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5 Keys Qualities of Successful MBA Applications

Every MBA candidate brings something unique to the table, but business schools are always on the lookout for specific qualities as they review the thousands of applications that cross their desks each season. If you can convince the admissions committee that you possess the following five qualities, you’ll put yourself leagues ahead of everyone else within your applicant pool.

1. A leadership track record: Business schools want to develop leaders who will contribute positively to society, and applicants should show how they have begun to lead others even before setting foot on campus. But this does not have to mean coming up with grand and sweeping examples that forever changed the course of history at your company.

Think about a time when you motivated others to do something, when you marshaled resources to solve a problem, when you brought a fresh idea or new way of thinking to your organization and most importantly, how you worked to inspire others and bring out the best in them. The aim is to show where you made an impact, no matter the size.

One former client, George, had participated in an annual charity bike ride for the past five years. He felt his application lacked compelling examples of leadership, so we suggested that he volunteer to lead the coordination of the next ride. His responsibilities included recruiting volunteers, coordinating vendors and collecting funds.

Find out [3 Surprising Application Mistakes Prospective MBAs Make]

George’s leadership of the team ultimately helped to increase the amount raised in the ride by 14 percent. George used this experience to write a strong leadership essay for each of his target schools, and it ultimately helped him gain admission to MIT Sloan School of Management.

2. Display quantitative competency: While you don’t need an undergraduate degree in economics to go to business school — MBA programs warmly welcome diversity in the form of applicants from the humanities, arts and social sciences — you do need to show that you won’t be in over your head with the information business school is designed to teach.

To get your foot in the door, strive for a GMAT or GRE score that aligns with the average at your target schools. It will set the admissions committee’s minds at ease knowing that, assuming you have relatively minimal academic experience in quantitative subjects, it won’t be a hindrance once you hit those core courses.

If this is a problem area for you, tackle it head-on. Allow ample time for test prep, retake the test a few times, complement your score by acing a college-level quantitative course or point out any quantitative skills used on the job to support your ability to handle the material of the program.

Learn how to [Effective Ways to Address Academic Strengths On MBA Applications]

3. Exhibit excellent communication skills: The general principles of finance and accounting are easily learned at business school, but recruiters frequently gripe that even MBA graduates from the most elite institutions need to work harder at cultivating soft skills.

You’ll impress the admissions committee right out of the gate if you can demonstrate that you already possess strong communication skills. Highlight experiences that show you work well with others and that prove you can make a presentation in a persuasive, professional manner. Or, show how your effective communication skills have helped you land a client or seal a deal.

If this is an area you need to work on, reach out to mentors or supervisors whose communication skills you admire and ask for advice on how they read their audience, navigate meetings, and how they have cultivated their own interpersonal abilities for business success.

4. Set realistic post-MBA career plans: It’s not uncommon for MBA applicants to be uncertain about their career goals. Nevertheless, you need to be very concrete about short and long term goals in your application. Explaining why you chose your career path is crucial.

As you describe your career trajectory, make sure you explain what has led you to pursue it and why it resonates with you. The answer doesn’t need to be elaborate or dramatic, but it should be convincing and real.

Get [do’s and don’ts of convincing MBA programs you’re a fit.]

Whether they discuss it openly, business schools are very concerned with job placement stat is tics. If they can’t help their MBA graduates find jobs, the ripple effect leads to fewer applicants in the future and lower yield.

Are you sure that the industry you want to work in is one that typically hires MBAs? The admissions committee needs to know your career plans are achievable with an MBA degree.

5. Get enthusiastic recommenders: Letters of recommendation are one of the most compelling components of the application, and also the most unsettling for applicants since it’s the one aspect you cannot entirely control. Make sure your recommenders are close enough to provide specific and relevant examples of your work and, above all, make sure they share in your excitement about going to business school.

Whether the mistake is choosing someone who doesn’t know you well enough to provide a convincing recommendation, not adequately preparing your recommender, or unwittingly selecting a supervisor who is not 100 percent supportive of your MBA plans, there’s nothing worse than discovering your chances at admission were torpedoed by a lukewarm endorsement.

So there you have it — five essential details that can make or break your MBA application. Study them well and with any luck, you’ll sail through the admissions process and sidestep many of the common red flags plaguing lesser-prepared applicants.

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5 Keys Qualities of Successful MBA Applications originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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