Are you ready for an MBA? Just wanting the degree is not enough. The strongest candidates competing to gain admission into graduate business schools are very focused on their intended career paths; they are reasonably clear about what is needed to get there and what it takes to be successful. Are you one of those people? Can you compete favorably in such an applicant pool?

The MBA is a professional degree designed for people who need formalized training across the business disciplines, to capitalize on one or more specific areas of business. The length of the MBA program is too short to provide you with sufficient time to discover an affinity for a particular business profession while in school. Therefore, business school admissions counselors expect to see evidence of your professional interests to ensure that you will take full advantage of the MBA.

Here are a few sure signs that you are not ready for business school:

• When asked about post-MBA career aspirations, you give vague responses such as "I want to manage people" or "I want to be in management" and are unable to be more specific. Understand that the MBA admissions environment is very competitive. That is, there are more would-be MBAs than seats available in MBA programs. If you cannot articulate why the MBA is the right step for you now and you cannot relate your goals to the strengths of a particular program, it's most likely that your competition can.
• You do not have a clear idea what you will do with an MBA. Experience has shown admissions counselors that candidates without clear goals at the application stage are not likely to have clear goals by the time MBA graduation nears. Although you may indeed adjust your original plan while in business school, having that original focus is the key to challenging your assumptions and exploring an MBA field in depth. Therefore, regardless of academic potential, candidates who lack specific goals do not compete favorably against candidates who have both solid academic skills and career aspirations.
• You appear to be avoiding the job market by buying additional time in school ... "I'll determine what I want to do after I get there." Not only is this an expensive way to think about your future, but also you are missing a major point: you should choose a school because it matches your specific academic and career interests. All programs are better at some things than others; what selection criteria are important to you?

Most successful people in the business world enjoy telling their stories about how they got to where they are today—the educational and professional paths they took to their current positions. One of the best ways to prepare yourself for potentially interesting careers is to talk to people who are doing the type of work you might want to pursue.

If you have not already done so, you should begin to develop a network of professionals who can counsel you and offer assistance as you consider and apply to programs, attend business school, and finally start your MBA job search. By the time you graduate, individuals in your network will have had time to get to know you and may be able to create opportunities for you in the job market. (According to Adams Job Interview Almanac, 86% of all jobs are found through networking.)

An effective tool to use as you develop your network is "informational interviewing," the process of arranging informal meetings with business professionals to get information and advice on possible career paths. With informational interviewing-especially prior to business school and in the early stages of MBA studies-you are not under any pressure to sell yourself as you would be in a job interview. Rather, you are simply using the meeting as an opportunity to ask questions about a professional's job responsibilities, industry, and experience as a way of gaining insight into your intended educational and professional path. Informational interviews will provide you access to professionals who may be unwilling to talk to you as a job applicant but be happy to share their experiences and offer advice as you move through the MBA process.

From informational interviews, your goals are to determine:

• if the career path you were considering still seems appealing to you after learning more about it;
• if an MBA seems essential, or at least helpful, to people in your potential career path;
• whether a particular type of prior work experience or MBA internship seems important;
• what gaps exist in your background, experience, or training that could prevent you from achieving your goals;
• if there are ways to enter your chosen field without an MBA;
• what expectations and preferences employers in a particular industry may have; and
• how to fine-tune your career plans and related school objectives.

You should begin your informational interview by briefly (in 90 seconds or less) summarizing your background and explaining why you are interested in the particular field. Good questions you should ask include the following:

• What are your primary responsibilities? How do you spend your time? How do you value/measure your results and effectiveness?
• Why do you enjoying working in this job function? industry? company?
• What is your education and career background? What would you do differently if you were starting over?
• What are the most valuable skills in your job? Which experiences enabled you to develop these skills?
• What weaknesses in a person's skill set would be crippling (make someone ineffective) in this business?
• How do you maintain your skills (stay current)? What do you read? What professional associations do you belong to? What seminars or continuing education do you consider useful? What are some of the ways I can become familiar with the industry jargon?
• What career expectations do you have in the near-term and long-term?
• What have been your biggest surprises in this field?
• What motivates you to continue in this business? What do you like most?
• What are the vulnerabilities (potential hazards) of this business? What worries you?
• What do you expect of people starting out in this field? What educational and personal qualities in candidates attract you? How do you determine a candidate's compatibility for the realities of this field, including education, personality, and cultural considerations?
• What biases does this business have (barriers to entry) in terms of hiring practices?
• If you were in the job market tomorrow, what would you do?
• What strengths and weaknesses do you see in my current background? What kind of job responsibilities could I expect with an MBA? Without? (Listen carefully; don't argue with the answers you hear.)
• Can you recommend others I can talk to about this field? (Do not push, if the person does not give you additional names.)
• Is there anything else you think would be helpful as I consider this field?

1. When making appointments for informational interviews, be sure to tell your contacts how you got their names and why you hope they will be willing to talk to you. Remember: You are meeting people to help you determine your compatibility with the realities of the job/industry and to determine whether an MBA degree is a logical step for you to enter the field.
2. Send a resume in advance, so your contact knows something about your background prior to the meeting. Confirm the meeting time and promise not to take more than 30 minutes. Do NOT ask for a job during your meeting. Keep your promise.
3. Send a thank-you note after your informational interview is over. Keep the person posted periodically of your progress, such as after you talk to one of his or her contacts, after you make the decision about where to submit MBA applications, and after you receive offers of admission.

Now, evaluate the financial implications of obtaining an MBA. Investigate this potential investment as you would any large investment of time and financial resources. Graduate school education is likely to be the most substantial investment you will ever make in yourself. Given that 70% of MBAs borrow funds to pay for their education, ask yourself whether you are willing to make a similar commitment. How much is an MBA worth to you?

• Tuition required to complete the degree. Multiply the tuition per term by the number of terms or semesters required for graduation. This may eventually be offset by scholarships, which are based on your relative competitiveness to the entire applicant pool at a school. (NOTE: If you are planning to study outside your country of citizenship, your associated costs will be higher. Scholarships may not be available to you, and your ability to borrow might be severely limited both in your home country and in the country where you wish to study.)
• The "opportunity cost" or lost income for the duration of the program. Weigh lost income against improved job flexibility and the ability to return to the job market later at a potentially higher salary. For example, part-time programs enable a full-time work schedule but, in most cases, they take longer to complete than full-time programs. In a full-time program, you lose income for the length of the program, but you may earn an MBA salary twice as quickly.
• Loan interest and principal repayment schedules.
• Relocation expenses and differentials in living expenses (if applicable).
• MBA school search and job search expenses (including application fees, campus visit costs, and costs of corporate networking visits).

• Increased marketability with an MBA. The degree opens doors to a range of employment opportunities across industries. In addition, most MBA programs teach you how to increase your marketability. (NOTE: Though an MBA is no guarantee of obtaining your dream job months down the road, what is it worth to you to increase your chances?)
• The expected post-MBA starting salary. Remember, if you use average post-MBA numbers, no one MBA employee is really the average. Your compensation will vary based on your personal background; the economy at time of graduation; the location, function and company you choose; and other factors.
• Imagine salary expectations and promotion possibilities over the course of about 30 years. The MBA degree provides a foundation for upward mobility and expanded management responsibility.

• Do I already have a functional or industry specialty? (If you have five or less years of experience, perhaps a full-time program with room for electives would help to develop that specialty. If you have significant work experience-more than five years-and plan on continuing in that specialty, perhaps a generalist's approach to an MBA will round out your knowledge.
• Do I need an MBA to develop a functional/industry specialty?

• Am I a career enhancer (plan to continue in my current career path) or career switcher (plan to change job functions)?
• Is an MBA required (or just helpful) for me to advance in my field or company?
• What (if any) are the built-in biases of my industry/employer with regard to my choice of programs?
• Will I need job assistance, counseling, or access to campus interviews?
• Am I hoping to transition into a completely different job function or industry?

