Pre-MBA: Questions & Answers

Each week, our Coaching Squad answers questions posed by young professionals from around the country. The Q&A is designed to help guide you through key issues as you begin exploring the idea of earning your MBA. Many of the responses include links to additional information for you to explore. 

Career Management

GMAT / Testing

 
MBA Application Process


Should I pursue a summer internship opportunity the summer prior to entering into business school? Pre-MBA internships are not common, so competition to secure one is often extremely rigorous.  A pre-MBA internship can be helpful to candidates that are switching careers. Therefore, if this opportunity is available to you, we recommend you pursue it. As an MBA student you will acquire skills to help facilitate a smooth career transition into finance, so actively pursuing an opportunity is not mandatory.  The summer prior to entering into business school can be hectic—as it may include a move across country and other work-related commitments. A great way to expand your knowledge of the finance industry is to participate in summer career workshops.  They typically last one to five days and are available for incoming students to learn about a variety of post-MBA careers. Toigo Foundation’s incoming Fellows participate in APEx™ (Advancing Professional Excellence) Orientation, a week-long program that introduces Fellows to all aspects of the finance industry and strategies for launching and navigating their careers (acceptance as a Toigo Fellow requires participation in the APEx Orientation.) Other workshops include the Consortium Orientation Program (OP) and MBA Jumpstart.   

 
For career changers entering finance post-MBA, what experience / education makes one candidate more competitive than another?  Many make the decision to attend business school as a way to change their career track. Your prior experience won’t necessarily position you “ahead” or “behind” of anyone else. What is important is how you tell your story--how you align and articulate your prior business experiences to your current career aspirations as a finance professional.  Think about your professional background and prior education and leverage relevant experiences. For example, a computer technology professional servicing the finance department can help demonstrate how her prior exposure to finance sparked the interest in becoming a finance professional. If you can show finance is within your knowledge grasp and can articulate a story that gives your prospective employer a reason to hire you, you will prove your value.

When you begin business school, do you have to know what specific finance specialty you want to pursue (i.e., investment banking, private equity, global wealth management)?  Do not stress—you do not need to know which finance specialty you want to pursue when you start business school. It is important for you to do as much research as you can before you start your business school pursuit. Once school starts, your free time to investigate and understand the inner workings behind different finance specialty areas will be limited.

Most of your classmates won’t know what area of finance they want or even what business practice they are interested in (e.g., finance, marketing, general management, etc.).  Some will have greater focus and may know that they only want a career in private equity, for instance.  Be assured, however, that many of these same individuals will change their minds during the course of their first or even second year of academic study. The MBA experience will open you up to opportunities and career paths you might not have considered or known.

To explore your career options, attend as many recruiter presentations as you can. This will provide an opportunity to understand in-depth careers with a particular company and/or industry. Meeting the representatives of each company will also be vital to your decisions. Networking and doing your homework on careers in finance will be critical to your ultimate success as a financial professional, no matter which specialty area you pursue.

 
I am considering getting my MBA but I am curious to know if the CFA would be a
better credential if I am seeking entry into the finance industry?  The Chartered Financial Analyst (CFA) is a professional designation offered by the CFA Institute. The CFA allows you to gain technical knowledge and credentials that can be applied to a career in portfolio management, investment research, advisory services, or investment banking. The Master of Business Administration (MBA) is a broader study of business. The MBA includes a less in-depth study of some of the areas covered in the CFA (finance, economics and quantitative methods).  Also the MBA covers marketing, operations, organizational development, and other areas of business.  Additionally, the MBA places heavy emphasis on leadership and team skills development. Therefore, one credential is not better than the other; the value of each depends on your career goals. If you want to gain the technical knowledge and plan to spend your entire career in financial services, then the CFA may be right for you.  If you want a broader understanding of business and the flexibility to remain in financial services or to transcend functions and sectors, an MBA may be for you.

Learn more about the CFA and MBA by exploring the online links.

 
I have a learning or physical disability.  Should I request special accommodations when taking the GMAT?
 Yes. Whiile special accommodations are not guaranteed, they are worth requesting if you have a legitimate disability that may prevent you from performing your best on the GMAT.  The purpose for making this request is not to seek special treatment but to “level the playing field” so that you have an equal opportunity to perform well on the test.  You should begin this process well in advance of registering for the GMAT because it can be time consuming (a part of this process is a 6-8 week review period of your request).

Learn more about how to register as test taker with disabilities.


What is the difference between round 1, 2, and 3 application deadlines? Should I still apply if I miss round 1? Our recommendation is to apply, even if you miss round 1—as you still have a great chance of being admitted to business school.  The deadlines are divided into rounds for the benefit of the admissions offices and prospective students.  The admissions offices encourage people to meet different deadlines so that they have the resources in place to process and evaluate the applications.  This allows them to provide decisions throughout the year to prospective students.  For most schools, if you submit your application during round 1 or 2 you have about the same chance for admittance. However, if you wait until round 3, there may be fewer slots available.  Also round 3 candidates often miss scholarship opportunities that were given to candidates during round 1 and 2.  But, all schools offer a 3rd deadline because each year they find excellent candidates.  Overall, you should submit your application when you feel you can present yourself the best.  We encourage you to plan to submit your application during either round 1 or round 2, but if you believe waiting until round 3 will improve the quality of your application, then submit it later. 
 

I applied to business school this year and I was not admitted to any schools.  What should I do? First, realize that you are not alone.  If you applied to a program ranked in the top ten nationally, only 20% of applicants are admitted. The good news is that most of these schools have a higher acceptance rate from re-applicants.  Your first step should be to review your applications and access why you think you were rejected.  Then seek feedback from the schools that you applied to that offer this service.  Next, decide if you want to reapply to these schools and/or apply to different schools.  You should focus your effort on the areas within your application that you can change such as rewriting your essays, retaking the GMAT (only if your score is below average), seeking a promotion at your job, improving your interview skills, researching your short-term and long-term career goals, etc.  Finally, learn and use this knowledge to improve your applications.