Advice for Applicants Seeking an MBA with a Finance Background
High achievers (ah-hem... we’re looking at you, finance folks) are conditioned to believe that their successes are the most important, thus it's easy to believe that they should approach their application talking about all of their biggest hits and accomplishments. The MBA admissions committee, on the other hand, expects unwavering quality. Your story and the traits that distinguish you however, are more important in the eyes of the admissions committee, even if this appears to be the riskier strategy. Finance is something you do, not something you are. And for those of you who are from an over-represented profile, finding your points of differentiation is even more important. Here are five pieces of advice that can help you stand out.
1. Identify and investigate your distinguishing characteristics.
Many MBA students confuse their identity with their career, resulting in a one-dimensional story. As you explain to the admissions committee who you are and why you want this degree, make sure your application highlights the other aspects of your personality, background, motivators, and things that are important to you. The more personal you can be about why you do what you do, the more intriguing and remembered you will be. In your application, vulnerability and confidence may make a huge difference.
How do you put this into practice? Consider the things you've done, the experiences and interactions that have molded you as a person, your values, and your outlook on life. Think about the patterns of behavior that show up in your work and how they affect your involvement in the community, the roles you play, and how you show up. Consider your interests and how these qualities are guiding you toward your goals. The sooner you begin this process of self-analysis, the better, since it will manifest itself in your application.
2. Establish an emotional connection to the reader.
Your Resume serves as a showcase for your successes. Your essays are meant to create a feeling of connection. So don't stop at what you have already learned from your experiences. Make a connection between what you've learned and what you'll offer to the MBA classroom.
How does one go about doing this? If you decide to discuss a failure that you overcame, be sure to emphasize the lessons you took away from it and the way it affected you personally. You want the reader to identify with and be able to relate to your personal experience.
3. Know your story and be able to justify your actions.
The financial business is diverse, with opportunities in sales, trading, private equity on Wall Street, and overseas markets. These realms are all distinct. Focus less on where you've worked and more on why you worked there, your grasp of your function, and your reasoning for making different moves at different times of your career.
How can you incorporate this into your application? Consider what makes you tick and what helps you succeed as a day trader. What in your personality drew you to one field or another? Why did you decide to go into investment management? It is vital to describe your rationale behind each decision you took, as well as your goals and ambitions beyond the MBA.
4. Begin with a large bank but get further experience.
Many outstanding HBS candidates began their careers in Investment Banking and frequently changed jobs within two years after graduation. After about two years in the rotational program, many of these applicants got interesting jobs in Private Equity or Venture Capital, which seems to work well for HBS and Stanford GSB. Fewer of those people were still employed at JPMorgan or Morgan Stanley when they applied to these elite MBA programs. This suggests that while a large bank is an excellent location to start your career, you will be more appealing to the admissions committee if you have extra experience in PE, VC, consulting, nonprofit, or strategic and product management jobs in technology.
5. Make a strong connection between your career goals and the MBA.
The admissions committee wants to know that you understand what the management curriculum offers – what the school will do for you, and how it relates to your unique career aspirations. You must be rational and compelling, not only about why an MBA, but also why now, and how an MBA will act as a catalyst for your personal success after graduation. Consider what you want to accomplish after getting your MBA and what you'll do to make it happen, and be ready to communicate the influence you'll have on your future peers and community. Keep in mind that the Admissions Committee is reviewing your file and considering how this applicant will seem to a prospective recruiter. They aim to hire people who will be successful in accomplishing their post-graduate aspirations.
5. Persuasively connect your career vision to the MBA.
Beyond the power of its MBA brand, the admissions committee wants to know that you understand what’s being offered through its management curriculum – what it will do for you, and then how that connects to your specific professional goals. You’ll need to be logical and convincing, not only about why an MBA, but why right now, and how an MBA is going to serve as a catalyst for your own success post MBA. Reflect early on about what you want to do after your MBA, and what you’ll be doing to make it possible; and be able to articulate the impact you’ll have on your future peers and community. Keep in mind that the Admissions Committee is looking at your file thinking, how is this candidate going to look to a future recruiter? They want to bring people in who are going to be successful in achieving their post-grad goals.
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