Figure out if it’s your time to jump into the MBA application frenzy in 2023
The Problem:
Elite MBAs have selectivity rates under 10%, and every one of the profiles you’re up against is someone who’s worth the rub. How do you stand out? When are you ready?
Your Approach:
Let’s not say “There are no shortcuts” – there clearly are – many, in fact. Instead consider the dictum: “Have the courage to take the long road”.
Let’s figure out what that means in the present context.
Slow and Steady wins…you get it, don’t you?
Doing things the slow way, the right way may be a more long-drawn, energy-intensive process, but consider this first immediate advantage: so much of the business school application is about distinguishing your narrative from the pack narratives – the over-abused clichés and bromides we tend to reach for almost automatically – “Ever since I was a child I’ve been passionate about X” or “My biggest weakness is that I’m a perfectionist”, or “As an ABC-ist, I’m looking to create impact at scale”.
Your profile may not be as unique as you might have hoped, and even if you’re not a dreaded ORIM (Over-Represented Indian Male, usually engineers or computer scientists, consulting-types, and finance quants), where’s your advantage, your oomph, your ‘Spike Factor’?
The approach of the pack is to cluster around some kind of attempt at ‘gaming’ the system. This is evident when people interested in pursuing an MBA at a top B-school ask questions like: “What’s a good GMAT for Harvard/Wharton/Sloan/Insert School?” or “Can I get into X MBA with N years of experience?”
Avoiding Survivorship Bias – Embracing the Outliers & Black Swans
There’s this assumption that top business programs have some sort of checklist that every successful candidate has to tick: the right GMAT, GPA, ‘Feeder’ Organization, Academic Pedigree, Professional Accomplishment, Volunteership Impact, etc, etc … the list is a long one.
There’s definitely some truth to the lie – top B-schools receive a far larger number of applications than they have positions for, they’re spoilt for choice, and so they’re bound to rely on some filters to help minnow the chaff.
However, thinking entirely that the business school application is a ‘beauty contest’ would be remiss, because this checklist model doesn’t explain the outliers – the ones from no-name small firms from mofussil towns, with GMATs a standard deviation or two from the mean, middling GPAs, little leadership experience but crackers of stories told in real, authentic voices with tangible dreams which command attention and recall.
What explains the success of such profiles at the top business schools of the world? Clearly, while there’s safety in numbers if you’re one of the box-ticker types, there’s also a lot of room for diversity – whether that’s a diversity of perspective grounded in differences of identity (ethnicity or gender), experience (industry, accomplishments, role, geography), or purpose (goals and values).
And unlike the convenient ‘check-list’, this side of things is utterly subjective – who can say how the reader(s) of your MBA application will perceive your message, or whether they’ll resonate with your story? – who can control this? (A fabulous argument for just doing your own thing).
Recognize the Importance of Subjectivity
In fact, I found it interesting indeed to see NYU Stern’s Essay Requirements for last year’s MBA intake (2022-2024): just a series of six captioned photographs, along with your resume and a few typical post-MBA career goal short-Qs.
In terms of laying bare the essential subjectivity at the heart of the Top-MBA application process – what a way to go! It also certainly makes the process more compelling and, dare I say, fun.
Once you recognize how important subjective judgment is to the whole process, you’ll begin to realize why every B-school admission director or manager harps about the process being about a holistic consideration of the candidate’s profile, experience, motivation, and fit. The GMAT, GPA, the kitchen sink, years of work ex – these are all benchmarks that might help you get through some of the early filters – but they do nothing for you once the early stage is passed.
It’s also important to remember that, at best, all these numbers do are act as signals in a game of asymmetric and incomplete information that you’re playing with the school’s ad-com (see more about the ‘The Game Theory of MBA Applications’). There needs to be something far more substantive to your application to make it really stand out in a crowded field.
I’d like to share an approach to thinking about the MBA application journey that I feel has proved insightful to my clients. Instead of trying to find the secret recipe of ‘tips and tricks’ that’ll help you ‘crack’ the application process, I’d suggest focusing on figuring out how to actually become the kind of applicant whom business schools are out there looking for.
And it’s not like B-schools are coy about what it is that they’re looking for. Every Top-30 Business School clearly states the qualities they’re looking to find in their ideal candidate – At Tuck, for instance, these qualities are smart, accomplished, aware, and encouraging. At Booth, the admissions criteria include intellectual curiosity and preparedness.
If you can commit to taking the time to grow into the kind of person who exemplifies the qualities these programs are looking for, then, so long as you can communicate this fact to the school, it’s the school’s problem to zero in on your profile out of all the ‘noise’ – you’ll find the application process works for you, instead of you working against it.
Don’t think you are – Know you are
That’s the common-sense secret, if there is such a thing, behind most successful MBA apps. Becoming the right candidate who matches up to the expectations of a Top B-school (not to mention, of your future employers) is really the only ‘safe’ way to take on the challenge of applying to premier business schools.
Apart from working towards building a profile that marks off the typical check-list, the best thing you can do to improve your ‘odds’ is to take time out and sit with the list of ‘introspection’ questions I’ve shared below. Designed to invite you to think deeply about the core drivers behind your decision to pursue an MBA, this period of self-reflection is a crucial part of the process of becoming – understanding the why behind the what of an MBA.
Sitting down to write your essays before working out these essential questions is unlikely to produce a narrative statement that will really capture your distinct identity and how you are different from all the other candidates, and what you’ll bring to the classroom that is uniquely your own. Once those answers are clear however, you’ll be a lot closer to being able to articulate exactly why you’re a good fit for a top MBA, how you’re looking to use your time during the program, and what you’ll be seeking to contribute to your peer-group and campus.
TLDR;
So here’s my long-winded response to the original question – when is it the best time to apply for an MBA?
My answer, I fear, is alarmingly close to what an ad-com might say, but hopefully less cryptic:
“When you’re ready”.
Instead of ‘hacking’ your way through the MBA admissions cycle, start early and invest the time it takes to become the candidate that any B-school will be thrilled to have on-board.