Getting Into Business School

Expert Contributor: Michael Tarantino

According to the U.S. Department of Education, over twice as many bachelor’s degrees were awarded in business and its related fields than in any other area of study for the 2012-2013 academic year. Business degrees also held the top spot at the master’s level. The popularity of business degrees means that more students are competing for a limited number of spots at top business schools. Prospective students can increase their chances of getting into business school with practical tips and advice on choosing the right school for them and navigating the application process.

Some of the tips below may seem obvious, but there’s a good reason for that: they work. The key is to start with these solid suggestions and use them as a foundational reference when tackling each step of the business school application process.

When it comes to the college application process, nothing stings worse than a missed opportunity, and most missed opportunities result from entering the process late. This includes your program search and the actual application process. So much depends on how well you understand the application process and how early you start on it.

While the level of importance colleges place on good grades and test scores varies from school to school, students can increase their chances of admission at a greater number of schools by working hard in high school or, for prospective master’s students, during their undergraduate studies. Colleges often prefer students who have taken the more rigorous college prep, advanced placement and honors courses in high school. For MBA applicants, grades for core business courses from undergraduate studies often carry the most weight.

Colleges prefer well-rounded students, ones that are involved in sports, clubs, school government, community organizations, and the like. It’s more important to pick a few extracurricular activities and give them adequate time and attention rather than join a wide array of clubs with little involvement. Business-related activities, such as DECA clubs and business fraternities, can show a candidate’s passion for the field.

This is particularly important for business students applying to graduate school. Most top MBA programs, for example, consider students with substantial real-world experience in the business world to be a huge plus, if not a specific requirement for admissions. If a student plans to move directly from earning an undergraduate degree to graduate school, the best substitute for work experience is a summer internship (or two) with a reputable company.

This form of networking is a great tool for prospective master’s students. Students who develop strong relationships with their professors during their undergraduate programs have valuable allies who can provide recommendations and other guidance when it comes time to apply to graduate school.

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Students can begin preparing for undergraduate business school as soon as they enter high school. Meanwhile, MBA candidates can make the most of their undergraduate and professional experiences to prepare for application time. Taking steps well in advance can help students adhere to deadlines and not feel overwhelmed or rushed when applying to schools. The timeline below details steps prospective business students can take to prepare for undergraduate and master’s degree programs.

Here’s a very important piece of information: Not all business schools are created equal. And there are plenty of sources out there willing to prove it with their “top business school” rankings. But picking the best business school for a particular student has little to do with a rankings list. It’s much more about finding a school whose general teaching approach, specific academic programs, and learning environment offer the best chance at success for the individual. A great way to do that is to consider each of the following factors for every entry on one’s potential business school list.

For many students, choosing a school whose location meets their lifestyle needs is just as important as making sure that school meets their academic needs. Business school students often prefer schools located in an area with ample job opportunities or industry growth in a sector that piques their interest. Geographic regions, urban versus rural settings and distance from friends, family and other established support systems should also be considered.

The size of an institution can have a significant impact on student success. Some may thrive at a large school with extensive campus resources and a variety of activities and degree options. Others prefer schools with smaller class sizes, easy access to faculty and more opportunities to form strong bonds with peers. When finding the right business school, students can look beyond the institution’s size and consider the school’s average class size and student-teacher ratio.

For many students, business school is not just the opportunity to earn a degree, but a place to gain specialized training in a business concentration that fits their interests and career goals. Many business schools offer a variety of specializations, like accounting, finance, international business or human resources. Specializations vary between schools, however, so students should make sure their college of choice has concentrations that interest them.

Extracurricular activities not only give students the chance to develop relationships with peers and explore both academic and non-academic interests, they can also get the attention of future employers and schools. Participating in business-related sororities, fraternities, clubs and organizations along with athletic, personal interest, community-based or other extracurriculars can make for a more positive college experience and build well-rounded students.

