MBA Application FAQ
Getting in to a top business school involves a lot of steps! Our FAQ is designed to make the process as simple and easy to understand as possible. Check out the tips below.
I’m Just Starting My MBA Journey
➡️ MBA stands for Master in Business Administration.
The course is designed to provide students with a greater understanding of theoretical and practical approaches to business and management. The course generally covers various areas of business, including finance, marketing, management, accounting, and business strategy.
➡️ HOW LONG IS AN MBA?
The length of an MBA depends on the school you choose. Programs vary from one year to two years.
➡️ WHY GET AN MBA?
One of the main reasons some gets an MBA is to increase his or her salary after the MBA and advance his or her career. Some applicants, however, use the MBA as a way to switch careers, moving from consulting to finance, for example.
➡️ HOW MUCH DOES AN MBA COST?
The cost of an MBA depends greatly on the school you choose to go to, but elite programs can cost between US$110,000 and US$140,000. Fortunately, there are many scholarships you can apply for to help afford the cost of business school.
➡️ WHO SHOULD GET AN MBA?
Though there is no “rule”, most people start an MBA when they are between 25 and 30 years of age. It’s not impossible to go into an MBA right after you finish a bachelor’s degree, but it is more difficult to get into selective programs without work experience. On the other hand, applicants above 30 need to show how an MBA will contribute to their career growth at a later stage in the game, which can be a challenge. This does not mean, however, that if you are 40 and considering an MBA that you are out of luck—we have placed many non-traditional candidates at top schools all over the world!
An MBA is a great option for people looking to change careers, and can also be a useful tool to increase your salary and advance your career. How much benefit you will get from an MBA depends a lot on your industry. For certain industries like consulting and private equity, getting an MBA is an important strategic move. For entrepreneurs, however, an MBA can be a great choice or a big mistake. If you aren’t sure if an MBA is right for you, we offer career coaching services to help you define your goals and develop a plan to reach them.
➡️ WHAT IS GMAT?
GMAT stands for Graduate Management Admission Test. It is the most common test used to determine how prepared an applicant is for an MBA program.
The test consists of four basic sections:
AWA ESSAY
The AWA Essay portion of the GMAT tests your ability to write an argument in English. You have 30 minute to complete this section, and receive a score from 1 to 6.
INTEGRATED REASONING SECTION
The Integrated Reasoning section evaluates how well you can analyze data presented in different ways and from different sources. There are four different types of questions: table analysis, graphics interpretation, multi-source reasoning, and two-part analysis. Each section requires you to answer a different type of question. For this section, you receive a score between 1 and 8.
QUANTITATIVE SECTION
The Quantitative section tests your quantitative reasoning ability, and includes mostly math questions. There are two types of questions: data sufficiency and problem solving. You have 75 minutes to answer 37 questions. You are not allowed to use a calculator on this part of the test. You will receive a score between 11 and 51.
VERBAL SECTION
The Verbal section tests your reasoning and English abilities. There are three types of questions: reading comprehension, critical reasoning, and sentence correction. You have 75 minutes to answer 41 questions. You will receive a score between 11 and 51.
➡️ HOW IS THE GMAT SCORED?
When we talk about a “score” on the GMAT, we usually think of a score out of 800 points, which combines your scores on the Quantitative and Verbal sections. This can be confusing because you receive scores out of 51 in both of these sections, and these scores are then transformed into scores out of 800.
The best way to estimate your score is to use this table (LINK) from Magoosh. Though it’s not exact, you can expect, for instance, that a student who scored 45 points in the quantitative section and 40 points in the verbal section would have a score of 690 out of 800.
➡️ WHAT IS A GOOD GMAT SCORE?
Keep in mind that the GMAT is just one part of your application, and a perfect score will not guarantee that you will get into any program. That being said, students should try to do as well as possible on the exam, because it is important. As a general benchmark, students who score 700 and above are in the top 10% of test-takers worldwide.
So, what is a “good” score? This really depends on which schools you want to attend. The top schools have an average GMAT score of between 710 and 735, so a score within this range can be considered an excellent score. Scores above 750 are astonishingly high, with the exception of students applying from India, where the average GMAT score tends to be higher.
Overall, you should aim to score near the average GMAT score of the schools you hope to attend. Don’t forget, however, that the schools are looking at your profile as a whole, and a high or low score is not definitive.
➡️ DO I NEED TO STUDY FOR GMAT?
In a word, yes. The GMAT test is a very long, very technical test that requires you not only know how to answer the types of questions the test gives you, but that you manage your time well. Getting a score that makes you competitive for top business schools can be challenging, and most students devote at least 60 hours to studying before test day, though many students spend 100+ hours studying. How long you will need to study depends on how quickly you progress.
