UPDATE: This article was originally posted on December 4, 2018. It has been updated with new information and tips below. 

Though it may seem that your application process ends the moment you get the good news that you’ve passed into one or more of your target schools, you still need to make many important decisions that can have far-reaching effects on your life, career, and budget. 

Knowing how to expertly navigate these scenarios can not only get you into a better-ranked university, it can also save you thousands of dollars!

 

Deposits

After diligent preparation, you’ve done it! You’ve finally been offered a spot into one or more elite business schools. Now, it’s time to formalize the agreement. 

Though often overlooked, the MBA deposit is an important strategic consideration you should factor into your application timeline. 

To secure your spot in the next incoming class, most US business schools ask you to pay a non-refundable deposit ranging from $1,000 to $3,000. For Round 1 applicants, this amount is often due sometime in February, and for Round 2 applicants, this amount is usually due sometime in April. (Individual amounts and deadlines vary per school, so make sure to check the sites of your target schools for specific information). 

The major exception to this rule is Columbia Business School. Columbia employs a rolling admissions approach, meaning you usually get your admissions decision 6 weeks after applying. Applicants then have an average of 2 weeks to pay a $6,000 non-refundable deposit. 

In a similar fashion, INSEAD asks admitted students to pay a €10,000 non-refundable deposit weeks after admission. Though you can always request an extension to delay the date at which your deposit is due, you shouldn’t count on this, as the schools are under no obligation to give you more time. 

This means that, if not planned properly, you may be on the hook for thousands of dollars to secure a spot at one school before hearing back from all of the programs you applied to. 

Hopefully, you created an application strategy that took these all-important deadlines into account, but if you didn’t, we suggest you start thinking about what you’ll do if one school asks you to pay a sizable deposit before you hear back from every school on your list. 

If you do find yourself in this situation, we suggest a few different approaches.

First, reach out to the schools and ask for an extension to pay the deposit. 

If that doesn’t work, consider paying the deposit and waiting for additional answers (if the deposit is a reasonable amount for you financially) or pay the deposit and withdraw all your other applications (if you’re truly happy to attend the school whose deposit you’re paying). 

Finally, we don’t recommend saying no to a school and planning to reapply next year if necessary. Schools are not likely to take a risk on your profile twice. 

It’s important to keep in mind that many loan programs do not allow you to finance the amount needed for a deposit for certain programs. To make sure this does not end your business school dream before it starts, we recommend creating a budget in advance to ensure you have the funds necessary to make all the required payments.

NOTE: If you are on the waitlist at one program and have an upcoming deposit deadline at another school, it is perfectly acceptable to ask if you can receive a waitlist update before the other deposit is due. 

The schools are under no obligation to give you an answer by this date and there is a risk your answer will be “no” if you state you absolutely need an answer by a certain date (and the school does not have any spots available). As such, make sure to craft your plan with care and determine if you’re willing to pay a deposit at one school while remaining on the waitlist at another. 

 

MBA scholarship negotiations

Despite the fact that an MBA at a top business school like Stanford Graduate School of Business costs as much as a house in many countries, many people pay full price without thinking twice. 

However, with some skill and a clear plan, you can often land additional scholarship money from schools that have admitted you.

You will usually receive notice of any scholarships you have been awarded shortly after receiving your notification of admission. At this point, the best course of action to improve your scholarship amount is to wait to hear if you are awarded scholarships from any other universities (as this may be used as leverage), get in touch with the school’s financial aid department to start the conversation, and begin drafting a polite letter that strategically demonstrates why you believe you should be reconsidered for a scholarship. 

Each year, our clients are able to use this technique to negotiate their way into near full-tuition scholarships, so make sure you at least give negotiation a try!

 

Financing your degree

Finally, beyond securing the necessary funds to pay your deposit and working to ensure you’ve maximized your scholarship offerings, you should begin to take steps to secure the funding you need to fully finance your degree. 

If you’re planning to pay out of pocket, you’ll want to research when tuition payments are due and, if necessary, understand how you’re going to transfer money from your country of origin to your country of study. Given international regulations and ever-changing exchange rates, this can often be more complex than you might imagine. 

If you’re planning to finance any part of your degree, you should begin researching your options and obtaining the necessary quotes. 

If you have a co-signer willing to assume legal responsibility for your loan who is a citizen of the country in which you plan to study, you might be able to access loan options directly through the school. 

For international students, however, finding a co-signer is often impossible. Luckily, companies like Prodigy Finance, offer competitive loans. We recently sat down with Prodigy Finance to further discuss how you can finance your international MBA, so be sure to check out our Q&A! 

 

The background check

One of the parts of the application process our clients find the most stressful is the post-admission background check. They immediately imagine CIA agents sifting through piles of confidential documents, looking for a reason to pull their offer of admission. 

The reality is that MBA programs simply need to make sure that everything stated in your application is true and verifiable. 

 

How does the process work?

Most MBA programs hire an outside company, such as ReVera, to conduct the background check process. 

During the check, the company starts digging through the “paper trail” related to your profile. This includes verifying your employment history, ensuring your letters of recommendation were genuinely written by your recommender, confirming your degree and school history, and, in some cases, checking to see if you really participated in the extracurricular activities you listed in your application. 

Perhaps the most important of the aforementioned checks is the one into your employment history. 

If you work in a Fortune 500 with a robust HR department, as long as you were honest on your application, you probably have nothing to worry about. These types of companies diligently keep track of all employee information, so confirming your salary as an intern and the date you were promoted to analyst, for example, is an easy task.

However, if you work in a company that doesn’t have an HR department or you are self-employed, make sure you have the paper trail you’ll need to be able to prove the information given in your application is accurate. 

