Admissions representatives and experts on applying to bschool and the future of the MBA

If you wish you could pick the brain of an MBA admissions pro to make the most of your application preparation, you’re not alone. If you’re a prospective student curious about how to best prepare for the MBA application process, MBAchic is saving you time by breaking down the highlights from four admissions and recruiting professionals featured in the FT’s 2023 Future of Business Education series.

The virtual FT event provided an opportunity for ambitious individuals looking to enhance their global skill set and accelerate their careers to evaluate next steps. Partnering with the world’s top business schools, the series gave a detailed insight into the FT MBA 2023 rankings and tackled economic outlook trends, post-study green careers, and MBA financing. 

In the prospective student session, attendee questions were served up in real-time and featured four panelists from IESE, IMD, London Business School, and CEIBS who each offered up timely insight into the application world. From how to choose the right courses, to making the most informed business school decision, and even suggestions for MBA funding, the panelists explored a range of topics relevant to anyone considering business school.

Choosing an MBA program

What’s the single most important thing when choosing an MBA? Each applicant is going to have a unique perspective based on exactly what they’re hoping to gain from their MBA experience. Personal goals and ambitions will look markedly different from one applicant to the next. But generally speaking, the panelists agreed that mapping out post-MBA aspirations is a good starting point when researching program options. Below, each recruiting and admissions expert offers up the top questions that every applicant should ask themselves at the start of their process. 

“I would say it would be a question asking, what does the school provide in terms of access and resources, networking for career advancement?” suggested Arnold Longboy, Executive Director, Recruitment & Admissions at London Business School. 

“I would start with, where do I want to go? What sort of industry do I want to work [in] and where are the trends, because I think that guides decisions around what sort of business schools to consider and also what parts of the world to consider as well,” said Shameen Prashantham, Professor of International Business and Strategy, Associate Dean and MBA Director at CEIBS. 

Others noted that it’s important for applicants to think long-term about their selection, because alumni networks are ultimately carried into all future career paths or industry pivots. After all, these connections can be leveraged for decades to come. 

“I think something important to consider is, who are you going to be sharing your MBA experience with? I think that one of the big assets that we get out of the MBA is our network so I think it is important not only in terms of location but career advancement and path but also, the people you are going to be sharing not only the one or two years of your MBA but the rest of your life,” said Paula Amorim, Admissions Director at IESE Business School. 

Another theme? Personal fit. 

“What is the right fit? From the location of the school to the network, find that school that really matches the values that you have,” added Anna Farrus, Head of MBA Recruitment, Admissions and Career Development at the International Institute for Management Development. Farrus said it’s important to reflect on the type of transformation you want to see in yourself within that one or two years of program development. 

Finding the fit

At the start of your business school research, it can be difficult to discern the “right fit” when selecting a program. So, how can prospective students go about finding the right fit when there are so many different options to select from? The experts advise prospective students to ask questions and talk to as many people as possible before really ramping up the application process. This approach is helpful to gain a more robust grasp on individual school culture. 

“Talk to the alumni, talk to the current students, talk to colleagues and just ask them about the school or the schools that you are considering,” said Longboy. “Secondly, if you have the opportunity to do so, visit the place, that is where you can really get a sense of it. Over the last few years, many people did not have the chance.”

“An MBA is one of the biggest investments you have in your life besides buying a house,” noted Farrus. “So, you have to be sure about it. I always say you would not buy a house without seeing it first, so I think having that firsthand experience with the school is very important. The last few years with Covid, it hasn’t been easy.”

Other experts urge prospective students to recognize that many admissions and recruiting teams are available to speak to candidates by request. Those who opt not to inquire can miss out on valuable resources to help solidify their school selection. 

“Sometimes candidates think the business school is very distant, but many teams are available to guide you and assist you and support you with any doubts that you might have,” added Amorim. “Depending on the school, each school has its own structure, but I think it’s good to give it a try.”

Prashantham emphasized the additional importance of physically sitting in on a classroom experience before applying in order for prospective students to immerse themselves in a school setting. This is one way that students can visualize a typical day from the inside of the program.

