A Dearth of Data: Business Schools Seek to Address Social Impact—But How Are They Measuring Their Progress?

The Financial Times recently shined a light on the relative lack of meaningful data on business schools’ social impact initiatives. Without such data, they report, it is difficult for the schools to analyze, benchmark, and improve upon their efforts. Still, the Times acknowledges signs of progress in current aggregated reporting efforts. These may help move the business school community towards a more focused discussion on the outcomes of sustainability and social impact initiatives. 

Two organizations, Responsible Research for Business and Management (RRBM) and the United Nations Principles for Responsible Management Education (PRME) have taken a lead in calling upon business schools to update their curriculums to equip future leaders to take on climate change, inequality, and other societal and environmental challenges, reports the Times. The RRBM and others, including the Financial Times itself, have recently led competitions that highlight strong individual examples of ESG courses and research. The PMRE requests regular reports from members, although the responses are not easily measurable or comparable between schools. 

In September 2022, the Association to Advance the Collegiate Schools of Business (AACSB), a nonprofit organization that provides trustworthy accreditation, published its first outcomes-based report on business schools’ initiatives mapped to the UN’s 17 Sustainable Development Goals for 2030. The AACSB noted that just 74 schools, predominantly in the U.S. and the U.K., submitted reports, and few went beyond describing activities. Most submitted initiatives focused on quality education, decent work and economic growth, and gender equality. The AACSB described the report to the Financial Times by saying, “Schools are quite immature in their societal impact plans. Most…are just figuring out the areas in which they want to concentrate their efforts.” They continued, “[They] need to progress beyond a list of service activities.”

In contrast to other countries, in the U.K. all universities must provide case studies and research papers to demonstrate their actions and impact to the Research Excellence Framework (REF), reports the Times. The REF then provides an external assessment of each submission and assigns a grade to the universities based on the “originality, significance, and [rigor]” of the initiatives. However, critics of the REF note that the time and resources used for reporting social impact might be better spent on pursuing social impact. 

As we blogged in January, environmental and social conscientiousness is indeed becoming a bigger part of business school curriculums. This is necessary in part because corporations themselves value these things more and more, and students must understand the modern work culture. "Profit, equity, sustainability, and inclusion must co-exist," Federico Frattini, dean at MIP Politecnico di Milano told BusinessBecause. New reports bolster the importance of schools addressing social issues on campus too, lowering their carbon footprint and caring for students' mental health. 

BusinessBecause interviewed 17 business school deans about the key trends they expected would influence business education in 2022. The deans noted that, among other trends, climate change and social issues will play an important role in the future of MBA education. Specifically, they pointed to the need for schools to update their curriculums to better reflect businesses’ expanding views on creating value and the importance of considering their own operational sustainability.

Related:  MBA Curriculums Expand to Include Content in Environmental and Social Conscientiousness

Preliminary Reports Show Significant Increases for MBA Class of 2022 Starting Salaries

According to Fortune Education, preliminary MBA employment outcome reports for the class of 2022 show that MBA graduates’ salaries “are surging.”

New York University (Stern) announced earlier this week that median base salaries increased to $170,000, up $15,000 from last year. Average total compensation for 2022 graduates, including signing bonuses (median $35,000), averaged $196,143. This is an 8 percent uptick from 2021. Similarly, University of Virginia (Darden) reported last month that 2022 graduates obtained a record-breaking median base salary of $175,000, an increase of 21 percent from 2021. And, at Vanderbilt University, Owen graduates garnered a median base salary of $135,000, an all-time high, coupled with a median signing bonus of $30,000, which equated to a 12 percent increase from 2021.

Representatives from MBA Career Management offices noted that 2022 graduates reaped the benefits of a tight and competitive labor market. “The fiercest competition in the labor market is for ‘top talent,’ and consulting firms are competing for this top talent not just between themselves, but also more broadly versus Silicon Valley, Wall Street, and traditional corporate America,” said Namaan Mian, Chief Operating Officer of Management Consulted, when interviewed previously by Fortune Education.

Trends in Business School: Happiness, Purpose, and Self-Awareness

MIT Sloan recently announced that it will offer their MBA students a course on happiness. It’s good timing. Gallup’s State of the Global Workplace 2022 report found that only 21 percent of employees feel engaged at work and, while just a third of employees reported to be thriving, a full 19 percent said they were “miserable.” MIT’s course, titled Pursuing Happiness and a Meaningful Life, will explore research findings on happiness and purpose, and provide students with self-assessment surveys, introspective weekly exercises, and guest speakers. Robert Pozen, MIT Sloan Senior Lecturer, says it will teach students to, “enhance their own happiness by changing their behaviors.”

MIT is the latest among prestigious MBA programs to offer courses focused on soft skills and emotional-awareness. Earlier this year, the Wall Street Journal published a profile of Harvard’s in-demand course offering titled Leadership and Happiness. The course, pitched and designed by Arthur Brooks, an HBS Professor, social scientist, and writer behind The Atlantic’s “How to Build a Life” series, contends that happiness is a byproduct of decision-making, not of chance. That good leaders must know how to cultivate happiness for themselves and their teams. His ideas resonate. Although the class has doubled in size from its original 72 students over the past two years, it still has a waiting list.  

At Stanford’s Graduate School of Business, students can take Organizational Behavior 374: Interpersonal Dynamics, better known as “touchy feely.” The course focuses on self-awareness as a key to effective and productive communications and relationships. Yale’s School of Management offers students a course titled Mastering Influence and Persuasion, which provides them with the means to more authentically persuade and motivate others. University of Pennsylvania’s Wharton School allows students to apply for a six-week program, “P3: Purpose Passion and Principles,” in which participants take a structured approach to considering and defining what success and happiness looks like for them. 

The wide-spread existence of these courses within the most prestigious MBA programs is a clear indication that the business world’s valuation of soft skills and emotional intelligence is increasing. There is real value in learning to find purpose and joy, and helping others to find it too.

MBA Interviews: When the Interview Requires More than an Interview

To get to know applicants better, MBA programs such as Harvard and MIT will ask interview participants to submit additional materials.

Harvard Business School—Post-Interview Reflections

Within 24 hours of the interview, candidates are required to submit a written reflection through Harvard Business School’s online application system. The submission is not a formal essay. Rather, it should be written similarly to a post-meeting summary one would write to a colleague or supervisor at work.

Shortly after instituting the Post-Interview Reflection, Harvard’s Admissions Blog described the exercise as a real-world practicum, as well as a chance to get students’ opinions regarding their interviews. Professionals routinely need to send emails summarizing meetings and offering assessments. Their ability to do this well is critical for workplace success.

Your Strategy: Be genuine and think critically about the interview. What were the highlights? What could have gone better? Were there remaining “gaps” after your interview, and if so, how do you wish you could have addressed those? The post-interview reflection is an opportunity for you to demonstrate real-world critical thinking and writing skills, as well as offer any information that you feel you did not adequately explain in the interview. In other words, Harvard is not expecting your most polished product, but rather a thoughtful assessment of your interview coupled with a compelling communication. As such, this piece should not be crafted prior to the interview, adapted from another essay, or used as additional resume space. You may, however, want to take some time immediately after your interview to make notes on areas that you’ll want to include in your submission. Then give yourself a bit of reflection time prior to producing your final product. You’ll want to make the most of this final opportunity to show the admissions committee who you are and how you think.

