Catch a Rising Star: Why You Should Consider Yale SOM

One of our favorite roles as admissions consultants is helping people shape their list of schools.  There's nothing more rewarding than working with someone dead set on Wharton, only to realize "hey, you are perfect for Kellogg" ... and then have that person wind up at Kellogg, happy as can be.  We pride ourselves on our ability to be more than "yes men" or even "campaign managers" who shape results.  We also believe we are true counselors who simply have more information than most of the people we are counseling.  It's a a key element of college admissions counseling that often does not make its way into the MBA landscape, which is a shame. One school that we find ourselves "introducing" to candidates often is Yale SOM.  There are many reasons why Yale is off people's radar screens, but the biggest reason is short sighted vision.  Yale is a great business school *right now* but I don't think many people would argue that Yale stands above Harvard, Stanford, Wharton, Chicago, or MIT, to name just a few.  Fit is important and there are aspects of Yale that might move it higher on someone's list, but I can't blame an MBA candidate for seeing it as outside the truly elite.

Where we often try to shape perspective is not by focusing on relative merit, but by encouraging a long-term view.  ROI is a big factor in a b-school decision and part of figuring that out is understanding that your first job out of school won't be your last and that the return on your MBA investment won't be a 3-year calculation or a 5-year or a 10-year.  It's a long-term play and you have to project the value of your degree for a lifetime, not just a graduating year.

It is in this long-term calculation where we feel Yale is wildly undervalued.  Consider the reasons for heady optimism in the years to come:

• Yale SOM has a new, state-of-the-art building on the way.  The funds are being raised (initially a concern, but not so much now that a $50 million naming gift from Ned Evans has bolstered the project), the plans are gorgeous, and it can safely be assumed that in a matter of years, Yale will go from one of the worst MBA facilities to one of the best, if not THE best.  You don't think that will impact recruitment, yield, future fundraising, faculty retention, and over other key aspect of building a program?
• Yale SOM is young.  It's a relatively new business school (and it's small), so the alumni base is tiny, compared to MBA powers.  That has been a problem for deans who try to raise money and build awareness, but it's a problem that will naturally be abated as Yale SOM grads go out and do great things.  The flip side of having a small alumni base is that virtually all of the 6,000 or so alumni of the program are still active in their careers and fall within just a few generations of Yale classes.  Better to have a nimble, active alumni base than a bloated, dormant one.  Plus, too much is made of alumni size from a student's perspective, as it often comes down to ratios: are there enough alumni contacts out there to help ME?  Either way, this alumni base is growing every day as more people graduate and very few - frankly - retire or die.
• SOM is at Yale.  I know, duh.  But never forget the value of a business school being in the warm embrace of a powerful university, especially in the age of interdisciplinary learning models.  SOM's Yale address allows the business school to be aggressive with specialties and with the raw case method, because world class learning is available just down the block in every field.  When you don't have to strain for multi-disciplinary learning models, the education flows more smoothly and people can be great at what they are great at.
• Ted Snyder.  When Ted Snyder first left Chicago Booth and announced he was joining Yale, the prevailing opinion is that Yale had it made in the shade. But as with everything else in modern society, the backlash soon kicked in and op-eds in the Wall Street Journal and other publications started to question whether the Ted Snyder magic will work again.  Our opinion?  Yes, it will.  The guy builds powerhouses, he raises funds, he takes advantage of hidden values (like hiring the best *staff* and not just the best faculty), and he leads.  Yale SOM is going to be better - much better - for having him.

All told, Yale is a school to really watch - a blue chip stock.  It's great now, for the experience, especially if you want a smaller class size, great career services, strength in health care, the rigor of the raw case method, and top notch finance.  But it's going to be even better as a value play for down the road, when your degree keeps soaring up the rankings.

When you start planning your MBA search for this fall, be sure to give Yale SOM its due.

If you are interested in having a free consultation to discuss Yale SOM or any other school, please email us at mba@amerasiaconsulting.com.

The row about Wharton's new behavioral interview questions ...

The row about Wharton's new behavioral interview questions is mostly bullshit.

Yes, I know my opinion is a little late on this one, but I just wanted to provide an alternative POV to what I am reading online.  Whether or not Wharton denied they were out in the wild or rogue admissions consultants gamed the system or 2010 round one Wharton applicants were adversely affected - is basically smoke and mirrors.  If some consultants went to the darkside, that is not cool.  I'm not condoning it.  However, it really has no effect on the point of the interview process - to see if you present yourself in a manner that tells the interviewer you won't embarrass yourself or the school should you enter the pearly gates of Wharton or any other top program.  In layman's terms - do you have all your teeth, form complete sentences and chew with your mouth closed? 