• Could I handle a full-time workload and full-time course load?
• How do I define work/life balance?
• Do I plan to stay with my current employer during and after the MBA?
• Is it important that the school offer peer groups of people with my interests and experience level?
• Will I want total immersion (learning activities outside of class and network of people)?
• What kinds of learning environments work best for me?
• Can I relocate?
• Am I reasonably sure that the MBA is my ideal next step?
• What biases exist in my targeted industry or company that could affect my choice of program type?
• Am I ready to assume the responsibilities of an MBA-level position?

• Do I need to maintain full-time employment during the day?
• Am I company-sponsored?
• Do I need financial aid (scholarship/loans) or just prefer it?
• Do I need to spread the cost of an MBA out over as many years as possible to minimize borrowing funds?

Only after a careful self-analysis of the factors discussed above should you look at specific schools-and only those with the type of program you need. Some of the differences in types of MBA programs are described in the following pages. This list will help you eliminate business schools with limited program offerings relative to your goals. Consider your self-analysis, and then question the differences in curriculum, length, and delivery among the following types of graduate management programs:

• Look at the typical applicant pool at each school that interests you. Remember that no one person is exactly the "average." The average MBA applicant is not a summary description of any one person. If an area of your background is weaker than average, do you have one or more strengths to compensate? If so, stress them in your applications.
• Consider at least one dream school in addition to schools where your credentials meet or exceed those described in a school's typical applicant pool.
• Remember that in a competitive application process, you must use your personal judgment to determine which schools are worth your investment of time and money.

• "As a prospective MBA studying [concentration] with an interest in [industry/field/function], why might I want to look at your school?"
• "What parts of the application do you weigh most heavily?"
• "What's the student culture really like?"

It is important to give some details about your background and/or interests before seeking information from a school representative. Do not ask vague questions like: "Why should I come to your school?" or "What are my chances for admission?" And do not expect a school representative to talk you into applying to their school. Why?

First, no one can give you effective advice unless they know something about your goals. Each admissions professional is aware that their program has strengths and that it is not ideally suited for everyone. Second, admissions staff are not there to make decisions for you. They seek to tell you the realities of their programs in the most positive way possible, but ultimately, the final choice about where you go to business school will be up to you, assuming you are admitted. If you are unable to attend a recruiting event, there may be other ways that you can meet with admissions staff. Consider making campus visits. Or, contact the admissions office directly to learn of other opportunities .

• Pay attention to the average enrollment in core classes. Typically, the number of students in core courses is much higher than in elective courses. Some schools with large enrollments attempt to counteract the larger classroom size by assigning students to smaller work groups. While it is easy to determine the average class size in core courses, it is more important to focus on access to faculty and structure of learning.
• Can you exempt any required courses? How are exemptions determined, and how do they affect program options?
• How much input do you have in how your classes are sequenced? This question may be important if you hope to take at least one elective in your concentration during your first year. Generally, core classes are prerequisites to subsequent courses in a discipline. This issue has major implications for how quickly you can develop a functional specialty and be competitive for MBA internships. (For example: Someone pursuing a marketing concentration may need a class in marketing research to secure a research internship between years one and two of a program.)
• What does the school view as its strongest curricular attributes? Are there one or more areas in which the program specializes? Or, is it a generalist's school (with academic strengths balanced across functions such as finance, operations, marketing, human resources, and technology)?
  

• How many electives are offered? Are they offered every year? (NOTE: Be careful of course listings that include courses that have not actually been taught in several years.) If there is a particular course that greatly interest you, will it be offered while you are enrolled as a student?
• What are average enrollments in elective courses? What is implied about the access to faculty and structure of learning? Is the reality consistent with the school's promotional literature?
• Under what circumstances and how often are courses cancelled?
• What are options for concentrations of study? Are there any special topics, add-on concentrations, or emphases that you should pursue, given your goals?
• When do you need to declare a concentration? Do you get scheduling priority for courses in your concentration? Can you have more than one concentration?
• Are there ways in which the curriculum is flexible, such as independent study or customized concentrations? Can you a take a course outside of the business school but within the larger university for MBA credit? Can you transfer any credits from previously earned coursework?
  

• How does scheduling or class registration work? By open enrollment, a lottery system, or some other method? What are your realistic chances of getting spaces in classes as you need them?
• When are course schedules finalized? Can you change your schedule? How, when, and under what circumstances? How does drop/add work?
• What is a typical course load? Can you increase the number of courses beyond what is suggested for a term? What is the credit-hour limit per term, semester, or year?
• Is there a minimum enrollment number for a course not to be cancelled?
• Is there an academic advising system?
• Are course syllabi available in advance of course registration deadlines?
  

• the MBA program's balance of quantitative and qualitative material;
• the school's teaching or grading style within the program: Is it uniform or left up to each faculty member;
• the forms of feedback that are formalized between students and faculty, and if teaching and course evaluations are utilized; and
• how group work is viewed and measured.

1. Research: A good part of a school's reputation and ranking may relate to its reputation for leading-edge research, the argument being that teaching is therefore more relevant and timely. At some schools, faculty members are required to publish in scholarly research journals and books. This sometimes translates into less time for students. Nonetheless, this focus on research may help students by improving the value and reputation of the MBA program or by strengthening ties within industry that lead to jobs for graduates.
2. Teaching: Some schools put more emphasis on teaching quality than on faculty research. Some faculty are drawn to schools where they are not as pressured to publish because teaching and developing rapport with students are more important to them. Although they do not help the school directly acquire more fame in academic circles, these faculty members can create a rich learning environment for the students.
3. Balanced Approach: Some schools adopt a balanced approach, assuming that high quality research leads to highly relevant teaching and that both deserve equal weight. Students may get involved in the research interests of one or more faculty, enjoy extensive interaction in class, and occasionally see their faculty in the academic or popular business press.
   
   The faculty/teaching ratio is the most widely publicized statistic related to faculty. (The raw number of faculty members is not the critical piece of information.) A ratio of 15:1 implies that for every 15 students, there is one faculty member. NOTE: These ratios, like other statistical data can be misleading. Make sure you ask the following:

• Where did the numbers come from?
• What degree-seeking students are included in the student headcount to comprise the reported ratio? (Does the number include MBAs only or undergraduates and other graduate students?)
• What is the total number of faculty who strictly teach MBAs? Faculty members who teach MBAs only are going to provide different levels of service than ones teaching undergraduates or various other master's programs. Considering your learning style, how much faculty interaction do you expect? If you had a low student/faculty ratio, would you take advantage of it or not?

• What attracts faculty to your school? What keeps them there?
• Are the faculty members known for their academic research, teaching quality, accessibility to students, prior industry experience, or a combination?
• Considering your business goals, are there well-known researchers at business schools you are considering who study your specific field of interest? If so, at what schools? (Examples include buyer behavior, overseas investment markets, supplier management, and corporate ethics.)
• How active are faculty members in professional associations and in the professional world?
• How does that reflect on the MBA program and students, if at all (e.g., through student-run clubs and discussion groups and placement advising)?
• Does the program encourage students to access faculty offices? Are there teaching awards, how many, and are students the judges? Look for evidence of faculty expectations.
• How are teaching evaluations utilized?
• What's the recent tenure history?