Because of the time needed to study and prepare for the exam, we recommend students spend at least one month studying, as this requires 15-20 hours of study per week. Though you could theoretically cram this into one week, our most successful clients spend between 3 and 6 months studying.
Looking to increase your GMAT score? Check out our private tutoring services.
➡️ WHAT IS TOEFL IBT?
TOEFL stands for Test Of English as a Foreign Language, and is a test designed to measure your English skills at the university level. The test takes place on a computer at a testing site, and you can most likely take the test in your home country. Check where you can take the test here.
The test has four sections and lasts between 3 hours and 4.5 hours, depending on the version of the test you receive.
The test measures your English abilities in four areas:
· Reading
· Listening
· Speaking
· Writing
➡️ THE READING SECTION
The reading section is designed to test how well you understand academic texts. Your test will have either three or four passages to read. For tests with 4 passages, only 3 passages will be scored, but you will not know which will be excluded, so it is important to do your best on all passages.
Depending on the number of passages, you will have between 36 and 56 questions and will have between 60 and 80 minutes to complete the test.
➡️ THE LISTENING SECTION
The listening section is designed to see how well you can understand native speakers speaking about academic topics. You will hear a lectures, classroom discussions, and conversations and then answer questions about what you heard. Unlike GMAT, you will not be asked to interpret what you have heard, but will only have to answer questions about what was stated in the listenings.
Though most of the listenings you will receive use an American accent, it is possible to hear accents from the United Kingdom, New Zealand, and Australia.
You will need to answer between 34 and 51 questions and will have between 60 and 90 minutes to complete this section.
➡️ THE SPEAKING SECTION
The speaking section is designed to test how well you speak in English. You will be tested on grammar, how easy you are to understand, your use of vocabulary, and on the structure of your answer. This is why it is one of the more difficult sections to study for!
During the test, you will read and/or listen to material, and will then be asked about the material that was presented to you. All of the material deals with academic subjects.
You will have 6 speaking tasks and will have 20 minutes to complete the entire section.
Practicing with one of our native-speaker tutors is a great way to prepare for this part of the test, as they can help you not only develop the correct strategy for answering each question type, but can also correct your English mistakes and give you tips on how to improve your speaking. Find out more about our TOEFL iBT tutoring services.
➡️ THE WRITING SECTION
The writing section tests how well you can write in English. You are scored on grammar, vocabulary and on the structure and content of your answers.
You will have two writing tasks. The first will ask you to write an essay based on a reading and listening task. The second will ask you to support an opinion on a certain topic.
You will have 50 minutes to complete both writing tasks.
This section can be difficult because many non-native English speakers do not practice writing in English very often. If you’d like to improve your score in this area, our native-speaker tutors can give you tips and lessons to help you improve your general writing abilities and strategy for this section of the TOEFL iBT test. Find out more about our TOEFL iBT tutoring services.
➡️ WHAT IS A GOOD TOEFL SCORE?
Based on your performance, you are given a score out of 120, with up to 30 points possible in each of the four sections.
If you are planning to apply for an MBA, check first to see if the school or schools you are interested in have specific TOEFL requirements. In general, you will need to score at least 100 on the TOEFL test in order to apply for an MBA.
➡️ APPLICATION ROUNDS
Unlike many other programs, business schools accepts applications in rounds. Most top business schools have 3 rounds, though some schools like INSEAD, NYU Stern, and Dartmouth Tuck have 4 rounds.
ROUND 1
Round 1 is the first application round each year. Though specific dates vary from year to year and from school to school, the application deadline is usually in mid-September or early October. Applicants who submit applications in Round 1 usually hear if they have been admitted in mid-December.
ROUND 2
Round 1 is the second application round each year. Though specific dates vary from year to year and from school to school, the application deadline can be anywhere from early November to early January. Applicants who submit applications in Round 1 usually hear if they have been admitted in mid-March.
ROUND 3
For many schools, Round 3 is the last application round. In general, a smaller percentage of the MBA class is selected in Round 3 than in Rounds 1 and 2. Though exact dates vary, the deadline for Round 3 is usually mid-March to late April, and applicants are notified whether or not they have been accepted in mid-May.
ROUND 4
Only a few schools have a fourth round of applications. This round is much more difficult to apply to, as the school has very few spaces available at this point in the application process. It is not, however, impossible to be accepted in Round 4. Depending on the school, the Round 4 deadline is usually in mid-March, with notification in mid-May.
➡️ WHICH ROUND SHOULD I CHOOSE?
You should submit your application when it is at its best. If you’re not sure your essays are ready or if you plan to take the GMAT additional times to improve your score, you may need to change which round you choose for your application. In general, we recommend students apply in Round 1 or Round 2.
