May 23, 201610 MBA Interview Questions & How to Answer Them

Every year thousands of MBA hopefuls spend countless hours preparing their application documents, but for some reason they spend precious little time on preparing for the most important part of the application process – the interview.

Not every program requires one, so if you are called upon for an interview, first congratulate yourself and then prepare like you would for any job interview. Not unlike many successful endeavors, preparation is the difference between a positive and negative outcome.

Here are 10 MBA interview questions that you will most likely be asked:

1. Tell me about yourself.

You will almost certainly hear an open-ended question like this, but don’t let this seemingly “easy one” fool you. Where do I start? How much history do I cover? What is the interviewer after?

The best answer is usually an updated version of your elevator pitch – like the one you formulated as a college senior. The interviewer is testing your communication skills. Remember, the hallmark of business communication is to be succinct. The optimal answer includes a combination of personal characteristics – “I’m a natural leader” – along with your professional and academic accomplishments. It’s usually best to start with your most recent or significant accomplishments. Don’t go into too much depth or spend more than two minutes in total. End on what you want to achieve with your degree, e.g., “With an MBA I hope to someday start my own business or manage a large division.”

2. Why are you interested in this school or program?

This is the opportunity to demonstrate how much research you have done. You can briefly talk about conversations you may have had with alumni, faculty or current students; you should also reference the program’s specific fields of study, teaching philosophy, concentrations, electives, the capstone project, networking opportunities and more. Make sure you know what you are talking about and do not try to wing it! The most convincing way to answer this question is to attend an information session and/or an actual class. Many programs encourage applicants to experience firsthand what it’s like to be back in the classroom. Prepare a thorough answer that includes every aspect of what distinguishes the school and/or MBA program from others. This innocuous question can get you eliminated if you misread the school’s strengths or management philosophy.

3. Why did you choose your undergraduate major?

At first blush, this question seems like a layup for business majors and a potential problem for non-business majors. In reality, this question is a layup regardless of your major. Liberal arts and science majors have an opportunity to describe the value of their education in broad terms, in a way that emphasizes the virtues of STEM, reading, writing and critical thinking. Non-business majors may be more apt to question conventional wisdom or current business practices. On the other hand, business majors should emphasize their passion for a particular business discipline and the importance of either diversifying that knowledge or furthering their understanding of it. Every journey is different and the only thing that matters is that you’ve arrived at the realization that you need more formal education. No matter what your major, don’t make the mistake of discrediting your undergraduate degree or institution.

4. Discuss an ethical dilemma you’ve faced at work.

This is a test of your personal character and critical thinking skills, but it is also a backdoor way of asking how trustworthy you are. Ethical dilemmas most often occur in times of stress and duress. Admissions counselors look for applicants who can take a stand, even an unpopular one, when called upon. Stacy Blackman, a consultant who helps applicants secure places at MBA schools like Harvard, warned that applicants should “expect to be asked a number of questions that will help interviewers gauge how life has tested you and how you responded to that test.” It is almost certain that you will hear some form of this question over the course of the interview.

5. How would you like an MBA degree to impact your career?

This is a reality check. Applicants do more harm to their candidacy when they sound disconnected with reality, “I expect to burst out of the gate as a rock star entrepreneur or the new CEO of a Fortune 500 company. Having high expectations is an admirable trait as long as they are grounded in reality. Nothing would please an MBA Director more than seeing every MBA graduate become a CEO but having a career blueprint based on reasoned assumptions is a more likely path to the top. Setting your sights on a position within your department that requires an MBA is a classic example of why someone returns to school. In addition, don’t be afraid to identify more aspirational career goals or talk about how an MBA will enrich your life in ways other than financial reward.

6. How would your colleagues and/or supervisor describe you?

This question tests your awareness of how others perceive you. Matt Symonds, an MBA admissions consultant, recommended that to answer this type of question, you need to strike the right tone. “A lively conversation should not encourage you to give cute or flippant responses. Nor should a friendly atmosphere encourage you to lower your guard,” he warned. You should have a general sense of what was said about you in your letters of recommendation and reiterate those points. One approach is to focus on the types of tasks that you are assigned, “My colleagues turn to me when there’s a problem because they know I’m very technical and love a challenge.”

7. What are your weaknesses?

In an earlier question we discussed how to address your strengths. Now comes the flip side. The most common approach to answering this question is to reveal something that is both a strength and a weakness, such as “I’m a workaholic” or “I don’t delegate enough and tend to micro manage projects.” Those answers will earn you a pass but it is much better to identify a “weakness” and then give examples of things you’ve done to address them. The question about weaknesses reveals whether you have done an honest self-assessment and are open to continuous improvement remedies. Remember, deciding to get an MBA is the result of a personal assessment and an acknowledgement that you’re open to continuous improvement.

8. Discuss a time where you “failed” and how you handled it.

Albert Einstein famously said, “Failure is success in progress.” The world’s most accomplished people in every field have failed at some point in their careers. You can talk briefly about the emotional toll of a failure but move on quickly to the lessons learned and how they have helped you succeed.

9. What are your interests outside of work?

This is a typical question to end an interview and one that allows you to engage with the interviewer on a more personal level. Your hobbies and favorite pastimes communicate the range of your interests and passions. Finish off this question with whatever excites you outside of your day job.

10. Is there anything you would like to ask me?

The two most important parts of the interview are the beginning and the end. Every interview ends with a chance for you to ask the interviewer something about the program. Make sure to prepare a list of questions in advance but don’t ask anything that is already answered on the website. The best questions demonstrate your understanding of the program and challenge the interviewer to defend or expand upon something about the program.

Here are a few examples of questions you could ask:

• Many MBA programs emphasize the importance of leadership, how does this program deliver on that promise?
• What changes, if any, have been made to the program since the financial crisis?
• What innovations or new courses have been added in the last few years?
• How active are alumni in influencing the school’s mission?
• What distinguishes the faculty in the graduate program?
• Ask the interviewer what attracted them to the program.

