This Way To An M.B.A.

Here's everything you need to know for a painless journey through th B-school admissions process.

YOU'VE HAD ALL YOU CAN STAND. YOU LOVE YOUR JOB, BUT YOU'RE sick and tired of being stuck at your desk working overtime, dreaming of a future in which you'll actually have enough money to start investing in stocks and buy that modest, two-story colonial house you've been eyeing. Meanwhile some of your more seasoned--that is, better paid--colleagues have portfolios worth more than triple your salary and own enough properly to start a small realty company.

You've racked your brain for every possible way to increase your biweekly post-taxes, post-rent, post-utilities, post-401(k) cash flow. After deep introspection and some serious career planning, you've decided on a logical solution to your dilemma: business school.

Traditionally, corporate fast-trackers--those who wanted to climb further up the ladder or make more money in their current private-sector positions--sought after master's degrees in business administration. In the '80s, an M.B.A. was seen as the ticket to business career success. In the '90s, mergers and acquisitions, and technology, among other things, brought about unprecedented changes in the way business was conducted. Necessarily, business schools mutated along with them.

The result was B-school options that reflected the new marketplace, and a new breed of M.B.A.'s looking to make their mark in areas outside the conventional finance, marketing and accounting tracks. Today's M.B.A.'s aren't all corporate heads. Some graduates are bypassing the private-sector grind to become venture capitalists, run their own start-ups or dive into the tech sector.

According to statistics from the International Association for Management Education, the number of M.B.A.'s awarded has grown steadily, from 54,484 in 1980 to 93,982 in 1996--an increase of 58%.

"Extensive statistical data on the increase of M.B.A. programs with newer concentrations [such as information technology] isn't readily available," says Rachel Edgington, information services coordinator at the Graduate Management Admission Council in McLean, Virginia. "But considering that programs proliferate due to market demand, it is accurate to say that there has been a definite increase in degrees conferred in these areas."

Even U.S. News and World Report, whose ranking of the nation's best B-schools has long been the recognized standard, has acknowledged this shift by expanding its listing of the top B-schools by program to include other, previously nonexistent concentrations such as entrepreneurship and nonprofit organizations.

Having more paths from which to choose has led people like Crystal German to become prospective M.B.A.'s. She is leaving behind her job as a corps member in AmeriCorps, the national service program dedicated to tackling community problems, in Atlanta, to study nonprofit management this fall. "I decided that it's important to me that what I do also directly benefits the community. But when it comes down to it, everything boils down to business," says German, 25. "An M.B.A. will enable me to get in the door of a nonprofit environment and put me in the position I want to be in after I graduate."

While there are many advantages to having an M.B.A., including increased earning potential and more career flexibility, it will do you little good if it doesn't fall in line with your personal career goals. Deciding to get an M.B.A. will require considerable self-assessment, planning and research on your part. In fact, it should be considered in much the same way you would a new job. The Internet and local bookstores are great places to do research on preparation for the Graduate Management Admissions Test (GMAT), the standardized B-school entrance exam, school selection and financing options. But actually spending time visiting schools, sitting in on classes and talking to people who've earned the degree will give you the real-life perspectives you need to determine whether or not the B-school experience is for you.

Interview the admissions directors before you apply. Why? Not only will you get the critical information you need straight from the decisionmaking source, you'll also develop a rapport--something that will help to distinguish your application from the faceless, voiceless applications of your competition.

While it may seem like a lot of work you must always operate with the end goal in mind: getting into the school you want. And to do that, you'll have to get past the admissions office, which contains the people who have the unenviable task of sorting through thousands of applications furnishing much of the same information to fill 50 or 60 slots in a new M.B.A. class.

On the surface, it may seem that applying to B-school is no different from seeking admission to any other graduate program. While it's really a bit more complex, the process--from preparing for the GMAT to deciding how to finance the degree--doesn't have to be a headache if you've really got what it takes to successfully make it to the other side. In this article, we'll give you the strategies you'll need to set yourself apart from the pack to get through the admissions process.

