There’s always a lot of buzz about ‘em, whether you’re talking the J-term at Columbia, European programs, etc. They are all great programs, and having the opportunity to finish b-school in one year offers up some AMAZING opportunities for some students. After all, why spend two years getting an MBA if you can do it in one, right? Seems like a no-brainer: spend less time, less forgone salary, less money spent in general. Let’s just gitterdone in a hurry, right?

Well, maybe. Here are three reasons why you may NOT want to get your degree in one year:

1) No summer internship. If you are a career changer, you will most likely NEED the summer internship. It will be your MAIN chance to transition into the field of your choice. If you don’t have that internship opportunity, how will you prove yourself in your new field?

2) Less chance for exploring. One of the best parts of school is the fact that you have OPTIONS. You have time to chat with professors, students, even folks in the field. Any field. Who the heck knows where you’re gonna wind up if you keep your options open? By enrolling in a two-year program, you will expose yourself to marketing classes, accounting classes, finance classes, etc, no matter what you THINK you wanna do. And who the hell knows what you’re gonna like, what you’re gonna bump into, or what’s gonna happen? So many options… and who doesn’t like options?

3) B-school is fun. What’s the hurry? If I had spent just one year at HBS, I would have had, well, half as many amazing memories. If I had skipped my first year, I wouldn’t have musical directed the HBS show. If I’d skipped my second year, I wouldn’t have taken Tom DeLong’s class (which changed my life.) And if I’d finished a year earlier, who knows where I’d be now? I’m pretty sure I wouldn’t be here, running Precision Essay. In the end, I wouldn’t trade EITHER year for the world. So enjoy b-school; two years of goodness is often better than one…

This, of course, isn’t to say that two-year programs are always better than one. That’s not the case at all for many people. But it’s my job to show you both sides of the coin, and to help you make the best decision for YOU.

So, all things considered, is a one-year program right for you?

I just got invited to interview at Tuck and I’m wondering if you could tell me what, if anything, makes an MBA interview different than a job interview. I’m confident in my abilities to talk in an interview, but I’m just not sure about this interview. Are there any secrets?

ANSWER:

Congrats on the interview, man. Exciting news. And yeah, if you’ve held a job before, I’m sure you know a thing or two about interviews. You got the job somehow, right?

But the MBA interview is verrry different than a job interview, and there are some “secrets” to succeeding and blowing those people away.

Rather than tell you, though, why don’t we show ya? We’re holding a live mock interview on February 8^th, and we’re gonna break it aaaall down… LIVE. The webinar will be an hour and go over the best way to prepare for the interview, what the adcoms are looking for, the most common MBA admissions interview questions, and how to answer any and every one that comes your way.

You can register for the event here.

And if you want to really practice your skills and get specific advice about your interview and your answers, sign up to be our mock interviewee. I’ll ask you 5 of the most common interview questions and give you real-time feedback on your responses.

Once we’re done with this session, you’ll be well prepared to take on Tuck.

See you on the 8th,

– Jon Frank

Need more help preparing for those interviews? We’ve got it all here, here and here. And get more information on our interview prep service here. 

So let’s take a moment to tear through the “why nots” and show you why they’re actually “why to’s”.

$100,000 is a lot of money to spend…especially right now.

Really, it’s not. For the average MBA, the return-on-investment can be as short as two years. Two years! Over the course of the next 40 years in your career, $100K doesn’t amount to much, right? So don’t be shortsighted, folks.  A master’s degree isn’t a short-term investment — it is a long-term investment.

There are no jobs out there right now. I’m not going to waste more money only to be unemployed in two years with student loans.

Sure the economy stinks now. But one thing that the past 200 years of economic history has taught us is that bad times are followed by good times. We are in a down phase now. Most likely, things will be better in two, three or four years (read: by the time you finish your program). Or at least, they likely won’t be any worse. Plus, grad school will make you more employable and, if nothing else, is a great opportunity to network with people (and potential employers!) you never would have met otherwise.

Graduate school won’t really teach me anything I don’t already know.

One word, folks: FALSE. The truth is, the world is changing and a master’s degree will allow you to change with it. The key isn’t to learn the specifics of the day, it’s to learn how to think. You’ll learn the basic skills that will come in handy, no matter how quickly the world changes in the coming years.

