Don’t Let Your MBA Application Fears Win (Part 1)
Fear is a natural part of life; for many MBA applicants, it’s an uninvited companion throughout the application process. Whether it’s fear of rejection, fear of making the wrong choice, or fear of financial insecurity, these concerns can be overwhelming. But as SBC consultant Chandler Arnold reminds us in a recent episode of the B-Schooled podcast, fear is not inherently bad—it can be a tool for self-discovery and growth if we learn to harness it.
In this first installment of a two-part series, we’ll explore three typical fears MBA applicants face:
- Am I applying to the right school?
- Am I applying to the right school for me?
- Can I afford an MBA?
Let’s get into these common mental roadblocks and discuss how to address them head-on.
Curious about your chances of getting into a top B-school? Contact us to talk strategy with a free 15-minute advising session with an SBC Principal Consultant.
MBA Application Fears
Fear #1: Am I Applying to the “Right” Schools?
One of the most frequent concerns we hear from applicants is the fear that they aren’t choosing the “right” schools. This fear often manifests in two ways. On the one hand, some worry they’re being unrealistic by applying to programs where their grades, test scores, or accomplishments fall short of the averages. Conversely, some applicants only apply to “safe” schools and wonder if they’re selling themselves short.
Safety Schools and Your MBA Application Strategy
Thankfully, data is your ally. If your numbers and professional accomplishments are significantly below the averages for a school like Harvard, Stanford, or Wharton, assessing whether that program should dominate your application strategy is wise. But—and this is a big but—there is also immense value in taking a risk and applying to your dream school, even if the odds feel slim.
SBC has worked with countless applicants who doubted they would get into a stretch school but applied anyway. Some were accepted—and even received significant scholarships. Others didn’t get in but walked away knowing they gave it their all. As we often tell clients, there’s incredible peace of mind in leaving it all on the field. You don’t want to spend the rest of your life wondering, What if?
That said, if you apply to only safe schools, you may face a different kind of regret. Imagine being accepted to every school on your list, only to realize that none genuinely excite you. Balance is key here. Push yourself to include stretch schools, but be realistic about how to allocate your time and energy.
Fear #2: Am I Applying to Schools for the Right Reasons?
Another common fear stems from external pressures: the idea that you’re applying to certain schools not because you want to but because someone else—your parents, boss, or partner—thinks you should. While it’s important to consider advice from loved ones, at the end of the day, this is your decision, your life, and your MBA journey.
“I went to Harvard as an undergrad,” Chandler shares. “It was my dream school, and I ended up having a number of life-changing experiences there, both personally and academically. But Harvard isn’t the right school for everybody.”
“A college friend of mine dreamed of attending Brown but ended up at Harvard because her father, a Harvard alum, insisted on it,” he recalls. Though Harvard offered incredible opportunities, she never felt at home there. “This story has stuck with me as a cautionary tale: no school, no matter how prestigious, is the right choice for everyone.”
If you find yourself applying to a school solely to satisfy someone else, we encourage you to have an honest conversation with that person sooner rather than later. If you’re sure you wouldn’t attend a particular school even if accepted, consider freeing yourself from the burden of applying altogether. Use that time to focus on schools that genuinely excite you.
When deciding where to apply, trust your instincts and choose schools that align with your goals, not someone else’s expectations. This is your journey, and you have the power to shape it according to your aspirations and dreams.
Fear #3: Can I Afford an MBA?
The third of the MBA application fears we’ll tackle today is one of the most practical: How will I pay for this? This concern is valid and complex, but more resources are available than many applicants realize. The financial aspect of an MBA can be managed with careful planning and exploration of various funding options.
Which MBA Funding Source is Right for You?
Start by exploring employer sponsorship. Even if your company doesn’t have a formal MBA sponsorship program, it never hurts to ask. Scholarships are another critical piece of the puzzle. Many top MBA programs, including Harvard Business School, offer generous need-based scholarships to over half of their students, with awards ranging from a few thousand dollars to full tuition.