These questions represent only a handful of the more common ones you can expect to hear during an interview. But don’t be surprised if you hear one of those seemingly innocuous questions – just take a breath and give it your best shot. If you have invested the necessary time to prepare, trust that the words that follow will reflect positively on your candidacy.

Categories: MBA

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April 15, 201616 Reasons to Get an MBA This Year

There are many reasons to get an MBA but the real question is whether you should do it now or wait. Getting your MBA is a serious commitment and you are wise to hold-off until you have evaluated all of the issues. Don’t delay too long, as there are costs associated with waiting until the “perfect” time presents itself.

In the business world, those who rush ahead without due diligence tend to end up in difficult positions. However, those who over analyze their options often miss a window of opportunity. Warren Buffet refers to overthinking a decision as “thumb sucking,” and says that it is fatal to success. All deals expire.

Deciding when to pursue an MBA is no different from any other major business initiative that you might embark on. You have to weigh the potential upside against the opportunity costs of doing nothing. To be sure you have thoroughly looked at every angle, consider the following reasons to get an MBA this year.

1. Give yourself professional options over your entire career.

An investment in an MBA will provide benefits throughout your professional career. In a fast-paced global economy, professionals not only need the right skills to succeed but they also need the best options as to where to deploy those skills. Do not approach an MBA thinking it will help you secure a single position.

2. Increase your earning potential.

There is ample evidence from a wide variety of sources that an MBA will significantly improve your starting salary and open up new professional possibilities.

3. Take advantage of reimbursement from your employer.

Companies endeavor to maintain a workforce of talented, skilled employees and often provide professional development programs. Find out if your employer has a tuition reimbursement program. If they do, take advantage of it. Corporate reimbursement policies vary widely and change periodically so delaying your start might expose you to some unexpected financial risk.

4. Get that promotion.

Are you tired of watching colleagues move ahead even though you have more experience? An MBA prepares you to advance into executive positions with greater authority and more demanding responsibilities. Don’t short-change yourself.

5. Enjoy greater job security.

The days of spending your entire career with the same company are long gone. Few industries are being spared the destabilizing nature of technology’s advances and, when combined with an increase in global competition, it’s easy to see why job security is in decline. Most professionals expect to have multiple positions over their professional careers, perhaps spanning more than one industry. An MBA enhances your prospects by signaling to recruiters that you are prepared for any job function, in any industry.

6. Change your career.

It’s not uncommon for business professionals to seek a different managerial role or employment in a different industry altogether. Having the stature of an MBA will enhance your candidacy regardless of where you’re applying. More importantly, it will give you the confidence to explore alternative career paths. Some professionals worry that a nonbusiness undergraduate degree may be an obstacle when applying for an MBA. However, earning an MBA without having an undergraduate business degree is more common than you may think.

7. Start your own business.

Regardless of whether you plan to climb the corporate ladder or start your own business, you will need fundamental business skills to succeed. Entrepreneurs often start with passion and enthusiasm but they fail because they lack the business tools that might have kept their dreams afloat. In addition, it is not uncommon for entrepreneurs to meet their future start-up partners and launch innovative businesses right from the classroom!

8. Improve your leadership and management skills.

Pundits believe the financial crisis was due in part to a failure of leadership across many industries and oversight entities. Many of today’s MBA programs focus on leadership principals and spend a great deal of time analyzing the characteristics of great leaders.

9. Become a team player.

Dysfunctional and unproductive groups are the bane of any business manager. MBA programs with a leadership orientation tend to focus on interpersonal skills and group dynamics. In the new economy, companies are organized horizontally instead of vertically and require employees who can collaborate across departments and geographies.

10. Develop your communication skills.

Can you walk the talk? MBA programs teach students how to write and communicate succinctly, and to listen more deeply to colleagues. No matter how smart or talented you are on paper, managers look to hire those with the best communication skills.

11. Grow your professional network.

The only thing more powerful than business knowledge is business connections. Having a strong business network helps you to source candidate referrals as well as employment opportunities. Networks take time to build and are more valuable the wider their scope.

12. Become more informed on the big business issues in today’s economy.

Don’t let your daily routine cause you to become narrow-minded. Keep up on the latest advances and topics impacting your business and follow the thought leaders in your industry. Getting an MBA is a great way of getting out of your comfort zone and exposing yourself to the latest thinking in business.

13. Expand your world view.

Having an understanding of the global economy is no longer just a nice-to-have skill. We live in a global economy where many businesses either source material and/or sell goods overseas. Your MBA will teach you how to manage across geographies and cultures. Many programs include an immersion trip overseas for a firsthand look inside a global business.

14. Get an inside look at a real-world corporate challenge.

Some MBA programs include a capstone course where small groups of second-year students spend an entire semester consulting on a real-world project for a local business. The projects range in complexity but generally tap into the students’ marketing, financial, and corporate strategy skills. This course is often the culmination of the students’ learning experience, requiring the use of all their new skills.

15. Explore new business concepts.

The graduate classroom is best thought of as a laboratory where students explore business model advances and question theories of market behavior. E-marketing, driverless cars, and the rise of the sharing economy have forced experts to come up with new theories to describe today’s commerce. Advances in artificial intelligence and the proliferation of “robots” are spawning a new class of “robo-advisors” that are sure to challenge conventional wisdom in the healthcare and finance industries. Global warming and the push for sustainability are challenging managers to think outside the box and beyond quarterly financial returns.

16. Expose yourself to new challenges.

In describing advances across our society, Alvin Toffler, author and professor, once said, “The illiterate of the twenty-first century will not be those who cannot read or write, but those who cannot learn, unlearn, and relearn.” When you stop learning, you stop growing. There is plenty of research supporting the idea that those who challenge themselves tend to contribute more to their employer and are more creative and thoughtful in general.

