Globally, 86% of companies plan to hire recent MBA graduates in 2017, an annual survey of corporate recruiters has found
Study: Endorsements Boost Acceptance Rates
If you’ve received a personal recommendation for your MBA application, you’re in good luck.
New research by Cornell University finds that personal endorsements give MBA applicants a leg up on the competition, both in terms of getting interviewed and admitted. Additionally, the study finds that endorsed applicants end up supporting the university at higher rates by taking up student leadership positions and, later on, donating money as alumni.
“This research highlights how an endorser can have a large effect on who gets interviewed, and who gets admitted, into an MBA program,” says co-author Ben A. Rissing, assistant professor of organizational behavior in Cornell’s ILR School.
According to the study, endorsed applicants are interviewed 82% of the time. Without an endorsement, just 34% of applicants land an endorsement. When it comes to offers, endorsed applicants are accepted 64% of the time, 12% higher than applicants without an endorsement.
Does endorsement equate to qualification?
An endorsement, however, doesn’t necessarily equate to qualification. When admissions staff conducted merit-based competency assessments without knowing an applicant’s endorsement status, researchers found that endorsed applicants generally scored worse during interviews than non-endorsed applicants. Additionally, endorsed applicants didn’t perform any better academically than non-endorsed applicants. Post-graduation, endorsed applicants also didn’t perform better on the job market (in terms of salary or signing bonuses) than non-endorsed, researchers found.
“That said, those who were endorsed as applicants did emerge as ‘better citizens’ (more likely to lead student clubs) and ‘better alumni’ (more likely to donate to the university, and notably, more likely to give large amounts) than those who had not been endorsed,” the paper states.
What should admissions committees do?
According to Rissing, while endorsements can identify candidates who will be committed to an organization, they don’t necessarily identify better-qualified candidates.
“Organizations should go through their application process and ask, ‘Are we selecting on applicant characteristics that are going to result in organizational members who are most desirable?’” he said. “It’s a question of how to balance the two of these considerations, so one doesn’t overwhelm the other. Both have merits.”
Most recently, NYU Stern began requiring applicants to submit an EQ endorsement in hopes of assessing candidates on “fit” with the school’s culture.
Learn more about NYU’s EQ Endorsement here.
Sources: Science Daily, Poets & Quants
MBA Scholarships for International Students
The University of California recently increased tuition for international students by 3.5%, or roughly $1,000, according to The Mercury News.
They’re hardly alone, as international students have sometimes been treated as deep pockets that subsidize their schools.
While the price of the MBA is growing more expensive for students from overseas, there is hope that the MBA can still be financially accessible to them.
Find MBA recently conducted a roundup of various MBA scholarships available to international students.
“Today’s MBA applicant appears to be quite price sensitive and very concerned with the return on their investment. Lowering the cost of an MBA through a merit-based financial aid award does make the MBA degree more accessible,” Jim Holmen, director of admissions and financial aid at the Kelley School of Business in Indiana, tells Find MBA.
Here are four schools, according to Find MBA, that offer scholarships to international MBA students.
Kelley School of Business
At Kelley School of Business in Indiana, fellowships are available to students with strong academic records and leadership skills. These scholarships range from $10,000 to $25,000 per academic year.
Darden School of Business
At the Darden School of Business in Virginia, there are a number of scholarships available to international MBA students. For instance, the Darden Jefferson Fellowship offers up to two full cost-of-attendance fellowships including full tuition, living expenses, books, computer and a research stipend.
Booth School of Business
George Stigler, a famous economist, was the winner of the Nobel Memorial Prize in Economic Sciences.
At Chicago’s Booth School of Business, the George J. Stigler Fellowships awarded to graduate students who excel in areas where Stingler’s activities have been influential, such as business, law, and economics.
W.P. Carey School of Business
Arizona’s W.P. Carey School of Business offers the Forward Focus MBA Scholarship, which provides full tuition to any full-time MBA student. For international students, that’s $98,000.
Sources: Find MBA, The Mercury News, Kelley School of Business, Darden School of Businsess, Booth School of Business
Advice For Your MBA Internship
You’ve sold yourself well and have scored the internship. Now, you need to perform.