• Salary statistics of recent classes usually are reported by functional area, industry, geography and average experience. Understand that not all statistics are relevant to you-you are not the average. Investigate how graduates from a particular school have done in your planned field, in your planned geographic area (if relevant), and with your prior experience.
• Consider geographic differences in terms of economies and cost of living. Make sure you adjust numbers accordingly.
• Make sure you know what percentage of the class reported offers, how the statistics were calculated, and at what point in the year. Students with the most attractive job offers are usually more likely to report voluntary information for the record. Remember that earning an MBA does not a guarantee you will earn the same starting salary two years from now as someone with similar credentials today. The economy when you graduate could be very different.
• Use placement statistics for broad ideas, not absolute expectations, of your potential income with an MBA.
• Realize that there is not full employment in the world job market, so it is not likely that any business school can ever say 100% of the class is placed at any one time. Find out what placement assistance schools offer for graduates who are not yet placed by graduation. What services are provided for alumni?
• Are placement services geared toward counseling, campus interviewing, or both? What programs does the placement office provide and for whom? This includes education/workshops, interviewing, personal counseling, mentoring, etc. (Watch for limitations to candidates who are not in full-time MBA programs.)
• Ask for evidence of alumni who do the kind of work you plan to pursue. You may get access to this information only after receiving a formal offer of admission, but you should be looking for evidence through the statistics and alumni profiles in admissions publications, etc.
• What are students' perceptions of the placement staff? What are the experiences and philosophies of the staff? Do they have MBAs or industry experience? Do they have a strong history with alumni? How well do staff members get to know individual students?
• Do faculty get involved in placement activities? What is the prevailing opinion of faculty about learning for learning's sake and learning for job enhancement?

• What are the typical profiles of candidates awarded scholarships? Are scholarships awarded based on applicants' test scores, grades, experience, financial needs, or some combination of factors?
• What is the awarding philosophy of the school (Are awards based on merit or need or a combination?)
• When do you need to apply for financial aid? Is it with the application? When are award decisions made? Are they made with application decisions or later?
• If you do not receive an award before enrolling in the program, are there chances for awards later based on your performance in the program?
• Are there other forms of financial help through graduate assistantships, fellowships, or work study? What MBA internship opportunities exist? How many hours can someone reasonably work per week during school?
• What is the average debt at graduation for students at the school? What percentage of students are awarded some form of aid? What percentage even apply for it?
• What is an average financial aid award?
• If you are looking at a school outside your home country, will there be different requirements or considerations?

• Is this a personal decision or a family one? If its a family effort, what special needs might your family have? Would a spouse need to relocate a job? What are local market prospects? Is there a school-run organization to help spouses/families? How will your decisions affect those closest to you?
• Do you want to study in your home country or go abroad? Do you want to stay locally, within your region, or try a new location?
• What do you need out of the location (college town versus city, convenience/access to services, safety, cost of living, etc.)?
• How might the local business community be an advantage/disadvantage? (Consider the school's access to local speakers, availability of local internships, local companies for class projects, etc.)
• Keep in mind that MBA students, like all high achievers, are inherently competitive. What is the prevailing culture and what are the prevailing personalities of the student body, staff, faculty, and alumni? Look for examples of how competitive and collaborative behaviors are fostered. This is important, since you will learn as much from fellow students and others as you will from attending class. Assess how you can best capitalize on the school's diversity in its broadest sense .

1. GMASS is completely free.
2. GMASS will help in your process of researching MBA programs.
3. GMASS will help schools find you.
4. GMASS may broaden your horizons to include programs you may not have otherwise considered or even known about.

• Personal Information: including ethnic background, gender, state of permanent residence, age, full-time work experience, and citizenship/permanent residence.
• Geographic Information: including zip/postal code (U.S. only), state/province (current residence), country (current residence), and world Region (current residence).
• Educational Background: including undergraduate GPA (if applicable), undergraduate major, educational experience, TOEFL Score (if applicable), and date of undergraduate college graduation.
• Educational Objective: including intended area of concentration, intended graduate study, degree objective, preferred region of U.S for graduate study, and planned date of enrollment.

The above questions then become the search criteria schools use to locate potential applicants that they are interested in. When an authorized business school admissions professional accesses GMASS, he or she will enter specific search criteria (using the categories described above). GMASS will then take the criteria the admissions professional selected and generate a list of test takers that fit the criteria. If your answers to the above questions match the admissions professional's criteria, your name and address will be included in a list sent to the searching professional.

The mode of communication a school uses varies. You will most likely be contacted by mail with a packet of information from the school performing the search. Packets of information may include complete program brochures, view books, applications, program overviews and/or fliers. If you are not interested in the materials sent to you, simply throw them away.

The MBA Forums^® are convenient, informal places to investigate aspects of a graduate management education. Since 1975, the MBA Forums^® have brought over 275,000 prospective students in contact with MBA programs. Last year alone, in Asia and North America, almost 17,000 prospective students registered for the forums and over 260 schools participated in at least one of the forums. The forums offer an opportunity like no other. They provide a venue for you to:

• Have personal contact with representatives of graduate business schools from around the world.
• Talk to MBA students and alumni about their lives and careers.
• Demystify the admissions and financial aid process.
• Gain valuable insight into the multitude of options that lie before you through special workshops held before the Forum floor opens.

It's all in one day, held in various cities around the world.

The MBA Forums^® are convenient, informal places to investigate aspects of a graduate management education. Since 1975, the MBA Forums^® have brought over 275,000 prospective students in contact with MBA programs. Last year alone, in Asia and North America, almost 17,000 prospective students registered for the forums and over 260 schools participated in at least one of the forums. The forums offer an opportunity like no other. They provide a venue for you to:

• Have personal contact with representatives of graduate business schools from around the world.
• Talk to MBA students and alumni about their lives and careers.
• Demystify the admissions and financial aid process.
• Gain valuable insight into the multitude of options that lie before you through special workshops held before the Forum floor opens.

It's all in one day, held in various cities around the world.

The following is a list of site locations and dates for the October 2001 MBA Forums of the Graduate Management Admission Council^®.

The following is a list of site locations and dates for the November 2001 MBA Forums of the Graduate Management Admission Council^®.

Other Forum Vendors

Each admissions professional is charged with making the best possible selections from a large pool of applicants for a limited number of spaces in a class. Consequently, applicants have a critical responsibility to articulate their goals relative to a particular program's strengths. Just because you appear to meet a school's minimum qualifications, you are not guaranteed admission.

Not all MBA schools or admissions professionals have the same set of objectives or processes. In general, most admissions professionals believe that their role is to evaluate candidates' potential MBA success (both academic and professional) against the strengths, limitations, content, and culture of their MBA programs.

Factors such as academic record, recommendations, and work experience are used by most admissions professionals to judge your potential for success in their programs relative to their overall applicant pool. Before you submit your applications, ask yourself once again the following questions:

• Is this really the best time for you to go to business school?
• Is your career limited to your current level without an MBA? Do you really need an MBA to move up in management?
• Do you need more time to develop your skill set, build more experience in your field, or save more money for school?
• Are you approaching the level of experience that limits the financial leverage provided by certain types of MBA programs?

You will never have a full understanding of a school's current applicant pool. You can, however, look carefully at whatever historical information is published. Beware of statistics, and understand that numbers can be deceiving. When a school accepts 33% of its applicants, for instance, you do not necessarily have one out of three chances of gaining admission. Your credentials may be strong enough that you have a very good probability of acceptance, or they may be so weak that you are unlikely to gain admission.

Your chances of being accepted may also be affected by when you submit your application. Generally, earlier is better. Before preparing your application, compare the published student profile against your own GPA and GMAT, education, work experience, and accomplishments. You may need to address one or more of these areas in your application.

The steps that you should take to apply effectively to MBA and other graduate management degree programs include:

Applying to MBA programs is neither quick nor simple. The entire process may take six months or more before your planned enrollment date. Most prospective MBAs take at least a year to get through all of the stages of self-assessment, information gathering/school research, test preparation, saving and budgeting, submitting applications, satisfying prerequisite course requirements, and enrollment.

Your final list of schools should include at least one in which you seem more than qualified as a potential applicant based on your work experience, test scores, and GPA. Any program to which you apply must be one that you would be willing to attend if offered admission. There are no guarantees of admission-as it is a competitive process.

Following are more suggestions to help with the application process:

Your relative success in gaining admission may be affected by when you submit your application. It is always in your best interests to apply well before deadlines. In doing so, your application is likely to be given more time and consideration, because it will arrive before the majority of other applications. Early submission will demonstrate a serious interest in the program and reflect your good planning skills.