MIT Sloan—Pre-Interview Essay Submission

Those invited to interview at Sloan will be asked to answer the following questions:

• The mission of the MIT Sloan School of Management is to develop principled, innovative leaders who improve the world and to generate ideas that advance management practice. We believe that a commitment to diversity, inclusion, equity, and well-being is a key component of both principled leadership and sound management practice. In 250 words or less, please describe a time when you contributed toward making a work environment or organization more welcoming, inclusive, and diverse.

• We are interested in learning more about how you use data to make decisions and analyze results. Please select one of the following prompts to respond to:

  • Please select an existing data visualization and in 250 words or less explain why it matters to you. The data visualization should be uploaded as a PDF. Examples may come from current events, a business analysis, or personal research.

  • In 250 words or less, please describe a recent data driven decision you had to make, and include one slide presenting your analysis. The slide may include a data visualization example and should present data used in a professional context. Your slide must be uploaded as a PDF.

The interview process is about getting to know applicants more thoroughly. The first question provides you with an opportunity to not only demonstrate that your values match those of MIT Sloan, but that you are willing to proactively work to put those values into action during your business school tenure. The second question allows you to submit proof of your analytical skills and showcase your comfort working with data and using it to drive decision-making.

Your Strategy: Your response to the first question should examine how you will demonstrate leadership in creating a diverse environment and promoting wellbeing among your peers. Focus on a specific example from your past professional experience to demonstrate your ability to cultivate a positive culture. Use the SAR (Situation, Action, Response) model. Spend about 20 percent of your response on the situation, and the remaining 80 percent on the actions you took and what resulted/what you learned. And be sure to clearly link the perspective you gained from this experience to what you hope to accomplish at Sloan.

In the second question, you will want to demonstrate your comfort with using data to tell a story, draw conclusions, and make decisions. If you opt to share a data visualization, clearly state the reasoning for the data visualization, the story or hypothesis you are looking to understand via the data, and why it is meaningful to you. You may want to visit the MIT Data Visualization project page to see current research projects, and gather inspiration. If you opt to submit a professional power point slide showing a data-based decision, ensure that your slide is simple, easy to read, and clearly describes your analysis, assumptions, and conclusions. Then, use your supplemental essay to expand upon each of these areas including the sources of the data, why you analyzed it in the way that you did (and, if applicable, why you did not use other analysis methods), the basis for your assumptions, and how you came to the conclusion that you did (including additional data that would help you to confirm your decision).

The Wharton Interview: Excel in the Team Based Discussion

An invitation to Wharton’s Team Based Discussion can be as nerve-wracking as it is exciting. But with preparation and the proper mind-set, it can be an excellent opportunity to demonstrate your ability to think on your feet, respond under pressure, and collaborate with others. 

To ace the interview, consider the following tips:

1. Prepare thoroughly. After you receive the scenario, create a proposal and know it inside and out. Practice your presentation, out loud. Present in front of a mirror, or to a live-audience of friends. Be sure that you feel confident about your ability to present your idea in a relaxed way, showcasing how you thought through the exercise. While you don’t want to memorize your presentation word-for-word or sound overly rehearsed, you do want to be able to describe your idea in an articulate way. 

2. Anticipate questions and think through possible responses. Consider what questions may arise from your teammates about your proposal and write out responses to them. The more people you can share your idea with and collect questions from, the better. After working with an idea for a long period, it will become harder and harder to poke holes in it. Let your friends, co-workers, or parents help you with this process.

To begin, ask yourself the following questions:

• What are the benefits of your proposal for students? For Wharton?

• What are the risks of your proposal?

• What assumptions are you making?

3. Be able to articulate the “why?” behind all the components of your proposal, as well as the “why not?” for other potential possibilities. This is important because (most likely) your proposal will not be selected. However, if you can find other students who have a similar “why?” as the foundation of their ideas, it will help you to collaborate with them and contribute to the discussion.

4. Be a team player. We cannot stress this enough. While there is an aspect of competition to the interview, the Team Based Discussion is an opportunity to show your collaborative nature. Don’t try to “win” by pressuring the group to select your proposal or taking up all of the air time. Instead, demonstrate how you will fit into the MBA community by being inclusive and showing curiosity, humility, and adaptability. Articulate your thought process clearly, be positive and encouraging of others’ ideas, continue to move the group forward by summarizing ideas, and question respectfully. Remember that the point of the exercise is to drive towards a strong team outcome; the better the team interacts together, the better all of you will look individually.

5. Set yourself up for a professional virtual appearance, as Wharton will once again facilitate the Team Based Discussion using a virtual format.

• Understand the platform that you’ll be using; if it’s new to you, download the platform and practice with a friend or family member to gain some comfort prior to your interview. 

• Opt for a clean, uncluttered background or select a plain virtual background (forget the beach, mountains, or the Golden Gate bridge). 

• Place a light in front of you so that your face is clearly visible on the screen (backlighting will result in shadows). You may want to take a test run with a friend or family member around the same time of day as your interview to confirm that they are able to see you clearly (this will ensure any natural light in the room isn’t casting shadows).

• If possible, ask others in your home to log out of any high-bandwidth activities during the time of your interview, or consider hardwiring your computer into the internet. You may also want to perform an internet speed test (you can find via google).

6. Day-of tips: 

• Wear a business suit.

• Make your notes available, but do not read them directly or rely on them for more than a memory trigger. It helps to use a larger font, with key words bolded so that you can find your reference quickly.

• Pace yourself when speaking. (When nerves hit, people tend to speak more quickly.) Use hand gestures to emphasize your points, and make eye contact as much as possible with the other attendees. 

• Stay calm in the event of a tough question. Collect yourself by taking a deep breath or a sip of water. Don’t feel the need to launch into a response prior to gathering your thoughts.

• As much as possible, relax and try to enjoy the experience. This will be representative of the dynamic you’ll live in for the next two years. Ensure it feels right to you.

Related blog: How to Approach Wharton’s Essays

Top Ten Tips. MBA Behavioral Interviews

If you’ve been invited to interview at any or all of the schools on your list, congratulations! Now, it is time to begin preparing. See below for a list of our top ten interview tips:

1. Upon receiving the invitation, schedule the interview as soon as possible. This will enable you to avoid scheduling conflicts and select the time of day when you have the most energy and the fewest distractions. 

2. Read all you can about the program, and follow them on social media to stay abreast of their latest announcements, research findings, and other content. If possible, schedule an in-person visit prior to the interview, which often will include a tour, class observation, and lunch with current students. Talk to current or former students already in your network to gain insight on the interview process and other aspects of their MBA experience. 

3. Review your application and think through how you will succinctly, yet cohesively, explain your path to this point. What have been some of your most meaningful experiences that reinforced your interest in the study of business? You will likely receive some introductory question(s), which will require a three-minute elevator-pitch response, as well as several others that will require you to back up claims you make about your abilities in the areas of innovation, leadership, and teamwork with specific examples from your professional life. 