Why is this?

Beyond face value, the new questions are not any different from the old questions that Wharton put forth.  Seriously, they really are not.

Let's not pretend interview prep is some black art.  The only difference is that each question will provide the opportunity for each applicant to include or leave out an "appropriate" amount of information.  That is, the new format is slightly more of an exercise in evaluating when an interviewee knows when to shut up.

Let's get real, if an applicant prepares correctly, they will have no problem answering the following questions - at Wharton or at any other top MBA program.  Keep in mind, all schools pretty much as the same questions.

The "new" "behavioral" interview questions at Wharton: 

1. Tell me about a time when you worked in a group to complete a task, which required you to consider the opinions or feelings of others.
   • This is what I tell my clients.
   • This is a leadership question that asks you to detail a story.
   • Story answers always follow this (trademarked) format - SCARA - Situation, Complication, Actions, Results, Applicability
   • Hint: Leadership action means that you are leading other people - so you are in a team - being a good team leader requires considering and reconciling opposing opinions.
   • Results are both quantitative and qualitative.
   • See if you can take your answer and loop it back to the school.
   • If you can't answer a question like this, with 3 to 4 examples, well then, we wouldn't have applied to Wharton ...
2. Describe a time when you contributed to a team that didn't have a clear or appointed leader.
   • This is what I tell my clients. See the above. Just tweak to cover a power vacuum where you stepped up.
   • Every decent applicant should have an answer to this for every school.  Think about it, chances are that you already answered this question (correctly) in your essays. It's not rocket science.
3. Explain a time when your ideas were challenged, when you had to defend your opinion and/or approach.
   • This is what I tell my clients. See question number one above.
   • Mix this one up and provide an outside of work example - if you have not done so already.

Before I get flamed, let's examine some old interview questions from year's past:

1. How would you describe your leadership style?
   • Oh snap, this is basically question number 1.
   • A good answer here means providing an example.  The same example you could use for question number 1 above.
   • The only tweak I would make is to use a Pyramid format, instead of SCARA format above.
2. How would your colleagues describe you if you left the room?
3. If you were the CEO of your company what would you do differently?
   • Dizzamn, questions 2 and 3 here are remarkably similar to the "new" "behavioral" Wharton question 2 above.  You can't fool me Wharton.
   • For question 2 here - your colleagues would describe you as a leader who steps up to fill a power vacuum.  Then they would provide an example - an example very, very similar to the one you would give in question 2 above.
   • For question 3 here - you would talk about stepping up as a leader to make sure there was clear organization.  Then you would provide an example - an example very, very similar to the one you would give in question 2 above.
4. Please give me an example in which you exemplified leadership?
5. Please describe a team situation that did not work?
   1. Questions 4 and 5 here can be answered by the example provided in question 3 above.

TL:DR - The bottom line is that if you prepared correctly for your interview, you know the questions are really the same.  All these "new" questions would require is adjusting your approach slightly and perhaps on the fly.  In fact, all these questions have been online for years.  The more things change, the more they stay the same.  Win - Wharton.

If you need help with determining your fit with Wharton – either comprehensively or just stress testing your essays to make sure they hit the mark – email us at mba@amerasiaconsulting.com to schedule a complimentary consultation.

HBS 2+2's New Look

Today, on her "Director's Blog", Dee Leopold of HBS explained some of the new ins and outs of the HBS 2+2 program. 

Her explanation centered on the way all college seniors are being folded into the 2+2 pool of applicants and she stressed that it did not signal a sea change for 2+2 as much as it did reinforce that no college seniors will be going straight to Harvard Business School after graduation.  In other words, HBS has always offered deferred admission spots to college seniors applying in the regular rounds one, two, and three, so now they will just be formally moved into the 2+2 pool. The part that Dee (one of my favorite admissions professionals, by the way - incredibly smart, loves her school, plays chess while others are often playing checkers) didn't get into was the removal of the "business major restriction" - in the past, business majors were not allowed to apply to 2+2, as the program was designed to pull people from disciplines such as engineering, humanities, and the arts. Obviously, now that all college seniors are being pushed out of the regular pool and into 2+2, that restriction had to be removed. 

So what does any of it mean, exactly?

For starters - and we will stress that this is has a minor impact - it possibly makes the 2+2 pool a little tougher and it definitely makes the regular pool a little easier. 

• Say there were 15 amazing college seniors to apply in a year that HBS decided to offer deferred admission to.  In the past, those 15 spots were coming out of the 900 full-time seats, two years down the road.  Now, either those spots will come out of those earmarked for traditional 2+2 students, or, since college seniors will be applying AFTER their more traditional "junior summer" counterparts, the size of that year's cohort will just swell a bit.

