Insights from the 2020 US News & World Report Business Schools Rankings: Wharton is #1

The 2020 US News & World Report Business Schools Rankings were published today. Most of the schools that are perennially in the top 10 are there again, however there were some changes in position. Wharton holds the top spot, alone, this year up two spots from #3 last year. Also, Harvard and Booth fell from tied for #1 last year to tied for #3 this year. MIT Sloan is also tied for 3rd. Yale’s back in the top 10, as is Duke.

2020 US News & World Report Business Schools Rankings

 

  • #1 University of Pennsylvania (Wharton)
  • #2 Stanford University
  • #3 Harvard University (tie)
  • #3 Massachusetts Institute of Technology (Sloan) (tie)
  • #3 University of Chicago (Booth) (tie)
  • #6 Columbia University (tie)
  • #6 Northwestern University (Kellogg) (tie)
  • #6 University of California — Berkeley (Haas) (tie)
  • #9 Yale University
  • #10 Duke University (Fuqua) (tie)
  • #10 University of Michigan — Ann Arbor (Ross) (tie)

Observations of note

Out of the schools in the top 10 this year, all of them, except for Duke, had an average GMAT of 720 or higher. Scanning the rankings, it wasn’t until you got to #15 Cornell University (Johnson) that the average GMAT score dipped below 700. The average GMAT score at 5 of the top 6 schools was 730+. Similar to rankings, we don’t want to place too much emphasis on the average GMAT score, but it’s worth noting that the average scores remain high and are continuing to go up for schools in the top 25.  You’re probably wondering, what you can do about it. Check out these articles on the Veritas Prep blog or contact us so we can give you some free advice.  

Acceptance rates at the top schools range from 6.1% (Stanford) to 27.1% (University of Michigan Ross). A school’s acceptance rate doesn’t tell you your chances of being accepted. The strength of your profile and application determine that, but we point out acceptance rates because it’s worth noting how competitive getting into a top business school can be and what the chances are and how much they vary, even among schools ranked in the top 10.

As we’ve stated before: for those of you hyper focused on attending a school in the top 10, we hope you remember that the top 10 varies from year to year and you should keep an open mind about applying to schools outside of the top 10.

The difference between a school being ranked in the top 10 and not is pretty small.  One year they may be in the top 10, the next year they may be out. Did the school change that much in 1 year?  Probably not. Is the school still a great school? Most likely yes. There can be so much focus on a school being ranked in the top 10, but there are a number of excellent schools which hover right around the top 10 and even crack the top 10 (as they say) some years that as an applicant, you should make sure you don’t overlook them.  So, while Tuck, Stern and Darden aren’t in the top 10 this year, as you consider which schools to apply to, take a look at these schools as they are perennially near the top 10 and sometimes included, if that’s important to you.

We constantly remind applicants, rankings are only one factor to consider when selecting which schools to apply to.  Regardless of which schools you decide are right for you, you’ll want to make sure you submit the strongest application you’re capable of.  Contact us today to discuss your chances of admission to your target programs, to get answers to your questions, and to find out how we can help you get accepted to the school of your dreams.

Do you have what it takes to get into one of these schools? Speak with an admissions expert at Veritas Prep. At Veritas Prep, we’ve helped over 300,000 people take the GMAT, apply to their dream schools, and get admitted. Interested in learning more about how Veritas Prep can help you? Give us a call at (800) 962-2069 to speak with an MBA admissions expert today, or fill out this quick form to schedule a free MBA consultation, where we’ll review your applicant profile and give you actionable advice for your unique situation: https://www.veritasprep.com/business-school/free-profile-evaluation/

Applying to Business School as a College Senior

Happy Veritas Prep StudentsIs applying to business school as a college senior an option? Several top MBA programs do offer college students the opportunity to apply and be admitted during their senior year. These programs are valuable recruiting tools for the top business schools that offer them. MIT Sloan Assistant Dean of Admissions Dawna Levenson states, “We want to increase MIT representation in our own MBA program, and recruit qualified college seniors from other colleges to MIT Sloan as early as possible.” From an applicant’s perspective, early admission allows one “the freedom to take risks”.

Which schools offer deferred enrollment?

The following is a list of these types of programs:

Breaking Down Your MBA Deferred Enrollment Options provides a brief overview of Harvard, Stanford, and Yale’s programs.

If you’re applying to these programs there are a few things to keep in mind.

You don’t have to be a business major to apply. In fact, HBS 2+2’s Profile for the Class of 2022 reveals that 65% of incoming students have a STEM background and 17% are from the humanities/social sciences.  

What are adcoms looking for?

HBS says on their site: We’re looking for innovative thinkers who have demonstrated leadership and analytical skills and want to develop their knowledge and passion to make a difference in the world.

Yale says: Silver Scholars are chosen for their combination of intelligence and common sense, maturity and curiosity, passion and compassion. Each has made a difference and distinguished him- or herself in a particular field of interest. We are looking for college seniors who will be future leaders in business, government, and nonprofit endeavors.