4. Convince them that their program is at the perfect intersection of where you’ve been and where you want to go. Be sure you can speak about specific courses, professors, case competitions, experiential learning opportunities, etc. that interest you most.  And explain why, citing some of your past experiences and/or future goals.  Remember, depth is better than breadth.  We would rather you explain at length one or two specifics that really set the program apart for you, than briefly mention seven to ten.

5. Prepare to weave into your responses what you will be able to offer the school. Make it clear how your experiences and interests, personal and professional, will benefit the school and create a stronger, more diverse MBA class and alumni base.

6. Think through your biggest career successes and failures, and consider what you learned from both. When answering a question about one of your failures, spend only 20 percent of the response on the situation and mistake. The rest of your response should be devoted to the actions you took to gain a better understanding and improve, and what you learned as a result.

7. Determine if there are any red flags in your application and, if so, craft a response that addresses the issue without making excuses. For example, if asked about the ‘C’ you received in Calculus your sophomore year, discuss what you have done to improve your quantitative ability since then, and make mention of those specific areas in your transcript and post-baccalaureate experience that are more indicative of your ability to compete in a rigorous academic environment.  

8. Stay current on domestic and international news. The Economist is wonderful, one of our favorite publications. You will also want to be aware of any news related to your current company, industry, and desired career path as these are great areas from which your interviewer may draw questions.  Setting up Google alerts for key phrases related to your company and industry will also help ensure you’re up to date.

9. Prepare three questions, which demonstrate your knowledge of and enthusiasm for the program, to ask the interviewer at the end of your session.

10. Compose a hand-written thank you note and snail mail it to your interviewer. In the note, thank them for their time, reiterate your interest in the school with specifics, make note of something memorable you spoke about during the interview, and, if applicable, make the yield protection statement (If admitted, I will attend.).

MBA Program Announcements Roundup

We’ve rounded up and summarized the most recent MBA program announcements below. 

• Duke’s Fuqua School of Business announced this week that its MBA degree has received a STEM designation. Prior to receiving the designation, the school’s MBA offered a STEM-designated second degree in Management Science and Technology Management (MSTeM). “We had been one of the first schools to offer a STEM second major or second degree for a certain series of courses that a student would take,” says Shari Hubert, Associate Dean for Admissions at Fuqua. “But now the entire MBA program is STEM-qualifying, which, for our students, is really game-changing because it gives them that additional two years of OPT, depending on the job that they take.”

• NYU Stern announced the establishment of the Chao-Hon Chen Institute for Global Real Estate Finance, which is funded by a $20 million gift from alumni and board member, Charles C.Y. Chen. The institute will facilitate research, immersive learning, and industry interactions in real estate and the built environment, as well as fund annual scholarships for undergraduate and MBA students studying real estate. 

• Columbia University announced that it will offer a Global Executive MBA starting in May 2023. The program will take a hybrid format, relying predominantly on virtual instruction, with only about a quarter of the 22-month long program expected to take place in an in-person residential format. The content will be geared towards experienced professionals who have about ten years of professional experience and five years of management experience. 

• Georgetown’s McDonough School of Business announced a new online MBA degree, available in August 2023. The program will include two in-person campus visits, but the large majority will be offered through synchronous and asynchronous virtual classes. This MBA will be the school’s third online degree offering, which currently consists of specialized masters programs in finance and business analytics. “More and more MBA programs and business schools are moving toward online degrees,” says Prashant Malaviya, Senior Associate Dean of MBA programs at McDonough. “We have two right now. Both of them have done well. So we know the model works, that there are students who are interested in this—and we also have a nobler goal, which is to increase access to the Georgetown education outside of the DMV region.”

• UVA Darden’s first cohort of part-time MBA students based in Washington, D.C. kicked off classes at its Rosslyn, VA campus last month. The program is designed for working individuals in the DC area and is self-paced with students obtaining their MBA in between 28 and 48 months. “A part-time program adds flexibility and optionality to the MBA,” explains Yael Grushka-Cockayne, Senior Associate Dean for Professional Degree Programs at Darden.  “It allows some students who in the past couldn’t take the time off to have an MBA experience.”

Lower Overall Applicant Numbers in MBA Class of 2024, with Large Uptick in International Matriculants

MBA programs have started to release profiles for their entering classes. Poets & Quants highlighted a consistent downward trend in MBA application volume from last year’s admissions season. With a low unemployment rate, and many corporations paying top dollar to retain or attract talent, business school applications declined at many schools, even at the most prestigious (with Cornell Johnson as one notable exception). The declines are most concentrated among domestic applicants. Schools that have reported their Class of 2024 profiles note record-breaking diversity numbers and increases in the number of international matriculants. 

UPenn (Wharton) 

• Last year, Wharton applications declined by 13.9 percent. While the school does not report their acceptance rate, Poets & Quants estimates it to be approximately 25 percent compared to an estimated 18 percent the year prior. 

• The average GMAT score remained steady at an (record-breaking) average of 733.

• The full-time MBA class maintained gender parity. Women make up 50 percent of the class. This is down slightly from last year’s 52 percent. International students now comprise 35 percent of the class.  

NYU (Stern)

• NYU’s application volume decreased ten percent last year and matriculation decreased 11 percent. Stern’s acceptance rate increased to 27 percent from 19 percent. 

• The entering class set a new record for both average GMAT scores—733 from 729—and GPA—3.62, up from 3.59. 

• Women make up 45 percent of the class (a record), and underrepresented ethnicities make up 21 percent. Just under half, 44 percent, hold international citizenship. 

UVA (Darden)

• Applicant volume decreased just 3.5 percent last year at Darden, a relatively small change compared to other programs. 

• The entering class set a new record for average GMAT score—720 up from 715.

• In terms of diversity, the entering class boasts the highest ever percentage of international students (43 percent), first-generation college graduates (16 percent), and LGBTQ+ students (8 percent). 

Columbia

• Columbia’s application volume decreased by 5.5 percent last year and the school increased its number of admitted students by just over 12 percent. The school’s acceptance rate increased to 22.1 percent from 18.6 percent the year before.

• The entering class reported GMAT scores consistent with the previous year (729), and an increase in average GPA—3.6, up from 3.5 the previous year.

• Columbia’s entering class includes a record-setting proportion of women (45 percent), international students (51 percent), and minorities (42 percent).  

Cornell (Johnson)

• Applicants to Johnson increased by over 21 percent last year, compared to the year before, and the school also maintained its class size. 

• The class maintained its quality metrics, with the average GMAT score the same as the previous year (710). The average GPA declined just slightly—3.3, down from 3.34. 

• The Class of 2024 also saw a sharp uptick in the proportion of international students—43 percent compared to 35 percent the year before. The percentage of women in the class (39 percent) stayed consistent with the prior year, while the number of underrepresented minority students declined—16 percent, compared to 25 percent the year before. 

Michigan (Ross)

• Applicants to Ross decreased by 9.3 percent last year with a corresponding 4.5 percent decrease in class size. Similarly, the school’s acceptance rate increased to 28.1 percent from 20.2 percent the year before. 

• Despite the decline in applications, the average GMAT score—720, down from 722—and GPA—3.5, down from 3.53—for the entering class remained on par with the previous year.

