Where to Apply to B-School

By: Manhattan GMAT Staff

How to Decide
Youve already decided that you want to apply to business school and you almost certainly have some
ideas about good schools or where you want to apply. But have you really analyzed the decision to
make sure that youre matching your attributes and needs with the programs requirements and
characteristics? If youre like most of us, you probably havent thought much about how to decide where
to apply.
For the next four weeks, well discuss the major factors (tangible and intangible) affecting where to apply,
your own personal strengths and weaknesses, the schools requirements and characteristics, and finally a
method for selecting the best MBA programs for your own profile.
Why Do I Need to Plan How To Decide?
One good application can take anywhere from fifteen to thirty (or more!) hours to complete, not including
time spent studying for and taking the GMAT. Most schools dont release applications until August, and
the first round deadlines can be as early as the end of September. Given the time commitment and
constraint, there is a limit to how many applications you can complete (and complete well).
In addition to producing an excellent application, you also need to ensure that first, you have the
necessary prerequisites and attributes to be considered for admission and that second, the school has
the necessary qualities to be a strong fit for you. After all, an MBA is an expensive proposition; if you dont
gain the hoped-for benefits, you will have wasted 2 years of your career and tens of thousands of dollars.
Given these factors, it is helpful to think of three buckets or categories for your potential MBA
programs. The first bucket is the safety school. Safety schools are those to which you are almost certain
to be admitted because your profile places you in the top 10% of students accepted into that program,
and you have no characteristics which that school would consider a weakness or a drawback. The
second bucket is the regular school, to which you have a solid chance to be admitted; your profile is
above average compared to those of admitted students. The third bucket is the reach school. It is less
likely that you will be admitted to this school, as your profile is not above average compared to incoming
students, but someone has to be in the lower half of the admitted students it might as well be you!
We will discuss the buckets in greater detail in coming weeks, but for now, be aware that you should plan
to apply to 2-4 regular schools, 1-3 reach schools and, if you are determined to go to business school
even if you arent admitted to your regular or reach schools, you should also apply to 1-2 safety schools.
What Do I Need To Know To Make Decisions?
There are many important factors that will affect your decisions about regular, reach, and safety schools;
the most important are listed below. Begin to think about these and gather the data now; over the next
couple of weeks we will analyze these factors and learn how to match schools to our needs.

your history, including career, academic and extracurricular

the answer to the question Why do I want to get an MBA? (your own real answer, not necessarily
what you will tell the schools)

your career goals and interests

each schools profile, including admissions statistics and program strengths and weaknesses

financial considerations

Taking Stock
Now we will address the first and most important factor in deciding where to apply to business school:
you! There are a number of data points to gather or determine here, from the mundane (your undergrad
GPA) to the sophisticated (why do you want that MBA anyway?).
We will use the data to match schools to each of the three buckets we discussed last week: safety (you
are very likely to be admitted), regular (you have a good chance to be admitted) and reach (it will be
tough to gain acceptance but you still have a shot). Start an Excel or Word file to record all of your data
points in one place.
Academics
If you dont already have a copy of your undergraduate transcript, order it (or them, if you attended
multiple schools). If you have done any graduate-level work in a degree-granting program, also order
those transcripts, even if you have not completed the degree. Record:

overall undergraduate GPA

GPA for your major (only those specific classes required to earn your degree)

undergraduate GPA for your junior and senior years combined

undergraduate GPA for your senior year

overall graduate GPA (if applicable)

any honors designations, scholarships or other academic awards

GMAT score (or your best guess, if you dont have an official score yet)

Career
Business schools want students who have already showed success in the working world. The easiest
ways to document success are quantifiable things such as salary, promotions indicating increasing levels
of responsibility, or accolades or awards from your company or peers in the industry. Record:

salary history

job title history

responsibility-level history (including management of others)

accolades or awards

Why You Want An MBA

What are your career goals (industry, level of responsibility, accomplishments, long-term)? Why will an
MBA help you to achieve these goals? Why is an MBA necessary to achieve these goals? What kinds of
characteristics does a business school program need to have to help you achieve your long-term goals?
Many business school applications will ask you some or all of the above questions, anyway, so you might
as well get started on answering them. Be sure to give honest and complete answers it may include
considerations that you would not want to put in your application, but right now, youre the only one who
will see this information.
Financials
What are your financial constraints? Will the investment you have to make (in time and money) provide a
satisfactory return? What are your financial goals related to the MBA? Record:

how much the degree will cost (tuition and living expenses)

how much you will give up in earnings while in school (offset by how much you may make from an
internship)

how much you hope to earn after you finish the program (research this figure so you are sure it is
realistic)

the limit in loans that you are willing and able to incur

whether you believe you may qualify for need-based or merit-based scholarships or grants

