Fewer Applicants: A Blessing or a Curse? - 工管

If youˆve been stressing out over your quickly-approaching application
deadlines, today is your lucky day. You can finally take a moment to put down
your red editing pen, close your GMAT prep book, and take a nice, deep breath
(or a nap) because this year, youˆve got a lot less competition to get in to
the b-school of your choice. According to a survey by the Graduate Management
Admission Council (GMAC), 2/3 of the full-time MBA programs saw a major
decrease in applications. On average, the application rate for most full-time
MBA programs has dropped anywhere from 15-20% compared to last year, and that
could have a huge impact on your admittance.

Now, before you plan your celebratory ¨yay-I-just-might-get-into-Stanford〃
party, you need to know a few things.

First off, the number of applicants for accounting and finance programs has
actually increased by 70-80% this year, so just be aware that this decrease
only applies to full-time MBA programs concentrated in business.

Second off, even though applications are down, the quality of applicants is
up. According to the study, the academic credentials and profiles of 2011 MBA
applicants were of a much higher caliber than back in 2010. How? Why? Well,
not only has there has been an 30% increase in applicants from Asia (and with
that, a big jump in GMAT scores) but all applicants are coming to the table
with more work experience, more extra-curriculars and more…well…just more.
So, sure, even though youˆre no longer competing against as many applicants,
youˆre competing against better applicants.

So, what does this mean for you? It means youˆve got to be prepared and youˆ
ve got to be smart. When it comes to your essays and interviews, you need to
show admissions officers not just why youˆre ¨a good fit〃 for the program,
but why youˆre ¨the fit〃 for the program. Be unique, be specific. Prove to
them that your admittance will benefit their school in the long run and show
them what sets you apart from the hundreds (or at this point, dozens) of
other applicants.

Play your cards right and youˆll be successful no matter how many applicants
youˆre competing with.

Jon Frank
HBS 2005
Founder Precision Essay
http://www.precisionessay.com

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