MBAUniverse.com Column: GMAC (GMAT) CEO says current global financial crisis will increase competition to enter top MBA programmes; better preparation is key

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MBAUniverse.com News Desk |
July 24, 2016
MBAUniverse.com is pleased to publish this exclusive series of columns by Mr David Wilson, president and CEO of Graduate Management Admission Council (GMAC), the US-based global management development body that conducts the GMAT.

Mr Wilson is a respected thought-leader and has been associated with GMAC for more than decade. He is an MBA from the University of California (Berkeley), and a Ph.D. from the University of Illinois. He has served as a faculty member in a number of institutions including Harvard University's Graduate School of Business. Prior to joining GMAC, Dr. Wilson was with Ernst & Young in various senior capacities.    

Mr Wilson writes a column titled 'A Global Perspective on Graduate Management Education' for India's leading management portal – MBAUniverse.com.  

Column by Mr Dave Wilson:  

The Global Financial Crisis: Producing More Interest in MBA Programs . . . and a Need for Better Preparation by Aspirants

If you are an MBA aspirant, you no doubt are eyeing the crisis gripping the world's financial markets with shock, fear, despair – or perhaps a combination of all three.

While the global financial crisis certainly bears close examination and concern on the part of all of us, now is the time to focus your energy and efforts on something else: preparing a comprehensive graduate management program application package. Why? Because the financial crisis, counter-intuitively, is generating enhanced interest in graduate management education – and this, in turn, likely means more intense competition for slots at the most sought-after MBA programs.  

Indeed, the Graduate Management Admission Council is a front seat observer of this phenomenon. As the world's economy has contracted, and as financial markets have seized up, application volumes for the Graduated Management Admission Test (GMAT) have significantly increased. Outside the United States, GMAT registration volume for the first nine months of 2008 increased more than 22 percent. In India, GMAT registration volume is on a record pace.

GMAT and MBA program applications are up for a range of reasons. As observed in a recent article by Anjali Athavaley in the Wall Street Journal, "With financial markets in turmoil . . . many people are deciding that now is a good time to head back to school. Some would-be students are the victim of layoffs roiling the financial industry. Others think their jobs could disappear soon. Even some applicants whose jobs are currently stable are deciding it makes sense to go for a graduate degree now – since promotions and new opportunities could be hard to find in the next few years."

Whether you are one of the individuals described by Mr. Athavaley, or simply happened to be an MBA aspirant at the time of the global financial crisis, you should prepare for the increased competition you're likely to face by preparing an application package that will best reflect your aptitude, ambition and interests.  

Following are some of the key components of your application process and package. For more information and perspective, I urge you to visit www.mba.com, a GMAC-developed website specifically designed with the MBA aspirant in mind:

  • Research prospective programs – Build a list of MBA programs that interest you, and then conduct research on each. Speak with MBA graduates of that program. Review the schools' websites as well as third-party information and reviews on the programs and faculties. Find out which programs offer the best fit for you, your interests and your schedule.
  • Secure your undergraduate academic record – Contact your undergraduate university for detailed information on your academic record. If you are planning to apply to an international MBA program, remember to account for and explain differences in educational systems and academic recordkeeping.
  • Send your GMAT scores to your selected schools – Some schools require minimum GMAT scores. Some emphasize and review performance on certain sections of the GMAT than others. Also, investigate whether your selected schools will accept multiple GMAT scores: will they consider your best GMAT score, rather than your most recent GMAT score, for example?
  • Document your work experience – Your work experience can be a very important part in determining your acceptance to some MBA programs. Be sure to emphasize the results you achieved on the job; your career progression; and how your work has influenced your MBA goals.
  • Seek out recommendation letters – Most MBA programs seek recommendation letters from individuals in a position to know the work and character of program applicants. Select from a good cross-section of employers, colleagues, professors and peers who know you, and ask them to provide some level of detail in their letters.
  • Develop core messages for your application essays – Most MBA programs require one essay with each application. The essay is your opportunity to present a clear picture of yourself, your motivations, and your abilities. It also offers an important example of your written communication skills. While your essays must answer the specific questions posed by each MBA program to which you apply, you can prepare ahead of time by thinking through key messages about your ambitions, motivations and perspective on key business and management issues.
  • Articulate your career focus -- Admissions officers want to see the applicant behind an application: who you are, where you want to go with your career, what you want from your education and the reasons behind your goals. As you prepare your application package, conduct a self-assessment, and be prepared to address such questions as: What is your principle career objective? How will the MBA program help you achieve your career goals? What are your strengths? What skills do you need to better develop?   

The current global financial crisis is certainly of great concern to many, and will require the kind of thinking and solutions produced by the world's finest MBA programs. At the same time, the crisis appears to be producing interest in MBA program admission from a wide range of aspirants – which in turn means greater selectivity on the part of the admissions officers, and more competition for you.  

I urge you to do everything you can to develop a solid application package, and put yourself in the most advantageous position during what promises to be a fiercely competitive MBA program admission period.

David Wilson is president and CEO of the Graduate Management Admission Council (GMAC) (www.gmac.com).