Updated Application Deadlines

The following schools have posted their updated deadlines; many of them have also posted new essay questions for the 2008-2009 application season:

Chicago
Columbia
Dartmouth (Tuck)
Harvard
MIT (Sloan)
Northwestern (Kellogg)
Stanford
UC - Berkeley (Haas)
U of North Carolina (Kenan-Flagler)
U of Virginia (Darden)
U of Pennsylvania (Wharton)
IMD (Lausanne)
INSEAD
U of Michigan (Ross)
U of Texas - Austin (McCombs)
Yale School of Management
Duke (Fuqua)
Georgetown (McDonough)
Purdue (Krannert)
Ohio State (Fisher)
Vanderbilt (Owen)
Oxford (Said)
Carnegie Mellon (Tepper)
UCLA (Anderson)
Cornell (Johnson)
NYU (Stern)

We'll update this list as more schools release their information, so check back soon!

The Current State of Business School Admissions - Summer 2008

We're now past the 2007-2008 application season and by all indicators, was a clear rival to last season as the most competitive year we've seen. Application volume continues to climb at many schools, as evidenced by the Graduate Management Admission Council's (GMAC) Application Trends survey. Those increases invariably lead to drops in acceptance rates.

GMAT registration and test-taking trends suggest there is no drop-off in volume between last year and this year's projected application pace. 2008-2009 is looking very much to be another highly competitive admissions season.

Schools are posting their deadlines and essay questions earlier than usual, though the full applications will not be available at most programs until mid- to late August.

B-School Hiring Continues to Go Strong

Although top schools have not  released comprehensive information about the career outcomes of their 2008 graduates, preliminary data suggests that this year's b-school graduates are doing exceptionally well on the job front. A recent GMAC survey indicated that many MBA students received one or more job offers before their graduation date. With businesses putting more emphasis on MBA degrees, snapping up graduates from the top-ranked programs has become a competition in and of itself. Recruiting has even begun in the latter weeks of summer, rather than waiting until the traditional period of fall.

Over 94 per cent of Harvard MBAs had received at least one job offer by graduation day, as did 93 per cent of University of Virginia - Darden MBAs. Over 80 per cent of Columbia's second-year MBA students were reported to have secured post-graduation employment by February. Dartmouth's Tuck School reported a 30 per cent increase in the number of employers recruiting on campus this year.  87 per cent of UC Berkeley - Haas students had one or more job offers by graduation, with those who accepted positions reporting an average bases salary worth almost $103,000 and an average signing bonus worth over $20,500.

It looks like the bull market for MBA talent, especially in the consulting and investment banking sectors, may continue into 2009.

The Benefits of a B-school Education

Ironically, one reason that MBA applicant pools declined for several years in the early 'noughts' is that the economy was picking up. It's easier for people and companies to commit to business school when the economy is sluggish. When the economy is trudging along and growth is stagnant, employers are unable to find growth opportunities that allow their star employees to learn management or contribute to productivity. Consequently, the chance to spend two years at business school sharpening job skills, improving a résumé, and expanding networks looks attractive, both to prospective applicants and to their employers.

By contrast, when the economy is growing, prospective applicants may be faced with the prospect of giving up business opportunities if they want to go to business school. It can be a very difficult choice to make.

One way around this dilemma is to enroll in a part-time or executive MBA program. Part-time programs allow professionals to earn a degree by taking evening and weekend classes while working full-time. Executive MBA programs allow students with the right amount of work experience to earn a degree in as little as one year, through an intensive program.

Accelerated MBA programs are another option that can cut the amount of time needed to earn a graduate business degree. 4 of the top U.S. business schools now offer an accelerated MBA program that allows students to earn an MBA in just 12 to 16 months. These programs differ from EMBA programs in that they are open to applicants with less work experience. They can be an attractive choice for people who do not need an internship to achieve their career goals and who need to minimize the amount of time they spend away from the workplace.

The traditional two-year MBA program continues to offer unique advantages, though. It allows students to focus all their energy and intellect on their studies, and promotes network-building in a way that part-time and executive programs do not. Full-time programs also provide room for internships, which are increasingly important in the job market. (The GMAC Corporate Recruiter Survey, cited above, found that about a third of new MBA hires went to work for companies where they had interned). The two intensive "boot camp" years of a traditional MBA program will leave you well versed in such areas as finance, management, marketing, and strategy. You will also come away with a whole new way to analyze business issues and exposure to powerful techniques to help sell yourself to your full potential.

Moreover, an MBA can give you additional career flexibility and help you switch occupations. In fact, an MBA from a top business school can increase your earnings potential by over 150%. It would be pretty tough to do that by staying with your current employer for an additional 2 years – even in a booming economy!

Our Thoughts on the Economy

2008 has been hampered by issues in the housing sector and by slow job growth. However, consulting firms and investment banks, two sectors that are very popular and traditional MBA recruiters, continued a strong hiring pace in 2007, following a significant increase in 2006. High tech and Fortune 500 companies have also been hiring more MBAs than in previous years. Analysts believe that hiring will remain steady for MBA graduates in the next few years.

MBA Career Choices

In the short term, an education from a top business school can help you gain valuable work experience with an employer such as a consulting firm, investment bank, or venture capital group. You will also have opportunities to work for a more "stable" Fortune 500 company in the business planning, investor relations, or corporate development departments.

In the long term, these valuable experiences can certainly help you position yourself for a senior-level management position. Even in the best of business times, an MBA is an excellent investment.