Countdown to an MBA
Making the decision to pursue a Masters in Business Administration (MBA) is an important step in your career development. It takes planning—and lots of energy. Our Countdown to an MBA is designed to help you identify key steps or milestones in the process, and provides helpful links relating to those steps.
Ask any current MBA student or recent graduate and you will hear one thing—start the process early. It is competitive, and with a busy work schedule, can be challenging to tackle. We are here to help.
Countdown Links
- One Year Before You Apply
- 10 - 12 Months to Go
- 6 – 8 Months to Go
- The Summer Before You Apply
- 2 - 3 Months to Go
- 7 Weeks to Go
- 6 Weeks to Go
- 5 Weeks to Go
- 4 Weeks to Go
- 3 Weeks to Go
- 2 Weeks to Go
- Submit Your Applications
- After You've Applied
- Begin reading business related publications on a regular basis. From our homepage, you can view news from FinancialWeek. Others to explore include The Wall Street Journal, Fortune, Forbes, The Financial Times, and The Economist.
- Log on to some of the MBA blogs to get a sense of what other students are talking about, how they are gathering information, preparing for tests, etc. One of the best MBA blog resources is from BusinessWeek. The magazine also publishes a blog with MBA admissions insights and tips.
- In need of additional business and finance courses? Try online, openware (free) courses offered by some of the nation’s top institutions--online, for no fee. Your local community college is another good resource.
- Volunteering and community service are factored into the application process. Continue your good work—or consider finding a charity you care about and get started.
- Get involved in projects at work that allow you to learn new skills and build your leadership/management abilities. Find ways to cultivate relationships with supervisors and mentors—all potential sources for writing you an MBA admissions recommendation.
- Think more about your strengths. Our Career Map will help—it will provide you with feedback about your strengths and how those map to different careers in finance.
- Begin exploring job opportunities you wish to pursue post MBA. Learn more about various finance professions.
- Visit our Graduate Management Education section and our Professional Associations section under Resources and begin exploring organizations that have additional services that will assist in the process (i.e. MLT, Forté Foundation, Student Funding Group (make this one a hyperlink), NBMBAA, NSHMBA, etc.).
- Look at your personal finances. Reduce your consumer debt (car payments, credit cards, etc.). Scholarships and financial aid can help to cover essential living expenses but do not cover consumer debt. Do not worry about undergraduate student loans because they will go into deferment while you attend graduate school.
- Research MBA programs and begin to narrow your list of top choices. MBA rankings may help. If you know current students or recent grads, start reaching out for input.
- Get organized. Create a spreadsheet with your top schools’ application deadlines, fees for submitting an application. You do not want a missed deadline to be your obstacle for admissions. (May need to call the schools’ admissions offices to find out when deposits are due as this information may not be published on the school’s website).
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Develop your GMAT Test preparation strategy. Are you disciplined enough to study on your own and you historically performed well on standardized tests? If yes, then review GMAT preparation books from the library or your local book store. Also make sure you practice taking the test online so that you are used to the format. If you historically did poorly on standardized tests and/or lack the time to study on your own, you should consider registering for a GMAT Prep course-most run a total of eight weeks.
Begin studying for the GMAT. At this time, focus exclusively on GMAT preparation so that you can perform your very best.
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Take the GMAT test the summer before you plan to apply. This will allow time for two retakes if you are not pleased with your score. You may take the GMAT once every 31 calendar days-and most schools take the top score. Give the GMAT your best effort, but once you think you achieved your best score, move on to the other aspects of the application.
Update and revise resume. Make sure it conveys your accomplishments in a convincing and accurate way.
- Think about how you will market (or “package”) your strengths and experience.
- What personal and professional experiences define your character?
- Where are you now?
- Where do you want to be?
- How does your past experiences and future aspirations (including obtaining MBA) fit together?
- Compose draft responses to essay questions that appear on most admissions applications:
- Why do you want an MBA?
- Why do you want to go to XYZ School?
- What are your short-term and long-term career goals?
- Think about your recommendations. Create a list of who you want to ask to write one. Typically, you will need two—and it is best if the source knows your work/leadership style.