Beyond institutional aid, there are countless external scholarships and fellowships to consider. For instance, the Forté Foundation offers scholarships for women pursuing an MBA, and the National Black MBA Association scholarship program supports African American students. A little research can uncover opportunities tailored to your background, industry, or career goals.
And, of course, there are loans—both federal and private. While loans come with repayment obligations, the long-term return on investment from an MBA can be significant.
How significant? Check out an insightful article from Poets & Quants titled “The MBA Premium: What MBAs Earn Over a Lifetime Will Shock You.” According to their analysis, graduates from the top 50 business schools can expect median lifetime earnings of $5.7 million—$2.3 million more than their peers with only undergraduate degrees. That’s not just a financial return; it’s an investment in your freedom to pursue meaningful, fulfilling work.
Facing MBA Application Fears with Boldness
At its core, fear is a signal—a reminder that you’re stepping outside your comfort zone and reaching for something that matters to you. By leaning into your fears, reflecting on their underlying causes, and taking bold, authentic steps forward, you can transform MBA application fears and anxiety into empowerment. This process can be a catalyst for personal growth and self-discovery.
We’ll be back next week with the second installment in this two-part series, where we’ll explore more MBA application fears and how to overcome them. Until then, be bold, be vulnerable, and keep moving forward.
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Stacy Blackman Consulting offers multiple services to meet your MBA application needs. From our All-In Partnership to interview prep, essay editing, resume review, and much more, we’ve got you covered. Contact us today for a free 15-minute advising session to talk strategy with a Principal SBC consultant.
Here’s a snapshot of the caliber of expertise on our SBC team.
Ashley
Ashley is a former MBA Admissions Board Member for Harvard Business School (HBS), where she interviewed and evaluated thousands of business school applicants for over a six year tenure. Ashley holds an MBA from HBS. During her HBS years, Ashley was the Sports Editor for the Harbus and a member of the B-School Blades Ice Hockey Team. After HBS, she worked in Marketing at the Gillette Company on Male and Female shaving ...
×Kerry
Kerry is a former member of the Admissions Board at Harvard Business School (HBS). During her 5+ year tenure at HBS, she read and evaluated hundreds of applications and interviewed MBA candidates from a wide range of backgrounds across the globe. She also led marketing and outreach efforts focused on increasing diversity and inclusion, ran the Summer Venture in Management Program (SVMP), and launched the 2+2 Program during her time in Admissions. Kerry holds a B.A. from Bates College and ...
×Pauline
A former associate director of admissions at Harvard Business School, Pauline served on the HBS MBA Admissions Board full-time for four years. She evaluated and interviewed HBS applicants, both on-campus and globally. Pauline's career has included sales and marketing management roles with Coca-Cola, Gillette, Procter & Gamble, and IBM. For over 10 years, Pauline has expertly guided MBA applicants, and her clients h ...
×Geri
Geri is a former member of the Admissions Board at Harvard Business School (HBS). In her 7 year tenure in HBS Admissions, she read and evaluated hundreds of applications and interviewed MBA candidates from a diverse set of academic, geographic, and employment backgrounds. Geri also traveled globally representing the school at outreach events in order to raise awareness for women and international students. In additio ...
×Laura
Laura comes from the MBA Admissions Board at Harvard Business School (HBS) and is an HBS MBA alumnus. In her HBS Admissions role, she evaluated and interviewed hundreds of business school candidates, including internationals, women, military and other applicant pools, for five years. Prior to her time as a student at HBS, Laura began her career in advertising and marketing in Chicago at Leo Burnett where she worked on th ...
×Andrea
Andrea served as the Associate Director of MBA Admissions at Harvard Business School (HBS) for over five years. In this role, she provided strategic direction for student yield-management activities and also served as a full member of the admissions committee. In 2007, Andrea launched the new 2+2 Program at Harvard Business School – a program targeted at college junior applicants to Harvard Business School. Andrea has also served as a Career Coach for Harvard Business School for both cu ...