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➡️ MBA REQUIREMENTS
Because an MBA is a graduate degree, you can only apply if you have already completed a bachelor’s degree. Your degree can be in any area.
Applying to an MBA program is very different from many other application processes you have likely participated in during your life. In addition to taking placement tests, you have to submit a variety of information about yourself that will be used to evaluate if the school will admit you or not. The materials you will need to submit are:
· For international applicants, TOEFL scores must be submitted.
· Official Transcripts (a record of all the classes you took and grades you received while getting your undergraduate degree).
· Translated Transcripts (for international applicants, you must also submit your transcripts in English. They must be translated by a certified translator)
· Letters of Recommendation. Depending on the school, you will need to submit from 1 to 3 letters of recommendation. These letters are usually written by your current and/or past employers and should highlight why you are a strong applicant.
· Essays. Each school has their own essay questions each year. You need to answer the questions, in English. You must respect the word count limit and should use the essay to highlight your strengths as an applicant.
· Application Fee. The actual amount depends on the school, but most application fees are about US$250. Your application will not be considered until the application fee has been paid.
· Interview. If the business school you have applied to is interested in your profile, you will likely be called for an interview. Interviews can take place on campus, via Skype, or in your hometown (if interviews are available in that location). The interviews typically take place in English, though the content and style of the interview depends greatly on the school.
➡️ WHERE SHOULD I STUDY?
Many students choose to target top MBA programs, but this does not mean that doing an MBA at an elite university is right for your career goals and profile. There are three crucial factors to consider when choosing where to apply, career goals, fit, and GMAT scores.
CAREER GOALS
Choosing a school that matches with your career goals should be your first step. If you are an entrepreneur who wants to use an MBA to grow your company, don’t focus on schools that don’t even teach entrepreneurship! Make sure you’re targeting schools that offer what you want.
FIT
Though there are a lot of theories on showing “fit” with a school, we use fit to mean that the school uses a teaching method that appeals to you, offers programs you are interested in (like study abroad), has a class size you find appealing (do you want to study with 200 other students, or 1,200 other students?) and is located in a place you think you would enjoy living in for two years. Making sure you choose a program you will like is crucial!
GMAT
Though GMAT is not the only factor admissions committees consider when looking at your application, it is important. Your score should be very close to your target school’s average score. For a list of current average GMAT scores, click here.
➡️ BENEFITS OF WORKING WITH AN MBA CONSULTANT
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. MBA consultants can help you:
Select schools
· Develop application strategies
· Choose and advise recommenders
· Develop strategies for essays
· Edit application materials
· Plan school visits
· Help you prepare for interviews
Though there are many MBA admissions consultants throughout the world, we are the best choice for applicants as we offer a unique combination of services designed not only to help you gain admissions into top business schools, but to help you with every step of the application process. Our unique services include:
· Career coaching to help you define your goals and develop an application strategy to reach these goals. If you aren’t sure if an MBA is the right choice for you, or even what you hope to do with your career, our career coaches can help you discover what you really want out of your career and will give you an actionable plan to reach these results.
· Personal branding services. Our personal branding experts draw on marketing knowledge to help you develop your personal brand. Having an appropriate and strong personal brand is essential when applying to business school, but is also something that will help you advance in your career long after you have finished your MBA.
· Communications consulting. Our communications consultants have worked with top executives in Fortune 500 companies around the world to help them define and develop their communications skills. From expressing yourself in writing to improving in speaking and presentation abilities, our consultants are on hand to make sure you’re communicating effectively, a crucial skill when writing essays, interviewing, or communicating with schools.
· American perspective. Ellin grew up in the United States and has lived over the world. She uses this unique perspective to help international students connect with American and European schools by giving them tips to avoid cultural conflicts in their interactions with the school and by helping them use appropriate and effective English when writing essays and interviewing. With business school applications as competitive as ever, this service helps our international clients stand out.
· Unparalleled service. Ellin Lolis MBA Consulting began with one mission, provide the best possible service to our clients and get them the best possible results. Serving our customers is at the core of our company, and we believe that no question is too small and no request too crazy to be answered. Applying for an MBA can be a difficult, long process, but our goal is to take away as much of the stress as possible for our clients. Whether you need help dealing with a difficult recommender or want advice on where to buy furniture in your new city, we are your partner every step of the way.
Get your application started with a free consultation, and let us help you get in to a top MBA program.
I’m Applying For An MBA But I Need More Information
What Our Clients Are Saying
Pratik Ray, Admitted to Booth, Kellogg and Ross EMBAs
João Tranquez, Admitted to MIT
Rafael Barbalat, Admitted to Emory Goizueta