- Write the individuals who will be providing your recommendations.
- Narrow down the list of schools to a short list of candidates.
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Schedule visits to your top school selections. Get to know each-what their focus areas are (if they have one), how you could contribute to the mix. When scheduling campus visits, be sure to check the academic schedule-avoid exam periods and vacation slots to ensure you get a real feel for the campus. Contact the admissions office prior to your visit. Many will arrange for a student to meet and guide you while on campus. Consider attending a Minority Prospective Student Weekend at your top school selections. These take place in the Fall of each year and provide a complete overview of a school.
Order transcripts from your undergraduate school(s). Request one for each MBA program on your list. If you plan to apply for MBA fellowships/scholarships (like the Toigo Foundation’s Fellowship Program) you will need additional authorized copies. Some schools charge for copies, and can take some time to send them, so plan ahead.
- Prepare background for the individuals you have selected to write your recommendations. Provide them with a brief overview of why you want to pursue an MBA, why specific programs are of interest, a copy of your updated resume, and a recap of their responsibilities and deadlines.
- Begin financial aid research. This includes gathering information from your target schools, exploring loan and funding resources, and identifying fellowship/scholarship opportunities for which you might qualify.
- It is time to write. Spend a day or so on your first drafts for each essay. Set it aside for a day or two and work on others.
- Between essay drafts, you will need to work on the actual application itself. Do not underestimate how long it can take to convert your resume into a polished application.
- Refine your list of target schools. There is no “magic” number—just be sure your list matches with your career goals.
- Contact the Admissions Office of your target schools to determine if they have a mentor/buddy system for incoming applicants—many do and the programs have proven to be invaluable to Toigo Fellows. Initiate a dialogue with current students to determine if any will review your essays.
- Determine if the school has an open interview policy or if candidates are invited to interview. If they have an open interview policy, schedule your interview. Select a date that will occur after you have completed the first draft of your essays. Conduct a mock interview with a friend or colleague to prepare you for the interview. Send thank you notes after the interviews.
- Identify two to three “review team” members—family members, friends, a co-worker, mentor or coach—to review your essays. Do not cast the net too wide—too much input can be counter productive. Identify people who you know have excellent communication skills and understand the MBA environment.
- Distribute your essay drafts—which should be 85% complete now—to your review team. Allow a week for feedback. Send an email reminder just before the week is up.
- Schedule meetings with your recommenders.
- Review and incorporate input you have received from your review team.
- Complete second drafts of all your essays.
- If you have not received your undergraduate transcript copies—call again.
- You should have met with your recommenders at this point and given them all necessary information including deadlines.
- Continue working on essays.
- Begin researching Fellowships and Pre-MBA internship opportunities if interested. Keep in mind that the majority of fellowships require recommendations, so you may need to reach out to your b-school recommenders again.
- Complete final drafts of essays.
- Your essays should be finalized.
- Begin MBA Fellowship/Scholarship applications. The majority of fellowships require recommendations, so you may need to reach out your b-school recommenders again.
- It is best to apply in the earliest round in which you can provide a solid application. We recommend applying no later than the second round as many schools fill up their class by the time the third round comes around.
- Your first application will be the toughest, the following essays usually can be adapted from the first (or first and second) applications that you complete.
January and February of Year Your MBA Program Begins
- Submit fellowship/scholarship applications.
- Get your taxes done as soon as possible because this information may be needed in order for schools to put together your financial aid package and is required when completing the FAFSA form.
- Complete the FAFSA form. You do not have to know what schools accepted you before completing this form.
Spring of the Year MBA Program Begins
- Many schools have admit weekends to welcome newly admitted students. You may have to take some vacation time from work to attend.
Summer Before MBA Program Begins
- Consider attending pre-MBA career workshops hosted by Wall Street firms such as Goldman Sachs, Merrill Lynch, etc.
- Consider a Pre-MBA internship.
- Consider academic preparation programs offered by some schools to assist students in sharpening their quantative skills.
- Begin looking into housing at your chosen school.
1 month Before MBA Program Begins
- Make the move (if necessary) to your target school city and get settled in.
Hurrah! You are now an MBA student! Study, Network, and Explore!