Tag Archives: MBA program
February 12, 2014
Harvard Business School‘s recently released annual report notes, among other achievements, that the school received a record-breaking $22 million in unrestricted current use gifts from former students in 2013. This unrestricted funding was crucial in …
Harvard Business School‘s recently released annual report notes, among other achievements, that the school received a record-breaking $22 million in unrestricted current use gifts from former students in 2013.
This unrestricted funding was crucial in allowing the school to expand entrepreneurship programs at the Harvard i-Lab and to pursue other strategic initiatives without drawing on unrestricted reserves, the report reveals.
In addition to expanding entrepreneurship programming, the donations also helped increase the amount of tuition assistance for MBA students. HBS sets MBA tuition and fees at levels that don’t fully recover annual operating expenses, and the shortfall is offset primarily by income and gifts from alumni and friends of the school.
Roughly half of the school’s student body receives fellowship support, and the average amount of aid per student rose three percent in 2013 to $30,725, more than half of the annual tuition bill. First-year MBA tuition in fiscal 2013 was $53,500—near the midpoint among the seven comparable schools tracked by HBS.
The Harvard Business School Campaign, which launches in April, “aims to find new ways to engage with alumni as it seeks to fulfill the School’s mission of making a difference in the world.”
Noting rising operating costs across the school and lower margins at Harvard Business Press and Executive Education, the school anticipates even greater pressure to grow revenue from gifts and endowment distribution in the coming year.
October 9, 2013
Forbes has just released its biennial ranking of full-time MBA programs, with a methodology based solely on return on investment (ROI). Forbes compared the earnings of MBA grads in their first five years out of …
Forbes has just released its biennial ranking of full-time MBA programs, with a methodology based solely on return on investment (ROI). Forbes compared the earnings of MBA grads in their first five years out of business school to their opportunity cost (two years of forgone compensation, tuition and required fees) to arrive at a “5-year M.B.A. Gain.”
Surveys went out to 17,000 alumni from 100 schools, and Forbes heard back from 27% of those grads. Salaries five years out of school were down from two years ago for all but two schools in the top 10, Forbes reports, with only Stanford Graduate School of Business and Michigan’s Ross School of Business bucking the trend.
Here’s a snapshot of the best-ranked programs, which compares salaries pre- and post-MBA:
Top 10 Best U.S. MBA Programs
1. Stanford Graduate School of Business
5-year MBA gain: $99,700
Pre-MBA salary: $80,000
2012 salary: $221,000
2. Chicago Booth School of Business
5-year MBA gain: $92,600
Pre-MBA salary: $76,000
2012 salary: $200,000
3. Harvard Business School
5-year MBA gain: $79,600
Pre-MBA salary: $80,000
2012 salary: $205,000
4. University of Pennsylvania’s Wharton School
5-year MBA gain: $74,400
Pre-MBA salary: $80,000
2012 salary: $205,000
5. Northwestern Kellogg School of Management
5-year MBA gain: $73,100
Pre-MBA salary: $73,000
2012 salary: $176,000
6. Dartmouth Tuck School of Business
5-year MBA gain: $71,000
Pre-MBA salary: $72,000
2012 salary: $189,000
7. Columbia Business School
5-year MBA gain: $70,200
Pre-MBA salary: $74,000
2012 salary: $192,000
8. Duke Fuqua School of Business
5-year MBA gain: $69,800
Pre-MBA salary: $63,000
2012 salary: $152,000
9. Cornell Johnson School of Management
5-year MBA gain: $68,100
Pre-MBA salary: $59,000
2012 salary: $155,000
10. Michigan Ross School of Business
5-year MBA gain: $68,000
Pre-MBA salary: $61,000
2012 salary: $153,000
Forbes editor Kurt Badenhausen tells Poets & Quants that an MBA pays off very quickly, particularly at the top schools, though the average payback for the Class of 2008 was 3.7 years, versus 2.7 years a decade ago.
“Graduates often see their salaries triple coming out of school,” he says. “This year’s data will tell an interesting story because these top schools are sending so many MBAs into consulting that their ROIs are fantastic. This year, with the shift in job placement, we’ll see a slowdown in that salary growth.”
For more on this story, read the complete 2013 Forbes MBA rankings.
