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Just starting out

by nplaneta » Wed Jul 22, 2009 7:48 am
Hi,

I am just starting to look at MBA programs and I have a few questions that I would like to get some expert feedback on. Here is some of my background information.

- I graduated this past May as a Mathematical Sciences (combo of Math and Computer Science) major and an Administrative Sciences (my school's business/finance equivalent) minor from a tier 1/top 25 Liberal Arts college.

- I finished with a cum GPA of 2.98. I started out as a Chemistry major and did very poorly (through my Sophomore fall I had a 1.92 cum [YIKES!] and had failed Organic Chemistry). Since switching my concentrations I have been able to maintain a 3.62 cum over the final 2.5 years of schooling.

- I played Varsity Basketball for all 4 years.

- I just took the free GMAT practice exam from MBA.com without any preparation before hand in order to get an idea of where I stand. I received am640 (47 Quant, 32 Verbal).

- During my junior year I started my own business. It has produced solid returns and in year 2 we saw significant growth. My business partner and I are currently pursuing expanding to other schools.

- I am currently working my first "real world job" as an economic research analyst for a small consulting firm.

I am going to wait somewhere between 1 and 5 years to apply to business school, but I think that taking the GMAT now is a good idea. My questions are:

1) What business schools in the Boston area (besides HBS and Sloan) would you consider high quality programs? Are there any to specifically avoid? I have heard wonderful things about Babson's Entrepreneurship Program. How selective is this program?

2) What is a reasonable target GMAT score considering my baseline is a 640?

3) Considering my resume highlights, what should be a target GMAT score to get into a top 10 program? top 20? top 40?

4) What do you recommend for someone who has taken on a significant amount of student loans (almost 1/2 of the undergrad tuition)? Should I be more focused on part-time programs in order to offset some of the costs?

5) Besides boosting my GMAT score what other things should I be trying to accomplish in the coming years?

Thank you in advance for your advice.
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by Lisa Anderson » Thu Jul 23, 2009 6:52 am
Dear nplaneta,

1) What business schools in the Boston area (besides HBS and Sloan) would you consider high quality programs? Are there any to specifically avoid? I have heard wonderful things about Babson's Entrepreneurship Program. How selective is this program?
One advantage to being in a large metro area is the number of quality programs in the area. If your career goals are to be an entrepreneur, then the Babson program is a great option, considered the best entrepreneurship program by many. You also have Boston College, Boston University and Bentley in the area, to name a few. I think you should spend some time researching the programs to determine which would be the best match for you.

2) What is a reasonable target GMAT score considering my baseline is a 640?
3) Considering my resume highlights, what should be a target GMAT score to get into a top 10 program? top 20? top 40?
You want to score as high as possible to put you in the best competitive position. Generally speaking, you want to be at or above the average on your GMAT score to be competitive. You still have a shot if you are in the mid-50% range, but you will need to give a compelling reason to be offered a seat. Below the mid-50% range is a precarious position--while not impossible, it is quite difficult to gain admission.

4) What do you recommend for someone who has taken on a significant amount of student loans (almost 1/2 of the undergrad tuition)? Should I be more focused on part-time programs in order to offset some of the costs?
Only you can decide the best course of action for your situation. I think you will find that a full-time program is not necessarily more expensive than a part-time program in many cases. No one likes to take on more debt, but you have to think of it as an investment in your future as opposed to a cost. I encourage you to evaluate the costs of both options at your target schools to determine how much of a difference there might be.

5) Besides boosting my GMAT score what other things should I be trying to accomplish in the coming years?
You want to gain quality professional experience and participate in some meaningful activities outside the office. If your leadership opportunities are limited in the workplace, then seek them outside the workplace. Pursue opportunities to build on the breadth and depth of your experience so you can show progression in your career.

Good luck,
Lisa
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by nplaneta » Thu Jul 23, 2009 7:11 am
Lisa,

Thank you for your prompt response. I will certainly work on developing my leadership skills through work and outside activities. I am also looking to improve my GMAT score. Obviously, it is very case dependent, but do you often see people improve their scores from around the 640 level into the 700s or is this an unrealistic goal? Also, I forgot to ask, do you think my GPA is low enough to warrant an optional essay?

Thank you!
Nick
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by Lisa Anderson » Fri Jul 24, 2009 6:26 am
Dear Nick,

Increasing your GMAT score over 40 points is difficult, but not impossible. If you can isolate what types of questions you struggle with, then it will enable you to focus your preparation efforts to raise your score.

While your GPA is below the average for many schools, I'm not sure if it warrants an optional essay. I think it will depend on how the rest of your profile looks relative to the school's class profile. Based on what you posted, I do not see any questions on your academic ability. You will probably just have to revisit this question once you start preparing your applications.

Good luck,
Lisa
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by nplaneta » Fri Jul 24, 2009 7:46 am
Thank you, Lisa!
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