The latest downturn in equity and credit markets will have a significant knock-on effect on graduate school admissions in general, and business school admissions in particular. As uncertainty increases in the various markets, people will elect for a “safe” option – which means applying to business school and taking two years off from market volatility. Many of these candidates will be from financial services – investment banking, private equity, and trading – while others will be from knock-on affected industries (e.g., real estate, other services). Some candidates will use this as a transition from being laid off, whilst others may be on the chopping block themselves, and are looking for an excuse to walk out the door. The net result will be increased applications in R3 of 2008 and definitely in 2009 – especially from financial services and other service sectors.
How do candidates differentiate themselves in this pool – especially since the pool is not only larger, but increasingly competitive, with more applicants from the “traditional MBA feeders” of finance and services?
The first bit of advice is to “stick with your core” – find out what really differentiates you as a candidate, and focus your application on those particular attributes. Whilst there is an increase in applications, this does not necessarily mean there is an increase in quality applications, as many will be hurried rush-jobs that people on the chopping block have quickly constructed. If you develop a clear, crisp application that focuses on what you see as your personal strengths, then you will put yourself into a good position for success.
This advice is especially important if you come from one of the fields expected to glut the admissions market. Make sure that you differentiate yourself from the pool of other ex-bankers/traders/private equity gurus – whether by the deals you have worked on, your personal goals or through your extra-curricular activities. Find some unique element of your application that separates you from the “two or three years and done” group.
Equally important is to START EARLY and APPLY EARLY in the process. Starting early gives you the advantage of extra time to really think through your application, and really decide on good differentiation points, then wording them in a way that jumps off the page to the admissions directors. Working with our clients, the most common comment we hear is that applicants are surprised by how much effort applications require, and how they wish they had started earlier in the process in order to maximize the time they spent on preparing good, clear applications.
Beyond these benefits, starting early gives the advantage of being able to apply early or in one of the earlier rounds. In a crowded pool, especially if you come from a common MBA background, there will be many applicants with profiles similar to yours. However, each school only has so many spots reserved for candidates with different profiles. These spots are allocated by round, however, the earlier rounds have more flexibility, and benefit from less benchmarking, thus, bubble candidates will have a much better chance in early rounds. So get on it early and submit early!
For more information, check out our website at http://www.langtonadmissions.com