August 28, 2013
The Dartmouth Tuck School of Business has a small student body and a rural location, combined with world-class faculty and academic focus. As you approach your Dartmouth Tuck MBA application it will be important to …
The Dartmouth Tuck School of Business has a small student body and a rural location, combined with world-class faculty and academic focus. As you approach your Dartmouth Tuck MBA application it will be important to consistently show how you will fit into the school values of leadership, teamwork and collaboration and bring your own unique qualities and experiences to the community.
Before you begin the essays think about the areas you want to communicate to the Tuck Business School admissions committee. As you consider each topic be sure to provide specific examples to illustrate your unique qualities. Real life experiences are your best evidence of leadership qualities, teamwork skills and management potential.
Stacy Blackman Consulting has worked with successful Tuck applicants for over a decade, contact us to learn more about the customized assistance we can provide for your application.
Why is an MBA a critical next step toward your short- and long-term career goals? Why is Tuck the best MBA fit for you and your goals and why are you the best fit for Tuck?
This standard career goals question requires you to clearly outline your short- and long-term career goals. Your short-term goals are the aspirations you have for your job immediately after graduation, while your long-term goals may be 10 or 20 years after you complete your MBA. In this relatively short essay you will need to explain what you have been pursuing in your career thus far, and why you need an MBA at this point in your life, along with your career goals.
“Why Tuck Business School” is an important aspect to this essay, and your opportunity to demonstrate fit. Make sure you have researched the school’s programs and determined your education will suit your plans. By reaching out to current students and alumni you will gain crucial insights that will provide a personal perspective on the culture of the school.
Tell us about your most meaningful collaborative leadership experience and what role you played. What did you learn about your own individual strengths and weaknesses through this experience?
This question gets at your strengths and weaknesses as a leader. An addition to this question this year is the use of the word “collaborative” when associated with leadership. Tuck is a close knit community with a strong alumni network, and considering your leadership skills in a group context will be important to demonstrate fit with the program.
This essay requires that you describe one specific example that illustrates your leadership challenges and strengths. Think about the leadership opportunities that led to a deeper understanding of yourself and others, and may have resulted in definition of your strengths or an improvement in your weaknesses. The example you choose can be from work or community involvement, as “great leadership can be accomplished in the pursuit or business and societal goals.”
You will need to adhere to the Tuck School of Business definition of leadership and include a team-based aspect to your example. As you describe your leadership experience, make sure you explain how you were able to inspire and enable others to accomplish.
Describe a circumstance in your life in which you faced adversity, failure, or setback. What actions did you take as a result and what did you learn from this experience?
This question is your opportunity to show how you handle challenging situations. Everyone faces adversity, failure or setbacks at work or in personal life, and it is how you decide to react that demonstrates your character. Revealing your emotions and thought process along with your actions in this essay will provide a window into how you process difficult experiences and emerge from them with a new direction.
Think back to Tuck Business School’s criteria, and consider using this essay to either demonstrate your interpersonal skills (if your challenge was of the interpersonal variety) or to show something from your background or experience that is unique.
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 challenge or hurdle, that will help you see the whole situation from a more optimistic viewpoint. Did you learn from the experience and did it impact your life or demonstrate a specific aspect of your character, goals or accomplishments? Even the most difficult situations often lead to personal growth and change and have contributed to who you are today.
(Optional) Please provide any additional insight or information that you have not addressed elsewhere that may be helpful in reviewing your application (e.g., unusual choice of evaluators, weaknesses in academic performance, unexplained job gaps or changes, etc.). Complete this question only if you feel your candidacy is not fully represented by this application.
This is your opportunity to discuss any perceived weaknesses in your application such as low GPA or gaps in your work experience. When approaching a question of this nature, focus on explanations rather than excuses and explain what you have done since the event you are explaining to demonstrate your academic ability or management potential.
You could potentially use this space to add something new that was not covered in the previous essays or in the application, resume or recommendations, however use your judgment about the topics as Tuck asks that you only complete this question if you “feel your candidacy is not fully represented by this application.”
August 6, 2013
Lydia was confused about the various options available to her as she started researching for her MBA application. As an African-American applicant she realized that her profile was underrepresented in the MBA application pool, and …
Lydia was confused about the various options available to her as she started researching for her MBA application. As an African-American applicant she realized that her profile was underrepresented in the MBA application pool, and was both encouraged by her admissions chances and discouraged by the application process.
