Do B.schools need proof for family income

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success gmat: Newbie | Next Rank: 10 Posts; Posts: 4; Joined: Thu Aug 07, 2014 7:42 am

by success gmat » Thu Sep 11, 2014 5:08 am

I was curious to know whether B.schools need proof about your family business income. I want to join my family business after MBA, so would be quantifying some data (revenue/ profit etc.) in my essays. I was wondering if I will need to give them any proof of some kind, in the MBA applications, or at the time of interview / admission.

Would really appreciate any insights on this.

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Source: Beat The GMAT — The Application Process | Thu Sep 11, 2014 5:08 am

Jim@StratusPrep: MBA Admissions Consultant; Posts: 2279; Joined: Fri Nov 11, 2011 7:51 amFollowed by: 266 members; Location: New York; Thanked: 660 times; GMAT Score:770

by Jim@StratusPrep » Fri Sep 12, 2014 7:30 am

You won't need to produce anything specific (unless you are talking about financial aid), but obviously report accurate numbers just in case...

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CriticalSquareMBA: Legendary Member; Posts: 1088; Joined: Thu Apr 18, 2013 3:29 pmFollowed by: 52 members; Thanked: 171 times

by CriticalSquareMBA » Mon Sep 15, 2014 1:54 pm

Numbers will help but be careful how you incorporate it into your essays. You don't want it to seem unnatural which it might. If possible, describe it qualitatively - not so you can hide numbers, but because you can still give an indication of size and scope without awkwardly throwing in numbers where they might not work!

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interviewbay22: Master | Next Rank: 500 Posts; Posts: 162; Joined: Tue Aug 19, 2014 11:45 pmFollowed by: 8 members; Thanked: 23 times

by interviewbay22 » Thu Sep 25, 2014 11:50 am

Hello

As part of your application you will have show documented proof of work experience, proving that you did work at the firm for x number of years. Some business schools do ask for proof of income for the last 12 or 6 months as part of the application. This varies from school to school. Few business schools ask for this data for statistical purposes. You will also be required to show proof of your income at certain schools while applying for scholarships. If you are applying to business schools outside of the country, you will have to show proof of financial resources for visa purposes. In these three cases, you will only have to provide the required documentation after you have been offered admission.

I would suggest you to contact the admission division of individual schools to find out what their requirements are. If you tell me the schools you are applying to, I can let you know if they require this data or not.

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