• The proportion of international students increased to 36 percent (a record), as did the U.S. minorities (42 percent, from 36 percent), first generation college graduates (14 percent), LGBTQ+ (9 percent), and students with military backgrounds (7 percent). The proportion of women, on the other hand, dipped slightly below the level seen in recent years (42 percent, from 46 percent the year before). 

UCLA (Anderson) 

• The number of applicants for Anderson’s entering class declined 20 percent, with a corresponding 8.3 percent decrease in the number of enrolled students. 

• The average GMAT score declined to 711, from 714 the previous year (although the average is higher than that seen for the Class of 2022), and the average work experience increased to six years, up from five years. 

• While the proportion of international students increased considerably to 47 percent, up from 36 percent, the percentages of both women (35 percent) and minorities (28 percent) declined for this class compared to the one previously. 

Biden to Announce Student Loan Debt Relief for Earners Making Less than $125K

According to the New York Times, President Biden is expected to announce today that his administration will cancel $10,000 in student loan debt for Americans earning $125,000 or less per year (or households earning $250,000 or less per year). The administration will also extend the payment moratorium until December 31st of this year, with borrowers expected to resume payments in the new year. 

Along with this announcement, the President is expected to report that college Pell grant recipients will receive an additional $10,000 in debt forgiveness. 

Legal challenges to the loan forgiveness program are expected, which may make the timing for implementation uncertain. 

How to Approach the MIT Sloan Essays

Like most leading business schools, MIT Sloan looks for applicants who demonstrate intellectual curiosity and a collaborative spirit, and who continue to refine their abilities in leadership and innovation. Sloan also places an emphasis on action. The admissions office wants “do-ers,” particularly those who eschew the status quo, welcome challenges, and approach obstacles with an inventive mindset. 

The Sloan application allows you the opportunity to demonstrate these qualities through your resume, a video essay, an optional short answer response, and a cover letter. While your resume will provide an overview of your life from the start of college, your video, short answer response, and cover letter will be your most meaningful opportunities to give the reader a view into the person and professional behind your most meaningful experiences and accomplishments. 

Optional Short Answer Question: Applicants are invited to expand on their background by responding to the following optional 250-word short answer question: How has the world you come from shaped who you are today? For example, your family, culture, community, all help to shape aspects of your identity. Please use this opportunity if you would like to share more about your background.

While this question is optional, we recommend that you respond because it gives you the chance to add personal context to your application. Begin your brainstorm by thinking through the many influences in your life—your family, culture(s) including those resulting from your heritage, religion, city where you grew up, etc., and/or important relationships from within or outside your community. Within this context, consider meaningful experiences that prompted significant evolutions in your perspective—you know, those “ah-ha!” moments without which you would be a different student, professional, and/or person today. For some, these are treasured memories. For others they are moments of growth spurred by discomfort, resilience, or trauma. 

Because your space is limited, it is best to choose one experience you believe will show the reader who you are. What did you feel…say… think… do? Use tactical descriptors to pull the reader in. After you engage the reader in a compelling anecdote, spend the remainder of your word count on self-reflection. How did this experience influence your path? What did you learn and how have you incorporated this perspective into your life? 

Cover Letter: MIT Sloan seeks students whose personal characteristics demonstrate that they will make the most of the incredible opportunities at MIT, both academic and non-academic. We are on a quest to find those whose presence will enhance the experience of other students. We seek thoughtful leaders with exceptional intellectual abilities and the drive and determination to put their stamp on the world. We welcome people who are independent, authentic, and fearlessly creative — true doers. We want people who can redefine solutions to conventional problems, and strive to preempt unconventional dilemmas with cutting-edge ideas. We demand integrity and respect passion.

Taking the above into consideration, please submit a cover letter seeking a place in the MIT Sloan MBA program. Your letter should conform to a standard business correspondence, include one or more professional examples that illustrate why you meet the desired criteria above, and be addressed to the Admissions Committee (300 words or fewer, excluding address and salutation).

Anchor this cover letter in experiences from your full-time post-baccalaureate professional life, because what you’ve already done, learned, and achieved is far more important than what you haven’t—what you say you want to do in the future. Select a max of two experiences that you can discuss in depth. These experiences should each demonstrate more than one of the qualifications listed in the prompt (e.g., creativity, leadership, innovation, teamwork, and/or ability to grow and learn from failure). Show the reader how specific projects, interactions, and/or challenges influenced you and the formation of your goals. 

Then, transition into what you have yet to learn, and why a Sloan MBA is your next step. Prove to them that their program is the perfect intersection between where you’ve been and where you want to go. Which courses, professors, experiential learning opportunities, etc. are most interesting to you? Choose two or three that differentiate Sloan from other business schools you’re considering and explain why you’re so eager to engage and participate. Once the reader has taken the trip to your past and better understands you as a professional, your proposed path forward as part of the Sloan community will resonate more deeply. 

Related:

Your MBA Application. Acing the Video Essay

How to Approach the Harvard Business School Essay

How to Approach Wharton’s Essays

How to Approach Columbia’s Essays

MBA Application Tips—Letters of Recommendation

Let's be real: Recommendation letters are not going to be what makes or breaks your MBA applications. Most don’t differentiate prospective students from one another in the minds of admissions committees. Ninety-nine percent of the time, they are filled with glowing reviews of an applicant’s leadership and/or innovation abilities and potential. No applicant asks a supervisor to write them a letter if there is any question the content of the letter could cast doubt on their candidacy.

But, if done right, a letter of recommendation can reinforce and expand upon key themes presented in other application components like your resume, essays, and short answers. Here are some actions to take to make sure that happens.

Select the Best Recommenders

Most schools require two letters of recommendation from supervisors who have overseen your work in full-time post-baccalaureate employment. Of course, you will want to choose those you know will sing your praises, but also who can back up their claims on your abilities in the areas such as innovation, leadership, and teamwork with specific examples. The writers of your recommendation letters should know you well. Don’t ask the CEO you’ve seen in the elevator a few times because you think his title will impress admissions committees. Save requests to very senior colleagues with significant influence at a specific school (say, they're donors or members of the board) for letters of support, which they can send separate from your application to the Dean of the business school. 

Take a Strategic Viewpoint

If one of your essays is anchored in a story that shows the reader your critical thinking and problem-solving aptitude on a significant project, one of your recommenders could provide additional insight on this project in their letter. And, if this first letter of recommendation further emphasizes your innovation potential, the second should focus on other qualities, such as your ability to thrive in a collaborative environment. Furthermore, if you see gaps in your application, you may want to speak with one of your recommenders who could address them in his or her letter and share how you’ve grown from specific challenges.  

Set Your Recommenders Up for Success

Give your recommenders enough time to meet your request. We suggest at least eight weeks prior to submission. It is also helpful to give each one a short portfolio of information, which should include: 

• School names, recommendation questions, and submission date(s)

• Method for recommendation submission (e.g., online via link)

• Background information (academic, professional) and your future career goals

• Illustrative anecdotes from your work with this recommender, with particular emphasis on the following topics: varied and growing work responsibilities, performance at a high level (as judged by your project managers and peers) in a team environment, personal characteristics you want to highlight (e.g., determination, intelligence, creativity and/or leadership), recognition/awards, accomplishments, and your ability to grow from constructive criticism

• (Optional) Illustrative anecdotes from your extracurricular/personal life that will allow your recommender to show your abilities in community-building, and present you as a well-rounded, caring, approachable, and motivated person who would contribute to the MBA community

The weakest type of letter is one that is too general—that lists your qualities but doesn't show them. The illustrative stories you provide (and you can do this in a bulleted list) should be unique for each recommender and should highlight the qualities you want the recommender to expand upon. These inputs will allow you to subtly influence the recommenders’ output and ensure the recommendation letters include concrete and varied examples that reinforce your existing application content. 