Intangibles
The intangibles are additional items of interest that either classify you or help to bring you alive as a real
person to the admissions committee (and sometimes both). Record:

gender, age, race, nationality

geographic location both where you live now and where you want to live and work post-MBA

years of work experience and industry in which you work

extracurricular (community, volunteer, etc.) activities

any unique experiences, attributes or qualities (the true definition of the word unique)

You will improve your odds of getting into a particular school if you belong to any underrepresented
categories in the first three bullets; of course, this also means that your odds will be lowered if you belong
to any overrepresented categories. Schools expect some level of extracurricular activity from everyone,
but anything extraordinary or unique can have a significant impact on your chances. Someone who
founded and continues to run a non-profit that helps AIDS orphans in Africa while holding down a
separate, full-time job will definitely stand out.

Researching Schools
Now we will address the data you need about the schools in order to make a great match.
Its also important to be aware that in todays business school climate, there are several schools that are
extremely difficult to get into, no matter how good your credentials. Any school which admits fewer than
15% of applicants has to be considered a reach school; there are so many top-tier applicants to these
schools, and so few admitted, that there is no way to guarantee that any one person has an appreciable
advantage.
Hard Data
First, gather all of the hard numbers for any schools in which you have interest. Schools will post much of
this information on their own Web sites, but you will sometimes need to order the schools printed
literature to get the full set of data that they release. In addition, magazines and newspapers may have a
good amount of relevant data, particularly those which rate schools. Business Week, U.S. News and
World Report, and The Wall Street Journal, for example, track business schools and provide regularly
updated rankings.
For GPA and GMAT, gather both the median and range for accepted students (median is the number
earned by those students exactly in the middle of the pack and range represents the low and high
extremes though many schools report only the middle 80% of the range). Most schools use these two
numbers to determine whether to examine the rest of your application; you should be within the range, at
the least. A stronger GPA can offset a weaker GMAT score, and vice versa, within reasonable limits.
Next, record the average number of years of work experience for accepted students, the percentage of
accepted students coming from your work industry and (if possible) the percentage of applicants coming
from your work industry. If you can get applicant versus accepted student data, assign each school a plus
if there is a higher percentage of accepted students than applicants from your industry. Assign a minus if
the opposite is true. A plus means that your work industry is underrepresented at this school, so your job
experience is an asset. A minus means that your industry is overrepresented, so this category is a liability
for you.
You will also need statistics about the diversity of the class: gender, race, nationality, geographic location
anything reported by the school. If possible, gather the percentages for both accepted students and
applicants and perform the same plus / minus analysis that you conducted for your job industry.
In addition, gather data on tuition, room and board, and local cost of living, as well as financial aid
statistics. In addition to information about university room and board, many programs will also post
average rents for local apartments and other facts and figures about the local cost of living. Many schools
will also provide information about the amount of financial aid that the average student receives.
Finally, record the percentage of applicants accepted, to determine the selectiveness of the school. If you
like, you can also record the percent accepted who attend the school as a gauge of the programs
popularity (this is also called the yield).
Soft Data

This category is about the focus of a particular business schools program(s), the schools strengths and
weaknesses, and how well the school fits your personality type and your goals.
First, take note of each schools specialties the types of degrees it offers, the special certificates you
can earn for concentration in a particular area, joint degrees, classes in other parts of the university
(beyond the business school) that you would be allowed to take, and so on. For this portion, rely on what
the school itself promotes about its programs and goals.
Next, check the school out from the perspective of others and answer the question, What is this school
known for? Stanford students are often referred to as the entrepreneurs, while MIT and Wharton are said
to attract the quant jocks, or those interested in the more quantitative aspects of business. This doesnt
mean, of course, that you shouldnt attend a school if you dont fall into whatever category it is known
for, but it may be beneficial to you to attend a school that has a good reputation in areas that are of
primary interest to you. Also try to determine any weaknesses of a particular school (and youre most
likely to pick this up from third party sources, not from the school itself).
Try to visit as many schools as time and money will permit. Attend an info session to learn how the school
presents itself and what information it emphasizes; this tells you a lot about the schools focus. When you
are allowed to do so, sign up to sit in on a class so that you can get a feel for the dynamics in the
classroom the professors teaching style, the student interaction, the types of topics discussed and
studied. (Note that if you live very near a school to which you are applying, it is practically a requirement
to attend at least an info session if you dont, the school will notice when it is reviewing your
application.)
If you know any current students or recent alumni, talk to them about the school. Do your homework
ahead of time (dont ask questions whose answers can be found in 30 seconds on the Web site), ask for
a meeting to discuss the topic (better yet, take your contact out to lunch!) and prepare specific questions
in advance. While there is some small chance this will ultimately help with admissions, your real goal here
is to get a very good sense of both whether the program is the right one for you and how good your
chances are of obtaining admission.
Finally, do contact the admissions office with any questions. They really do like to hear from prospective
applicants, and if you have a notable interaction with them, they may remember it come admissions time.
(Notable, of course, could mean good or bad, so be on your best behavior even via e-mail exchanges;
strive to make a positive and memorable impression.)

