Author Archive

Financing Your MBA: Start Planning Now

Friday, May 19th, 2006

With an MBA under your belt, higher salaries are likely to come your way. “The average salary, according to the 2005 Global MBA Graduate Survey that the council does, was $88,600.” But the challenge is how to come up with upwards of between $40,000 and $60,000 a year to finance your way through business school so that you can get that higher salary. So, you need to start considering the different funding options available out there from federal loans to private loans, scholarships to corporate sponsorships. And we’ll also find out if you can deduct your MBA expenses on your tax return.

I will like to break down financing to three chapters—life before an MBA, life during business school, and the aftermath with rewards but, likely, a lot of debt. Before you embark on the path of getting an MBA, you have to ensure that you put your financial house in order. If you have existing existing consumer debt, ensure you pay them off and avoid incurring major expenses. (more…)

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Checklist to consider before you choose an MBA programme

Thursday, May 18th, 2006

I began my search for business school last year by identifying those programmes that fit my basic requirements. There are two aspects to this:

  • Your Needs i.e. what you want to learn and gain from the programme, the type of experience you want to have etc.
  • Your Circumstances i.e. the practical considerations.

You will want to decide if on the content of what you want, what your MBA focus will be and the electives you will be interested in. Moreover, you need to find out if the programme runs where you are or want to be. Do you want to study in Europe or America? (more…)

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Part-time versus Full-time MBA: Which MBA is Right for You?

Wednesday, May 17th, 2006

You may be in a fix right now about deciding whether to attend full-time business school or part-time business school, and there are many considerations. The learning experience, though comparable, is not the same. So, it really does come down to what your objectives are and how well the particular program meets those objectives. Moreover, you need to consider if you are willing to trade your present salary to go for a full time program.

MBApodcaster put up the views of three experts in a podcast. Two are college deans representing those points of view, plus a student who recently wrestled with this question. You may be surprised to learn it is not a cut and dried answer. Visit mbapocaster to listen to the full interview.

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Take charge of your MBA application…

Tuesday, May 16th, 2006

The children’s story of “The Little Red Hen?” is one that comes to mind each time I think of my Business School application process. The Hen found a grain of wheat (opportunity) and decided to make bread (MBA admission in my case). She then proceeded to take the proper steps to plan and prepare for her desired result. She planted the grain, tended, watered, and harvested it. This is nothing but action on display. She took the wheat to the mill to be ground into flour. She made the dough, let it rise, and, finally, put it in the oven to bake.

Some times last year, I thought that I would just sit down behind my computer system, submit my application to some of the top business schools and then with weeks receive my offer letter. I, however, found that there is more to it than just thinking of going to business school. My application process actually helped me to find out that, in reality, no one can the MBA admission on a platter of gold. You have to work for it. You have got to be at the centre of your application even if you are using the help of MBA Admission Consultant . (more…)

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What You Can do Now to Help Get Accepted Next Year!

Monday, May 15th, 2006

Now that you have made up you mind about applying to business school, I would suggest that you start building your strong application now. Your application can go from good to better to getting an acceptance letter by a little knowledge and some fine-tuning. It starts with a clear action plan—not a check list of things to do, but a strategy to maximize your chances. Meanwhile, you need to ask yourself some questions.

  • What do you want to do after your MBA?
  • Which school(s) can you get in with your qualification?
  • Where do you want to be?
  • Do you have educational preferences in terms of whether you want a case study school? (more…)

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Preparing for GMAT exam…

Friday, May 12th, 2006

Having decided that you want the MBA, it will do you a lot of good if you plan to do you GMAT exam later by July. This will give you enough time to prepare in case you have to do the exam again. You therefore need to come up with a study plan that you have to adhere to strictly. Your choice of study plan will depend on whether you are taking a vacation to prepare for the exam (this applies if you are currently working) or you will have to combine the preparation with your work schedule. If you are not working presently, you will not have problem creating your study plan.

GMATTutor have taken the opinions of hundreds of GMAT students and developed the Game Plan. The Game Plan will show you what to do and in what order and what resources to use to achieve your personal best score. (more…)

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Interpreting Your GMAT Score

Monday, May 8th, 2006

GMAT score reports contain four separate scores: a quantitative score, a verbal score, an analytical writing score, and a total score. The quantitative and verbal subscores range from 0 to 60; in recent years, the average subscores have been between 28 and 32. Scores below 10 and above 46 are rare. Analytical writing scores go from 0 to 6 (6 is high) in half-point increments. The recent average has been between 3.5 and 4.5. The total score, which is what most people consider as their GMAT score, is based on the verbal and math scores and ranges from 200 to 800. The average total score hovers around 500.

Here are some sample percentiles to help put these numbers (representing total scores) in context:

  • 99th percentile — 750 or above
  • 95th — 710
  • 90th — 680
  • 80th — 630
  • 74th — 610
  • 51th — 540

The report lists your three most recent GMAT scores within the past five years. GMAC (the General Management Admission Council, which administers the test with ETS) will report older scores if you request them, but will add a cautionary note that those scores may not reflect your current abilities. If it’s been five or more years, some schools may require you to retake the test. (more…)

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The Official Guide for GMAT Review

Friday, May 5th, 2006

Official Guide LogoWhat could be better than a book put out by the people who actually make the test? The GMAT Official Guide to the GMAT is one of the best sources for questions. It contains questions that actually appeared on previous administrations of the GMAT. Even though you won’t see these exact questions on the exam in the future, you can be sure you’ll see some questions that are very similar.

A couple of notes of caution about this book, however. First, the explanations often do not give the best method for answering a question. The Official Guide tends to stick with a more conventional form of answering questions - which is often slower. Check out a prep course in conjunction with this book to get the maximum benefit. (more…)

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ADVICE ON GMAT TEST PREPARATION

Thursday, May 4th, 2006

Reflecting on my GMAT preparation experience, I have been able to highlight some things I believe will be useful to you in your preparation.

Overconfidence
Don’t think that you can drop into the test testing center and cruise through the test with no effort. Think again. The test- if required by your chosen School - is important. Be forewarned: You should take it very seriously.

Focussing on some areas only
Some candidates will focus on strengths at the expense of their weaknesses, while others will concentrate only on their weak areas and neglect their strong areas. Both approaches are dangerous. Your test score will be based on how many questions you answer correctly and their difficulty level, but also on the range of question types and specific abilities covered by those questions. Prepare carefully for all sections of the test. Also note that Schools often have their own formula for weighing your individual scores. Try to perform your best on every section and every question type within each section.

Undue emphasis on practice-test scores
Even though your preferred School may have a declared minimum total score for entry, setting a goal for your test score is understandable. Try not to concern yourself as much with your scores but with what you can usefully do between now and your test day to improve your performance. (more…)

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Improve your Candidacy

Thursday, May 4th, 2006

Jeremy Dann’s write up on Improve Your Candidacy is surely a must read for every applicants. The write-up sheds more light on how an average MBA applicant can strengthen his/her application. He believes that May, June, July and August should be the very fruitful months for both your personal development and for improving your business school application—or, more precisely, for improving your business school candidacy. For the rest of this write-up, visit Improve Your Candidacy.

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