Transcript Advice on Applying to Grad School

ADVICE ON APPLYING TO
GRAD SCHOOL AND MBA
PROGRAMS
Drew University, Dept. of Economics
Before you graduate
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Choosing Classes Carefully
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Graduate schools care much more about what hard classes
you’ve taken and how you’ve done in them than about overall
GPA.
If you have taken difficult classes, highlight them in the
application and/or essay because schools might not know which
economics classes or other subjects are the advanced ones, etc.
Courses that emphasis real world analysis is an especially
important skill because they tend to be demanding and draw on
many aspects of your education.
Essays may be a time to highlight your coursework or specific
papers or projects
Math – Calculus and Analytic Geometry I, II, III plus Linear
Algebra
Is graduate school right for you
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Graduate school is doing research.
The best way to know whether you enjoy doing
research and working in an academic environment is to
try it! You might even want to take a graduate course
as an undergraduate, but realize that it will require
much more work than an undergraduate course.
M.A./M.S. verses Ph.D. If you are not sure whether you
want to do a M.A. or Ph.D., you might want to start out
in a Ph.D. program as the coursework for the 1st year is
often the same.
Recommendation letters
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Get recommendations from people who know you
well
Get to know some professors Well!!!
If a professor hesitates at recommending you – find
someone else
It’s fine to have a letter from someone you worked
for even if they didn’t teach you in a class.
Try and find professors that work in the field you
are applying for to recommend you
Graduate school essays
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On your application its very important to write an
essay saying what kinds of areas of economics
you’re interested in, what questions you think are
interesting, what papers you’ve read that you’ve
liked, etc. Be as specific as possible and try to talk
intelligently. View some essays on-line to get an
idea of how to do this.
Get someone to read your essays.
GRE Scores
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Though the test is not necessarily a good predictor
of success, it matters a lot(especially the
quantitative portion)! Study for the GRE and/or
take a preparation course.
Economic section is usually not necessary so don’t
spend much time on it if you take it. If your score is
strong send it otherwise do not use it.
Where to apply?
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Do your homework! Most students spend a significant portion
of their senior year in high school worrying about college –
do the same if you are going to grad school
Go on-line to search engines such as econ.lit or JSTOR and
enter subfields that interest you –see who is publishing and
where they work
Talk to your professors and ask them if they could
recommend graduate programs and/or people to work
with.
Send an application to at least eight schools. If you only
want to go to a certain school for its brand name than
maybe graduate school isn’t for you.
How to choose a school from your
shortlist
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Talk to students that are already graduate students at
that school
Can you see yourself with this particular group of
students
Ask about retention rates and qualifier exams
Placement record of the department
Rankings - pros and cons. The US News and World
Report offer a ranking of US schools, but remember the
world is a big place with many other universities
throughout the world that offer excellent programs.
Never accept a school you have not visited before hand
Financing Grad School
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Finanical aid – based on income and can be combined
with loans.
Scholarships – many Ph.D. programs offer funding for
students.
Research/teaching assistant positions – although these
maybe difficult to get your first semester, they are
available afterwards.
Working outside the university – check to see if there
are research institutes or other research organizations
within the location of the university you can apply for a
position at.
MBA Programs
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Goal of an MBA is different than a Ph.D. Usually to advance in ones
career not to start into a particular career
There are usually three types of MBA programs to consider: fulltime, part-time and executive MBA programs
Many MBA programs offer night classes and weekend courses to
accommodate working students
Admission goal in an MBA program – well-rounded class consisting
of people from a broad range of work backgrounds
Most MBA programs have two broad work categories: finance and
management consulting
Why do you need to work for two years prior to applying – it often
makes job placement easier after completing the program
Applying to top programs verses lower rated programs – top
program usually have better job placement
Typical MBA Class
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60-65 percent of admitted students come from
finance and consulting – investment banking and
management consulting
Individuals from these areas tend to have higher
GMAT scores
How to add depth to a program and
get in
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Coming from nongovernmental organziation,
nonprofits and government can be a plus as GMAT
scores can be lower
Have something unique to share with your potential
classmates
Apply early as top MBA programs get so many
good applicants that they cannot pass on;
consequently, few spots are left for latter
How important are my grades for an
MBA
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They are not!
Many applicants to MBA programs were not
planning on graduate school so they were not
focused on grades
Two years of interesting work can mean much
forgiveness on the grade front
GMAT TEST
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Many of the top schools have cut off numbers for
their programs so scores matter. Tests are a
convenient filter for schools with lots of applicants
Practice before and/or take a preparation course.
In fact, you really cannot afford not to take a
course as most of the students you will be competing
against for spots will have taken a course.
The Interview
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Dress professionally
Think about the questions you might be asked and
practice answering them – even in front of a mirror!
Show that you have done your ‘homework’ – know the
program inside and out.
Interviews are not the time for cost/fee/fundings
questions
Key question: ‘Why do you want to do this MBA and
now?
Funding and Scholarships
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MBA programs are expensive so think about the
cost implications
There are very few scholarships for MBAs
Many students are funded by employers either fully
or for part of their costs
Many MBA students work while pursuing their
degree
Unlike Ph.D.s who are perceived as going to
teach/research after grad school – MBAs are
perceived to be going to make a lot of money