The best way to show these programs you are who they’re looking for is by putting together an outstanding application, which thoughtfully answers the questions they ask. You’ll need a strong application, as the acceptance rate for HBS 2+2’s Class of 2022 was 8%. A few keys to a stellar application: 

Academic ability. Two ways to demonstrate academic ability are test scores and undergraduate GPA. For the HBS 2+2 Class of 2022, the median GMAT was 740 and the average GPA was 3.76, though the GMAT range was 610-790. However, a high GMAT and/or GPA alone will not get you in. 

Leadership and impact. You’ll want to provide examples of your leadership that showcase your potential, as well as the impact you’ve already had in the organizations and communities you’ve been a part of. Think about what you’ve done in the course of internships, part-time jobs, side projects, and extracurriculars. Even better if these accomplishments and experiences provide insight into what you will contribute to the MBA community you seek to join.

Interesting, well thought out goals. The admissions committee wants to know what you see yourself achieving in the future and how an MBA from their school fits in with your plan. Your goals don’t have to be extraordinary, but it’s ok if they are. This can be a great way to demonstrate your passion or talk about your purpose.

Deferred MBA programs are a great opportunity for college seniors to gain admission to some of the world’s best MBA programs. If you’re thinking about applying to one of these programs, use the information above to help you create applications that get the admissions committee excited about you.

Veritas Prep has a proven track record of success with deferred enrollment applicants. One of our consultants was admitted to HBS’ 2+2 program. Applying to business school as a college senior might be right for you. If you need help preparing for the GMAT or putting together an amazing application, Veritas Prep has you covered.

Veritas Prep is the elite provider of GMAT test prep and has many valuable resources to improve your GMAT score—some of which are available at no cost, such as our unrivaled GMAT Question Bank and free practice test. We also offer the world’s highest-rated GMAT Prep Courses and Private Tutoring.

In addition, Veritas Prep Admission Consultants have vast experience in assisting clients hone and refine their personal and professional goals to resonate with admissions officers. Call us at 1-800-962-2069 and speak with an MBA admissions expert today, or sign up for a free MBA Admissions Profile Evaluation and Consultation for personalized advice on your unique application situation! As always, be sure to find us on Facebook, YouTube, and Twitter.

Rejected? 3 Things You Should Do Now

MBA Interview QuestionsThe MBA application process is a lengthy and time-intensive experience that, for some candidates, can span multiple years of preparation. From carefully crafted resumes to diligent GMAT prep, a lot of time and resources will be invested in the typical MBA application process. Of all the investments. however, optimism is probably the most taxing for prospective students, especially if things do not turn out in a positive manner.

Part of applying to business school is anticipating rejection; in fact, for those pursuing a top MBA program, more will experience the pain of rejection than the joy of acceptance. The numbers bear this out every year, so it is less about whether you will receive a ding, but instead how you will deal with that ding. There is no tragedy in being denied admission by one of your target programs, but there is if you are not prepared to handle it.

Let’s explore the best steps to dealing with the ding:

1) Self-Evaluate Submission

This is the first and probably most important step an applicant can take to kick-start the post-ding process. Really take a look back at your application and honestly assess the strengths and weaknesses of your profile. Look at where you stand on paper (GMAT, GPA, etc.) as well as how you fare in some of the softer areas like the essay – scrutinize your whole profile. The data side is easy; you can compare average and median scores to determine your competitiveness in these areas. The “softer” areas are a bit more complicated, but assessing whether or not you answered all questions as they were posed, and to the best of your abilities, is a good place to start. The information gleaned from this self-assessment should fuel your next steps as a potential re-applicant.

2) Re-Evaluate Timeline

At this point, you’ve come to grips with your rejection and have a good understanding of some of your missteps, so now is the time to determine next steps. Applications are all about timing, so consider if you have the time or capacity to implement the changes necessary to reach admissions success. For some, the changes needed will be minimal, for others the changes needed will be far more expansive.

3) Prepare for the Future

After re-evaluating your timeline, you’re ready to prepare for the future. The first question to ask yourself should be whether you plan to continue applying to business school at all. Creating a winning application is not easy, so making the necessary changes to a rejected application may not be seen as worth the effort for some. Now if you do plan to continue applying, it is important to address the issues outlined above and create an action plan. Whether that action plan is enacted in the current application cycle or in subsequent years, having an approach to correct the holes in your package is key.

A ding is not the end of the world! Follow the tips above to bounce back and earn the letter of admission you deserve.

Applying to business school? Call us at 1-800-962-2069 and speak with an MBA admissions expert today, or click here to sign up for a free MBA Admissions Profile Evaluation and Consultation for personalized advice for your unique application situation! As always, be sure to find us on Facebook, YouTube, and Twitter.