A school with a well-known name and good reputation may help students stand out to employers, but it’s important to keep in mind that employers are generally most interested in employees who are good at their jobs and can bring something unique and valuable to their organizations. With a competitive job landscape, students who excel in schools with the right connections and reputation may gain an extra edge.

When looking for business schools, students should consider whether they might prefer a public, private or special interest college. Some students find that schools with specific cultural or religious ties allow them to build stronger support systems with peers and provide a significant foundation for their studies. Private schools can be costly, but they often maintain close ties with alumni, who can be excellent professional connections. Public schools tend to be less expensive than private schools and offer academic and social variety.

Students should look for schools whose educational philosophies resonate with them. Teaching philosophy statements can sometimes be found on school websites, but students can get more detailed information about the practices and ideologies a school upholds by contacting a school representative, reaching out to individual teachers or attending campus tours.

Michael Tarantino

What can make a prospective student’s application stand out?

What I like to see on a resume are what types of organizations applicants have worked for, what roles they’ve taken on within those organizations and if they’ve earned any honors or big accomplishments at work. What we’re looking for is someone who has drive, someone who is passionate about pursuing their degree because they want to, not because they have to. And we also want people who are team players and will get along with others in the classroom. What is the biggest red flag that you see on applications?

One that really stands out is spelling errors. We do have an essay component, but it’s just a one-page essay. So if they can’t take time enough to compose a one-page essay about themselves without spelling errors, or if the writing is poor and doesn’t flow well, that’s definitely a red flag. Any other points students should watch out for?

Our program is highly quantitative, so when we look at transcripts and see that an applicant has taken accounting and finance classes as an undergraduate and done poorly, that’s a red flag, although it does not necessarily mean we throw that application out.

References can also be a red flag. We’re looking for that team player, someone who is going to be a member of our community. Sometimes something in a reference may hint at a problem. Again, we would not reject that person outright, but it might give us a reason to request an interview to discuss our concerns.

The point is that we look at it like we are on the same team as the applicant. People have the misconception that those of us in admissions are these big gatekeepers and we don’t want anybody in our programs, or we’re constantly shutting the door on people. The reality is that we want to help students. Do you have any final pieces of advice you would like pass on here to applicants?

Students shouldn’t hesitate to contact admissions people, especially those at the schools they are most interested in. And remember that there are no dumb questions. Many students out there think that they can’t talk to the admissions staff until they’ve applied. We’re more of a resource or like a customer service program than anything else. We’re here to answer questions and provide honest responses so students know what they’re getting into. We’re not here to kick people out. We’re trying to counsel, to help them and be a resource.

Also, look for a program that fits you, not one that fits the public. By that I mean it’s easy to look up the rankings and see who’s listed at the top. But that doesn’t mean one of those programs will be the best in your individual case. And since so many schools now offer MBA programs, you can find that niche, that program that can give you what you’re looking for.

After compiling a list of potential business schools, students can begin the application process. Students should start as early as possible to ensure they have enough time to build a complete and compelling application package. An understanding of common application components can help students estimate how much time they need to complete the process.

Having a clear understanding of the many types of application deadlines and admissions tests can smooth the overall process of getting into business school. Prospective students can take a look at some important terms they may run into when applying to business school.

Early decision applications allow students to apply early and receive an early notice of acceptance. Early decision can be beneficial to students who have planned in advance and have a strong top choice for the program they wish to attend. Early decision admissions are binding and normally require students to sign a letter of intent and pay a matriculation fee as soon as they are accepted.

Like early decision, early action application allows students to apply and receive notice of acceptance earlier than regular applicants. Unlike early decision, however, early action applications are not binding, and students may opt to decline the school’s acceptance offer. Early action applicants typically have to accept or decline the school’s offer by May 1.

Most prospective business students apply during the regular enrollment period. While regular enrollment application deadlines vary from school to school, they typically fall sometime in early January, with admission offers sent out in late March or early April. As with early action admissions, students are normally required to accept an admission offer by May 1.