While there are countless reasons to get an MBA, it’s a big commitment that you must be prepared to embark on. Still not sure? Attend an MBA Information Session or meet with an MBA Advisor to discuss your individual situation.

Categories: MBA

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April 12, 2016MBA Tips & Tricks: Achieving Work-Life Balance

Pressure can be a great motivator or a force of destruction. While some people excel under pressure, everyone faces burnout at some point unless there is some periodic relief. Successful people seem to find the right balance between their professional and personal lives. Even captains of industry find time to pursue hobbies. Where do they find the time? They find it in a relentless pursuit to balance work and personal priorities.

Peak performers work fewer hours and are more productive because they take care of their mental and physical well-being. The same approach applies to professionals who are working and raising a family while earning their degree. That’s why we’ve put together 11 tips and tricks from our best students who handled the pressure and came out on top.

1. Have a financial plan.

One of the most common forms of stress is due to financial uncertainty. While student loans are generally easy to obtain, make sure you aren’t layering on too much debt that will burden you for years to come. If you are attending school full time, do you have sufficient cash flow for tuition, books, fees and living expenses? Develop a complete picture of how much you are spending on your master’s education and be sure to take the total MBA program cost into consideration when comparing schools. Tapping into your employer’s tuition reimbursement program is a great idea, but remember it may come with a commitment on your part to stay with the company. Be sure to inquire about financial scholarships and research financial assistance from professional associations and affinity groups.

2. Involve your family in the big decisions.

Going back to graduate school will require you to make sacrifices, but it also requires sacrifices from those who are closest to you. Are they on board with your decision? Bring them into your decision-making process and ask for their support. Help them understand the long-term benefits of going back to school and why this is the right time to do so. If you have their understanding, it will definitely ease the burden and reduce any feelings of guilt during those long hours in the library. Every worthy endeavor requires sacrifices.

The MBA program has a well-earned reputation as the divorce degree for the one-third of students who are married at the time of enrollment. Better communication makes a difference in keeping the relationship alive and hurt feelings at bay. Demonstrate how important the people in your life are to you. Talk to them early and often and stayed focused on the goal.

3. Dedicate time each week to work, life, and your studies.

This is what balance is all about. It does not necessarily mean allotting equal amounts of time for each, but being fully engaged in what you are doing at the moment. When you are with your family, do not let yourself become distracted by social media or instant messages from your classmates or colleagues. Be sure to reserve ample time to attend your MBA classes, but don’t forget to include time for studying and group work outside the classroom. There is no secret formula for achieving the perfect balance; however, our best MBA students find it useful to schedule personal time (date night) with loved ones and friends. Make a schedule, fine-tune it as your study efficiency improves, and then stick to it.

4. Get your employer’s support and schedule business trips well in advance.

If you are working full-time while enrolled in a program, it is inevitable that you will miss a class or two for business reasons. Most programs permit a few absences without penalty, but professors often require advance notification. Even though today’s classroom technology provides for remote connectivity, it’s not the same as being there. Plan accordingly and do your best to schedule trips around your class schedule. Make sure your manager is aware of your plans to return to school before you start the MBA program. They will most likely support and encourage you, but will frown upon unexpected requests for time-off or missed deadlines. If you are going to miss multiple classes you may need to seek the approval of the Program Director or Dean.

5. Delegate responsibilities (big and small) whenever possible.

The most effective leaders are good at entrusting others with things that are not mission critical. Many start-ups fail simply because the founders never reached the point where they felt comfortable turning over the reins of operations to professional managers. Learn to distribute your personal and professional obligations more intelligently. We live in a service economy so it’s increasingly common to off-load some of the weekly chores in order to free up some additional time. Remember, free time is your most valuable asset while in school. If you value your time then it’s easy to justify outsourcing a task even if it’s something you enjoy doing.

6. Balance course difficulty each semester.

Be honest about your strengths and weaknesses and design your class schedule for maximum benefit. Prioritize performance. Load-balance your MBA coursework, as much as the program allows. Taking a combination of difficult and less difficult courses allows you to balance out the demands of a rigorous MBA program. Build enough capacity into your “operating system” to handle unexpected spikes in traffic. Our most productive students anticipate overloads and build in contingency plans in advance.

7. Exercise regularly.

If you exercise regularly, don’t give it up; if you don’t, you should start. Alertness, concentration, attention to detail and creativity are the basic building blocks of quality work, but all of those qualities suffer to some degree when you are unhealthy. Harvard Medical School reported that exercise improves your memory and cognition. Start exercising regularly to increase your concentration and productivity. There’s plenty of research showing the benefits of physical activity on a healthy and productive mind.

8. Get enough sleep.

Pulling an all-nighter is a rite of passage among undergraduate students, but try doing that when you are working full-time and managing a family. You may get away with it once in a while, but it shouldn’t become a habit. Those who perform best and retain the most knowledge do not cram very often. Many studies have conclusively shown that sleep deprivation decimates performance. Exercise and getting enough sleep are two of the best things you can do to improve your productivity during your degree. Save your all-nighters for fun after you complete your MBA coursework!

9. Schedule some personal downtime.

If you plan ahead you won’t have to miss out on special moments with family and friends. Additionally, don’t forget to schedule some downtime for yourself. Keep an eye on the goal and recognize that sacrifice is an ingredient to success. However, that doesn’t mean that you should stop living.

10. Leverage your network for difficult classes and assignments.

Much of graduate learning is done via group work where you’ll not only learn about yourself but how to collaborate with others. Don’t be afraid to ask questions or seek the support of your classmates. No matter how difficult the workload, you are not always bound to go it alone. Few students enter a program with the complete complement of the skills and knowledge needed to succeed. It is more likely that everyone will be called upon to contribute something at different points in the program. Work with your classmates and you’ll find the experience much more rewarding and enlightening.