Frequently Asked Questions

I have a great relationship with my college advisor. Would it be appropriate to use her as a recommender?

For entry into business school, it is best to ask supervisors from your full-time post-baccalaureate professional experiences.

What if I don’t feel comfortable telling my direct supervisor I am submitting applications to business school?

While it is preferred to have a recommendation from a current direct supervisor, it may not always be an option and schools understand. Be sure to address the situation in the optional essay; and ask a former boss and/or a professional colleague who is superior to you on an org chart to write a letter. Emphasize the positives of having this person write your recommendation too. Tell them your chosen recommender can speak specifically to your actions on a valuable project. Or that you worked under your ex-boss for a lot longer than your current one and felt they could give a thorough take on your strengths.

What if my recommender asks me, the applicant, to write the letter? 

Your supervisor might say, "I'm too busy; you write it, and I'll sign it." If a potential recommender puts you in a tough spot and only agrees to submit a letter that you’ve written, it is best to move on. It is often obvious to schools when an applicant has crafted the copy because of similarities in voice to other application components. 

Business School Students Seek Jobs with a Mix of In-Person and Remote Work

Flexibility is key for business school students as they consider their future careers. According to a survey by Highered, which includes responses from over 1,000 business school students globally, almost half (49 percent) said that they are looking for hybrid employment, with a mix of onsite and remote work. Similar numbers prefer fully remote (27 percent) or fully onsite work (24 percent). And just over a quarter (26 percent) said that they would not work for an employer who requires employees to be fully onsite. 

When students were asked to name the perceived advantages of remote work, over one-third named the freedom to live where they like (35 percent). 16 percent noted the ability to attend to family commitments. And 15 percent cited the ability to create their own work schedule. Among the perceived disadvantages of remote work, students named the lack of work/life balance (21 percent), pressure to work outside of core business hours (16 percent), and isolation/loneliness (14 percent). 

Just over half of students responded that their business schools are preparing them with the necessary skills to lead remote teams (52 percent). In terms of soft skills needed for successful remote work, students named: self-motivation (35 percent), flexibility / adaptability (14 percent), discipline (13 percent), and time management (10 percent).  

Student responses are in line with the market shifts driven by the pandemic and technological advances. According to Ladders, Inc., the availability of high-paying remote work has “exploded.” There were an estimated 4 percent of high paying (more than $100,000) remote jobs available pre-pandemic and just under 20 percent at the end of 2021. This number is expected to increase to about 25 percent by the end of this year. 

Ladders, Inc. also analyzed the types of high-paying jobs with the most significant increases in remote work from March 2020 to mid-2021. They found that marketing, media, and design (+974 percent increase in remote opportunities, with more than 18 percent of careers available remotely) and project and program management (+801 percent increase in remote opportunities, with about 15 percent of opportunities available remotely) experienced the largest growth. Other roles with plentiful opportunities in remote work include: software engineers, account executives, development engineers, and data engineers. 

New Report Examines Changing Costs of an MBA

The cost of obtaining an MBA from a global top 20 program has increased 6.3 percent in 2022, according to the recently published Business Because Cost of MBA Report 2022. The estimated average cost now totals $189,000, including tuition, fees, living costs, healthcare, and materials. This continues the steady upward trend of the last few years; costs averaged $176,000 last year and $168,000 in 2020. 

The report’s 2022 analysis includes only the FT top 20 schools, while last year the analysis included the FT top 20 plus six other top-ranked U.S.-based schools (who had opted out of the 2021 rankings due to the covid-19 pandemic). 

Some of the key findings include:

• NYU Stern is the most expensive MBA program within the top 20 with a total cost of $246,506. It is followed by MIT Sloan ($239,990) and Wharton ($237,160). On the other end of the scale, CEIBS comes in as the least expensive in the top 20 at $84,500, followed closely by SDA Bocconi ($85,525). These are the only two schools on the list with totals falling under $100K. 

• Within the top 20, tuition for the U.S. programs average $225,605, significantly higher than the averages for Europe ($121,583) and Asia ($104,881). 

• Differences in cost between the U.S., Europe, and Asia are magnified by both the strong dollar (making it more cost effective for Americans to study abroad and increasing the expense for international students to study domestically), and differences in average program lengths. MBA programs in the U.S. typically last two years. Those in Europe and Asia run for 12 to 18 months. 

• Between 2021 and 2022, expenses increased the most at Cornell Johnson (+11.4 percent) and Berkeley Haas (+8.6 percent). The most significant decreases, which are enhanced by fluctuations in the currency markets, were reported by the London Business School (-21.1), CEIBS (-15.1), and HEC Paris (-10.5). 

• Tuition expenses, which make up the greatest proportion of costs, are the highest at Wharton ($165,748), NYU Stern ($164,652), Columbia ($160,944), and MIT Sloan ($160,800). They are the lowest at CEIBS ($68,300) and SDA Bocconi ($64,800). 

• Living costs vary considerably based on the school’s location. Within the U.S. schools, the estimated cost of living was highest for Stanford ($72,396), followed by NYU Stern ($67,792), and Harvard ($62,780). Cost of living was the lowest at Duke ($40,608). 

• Healthcare costs are considerably higher in the U.S. than in Europe or Asia. Domestically, the Yale School of Management offers the least expensive healthcare coverage at $5,512. It is important to note that some schools bundle healthcare costs with other personal student costs, making it difficult to compare schools directly. 

While the price of an MBA is significant and prospective students should carefully consider each of the underlying cost components, data shows that the degree positions students well to pay off loans. This is especially true for graduates of elite programs. Prospective students should also keep in mind that all applicants are considered for merit-based scholarships (through Round 2), which are more likely with a competitive application package.  

Your MBA Application. Acing the Video Essay

The video essay is an excellent opportunity for the admissions committee to put a face and personality with your application. And it is important to prepare so you can make a compelling first impression. We have some tips to help you ace the video essays for Northwestern’s Kellogg School of Management, the Yale School of Management, and MIT Sloan. 

• Minimize background distractions. Select a place with a strong internet connection and a plain, uncluttered background. Allow the admissions committee to focus on what you’re saying by minimizing any distractions in the background—this includes pets, roommates, or loud noises. 

• Set the lights. You’ll want to place a light in front of you so that your face is clearly visible on the screen (backlighting will result in shadows). Take a test run with a friend or family member to confirm that they are able to see you clearly.

• Dress professionally. Put your best foot forward by dressing professionally, similar to how you would dress for an in-person interview. 

• Prepare, but don’t script yourself. You’ll want the admissions committee see the real you. Think strategically about the points you want to highlight in each video, but don’t memorize a script. 

