Bottom Line on Choosing an MBA Program

If you're not already on Linked In, why not? LI is an essential tool for research and professional networking. One of LI's best features is the "Answers" tab, a powerful gadget for capturing high quality information, enhancing your professional credibility, and expanding your network of bona fide contacts. Here's an example of a recent Q & A relevant to b-school applicants. The question was posed by Christian Schmied. John Acheson makes a very good point.

Christian Schmied

Student at Rensselaer Polytechnic Institute - The Lally School of Management and Technology

MBA Insights

I'm currently applying to a few MBA programs including Stanford, MIT Sloan School, and Rensselaer Lally School .... when deciding to pursue an MBA at various universities, what would you say are the most important aspects to consider (reputation, specialized programs, career connections, etc.)??

John Acheson, MBA

Micropreneur

The most important aspect of any investment (you'll be dropping $100K plus 2,000 or more hours) is payoff.

I overlooked the most important component of payoff when I chose my MBA program based on up front costs instead.

On the back end there was nothing waiting and of the 83 companies I applied to only 3 or 4 added extra value for a MBA.

For payoff, you need to ask yourself:
- what companies are ACTIVELY COMING ON CAMPUS and SPECIFICALLY HUNTING DOWN MBA GRADUATES?

- what majors are those companies looking for? i.e. all businesses have 5 functional areas: HR, ops, mgmt, legal/IT and sales/marketing

- what skills are those potential employers looking for?

- which teachers or administrators are connected to the companies that come on campus?

Before you apply, spend several hours at the career center and SPECIFICALLY ASK ABOUT MBA opportunities because you'll quickly notice that companies may prefer hiring computer science majors, BA in accounting majors, engineering majors, etc.

ALSO spend extensive time studying your dept or major. For example, ISYS. What companies are those ISYS faculty members and office folk connected to. What network will you tap into?

For example, if you want to tap into the Silicon Venture Capital network you would chose Stanford and major in Finance. If you want to tap into the auto industry, you may double major in engineering and apply to MIT if you want to work for a DOMESTIC automaker. If you want to work for Toyota or Honda, you may have to apply to a program in Japan.

IF NO firms from the sector, industry or line of business you're interested in are ACTIVELY recruiting at your target schools, why apply???

Just for the name???

Thanks for stopping by,
Doug

To add your questions and comments just click below on "_ Comments" or "Links to this Post" and then "Post a Comment".

Ali's Observations on Test Day

Ali, a recent tutoring student, scored a 710 on her first shot at GMAT - up from 600 on her diagnostic. I asked her for her comments on the test experience. Her very illuminating reply follows. :

Hi Doug,

I actually just arrived in London today to begin training for D.........
Bank.  As for my feelings on the test experience, I actually found
Kaplan's questions to be slightly more difficult than the actual test
which worked in my favor but also made me far more nervous than I
needed to be.  What I found most helpful is to repeatedly review the
problems I got wrong.  I reviewed some of the assignments that I did
poorly on 5 or more times, which really helped me feel comfortable.
Otherwise, I felt our sessions together did an excellent job in
preparing me for the exam.  The only thing that caught me off-guard
was how much was going on in the actual testing room.  I assumed I
would be sitting with other students, but didnt realize that most of
the students there were taking different exams at different times.  I
was extremely distracted by the constant sound of the door opening and
closing, and the earplugs they offered were basically useless.  I
don't know if every testing center is like this, but it was the one
thing I was not expecting.

Again, I really appreciate all of your help and hope you have a
wonderful summer!

Best,

Ali

NOTE: Ali never took advantage of one of Kaplan's best features, the Ultimate Practice Test, a Kaplan practice CAT given in the same Pearson Test Center where the actual GMAT is administered. If she had, the noise levels and commotion wouldn't have thrown her.

To add your questions and comments just click below on "_ Comments" or "Links to this Post" and then "Post a Comment".

Thanks for stopping by,

Doug

Competition For MBA Slots Heats Up

In case there was any doubt, here are the latest stats on GMAT registrations from GMAC as reported by the Financial Times (MBA Application Numbers Rise). There are definitely more elbows and knees out there on field. Take a look at the Forbes article in the Net Work section for more on this subject.

Interpreting and using GMAT practice tests.

This question comes from a former student:

Doug-

Can you help explain the test scoring for me? The inconsistency in the test scoring is stressing me out. So far I've taken both the Kaplan practice CAT's and the mba.com practice CAT's.

Kaplan Cat3 Q-20 correct V- 17 correct Total 520

Kaplan Cat4 Q-16 correct V- 22 correct Total 500

GMAT prep test 1- Q 18 correct V- 19 Total 510

GMAT prep test 2- Q- 19 correct V- 28 correct Total 490???

As you can see my highest verbal yet and second highest quantitative so my score should be at least higher than a 510-520?? I know the math seems to be weighted higher but their last score doesn't make sense.

Is it possible the program scored me wrong or am I missing something here?

Anything's possible. However, looking at your overall scores, I actually see very little inconsistency. On the other hand, you are focusing on the number of correct answers compared across four tests. To understand the apparent discrepancy, keep in mind two concepts: First, the test is scored on a curve, so your overall (scaled) score depends not only on how you performed, but also on how other test takers scored. Second, and more importantly, remember how the test algorithm works. If you get several questions wrong in the beginning of the test, the algorithm lowers your score and gives you easier questions. After that, you can readily answer more (now easier) questions correctly but will have a tough time recovering on the maximum achievable scaled score. (I'd be curious to know how much variation you noticed in your percentile rankings and scaled scores.)

Your overall scores have been remarkably consistent. GMAC says you can expect your score on test day to be within +/- 40 points of your true ability 2/3 of the time. By contrast, your mean score over the four tests you cited is 505 with a standard deviation of only 13 points.

I've got another opportunity for you to consider. You didn't mention how frequently you've taken these tests. After each practice CAT, are you taking time to review your results question by question and identify areas that need work? You should follow up such an analysis with additional practice before tackling another CAT. Taking practice tests without the supplementary work in between might help you improve your timing (and conceivably raise your score thereby) but it won't generate your maximum performance increase.

You've already boosted your scores by 100 points from the diagnostic test. To maintain your momentum, I suggest that you analyze the tests you've completed so far to figure out which two or three topics, strategies, or concepts offer the biggest potential harvest of points - and then dig in on those areas intensively.

- Doug