Accepted Admissions Almanac

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See you at the Accepted Admissions Almanac.

New MBA Admissions Resources on Accepted

Accepted is continuing to post transcripts from recent chats and to add to its rich resources for MBA students:

• In "Three Tips to Reduce GMAT Test Anxiety" Bara Sapir of NY Test Prep provides three important suggestions to reduce test anxiety. Check out these tips if your knees shake when you start to think about test day. Also, learn about a NY Test Prep discount for Accepted clients and visitors. (BTW, Accepted has hosted 186 MBA admissions chats since 1999, most of them with admissions directors at top programs from around the world, and 29 chats in the most recent admissions cycle.)
• 2008 Michigan Ross Part-Time Admissions Chat with Jim Hayes. Ross assembled an impressive team for this chat including a current part-time MBA student and representatives from career services, admissions, and academic services. If you are considering Ross' part-time program, check out this transcript.

And Yet Another Opinion on Legal Job Market, the Rankings, and Law School

William D. Henderson is an associate professor at Indiana University School of Law -- Bloomington and Andrew P. Morriss is the H. Ross and Helen Workman Professor of Law and Business at University of Illinois College of Law. They have also just published a study of law school graduate income, debt, and job opportunity at different law schools and considered the impact of ranking on that outcome. It is a fascinating, albeit somewhat dense, article that I recommend to those of you applying to law school, particularly if you are not aiming for the top 25 schools. Here are a few excerpts:

• "For the vast majority of students who are not admitted to top-tier national law schools, these figures lead to a simple conclusion: Slavishly following the U.S. News rankings will not significantly increase one's large-firm job prospects. And the excess debt that students incur is likely to undermine their career options."
• "By focusing on price rather than rankings, they will have the financial freedom to pursue jobs that will build valuable professional skills and mentoring relationships or leave the law altogether, without debt, to pursue other life ambitions."
• "We don't rank; neither should prospective students. Within regional markets, many schools will have similar outcome profiles. The question to ask is whether marginally better employment outcomes -- for example, 12 percent large-firm employment versus 6 percent -- is worth the additional law school debt."

International Graduate Application Volume Slows

Following increases of 9% last year and 12% in 2006, graduate school applications from abroad increased by an anemic 3% in 2007-08. A few highlights from the Council of Graduate School's survey:

• Among regular participants in the survey, international applications are down 16% since 2003.
• Applications to CGS U.S. member institutions from both China and the Middle East increased 12% this year, but that figure pales when compared to gains of 19% and 17% last year, respectively.
• Specific fields are experiencing sharp changes. "Physical sciences applications have increased 7%, compared to 19% last year; engineering is up just 1%, vs. 11% in 2007, and there is only 2% growth in life sciences, compared to 17% last year. There is some good news, however: applications to social sciences are up 10% after a 2% decline in 2007." Applications to graduate schools of business increased by 10% in 07-08 compared to 15% in 06-07.

I will be interested  to see if the weak dollar doesn't turn the trend around, especially for applicants from countries with currencies tied to the euro.

Law Admissions: Look at the job market

According to Law.com "All together, the top 20 law schools that NLJ 250 law firms relied on most to fill their first-year associate ranks sent 54.9 percent of their graduates to those firms, compared with 51.6 percent in 2006."

Obviously that does not mean that the remaining 55.1 percent were all unemployed, but if you want to see a quick snapshot of where graduates of a particular school find (and don't find) jobs, please see the NLJ's graph of law school graduate employment trends.

For a succinct commentary on the full report, please see "Top Law Schools Tighten Their Hold on NLJ 250 Firms."

While the Law.com articles reflect last year's strong economy, The Wall St. Journal presents a less rosy picture,  probably because it reports current market conditions in "Law Firms Curtail Associate Programs as Economy Slows."  This article mirrors the the economy's downshift in the last six months.

Six months ago journalists speculated that new associate salaries at top firms may hit $200K annually. This article reveals layoffs, rescinded offers, postponed start dates for new lawyers graduating in June, and shrinking programs for summer associates. It even discusses humane working hours for currently employed first-year associates at some big firms heavily dependent on M&A, private equity, and real estate transactional business.

The silver lining here: most of the top firms seem to prefer staggering start dates than widespread rescission of offers or layoffs, so clearly they anticipate and want to be ready for a rebound.

In my post on "Reaction to Law School Rankings," I commented that I found "There are Only Two Kinds of Law Schools" by Professor Cameron Stracher of New York School of Law to be the most thoughtful. He maintains there are only two tiers of law schools, "those where students decide which firms they want to interview at and those where the firms decide. Most law schools belong to the latter group."  Perhaps the National Law Journal data supports his position.

Chats: London Business School, Wharton Waitlist, Ross Part Time

And the chats keep on coming.

Recent Transcript Excerpts:

• Wharton Waitlist Transcript with Thomas Caleel
  

thurston (Apr 2, 2008 1:01:32 PM)
Hi Thomas, I am a R2 waitlist candidate for Wharton. First, thank you for hosting this chat. Second, I have a quick admissions question for you. Let say we have two hypothetical RE-APPLICANTS. Both have similar app packages: work experience, extra curricular, GPA, GMAT, references, interview, etc. In fact, the only difference is in a previous year one was waitlisted and the other was outright denied admissions. Both are re-applying and both have demonstrated *very similar* improvements in their application. If you MUST chose between the two, who would you admit -- and, more importantly, why?

