Most people who apply for MBA admissions start the
process only by July/ August each year with the belief that it is a year long
process and since most programs commence in Fall each year, it is ok to begin
the previous Fall. Their plan is to take the GMAT by August/ September and
proceed with the actual application process in next few months.
But the reality is that if you begin in Fall, you
might just have missed some opportunities already. In fact the right time to
wake up to this exercise is NOW. These are important months in the application
timeline which, if you use them well, will not only ease the process later but
might also afford you some opportunities that you might miss otherwise.
But before I come to the early opportunities, let me
first address another group of aspirants – those who applied in the R1 or R2
for Fall 2014 entry and did not get through. If you are thinking it is all over
for this season and you need to wait for Fall this year to begin applying
again, look around again. It is true that Round 3 is not a good option for
admission applications but there are many other options still open to you. Many
business schools, including some top ranked ones, have a January intake as
well. And the time to apply for January 2015 intake is now. For example INSEAD
has R1 deadline of 21st March and R2 deadline of 28th May
for their January 2015 entering class. HEC Paris has a deadline on 1st
of every month for next few months. So use this time to target these schools.
In fact EDHEC Paris is still open even for a Scholarship round till 31st
March, and that too for the Fall 2014 entering class. So do your research and
find the opportunities that suit your goals. The important thing is to WAKE UP.
Moving on then, to those who are yet to start their
thinking process for the entire project for application to MBA programs, here
is why you too should wake up NOW:
·
Pre-Final year
students interested in going to ISB: The
Young Leaders Program of ISB is just for you. If you are selected, It not only
guarantees you admission to the prestigious MBA program at ISB with a two year
deferral, it also guarantees you a Rs 1 Lac scholarship to boot. BUT the
deadline to apply is NOW – 15th March 2014. Moreover this is a
onetime window of opportunity because only those in their Pre-final year of a
UG degree program or of an Integrated or dual degree program are eligible. And
you are going to be in your pre-final year only once. No? So wake up now and,
if you qualify, apply before 15th March.
·
IIM aspirants:
Those wanting to apply to the IIM’s for 2015 intake – Many of you might have
already started preparing for CAT 2014. If not, you need a careful
self-evaluation to determine how many weeks/ months of prep time you need for
this exam, often touted as ‘among the toughest entrance exams to crack on the
planet’, and begin your preparation accordingly. Main thing is to avoid a
realization in June or July that you do not have enough time to prepare any
more. Though there is no ‘Best Duration’ of preparation time for CAT, it may be
just a few weeks for some or even more than six months for some others. The
point is to know yourself and make that evaluation to decide how much prep time
will take you to a relaxed and confident state on exam day. Because that is how
you will score well – by being relaxed and confident.
·
Those wanting to
apply to GMAT accepting business schools in US and other countries (and to ISB
in India): For you also, these are important weeks and months which you don’t
want to miss out on. Because what you do now, can be immensely helpful later.
It is true that the main application process does not begin till July when most
schools start to open their portals for applicants and put up their essay
topics etc. But till then, don't lose time. Do your research, take the GMAT
early, decide if you want to hire an advisor to help you with the application
process and do your search to find the advisor who works best for you. And here
is why doing these things early will help later:
o
Do your Research:
There are hundreds of Business schools you can target. But which ones are best
suited for you? Apart from the Rankings, there are other factors to consider.
For example, some schools have a better program for the energy sector than
others. At some schools you do not need a US based co-signer to get a student
loan. Some schools have a locational advantage in some way. Some aspirants
might prefer a small town setting for the business school or vice-versa. All
the research you do now will help you make better informed decisions about the
schools to apply to later in the season. Moreover, some of you may be in jobs
that involve travel to the country where your dream school is located. If so,
make it a point to visit the school. Business schools encourage aspirants to
visit them, interact with students and staff, even sit in on some classes with
prior permission. So do all these things. This will not only help you makeup
your mind better, it might even show the school how serious you are about
joining their school during the evaluation of your application.
o
Take the GMAT
early: Get this over and done with before the application pressure begins.
Taking the GMAT by June or earlier has two benefits. Firstly you go to the exam
at a time when you are not already thinking of your applications, so you are
more relaxed – recipe for a better score. Moreover, should something go wrong
on exam day and you end up with a score below your expectation, there is enough
time to schedule a repeat exam. Though I do not always advise aspirants to
repeat the GMAT easily, the point is that if you do need to repeat it, there is
time.
o
Search for the
right application advisor: This can often be a project by itself because there
are so many of them out there. Of course you need to first decide if you need
one at all. And once you know that you do, find the one who best suits your
working style. Check out their work, ask around among your colleagues and
seniors, look for references and only then hone in on the advisor you choose to
work with. Because this is an important selection that can affect your career.
The quality of application you finally submit will surely be influenced by the
advisor so take care to evaluate and select the one who works best for you.
o
Spread your
applications between Rounds 1 and 2: Don’t wait to send in all the apps in R2.
Preparing a good application is time consuming and making multiple applications
with the same or similar deadlines a herculean task. Round 1 deadlines can be
as early as September so If you begin the process early, take the GMAT in good
time, you have all the time you need to choose the application round you want
to apply to. Keep the work schedule on applications light by spreading them out
over 2 rounds. Bunched up applications will stress you out and you will surely
not produce your best work with essays etc. if you are stressed.
To conclude, it may still be March, but it is not too
early to start thinking and planning, and in many cases, acting on some
opportunities. But in any case, the wake up call, if you want to apply for MBA
admissions, is NOW.