“I think that makes a big difference and I think schools do make these opportunities available. We have something like a boot camp, which is a weekend where we are able to now once again have internationals come in,” said Prashantham. “I think that is where observation happens a lot.”

Virtual visit value

For several years during the pandemic, thousands of students were unable to physically visit campuses. This forced academic institutions to shift tactics and get innovative about inviting prospective students to explore the available options. While in-person classes have since resumed, virtual visits remain a strong trend worldwide as students compare programs and do research before officially applying. The pros agreed that this tactic benefits both business schools and graduating classes. 

“I think it gives them more access, and I think more access is just a good thing,” said Farrus. “I think information is good so it’s a positive thing. It is one of the positive things that Covid brought. It made us think about how we could [still] give candidates access to the school and allow them to experience it.”

Others added that virtual visits increase the number of options available to prospective students, even as many continue to underestimate the power that candidates have in the application process.

“It is not only a one-way decision,” said Amorim. “It is not only the school choosing the applicant it is also the applicant choosing the school, so it is kind of a marriage. Both parties have to agree. I think it is important that candidates actually know that they have power and that they are also making a decision and that it should be the best well informed decision so the fit is very good that you are choosing the school that is going to support you and your future goals and that you feel that you belong.”

Longboy agreed, stressing the buyer power that high-quality, diverse students have in their business school investment decision. 

“They have huge power, to take that even further, what virtual and hybrid has done is actually level the playing field as well for many of those who cannot visit the school. It has made us even more international than we have ever been,” said Longboy. “You have these individuals from distant countries who could never make that visit or may be from disadvantaged socioeconomic backgrounds who cannot make that trip, but still could benefit from an MBA who are then able to access an information session or a virtual tour and that has leveled the playing field a lot I think.”

Course categories

There’s no shortage of variety when it comes to business school coursework. However, while a general MBA will offer students a broad knowledge base in business and management, a specialized MBA program allows students to focus on a particular industry or career path. Experts detailed their specific school program offerings and encouraged students to map out their personal interests and objectives before narrowing their search. In terms of offerings, they suggest considering not only what is available within the campus, but what opportunities lay beyond the surrounding geographical location of the school. 

“At IESE, we are mostly a two year program. In the first year you have the mandatory courses and that is pretty fixed but then in the second year you have over 100 electives you can choose from, and it is true that in the past couple of years, there have been a lot of updates in the curriculum to include more data oriented technology subjects, AI, coding,” Amorim said. “We have recently also included a concentration on sustainability. It is [a part of] IESE’s strategic planning to be more active in that space not only as a business school, but also as a company.”

“At the International Institute for Management Development the main focus we have is leadership development,” said Farrus. “It is a stream that runs through the year. It is embedded into the program with leadership coaches, but also a very unique elective which is taken by – I would say 95% of the MBAs – is 20 hours of sessions with psychoanalysts. Basically the way we look at leadership is you have to know yourself well, you have to understand who you are and why you behave the way you behave. What triggers you? What kind of experiences have brought you to the place where you are now?”

By having that self awareness, Farrus suggests students can become better leaders prepared to lead diverse teams with a greater understanding of approaching complex business scenarios.

“Most of our [London Business School] students do a traditional two year, but we do have a shorter option too so there is that flexibility in terms of length,” explained Longboy. “We have those foundational core courses you have to take in that first year and in the second year, you really define where you want to go with our electives, we have over 100 electives and you can choose a pathway that that will allow you to really focus on an area you are trying to get to. Many students choose London Business School because of our location in London and what the city and surrounding area has to offer in terms of relationships with companies, entrepreneurship, the ecosystem that is developed here if you are wanting to work with the government as well, so don’t just think about the physical campus but also what it is going to offer once you leave those walls.”

While core courses and electives tend to be widely consistent across different business schools, students can look for schools that offer specific electives related to emerging industry trends like entrepreneurship, digital focus, and sustainability courses. 

“One of the things that we have as an important, connecting device to bring together the learning of previous core courses is called the integrated China strategy project, because the core courses tend to be taught in silos and part of the problem is we as academics tend to operate in silos ourselves, but that is not how the real world operates,” commented  Prashantham. “So I think these kinds of integrated projects build bridges between the core courses and the electives.”