All About Business School Interviews: Questions and Much More

InterviewThe process of applying to business school involves several steps. Filling out an admissions application, writing an essay, and submitting GMAT or GRE scores are just a few of those steps. Another important step is the interview. An interview allows business school admissions officials to get a look at the student behind the application. It also gives a student the chance to ask the admissions officials a few questions.

At Veritas Prep, our knowledgeable consultants help students prepare their admissions application, create a convincing essay, and organize all of the documents and deadlines involved in applying to business school. We know what business schools are looking for, and we share that valuable information with our students. Consider some typical questions asked of business school applicants, and learn some other helpful tips for students getting ready for an interview:

Typical Questions Asked During Business School Interviews
For students who want to study business, interview questions can range from the academic to the personal. Generally, the official conducting the interview starts by asking a student why they want to attend that school. The interviewer is looking for specific answers to this question. For instance, a student may bring up certain internship opportunities available due to the school’s longtime relationship with a variety of companies. Or a student may mention the school’s average class size of just 30 students. These answers show that the candidate is familiar with what the school has to offer.

Another typical question asked in business school interviews concerns a student’s strengths and weaknesses. This question reveals the character, motivation, and work ethic of a student. The answer helps to reveal a student’s suitability for the study program. It’s a good idea for a student to mention what they are doing to improve in any weak areas.

Generally, students are asked about their career plans and how a degree from business school will help them in the pursuit of a particular profession. Students will also be asked about their academic accomplishments and their leadership skills. All of these answers and others help an interviewer to envision the candidate as a student in the business school.

How to Prep for the Interview
One of the best ways to prepare for interview questions is to review a school’s website. Most school websites include information about class size and faculty member qualifications. Also, there are statistics on the number of students who find jobs after graduation. This is an efficient way to find specific facts.

Students should practice answering potential questions with a friend or family member. The person playing the interviewer can offer helpful suggestions on how the student can improve upon certain answers. Plus, students can use this opportunity to come up with questions for the interviewer about the school and its courses. Our consultants at Veritas Prep have the skills and experience to assist students as they prep for their business school interview. Our online experts have inside knowledge about the admissions process.

What to Bring to the Interview
Most of the time, a business school has a copy of a student’s résumé at the interview, but it’s a good idea for students to bring a few extra copies of their résumé with them too, since there might be additional officials in the interview room. Students may also want to bring a copy of their GMAT or GRE test scores as well as a copy of their latest transcript. A student may not need to take any of these documents out of their folder, but it’s a good idea to have them on hand just in case.

What to Wear to the Interview
Dressing in an appropriate way plays a part in a student’s success in an interview at a school of business. Interview questions and answers are the most important elements of an interview, but a student must also make a good visual impression. It’s best for a student to wear conservative clothes and have a well-groomed appearance. A student doesn’t have to invest in designer clothes to make a positive impression on an interviewer – just look neat and professional.

Our MBA consultants at Veritas Prep guide students through the process of applying to business school. We have the resources to prepare students for the GMAT, advise them on their admissions application, and offer strategies for success in business school interviews. Call or email Veritas Prep today and let us partner with you on the path toward an advanced degree in business.

Applying to business school? Call us at 1-800-925-7737 and speak with an MBA admissions expert today, or take our free MBA Admissions Profile Evaluation for personalized advice for your unique application situation! As always, be sure to find us on FacebookYouTubeGoogle+ and Twitter.

What to Do If Your College Applications Are Deferred

ReflectingIf you applied to college under any Early Application deadlines this year, you’re probably anxiously checking your email to learn the result. Early Application decisions will be released by schools shortly, and there are a few things that could happen…

Best Case Scenario: You’re accepted!

If you applied under an Early Decision deadline, it means you are bound to attend, so it’s time to buy the school t-shirt and start planning your next steps! If you applied under an Early Action or Restrictive Early Action deadline, it means you can keep this acceptance in your back pocket and choose to explore other options if you’d like. Either way… congratulations!

Worst Case Scenario: You’re denied.

This stinks, and it will probably be really disappointing news. Take time to process your feelings and accept your fate, and then focus all of your energy on finishing compelling applications to the rest of the schools on your list.

Scenario 3: You’re deferred.

If you’re deferred, it means that the admissions committee thinks you are a competitive applicant, but they want to see how competitive you are against the applicants who apply under Regular Decision. They are deferring your application to the Regular Decision round, and now you will get their final admissions decision in March.

There are a few things you can do in the next few weeks to boost your candidacy. First and foremost, do not inundate your admissions representative with emails and questions. Take the time to craft your strategy and send them just one communication.

When you reach out, you should highlight any and all of the accomplishments and updates in your candidacy from when you submitted your application until now. Did you win an award? Did you earn straight As in your classes? Were you chosen as the Captain of a sports team? All of this information should be shared with them, as they can take it into consideration when reviewing your application against the Regular Decision applicant pool.

In the end, it’s not the end of the road if you are deferred. It’s important to make sure you submit other competitive applications in the meantime, but there is still a glimmer of hope that you’ll get an admit decision soon!