A COURSE OF ACTION

Rod Chappell had the discipline neccessary to study for the GMAT on his own.

In 1993, Rod Chappell decided to pursue a career in brand management He knew it would require an M.B.A. to do it. Every night, after a hectic workday, he took a few hours to study the Princeton Review and Barron's prep books and take practice tests. After about two months, he felt ready to take the GMAT Out of a possible 800, he scored 580. "I probably could have added several points to my final score by taking a prep course," says Chappell, who graduated with a M.B.A. in marketing strategy from Duke University's Fuqua School of Business in 1996.

When it's time for you to start preparing for the GMAT, you'll have to decide whether to take a prep course, such as those offered by Kaplan ($1,099 for nine weekly sessions; www.kaplan.com) and Princeton Review ($995 for eight weekly sessions; www.review.com), or study prep books and CD-ROMs on your own time.

"You certainly need to be familiar with the kinds of questions that will be on the test," says Daphne Atkinson, director of communications for the Graduate Management Admission Council. "But there is no concrete evidence that taking a prep course will result in a higher score" than if you study diligently on your own.

The truth of the matter is that choosing either of these methods--or both--will get you adequately prepared for the exam if you put enough time and energy into them. Your best bet is to use your current level of preparedness to determine whether or not you need the additional tutoring a class can provide. If given the choice to do it again, Chappell, director of sponsorship development at the Rutherford, New Jersey, office of Universal Sports America, a sports and events marketing firm headquartered in Dallas, would still choose the self-study route. However, he doesn't recommend it for everyone. "It takes a great amount of discipline to prepare on your own. If you're not a good standardized test-taker, it would probably be risky if you wanted to minimize the number of retakes," says Chappell, who took the exam twice.

IF THE SCHOOL Fits

Crystal German performed due diligence to get the biggest bang for her B-school bucks.

OK, here's the $50,000 question: should you choose a B-school just because it ranks No. 1 on someone's list? The answer is yes, provided that someone is you. "You'll be shortchanging yourself if you approach selecting a school in a mass-market fashion," says Atkinson. "Prestige is only one factor of many that must be considered."

German knew she wanted to go to a top-ranked school, but she also wanted to attend the school that fit her needs. "I knew I wanted to be in a city, not a college town," says the graduate of Florida A&M University in Tallahassee. "You've got to take a much closer look at the program to determine if it's good for you and your goals."

Remember that, in some form or fashion, you're going to be paying for this degree, and it can cost anywhere from $20,000 to $100,000. You'll want to make the best choice because "you'll want to get the best for your money," asserts German. Here, she shares the seven-point system that helped her find a B-school tailored to her needs:

German's 7-Point System

1 Make a laundry list. "I started with the U.S. News list," she says. She looked at the top 20 schools and immediately crossed off those that weren't known for their general management programs. She then narrowed those choices down to those that offered a nonprofit concentration.

2 Request applications and browse school Websites. This preliminary information is important to help you weed out schools. But remember that "brochures and the Internet won't give you the flail picture," says German.

3 Talk to people. "I went to conferences and talked to alumni from the schools on my list," German says. This will help you get a more complete picture of a particular school, and the general B-school experience. Visit www.nbmbaa.org for information on the Black M.B.A. Association's annual conference. Also, check out www.gmat.org/cal endar_frames.html. to see when Destination: M.B.A.--the information session for prospective minority M.B.A.'s--will be held in in your vicinity.

4 Make campus visits. Use the initial visit to check out your prospective school's environment and the culture on campus: who your potential professors are, their teaching styles, what current students think about them, and the size and structure of the classes. Also, inquire about the school's student support structure and check out what clubs, if any, are active.

5 Narrow your choices. By now, you'll have a good idea about which schools' programs will help you achieve your career goals, suit your personality, meet your geographical preferences and cater to your learning style. German was able to get her original wish list of 20 down to three: Columbia Business School, Northwestern's Kellogg School of Business and Kenan-Flagler Business School at the University of North Carolina at Chapel Hill.

