Congratulations! You’ve just been accepted to your dream MBA program, a milestone that marks the culmination of months (if not years) of hard work, dedication, and perseverance. But as the initial excitement begins to settle, a new question emerges: What’s next?
Navigating the post-acceptance phase can be overwhelming. From financial planning and relocating to networking and preparing academically, there’s a lot to consider and manage. The stakes are high, and the pressure to make the right decisions is palpable.
Many MBA applicants find themselves unsure of how to prioritize or even where to start. The fear of missing out on crucial preparation steps can add unnecessary stress to what should be a time of celebration. The journey from acceptance to enrollment is filled with important choices that will shape your MBA experience and, ultimately, your career trajectory.
This blog post is here to guide you through this critical transition. We’ll break down the essential steps you need to take after receiving your acceptance letter, offering expert advice and actionable tips to ensure you’re fully prepared for this exciting new chapter. From organizing your finances and making housing arrangements to building your professional network and gearing up for academic success, we’ve got you covered!
MBA Deposits: How Do They Work?
After diligent preparation, you’ve done it! You’ve finally been offered a spot in 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 is European schools. At INSEAD, for example, the deposit is nearly €11,000. Other European schools similarly have much more sizable deposit amounts than US schools, so make sure to check with your target schools.
This means that, if you don’t plan carefully, you might find yourself needing to pay thousands of dollars to secure a spot at one school before you’ve heard back from all the programs you applied to.
While it’s excellent news if you get into your top-choice program, it can create complications if you’ve applied early to programs you’re not fully committed to. That’s why it’s crucial to think carefully before deciding when to submit your applications.
Ideally, you’ve already created an application strategy that considers key deadlines. If not, now is the time to start planning for what you’ll do if one school requires a sizable deposit before you’ve received responses from all your applications.
It’s also important to avoid declining an offer just because you think you can reapply next year; schools are generally reluctant to reconsider applicants who have previously declined their offers.
Remember that most loan programs won’t cover the amount needed for deposits for some programs. To prevent financial issues from derailing your business school plans, create a budget in advance to ensure you have the necessary funds to make all required payments.
NOTE: If you are waitlisted at one program and have a deposit deadline approaching at another school, it’s acceptable to ask for a waitlist update before the deposit is due. However, keep in mind that schools aren’t obligated to provide an answer by your deadline. If you push too hard for an update, you risk receiving a negative response. Plan accordingly and decide if you’re willing to pay a deposit at one school while remaining on the waitlist at another.
MBA Scholarship Negotiations
While attending an elite business school like Stanford Graduate School of Business can cost more than many applicants earn in a year, numerous students end up paying the full price without exploring scholarship options. However, with the right strategy and some effort, you can often secure additional scholarship funds from the schools that have accepted you.
Typically, you will be notified about any scholarships you’ve been awarded shortly after your admission notification. At this point, the smartest move to increase your scholarship amount is to wait and see if you receive scholarship offers from other universities. These can be used as leverage. Then, reach out to the financial aid office of the school that admitted you to start a conversation, and draft a courteous letter that clearly outlines why you deserve to be reconsidered for more scholarship funds.
Every year, we see our clients successfully negotiate their way to full or nearly full tuition scholarships using this approach. So, don’t hesitate to give scholarship 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.
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 outsource the background check process to companies like ReVera.
These companies will verify the information you provided in your application, including your employment history, letters of recommendation, academic credentials, and extracurricular activities.
One of the most crucial checks is on your employment history.
If you’re employed by a Fortune 500 company with a well-organized HR department, and you’ve been honest in your application, there should be no issues. These companies meticulously maintain employee records, making it easy to verify details like your salary as an intern and your promotion dates.
However, if you work for a company without an HR department or if you are self-employed, ensure you have all the necessary documentation to validate the details in your application.
For international applicants who need to submit salary information in U.S. dollars, it’s important to show your salary in local currency and explain the conversion rate used. For example, in countries like Brazil where currency exchange rates fluctuate significantly, you can document the exchange rate on the day of your application to justify the stated salary in dollars.
The background check might also cover your extracurricular activities. This can be more challenging for international applicants, as many organizations do not keep detailed records of participants.
In such cases, try to gather proof of your involvement or obtain a reference from the organization to confirm your participation. If you can’t find documentation, it doesn’t mean you should exclude this information from your application, but be prepared to potentially face challenges in the future.
Lastly, ensure everything in your application is true and verifiable. The responsibility to prove your claims rests with you. If your records are non-traditional or complex, start gathering the necessary evidence as soon as possible to support your application 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.
Finding housing
Another major hurdle you’ll encounter is finding housing in your new city.
Some schools, like Harvard Business School, offer on-campus housing options that are readily available to students. In fact, a large number of HBS students live on campus!
However, at many other institutions, students need to find and rent their own apartments. This can add extra challenges, as our former clients Lucas and Patricia found out. After arriving in Singapore, they were surprised by the limited housing options available, especially near campus.
Given the time of year (December) and the complexities involved in renting an apartment outright, their search soon became urgent. Fortunately, by accessing INSEAD student forums, they managed to find a sublet close to campus.
Considering the difficulty and often higher-than-expected costs of renting during your MBA, we recommend starting your housing search as soon as you receive your admission offer. Reach out to current students and alumni early on. While you may not finalize your rental agreement until you arrive, you will at least have a solid strategy and an understanding of local rental regulations.
TOP TIP: Join things like student WhatsApp groups to get insider information on places to live and tips on securing housing. People who have recently been through the process themselves or are also searching often have the best tips!
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.
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 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, our hourly services offer you customized help even after you’ve been accepted to a top MBA program. Find out more about our 5- and 10-hour packages here!
Real MBA Essays That Got People In
School-specific sample essays that got our clients accepted