Ive Got The Data Now What? Putting It All

Together
We have discussed three buckets for the schools in previous weeks: safety, regular and reach. You will
certainly need schools in the middle category (regular), and it is up to you whether you want to extend
your scope to safety and reach schools.
Buckets

You will probably want to apply to between two and four regular schools. For these schools, your GPA
and GMAT score are above average and you have at least one other advantage in terms of the other
data youve gathered. The school should admit at least 20% of applicants.
In deciding whether to add a safety school to the mix, answer the question, How determined am I to go
to business school next year? If the answer is that you want to go no matter what, then you will probably
want to apply to at least one safety school, possibly two. If you will only go if you are admitted into certain
programs, then you may not want to spend the time to apply to a safety school just be prepared not to
go to business school at all (next year, anyway).
A safety school is one for which you possess a well-above-average GPA and GMAT score (both, not just
one). You should also have several advantages in terms of the other data youve gathered. For example,
your work industry may be underrepresented or you may be coming from an underrepresented
geographic location. It would also be advantageous to have some kind of personal contact with the
school, either a current student or an alumnus who keeps in touch with the program, and is willing to write
a recommendation or otherwise advocate for you with the admissions department (NOTE: even this is no
guarantee). Finally, the school itself should not be overly selective; that is, it should admit at least 30% of
candidates.
Most people want to apply to one or a few reach schools; if you fall into this category, just be sure that
you dont try to do too much and, therefore, underperform on all of your applications. The process weve
been talking about for the last several weeks is meant to help you have a clear view of your chances of
admission at a particular school. You will do yourself a disservice if you try to apply to ten reach schools
because you will not be able to do a fantastic job on any one application.
For any reach schools, you should at least fall into the range of GPAs and GMAT scores at that program.
You should also have at least one advantage in terms of the other data, because your grades and test
score arent positives for your application. Finally, no matter how good your background is, if the school
admits fewer than 15% of applicants, you should consider this a reach school. It is very difficult for even
top candidates to gain admission to such a selective program. (This is akin to the yearly media stories of
Harvard turning down a number of undergraduate applicants who earn perfect scores on the SAT and
have straight-A grades.)
Now, its time to match!
Can I Get In?
For every school, determine whether your GPA and GMAT score place you well above average, a little
above average, average or below average for that program. Also, for anything for which you gathered
both applicant data and accepted student data, compare the percentages to determine whether various
characteristics are assets or liabilities. For example, if 30% of applicants come from investment banking
but only 20% of accepted students come from that industry, then i-banking is a liability that you should
factor into your chances for acceptance at that particular school. On the other hand, if only 10% of
applicants come from Africa but they represent 15% of admitted students, and you hail from Kenya, then
this is an asset for you.
For work experience, just be aware that you dont want to be too far over or under a schools average. For
example, a school whose students average 5 years of pre-MBA work experience might raise an eyebrow

at anything under a year and anything over 10 years. (If youre concerned about this, contact schools
directly and ask them what advice they have; their reaction will give you a good feel for how much of a
liability your work experience may be.)
Matching the data gives you a good idea how competitive your application might be for each individual
program. Then, use the bucket guidelines above to classify each school.
Is It Right For Me?
Now, you have to decide whether the school can meet your requirements and help you to fulfill your
goals. As we discussed, business school is an expensive proposition; you want to make sure that its
worth it.
First, the most practical consideration: how much will it cost (both tuition and cost of living)? Some
schools may drop out of the running once you add up the numbers.
Second, another practical consideration: will the geographic location be an advantage for my post-MBA
plans? A decent percentage of each class stays in the general geographic location for at least a few
years after graduation, and you will likely be able to make business contacts within the community during
your two years at the school, both of which are significant with regard to networking and your post-MBA
career.
Third, the most intangible consideration: is the school the right fit for me? Is it known for something that I
want to be known for, too? Is it well regarded in the industry and geographic region in which I intend to
work after graduation? Is the predominant teaching style one that works for me? Am I going to fit in with
the students and make lasting contacts to build my network? Am I excited about the possibility of earning
my MBA there?
Use your answers to the above is it right for me questions to narrow down your bucket selections until
you have a total number of applications that you can reasonably complete within the time constraints.
Remember not to do too much it is tempting to apply to many schools because you want to be accepted
somewhere, but if you spread yourself too thin, your applications will suffer and this may significantly
harm your chances.
Congratulations you did it! You did the research and the hard thought work to make smart decisions
about where you should apply. Now go get started on that application and let us know how it goes!