Hello,

Being laid off is tough under any circumstances. However, business schools today recognize that the economy, especially the financial sector, has seen significant layoffs of talented and desirable employees. They also recognize that finding a new job while layoffs continue is challenging. You should, of course continue to look for employment.

What you should not do is take a year off to "find yourself" and "study for the GMAT." Schools will not be impressed by the fact that it has taken you a years' study full time to get a decent test score. If you find yourself accepting a pay cut or less glamorous position, consider how you can use that position to make yourself a more attractive candidate. Will the new position expose you to a new and interesting industry? Will it give you experience with a new functional area? Will it add to either the breadth or depth of your expertise?

Also, think of non-work means of enhancing your resume. I have had successful applicants use "down time" to start a not-for-profit, take relevant coursework, or contribute significantly on a volunteer basis.

In summary, while you will definitely want to explain the circumstances behind your layoff, you should also be thinking about how to use this time constructively. Think about how you can show interest, initiative and the ability to overcome obstacles by the way you tackle this challenge. Turn this negative to a positive.

Tani