Applying early may also increase your likelihood of receiving scholarship money. While these strategies do not guarantee success, you will have more time to recover and plan if your request for scholarship funds is rejected.

Problems may arise during your application process, such as transcripts or recommendations not arriving as expected. By submitting your application early, you are allowing time to address those issues and not miss deadlines.

It is important to find out what coursework (if any) is required prior to starting a particular program. Most business schools accept applicants from a wide range of undergraduate backgrounds. It is not uncommon, however, for schools to request that specific coursework be taken prior to enrollment to address deficiencies in your academic background in areas such as mathematics (e.g., calculus), computing technology, and/or statistics. Keep in mind that curricular prerequisites at most schools are a condition of enrollment, but not admission. In other words, you could be offered admission conditional upon completing certain courses prior to the first term.

Take steps to complete prerequisite coursework early in the admissions process and before your planned enrollment date. Be proactive. If your quantitative skills are weak, take courses in calculus or other quantitative topics to strengthen your skills and improve your application. You know best what your weaknesses are. Do not wait until you are offered admission to take supplementary coursework. Chances are that most schools on your list will have similar prerequisites.

Your investment in the MBA starts with the application process. Application costs, time, and effort effectively help to reduce the total number of schools to which most prospective MBAs ultimately apply.

Possible costs that you should factor into your application budget are:

• application fees (ranging from US$40 to US$200), including money for submissions using various web services or CD-ROM programs;
• testing fees, test preparation materials, and other miscellaneous costs;
• transcript request fees;
• phone calls;
• travel expenses for recruiting events, interviews, or campus visits; and
• postage or express delivery services.

To demonstrate your relative competitiveness within a school's applicant pool, you must present evidence of your potential to succeed. Following are the criteria most commonly used in the selection process of business schools. Be aware that not all schools will require all of the admissions criteria described in this section. It is imperative for you to read each school's application instructions carefully.

Applicants to MBA programs must possess an undergraduate degree. Unlike many other types of masters programs, the MBA does not have a standard or preferred undergraduate major. Candidates come from a wide variety of undergraduate and graduate studies, including engineering, fine arts, liberal arts, life and social sciences, business, and teaching.

Every school wants students to succeed academically in their MBA programs. Therefore, admissions representatives will review your academic record to predict future performance. Most schools consider all aspects of your academic experience including:

• your choice of undergraduate institution (including consideration of the competition you likely faced while in school);
• the difficulty of the degree/major requirements (and the competition you likely faced in classes);
• your grade point average (GPA), both cumulative and within major;
• the trends in your grades from term to term (e.g., as you progressed in your chosen major, did your grades improve); and,
• any post-undergraduate endeavors you undertook.

A strong academic record generally indicates a person's maturity and disposition toward academic pursuits as well as the discipline and drive developed over a four-year span of time. Ideally, both academic measures in your MBA application-GMAT and GPA-should be strong. If one is weak, the other needs to be strong enough to compensate. On balance, the academic portion of your application should be competitive for the schools you have selected. Be prepared to explain if your undergraduate record was less than stellar.

If you have earned a graduate degree or have taken post-undergraduate courses, your performance will also be considered when assessing your academic abilities. Because this coursework is more recent, it may be deemed a more realistic measure of your aptitude and maturity as a prospective student. You will be required to provide transcripts of course work from all colleges you have attended.

When applying to programs outside of your home country, be aware of the differences in education systems and whether your education meets the minimum requirements of the business schools you choose. This applies to both conversions of grading systems and the number of credits earned. For schools in the United States, all records must be submitted in English. If your institution does not provide records in English, original language records may usually be submitted if accompanied by a notarized English translation. Whenever you are unsure what to provide in order to meet application requirements, ask the individual schools directly.

Business schools are significantly different from other graduate professional programs in their expectation of work experience. The average age of a first-year MBA student is 28. Ten years ago, the average age was 25. Corporations have been the driving force behind an older, more experienced, first-year MBA student class because most jobs for which they are recruiting require significant leadership experience. As such, significant leadership experience has become an MBA prerequisite. Although, business schools vary in their expectations for work experience, most require a minimum level of post undergraduate experience.

Beyond the corporate demand for MBA candidates with full-time experience, an MBA program draws from and builds upon the past work experiences of its students. Generally, schools only count full-time, post undergraduate work experience in their calculated "average work experience for the entering class." Summer internships and part-time work may expose you to the business environment, but they do not provide sufficient experience, responsibility, or accountability. Because MBA courses rely heavily on class participation and group work, the less experience you have, the less you will be able to contribute. Therefore, you may not be viewed as strongly as a candidate with similar academic credentials but more experience.

Although the professional training of an MBA program is theoretically for business, your prior work experience (like your eventual job) may or may not be in a corporate setting. Remember that business schools accept a wide array of students with varying academic and work backgrounds. The most critical elements you must demonstrate in your experience are progression, results, and evidence of how your experience has influenced your current MBA goals. Your past accomplishments at work will be used by admissions professionals to predict your future academic performance and career longevity. You should always be prepared to discuss your accomplishments through work experience in admissions interviews and essays.

In measuring the value of your experience, admissions professionals will look carefully for evidence of results and accomplishments. While evidence of leadership, project management, and other "management" skills are helpful, make sure that your application materials (resume or work summary) focus on the results of the activities rather than the activities themselves. Also, admissions professionals will expect to see a correlation between your current career-related interests in an MBA and your prior experience.

The quantity (years and types) of experience required or encouraged varies widely from school to school. If the quality of your experience is good, the quantity of it may not be as important. If, for example, you have reached a plateau in your job or field because you lack an advanced degree but show that you have gained significant leadership skills, the length of your experience becomes less important. However, if the quantity of your experience is greater than the quality (e.g., varied experience, but frequent job changes), the experience you have may be considered weak.

If you do not have full-time work experience, your options for applying to business schools will be limited to those schools who do not have absolute requirements for work experience. However, these schools will still expect to see strong internship experience (i.e., more than one summer). Again, most business courses draw from and build upon the work experiences of the class, and MBA recruiters expect experience for entry-level positions. To make a wise choice about whether to attend business school without significant full-time experience-even if you gain admission-you should inquire about placement statistics or profiles of graduates without experience.

Ask the following questions:

• What kinds of employers recruit MBAs without work experience from an individual school?
• What kinds of jobs are held by MBAs without work experience and are those jobs that would interest you personally?
• What was the placement rate (timing and average salaries) of MBAs without experience compared with MBAs with experience?
• How does the average number of employment opportunities (offers) extended to MBAs without experience compare to MBAs with experience?

Because business schools want to receive a consistent overall impression of the candidates they are considering, references are important in confirming or augmenting your credentials, strengths, and aspirations. Meaningful recommendations should contribute specific information that demonstrates your ability to excel in both the MBA program to which you are applying as well as your ability to succeed in a business or professional career.

When selecting individuals to write recommendations on your behalf, choose a good cross-section of people who can vouch for your dependability and who know about your plans for MBA study. These people may include employers, colleagues, associates, and peers. Please note that academic references usually do not meet this requirement. Because many schools require work experience and rely on its quality and quantity as a major factor in admissions decisions, you would benefit more from industry references.

Understand that references are valuable only to the extent that they provide insight into your relevant professional skills. If you have concerns about asking your current supervisor to serve as a reference (that is, if you hesitate to let your employer know this early about your plans for an MBA), consult the admissions staff. Avoid references that have important sounding job titles but do not know you or your work.

Make sure you understand each school's policy regarding recommendations. Each program requires a specific quantity-typically two or three. Do not exceed that number without prior agreement from the admissions staff. In this case, more is not considered better.

