How to get into the best MBA program for you!

There are hundreds of MBA programs out there to choose from. How do you know which one to choose? This article will help you pick the right MBA program for you with practical and useful advice.

Instructions

Difficulty: Challenging

Things You’ll Need:

• Self awareness
• Commitment

1. Decide if you really want to go to business school. Some people can’t decide between law school, business school, public policy, or just working. Many people do not need to go to business school. They may have promising careers ahead of them at great companies.
2. Decide if you want a ‘top tier’ MBA. There are three types of MBA’s out there: top-tier, second-tier, and third-tier. The top-tier is a school with a good name and a good pedigree (a Harvard or Stanford). A second-tier school (a good state school) is good for someone who needs to reinforce their current career goals or who may stay in the local market for a long time. A third-tier MBA (an online or City University program) is good for people whose company pays for it and who do not expect their life to change much after they get it (maybe a small raise). Everything depends on what you want to do after you get your MBA, and how much money and time you want to put into it. I'm not trying to be a snob here. I really don't think most people 'need' a top tier MBA unless they want to do very specific jobs in consulting/banking/marketing that require it. The fact is, most the programs use the same books, cases, and materials. You probably get the best 'education' at the second-tier programs where professors like to teach full time.
3. If you decide to go to a top-tier program, read on. If you want to go to a second-tier or third-tier program, then you can skip most of these instructions. Second-tier and third-tier programs often have a GMAT as a formality and they are more interested in taking your tuition than anything. For these MBA programs, you should expect to not change your life dramatically, but they can be rewarding and interesting classes that can make you a better business person.
4. Decide what you want to do: There are only a few professions where a top-tier MBA is necessary such as investment banking, strategy consulting, and consumer products marketing companies. These careers involve a lot of money but also a lot of sacrifice. Read some books about these careers and find out if they are what you really want. If you do not want to get into these careers, then consider other options.
5. Get the GMAT out of the way. You can take the GMAT as many times as you want. I recommend reading through a few books and then taking the test to see where you stand. Don’t study for more than a couple of months for the first time you take the exam. You will need a very good score to get into a top-tier program. You will need to score in the top 3-5% to get into the very best schools.
6. If you score not-so-good and you really want to go to a top-tier school, take a course from your local Princeton Review program. They may help get your score up a little bit.
7. If applying to a top-tier program, apply to several schools where your GMAT score is pretty close (preferably above) average. Pick 1 school that is your dream school, 2 schools that you probably can get into based on your GMAT and GPA, and 1 school as a backup.
8. Once you get your acceptance letters, accept the best school. Do not be swayed by scholarships and grants if they are not from the best school. Pedigree is everything in the world of top-tier MBA’s. Having a good brand name will set you up for life. A $100K in debt is a small price to pay for the returns of a top-tier MBA.
9. If you only get into your backup school, think about deferring and applying again next year to some other top choices. Your backup school represents you ‘settling.’ Only settle if you have to. Waiting one year is not the end of the world, and it can give you time to take the GMAT a couple more times and perhaps get some more volunteer and work experience.
10. If you do not get into an MBA program of your choice, don’t let it destroy your life. There are many ways to succeed in business. You just need to find another path to your goals. Unlike medical or legal fields, you do not need an MBA to practice most businesses. If you are really good at what you do, and willing to work for it, you can get what you want in the business world.

Tips & Warnings

• Pick your references well. Ask them what they will write before they write. Give them ideas and prep them as much as possible.
• Once you know your GMAT score, now you know what MBA programs you can get into. It is unfortunate, but the GMAT score is pretty much the determining factor for 99% of students, unless you have lived an amazing life starting a $50 million company on your own or something. The interviews and the essays are mostly a joke, and basicly exist to give administrators a feeling of control and just make sure you are not a total ass (even then, being a total ass may help you get into schools like Dartmouth or Cornell).
• Forget grades! Grades don’t matter. Just don’t fail out of the program. Most programs have a liberal gentlemen’s C that you can count on. Focus on getting the internship during the first year, and the job offer during your second year.
• If you are an entrepreneur at heart, don’t waste your time on getting an MBA. All you need to do is read some startup books and build a business from the ground up. Getting an MBA can set back your dreams of entrepreneurship significantly by burdening you with debt. Getting a top-tier MBA can also set you up with the golden handcuffs, which are certain $$ lifestyles you’ll get used to that will make it hard to leave it all and start your own business. In the end, you won’t learn anything in your MBA program that you can’t learn on your own.
• Most top business schools are obsessed with their ‘rankings’ by major publications like BusinessWeek and US News and World Report. The best advice I can give is to decide what you want to do and what company you want to work for, and then find out if that company (or its competitors) recruit at that school.
• If you are married and you go to a prestigious MBA program, realize that there are a lot of divorces in graduate school. People in MBA programs are particular aggressive and are used to ‘getting what they want.’ Strive to keep your spouse happy and do not let yourself be seduced by the drunken teammate who throws him or herself at you. When it is all over and done with, you’ll be happier and more satisfied with the experience if you kept your life together.
• The more prestigious the program, the less challenging the coursework will be (and the less you will learn). Harvard and Stanford (and the rest of the top 7-10 programs) are notoriously easy, since most of the students and professors are all the top of the smarty-pants (and lucky) game. The bottom of the top 20-30 schools will be harder, as the professors often have a chip on their shoulders and the programs feel like they have something to prove.
• Be warned. Most people in full-time MBA programs are going through a midlife crisis. Many will be trying to reclaim their college years and do a lot of partying and drinking. So just realize that most of these clowns are being funded by trust funds and wealthy families. If you don’t have this kind of backing, you are going to be stuck with some hefty loans when its all over, so keep your head on straight and focus on the internship/job search.
• Half the value of a top-tier MBA is the friends you make. Don't be a loner, a jerk, or a snob. There is no return for you for this behavior. Remember, you're not there to learn. You are there to network. You never know who in your class is going to be useful to you in the future, so try to be friends with everyone.