FAQ's - Strategy

Before we get into the MBA-related information, I just wanted to say how happy I am that it is finally Spring here in the Mid-Atlantic. I love Spring... everything is blooming so it smells amazing and it is warm enough to walk around in summer clothes but you're not sweating yet. It's quite possibly the most perfect time of the year, in my opinion. :)

I am also in a great mood b/c I finally sent in my matriculation papers. I decided to attend Wharton in the fall! :D Wharton was a frontrunner for quite awhile (see a previous post on the topic), but the last Welcome Weekend really solidified my intentions. I am REALLY excited about it! I just secured an apartment in Philadelphia so the ball is rolling!

Ok - onward...

I wanted to cover questions I have been getting on how to set up a whole application strategy. I love strategizing because, for me, it means organizing information and actions into a comprehensive plan, and I love organizing!

Q1: How many and to which schools should I apply?
A1: My personal approach to choosing schools was to start by doing some brief research on each school in which I had an interest. But, how do I know which schools I am even initially interested in, you ask? Ah - well, I started with the rankings. I knew I wanted a top school, so I looked across several different rankings to see who was considered the "top," both in the US and abroad. I looked at US News & World Report. Financial Times, Business Week, and Forbes. I think US News & World Report reflect most people's perceptions of the schools' reputations, at least in the US. Then, I sat down to think about what was really important to me in attending business school. I wanted international flavor, an excellent reputation, and health care management (if I could swing it... there are not many schools that had this option so I was willing to forgo a dedicated health care program and try to weave health care into my experience in different ways, if I had to). At this point, I had a list of about 20 different schools.

I created a spreadsheet and documented the following information for all schools on this list:
- Cost
- Average Years of Work Experience
- Average GMAT Score
- Acceptance Rate
- Specialized Focus (if any)
- Number of Students
- Teaching Methods (e.g., case, lecture, experiential, mixture, etc.)
- Average Starting Salary for graduates
- Top Sectors for graduates
- Top Employers for graduates

At this point, I could see which schools fit into my "strike zone." From there, I narrowed it down to about 10 schools based on which seemed to fit what I would like in a b-school and where I would have a decent chance of getting in (note that I was not above the averages on all the key criteria for any of the schools... I was usually under the average on either GMAT, work experience, or something else but this didn't mean I eliminated the schools). I considered this my list of schools to which I would like to apply, even though I knew I probably was not going to submit 10 applications. For these 10 schools, I created more comprehensive dossiers that included information on their curriculum, special programs, student body, etc. You can save yourself a lot of time if you look into getting the Clear Admit school guides. I had already gone through the laborious process of creating my own by the time those came out but they seem like they would have some good information that you could reference in your application process.

How many schools you end up with is dependent on your time and energy. I felt like I could have done all 10 but I didn't want to ask my recommenders to write 10 different letters. I eventually settled on seven apps - 5 in Round 1 and 2 in Round 2 (if I needed them). I felt my recommenders would take the time to write nice, thorough, and thoughtful recommendations if there were 5 but they are very busy and I thought I would be pushing my luck to ask for more than that at any given time. My final seven included 2 "reach" schools (Harvard, Wharton), 3 schools I was fairly sure I could get into but potentially risky (Columbia, LBS, Kellogg), and 2 schools I felt I should have a really solid chance of getting into (Duke, Michigan).

Q2: Which schools should I do in Round 1 and which should I do in Round 2?
A2: If you lay out the due dates and decision notification dates for each of the schools in your final list, this could help you make your choice. I decided to push to get quite a few schools in Round 1 but they were spaced out (Harvard and Wharton were due in early October, LBS in the mid-October and Michigan and Duke in early November). This not only gave me some breathers in between applications so I wouldn't be rushing but also ensured that my recommenders would have time to write recommendations. Columbia was pushed to "Round 2" because I didn't want to apply Early Decision and the next option was Regular Decision in January. Kellogg got pushed because I just was less interested in it than I was in the others (not that it isn't a great school -- I just found more specific things I liked at other schools) and I felt it could be a R2 school b/c I knew someone who could help me get in there, if I needed the assistance. Many of the schools I chose for R1 gave their decisions early (late December), which meant that I could probably know whether I was admitted before I had to submit R2 applications. In the end, this is what happened and I never had to finish my Columbia or Kellogg applications (which made for a more enjoyable Holiday season).

Know yourself when deciding to go R1 vs. R2. If you like to plan your attack and know you can get everything done on time, I would suggest trying for R1. This will allow you to get your decisions sooner and adjust your plan as needed. However, there are certainly many examples of people who put all applications in R2 and had a very successful admission season so if you need the time to write your apps, R2 will work just as well. :) They say that R1 and R2 are statistically similar, i.e., you don't have a better chance getting admitted if you apply in one vs. the other. R3 is pretty much a death wish, but it can be done. For schools with four rounds, I think you see diminishing admits in R3 but R4 is really the death wish round.

Q3: When do I need to start the application process? When should I try to finish the essays, have my recommenders secured, finish writing the application, etc.?
A3: There are so many ways you could do this and submit a successful application, but here's my advice for preparing to submit in R1 (for R2 and R3, move back the dates as needed).

April - Finish up the GMAT, if you have not already done so
May - Do research and narrow down your list of schools
June - Draft some preliminary thoughts - lists of accomplishments, draft of career goals, etc. that will assist you when it comes time to write essays (see my next post on Essay Writing for more information on this, I guess)
July - Begin outlines for essays that have been released by schools; decide which schools will be in R1 vs. R2 and prioritize your writing accordingly
August - Kick essay writing into full gear; Ask recommenders if they can/will provide recs for you; Attend information sessions for schools in which you have an interest
September - Send essays out to reviewers and leave time to edit once you receive responses; Attend more information sessions; Check in with recommenders to make sure they are on track; Begin writing the applications (these will take longer than you think so don't leave them until the last minute!)
October / November - PUSH THE SUBMIT BUTTON! :)
December / January - Have all the b-schools knocking at your door, offering you money to attend their school (wishful thinking for now but it will certainly be a reality for a lot of you!)

Well, that's all for now. Next up is Essay Writing!