When she approached Stacy Blackman Consulting seeking advice, we suggested looking into several programs aimed directly at her. With her Stacy Blackman consultant Lydia researched Management Leadership for Tomorrow, The Robert Toigo Foundation, the Consortium and all of the diversity programs at her target schools (HBS, Stanford, Darden, Haas and Yale).
After discussion with her consultant, Lydia decided to apply through the Consortium for her applications to Darden, Haas and Yale while adding Cornell (HBS and Stanford are not Consortium member schools). This streamlined her application process and gave her the opportunity to apply to more schools, but also required her to demonstrate to the Consortium that she was involved in activities to promote their mission.
Luckily, along with her impressive career trajectory in technology and a strong undergraduate record in engineering, Lydia had also been a student leader in the African-American community on campus at Virginia Tech and remained involved as an alumna.
Lydia and her consultant put together a compelling application demonstrating Lydia’s continued involvement and support for her community along with her career success and ambitious goals. Lydia’s application to the Consortium and her MBA programs were highly successful, resulting in acceptances from Yale, Stanford, Haas and Cornell.
Considering your own application through the Consortium? Contact us to learn more about how to position yourself for application success.
August 2, 2013
Chicago Booth is consistently rated in the top echelon of MBA programs in the United States and is known for a strong intellectual community. This application is designed to evaluate candidates on their ability to …
Chicago Booth is consistently rated in the top echelon of MBA programs in the United States and is known for a strong intellectual community. This application is designed to evaluate candidates on their ability to handle the Chicago curriculum, contribute to the community, and grow in their careers. This year Chicago has discarded a longer essay on your career goals in favor of two short essays and the creative powerpoint presentation question.
Academic ability will largely be communicated through your GPA/GMAT, transcripts and other fixed data points, though intellectual curiosity can be demonstrated in essays and the interview. Community focuses on your demonstrated leadership, team building skills and community involvement, as well as your fit with Chicago Booth and the perspective you will share with your classmates. All MBA candidates are ultimately looking for a degree that will enhance their career. Chicago Booth wants to know about your track record of success, expectations for the MBA, and plans for the future.
Chicago Booth’s open-ended creative presentation or essay confounds many candidates. Whether you choose to write an essay or prepare a four slide presentation, take a step back from the unique format and think about the question strategically. The power point format simply gives you the freedom to express that answer in words, images, graphics or some combination. The best presentations will be simple, evocative and expressive. Remember, content is far more important than creativity of presentation. Stacy Blackman Consulting has significant experience coaching applicants through the Chicago creative essay. Contact us to learn more about our strategic approach.
Short Answer Essays
Please respond to the following two essay prompts:
a. My favorite part of my work is… (250 words maximum)
This short answer essay is the only explicit inquiry about your career in this set of essays. It is notable that the essay question focuses on passions, not goals. For a question like that it’s important to distill your career aspirations and feelings about your work into a clear statement. Think about why you go to work everyday and the moments that inspire you at your job and in your career. Ideally your career passions hint at what drives you on a deeper level and fit with your personal and extracurricular pursuits as well.
b. I started to think differently when… (250 words maximum)
Chicago is a school with a tradition of intellectual rigor, and the second short answer essay focuses on how your thinking has evolved over time. This question gives you an opportunity to discuss something that has changed your thinking fundamentally. This could be an experience at work, home, or in an extracurricular activity. It could even be a travel experience or something that you saw someone else go through. For example, perhaps a trip to another country changed fundamentally your ideas about society and economics. Or watching a family member struggle with an illness convinced you that preserving health was a fundamental goal of your own life. Whatever the experience was, make sure you are able to succinctly describe it and the way it changed your thinking.
The Chicago experience will take you deeper into issues, force you to challenge assumptions, and broaden your perspective. In a four-slide presentation or an essay of no more than 600 words, broaden our perspective about who you are. Understanding what we currently know about you from the rest of the application, what else would you like us to know?
This creative essay offers you a blank slate to express yourself with any content you choose. When approaching the question focus first on content, and then on delivery.
This is the ideal opportunity to bring in any aspect of your overall story that does not fit in any other essay. Think about any aspects of leadership, teamwork and intellectual curiosity you have already presented in the previous essays, and where the gaps are. If you wrote about your professional experiences in prior essays, the presentation could focus on personal stories. If there wasn’t enough opportunity to outline your core career passions in your resume or other essays this could be a place to illuminate that detail.