Figuring out funding

How much does funding and the cost differ from one school to the next, and how can an applicant begin to navigate funding this investment? Funding an MBA is a deeply personal choice, and the strategy behind each student journey is dependent on their personal financial background. Here are five ways to fund your MBA, and even more advice from a financial expert here if you are looking for inspiration. 

“This is probably one of the biggest barriers, said Amorim. “But I think there is a message of hope to give to applicants, if you don’t have most of the money saved. Most schools do offer some sort of funding with financial institutions. At IESE, we work with two Spanish banks that give loans not only to Europeans, but also to international students, so it is available…They will make a risk assessment of your profile, your assets, and then they will offer as much money as they think is adequate. There is a maximum of 80% of the tuition. You can always apply for scholarships, each school has a different process.” 

While some schools have designated scholarship committees that will automatically select eligible students for scholarship offerings, most offer an additional scholarship application process for students to research and navigate. Experts suggest the earlier you apply the better because of the abundance of funding at the beginning of the cycle.

“One recommendation I have to candidates is to plan ahead,” said Farrus. “Don’t wait until you have the offer to figure out how [you are] going to fund studies. We are talking about quite a lot of money. It is not just the tuition. It is the living expenses…When you are doing your research about different schools, start your research about how you can pay for this if you do not have the funds.”

Experts also encourage prospective students to scan school sites for different fundraising campaigns and initiatives to take advantage of.

“We are very fortunate to grant 20 of our students across a few of our programs either full fees or 50% and ensure it is also [covering] some living expenses as well,” said Longboy. “The main thrust of that scholarship from a foundation point of view is they do not want any high achieving women to self-select out of pursuing an MBA because they think they cannot afford it, which is a great thing to have because oftentimes, especially with underrepresented groups, funding is a major issue, so…there are resources out there.”

Scholarship data can also act as a proxy for the kind of network that each school has at its disposal, which is valuable information to weigh when making final application selections.  

“You get a sense of who they are connected with and that gives you a sense of the prospective employers, the alumni network, and so on. You also see the changes over time in recent fundraising, campaigns or announcements,” said Prashantham. 

GMAT, GRE, and great candidates

While every business school is looking for candidates with good career advancement, job excellence, community engagement, and outstanding GMAT, or GRE scoring, the admissions experts agree that there are other selection factors that are far more subjective. So, what are schools looking for from applicants and how can prospective students stand out? 

“Each school has their own personality and their own identity so we are going to prioritize certain values, certain culture, and then the candidate needs to do very good homework to understand what the priorities of each school [are],” suggested Amorim. “At IESE, we are a mission driven school, so we believe business can be a force for good, and that if we have good business leaders running companies, then we can have a better world because we will have better people making decisions. We have underlying values of professionalism, a spirit of service and ethics, so you can see if you identify yourself with students and alumni and you can build on that for your application.” 

“For us the story is important. Why an MBA now? What is it going to bring to your career? It is having a narrative that makes sense not just ticking a box,” explained Farrus. “Where have you been, where you are now, and where you [do you] want to go, and how whichever school you choose can help you in that journey.”

Believe it or not, one of the biggest mistakes school recruiters still encounter is an application copy and paste job. To avoid this automatic disqualifier, students are encouraged to carefully review applications, and take the time to truly personalize applications to specific schools. 

“For us, it is about fit, the global mindset, 91% of our students are international. We don’t recruit students, we recruit future alumni, said Longboy. “We are not just thinking about that first or second year at school. If we are thinking about future alumni and the relationship that they have with the school is 30, 50 years, that slightly changes how you might look at a candidate it is not just about their first job, but about the relationship we have with them and how career services supports them for that fifth, seventh or eighth job, for the rest of their life. We don’t want just that transactional candidate, we want someone who is going to be invested in the school for their life.”

“I would encourage applicants to be authentic,” said Prashantham. “In a sense, it is better to be rejected by a school with whom you don’t have a good fit, and also to recognize that we are not looking for the same thing from all of our applicants, because we do want diversity in the alumni networks and also in the classroom experience, so be yourself.”

Photo from Annie Spratt