6 Interview with admissions officers. This is where you get to know more about the B-school, as well as sell them on why they should accept you. "You'll learn a lot about yourself during this process," says German. This is the time to let them see who you really are beyond the numbers and credentials they'll see on your application.

7 Wait for your letters. German applied to her final three. At press time, she hadn't heard from any, but was confident that the school she chose would be the right one for her.

JUST A Matter OF TIME

Besides the length of time it will take to graduate, is there really a difference between going to B-school full-time or part-time? "I wouldn't have wanted to do it part-time," says Juliet Elliot, an M.B.A. from the University of Southern California, who believed that earning an M.B.A. would be too intense to juggle with a full-time job. "You have to commit so much of your time to studying, and there's a lot of work to do," she says. Elliot is now project manager for Southern California Edison.

But that's not to say that you can't. Sit down and weigh the pros and cons of each program, then measure each against your own situation. We've asked a graduate and a current student to give you their take on this all-important decision.

Name: Roger G. Arrieux Jr.

Title: Audit senior manager, investment management services unit, Deloitte & Touche L.L.P.; New York City 

School: Columbia Business School, Columbia University 

Degree: M.B.A., finance; class of 2000

Program: Part-time

PROS:

* More flexible schedule options. "Generally speaking, business executives attend classes every Friday or every other Friday and Saturday. These options make it possible for me to complete the same degree as the regular full-time students without interrupting my career."

* You can apply the skills and techniques learned in school to everyday work immediately. "We [have] reallife course work, so what I learn on Friday, I can apply on Monday."

* You can reap the benefits of the degree sooner. "Going part-time allows me to not fall prey to the `out-of-sight, out-of-mind' employer mentality. The skills and techniques I learn help to catapult me at work, and help me to be [seen as] a more credible business advisor, advocate and leader."

CONS:

* Little time for outside activities. "The main drawback is the lack of balance. The demands of family, work and school [are a strain]. To succeed in such a program, you must have full support. I am blessed to have the support of my wife, other family members, friends and my employer."

Name: Cassandra Johnson

Title: Product manager, Reckitt & Colman; Wayne, New Jersey 

School: Fuqua School of Business, Duke University

Degree: M.B.A., marketing; class of 1996

Program: Full-time

PROS:

* You can focus fully on the program, and devote the maximum amount of time to schoolwork and study. "I worked my way through undergrad, and it was a challenge for me to do both well. I didn't want to go through that again with the M.B.A. program."

* You can complete the program in a relatively short amount of time (one and a half to two years), depending on where you go to school.

* You can take advantage of international exchange programs, summer internships and career services. "I participated in an exchange program to Barcelona, Spain, during the first semester of my second year. The experience was invaluable, and I wouldn't have been able to participate in such a program if I had attended B-school part-time."

CONS:

* You'll be sacrificing two years of salary and on-the-job experience.

For more information, check out Exploring the M.B.A., the latest information booklet from the Graduate Management Admission Council (www.gmat.org).

GIVE THEM WHAT THEY Want

In many ways, admissions officers are like the legendary St. Peter--they hold the key to B-school's pearly gates. Your entrance depends entirely on you giving them what they want--and, in essence, telling them what they want to hear. For example, when you're asked about your interest in B-school during the interview, don't proclaim your love of learning (even if that's your real answer).

"Admissions officers don't want to hear about learning for learning's sake," says Sherrylyn Ford Wallace, director of M.B.A. admissions at Kenan-Flagler. "They want to know that you're a mover and shaker with plans [which they'll want to hear all about] to put their degree into action."

Don't forget about--or underestimate--your competition. If you can't show, beyond a shadow of a doubt, that you're hungry for a spot in the class, you won't get one. Incorporate the following five strategies from Wallace into your own admissions game plan, and you'll be that much closer to snagging a coveted seat:

Tip 1 Take calculus, microeconomics, probability and statistics, and financial accounting before you apply. The pace of the first in B-school (when students are most likely to flunk out) assumes that all students have at least a working knowledge of these subjects. Especially if your undergrad grades are less than stellar, high grades (a B or better) in these courses can help you market the more mature you, not the person you were when you earned those old marks. "Taking these courses at a competitive college [one that's accredited by the International Association for Management Education] first will show that you are serious and committed to a business education," says Wallace.