As for business majors, our instinct is that it will still be harder to earn a spot in the 2+2 program if you are coming from a business background. 

• This is in part because the road is now paved for you to go do all the things a great HBS applicant should do in the business sector, but also because we believe the program was originally conceived in order to draw would-be law students, public policy students, med students, and PhDs into the b-school orbit.  If that is a core philosophy - to capture incredibly bright young leaders and give them business training - then it stands to reason that there won't be massive changes in "typing."

Who should apply to 2+2?

• We actually haven't changed our stance on this much.  We believe that anyone - yes, even a business major - who has strong academic chops, has displayed great leadership, and has the passion to apply SHOULD DO SO. 
• Why?  A couple of reasons: first, worst case scenario, this is a dry run that will transform the way you approach the next 2 - 6 years.  Being asked to sit down and map out your strengths, articulate your goals, analyze who you are ... that's intense stuff and if you do it for real, with actual stakes, you will become a better employee and eventual b-school applicant.  Even if you didn't get into HBS 2+2, if you take a real run at it and take the process seriously, you will absolutely accelerate your career and grad school time line. 
• Second, there still seems to be a *slightly* easier chance at getting in.  There simply aren't as many 20 and 21 year olds who have academic excellence, great leadership, and self awareness as there are 24, 25, and 26 year olds who have those same attributes.  The field tends to crowd the more you hit the HBS sweet spot of 3 or 4 years out of school.  You are up against not only the elite juniors and seniors from your year, but also the people who had the light bulb go off post-college.  In other words, if you enjoy an advantage - ANY advantage - now, you should try to press it before people who currently aren't on your radar wind up passing you.  Conversely, if you are not competitive now, take heart that you can lap a lot of superior candidates in a few years.

All told, whatever the reasons it was created and whatever small changes are being made administratively, 2+2 is a really cool program that gives college students a unique opportunity to walk the walk and see what they are made of. 

A lot of truly exceptional people have been "found" this way already, and HBS is confident they will find many more.  So are we.

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Applying to HBS 2+2? Be sure to check out our free guide on How to Apply to HBS.

Since 2008, we've worked with more than 1000 applicants to top MBA programs. To find out more about your options and how we can help you with your business school application, email us at mba@amerasiaconsulting.com or contact us via http://www.amerasiaconsulting.com/contact.

For an overview of our MBA admissions consulting services, visit http://www.amerasiaconsulting.com/mba-admissions-consultants-client-commitment/.

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Why I Created the Business School Selector

As an MBA admissions consultant, I have worked with a number of clients over the past 5 years.  Invariably, the most common question I receive is "What are my chances of getting in?" Answering this question qualitatively requires years of admissions consulting experience with dozens and dozens of clients.  Doing the question justice and providing the client with meaning insight requires several hours of examination.  Even then, as the applicant matures and the application process begins, the applicant's "chances" can change remarkably.

However, there has to be some way of getting into the analytics of how MBA admissions committees view their applicant pool.  I mean, Wharton is not going to take an applicant with a 480 GMAT, there is just no way.  There has to be a range, cut-offs and some way to statistically examine applicant pools.

I searched high and low on the WWW for such a tool.  I could find none in the GMAT/MBA space.  What I found were mostly models that analyzed a few criteria from an applicant's POV.   That is, these models looked at things like:

1. In what type of setting should the school reside?  Urban, Suburban, Rural?
2. What time of female or international representation should be present?
3. What climate should the school reside in?

While these factors are important in the decision-making process, they do not necessarily view things from the admissions committee perspective.

With this in mind, I when out and created a model that analyzes an applicant's prospects of entering the top 25 U.S. business school programs from an admissions committee view.  I developed this tool for Veritas Prep as part of my MBA admissions consulting responsibilities.

The explanation from the Veritas Prep website does a great job of explaining what function the tool serves:

"This tool was created to generate an optimal range of business schools for you. By "optimal," we mean that these are the highest-ranked schools to which you have a reasonable chance of getting accepted. While no model is perfect, especially in beta, you can use the range of schools at the bottom of this page as a way to start narrowing your choice of MBA programs."

"Please don’t take the model too seriously. Since it only utilizes a subset of data, it cannot be considered a comprehensive tool for all situations and applicant profiles. The admissions process is highly subjective, and no one model can serve as an "oracle" or "magic eight ball.""

Click here to access the Veritas Prep Business School Selector.

How many hours should I prepare for the GMAT?

