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10 Ways to Secure an MBA Acceptance Letter

By U.S. News & World Report

Increase Your Chances of Acceptance

Getting into business school isn’t easy, so it’s understandable for prospective students to worry about their odds of acceptance to top MBA programs. One way to address these concerns, experts suggest, is to strengthen your admissions profile before you apply to business school.

Here are 10 ways experts recommend to transform yourself into a more compelling MBA applicant.

1. Do Some Serious Introspection

Experts say the most impressive MBA applicants are those who are self-aware enough to identify their strengths and weaknesses, describe their dream career and explain how b-school will help them succeed.

“We don’t feel that people need to come in with a life plan already mapped out, but we do like to get a sense for how people think about the decisions that they make,” Chad Losee, managing director of MBA admissions and financial aid at Harvard Business School, told U.S. News.

2. Prove Your Potential

Experts advise applicants to have evidence to back up their resumes and a series of compelling success stories, including about obstacles they have overcome.

MBA applicants who don’t have many success stories to tell should consider taking a few more calculated risks at work or school, so they can gain valuable leadership experience to describe in their admissions essays, experts say.

3. Ask Yourself Whom You Admire

One way for prospective MBA applicants to discover their professional calling is to think about whose job they wish they had, U.S. News contributor Stacy Blackman wrote in a 2012 Strictly Business blog post.

“Passion for your career choice will come across as you tell your story through essays, discussions with recommenders and interviews, so it’s worth articulating your own dreams in advance,” wrote Blackman, an MBA admissions consultant.

4. Find Ways to Contribute to the World

MBA admissions experts urge applicants to remember that their grades and test scores aren’t the only factors that matter.

Having a positive influence on a company or community is one way applicants can convince MBA admissions committees that they’re worthy of admission, and career success can compensate for lackluster academic statistics, experts suggest.

5. Tackle New Challenges

Business schools prefer to admit well-rounded MBA applicants with a wide array of talents, says S. Michael Sury, a lecturer of finance with the McCombs School of Business at the University of Texas–Austin.

Sury encourages applicants to branch outside of their ordinary work duties and tackle projects that allow them to cultivate new skills. “Taking part in industry conferences, speaking engagements, teaching positions or volunteering activities can propel an otherwise average candidate into a more competitive one,” he said via email.

6. Address Weaknesses Head-On

Experts say MBA applicants who lack a personal quality that admissions officers tend to desire, such as leadership skills, should participate in an activity that forces them to develop that ability.

Blackman, the MBA admissions consultant, wrote in a recent blog post that one of her clients overcame shyness and developed communication skills by joining Toastmasters, a national professional development organization that challenges its members to deliver speeches.

7. Demonstrate Academic Versatility

Experts say MBA applicants who have had a somewhat narrow academic focus in the past can bolster their admissions profile by demonstrating interest in an unrelated discipline.

For instance, engineers should participate in extracurricular activities that are unrelated to their field, Sury said via email. “Likewise, if the candidate is a more traditional business major, he may consider taking up vocational skills like programming or a second language.”

8. Tackle Entrance Exams Early

Experts say it’s prudent to take a diagnostic exam for both the GRE and GMAT before deciding which business school entrance exam to prepare for. However, once applicants have made that choice, they should take the exam as soon as possible, experts advise.

Shaifali Aggarwal, founder and CEO of the Ivy Groupe admissions consulting company, says applicants who wait too late to take their standardized test are forced to juggle the arduous task of test prep alongside the difficult challenge of writing admissions essays.

9. Polish Application Materials

David Simpson,admissions director of MBA and masters in finance programs at the London Business School, says one of the worst mistakes an MBA applicant can make is to rush through writing application materials.

“Take time to consider how every sentence makes you sound….not just the essays, but the main application as well,” Simpson said via email.

10. Give Recommenders Time

Simpson says it’s unwise to ask for recommendation letters at the last minute, because it’s unlikely that recommenders will endorse applicants enthusiastically if they aren’t shown courtesy and respect.

Experts advise prospective MBA students to choose recommenders who are excited to help them apply. They also suggest being open about strengths and weaknesses so recommenders can make a strong argument for admission.

Submit an Outstanding MBA Application

Find out how top business schools make admissions decisions and what kinds of academic credentials are typically required to get into selective programs. Learn how to sell yourself to MBA admissions committees, and get the information you need to decide where to apply.

View the Best Business Schools rankings and follow U.S. News Education on Twitter and Facebook.

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10 Ways to Secure an MBA Acceptance Letter 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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