Tip 2 Get at least two of your letters of recommendation from work colleagues. Endorsements from people who've seen you on the job are the best, so keep letters from old professors to a minimum. "Supervisors and managers are in the position to provide concrete examples that capture the attributes you would bring to the program."

Tip 3 Highlight international business experience. In case you hadn't noticed, business, more than ever, is operating on a global scale. "Today's effective business leaders must be able to succeed with culturally diverse constituents--customers, personnel, vendors, etc. Demonstrating a proven ability to thrive in unfamiliar environments will make you more attractive to the admissions committee," says Wallace. Even if you lack experience abroad, your package should convey a genuine desire to develop this skill.

Tip 4 Demonstrate strong, effective writing skills. Whether you can write will be immediately apparent. "If your application [particularly the essay] contains spelling or grammatical errors, the admissions committee will perceive you as careless, unprofessional and uninterested in their school." Be sure to have someone else edit your essay to check for mistakes you may have missed. If necessary, take a course in basic composition.

Tip 5 Prepare for the personal interview. "Poise is key. You are expected to have good executive presence and to demonstrate a high level of interest in the program," advises Wallace. You should be able to run through your resume with ease, taking care to point out your achievements. You should also be able to articulate why you moved from position to position and what you learned from each assignment.

MORE THAN ONE Way TO PAY

Getting into B-school is only half the battle. You're not quite in there until you've secured money to finance the degree. However you pay for it--whether through a fellowship, out of your own pocket or through your company's reimbursement program (talk to your human resources director for complete details)--you'll need to know where the money is coming from before you accept a school's offer.

Vickie Foggie, who earned an executive M.B.A. from Kennesaw State University in 1998, went the route that 70% of B-school students take--loans. "When I started the program, there were limited resources available to cover the cost of an executive M.B.A.," says Foggie, president of her own company, Executive Promotions Inc., a recruiting firm based in Stone Mountain, Georgia. "I had researched several scholarship programs, but they were geared toward those in a regular, full-time program."

While there is no shortage of funds for B-school hopefuls, you'll probably find yourself in Foggie's shoes if don't plan on enrolling in a regular, full-time program. As with any financial matter, be sure to read the fine print.

GET MBA MONEY

Maybe you've done the research on financing your prospective degree, but you still can't find a source of funding that will meet your needs. Don't give up just yet. The Consortium for Graduate Study in Management may be the missing link between you and an M.B.A..

The Consortium is a nonprofit organization that aids black, Latino and Native American students. It provides merit-based, full-tuition scholarships to its fellows for full-time study at its 12-member graduate business schools. With sponsorship support from over 150 of the largest American corporations, it gave approximately $7 million in scholarship aid to 426 students in the last school year.

The Consortium invites inquiries from minorities seriously seeking careers in business. Get more information by calling 888-658-6814 or by visiting its Website at www.cgsm.wustl.edu:8010.

Here are some resources to help you find the cash to pay for class:

Books:

* Financing Graduate School: How to Get Money for Your Master's or Ph.D. by Patricia McWade (Petersons Guides, $16.95)

* Free Money for Graduate School by Laurie Blum (Checkmark Books, $15.95)

* The Graduate Student's Complete Scholarship Book by Student Services Inc. (Sourcebooks Trade, $18.95)

* Yale Daily News Guide to Fellowships and Grants 1999 by Ali Mohamadi (Kaplan, $25)

Website

* fafsa.ed.com: The official Website of the Free Application for Federal Student Aid

* fastweb.com: This site offers access to $1 billion in scholarships, grants and loans.

* www.ed.gov/prog_info/SFA /StudentGuide/1998-9/: Get information on Direct Stafford Loans and FFEL Stafford Loans.