• Note your pace. When nerves hit, people tend to speak more quickly. Practice delivering interview responses out loud and time them. You will have up to one minute for each response at Kellogg, and between 60-90 seconds for Yale.

Kellogg School of Management

Kellogg asks applicants to respond to several short video essay questions, in order to exhibit their personality and what they can bring to the MBA community. The question responses are optional, and the three question topics are available in advance. Video responses are due within 96 hours of submitting your application. 

Video essay 1: Please introduce yourself to the admissions committee. Consider this your opportunity to share what you would want your future Kellogg classmates and our admissions committee to know about you. What makes you, you?

Video essay 2: What path are you interested in pursuing, how will you get there, and why is this program right for you? This is an intentionally broad question so you can answer honestly and meaningfully. We want to know why you’re pursuing an MBA and why you’re choosing a particular Kellogg Full-Time Program.

Video essay 3: This question will be based on a challenge you've faced and what you've learned from it.

Kellogg states that the video essay questions are “designed to bring to life the person we have learned about on paper.” Student culture is a key focus in Kellogg’s admissions efforts, and they want to get to know applicants as fully as possible to ensure they construct a close-knit and collaborative class. This is an opportunity for you to demonstrate your values, interests, creative thinking ability, and goals, rather than worrying too much about the “correct” or expected response.  

Your Strategy: Prior to participating in the video essay, review your application (your goals, especially, must be consistent with what you’ve already submitted) and think through the video essay topics. How will Kellogg help you achieve your goals? Think about specific professors, classes, and experiential learning opportunities. How will you highlight your personality and background to the admissions committee? What characteristics and qualities will you bring to the class? What unique experiences can you offer? How can you expand upon your application materials? Bullet out key points that you’d like to make for each question topic, and practice your responses, keeping a close eye on your time. Kellogg provides practice questions that will help you to get comfortable with the format and technology, and we recommend taking advantage of this. 

From the Admissions Office: Full-Time MBA Application Series: the Video Essays

Yale School of Management

Yale asks applicants to respond to several short video essay questions, in order to exhibit their personality, grasp of the English language, and ability to think under pressure. The questions are provided after the application is submitted, and each applicant receives a set of randomized interview questions. 

Yale is looking to gauge your communication skills and your ability to think on your feet. 

Your Strategy: Prior to participating in the video essay, review your submitted application and prepare yourself to speak on how your personal goals and interests align with Yale’s MBA program. You should also review standard interview questions, and think through anecdotes from your academic and professional experiences that can be used to respond to different question types. Yale provides practice questions that will help you get comfortable with the format and technology, and we recommend taking advantage of this. Take note of the time restrictions. 

From the Admissions Office: Video Questions: Designed to set you up for success

MIT Sloan

Sloan requests applicants provide a 60-second video statement introducing themselves to their future classmates. They want to further understand your presence, passions, and interests. It is important to note that the video will only be used during the admissions process and will not actually be shown to your future classmates.

Your Strategy: Familiarize yourself with the Sloan values and culture (see bullets listed below), and take the time to clearly link your own values, passions, and goals with those of the greater Sloan community. 

• Leadership and an ability to inspire others 

• A collaborative spirit and focus on community

• Intellectual curiosity and analytical strength 

• Creativity to generate new solutions to existing challenges 

• Growth in both professional and personal endeavors 

• Drive, determination, and authenticity

You will also want to showcase your personality and the qualities that make you unique. The Admissions Committee should gain a clear understanding of why you want to attend the school and what you will bring to your class. 

Create an outline of ideas and practice delivering the content aloud. Consider also how you can best incorporate personality into your submission. This video type is the exception to our advice on using a plain, uncluttered background. If you have a location or background that will help you tell your story, go for it. Finally, take advantage of the fact that you can record the video as many times as you want.

From the Admissions Office: The 60-second video

MBA Application Submission: Is There an Optimal Deadline?

When determining the best time to submit your MBA application, keep in mind the following: your school preferences, financial need, and the amount of time you’ll be able to spend polishing your application materials.

Rolling Admissions

Only a few top-tier MBA programs, including Columbia University and UCLA, offer rolling admissions. This means admissions committees provide decisions to students as they review the application, rather than sending out a batch of decisions on a predetermined date.

Apply Point Recommendation: Generally, applicants interested in a school with rolling admissions should submit their application as early as possible. Seats in the incoming class are continuously being filled. It is critical to ensure, however, that you have taken the time to develop high quality content. Rushing could result in sloppy work, which will negate the benefits of an earlier submission.

Early Action / Decision

While some programs offer non-binding early action application rounds (UVA Darden allows applicants to select between binding or non-binding upon submission), other schools (such as Columbia and Duke) offer only a binding early application round. Read the program’s admissions webpage carefully to be sure you understand the commitment required. For example, a binding application will almost always ask an accepted student to withdraw any outstanding applications, and submit a commitment letter and deposit to the school.

Apply Point Recommendation: If an applicant is fully committed to attending a particular MBA program, regardless of outside opportunities, financial or otherwise, we recommend that they apply in the early decision round. Admissions likelihood is higher because schools look favorably on commitments to their program and they ultimately want to bolster their yield (number of those accepted students who commit). But it’s important to note that merit-based scholarships are not typically given to applicants who apply in a binding early decision round.

First Round / Second Round

Both the first and second rounds are sound when it comes to admissions likelihood and the possibility for a merit-based scholarship.

Apply Point Recommendation: We encourage our applicants to submit in one of these two rounds. If you are ready to submit your best application prior to the first-round deadline, do it. But if not, don’t worry. Take additional time if you need it, to submit your strongest application in the second round.

Third Round

This is usually the last round prior to the close of the admissions period, and is the most competitive because there are fewer seats available. Consideration for merit-based aid at this stage is also unlikely.

Apply Point Recommendation: There are very few cases where we would recommend applying in Round Three. It puts applicants at a disadvantage. However, if you are unable to submit in rounds one or two, and you have a strong application and no need for financial support, you may still be successful.

Harvard is Back on Top in The Economist’s 2022 Full-Time MBA Rankings

US-based programs dominated The Economist’s recently released 2022 full-time MBA program rankings. Harvard, UPenn Wharton, Northwestern Kellogg, Columbia, and MIT Sloan made the top five and just two of the top 15 ranked programs are located outside of the U.S. (HEC Paris and SDA Bocconi). 

With many programs opting not to participate last year due to the covid-19 pandemic, this year’s rankings showed significant movement. 

• HEC Paris moved down five spots to the seventh rank

• Michigan Ross dropped seven spots to the 10th rank

• SDA Bocconi School of Management dropped seven spots to the 13th rank

• NYU Stern dropped 11 spots to the 15th rank

2022 The Economist Full-Time MBA Rankings

1 Harvard

2 University of Pennsylvania (Wharton)

3 Northwestern University (Kellogg)

4 Columbia

5 MIT (Sloan)

6 Duke (Fuqua)

7 HEC Paris

8 Stanford

9 University of Chicago (Booth)

10 University of Michigan (Ross) 

11 Dartmouth College (Tuck)

12 University of California at Berkeley (Haas)

13 SDA Bocconi - School of Management

14 University of Virginia (Darden)

15 New York University (Stern)

In addition to the overall ranking of MBA programs, The Economist also provides visibility into their sub-rankings. Review them to hone in on the metrics that matter most to you: diversity, recruiting and career search support, overall employment, salary, educational experience, alumni experience, and others.