Interview policies vary from school to school. Be sure you understand how your interview will be used in the selection process. Some MBA programs require an interview as part of their evaluation of your application for admission. Others grant interviews by invitation only, while still others will not grant interviews at all. Even if an interview is not required, it is a great way to learn about the school's environment, facilities, students, and faculty-especially when in conjunction with a campus visit.

When an interview is required as part of the admissions process, the school is looking for additional insight into you as a candidate. Be prepared to market your strengths and address your weaknesses, especially as compared to their published applicant pool. Some MBA programs require an interview either in person or on the phone. A personal interview is generally recommended because you can develop rapport, demonstrate your interpersonal skills, get more feedback (especially if an on-campus interview) to help you determine fit, or simply to convey your degree of seriousness.

Mandatory interviews are a strong hint that the program is concerned with what personal strengths and contributions you can offer; that they are measuring your interpersonal skills; and that cultural fit is relatively important in the admissions decision.

We recommend that you schedule a campus visit to fulfill your interview and gain first-hand information for an informed decision later on. A person who takes the extra time/money to visit a campus is demonstrating a serious commitment to the program. The responsibility for making arrangements to interview is yours. Make sure you schedule your appointment early enough to complete the application and meet the school's deadline.

When an interview is used as a marketing tool, it is usually optional. An interview is a good way for admissions professionals to educate you about the merits of their programs. Keep in mind that the meeting is still an interview and an opportunity to make a good impression.

Interviews that are optional or recommended may be used to gauge your interest level. Take advantage of the opportunity. Some programs will grant interviews by candidate request. If this is the case, you should take advantage of the opportunity to sell yourself and to get valuable information first-hand.

Some schools only grant interviews by invitation-often because they are looking to clarify aspects of your application. During the interview, watch for early signs about what their concerns are. Or, ask what piqued the admissions office's interest in your application. Schools that interview by invitation tend to be highly selective schools with very tough admissions requirements and very large applicant pools.

Some schools will not grant interviews at all. These programs tend to have very large applicant pools and have neither the staff nor the time to interview all potential applicants.

Whenever you have contact with the admissions staff, you should always consider yourself on an interview-whether you are meeting staff, students, professors, or alumni. Further, regardless of whether an interview is part of the admissions decision, you should begin making the right impression immediately. Building a network with your potential MBA alma mater cannot hurt you. Whenever you interview and for whatever reason, remember that you will make an impression (good or bad) and that you may be evaluated based on that impression.

Most schools will require you to submit an essay with your application. The essay is your opportunity to present a clear picture of yourself, providing the admissions committee with a good idea of your motivation, ability, and written communication skills. Generally, you should articulate how attributes of the school align with your abilities and interests. This will demonstrate that you have thoroughly researched their offerings and compared them to your interests.

Specifically, you should explain your interest in pursuing a particular course of study within the MBA program at the school to which you are applying, as well as its relevance to your post-MBA plans for career. Remember that the admissions committee does not know you. Information about you that is obvious to you or your friends will not be obvious to admissions professionals. Draw the parallels-do not make assumptions that items in your background are obvious to the admissions committee.

Essays should:

• answer the questions requested;
• be reasonably specific;
• address the particular school and program in question;
• be concise (stay within the word limit);
• reinforce the other pieces of your application; and
• pay close attention to content, delivery, and grammar.

Of the 1,500 graduate management programs worldwide, 1,100 use the Graduate Management Admission Test^® (GMAT^®) and more than 800 require it. The GMAT measures basic verbal, mathematical, and analytical writing skills that are developed over a long period of time. It is specifically designed to help graduate schools of business assess the qualification of applicants for advanced study in business and management. Your GMAT score is only one predictor of academic performance in the first year of graduate management study.

The GMAT does not measure every discipline-related skill necessary for academic work, nor does it measure subjective factors important to academic and career success-such as motivation, creativity, interpersonal skills, and study skills. Likewise, it does not predict the discipline or diligence developed over a four-year span, as would a measurement such as GPA. Find out from individual schools how GMAT scores will be factored into the admissions decision.

Some schools require minimum GMAT scores. Other schools only have minimum score requirements for certain sections of the GMAT. Know the minimum standard at a particular school, if it exists, so that you do not waste time submitting an application to a school that immediately will disqualify you.

Many schools emphasize certain sections of the GMAT more than others. For example, many schools have noticed and documented strong correlation between the GMAT quantitative score and performance in certain core MBA courses. In these cases, the GMAT is considered a strong predictor of ability to perform and compete against your colleagues in the MBA class. You should ask admissions representatives about the typical verbal, quantitative, and analytical scores for admitted applicants at your school.

People often take the GMAT more than once. Many schools will consider your best score rather than your most recent score, but you should check with the individual school regarding GMAT policy and multiple scores. If you feel that you could improve your GMAT score, consider re-testing only after additional preparation. If you do increase your preparation, you should not expect a higher score. If you are denied admission and have been told that your GMAT score was not competitive, you should prepare more thoroughly or perhaps even try a different method of preparation.

By matching your goals (academic, career, and personal) to the school you are applying to, you will become a better, more confident and focused applicant. You will increase the likelihood of getting into a program where you have the best chance of maximizing the value of your MBA degree. Following are additional ways that you can enhance your application:

Use every opportunity (essays, interviews, follow-up correspondence, etc.) to showcase your strengths. Demonstrate your fit with the strengths of the school. Explain what you will contribute to the program and your class in addition to what you hope to gain from them. To best determine your most positive attributes, talk with those who know you well and to your intended references. Pay attention to what they tell you. Their insight may help as you write your essays and prepare for interviews. There must be agreement between what you highlight as positive attributes in your application and what references report.

If there are inconsistencies or problematic areas in your academic and/or professional background, you should address those issues in your application. Demonstrate that you have taken steps to correct problems and that past issues will not adversely affect your future performance academically or professionally. By being proactive in addressing your weaknesses, you have a better chance of allaying the concerns of admissions staff. You are also recognizing and taking responsibility for any past problems. A time gap in your resume or plunging semester GPA is far more likely to hurt you more if you ignore it. Use your application to make the admissions representatives comfortable with who you are and what kind of student and future alumnus you will be.

Extracurricular activities can demonstrate leadership potential and your ability to balance personal and professional interests. Look to emphasize activities that show multitasking, well-roundedness, and leadership. A person with a reasonable GPA who accomplished a lot outside of class may be viewed as well as (or more favorably than) someone with a perfect GPA and nothing else to show for his or her time.

You should think of diversity in its broadest sense. Most schools are seeking to enrich the experience of its students by creating a diverse environment in terms of geography, work experience, ethnicity, life experience, etc. In bringing together the most diverse class possible, the school intends to enhance the learning experience of all students. As such, be sure to highlight your individuality in your application.

If you have a family member who graduated from a school that interests you, use that person as a resource to provide insight into the program. But be careful not to try and leverage your connections- in lieu of your credentials-to gain admission to the school.

In order to be sure that you have put your application package together effectively, use this final checklist before submitting your application:

1. Did you follow the instructions? If you do not complete the application correctly, schools may not even consider the application completed.
2. Did you complete the entire application? If you skip sections, you will appear absentminded, lazy, sloppy, or worse yet, uninterested.
3. Does your application look professional? All schools expect a serious applicant to submit materials that are typed, completed, and organized.
4. Have you checked to be sure that you are sending the right materials to the right school? All schools want thorough candidates who double-check their work.

Now comes the hard part. You now hold an application decision letter from every school. The options available to you may not be what you expected. This is the point at which the investment you made in careful planning and analysis becomes most critical.

There are three basic ways a school will respond to your application ... yes, no, or maybe. It is impossible to predict the final combination of responses that you will receive. Therefore, each option will be addressed separately in this section.

You have an important decision to make. Are you going to attend the school? You will earn the degree and pay for it, so you must make the final choice; no one else can make it for you. Go on instinct. From campus visits and other interactions with the school, judge if the program is the place where your professional interests, talents, and personal goals will best be served.