×Jennifer
Jennifer served as Admissions Officer at the Stanford (GSB) for five years. She holds an MBA from Stanford (GSB) and a B.S. in Chemical Engineering from University of Illinois Urbana-Champaign. Jennifer has over 15 years experience in guiding applicants through the increasingly competitive admissions process into top MBA programs. Having read thousands and thousands of essays and applications while at Stanford (GSB) Admiss ...
×Erin K.
Erin served in key roles in MBA Admissions--as Director at Haas School of Business at UC Berkeley and Assistant Director at Stanford's Graduate School of Business (GSB). Erin served on the admissions committee at each school and has read thousands of applications in her career. At Haas, she served for seven years in roles that encompassed evaluation, outreach, and diversity and inclusion. During her tenure in Admissions at GSB, she was responsible for candidate evaluation, applicant outreach, ...
×Susie
Susie comes from the Admissions Office of the Stanford Graduate School of Business where she reviewed and evaluated hundreds of prospective students’ applications. She holds an MBA from Stanford’s GSB and a BA from Stanford in Economics. Prior to advising MBA applicants, Susie held a variety of roles over a 15-year period in capital markets, finance, and real estate, including as partner in one of the nation’s most innovative finance and real estate investment organizations. In that r ...
×Dione
Dione holds an MBA degree from Stanford Business School (GSB) and a BA degree from Stanford University, where she double majored in Economics and Communication with concentrations in journalism and sociology. Dione has served as an Admissions reader and member of the Minority Admissions Advisory Committee at Stanford. Dione is an accomplished and respected advocate and thought leader on education and diversity. She is ...
×Anthony
Anthony served as the Associate Director of MBA Admissions at the Wharton School at the University of Pennsylvania, where he dedicated over 10 years of expertise. During his time as a Wharton Admissions Officer, he read and reviewed thousands of applications and helped bring in a class of 800+ students a year. Anthony has traveled both domestically and internationally to recruit a ...
×Meghan
Meghan served as the Associate Director of Admissions and Marketing at the Wharton MBA’s Lauder Institute, a joint degree program combining the Wharton MBA with an MA in International Studies. In her role on the Wharton MBA admissions committee, Meghan advised domestic and international applicants; conducted interviews and information sessions domestically and overseas in Asia, Central and South America, and Europe; and evaluated applicants for admission to the program. Meghan also managed ...
×Amy
Amy comes from the Wharton School of the University of Pennsylvania where she was Associate Director. Amy devoted 12 years at the Wharton School, working closely with MBA students and supporting the admissions team. During her tenure at Wharton, Amy served as a trusted adviser to prospective applicants as well as admitted and matriculated students. She conducted admissions chats with applicants early in the admissions ...
×Ally
Ally brings six years of admissions experience to the SBC team, most recently as an Assistant Director of Admission for the full-time MBA program at Columbia Business School (CBS). During her time at Columbia, Ally was responsible for reviewing applications, planning recruitment events, and interviewing candidates for both the full-time MBA program and the Executive MBA program. She traveled both internationally and dome ...
×Erin B.
Erin has over seven years of experience working across major institutions, including University of Pennsylvania, Columbia Business School, and NYU's Stern School of Business. At Columbia Business School, Erin was an Assistant Director of Admissions where she evaluated applications for both the full time and executive MBA programs, sat on the admissions and merit scholarship committees and advised applicants on which program might be the best fit for them based on their work experience and pro ...
×Emma
Emma comes from the MBA Admissions Office at Columbia Business School (CBS), where she was Associate Director. Emma conducted dozens of interviews each cycle for the MBA and EMBA programs, as well as coordinating the alumni ambassador interview program. She read and evaluated hundreds of applications each cycle, delivered information sessions to audiences across the globe, and advised countless waitlisted applicants. ×