Kimberly A. Whitler, a contributor at Forbes, recently talked to MBA students at Darden and got their advice for a successful internship experience.
Setting Expectations Early On
Prior to your internships, students say it’s a good idea to reach out to your manager and understand expectations.
“Have an introductory meeting with the manager over the phone in May to understand the goals for the summer and expected output,” Leigh Feldmann, who interned at Wayfair, tells Forbes. “The earlier that you can get clarity on the project, the better.”
When it comes to speaking with your manager, there are a few questions you should ask.
“If a document detailing your projects and expected deliverables isn’t provided on day one, create one yourself by interviewing your manager,” Katherine Atchison, who interned at General Mills, tells Forbes. “What are the projects, objectives, and competencies they are trying to test? What are your responsibilities and deliverables? Who are the key contacts? And when are the due dates?”
Having these questions answered, Atchison says, can help to build out a timeline of what you’ll need to work on each week.
Responding to Feedback
When getting feedback on a project, your attitude and response can go a long way.
“At the midpoint, if you get negative feedback, you can shut down or take a positive constructive attitude; the latter is impressive and shows perseverance,” Atchison says. “Remember, if you aren’t coachable, you won’t likely get a job offer. At some point, you will be criticized. They may be testing your ability to take criticism and grow from it.”
Business Insider reports that taking criticism personally is one of the top mistakes interns can make.
“Don’t tolerate bullying or disrespect but do grow a thick skin,” Kerry Schofield, a psychologist and the chief psychometrics officer at professional assessment and self-improvement platform Good.Co, tells Business Insider. “That way you’ll learn from your mistakes instead of repeating them.”
Building Your Connections
Ultimately, your goal is to secure a full-time job by the end of an internship. And the best way to do that is to build your connections.
“At the end of the final slide deck, list out all the people you have talked to on a slide to thank them,” Mike Burke, who interned at Procter and Gamble, tells Forbes. “This has the added bonus of demonstrating your networking skills.”
Sources: Forbes, Business Insider
Get Free Admissions Advice From This Harvard Student
Applying to Harvard Business School? You may want to take notes from this accepted Harvard MBA student.
Jeng Yang Chia, a student from Singapore who was admitted to Harvard’s 2+2 program, has yet to actually take his place at school. The 2+2 program allows students to defer their offer while they gain work experience.
Chia offers 30-minute Skype sessions that offer insight into Harvard’s admission process. Chia says he can help applicants frame their personal stories, but he doesn’t ghostwrite or edit applications. Rather, Chia will offer you an authentic view of the realities of the MBA application process. And, it’s all for free.
“I am happily providing a service that can help you get into one of the most coveted educational institute in the world,” Chia writes on his website. “Professionals charge thousands to tens of thousands for this service, and I am happy to do this for free. However, I believe some of that value should be captured and returned to society, and donations for my time is one way to do this.”
Giving Back
Donations made to Chia are all donated to five various charities, such as The Salvation Army and Beyond Social Services. The suggested rate per session is listed at $50.
He says the giving back aspect is why he’s doing it.
“I want to be sustainably incentivized to help people, which becomes harder once other factors like time spent on work and family, time needed to recuperate, etc,” he says. “Knowing that my time is going to charity helps motivate me to continue helping year after year of students, even if I get caught up with work.”
Think of B-Schools as VC Firms
Chia, who is currently a senior operations manager at startup generator Antler, tells CNBC that a number of Harvard accepted students tend to get requests from applicants on advice.
“I got into Harvard Business School, and one thing I and others in the cohort realized is that you get flooded by students who are trying to apply,” Chia tells CNBC Make It. “Because we’ve been there, we never say no,” he continues. “But the kind of people applying to business school tend to have some funding, so I felt there was an opportunity to help others.”
Chia says his advice, while specific to Harvard, is applicable to any school’s application process.
“There’s this misconception that business schools are looking for a particular type of person, like a tech guy,” he tells CNBC.
Rather, Chia says, applicants should think of business schools as venture capitalist firms.
“They’re looking to fund the top 10 percent across all industries,” he tells CNBC. “It’s about being able to define the bucket you fit into and then showing how you’re in that top 10 percent of that bucket.”
Learn more about Chia’s advice sessions here.
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