2022 GMAC Corporate Recruiter’s Survey: Strong Job Market Expected to Continue for Business School Talent

The Graduate Management Admissions Council (GMAC) has released the results for the 2022 Corporate Recruiters Survey. The nearly 1,000 global respondents, which included both staffing firms and corporate recruiters, described a highly favorable hiring outlook for business school graduates. 

Below we’ve highlighted key findings. You can find the full results summary here. 

Hiring Outlook Is Strongly Favorable 

• Most respondents said they expect to hire MBAs this year—92 percent of corporate recruiters and 95 percent of staffing firms. In comparison with past surveys, this represents a highly favorable environment for graduates. 

• 63 percent of respondents expect international demand for business school graduates to increase over the next five years, with just about two percent expecting a decrease in demand. In the U.S. the outlook was slightly less optimistic, but still positive with 46 percent of corporate recruiters expecting demand to increase in the next five years. Just over half, 51 percent, expect demand to remain stable, while about three percent expect a decrease. 

Rebound in International Mobility

• A larger number of recruiters are open to making international hires this year. 56 percent of respondents said they are planning to or willing to make an international hire, compared to just 48 percent in 2021. Just under one-third, 35 percent, said that they currently have plans to make an international hire, compared with 24 percent last year. 

Recruiters Believe Business School Prepares Hires for Success

• Just under 90 percent of respondents reported confidence that business schools prepare students for success within their organization. When asked about the reasoning behind their confidence, most noted that graduates have: strong communication skills (73 percent), versatile skill sets (68 percent), and strategic thinking skills (66 percent). 

• U.S. recruiters ranked as the most confident in business school graduates globally with 50 percent noting highly confident and 42 percent noting confident.

• Recruiters from large, public companies reported higher confidence in business school graduates than those from smaller organizations. Among the Global Fortune 100 companies, 47 percent reported high confidence, compared with 24 percent from recruiters located within smaller organizations (<100 employees). 

• Industry recruiters in consulting and technology were the most likely to report high confidence in business school graduates, whereas nonprofit and government recruiters were the least likely to report high confidence. 

Salaries Remain Steady for MBAs and Increase Amongst Specialized Business Degrees

• While median starting salaries for MBAs are higher than for other new hires, the median planned offers remained consistent between 2021 and 2022. 

• Within the US, recruiters said that they plan to offer higher median starting salaries this year when compared to last year for some business masters degrees: Master of Accounting (median increased 25K compared to 2021), Master of Finance (increased 15K), Master of Data Analytics (increased 10K). Median salaries for Master of Management and Master of Business Analytics remained consistent with 2021. 

• Recruiters also noted that their companies are updating benefits packages to appeal to younger employees; 32 percent of recruiters said that they offer loan repayment assistance, and 40 percent called out the addition of corporate volunteering to their benefits package. 

U.S. Remains Least Likely World Region to View Online and In-Person Degrees Equally

• Globally, respondents in 2022 were more likely to view graduates of online business programs as equivalent to graduates of in-person programs (60 percent) when compared to last year. In 2021 just 34 percent agreed that they view graduates equally. 

• The U.S. lags in this assessment with just 29 percent of respondents agreeing that they view graduates equally (a decrease from 33 percent in 2021). 

• Those who viewed online programs as equal to in-person were slightly more likely to emphasize the importance of specific knowledge/skill areas. Those who did not view the programs equally were more likely to emphasize the importance of interpersonal/soft skills. 

Re-Applicants are Highly Valued by MBA Admissions Committees

The last application cycle did not work out in the way you’d hoped. Perhaps you didn’t receive a seat at your dream school or within your desired geographic area. Whatever your experience, you now find yourself thinking about re-applying to business school. While the disappointment may still sting, the good news is that business schools will highly value you, as a re-applicant, for your persistence and tenacity.

Before you begin the re-applicant process, assess your initial application effort. Did you receive any acceptances, or waitlist offers? What components of your application were weak?

• Consider your school selection. Did you apply only to elite or reach programs? 

• Did your GMAT/GRE score and undergraduate GPA fall within the average ranges for admitted applicants at your preferred schools?

• Did your application materials present your strongest case? Were your written materials clear, grammatically correct, and polished? Did your resume accurately reflect your academic and professional qualifications? Did your essay responses adequately demonstrate your commitment to an MBA, as well as show the reader your abilities in innovation (critical/creative thinking and problem solving) and/or leadership and/or teamwork?

• When in the cycle did you apply? Applying later (after the January deadlines) can negatively impact an otherwise qualified candidate. 

Once you identify your last submission’s weaknesses, consider some of these strategies to improve your likelihood of success as a re-applicant. 

• Apply in Round 1 or Round 2 of the admissions cycle. 

• Consider if there are other, more accessible, programs that could prepare you for your desired career. 

• If you have a low/marginal undergraduate GPA, consider taking additional courses to bolster it. And be sure to address any red flags, such as a low GPA, in optional essays.  In doing so, you don’t want to make excuses for your low GPA.  Rather, you want to guide the reader to those areas of your life, such as professional projects or leadership roles, that you believe are more indicative of your ability to thrive in a rigorous environment.

• Think about how your test scores compare to those of admitted students. Are you willing to get a tutor or take a course to improve your score? Remember MBA admissions committees will only ever consider your highest score, no matter how many times you’ve taken the exam.

• Try to gain more professional and/ or volunteer experience(s) that will provide leadership and teamwork opportunities, as well as demonstrate your interest in and commitment to your future goals.  

When you update your application materials, keep in mind that schools may review your updated submission alongside your initial application. You will want to ensure that your updated materials provide new insight to the Admissions Committee on who you are and how you will fit into their program. 

• Check program policy regarding recommendation letters. Many programs request that you provide new reference letters, although you may opt to use the same recommenders. If possible, include at least one new reference who is in a current managerial role and can speak to your recent professional accomplishments. 

• Update your resume to include results you’ve achieved and impacts you’ve had since your last application. Also, consider what activities may round out your resume. Look for professional or volunteer involvements that may set you apart from other applicants. 

• Submit new essay responses. Show commitment and don’t be afraid to expose some vulnerability. Some MBA programs will provide a re-applicant question, while others (including Stanford and Harvard) do not. If the application does not provide you explicit space, use your personal statement to show the reader your leadership or innovation potential through a recent endeavor. You will also want to explain the reasons behind your re-application. Ensure that your writing is clear, cohesive, and polished. 

• See below some sample re-applicant essay questions. (While some programs deem the question optional, we encourage you to take advantage of this additional space to demonstrate exactly why your candidacy is more compelling than in your previous application.)

