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Focus on Career Progression, Results for a Successful MBA Resume

By U.S. News & World Report

While most business school applicants might readily accept the need to spend weeks or months on test prep and MBA essays, many wrongly assume they can simply tweak their current professional resumes and hit submit along with the rest of the required data forms.

In doing so, they have missed a tremendous opportunity to create a powerful first impression on both the admissions committee and, fingers crossed, their future MBA interviewer.

The MBA resume is quite different from a traditional business resume in that it should focus heavily on MBA skills and traits such as leadership, teamwork and international work experience. Admissions committee members often view the resume as one of the most important parts of an application, so think of it as a marketing and branding tool and make it shine while keeping it simple.

[Follow three exercises to help MBA applicants develop a personal brand.]

Imagine someone scanning an MBA application resume for the first time on the 30-second walk down the hall to the interview. That person should be able to get a clear picture of the candidate — and that quickly.

You do want to provide a snapshot of your functional skills, but the admissions committee will be more interested in the fact that you led a cross-functional team to develop a new version of your product than the fact that you coded in three computer languages to develop the new version.

To the extent possible, illustrate career progression through the resume. Highlight a promotion or show how skills were cultivated after switching to a new job.

[Demonstrate five key qualities of successful MBA applications.]

For example, if you have worked for the same company for five years but were promoted twice, you should highlight all three job titles, with separate dates of employment and separate descriptions. The descriptions should reflect your increasing levels of responsibility.

Business schools in general today aren’t as strict as they used to be regarding years of work experience, and some programs regularly admit students right out of college.

Whether you have five years on the job or one, don’t go so far back as to list high school jobs on your resume — they are just not relevant any more. In some cases, even part-time college positions aren’t worthy of more than a mention, so focus on highlighting your most recent roles.

Admissions committees like to see results-oriented phrases in resumes, so for every bullet point, try to quantify results in dollar amounts or percentages whenever possible. It is much more powerful to write that you “created a marketing plan that resulted in a 30 percent increase in leads,” as opposed to noting that you simply “created a marketing plan.”

Business school applicants often find it helpful to frame their accomplishments using the STAR method, which stands for situation, task, action and result. For each employment position listed on your resume, think of a project, initiative or transaction where you made a meaningful contribution. Then describe the situation, your task, the actions you undertook and the results.

For example, one client who had worked as a summer associate at McKinsey & Co. noted on her resume that she “isolated regional sales performance weaknesses and designed a plan to recover $50 million in revenue.”

We see that the situation involved regional sales performance, the task was to isolate weaknesses and the action included designing a plan that resulted in recovering $50 million in revenue. The description was clear, brief and powerful.

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

The last couple lines of the MBA resume can highlight various interests and skills such as computer proficiency, second languages spoken or a love of travel. This is also an opportunity for a personal touch by adding something fun that shows a bit of personality and can become an icebreaker during interviews.

My resume included that I collect Pez dispensers, and that was always the first thing that the interviewer touched on that warmed things up and made the exchange more conversational.

Finally, for applicants with a noticeable gap in employment history, the best place to address this is in the optional essay, not the resume. Candidates want to fully explain any anomalies to the admissions committee so that no one jumps to an incorrect conclusion, and there’s simply not enough space to do so in a one-page resume.

The MBA resume may only receive a few minutes of attention from the admissions committee and MBA interviewer, but applicants should do all they can to make this first impression as powerful, compelling and concise as possible.

More from U.S. News

Delve Into the Nuances of the MBA Resume

5 Key Qualities of Successful MBA Applications

3 Surprising Application Mistakes Prospective MBAs Make

Focus on Career Progression, Results for a Successful MBA Resume originally appeared on usnews.com

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

By WTOP Staff
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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