Reassure yourself. Seek confirmation by talking with your mentor(s), faculty in your targeted interest area, placement staff, and alumni and current students with interests that match your own.

Look at the financial implications. Can you afford the program? If unsure, contact the financial aid office to discuss your concerns.

Last, respond by the decision deadline given you. If you fail to respond on time, you run the risk that the school will rescind the offer.

Most schools will consider deferral-that is, a postponement of enrollment- but all schools have different deferral policies. Valid reasons individuals might defer their MBA start date include a family crisis or illness; an unforeseen promotion or new project opportunity at work; or a student's inability to acquire visa papers in time to study in a different country.

All schools have a limited number of spaces in their programs. Competition for those spaces necessitates that schools make offers of admission to the most qualified candidates first. Schools create a wait list because some candidates, while qualified, are not as competitive as those who have already received offers. If a space later becomes available, someone from the wait list will receive an offer of admission.

If you are wait-listed, you should contact the school to determine whether it would be helpful to submit additional information. Following are issues you need to clarify with the school. What are the chances for being added to the class this year? (Try to get an idea of how long the school will maintain the wait list.) What is their process for deciding who from the wait list gets a space in the class?

If you are not selected from the wait list, what are positive steps you can take to improve your application for reconsideration next year? Consider the following:

• If you lack either quantity and/or quality of work experience, perhaps a year or two in a different job might help your application in the future.
• If your academic background lacks quantitative courses or shows poor performance, perhaps taking or repeating an economics, calculus, or statistics course would demonstrate aptitude.
• If your GMAT^® score is weak, consider retaking it after additional preparation. Most schools will consider your best score rather than your most recent score, so there is little downside risk. However, if you do not study to improve your performance, do not expect a different score.

You may want to consider targeting a new group of schools. Based on feedback from admissions counselors, you might prepare a new list of schools where your credentials are more competitive. You many also want to reevaluate alternatives to the MBA path. Do you really need an MBA to achieve your goals?

No one is ever prepared to be denied. Although this is a very disappointing outcome, use the experience as a learning opportunity. Do a critical reevaluation of the criteria you used to narrow your list of MBA programs originally and develop a new list. If you still plan to reapply to the same schools, understand that your chances may not improve unless you can make changes in your application.

Talk to people in your network. Ask them to critique your background and make suggestions on ways to improve your marketability and effectiveness. Consider that there may be alternatives to the MBA path to achieve your professional goals.

A year or more has probably passed since you first began the MBA process. Your circumstances may have changed; therefore, you should revisit some of the following issues covered in earlier steps.

If you are married or have a significant other who plans to accompany you to graduate school, then you have more than yourself to consider. If the decision to enroll in business school is a family decision rather than an individual one, here are some suggestions:

• Talk with your family. Ensure that everyone supports your decision to pursue an MBA and understands how the family's lifestyle will change. You will be very busy. You are likely to live a more spartan lifestyle, and you certainly will not have much free time. When you are at home, you may be unavailable to your family so that you can complete homework assignments.
• Find out if the school sponsors a spouse or family organization. These are valuable in assisting students with housing and other issues. Also, members of these organizations have been through the transition already; they can help newcomers get acclimated. In school, you will immediately develop a new network of friends, but your family needs a network, too.
• Ask if the career placement staff can offer advice to your spouse in conducting a local job search. If your spouse plans to continue working, placement advisors can offer suggestions on local search firms, temporary agencies, and other resources. Do not overlook the possibility of work on campus; most universities have active temporary employment offices.
• Pay special attention to cost-of-living information, especially housing. Talk to admissions staff to get advice on where married students and families may live.

Once again, evaluate the following issues:

The cost of obtaining an MBA degree is often a critical factor when choosing which graduate management school to attend. General Information provides information concerning:

MBA LOANS is a loan program sponsored by the Graduate Management Admission Council (GMAC) and funded by Sallie Mae and Wells Fargo Education Services (formerly Norwest). MBA LOANS comprises two types of loans:

Graduate business education is an exciting and challenging opportunity and is likely to be the most substantial investment you will ever make in yourself. It will require a significant commitment of time, energy and resources—both personal and financial. Proper planning now means fewer distractions and lower costs later, saving you time and money.

While it is typically unwise to use cost as the only factor in choosing a particular graduate business program, it certainly needs to play a role in your decision. More critical factors to consider when selecting schools should include size of a program and breadth of curriculum, extent of placement services, geographic location and campus environment, and program admissions standards. While you alone will determine which factors will weigh most heavily in your choices, knowing the financial impact of those choices is an important planning tool to utilize.

Pursuing an MBA degree may not be your most expensive endeavor, but it is a significant one. Although it can be financially burdensome, there are a number of ways to reduce the overall costs of your graduate management education. A good start is to reduce your current living expenses. Simple changes to your lifestyle can save you a lot in monthly costs. This is especially important if you are using student loans to finance part of your education. While student loans are a valuable resource, you must use them wisely to avoid burdening yourself with excessive debt.

Making adjustments to your lifestyle now, before you begin graduate school, can reduce the need for borrowing. Living like a student now will begin to prepare you for the many changes that you will experience when you become a student.

Here are some suggestions for reducing expenses while in school:

• Reduce consumer debt prior to starting school.
• Share housing.
• Limit the times you eat out in restaurants.
• Explore campus athletic facilities as an alternative to expensive health clubs.
• Investigate school-sponsored medical insurance programs-they may be less expensive than your current plan.
• Use public transportation or car pool.
• If buying a computer is necessary, see if the university offers a discount-purchasing program, or consider purchasing an older model.
• Explore entertainment options through the university, such as movies, theater and other cultural events.
• When grocery shopping, make a list and stick to it. Avoid unnecessary impulse buying.
• Try discount clothing stores first when buying new clothes.

Deciding to get an MBA requires a major financial commitment that should be examined carefully in light of your long-term goals. The annual cost of an MBA program can range from virtually zero to more than $100,000 (US) for school tuition, books, living expenses, and travel to and from school. Be aware, however, that financial aid opportunities exist that can help to make even the most expensive programs affordable.

The total cost to obtain an MBA will vary from school to school. Each school sets its own rate for tuition and fees. There are two types of costs that make up the total cost of education-direct costs and indirect costs. These costs will not only vary from school to school, but they will also vary depending on your program delivery choice as well as any special circumstances for which you may be eligible.

Some graduate business schools offer part-time, executive and accelerated programs in addition to their full-time program. One of the single greatest determinants of annual costs is whether you attend on a full-time or part-time basis.

Because part-time programs may take up to five years to complete, the direct costs are spread over a longer period of time thus making budgeting easier. Further, part-time programs also allow the student to keep working (part-time or full-time, depending on the student's financial means and preference). A part-time student's current income may cover most or all of the educational costs, and some employers may even fully or partially reimburse tuition.

Because full-time programs do not generally allow them to keep working on a full-time basis, students usually need supplemental financial assistance to meet their direct and indirect expenses. Many full-time students prefer to stop working altogether in order to fully immerse themselves in their graduate management education. Some schools actually encourage full-time students to concentrate exclusively on their studies, while others permit outside employment. Rules governing employment may be different for the first and second years of the graduate management program. Some schools also offer work programs as a part of or alternative to financial assistance.

Executive programs are generally delivered on weekends, studying a curriculum designed for experienced professionals. Study is completed in approximately two years. While students have two years over which they may budget the costs associated with their education, many are actually sponsored by their current employers and are not concerned financially. Alternatively, because executive programs are not delivered during normal working hours, students who are not sponsored by their employers may have less budgeting problems than those attending full-time programs.

Financial aid generally comes in three forms, all of which can help you pay for both the direct and indirect costs of your education:

1. scholarships or grants, which are funds you do not have to repay,
2. loans, which are funds you borrow and begin repaying after you leave school, and
3. work assistance, which are work-study jobs obtained through your school to help you earn money for your expenses.