11. Make sure that you do not fall behind; ask for help when you are having trouble.

Business leaders know their weaknesses and rely on experts to close the skills gap in order to make sure projects are successful and delivered on time. If you are having difficulty, don’t wait to ask for help from faculty, teaching assistants, private tutors, or other students. Whether or not you are enrolled in an executive or accelerated MBA program, many courses are taught in a concentrated period of time. Accelerated courses are typically delivered in ten-weeks or less, so if you fall behind, catching up is nearly impossible.

Putting these tips to work will greatly reduce the risk of burnout and ease the burden on your family life. Getting a graduate degree requires a reordering of your priorities, but it doesn’t mean that you have to sacrifice everything.

Categories: MBA

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April 8, 2016How Long Does It Take to Get an MBA?

The short answer is between one and three years on average, but that doesn’t give you the full picture. The answer depends in part on whether you chose a full or part-time program, as well as your undergraduate major. Traditional full-time MBA programs require a two year commitment under normal circumstances, but there are a host of new programs that have introduced flexible schedules to accommodate students’ demanding lives. As a general rule, most graduate programs require that they be completed within five years of starting.

Here is a quick review of some of the major types of MBA programs on the market with an emphasis on how long each one takes to complete.

1. Accelerated MBA Programs — 1+ Years

Qualified candidates can often complete an accelerated MBA program in one to two years. In recent years, many of the nation’s top-ranked business schools have supplemented their MBA offerings to include an accelerated option. However, not everyone qualifies, and even those who do may not find it the most useful way to gain the skills that are vital for business success.

The qualifications to enter an accelerated program vary across programs. Typically, applicants need to demonstrate a basic understanding in statistics, finance and accounting, and many also require a minimum amount of work experience. Accelerated programs require fewer credits so you will likely save on tuition and fees. One popular version of the accelerated option is the 4+1 program that allows undergraduate business majors to continue their education for another year and graduate with both a bachelor’s and master’s degree in five years. Part-time accelerated programs appeal to students who plan to continue working so there is no loss of income.

Earning a degree in less time is attractive but it does require some concessions. Accelerated programs move so quickly that they leave less time for elective courses and networking. The trade-offs are especially important if you are considering a career change. Like all decisions regarding your career, you should analyze program options carefully and select the option that best meets your needs.

2. Traditional Full-Time and Executive MBAs — 2 Years

The standard full-time MBA has been around for more than a century, and typically requires the completion of 60-65 credit hours over four semesters, or two years. With the exception of a summer internship between the first and second years, full-time students leave the workforce while completing their studies. Full-time programs tend to attract applicants who are looking to change careers or industries after having spent some time in the workforce.

For those with significant management responsibilities and multiple years of professional experience, the Executive MBA might be more attractive. Executive programs are typically completed in less than two-years with class schedules arranged to minimize time away from the office, typically a few weekends per month. An Executive MBA is aimed at mid-level executives and business owners who are looking for strategic insights and management skills to take their businesses to the next level.

3. Part-Time MBA and the Dual MBA — 3+ Years

Like the Executive MBA, the Part-time MBA is best suited for working professionals whose schedules are uncertain and can’t be shoe-horned into a rigid structure. In large universities with multiple programs running simultaneously, it is not uncommon to have part-time and full-time students enrolled in the same classes.

Colleges located near metropolitan centers are more likely to offer part-time MBA programs to accommodate commuters. While it is possible to finish a part-time program in two plus years, most enrollees finish within three to five years.

The Dual MBA is not for the faint of heart, since it means completing two programs simultaneously with little overlap in required courses. For many years, combining a law degree (JD) and a business degree (MBA) reigned as the most common dual degree option. Today, dual degree options span a range of disciplines including healthcare, engineering, IT, finance, public policy, etc. MBA dual degree programs typically take one year less to complete than earning the degrees separately.

How Long Should It Take To Earn An MBA?

The answer depends on your career goals, financial work experience, level of management responsibility, and formal education. The time to earn a degree is a relevant question but it might be more valuable to ask what you are hoping to get from your MBA. A shorter program is not always better. However, a longer program delays the eventual return on your investment and may require additional lifestyle tradeoffs. Evaluate all your options carefully and be sure to focus on the long-term benefits not just the short-term sacrifices.

Categories: MBA

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April 7, 20165 Signs It's time for Your MBA

An MBA opens up a variety of career opportunities, but how do you know when it is time to start looking for a suitable MBA program? You may be concerned about taking yourself out of the workforce or, if you plan to attend a part-time program, adding another commitment to your already busy schedule.

After years of speaking with prospective MBA students, we have identified five key triggers that ultimately helped professionals make the final decision to pursue their MBA. If any of the following sound familiar, then it may be time to advance your skillset and make your dreams a reality.

1. You’re stuck in your current position.

If you have mastered your current job function and are no longer stimulated or satisfied by the work, it’s time to consider other options. It matters little if you are stuck because of an insufficient skill set or because your position or company provides no upside. Regardless of the reason, being honest about your current predicament is an important first step to the next part of your professional journey.

An MBA provides enterprise-wide knowledge about business and the economy and prepares you to pursue a more rewarding career. It opens your eyes to the many facets of business and paves the way to a wide array of job opportunities, allowing you to choose a career that’s both satisfying and rewarding.

2. Good jobs are only open to those with MBAs.

Almost every profession in today’s complex marketplace requires some kind of advanced training. On-the-job training is still an important aspect of climbing the corporate ladder but, in many instances, having a master’s degree is the price of admission.

According to Elizabeth Freedman, author of “The MBA Student’s Job-Seeking Bible,” some organizations expect applicants for senior roles to have an MBA or another advanced degree. Having an MBA “is practically a requirement for certain positions,” she says. While an MBA has long been the norm for those interested in finance or consulting, job postings across a wide spectrum of industries increasingly state that a “master’s degree in business is preferred.”

If all the job postings that look attractive to you require an MBA, then you know it’s time.