For international applicants required to submit salary information in dollars, you need to be able to demonstrate your salary in local currency for each of your positions and justify the conversion rate you used when translating your salary into dollars. However, in Brazil, for example, currency exchange rates vary widely, meaning the calculations we perform quickly become inaccurate. In this case, however, we can document the exchange rate on the day of the application, using this to justify the salary we stated in dollars. 

Additionally, the background check can also extend to your extra-curricular activities. For international applicants, however, this can be somewhat complicated, as many organizations simply do not keep detailed records of their participants. 

In these cases, try to establish some sort of proof you were involved or obtain a reference from the organization who would be willing to confirm your involvement. If you’re not able to find proof, that doesn’t mean you shouldn’t include the involvement in your application, just be aware you may have trouble in the future.

Finally, make sure that everything you’ve stated in your application is true and verifiable. The burden of proof, after all, lies squarely on your shoulders. So, if you have a non-traditional or “complicated” paper trail, you might want to proactively start gathering evidence to support your story in order to ensure you have the necessary information when needed. 

 

Additional arrangements

In addition to the preparations we’ve mentioned above, there are a few “less obvious” steps you need to take to get ready for your MBA. 

 

Quitting your job

Unless you’re going to the MBA sponsored by your current company, you’ll need to quit your job at some point before packing up to move to your new city! 

Resigning from a job requires a little more than just a written notice and an exit interview when done the right way.

Be sure you’re prepared with everything you need to know to protect your interests. Using your employee handbook or contract, know the answers to these questions before you ever step foot inside of your manager’s office to give notice:

• When do your benefits expire? Health benefits will typically extend through the end of the month, however, be certain in case you have a doctor’s appointment scheduled.
• How does the company pay out unused vacation or sick time? If you’ve accrued paid time off, this can be a nice bonus.
• What does your contract say about resigning? Are you able to leave at any time, or are you contractually obligated to finish out the month or quarter?
• Are you owed commission or a bonus? If you’re in sales or a position that offers incentives, find out how this is paid out. If necessary, structure your final date to ensure you’re paid the proper amount.

Should you find yourself in a situation where your exit might be contested or generally complicated, it can be helpful to consult an employment attorney.

After gathering this helpful data, you’ll need to officially notify your company of your intent to leave your position. The best way to do this is by writing a clear, professional letter of resignation. By following a few simple best practices, you can easily navigate this tricky step, leaving your good relationship with the company firmly intact. 

Once you notify your employer, be sure to be as helpful as possible in any steps you’re required to take to formally quit your job. This could include, for example, attending an exit interview or training your replacement. Throughout the transition, acting as an ally for the company will help ensure the company’s door remains open to you, which can prove to be more valuable than you’d imagine in the future!

Finally, try to stay in touch with your colleagues. After all, the MBA allows you to expand your network, but keeping the network you’ve already diligently built up is essential for your future success. 

 

Finding housing 

Another significant challenge you’ll face is securing housing in your new city. 

Some schools, like Harvard Business School, offer on-campus housing that is readily available to students. In fact, more than 65% of HBS students live in campus housing!  

At many other schools, however, students are on their own when it comes to finding and renting an apartment. This can provide additional challenges, as our former clients, Lucas and Patricia (INSEAD Class of ‘18D), told us. After arriving in Singapore, they were surprised to find limited housing available citywide, especially near campus. However, given the time of year (December) and the bureaucratic complexity associated with renting an apartment outright, their search quickly turned into desperation. Luckily, by accessing INSEAD student forums, they found a sublet near campus. 

Given the difficulty and often higher-than-expected costs of renting a house or apartment during your MBA, we suggest you begin reaching out to current students and alumni to start your housing hunt as soon as you receive the news you’ve been admitted. Though you may not be able to finalize your contract until you arrive, you’ll at least have a clear game plan and understanding of how local regulations work. 

TOP TIP: Though the COVID-19 pandemic has made it difficult to know exactly when you’ll be able to move to campus, we still think it’s worth researching the local housing market so you know which area of the city you might like to stay in and the general prices in that area. This will help you significantly with your budgeting and will help you seamlessly transition to campus when you are able to move! 

 

Starting the visa process

If you’re an international student, you will also need to start the visa application process to ensure you have the necessary permission to enter and remain in your country of study. 

If you plan to study in the US, you will need to apply for an F1 visa if you do not already have a different visa that allows you to study and stay in the country. 

In the UK, on the other hand, there are multiple different tiers of visas, so you must ensure which is the most appropriate for you given your study plans. 

Regardless of which type of visa you need, the universities will provide detailed instructions on applying for your visa. Make sure you read all emails the university sends and follow all instructions given fully and quickly. If you ever have questions on specific elements of the visa application, it’s best to get in touch directly with the university. 

COVID TIP: Many of our clients were unable to apply for visas in their home countries due to lockdown restrictions. As such, many traveled to embassies in other countries, where they were able to secure their visa. We highly recommend speaking with the embassy in the country you plan to apply from, should you not be able to apply locally, and understanding the full process and any potential restrictions before booking your flight! 

 

Your next chapter begins now

Moving forward is only possible when we step outside of our comfort zone and pursue something greater. If you’ve just been admitted to an MBA program, you’re on this path.

As you go through this transition of leaving your job and preparing for your MBA experience, be sure to take time and reflect upon the dedication, hard work, and perseverance that brought you here. After all, these are the traits and strengths that helped you achieve success—and will see you through your MBA education.

If you’re looking for guidance on leaving your current position, want to plan how you’ll get the most from your MBA experience, need help negotiating a better scholarship, or are interested in career coaching after graduation, set up a free consultation today with our dedicated team of experts!