I used to be a Kaplan tutor and instructor. Now I occasionally tutor students individually. It’s been my experience that if your aptitude is “average+” and you want to score above a 700 you need about 30 hours of instruction and then about another 50-70 hours of studying on your own. This seems like a lot but to some of my students it has been a slam dunk way of scoring 700+ by studying close to 100+ hours.

Data from GMAT, the creators of the GMAT, bolster this positioning.  700+ scoring students study 114 hours according to GMAC themselves.

I would definitely start studying 3 months out. This means taking a class course or tutoring if you have the money. After the class is done I would recommend taking one practice CD test a week (Sunday Afternoons).

During the week, stay after work for 75 additional mins and take a verbal section or a math section on CD.

The class course should teach you how to approach each problem. The tests and CDs should teach you timing.

Getting into B-School: Know the Adcom

Another good resource for the b-school applicant, is to utilize is the businessweek.com b-school forum. You have to pay for full access, but a big-timing prospective MBA (like yourself) should have no problems fronting the cash. I especially think its beneficial to read the Admissions Q&A with the Admissions Directors from the schools you are applying to. For instance, this is the one for Linda Baldwin,UCLA’s Adcom big cheese: Businessweek Interview.

For me, it’s important to understand what these people are saying so you can get a good idea of the environment they are trying to promote at their business school. If you understand your Adcom’s psychology, then you can tailor your message (during the interview or essays) to say (for lack of a better term) what they “want to hear”.

Also, some people will say “Josie, don’t write what you think the Adcom wants to hear, write from the heart,write something gutsy….” Anyone who says that should have their head examined. You want to write something that they want to hear, not something they don’t. If you don’t, you’re gonna be riding the short bus over to CUNY. Human nature says we like hearing stuff we agree with, not necessarily thought provoking.

Also, it wouldn’t hurt to Google the name of the Adcom head as well as the person who is going to be interviewing you. You might be able to find out what they like and then that becomes your new hobby….or at least a possible talking point.

What I think about the Business School Rankings

Business school rankings are an attempt by different publications to apply a methodology to the various aspects of an MBA program. This methodology then allows for a fair (subjective) comparison between all the affected b-schools. Different publications place different weights on the varying aspects of each b-school program. Often these weights change from year to year within the same publication. With the same publication, this leads to the inability to accurately compare schools from year to year. Across numerous publications, this just leads to confusion. For instance, some publications will rank Harvard “number one”, while others won’t even have it in the “top ten”. Is it possible for a b-school to change so much in one year? Not likely. As stated above, it’s most likely the publication.

So who can you rely upon? The two most consistent b-school rankings have come from “US News and World Report” and from Business Week. Business Week issues their ranking every other year, while US News issues them every year. Every other year is probably a good policy as b-schools, containing a certain amount of institutional memory, really don’t change too much from year to year. The top ten schools have very little turnover in these two polls. You can argue with their methodology but at least you know what you are going to get. These two heavy-hitters are the ones that everyone refers to and the only ones that that the business world really seems to care about with respect to bragging rights.

Other publications offer their own shot at rankings the b-schools with mixed results. Forbes gives theirs, the WSJ, the Economist and the Financial Times all have their own. These should be considered the second tier of b-schools rankings. Although these publications’ rankings may be totally legitimate with respect to methodology, they are not paid as much attention to as US News and Business Week because they are not as consistent. When these publications drop a Harvard or University of Chicago from their “top ten”, the methodologies that produced these incredulous results tend to lose, well, credibility. Question any ranking publication that has a school in the top ten one year and then in the 20s the next year. No school changes that much.

All this being, why should you even pay attention to the rankings? Why should it affect your decision to go to b-school? Simply put, perception is reality. Think about it, when you go to get that big banking or consulting job out of b-school, the big banks or consulting firms want the prestige that is associated with the top schools. They want that prestige and they are willing to pay for it. This is why recruiters also love candidate from the top 15 schools in the world. These top schools produce, maybe not the best candidates, but the most prestigious candidates. Usually, the top school’s produce the best and the most prestigious candidates. These students get paid the top dollar and their employer now has bragging rights.

Thus, the bottom line is that, love them or hate them, rankings do matter.

What do I consider to be the critical b-school admission factors?

I taught the GMAT for about 3 years. In that time, I had the pleasure of teaching over 250 students. Along the way, I also had the privilege of helping a select few craft their admissions packages. Based on my experience and in order of importance, I present the following 8 factors I consider critical to getting into a top b-school:

1. GMAT Score
2. Application Essays
3. Work Experience
4. GPA
5. Extracurricular Activities
6. Recommendations
7. Interviews
8. Applicant Submission Round