The mistake itself is less important, though choosing a real mistake that is honest in nature (not morally ambiguous) is preferable. When thinking about a mistake you might discuss, refer back to your strategic plan and the key information you want to communicate to the admissions committee. Is there a learning that has impacted your life or carried a thread through your character, goals or accomplishments?

Essays 3 and 4: Choose two of the four following questions (400 word limit each)

1. What would you like the Harvard Business School Admissions Board to know about your undergraduate academic experience?

If you are younger applicant or had a particularly strong academic experience, this may be a smart choice for one of the two remaining essays. When choosing a topic, think about an academic experience that may have shaped your future career plans, or solidified a personal passion. If you studied a topic in college that relates closely to your long-term goals it may be a great way to discuss your plans in a different light than the career vision essay would allow. Make sure your focus is academic in nature, this question specifically asks about your academic experience while in undergrad, not sports or social activities.

2. What is your career vision and why is this choice meaningful to you?

It is telling that Harvard Business School does not require an answer to this question. While Harvard Business School is less focused on hearing about your goals and aspirations for a career after business school than other programs, this is a great essay to discuss what your dreams are. If you are a non-traditional or career changing applicant this would be a good choice as one of your optional essays, as you will be able to lay out your vision for a career if it is less than obvious from your prior experience. Pay close attention to the “career vision” part of the question – this indicates a long term passion in the career realm, not a goal to become a McKinsey consultant right after graduation. Also do not neglect the discussion of why this career vision is meaningful to you. This could include past experiences, your background, or personal history.

3. Tell us about a time in your professional experience when you were frustrated or disappointed.

Similar to the mistake essay, this is an opportunity to show how you handle challenging situations. Everyone faces frustrations and challenges at work, it is how you decide to react that creates learning and growth. Revealing your emotions and thought process in this essay will provide a window into how you process difficult experiences and emerge from them with a new direction.

When brainstorming for this essay think first about what you learned from the situation, and then work backwards to describe the circumstances and the initial frustration, that will help you see the whole situation from a more optimistic viewpoint.

4. When you join the Harvard Business School Class of 2013, how will you introduce yourself to your new classmates?

This is a great essay in which to demonstrate a personal side to your application. Think about the aspects of your life that will be of interest to your peers. Interesting hobbies, international travel, your cooking skills or wine knowledge are all great topics to use to show how you will fit in with the class of 2013.
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With Harvard Business School‘s January 19th Round 2 deadline looming, Admissions Director Dee Leopold has answered some FAQs coming in from applicants in two posts this week.

If you’re wondering whether there’s any advantage to submitting to Harvard Business School early during a deadline period, office hours during the Martin Luther King holiday, or word-limit flexibility in essays or for recommenders, check out her advice here.

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Over on the Director’s Blog, Dee Leopold, Harvard Business School‘s Managing Director of Admissions and Financial Aid, has posted answers to application and application process questions flooding her inbox.

Here are the Q&As Leopold has dispatched so far for Harvard Business School…

At Harvard Business School, do you accept the GMAT or GRE total score in the application without the AWA or Analytical Writing score?
You must have a GMAT or GRE score in order to submit an application. If you haven’t yet received your AWA or Analytical Writing score, that’s fine. We will add it to your file when it arrives.

Is it OK to write about accomplishments that are not recent?
Every year at Harvard Business School, many successful candidates write about things that happened quite a while ago. It’s probably not a good idea to have everything you write about be from your childhood – we would wonder if you were moving forward or fixed in the past. As always, we encourage you to use your best judgment and remember that this is an application to business school.

What should I enter on the application for GPA if my university doesn’t use a 4.0 grading system?
Don’t enter anything. Don’t convert your grades to a 4.0 system. We review all transcripts to Harvard Business School and are familiar with a wide variety of grading systems.

Are essays read in consecutive order?
Not always. Each Board member may have his/her own way of approaching the written application. Speaking for myself, I often skip around with no particular pattern. If I start with an essay that seems to be building on a theme in another essay, I just go back and catch up. Not a problem. I can reassure you that all essays are reviewed!

We’ll keep you posted as more updates to the Director’s Blog become available.

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