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Pros, Cons for MBA Applicants of the Single-Essay Trend

By U.S. News & World Report

A decade ago, business school applications commonly included up to six essay questions for applicants to fret and labor over. For at least the past three application seasons, however, many top-ranked MBA programs have abbreviated their required essays . Several now ask candidates to answer just a single prompt.

My immediate reaction to these changing requirements has been, “I love it!” It makes sense to test applicants in this way. After all, the world’s best b-schools want students who are future leaders — those who can act quickly and decisively, with little to no direction, under stressful circumstances.

C lient feedback in recent cycles has ranged from confusion to outright panic, so applicants may benefit from plenty of guidance as they grapple with how to present themselves and thoughtfully tell their story.

Prospective MBA applicants should know there are pros and cons to the streamlining trend .

[Learn to avoid these mistakes in an MBA application essay.]

Pro: Having to write just one essay eases the burden on applicants applying to multiple programs. Our 2016 SBC Survey of Prospective Applicants revealed that almost 3 8 percent of applicants plan to apply to five or more schools this year, and fewer and shorter essay requirements are precisely what motivated nearly 5 2 percent of respondents to apply to more schools.

As a bonus, admissions teams are betting that requiring a single essay means applicants will be less able to recycle essays for other schools.

Con: This increase in applications skews the overall application, acceptance, and yield numbers as the volume of the applicant pool increases but the quality declines. Schools need to adjust to these new figures, as they may influence a prospective applicant’s decision not to target a specific school if the program is perceived as less competitive and therefore, less desirable.

Pro: They say high self-awareness is the strongest predictor of overall success. The single prompt forces you to be very clear about who you are and what you want to communicate. In fact, many admissions committee members believe serious self-reflection prior to applying lays the foundation for compelling essays. A lot of thought will have to go into distilling your messages, which is hard work, but will ultimately benefit you.

[Know how to sell yourself in MBA admissions.]

Con: It’s much harder to mold your agenda with fewer words and only one question.But whether you have multiple essays, or a single prompt, 1,500 words or 500, the process of coming up with your personal brand is the same. You need to have a strategy for your application process that includes a lot of brainstorming up front to help you come up with the highlights of your candidacy that you want to convey, regardless of what is being asked.

Pro: From the photo commentary essay at the University of Chicago Booth School of Business, to the “cover letter in lieu of essay” requested by the Massachusetts Institute of Technology Sloan School of Management, to the “meet-and-greet at the airport layover” scenario posed by Carnegie Mellon University Tepper School of Business, these single essays provide an exciting opportunity for more creativity and meaningful content, rather than multiple, potentially more rambling essays of what applicants think the committee wants to see.

[Explore how to prepare for short answer MBA application essays.]

Con: Having a lot to say is overwhelming and can be stressful, but then having to stuff all an applicant wants to say into limited words only compounds that feeling . With so many accomplishments to highlight and leadership examples to share, the critical task of editing leaves many applicants incredibly anxious since it’s their one shining moment to share their story.

As communication in general seems to have condensed on many fronts thanks to social media, the single-essay trend appears here to stay. Ultimately, I see these types of questions as an invigorating exercise in presenting oneself, knowing what needs to be told and what can be left out. Just remember that having a well-thought-out strategy will be the key to making this lean essay format work for you.

More from U.S. News

4 Bad Reasons to Skip Applying for Business School

3 Reasons Future Entrepreneurs Need an MBA, and 1 Exception

5 Ways to Prepare for the 1st Year of Business School

Pros, Cons for MBA Applicants of the Single-Essay Trend 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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