School admissions and financial aid officials are invaluable resources for exploring your financing options. They will be most familiar with special opportunities that might apply to your situation as well as that particular school's rules for financial aid. For example, because financial aid information is often different for students seeking to attend a business school outside of their home country, an international student should be sure you talk to the admissions office early about requirements for non-citizens applying for financial aid.

Terms for repaying loans used to finance graduate management education vary depending on the loan program. Most feature low rates and do not require any repayment until schooling has been completed.

Applying for financial aid normally involves completing a number of forms and submitting them to a school and/or and outside agency. While this can be an arduous process, you should follow these important steps to ensure that you are eligible for all types of financial aid. First and foremost, contact the graduate management schools that interest you to determine:

• What types of financial aid they offer
• In which loan programs they participate
• When are their financial aid application deadlines
• What procedures you must follow, and
• How the school awards aid and calculates financial need.

You should immediately request all relevant financial aid forms and applications including those for which you may not qualify. For many schools, you will need to submit completed financial aid application forms before you know whether you have even been admitted to the school. As such, it is important to discuss all of the above with financial aid counselors at the school(s) of your choice.

The following is a list of suggested web sites for financial aid information.

The MBA LOANS^SM program offers low cost loans for graduate business studies, along with money-saving borrower benefits. MBA LOANS is a general program name and comprises two specific loan types:

Candidates can apply for both a Federal Stafford loan and a private TLP loan together, making the application process easier and faster.

• Federally sponsored loans generally carry the lowest interest rates (7.59% as of January 1, 2001 for in-school loans) and are capped at 8.25%. No co-borrower is required.
• The private TLP loan rates start at Prime + 0%, with no origination fees and no added fees at repayment.
• Borrower benefits on your Federal Stafford and TLP loans reduce your cost when you make on time payments.

• Telephone credit pre-approval for the TLP in about 5 minutes. Just call 1-888-440-4622.
• Hassle-fee application processing and loan disbursement.
• Consolidated billing for loans you receive through the MBA LOANS Program and any other loans owned and serviced by Sallie Mae.

• MBA LOANS is the only loan program sponsored by the GMAC^®—a global association of graduate business schools whose purpose is to create and promote access to graduate and professional management education around the world.
• MBA LOANS is offered by Sallie Mae, the nation's largest provider of education funding, and Wells Fargo Education Financial Services, a nationwide leader is student and consumer lending.

Leading corporations often make significant financial investments in their employees’ education. This support has typically been either in the form of lump-sum bonuses to pay off student loans, offering tuition reimbursements after course completion, or making tuition payments directly to institutions at the beginning of an academic term. The Corporate Partnership Program (CPP) is designed specifically to help corporations restructure their benefits programs, manage resources, and protect their investments. CPP also provides employees with a means to negotiate financial support from their employers. In addition, CPP offers students without corporate affiliation an opportunity to position themselves for potential student loan repayment benefits following graduation. CPP also assists employees with a means to negotiate financial support from their employers. CPP is not a "loan program;" rather, it is an alternative structure for repaying student educational loans through corporations.

• Employers can use CPP to recruit MBA graduates – an offer to repay their MBA LOANS can be a compelling benefit of employment.
• Employers can use CPP to fully capitalize on the investment they make when sending current employees back to school:
• CPP removes the risk of providing education benefits to current employees.
• Employers do not make any financial investment and are not obligated to provide any funding until (and unless) the employee actually completes the graduate business program.
• With CPP, corporations repay employees’ student loans over three years, and they pay proportionately only as long as the employee stays with the corporation.
• Corporations no longer have to become loan collectors to satisfy company agreements for restitution if the employee leaves prior to fulfilling the employment agreement.

• CPP allows MBA graduates (without corporate affiliation) the opportunity to negotiate this added value employee benefit (i.e., student loan repayment) with prospective employers.
• CPP provides an opportunity for employees to obtain corporate financial support for their education.
• CPP provides an opportunity for employees to potentially save thousands of dollars in student loan repayment expenses.
• CPP can be pursued at any time – while the student is in school, during the loan grace period, or during the time the loan is being re-payed.

• CPP provides an opportunity to recruit students from corporations that have not previously supported employees’ advanced education.
• CPP potentially increases student enrollment and diversifies the mix and demographics of an entering class.
• CPP increases immediate cash flow and efficiencies to schools by eliminating deferred payments and corporate billings.

Any corporation, including international companies, can participate in CPP.

If an employer discontinues loan payments due to an employee’s early departure, the loan balance will be re-amortized based on the minimum payment and maximum terms spelled out in the promissory note, and the employee (borrower) will assume full responsibility for payments. The employer will have no future financial or administrative involvement in the loan.

Borrowers may choose to pursue negotiations with their new employer to determine their interest in signing on as a CPP participant. There is no restriction on having successive employers make payments on behalf of an employee.

Since tax laws vary, employees and employers should consult with their respective tax advisors on any tax consequences of participation in this repayment program.

For individuals currently employed, seeking to pursue (or currently enrolled in) a graduate business degree, and who would like their employer to provide financial support:

Step 1: The employee and the employer agree to the three-year continued employment following graduation requirement, for the loan to be repaid in full by the employer.

Step 2: The employee applies for financial aid according to instructions provided by the financial aid office that serves graduate business students at the institution the employee plans to or is attending.

Networking is a process of gaining introductions to people who are willing to become information resources by virtue of their own interests or knowledge/position. A career network is defined here as an ever-expanding group of people who take an interest in your MBA career aspirations and goals, and provide counsel to help you achieve those goals. Ideally, the benefits of networking are two-way-you help people in your network, and they help you in return.

Why network?

Networking is essential when:

• You are trying to figure out whether to get an MBA (e.g., you are talking to MBA graduates, current students and administration about program options and career options with or without the degree)
• You have decided to get an MBA and are fine-tuning your specific interests within an MBA field (e.g., you are talking to MBAs about their school and career choices)
• You know what you want to do and need contacts and advice to make it happen (e.g., you are in an MBA program looking for a job)
• You are building your career and continually learning (e.g., you are an MBA graduate)
• Things happen (expectedly, or more often unexpectedly) and you are job searching once again. The people who appear to have great opportunities "land in their laps" tend to be those who network constantly and, therefore, have a widely known reputation and known aspirations.

"Those who know the art of networking become part of an information-sharing network that takes care of its own. People pass on ideas about hot companies and potential openings to others quickly, because they know who will be interested and qualified to take advantage of new opportunities. Often this inside information enables people to find new job opportunities before those jobs are publicly known. This phenomenon is often referred to as the "hidden job market." - Recruiter

Therefore, you should add a person to your network at any time you believe you share a common interest or that one or both of you might benefit from sharing information periodically.

Networking is the cornerstone of any thorough professional self-improvement exercise, whether you are looking for an MBA program or a change of jobs. An important part of networking is conducting "informational interviews," a key first step in both developing your career plan and starting your job search. Through informational interviews, you learn about various job options by talking to people already in the field about their jobs and their own career choices.

Virtually everyone you come in contact with at your MBA school is a potential networking source:

Questions to Ask

Try to get answers to open-ended questions (that is, questions that require more than a yes or no answer). Here are some examples:

• What has been your career path to date? What do you see as possible next steps for you?
• What are you most excited about/concerned about for this industry/company/career path in the future?
• What attracted you to this industry/field/company? What makes you stay with it? Any regrets?
• What aspects of your career have you found most/least rewarding and why?
• What skills are most critical to your success?
• With hindsight, what would you say is the best path to this career?
• What do you do in a typical day or week? How much time are you in meetings, on the phone, on the road, working in teams versus independently?
• What has been your biggest surprise in this company/industry/field?
• What do you see as the biggest competitive challenge going forward for your company?
• What would you do differently if you ran this company?
• What are the common misconceptions about working in this field/company?
• Looking at my background (show resume), what advice would you have for me on next steps if I were interested in this field/company/career?
• What are some of the defining characteristics of the MBAs that have been hired by your company in the past for this position?
• How many MBA's does your company typically hire each year? Can you describe the process? How many will have worked as summer interns?