3. You’re losing out on promotions to colleagues with skills equal to yours.

Have you ever been passed over for a promotion knowing full well that your qualifications are just as good, if not better, than the colleague who got the position? Data suggests that those with an MBA are more likely to receive promotions and pay increases. Not only do MBA graduates earn on average 50% more than their pre-MBA pay, but they also enjoy an 80% average rise in salary during the five years immediately after completing their program of study. These figures suggest that MBA graduates rise through the corporate ranks more quickly, taking on more responsibilities in exchange for higher wages and increased salaries. Instead of arguing whether the vetting process for promotions is fair, invest the energy in improving your own chances of success.

4. You have a clear career goal in mind.

One of the best reasons to get an MBA is that it sets you on a course for long-term success. Becoming a senior executive doesn’t happen overnight; it requires lots of hard work, tenacity and perseverance. Unfortunately, there are no shortcuts. The most common trait among successful business leaders is their ability to step out of their comfort zone and continuously add new skills to their resume. Even if you are an entrepreneur, having an understanding of the risks of managing a small business can be the difference between success and failure. However, no matter what course you choose, you will need a plan.

5. Your family life and financial circumstances support the endeavor.

There is no “right” time to get an MBA. Many factors will influence your decision to enroll now or wait until next year. Regardless of when you apply, don’t underestimate the importance of having the support of your family, spouse, partner and friends. Whether you decide to go full-time or part-time, your free time will be in short supply.

In addition to the tuition cost, make sure you have the financial resources to support your family, especially if you are foregoing your current income to enroll full-time. Scholarships and employer tuition reimbursement programs can help defray the costs, but there may be other fees and expenses that may require you to dip into your savings. Part-time MBA programs allow students to attend evenings or weekend classes eliminating the need to disrupt your work schedule. While part-time programs have become more popular, the time demands can take a toll on your family and friends.

Conclusion

An MBA is perhaps one of the most versatile professional degrees that you can earn. It prepares one for success throughout a business career in any job function or industry. The best measure of the return on your investment is the personal and financial rewards that you’ll earn over your entire professional career, not just your first year’s salary after graduation.

If you are stuck in your current position, missing out on promotions or being rejected by recruiters, it may be time to get out of your comfort zone and return to school for some additional formal training.

Categories: MBA

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April 6, 20169 Career Benefits of an MBA Degree

An MBA degree offers many professional, as well as personal, benefits. Whether you work in technology, finance, management, marketing, or manufacturing, an MBA degree will open up opportunities for greater responsibility, career advancement, and increased financial reward. From a personal aspect, an MBA will improve your communication and leadership skills which are vital to professional success.

In this post we take a brief look at nine key career benefits of an MBA degree.

1. New job positions are open to you.

When you earn your MBA, the number of positions that are available to you rises dramatically. According to The Economist, job opportunities for MBA graduates are rising in 2016. Three-quarters of employers say that they plan to hire MBA graduates in 2016, while ninety-two percent are increasing the number of MBA internships that they offer. With that in mind, earning an MBA will qualify you to apply to higher-level positions and increase the career opportunities available to you.

2. New career paths are open to you.

Shifting gears and pursuing a new career path can sometimes seem like an impossible dream, particularly if you have been working in the same industry for a long time. Gaining new skills could easily be the catalyst you need to kick-start your transition from one career to another. Even if your background is not typical for the positions you are considering, an MBA will provide the education and skills needed to help you become a more qualified candidate.

3. Your earning potential increases.

A recent study showed that the average MBA graduate’s pay was 50% higher than their position before earning their degree. Even more impressive, in the five years after earning their MBA, the average pay increased by 80%. These figures clearly show the financial benefits of an MBA but they don’t address the personal satisfaction that comes with greater responsibility.

4. Your professional skills improve.

One of the key benefits of an MBA is that it improves your theoretical and practical knowledge of how businesses operate. A key component of success in business, or any endeavor for that matter, is having a compliment of “soft skills,” such as communication, teamwork, and leadership. As the saying goes – you need to be able to walk the talk. Whether you desire a promotion or plan to start your own enterprise, having these skills could be the difference between success and failure.

5. You enjoy greater job security.

Today’s job market is more turbulent than ever before, filling many with uncertainty and fears of being left out. Among the many benefits of an MBA is a more marketable skillset and greater job security, which may contribute to your peace of mind. The skills you develop in an MBA program will make you a valuable member of any team. Even if you leave your job, your business qualifications travel with you, increasing the probability of returning to work more quickly.

6. Your world perspective grows.

An MBA broadens your enterprise knowledge and helps you understand the nuances of operating in a global marketplace. Many of today’s best programs include an overseas immersion trip so that graduate students have a first hand look at how to manage a business in a global arena. Choosing a program that attracts international students will further add to the classroom diversity and enlighten the discussions. Don’t underestimate the advantage of this added benefit in today’s global economy.

7. You expand your professional network.

A strong professional network is one of the most valuable assets that you can have in business. In a survey conducted by the Graduate Management Admission Council (GMAC), 89% of recent MBA graduates said that attending business school helped them to develop a strong professional network. This kind of network enables you to gain access to new job opportunities and may come in handy if you decide to establish your own business.

8. You are more knowledgeable in areas most important to your career.

The right MBA program can teach you the skills you must possess in order to succeed in your chosen career. Specialized MBA programs, i.e., those that offer concentrations, can be useful for people who are focused on a particular career or industry. On the other hand, do not underestimate the value of a general MBA program. General programs teach a wide range of skills that are useful in almost any job function or industry, which may be important if you are considering a career change.

9. You become a respected member of your business community.

An MBA commands respect from colleagues and others in your professional community. The qualification itself carries a lot of weight, but it’s your expanded skill set that ultimately differentiates you. Whether you choose a program that offers concentrations or one focused on leadership and global management, you will be well served by the stature it conveys. Whether you are launching a new product, reorganizing a division, or starting your own company, you can do so confidently. Executive recruiters look for individuals who can provide vision and clarity while guiding a company or division through strategic challenges.

