MBA Consulting – Is it worth it to hire an MBA Consulting firm?

Is it worth it to hire an MBA Consulting firm?

If you are thinking about applying for an MBA, you have probably heard of MBA consultants.

MBA consultants are professionals who understand the MBA application process in-depth, and who can help you develop a strong strategy to give you a better chance of being accepted into an MBA program. But are MBA Consultants really worth it?

We believe this truly depends on the person. 

Here at Ellin Lolis Consulting, we are specialized in helping international students secure places in top-ranked MBA programs in the US, Canada, and Europe. Based on our extensive experience and 100% success rate placing full-package clients in target programs, here is how we advise making this decision.

What services do MBA Consultants typically offer?

MBA Consultants typically can help you:

· Analyze the strengths and weaknesses of your profile

· Select the appropriate schools for your profile

· Plan school visits

· Develop your personal brand and application strategy

· Help choose and advise your recommenders

· Develop strategies for essays

· Edit application materials (including essays and online forms)

· Help you prepare for interviews

· Help you develop a waitlist strategy

· Negotiate scholarships

You could likely benefit from an MBA Consultant if:

We work with clients all over the world, and see a wide range in the level of support candidates need from their consultants. If the following characteristics describe you, you may benefit from an MBA Consultant’s help.

1. You are not a native English speaker or do not feel comfortable expressing yourself through writing.
2. You do not know how to position yourself to stand out from the “crowd”
3. You are not sure which MBA programs match your profile and do not have the time or personal contacts to investigate this matter on your own.
4. You prefer to have an “ally” on your side to answer your questions from a professional standpoint during your MBA application process.

Though this list is not exhaustive, let’s break down these key points.

Reason #1 — There are those who criticize the MBA admissions process as an “essay writing contest.” Though admissions officers are looking at your entire profile (your GMAT score being a big part of this), your essay is a an essential tool to help you stand out from other well qualified candidates.

I always tell my clients, however, that you do not need a consultant to check your essay for grammar mistakes. There is an amazing piece of software called Grammarly that will do this for you.

What you need a consultant for is to help you refine your story and craft a compelling narrative that turns your essay into a sales document that sells an ultra-important product — you. If you don’t feel comfortable doing this in English, or if writing is not your strong suit, you could likely benefit from an admissions consultant. Which brings us to Reason #2…

Reason #2 — With the advancement of technology in the admissions process (you can read more about this phenomenon in a great article by The Atlantic here), it has become easier than ever to apply to business school. Recent application data confirms this trend, with Harvard Business School receiving nearly 10,000 applications in 2016 alone. This makes it even harder for qualified, serious candidates to cut through the noise and tell their stories, a crucial element in landing the all-important admission interview.

To give you an example — this year, I worked with a client who had worked with a different consultant in Round 1. Despite his strong background in Investment Banking and 750+ on the GMAT, he wasn’t called for a single interview. After performing an in-depth ding analysis, we determined that the applicant’s essays just weren’t helping him stand out at all. With some major tweaks to our approach, he landed 4 of 5 interviews in Round 2, and is currently awaiting final decisions to be released.

This all goes to show you, a strong CV and a high score are essential to building a competitive profile, but schools receive way more “qualified” candidates than they could ever hope to interview. At this point, standing out is the name of the game, and an experienced, dedicated admissions consultant can help you do this.

Reason #3 — Just as with any new undertaking, there is a lot to learn in order to prepare yourself for the MBA. Topics such as how to best study for the GMAT, how to identify and overcome a weakness (or weaknesses) in your application, and what different schools are looking for in terms of candidate profile are among many of the areas successful candidates need to understand in-depth to send a successful application. If this process intimidates you, or if you don’t have time to do the research, an MBA consultant can help you navigate the application cycle and put your best foot forward for programs that match your goals and profile.

Reason #4 — As we often tell new clients, you will surely have hundreds, if not thousands of questions while preparing a successful business school application. In this case, if you work with the right type of “hands on” person, your MBA Consultant can act as a strong ally, fighting in your corner and answering all your questions along the way.

If you have a good network, a strong command of written English, and time to devote to the process, there is a strong chance you’d be successful on your own, or by hiring a consultant on an hourly basis to help you fine tune your application. 

But don’t consultants just use the same formula for all their clients?

Again, it varies greatly from consultant to consultant. For some firms, it is profitable to develop a formula and apply it en-masse to a large pool of applicants. Some candidates are more comfortable adding their own doses of creativity to their applicants and may not need such in-depth help. This type of candidate may be well served

Other firms take a different approach, customizing their process to each individual student. We work hard to be one of the latter, which is why we accept a highly restricted number of students each year and help them through the process as equal parts consultant, coach, and ally.