Chicago Booth: Upon reflection, how has your perspective regarding your future, Chicago Booth, and/or getting an MBA changed since the time of your last application? (300 words)

UPenn Wharton: Please use this space to share with the Admissions Committee how you have reflected and grown since your previous application and discuss any relevant updates to your candidacy (e.g., changes in your professional life, additional coursework, and extracurricular/volunteer engagements). (250 words)

Northwestern Kellogg: Since your previous application, what steps have you taken to strengthen your candidacy? (250 words)

MIT Sloan: (Optional) Tell us what has changed for you both personally and professionally since you last applied. (short answer) 

Columbia: How have you enhanced your candidacy since your previous application? Please detail your progress since you last applied and reiterate how you plan to achieve your immediate and long term post-MBA professional goals. (500 words)

NYU Stern: If you wish to highlight any changes from your last application, you may do so in the optional essay 3: Please provide any additional information that you would like to bring to the attention of the Admissions Committee. (250 words) 

How to Approach Wharton’s Essays

Like most business schools, Wharton’s admissions committee is interested in those applicants who can demonstrate collaborative leadership, critical thinking skills, innovation, and the ability to thrive in a diverse environment. But, as the world’s oldest collegiate business program and one of the most prestigious, they will have a lot of applicants to choose from. Set your story apart. 

In a sea of other high test scores and transcripts, it’s your essays that will carry the most influence in securing your spot in one of Wharton’s team-based interviews. This is because they give you a place to show the reader your abilities through stories from your life. You will also be able to make the case, in your essays, for what you will contribute to the Wharton community and why you will be able to do what you say you want to do post-MBA. Unlike your resume, which will provide an overview of your life from the start of college, your essays should take a deep dive into anecdotes that will give the reader a view into the person behind some of your most meaningful experiences and accomplishments. 

Essay 1: How do you plan to use the Wharton MBA program to help you achieve your future professional goals? You might consider your past experience, short and long-term goals, and resources available at Wharton. (500 words)

This prompt asks you to explain how a Wharton MBA will bridge your past accomplishments and your future goals. To do this, you will want to anchor this essay in the past. Because what you’ve already done, learned, and achieved is far more important than what you haven’t—what you say you want to do in the future. In order to fully satisfy the objective of this prompt, go into your backstory and detail the key moments that influenced you and the formation of your goals. Then transition into what you have yet to learn, and why a Wharton MBA is your next step. Prove to them that their program is the perfect intersection between where you’ve been and where you want to go. Which courses, professors, experiential learning opportunities, etc. are most interesting to you? Choose three or four that differentiate Wharton from other business schools you’re considering and explain why you’re so eager to engage and participate. This essay is about connecting the dots; once the reader has taken the trip to your past, your proposed path forward will make much more sense. 

Essay 2: Essay 2: Taking into consideration your background – personal, professional, and/or academic – how do you plan to make specific, meaningful contributions to the Wharton community? (400 words)

Show Wharton’s admissions officers how you will be a valued member of their community by anchoring your response in experiences from your past that will inform and invigorate your plan. Are you a passionate environmentalist who has spent your career in corporate social responsibility and hopes to spearhead a new sustainability case competition for full-time MBA students? Were you part of a years-long organizational behavior research study in undergrad and hope to find a research mentor in that department at Wharton? Did you start a pro-bono consulting group at your current employer, and you’d like to partner with a local organization to offer similar services alongside a group of your Wharton colleagues? In linking your passions and expertise to your proposed contributions, you will demonstrate to the admissions directors that you are the kind of collaborative, community-minded, and determined student they are looking for. 

Optional Essay: Please use this space to share any additional information about yourself that cannot be found elsewhere in your application and that you would like to share with the Admissions Committee. This space can also be used to address any extenuating circumstances (e.g., unexplained gaps in work experience, choice of recommenders, inconsistent or questionable academic performance, areas of weakness, etc.) that you would like the Admissions Committee to consider. (500 words)

This essay is for additional context around a weak spot in your application. Did you get a C in calculus? Or withdraw from your courses your sophomore year to help a family member? Do you feel that your lackluster GMAT score isn’t indicative of your abilities?

If you are going to address a low grade in an analytical course or a low GMAT score, don’t make excuses. Spend the majority of your word count demonstrating your ability to excel in rigorous academic or professional environments using specific examples. Provide information on similar classes in which you achieved excellent grades or give details about a professional pursuit that resulted in success.

If you are speaking to a more sensitive situation, perhaps a big mistake or legal issue that impacted your GPA, spend approximately 20 percent of your essay addressing the situation. Then use the remaining 80 percent on the actions you took to improve and what happened as a result. Do not make excuses, simply address the situation, placing the emphasis on what you learned. Remember, everyone makes mistakes, taking accountability and moving forward demonstrates maturity.

The Writing Process

Begin with a brainstorm. Do not underestimate the importance of this step. Document your experiences, positive and negative, that prompted an evolution in your perspective—you know, those “ah-ha!” moments without which you would be a different student, professional, and/or person today. Then, record those experiences that will show the reader your abilities in innovation (critical/creative thinking and problem solving), leadership, and teamwork, as well as those experiences that reinforced your interest in an MBA program. Capture as many details as possible, paying particular attention to what you thought, felt, said, and did in each situation. Your focus should be on adult experiences (from the start of college and later), though stories from your youth could comprise up to 20 percent of this brainstorm.

During your brainstorm, don’t limit yourself by worrying about a cohesive narrative, the quality of your writing, or the number/length of your stories. Simply focus on collecting those situations that helped to guide your path to this point and impacted your decision to apply to the Wharton MBA program.

Craft an outline. Select the key stories you will use to anchor your narratives. Remember that you’ll use your essays to go deep into experiences that demonstrate the traits you want to emphasize. Think about your application as a whole and use your responses to strategically cover any qualities that may not be adequately addressed in other aspects of your application. 

Write. Keep in mind that you must be showing, not telling the reader who you are. Invite the reader into your life by highlighting sensory details, such as smells and sounds, and don’t hesitate to engage your readers emotionally. Sprinkle in humor (if you feel comfortable doing so) or hit a poignant note. In contrast to your resume which provides a general overview of your experiences, your essay responses should go deep into a story that allows the reader to come to their own conclusions about some of your character traits and abilities. Highlight how you’ve struggled, triumphed, learned, and how these experiences have developed you into the person you are now.  

Review. Revise. Repeat. Confirm your word count and read your essay aloud noting where you stumble. Make revisions as necessary. Once it reads smoothly, set it down and walk away for at least 24 hours. Then re-read it. Is it you? Is it personal and authentic? You want the reader to see the real person behind the applicant number. While we caution against “oversharing,” being appropriately vulnerable will create connection.  

Cornell Expands Real Estate Degree Program

Earlier this month Cornell announced the opening of the Paul Rubacha Department of Real Estate, a partnership between the SC Johnson College of Business and the College of Architecture, Art, and Planning.

The Department of Real Estate will expand upon the existing Baker Program in Real Estate, which offers a master’s in real estate, to include a research-based master’s and doctorate program, additional collaboration opportunities between Cornell’s campuses in Ithaca and New York City, more core department and non-tenure track professors, as well as recruiting faculty with expertise in the emerging trends in real estate.

“The new department will ensure that Cornell provides the richest-possible applied instruction and opportunities to students across campus,” said Andrew Karolyi, the Charles Field Knight Dean of the Johnson College. “It will offer expanded industry and alumni engagement, incentivize innovative collaborations, and advance the larger field and the future of real estate programs and pursuits at Cornell.”

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