Even if you are enjoying success in your current career, you may still benefit from completing an MBA program. Obtaining an MBA will open up a diverse array of new opportunities, enabling you to seek a promotion, change careers, or satisfy your entrepreneurial ambitions.

Categories: MBA

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April 5, 2016MBA Application Requirements: How to Stand Out

All the research you have done to narrow down graduate school choices is about to pay off, but before pressing the send button make sure that you have set yourself apart from the other candidates. Think about what makes you an attractive candidate to the program and be sure to reiterate your credentials in your essay, resume and interview. These seven tips will help you highlight your best academic and professional characteristics.

1. Write an essay that admissions officers will remember.

Typically, the first opportunity to make a good impression on the Admissions Committee is through your application essay. However, you would be surprised to learn how many applicants simply don’t bother to put forth their best effort. Submitting an essay full of spelling and grammatical errors is the surest way to rejection. Be sure to proofread your work and don’t be afraid to invite others for editorial feedback. However, be forewarned about having too many editors – the essay is not a group exercise and must speak to your character, accomplishments and goals.

Don’t be timid. Graduate schools are looking for people with lofty expectations and goals. Define success in a way that is meaningful to you, not just in financial terms. Take a moment to reflect on the impact you would like to have during your professional career? Overcoming personal hardship or describing the trials and tribulations of starting your own business are easy stories to remember. Make a connection between your goals and the type of program you are applying to. Remember, the Admissions Team has a limited number of seats to fill and must be sure that each acceptance is a good fit for the program.

Talk to admissions counselors when visiting campus and ask them what makes an essay memorable. Get some advice from those who have already been through the experience. Read some good essays.

2. Carefully choose who will recommend you.

Select people that know you best, not just those with the most impressive credentials. Your direct manager can write a much better recommendation letter than the CEO who may barely know you. The ideal person is someone who is an advocate for you; someone who has observed your strengths first-hand and can speak directly to your accomplishments. The recommendation should address both your professional abilities as well as your personality. Most MBA programs look for candidates with good interpersonal and collaboration skills. The ideal recommendation letter will describe your performance under less than ideal circumstances and provide examples of your business skills as well as your innate intellectual skills. Your recommendations are central to helping the admissions team judge how well you perform alone, as a team member and as a future manager or leader.

3. Take the entrance exams seriously (GMAT/GRE).

Many candidates take the GRE or the GMAT soon after graduation from college knowing full well that attending graduate school is years down the road (programs typically accept scores that are less than five years old). However, depending on your school selection you may not need to take an entrance exam. In many cases, your professional achievements and licenses may qualify you for an exam waiver. Even if you aren’t required to submit a score as part of your application, the exam will provide a good benchmark. Submitting a score demonstrates your commitment to earning a graduate degree. Many applicants short change themselves by only selecting programs that do not require the submission of a test score.

Once you decide to take the entrance exam, be sure to invest the time to properly prepare. There are many resources to help improve your chances of success. Take advantage of them because every point helps.

4. Make sure your resume is results-oriented.

Regardless of your employment title, what matters to admissions counselors is your level of responsibility and demonstrated accomplishments. Many candidates seek advice when re-positioning their resumes for an MBA program because the admission requirements often differ from a typical job description. Ideally, your resume should demonstrate your ability to work collaboratively and underscore your leadership positions.

Most admissions counselors look for increasing levels of responsibility and evidence of business maturity. They want to make sure that you have both the practical experience as well as the theoretical knowledge to contribute to the class discussions. Learn what admissions counselors look for in a resume.

5. Discover the skills and qualities the program values most.

Every MBA program has its own defining set of learning goals and outcomes. Some may be embedded in the program while others may be part of the university or college’s mission. Make sure to highlight where your background aligns with those objectives and why you have chosen them for your education.

Having a good grasp of what the program values most will help hone your application submissions. Demonstrating an understanding of these values should show through in your essay, resume, and your interview. The best way to get a firm grasp on what a program values most is to attend an information session and talk to the program director or an admissions counselor. Unfortunately, a simple review of the online material will only take you so far.

6. Write down potential interview questions and answers.

An internet search will provide you with a list of typical MBA interview questions but the most meaningful ones are likely to come from material submitted as part of your application. Surprisingly, candidates often fail to perfect answers to questions that revolve around their academic and professional experience and are often thrown off-guard by too much preparation for those rare oddball question.

The biggest failure during the interview is not having enough, or any, questions of your own to ask the interviewer. Don’t underestimate the challenge of coming up with good questions to demonstrate your level of due diligence and interest in the program. Asking questions that are already explained on the website will not place you in good standing with the admissions team.

Practice your answers out loud to see how they sound. You may want to enlist a friend to listen while you practice and to throw in a few surprises of their own. Successful business executives must be able to present their thoughts clearly and succinctly. Approach the interview as you would a pitch to a new customer.

7. At the interview, be honest and authentic.

The best advice for success during the interview is to be honest and authentic. The admissions team – there may be more than one person conducting the interview – is there to judge your character and determine if you are a good fit for the program.

Too many candidates mistakenly assume the interview is only a formality or adhere to the philosophy of “fake it till you make it.” It is not difficult for an admissions counselor to sense when an interviewee is not being fully honest or transparent. Importantly, a seemingly good applicant on paper can disappoint with a lackluster performance while the opposite is true for a candidate with weaker credentials.

Remember, your confidence is directly related to the amount of time devoted to study and practice – the more practice the greater your confidence.