Why would I give up a good job with a good salary to become a student again?

Easy answer: Life experience. Life is a journey, my friends. Take yourself out of your comfort zone. Experience new people, settings, horizons and perspectives. What could be more important in your career, or your life, than that? I’m going to go ahead and say nothing. Here’s a thought: You will make amazing friends in school. You will go to these peoples’ weddings and meet their children. It will be a life-altering experience, not just from a career perspective (networking, networking, networking), but also from a “life well-lived” perspective.

A grad degree is worthless.

I graduated from Harvard Business School in 2005 and I wouldn’t have gotten any of my jobs post-MBA without that degree. Now, obviously not everyone will get into a top-five, top-20 or even top-50 program, but still, the credibility you gain from a great program will be worth its weight in gold long-term.

Times are tough right now, there’s no doubt about it, but one thing is for sure: The timing could not be better to apply to b-school (or any graduate program) and invest in your future.

In your experience, is there any distinctive difference between the way a traditional European b-school views the application essays versus a US b-school? In other words, do we use a different approach when writing essays, or do we simply go in, guns blazing, everywhere?

ANSWER:

So… what you’re asking, essentially, is what is the difference between an app for a European program and a US-based one?

And the answer is quite simple:

Generally, yes, you will “go guns blazing everywhere.”

But there are some differences. For example, a career change is even less likely to fly for a European b-school. After all, those programs are only one year long. Therefore, they will not offer up a summer internship, so transferring into another area will be that much more difficult.

Also, students in European programs tend to be older.  Unlike schools here in the US, these programs aren’t trending young. So if you’re on the younger side (24, 25) you are that much more likely to seem immature. And that’s not going to do you any favors. The trick there is that you show yourself among a group of older peers, holding your own, not being intimidated, etc. Present yourself as being quite mature, and “wise for your years.” After all, your peers at European programs will be more mature as well and you need to prove that you can fit in and hold your own.

Other than those small differences, though, the application process is the same. Show the adcom that you’re a strong leader with great potential and some cool yet attainable career goals and you should be good to go.

Good luck out there!

– Jon Frank

Applying for European programs? We want to help. Find out how to get 30% off Precision Essay packages right here.

Why? I’ll give you 5 great reasons:

1) Admissions Can Be Less Competitive (in Some Ways)

Look at the stats, my friends.  Average GMAT scores tend to be…LOWER. Average TOEFL scores tend to be… LOWER.  Even with GPAs, there is more flexibility here.  Why is that?  Well, lots of reasons. Most relevant is the fact that most folks are often not native US speakers.  So as a result, you can afford juuust a bit more leeway on your scores.  That should be a relief for lots of folks in the GMAT of 660-710 range…

2) They Tend to Have Older Applicants

If you are a tad older than the typical 3-4-5 years out of college range of applicants, then you should take a GOOD look at these programs.  Why? Because European programs tend to have older students. This is a GREAT chance for older candidates to get a TOP-NOTCH education, and not be discriminated against by the current trend in the US of students getting younger and younger…

3) They are 1-Year Programs

Why do older applicants like International programs?  Well, here’s one great reason: the programs are shorter!  For the young husbands and fathers among us, we can’t necessarily afford to take two WHOLE years off. In those two years, we lose a ton of income and TIME. European MBA programs tend to be just one year long, so older applicants LOVE the ability to get in, and get right out.

4) They have an International Focus

Is your goal NOT necessarily to live and work in the US? Then…why bother going to the US to get your MBA?  The programs in Europe tend to be MUCH more internationally oriented, with the overwhelming majority of students from OUTSIDE the school’s country.  This lends itself to a very different kind of discussion, as you can imagine, than that which happens in the US programs. European (and Asian) MBA programs are MUCH more international in nature.  If you are passionate about international business, then give these programs a GOOD look!

5) Many Have STELLAR Job Placement

That’s right, folks. Take a good look at the statistics; starting salaries are often HIGHER at European Programs than at US programs.  Don’t believe me?  Here’s an example: the average starting salary at LBS was $146,000, at INSEAD it was $148,000, and at IE it was $149,000.  All these salaries are higher than the starting salaries at NYU Stern ($139,000), Duke ($137,000) and Ross ($137,000).  So, as always my friends, investigate the facts before you assume that US programs will get you to a better place upon graduation…

Considering a 1-year jaunt in Europe? Check our our b-school cheat sheets for more information on European MBA programs!