If you decide to write an essay response, you have enough space to tell a story that describes something new about yourself. If you decide to prepare a power point in response to this essay question, refine your story to its key elements. Four slides is a limited amount of space to communicate a lot of detail. Can you use photos? Drawings? If you use words, keep them clear and focused. Take every point up a level, so you are communicating a vision rather than a thesis.
Reapplicant Question: Upon reflection, how has your perspective regarding your future, Chicago Booth, and/or getting an MBA changed since the time of your last application? (300 words maximum)
This reapplication essay question gives you the opportunity to focus on your thinking and development rather than any tangible changes you have made since you last applied. Of course, if you do have new accomplishments like a promotion or higher GMAT score that will be of significant value to your re-application. If you do not have any new hard changes to your profile this essay is an opportunity to show that you have done the work to evaluate your candidacy and have made changes this time around. The word reflection is explicit in the question, and the admissions committee will be looking for your thoughtful consideration of Chicago, your future and your MBA plans.
July 12, 2013
On its website, MIT Sloan states that “MIT Sloan is simply more dedicated to creating effective innovation than any other leading school.” Innovation is key for MIT Sloan and seeks interesting students to build a …
On its website, MIT Sloan states that “MIT Sloan is simply more dedicated to creating effective innovation than any other leading school.” Innovation is key for MIT Sloan and seeks interesting students to build a class that can learn from each other and continue the tradition of innovation.
When approaching this set of essays, your task is to remain focused on your overall application strategy and choose two key stories that can showcase your achievements at school, work and extracurricular activities while demonstrating that you will contribute to MIT Sloan’s mission. This year MIT Sloan has removed the iconic cover letter requirement, and has added an extremely open ended aspect to the optional essay.
Essay 1: The mission of the MIT Sloan School of Management is to develop principled, innovative leaders who improve the world and generate ideas that advance management practice. Discuss how you will contribute toward advancing the mission based on examples of past work and activities. (500 words or fewer, limited to one page)
The two behavioral questions in the MIT Sloan application require you to describe your past accomplishments and experience on a very pragmatic level. A key part of the MIT Sloan set of essays is the focus on understanding how you work, think and act. The instructions ask you to provide a brief overview of the situation, and then follow the situation with a detailed description of what you did. This requires being very specific about your thoughts and actions as you respond to each essay question.
This question is seeking to understand how you develop and execute on ideas. A work or extracurricular example where you demonstrated the ability to generate strategy and execute upon it would be ideal here. How did you identify your idea? What did you do to develop it? What did you ultimately accomplish? This essay will demonstrate your intellectual capacity and curiosity, which are crucial attributes MIT Sloan is looking for in MBA admits.
Essay 2: Describe a time when you pushed yourself beyond your comfort zone. (500 words or fewer, limited to one page)
This essay is the second behavioral question in the set, consistent with MIT Sloan’s belief that past behavior is the best predictor of future performance. This essay gives you an opportunity to choose a personal, work or extracurricular example and to show an interesting side to your personality or background.
If you have had significant international experience this may be an ideal question to showcase how you adapted to a new culture. Or perhaps you pursued a sport or hobby that was difficult for you and were able to prove to yourself that you could master a new skill. Remember that the story is less important than what you thought, felt and did and that this essay is an opportunity to showcase your unique personal qualities.
Optional Question: The Admissions Committee invites you to share anything else you would like us to know about you, in any format.
This year MIT Sloan has created an entirely open ended optional essay and invited applicants to respond to the essay in any format desired. This allows you to do anything you need to with this space, including clarifying any concerns or highlighting interesting aspects of your background or profile.
This essay is an ideal opportunity to provide any information that you were unable to work into the other two essays and provide a new angle on your candidacy. If you have an unusual background, hobby or extracurricular experience, this may be an opportunity to provide that information to the admissions committee. With similar questions asked by other MBA programs in the past Stacy Blackman Consulting has advised candidates on everything from photo journalism projects to customized multimedia presentations. The format is far less important than the content, but it’s also true that images or presentations can provide a new perspective on your application.
Stumped by your MIT Sloan MBA application? Contact Stacy Blackman Consulting to learn how we can help.