Categories: MBA

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March 28, 201610 Reasons to Attend a Graduate Open House

Attending a Graduate Open House used to dominant the way perspective students learned about a program. However, thanks to the proliferation of online information, many applicants are foregoing this ritual and missing out on an opportunity for a first-hand view. Applicants who decline the offer do so at their own peril. Imagine purchasing a new luxury vehicle without visiting the dealership. Open Houses are extremely beneficial to those seeking to kick the tires and determine if the program is right for them. Here are 10 good reasons to move the Open House back to the top of your priority list, including advice on what to do while you are there.

1. Get under the hood.

Due diligence is part of the decision-making process in any industry. MBA programs look and sound great online, but it is often difficult to tell who is actually living up to the hype. Instead of relying on the website, see for yourself if the program seems like the best way to enhance your career. Most professionals have only one Master’s degree in business so it behooves the applicant to take the program for a test drive. One of the best ways to do that is a face-to-face conversation with faculty, current students, alumni, admissions and career counselors, and the staff.

2. Meet the Admissions team.

The admissions team reviews lots of applications, but, depending on the program, they usually don’t meet one-on-one with every applicant. Don’t underestimate the importance of making a good first impression on an admissions officer. Show your enthusiasm and knowledge of the program by asking good questions. It is difficult to influence the decision-makers if you’ve never met them. This is the time to ask what makes for a great applicant. At the same time, you can judge the level of service and support you receive from them – it usually sends a good signal about how you’ll be treated by the program staff.

3. Network with faculty, current students, and alumni.

Think of an Open House as a networking event, attended by successful and enthusiastic professionals who are excited about continuing their formal education. Inquire about the backgrounds of the faculty, program director, and current students. See what drives their passion for business. Do they represent companies that are highly regarded – perhaps one that you might like working for someday? Ask the alumni how the program has impacted their career. And don’t be afraid to exchange business cards. You never know where a brief encounter may lead.

4. Ask what makes the program unique.

Each program representative may have a different response to the question of what makes the program unique. Compare the answers from college staff to those of the current MBA students and alumni. Current students tend to talk about the course load and managing work-life balance; alumni tend to provide a more subjective measure of the return on their investment. Importantly, listen carefully to what isn’t said. If the program advertises its leadership orientation but none of the students or alumni mentioned it, perhaps the program has fallen short.

You won’t be able to remember everything, so be sure to write down whatever catches your attention.

5. Identify areas of concern.

The answers people give you about what makes the program unique will lead you to the areas where you will need clarification. If you are considering an accelerated program, inquire about the curriculum tradeoffs vs. a full time or a la carte program. Take a few moments to ask about the quality of the applicant pool – is the program loosening standards just to fill seats? What services are available for professionals who miss class due to a business commitments? What academic support is there for non-business majors who are struggling in a particular class?

6. Inquire about career services and alumni events.

Since most part-time enrollees are already working, they often minimize the importance of having a strong Career Service Center. If you choose the right program, at some point you’re going to need advice and counsel regarding your professional advancement: resume, LinkedIn profile, professional coaching, negotiating and/or interview skills. Is the Career Service Center up to the challenge? Are services available to current students as well as alumni? What kinds of events are planned for alumni and how well attended are they? Is a career services representative participating in the Open House?

7. Meet potential classmates.

You won’t be going it alone. One of the best reasons to attend an Open House is to get a sense of the business professionals considering the same program. What’s top of mind for them may differ for you? Have they attended other Open Houses? How much work experience do they have?

Some of the connections you make during your MBA program will last a lifetime so getting a free look at your potential classmates is invaluable. In addition, students attending a cohort program claim they learn just as much from their classmates as they do from their professors. Don’t wait until the first day of class to meet them.

8. Get to know the campus.

Is the business school designed for seminar style learning? The traditional-styled classroom accommodates lectures – sometimes very large ones – but they’re not particularly well suited for the back-and-forth discussions that characterize graduate learning.

Go early or stay late at the Open House. Get familiar with the campus, parking, study areas and the library. Even if you will only spend one or two days per week in class, your study groups will want to meet in a central location where you can work productively. Get a good map of the campus and walk around to get a sense of the campus vibe.

9. Test the commute.

Don’t underestimate the value of your time. You would never choose a graduate program just because it’s convenient to your work or home, but proximity can be extremely valuable when juggling work, family and school. Just as you would for an interview, visit the destination and note the drive time. Open Houses are typically scheduled in the early evening and will give you a first-hand look at rush hour traffic.

10. Schedule a class visit.

Going back to school to pursue an MBA can seem daunting, especially for those with a non-business undergraduate degree. If you’re on the fence about a particular program, nothing beats a class visit to either inspire you or send you back to the drawing board. See if you find the discussion stimulating or too far over your head. Try to identify the students who have an undergraduate liberal arts degree. Is the discussion open to different opinions? During the break, ask students about their biggest concerns when they were going through the selection process. You might be surprised to learn that your concerns are not unique.

The Open House looks very different now, doesn’t it? It’s not a social gathering and a time sink. It’s an information resource center and investigative opportunity that you won’t find anywhere else. Get a jump on your education and get the answers to your questions at the Open House.

Categories: MBA

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March 25, 2016Four MBA Benefits for Non-Business Majors

Many people mistakenly believe that you need an undergraduate business degree to pursue an advanced business degree like an MBA. In fact, many colleges and universities value and seek out prospective students with non-business undergraduate degrees to diversify their student body and cultivate differing opinions and skills. Earning an MBA as a non-business major widens your perspective, allowing you to combine your existing talents with useful business skills. Non-business majors who complete an MBA program are on the path to become successful business leaders; the key is recognizing how to apply and leverage your unique skills across many fields and industries.

Whether you want to build on your current expertise, change careers, earn a promotion or start your own business, an MBA program will help you achieve your career goals. Here are four key MBA benefits for non-business majors.

1. Change Your Job or Career

Changing careers is always difficult, but it’s especially daunting in a slow growth economy or later in your career. Your professional experience and qualifications may appear to lock you into a particular career path that is no longer right for you. If you feel trapped, earning an MBA could be the difference between the status quo and a new career.