Rolling admissions allow students to submit their applications at any time between a large window. The school considers applications as they are received rather than reading and responding to applications at one time following a submission deadline.

Many MBA programs prefer students who have some relevant work experience. For some programs, work experience is a requirement. Nevertheless, adults with more than a few years in the field may be reticent to return to college mid-career. These tips can help ease the stress of earning an MBA as a business professional.

What happens when smart business students face ever-rising college education costs and the potential of burdensome loan debt? They get creative. Most people have at least a basic idea how student loans work, as well as scholarships and grants. There are, however, a few more potential sources of education funds that students may tap into that are either free or, more precisely, do not have to be paid back. Here’s a brief look at the most common traditional ways to pay for business school, along with a few less traditional ways:

Scholarships are also considered “free money.” There are literally thousands of scholarships available annually to college students in the United States, and each one has its own purpose and eligibility requirements. Common eligibility factors include degree level and major field of study, student merit (GPA, standardized test scores, demonstrated extracurricular activities and community service, academic and artistic talents), specific background (gender, ethnicity, gender) and, in some cases, financial need. Scholarships programs are sponsored by government agencies, non-profit organizations, professional associations, private companies, firms and individuals, and academic institutions themselves. Go online or consult your school’s financial aid department to begin your scholarship search.

If you read about college grants, you will inevitably run across the term “free money,” and that’s a fair description. The money received from a grant does not have to be paid back. The biggest difference between a grant and a scholarship is that most scholarships are awarded either fully or partially on the basis of merit while the vast majority of grants are based on financial need. State government and even private grant programs exist, but the biggest source of college grants is the federal government, and the most popular type of federal grant is the Pell Grant.

The distinctions between scholarships and fellowships can get a bit fuzzy but, generally speaking, a fellowship is a continuation of the “free money” concept into post-baccalaureate academics. That being said, not all scholarships are undergraduate level only and not all fellowships are graduate level only. Fellowships focus on the professional development and training of the individual normally involving in-depth research and analysis of a specific issue or area within the degree major course of study, development of specific field-related skills like grant writing and other fundraising methods, leadership, public speaking and others. Financial compensation comes in the form of a living allowance or stipend. Fellowships are commonly found through a school’s financial aid department or, more likely, the relevant academic department.

One of the newest and most unique methods of college funding. Crowdfunding, in simple terms, is the practice of raising money for a project or venture (like going to college) by soliciting small contributions from a large number of donors. The crowdfunding process is typically carried out online through crowdfunding websites such as GoFundMe and Indiegogo. Crowdfunding provides a convenient platform for students to solicit donations for their educations from family, friends, neighbors and coworkers without the uncomfortable task of soliciting face to face. Students may also receive funding from complete strangers if they are able to make a compelling enough case in their online presentations.

A close relative of the graduate-level fellowship is the graduate assistantship. Graduate assistants work closely alongside faculty and staff in teaching, research and administrative roles that allow them to gain further experience and expertise in their chosen fields as well as develop interpersonal and leadership skills. Compensation commonly takes the form or tuition reimbursement, stipend and supplemental benefits, such as health care insurance. As with fellowships, students can look for assistantship opportunities at their campus financial aid and human resources offices or directly through their academic departments.

An often overlooked source of education funding is one’s own employer. Employer funding normally takes the form of a tuition reimbursement plan. Under the federal tax code, employers can deduct tuition reimbursement payments up to $5,250 a year per employee and the benefit is not taxable for the employee either. Why would an employee be willing to pay for an employer’s college education? Simple — employers see it a great tool for retaining good employees while improving and adding to an employee’s skills set. While employer tuition reimbursement is mostly the practice of larger corporations, any company of any size can take part.

Student loans are offered by the federal and state governments as well as banks and other private financial institutions. By far the most prevalent student loans are made through the federal government, which offers lower interest rates and more flexible payment options than other loan sources. Students must complete the FAFSA application in order to qualify for federal student loans.

Explore programs of your interests with the high-quality standards and flexibility you need to take your career to the next level.