Wednesday, October 29, 2008

Applying to MBA Schools during the Economic Downturn

With a Global recession looming, you may be thinking that now is a good time to go back to school and complete your MBA. With fewer opportunities available and some positions even disappearing, it couldn't be a better time to step away from the rat race and go back to school right???

Well a number of people will likely have the same idea as you. Full-Time MBA programs are usually counter-cyclical in that there are more applicants when times are tough and fewer potential students vying for places when larger salary and more opportunities are available to those staying in the workforce.

Here are few things you should consider if you are considering business school next year:

  • Apply early: most schools offer rolling admissions and/or phased admissions. Getting your application in early will boost your chances, especially if there are lot of applicants.
  • Study Hard for the GMAT: this might sound like a no brainer, but with schools awarding scholarships and awards based on merit, doing extremely well on the GMAT could open up more financial benefits.
  • Sell Yourself: Rather than offering up a vague reason or saying that since you have been laid off now is the perfect time to do your MBA, offer a compelling reason why you should be in the program. Maybe you've always wanted to start your own business, or improve the way your local charity is run. The fact is schools like to have a diverse class with many different backgrounds so if you offer up some interesting reason why you should be admitted it will help your chances.

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