Applying to MBA programmes abroad

Why MBA?

From essays and interviews to the first days on campus, you’ll be asked why MBA, so it’s critical that you know the answer to this question long before you begin the application process. It’ll also help you choose the right schools and write meaningful essays.

So why do you want an MBA?

MBA applicants all have their own reasons for pursuing this degree, but there are a few obvious motivators.

1. Financial motivations

According to research reported by Forbes, most full-time MBA graduates from the Top 50 business schools can expect an average salary increase of 50% post-MBA. On top of this, many of these graduates have their salary doubled in the next 5 years.

These high expectations are most likely fueled by the mystique that surrounds an MBA, and the idea is reinforced by the generally positive changes that occur when a person receives the degree.

Salaries do increase because of receiving an MBA, but not at large multiples of pre-MBA wages as so many expect. Counselors at MBA schools work to impress on students that more than just an MBA is needed to get above average salary increases. That aside, for many, a salary increase is not the main purpose of doing the degree. 

2. Career change

The MBA is a recognised degree anywhere in the world. Having those letters behind your name can open plenty of doors. If you’re hoping to switch careers, the MBA makes it less likely that you’ll need to claw your way up from the bottom again.

Stats from a Graduate Management Admission Council (GMAC) survey of 19 000 prospective MBA students demonstrate that 44% of full-time MBA respondents are looking for a change in job function after graduation and 39% want to change industries.

Of course, not all MBAs are after corporate jobs. If you’re hoping to launch your own startup, you’ll have a better chance of success after business school. 

The business fail rate for MBA-founded enterprises is significantly lower than those without the fancy degree. There are several reasons behind the success rate, beginning with practical skills and certainly continuing through the contacts you can call on after graduation.

3. Intangible MBA ROI and benefits

According to the GMAC survey, the top motivation was the ability to put MBA 'on your resume' (56%). MBA skills are recognised just about everywhere in the world. In addition to management skills, you’ll develop practical leadership and all the soft skills needed to succeed. 

Indeed, it’s much faster to gain these skills in a one or two-year intensive setting than the years you’d need on the job.

And then there’s the network. Whatever business school you attend, you can count on alumni past and future. The network of contacts and the internships experienced generate far greater value than an immediate salary increase upon graduation - and last a lifetime.

Alumni networks are where you turn when you need a job, a mentor or a connection across the globe. They’re the people that will meet you personally at the airport when it’s time to do business in Shanghai, Dubai or Des Moines. Alumni make recommendations and serve as references when you need them.

Still, if it all boils down to the financials, it’s important to keep the Cost of Attendance (CoA) in mind while calculating the expected ROI for your top schools.

When to apply for MBA programmes

If you’re serious about applying to business school, you already know that you should apply as early as possible. But, can you apply to top business schools during the 4th round and still be accepted?

Truthfully, it all boils down to the school’s policies and your application.

A few business schools don’t have application rounds at all. That’s not to say these schools don’t have deadlines, only that there is one final date you can’t afford to miss.

Then there are the schools with set application rounds. Many European schools operate with 4 rounds; the 3rd round operates similarly to the 2nd round in the United States.

You may be hitting your top choice schools in round 1 (with high hopes, of course) while you have shortlisted additional schools in the US for round 3 applications. Remember, your chances of securing a visa in time is slim if you wait until round 3 to apply.

Some schools, such as Harvard Business School specifically state that you should apply before the round 2 deadline as an international student requiring a visa to study in the US.

Always apply to your top schools as soon as you possibly can. This tells a school that you want to be admitted, and that:

• You’re a motivated candidate (you’ve been thinking about it for a long time).
• That school is one of your top choices (don’t worry about appearing overeager).
• You want to be prepared and involved in campus life.

Applying during round 1 means you’ll need to have all the aspects of your submission in order roughly a year before you hope to be on campus. You’ll need to get started on your application a year before that. 

What GMAT score do you need for top business schools?

The answer is simple: the best score you can achieve.

There are a few schools that provide minimum GMAT scores, but most don’t; schools don’t want to turn away top talent based on one aspect of an MBA application, be it your GMAT or your GPA.

That said, most business schools clearly state the average GMAT score for the latest MBA class - and they’re hoping that most applicants will fall within a range close to this number, if not higher.

If you’re looking at top international business schools, you should work towards a 700+ GMAT score, but you shouldn’t hold back if you don’t reach it. 

And, remember, business schools offering Master’s in Management or Master’s in Finance degrees often have different expectations for these programmes than they do for their MBA offerings.

You may also need to submit proof of English proficiency in the form of TOEFL or IELTS scores. While you’re more likely to find minimum TOEFL test scores than you are GMAT minimums, there are also a number of exceptions and schools that doesn’t require any proof of English proficiency… until you get to the interview round. 

Creating the perfect CV for your MBA

There’s a strong chance that you’ve got a CV or resume that’s fairly up to date and ready to go.

But, the CV you would submit to a potential employer is not the same one that will get you accepted into a top MBA programme.

MBA admissions committees want to see a CV that focuses on leadership rather than technical specs.

MBA CV hacks

• Keep it concise. Unless you’ve had over 40 years of experience, your b-school CV should fit on a single page. Cut unnecessary words and events and remember that nothing before your undergrad matters. If you really need to include something, consider that optional essay rather than a longer CV.

• Mind the gap. If you’ve taken any breaks in your career or your undergrad schooling, you’ll want to make sure you account for this in your CV. Unexplained gaps will give admissions officers reasons to question your commitment levels. Addressing them allows you to put a positive spin on an unfortunate time.

• White space is king. Not only do you want to keep your CV to one page, you still need to have plenty of white space on that page. More than just borders, you need to have gaps between lines. You should also be using a sans-serif font, such as Arial that makes your words feel less cluttered.

• Leave off your hobbies. The CV that accompanies your b-school application shouldn’t waffle on about what you like to do, your marital status or include irrelevant information, such as your blood type. Stick to your accomplishments and leave the personal information for your essays and interviews.

Above all, focus on leadership opportunities you’ve seized or created for yourself and avoid making crucial mistakes that even ad comms warn against.  

Admissions consultants and MBA essay editing services

Some MBA applicants choose to work with admissions consultants because they want their best shot at acceptance to their top choices.

Consultants are professionals – they don’t imagine facts, stretch the truth, or craft your essays for you. They work with you to ensure that your grad school application is packaged in the best possible way. They will guide you - and possibly push you in a new direction - but they work with the material they are given.

Services (and pricing) varies between MBA admissions consultants, but most typically offer:

• School fit evaluation: They know which schools excel at different styles of learning, their outcomes, what they’re looking for in applicants, and best-practice for admissions.

• Resume review: In addition to help with resume clean up, consultants often review your CV for potential essay topics.

• Essay guidance and editing: This is arguably the single biggest reason MBA hopefuls turn to admissions consultants. And, from ideas to editing, MBA consultants offer a lot of assistance here.

• Interview preparation: Admissions consultants are experts at helping you decide what to say (or not say) and how to deliver those messages for your best shot at acceptance.

Remember, most reputable admissions consultants only take on a limited number of applicants; arrive too late, and you may be turned away. And, take the time to understand the costs beforehand; pricing structures vary widely between consultants. 

MBA admissions interviews

Rather than rehashing the information submitted in essays and application forms, MBA admissions interviews provide candidates with an opportunity to truly demonstrate their skills. 

Taking the next step

Once you accept an admit, you’ll need to spend time getting your finances in order and securing your visa. We can help with both.