Multiple studies show that MBA holders earn significantly more than their non-MBA counterparts. There is also evidence showing that the newly-minted MBAs see their annual compensation increase immediately after they graduate and start their first job.
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Gaining admission to one of the top business schools in the United States is no small feat. The “survival rate” – or admissions rate, as it is more commonly known – for applicants to top schools like HBS, Wharton and Stanford stubbornly hovers around a measly 10%. And this survival rate does not consider how broadly and deeply talented the applicant pool is.
Every applicant that we see seems to stand out in multiple areas, such as stellar GMAT scores, killer work experience and/or a fantastic undergraduate track record. In addition, they all seem to have great instincts when it comes to presenting themselves to admissions committees. Still, the AdComs must find a way to eliminate 90% of the applicant pool and admit a group of all-star future MBA’s.
At this point, as a business school applicant, you might ask yourself if all of this is really worth it.
The answer is a resounding “Yes!” For instance, multiple studies show that MBA holders earn significantly more than their non-MBA counterparts. There is also evidence showing that the newly-minted MBAs see their annual compensation increase immediately after they graduate and start their first job.
In addition, MBA holders report feeling better prepared and equipped to tackle their jobs, as well as increased job satisfaction.
So, if you want make more money and feel better while doing it, then go get that MBA!
Once on that road, there are several tried-and-true approaches, strategies and tips that can help get you there, including:
Start Early
We have seen a direct correlation with our clients between when they seriously engage in the application process and whether or not they are admitted to their top choice schools. B-school applications challenge candidates to offer deep insights into themselves within a very tight word limit. This is not easy – and it takes time to even decide what to reveal about yourself, and then figure out how you are going to say that in 250 words.
Go Deep
On the surface, many applicants look alike to the admissions committees – high GMAT scores, great work experience, and engaged community service. The best way to differentiate yourself is to really explore your passions, motivations and goals. Figure out who you are as a person, then convey that in a powerful, effective manner.
Recruit Recommenders
Your recommendations can tip the scales in these tight admissions decisions. Find recommenders who are appropriately connected to you, willing to take the time to construct a strong recommendation, and help the AdCom see how you stand apart from your peers.
Get Help
The application process should not be traveled alone. Navigating a first-time process solo where most people fail is not the best decision. Find a trusted adviser who can help you efficiently, effectively and successfully. You might already have someone in your life who has the time, experience and trusted relationship that you need to navigate. However, if not, you can have a professional admissions advisor on your side throughout the process.
Author: Jeff Thomas. Jeff is the CEO of Stratus Admissions Counseling.