And it feels goooood, right?

So what now? For many of you, life becomes a game of waiting/constantly checking your email for any sort of update from your target schools. (We know it’s tough but waiting is all you can do!) And for others, it’s not over yet. There’s still Round 3 and those other later deadlines for programs in Europe and abroad. And those, as we’ve said many times before, are a challenge.

Applying later in the year is tough, there’s no doubt about that, and we want to help ease the burden as much as possible. After all, we’ve got a team of MBA consultants just twiddling their thumbs and lookin’ for something to do and someone to help.

So let’s do that, hm?

From now until February 17th, we’re offering 30% (yes, THIRTY PERCENT) off of all our packages for 2012 applicants. [That's far and away the biggest discount we've ever offered in PE history!] Need some help developing those essays? Get our Junior Deluxe at 30% off. Applying to some programs and don’t know where to start? Get 30% off our Deluxe package. Have your essays drafted and need an experienced set of eyes to make ‘em sing? Sign up for our Basic package for, you guessed it, 30% off.

We know you’ve got some challenges coming, so let us help you do the heavy lifting.

Interested? Email info@precisionessay.com.

We’re here when you’re ready.

Hi. I’m interested in applying to MBA programs that start in 2013. I know it’s early and essay questions aren’t out yet, but I’m wondering if there’s anything I can start working on now?

ANSWER:

Hello there! Great question and one, quite frankly, we wish we got more around here. Too often people come to us for help in the 11^th hour, when their apps are due in less than a week! It’s great that you want to be proactive and get an early start.

And sure, essay questions for next year won’t be posted for a few months, but that doesn’t mean you can’t get started on the application process now. After all, there’s a LOT to do before you can actually start filling out those apps.

Take the GMAT. And do well on it. Yes, this one’s a given, but there’s more to it than simply sitting for the test. Think about the schools you want to go to (more on that later) and make sure your GMAT is competitive. If it’s not, sign up for a GMAT prep class and prepare to re-take the exam. If you start now, you could have it all done by April or May… which is perfect timing for those round 1 apps.

[How do you know if your GMAT is competitive? Sign up for US News and World report’s MBA rankings. For $20 you have access to the most comprehensive list of schools and stats that will help you throughout the application process.]

Research. You want to go to Harvard/Stanford/Wharton? Great! So does the rest of the world. Do yourself and favor and look into some other programs. There are tons of awesome b-schools out there beyond H/S/W, and you’d be doing yourself a great disservice if you didn’t consider them.

What should you be looking for? That depends on what’s important to you, but research where the school is located, what sort of student groups there are, key faculty members and classes, the post-grad employment stats, and all the other aspects of a school that make it a good fit for you.

[We recommend applying to at least 7 schools (2 reach, 2 “safe” and 3 right in the middle), so spend some time and find the 7 schools that work for you.]

Fill in the holes. Do you know what’s required for b-school apps? First, find that out and then make sure you’ve got your ducks in a row. Line up some potential recommenders, get your resume in order, step up to the plate at work and take on a leadership role. Do whatever you have to do NOW so you’re a strong applicant come September.

Visit! We say this all the time… and that’s because it’s important. You’re going to be spending up to two years (and a lot of money!) in b-school, so you want to be 100% certain that you’re happy with your choice. How can you be sure if you’ve never stepped foot on campus? So get there. Walk around, sit in on a class, chat with students and just soak up the campus culture.

Yyyyep… it’s a lot. And we haven’t even gotten to the actual applications yet.  Aren’t you glad you’re getting started early? There’s a lot of work to do, friend… The good news is you’ve got plenty of time to do it.

We’re here if you need us.

Good luck!

– Jon Frank

Are you getting an early start on your 2013 apps? Get the ball rolling now and sign up for a Profile Diagnostic with a PE consultant.

You can finally get a full 8 hours of sleep again.

You can finally think about more than Stanford’s ‘What matters most and why.”

Exciting, right?