Job opportunities for new MBA graduates exist in Accounting, Finance, Human Resources, Operations and Marketing, but that list is not exhaustive. Employers in many other industries value an MBA, as it is a clear sign that you possess broad knowledge about the workings of business.

2. Walk And Talk Like A Business Professional

In today’s market, recruiters seek candidates with good communication skills along with the ability to work collaboratively. Collectively, they are referred to as managerial “soft skills” and often include leadership and teamwork. According to the Wall Street Journal, MBA programs have responded to the demands of employers and now devote considerable resources to developing students’ soft skills. What’s more, people with good soft skills are the ones most likely to be identified by their manager for promotion.

Soft skills are essential in a global marketplace where teams must work across geographies and departments to accomplish a goal. Horizontal management structures are increasingly replacing the traditional hierarchical structure where edicts once trickled down from ivory towers. Today, employees spend more time on teams. If you are looking for greater recognition and a promotion, make sure you can walk-the-walk and talk-the-talk.

3. Start Your Own Business Or Manage A Department

If you’ve ever dreamed of setting up your own business or running a department, having an MBA is an invaluable first step. During your comprehensive study over a one or two-year period, you’ll learn the essential business skills needed to get your venture off the ground. Most start-ups fail because of financial mismanagement, not because of a lack of enthusiasm or value. Whether you are looking for seed money for a new business or an opportunity to run your own department, the probability of success will be much greater with the knowledge and skills learned in your MBA program.

An MBA program is also a valuable opportunity to build and expand your professional network. This can be vital for entrepreneurs who are looking to strike out on their own. By choosing an MBA program that welcomes both business and non-business graduates, you can tap the talents of your classmates. Who knows, some of them could make useful partners or collaborators in your next business venture.

4. Gain Confidence and Complement Your On-The-Job Training

Even if you aren’t planning to start your own business or make a dramatic career change, earning an MBA can still help you get ahead. Many employers provide graduate tuition reimbursement, in addition to on-the-job training, because they know that it takes productive workers to stay competitive.

Ask your employer about the value of continuing your formal education. Highlight the key skills that you are interested in obtaining and demonstrate your determination to make a greater contribution to the company. Some employers encourage workers to get an MBA and will adjust work schedules to accommodate schoolwork. Many part-time programs offer classes at night or online, minimizing any potential work conflicts.

Some of the skills that you’ll gain during your studies will be directly applicable to your job. You may just be surprised how quickly classroom theory translates into on-the-job action.

In certain industries, an MBA has become the de facto standard for certain managerial positions and can set you on the right track for additional training and promotion.

An MBA Helps You Pursue Your Career Goals

There are many MBA benefits for non-business majors. Whether you want to increase your confidence, improve your chance of a promotion, set yourself up for a career change, or learn how to manage your own business, an MBA program could be right for you.

Many MBA programs welcome both business and non-business majors. There’s no need to worry about lagging behind your business major classmates since many offer preparatory foundation modules, which provides enrollees with a base level of knowledge that is necessary for success.

Don’t let a lack of business knowledge hold you back or diminish your career goals. Enroll in an MBA program today to develop your skills and gain a qualification that demonstrates your value to current and future employers.

Categories: MBA

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March 16, 2016Why So Negative?

Imagine depositing your cash in a savings bank and being told that you will receive no interest on your money and, instead, must pay a fee for the luxury of keeping it in the bank. Crazy right? Economists once thought that the lower bound of interest rates was zero, but Central Banks in Europe and Japan are now paying negative rates on bank deposits, which in some cases are being passed on to individual depositors.

Why not just keep your cash under the mattress or in a safe? According to a recent Wall Street Journal article, sales of safes in Japan were 2.5 times higher in February than in the same period a year ago. The Bank of Japan introduced their negative rate policy at the end of January. In countries with negative interest rates there is growing evidence of cash hoarding, particularly in large denominated bills. But the craziness doesn’t end there.

The Financial Times published a story recently suggesting that helicopter drops of cash might be needed to address weak economic demand. The reference is to an idea from Milton Friedman, Nobel Prize winner in Economics, who used the imagery to underscore the urgency of stimulating consumer demand and returning inflation to some modest level when the threat of deflation is present.

While the United States flirted with negative interest rates in the aftermath of the financial crisis, it is a rarely observed phenomenon. How did we get here? Interest rates and inflation generally reflect expectations for future growth and price levels, so the low rate environment since the crisis is not surprising. The story gets a little more complicated when growth is so low that inflation turns to deflation. In a deflationary environment, prices are declining so buyers defer purchases and, in so doing, depress current growth even further and set the stage for further price declines. Economists refer to this as a deflationary spiral, which once started, can have a devastating impact on an economy.

Former Federal Reserve Chairman Ben Bernanke, a student of the Great Depression, knew all too well the risks of deflation. That’s why the Federal Reserve maintained low-interest rates for such an extended period of time and why it felt the need to jump-start the economy with successive rounds of quantitative easing (QE). In the absence of a fiscal stimulus program there were few alternatives to increase economic demand.

All else being equal, interest rate declines may weaken currency prices and thereby stimulate exports. But stimulus through exchange rates becomes a zero sum game if every central bank deploys the same strategy. Last week, Mario Draghi, Head of the European Central Bank, cut the deposit rate to minus 0.4 percent and offered to pay negative rates on long-term loans to banks – essentially paying lenders to increase credit to households and companies. He added that interest rates would stay low for “an extended period.” Sound familiar?

Many financial experts worry that we are testing the limits of QE. Without an increase in real economic demand, the kind that might come from fiscal stimulus, i.e., increased spending or reduced taxes, the threat of recession will continue to overhang the markets. The only problem is that in the absence of a crisis, legislators seem incapable of agreeing on what that policy should be. Perhaps the economy’s best hope rests on the principal that a double negative, stylistically speaking, still leads to a positive.

Categories: MBA

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