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Whether to Apply this year or next?

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Whether to Apply this year or next?

by blevi1mw » Mon Sep 07, 2009 4:07 pm
I'm struggling mightily with the decision of whether to apply to B-school this year, or wait and apply next year. I have not yet started the application process, including prepping for the GMAT. My top choices for schools would be the usual top 5 to 7, with Harvard and Wharton as my top picks. Since the first round application deadline for both of these institutions is October 1, I would be applying in the second round and, coupled with the extremely competitive applicant pools applying this year (class of 2011), I feel this may put me at a disadvantage compared to applying next year (class of 2012). My issue with waiting until next year is that I would then be entering B-school at the age of 29, which I consider to be a little old/late (I know, the median age is generally 28, etc., but you know what I mean).

A few quick facts to put my application into perspective: undergrad class of 2004 (GPA of 3.42, though 3.8 in accounting/finance double major); GMAT of 730; 2 years of Big Four accounting experience, followed by 2 1/2 years of private equity experience.

Biggest weaknesses are the undergrad GPA and institution (little known MAC school). These are my primary concerns with applying in the 2nd round (as stated above) at the top schools considering what is expected to be a very competitive applicant pool.

Any thoughts on applying this year vs. next, how badly the undergrad GPA and institution will hurt me at the top schools and whether or not a higher GMAT score would be of benefit? Thanks in advance.
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by Bryant@VeritasPrep » Mon Sep 07, 2009 6:43 pm
You will be challenged to complete that many applications by the round two deadline unless you get outside help. Also, you say you got a 730 on the GMAT but then said you will need to prep for the GMAT. Is your 730 more than five years old? Don't worry about your age--it's not a factor. If anything, it will differentiate you. Being concerned about your undergrad institution is a valid concern especially if targeting the top five b-schools, but since you have been out so long, this matters less and more emphasis will be put on what you have done in your career. Bottom line from my view is that there seems no benefit to put off applying if you can pull off the applications before the deadline, but if you will be rushed and submitting a half-baked package, you should wait. Hope this helps.
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by blevi1mw » Tue Sep 08, 2009 10:09 am
Thank you, I appreciate your quick feedback. Sorry for the confusion. Based on practice exams, I feel relatively confident that I will score 730 or higher on the GMAT - I do not yet have an official score. I wanted the reviewer to assume a 730 in the context of my question, just to be safe.

So, in your opinion, will my undergrad institution and GPA (again 3.4, but 3.8 in majors of accounting & finance - slacked off in ridiculous general study courses in the early years) preclude me from getting into a top 5 school? I feel my private equity experience - promotion, granted carried interest, sit on board of directors of a portfolio company - coupled with a strong GMAT score will help offset the undergrad to some degree, I just don't know how much. This is what led me to the question of applying this year vs. next - I'm assuming this year will have plenty of i-banking and private equity types applying (due to recession) that have the more typical undergrad institutions. Also, would a GMAT of 750-760 provide much more of a case than a 730, or is it pretty much diminishing returns by the time you hit 730 since you are above the averages?

Thoughts? Thanks again for the feedback! It's very helpful.
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by Bryant@VeritasPrep » Tue Sep 08, 2009 3:46 pm
You will get marginal return from anything above a 700 in general. Seven hundred is a real hurdle to cross, so if you get a 730 you have a good shot at"counterbalancing" any academic concern. Truthfully, where you went to undergrad matters more than your undergrad GPA. I wouldn't worry much about the "competition" out there from i-bank analysts. They will generally be evaluated in comparison to other i-bank analyst applicants. Your work in PE will help you stand out as a way to diversify the incoming class at any school--yes, even the "top" schools. Be warned, however, that it's not always easy to get on the actual GMAT what you get on the practice GMATS, since you are scored relative to others taking the test at the same time. Good luck.
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by blevi1mw » Tue Sep 08, 2009 6:36 pm
Much appreciated, thank you.
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