Now you have time to think about the value of that MBA you covet, how to make the most of your time at b-school, the secrets of some of the world’s most successful businessmen and women, how to handle Round 3, and all the other big things happening in the MBA world this week.

Get your fix right here:

Is an MBA worth it? Alums say YES

B-school alum have spoken, friends. And despite the state of the economy and the fierce competition among MBAs to get jobs, the time and money spent on an MBA is still more than worth it. Can I get a sigh of relief up in here?

MBA Electives offer hands-on experience

The new trend in b-schools? Creative electives that take students out of the classroom and give them more hands-on and meaningful experience. It’s about time, eh?

3 Career reasons why students get online MBAs

Like music, movies, TV, shopping, and everything else we know and love, b-school has gone online. Have you ever considered an online MBA? Some argue it’s the only way to go.

Sometimes winners DO quit

Contrary to popular belief, sometimes quitting is the best option. And it takes a winner to recognize it.

Career tips from successful entrepreneurs… who never graduated from college

Sure, you’ll learn a TON about business in business school, but before you get there, learn a lot about business from people who never went (and clearly didn’t need to).

How to rock the GMAT in 2012

Just starting on your MBA application journey? First things first: killin’ it on the GMAT. And these tips should help.

The Art of the Round 3 application

If you’re applying to b-school in round 3, you won’t want to miss this informative (and FREE) webinar hosted by PE founder and CEO, Jon Frank.

Why would they do that?
What does the interview process look like now?
What does this mean for applicants?

Frankly, we at PE HQ aren’t that surprised. With the rise of both international applicants and cheating in the MBA application process (those two are NOT connected, by the way), it was only a matter of time until schools made some changes to keep everything kosher. And now that Wharton’s on board, many more b-schools are sure to follow.

So what exactly is going on here?

Lemme break it all down for ya.

Hard to believe, I’m sure, but there are some unscrupulous people out there who will do just about anything to get into a top MBA program, from paying someone to write their MBA applications for them, to paying someone to actually interview for them. Crazy, eh?

Also, while not as severe, many international applicants, when interviewed by alumni in their home country, end up interviewing in their native language, instead of English. Doesn’t seem to be a problem – if they’re answering the questions, who cares what language it’s in? – but for admissions committees, it is. If the applicant is going to be studying in the US, they need to be able to communicate effectively in English. And the interview is a chance to test that.

And that, my friends, is why Wharton has shifted gears a bit. They wanna reel things in a bit and keep the interview process internal to ensure they’re A) speaking to the right person, B) “testing” the right things in the interview and C) keeping the interview process and the subsequent grading process more consistent and fair across the board.

That’s it.

See? Not so bad, right?

If you’re applying to/interviewing at Wharton, not much is going to change. In all reality, many of you may not notice anything at all.  You’ll prepare for this interview just like you would for any other: get comfortable with your stories; anticipate questions and have answers prepared that you know will work; and, for our International friends, practice that English.

The only real differences will be the person who interviews you and the mode in which that interview is conducted. So, you’ll be sitting down with a member of the adcom instead of some random guy who got his MBA at Wharton back in the ‘90s. And perhaps you’ll do so via Skype, instead of in some hotel meeting room in a random city 200 miles away from you. But as I said before, the rest of the rules don’t change. So really, the only thing you should be worrying about is what you should have been worrying about all along: impressing your interviewer enough to grant you admission to Wharton next year.

Yyyyep, there’s still one more legit round of admissions left for those US Business Schools. And it’s a doozy.

Round three is notoriously difficult. After accepting students for months and months, there aren’t many spots left. And that means you have to work that much harder to prove that you’re the best person to take one of the few remaining seats.

It is… an art form.

How do you build an application that has you standing head and shoulders above the pack, and meet the adcoms’ high expectations?

Find out on January 24^th at 8:30pm EST when Jon Frank, HBS MBA and co-founder of Precision Essay hosts: The Art of the Round 3 Application.

This one-hour webinar will cover the ins and outs of Round 3, from the hard numbers to the best strategies for getting that highly coveted R3 admission, and he’ll even open up the floor for some Q&A from attendees.

Attendance is free, but you gotta register right here.

And we’re capping this event at 100 people, so register fast!