Later during job interviews, you should be able to reverse some of these questions into statements that relate your own skills and interests to the realities of your chosen field/company. For example, "The skills most critical to my success have been..."

Generally, you go to people in your network whenever:

• You are contemplating a significant adjustment in your professional life (such as considering an MBA, evaluating internship opportunities, interviewing for your first job as an MBA)
• There is a significant adjustment in your professional life:
• You've just started your MBA, began your MBA internship search, completed an internship, accepted a new job, earned a promotion, moved)
• Your interests or current job responsibilities have changed
• You move, change phone numbers, or ISPs
• You encounter new contacts or information that may be useful to one or more people in your network.
• You learn something new or useful (including a new contact in your network). Who else in your network might benefit from knowing this person? However, ask permission first of the new individual before passing contact information on to others.
• You believe it's time to reconnect because you haven't spoken to them in a while-generally every three to six months. Contact management software with "tickler files" provides an easy way to track how long it's been since you've talked with an individual, but use whatever system works for you.

When to Start

Earlier in your MBA education or even pre-education is better for networking. When you are early in a career transition (including launching into new education), others find it much more understandable if you are a naïve but inquisitive candidate in learning mode. When you are seeking entry into an MBA program, admissions professionals expect you to have pretty firm ideas about why you want and need an MBA and why their school appears to be especially well suited based on:

• specific program of study
• specific courses that align with your goals, and
• reputation for placement track record of success in that area.

When you are interviewing with companies, MBA recruiters expect you to know exactly what you want; it is their job to then determine if your goals align with their company's career opportunities and current needs.

Networking is an art that you will continually practice throughout your career. The more you work on your network, the more rewarding and helpful it will be in return.

• Thank people for their interest and help (even when a particular conversation isn't especially fruitful).
• Give feedback and progress reports-for example, if you follow up on someone's suggestion, send an update with the result.
• Provide updates, but when you are leaving a message just to report progress or to pass on new information, invite your contact NOT to feel a return response is necessary.
• For example, you might leave a message saying "I'm just sending you this update, but don't worry about returning my call unless you have something you want to tell me." People appreciate the fact that you are conscious of their time.
• Ask for specific help when you can; most people want to be helpful, but are limited in their capacity if they aren't sure what specifically you are trying to accomplish. If you are trying to meet investment bankers in Atlanta, say so. Don't make the mistake of "keeping all the doors open" by saying you're interested in many things; people aren't able to give you specific advice on unspecific requests.
• Notify others in your network if you find a contact or information that potentially benefits them. The old adage says that it's easier to ask for a favor when you have already returned one.
• Maintain your network. Contact people every three months when you are in learning and discovery mode (such as looking at schools or learning about different careers to decide what interests you most), every 4-6 weeks when you are in job search mode, and every six months when your life is relatively unchanged.

Don't:

• Look for alumni through published school directories; especially helpful are directories by company and by location, if you have a long-term geographic target. Also call a few alumni from last year's class, and network with the current rising graduating class to learn from their recent experience.
• Get campus recruiters' thoughts on the personalities and strengths of the graduates from various programs; they can also tell you if they look for candidates in a certain MBA field of study, particular programs within a school, and particular courses from school to school. Be considerate of recruiters' time, and don't try to reach them during peak (fall and spring) recruiting season. Generally December and May through July are the off-season for on-campus activities, so recruiters will have more time to be helpful then.
• Read the biographies of faculty members to determine whose research interests parallel your career interests.

Undoubtedly one of the bonuses of an MBA education is the immediate network you suddenly have access to as a member of the school community. Continue to talk with many of the same people you sought out prior to school-other MBA graduates, friends currently attending your school or other B-schools, alumni, campus recruiters, and faculty.

• As soon as you matriculate, send an announcement to your current network, telling them of your decision and your new address information. Include in that the course of study you are planning and type of internship you hope to obtain.
• Compare the list of companies scheduled to recruit on your campus with schedules from other campuses where some of your friends are obtaining their MBAs. Can you help each other with contact names?
• Build your network of campus contacts starting day one-consider this an extra course, and allow yourself time each week to maintain and grow your network.
• Look for any opportunities on campus to meet employers representing companies that interest you. It's much easier to gain pre-selection into internship schedules in the spring if you can remind employers you met them at a fall information session or presentation.

In addition to maintaining the network above, keep these things in mind:

• Maintain relationships with recruiters you felt a connection with. Often an employer who couldn't hire you now will be able to hire you later as you develop new skills or as their hiring demand increases.
• Remain close to your peers from your graduating MBA class-they, like you, aspire to do well professionally, and you should be able to develop strong working relationships throughout your careers. Most MBA graduates will tell you that they get continuing returns on their MBA investment through the network of classmates who mentor each other continually.
• Read materials from your alma mater, and stay involved. Most MBA career centers and alumni offices have active alumni networking opportunities-from directories to social mixers. You will learn about these through (most often) mailers to your preferred address, so ensure that the alumni office has your correct information. Pick at least one volunteer activity to give back to your MBA program. Not only will you enjoy it, but it will help you maintain a high profile with your school. Remember, MBA schools are hubs of business activity, so often companies turn to faculty and administration when they are networking to find experienced talent.

Are you looking for better opportunities? By increasing your competitiveness you increase your career options, chances for advancement, and salary potential. How? Consider a career and educational opportunities in business. It is not always easy, even today, and there are resources you can turn to for the support. The following links are resources for minorities.

• Very often MBAs concentrating in Manufacturing/Operations have engineering backgrounds. Engineering training involves solid technical and quantitative training and requires a problem-solving framework that is the cornerstone of consulting. Manufacturing MBAs go into consulting in Business Process Reengineering, Manufacturing Consulting, Operational Effectiveness, and Strategic Consulting.
• Environmental Consulting as a separate field stems mostly from the civil and environmental engineering field. But, some business schools have specialties to help MBAs prepare for careers that help businesses make environmental practices a part of smart and efficient business operations. Most major consulting firms do some environmental work, while numerous boutique firms specialize in environmental strategy.
• Most major consulting firms have Healthcare Consulting practices and many boutique consulting firms specialize in healthcare strategy. Some MBA candidates choose MBA programs that have a specific specialty area or dual degree program in Healthcare Administration with business (generally an MHA/MBA).
• Human Resources MBAs have several different tracks within consulting. Strategic consulting firms hire graduates into Organization Design practices. However, HR MBAs interested in consulting more often become Compensation and Benefits Consultants (a good path for math or statistics undergraduates or dual MBA concentrators in finance or accounting and HR), Human Resources Information Systems (HRIS) Consultants, or Change Management Consultants (good for those with strong interests and backgrounds in automation and technology and its effects in the workplace).
• Finance MBAs often become management consultants with expertise in strategic planning, cash management, restructuring and workouts, emerging markets, or strategy.
• Marketing MBAs might specialize in market strategy (including new products and markets), customer satisfaction and customer segmentation (called customer care in many consulting firms), service marketing, database or direct marketing, or emerging technologies like electronic commerce (e-commerce).
• Information Technology MBAs frequently become systems consultants. Change Management consulting or HRIS Consultants are also possibilities.
• MBAs may concentrate in General Management or even Entrepreneurship to go into strategic consulting or the Entrepreneurial Services sector of a major consulting firm. This might especially make sense for MBAs who have already worked in a meaningful professional capacity and have already acquired a functional or industry specialty prior to business school. Alternatively, an MBA might couple General Management with a core discipline like finance, human resources, marketing, or operations. Candidates in General Management MBA tracks take more courses in each of the core disciplines to obtain the broadest possible management education.