ThomasCaleelWHARTON (Apr 2, 2008 1:01:47 PM)
Thurston, thank you for the question. It's really impossible to say outright which one.
This process is very holistic (as Dan and Amelia can attest to), and there is never "one" thing that means admit or deny.

ThomasCaleelWHARTON (Apr 2, 2008 1:02:48 PM)
I do think you are concerned that being on the WL might give you some preference in the re-app process. The answer there is not really. For re-apps, we look at the learning the candidate has undergone, and how they express that in the re-app.

ThomasCaleelWHARTON (Apr 2, 2008 1:03:23 PM)
By the way, simply sitting down and re-reading your original app will be very helpful should you choose to re-apply...

• London Business School MBA with Zoë McLoughlin & Peter Johnson This chat was unique because it was for MBA and MIF candidates at London Business School, which is still accepting applications for 2008 applicants.  The final deadline is May 2, 2008.

andrew (Apr 7, 2008 1:06:25 PM)
Zoe: has the admissions office noticed a large influx of applications this year? If so, please elaborate. Thank you.

ZoeMcLoughlinLONDON (Apr 7, 2008 1:07:16 PM)
Andrew - yes, we have noticed an increase in quantity but there are always places for good candidates, even in Stage 4.

Linda Abraham (Apr 7, 2008 1:06:37 PM)
David & Helen: do you see MBA recruiting at the MBA and the MiF programs affected by the credit crunch and sub-prime mess in the US? Do your graduates have jobs?

HelenGreenLONDON (Apr 7, 2008 1:08:48 PM)
Linda, recruitment has continued to be strong on campus this year with more recruiters than ever coming to meet with our students. Although the market is competitive, there are still considerable opportunities available and recruiters clearly continue to value our students’ wealth of experience and diverse backgrounds. We are seeing recruiters taking a long term view and continuing to maintain their ranks of associates from the MBA and MiF programmes.

DavidMorrisLONDON (Apr 7, 2008 1:09:23 PM)
Linda, building on Helen's answer, there is also a growing number of companies from the Industry sector recruiting at the school, either coming to campus and/or posting jobs.

Upcoming Chats:

Accepted is hosting the first Michigan Ross Part-Time MBA Program chat tomorrow Tuesday April 15 at 3:00 PM PT/6:00 PM ET. If you are interested in Ross' part-time MBA program, please join Jim Hayes, Senior Associate Director of Admissions and other members of the Ross PT team in Accepted's Chat Room for an informative chat.

MBA Reapplicant Tips and Resources

Most '08 MBA applicants know if they are starting b-school in the fall or not. If you fall into the "or not" category, you are facing a reapplication decision.

MBA Reapplication Tips

I am reprinting my tips for reapplicants along with a list of resources you can use as you ramp up for a successful MBA reapplication effort.

1. Determine what you need to change. Your previous approach didn't work. Don't turn in the same essays.
2. Analyze your qualifications versus your target schools' average stats and requirements.  Don't rely on miracles. Be realistic.
3. Seek feedback. Fewer and fewer schools are providing feedback, but if yours does, grab it. If it doesn't, consider obtaining an MBA Application Critique.
4. Evaluate your application. Do your essays and letters of rec (if you have access to them) add to the reader's knowledge of you? What could you do to improve them? Again, consider using Accepted's application evaluation service.
5. Work on weaknesses. For example, if you applied to business school with a low GMAT, study for and retake the test.
6. Prepare to highlight valuable recent experiences. When you reapply, you want to show that you are "new and improved."

MBA Reapplication Resources:

• Create a Better Sequel: How to Reapply Right to Business School , Accepted's featured ebook, is 20% off this month. A reader recently wrote, "After a string of Dings, the information in Create a Better Sequel: How to Reapply Right to Business School gave me confidence to start my re-application process this fall! "
• MBA Admissions: Advice for Reapplicants
• Re-Applying to Business School After Being Rejected, a podcast from MBA Podcaster. The podcast highlights the somewhat different reactions of b-schools to reapplicants .  Note the emphasis on evaluation and growth.

Not sure you can objectively evaluate your past application? Demoralized by a stack of dings? To deal with your morale issues, please see:

• Personal Statement Tip: Pick Yourself Up and Applaud.
• Admissions tip from Dr. Pausch's Last Lecture

To provide objective analysis and ensure the positive change you want to show, jump-start your reapplication effort by combining Accepted's Application Evaluation with our Start Smart MBA Mentoring(TM) service.

Reaction to Law School Rankings

Reactions to last month's 2009 US News Grad School Rankings, particularly for law schools range from the thoughtful to the laughable:

• Over my morning cup of tea, I read "Dropping 23 Spots in U.S. News: Dean of Buffalo Law Responds"  in the WSJ, in which Buffalo’s interim dean, Makau Mutua comments on his school's dizzying drop in the rankings. Robert Morse of US News responds to his comments.
• That piece led me to "Law Schools Shouldn't Grub for Rankings" by a Yale 1L who feels that law deans pay too much attention to rankings.
• I also stumbled across the WSJ's  "Tennessee Law Prof Lampoons Responses to U.S. News Rankings."  While Prof. Stein is officially spoofing administrative reaction to the rankings, his piece closely resembles reality.
• Finally, thoughtful commentary on Law.com: "There are Only Two Kinds of Law Schools". Professor Cameron Stracher of New York School of Law divides law schools into two categories. "Those where students decide which firms they want to interview at and those where the firms decide." Sobering perspective.

Applicants put way too much emphasis on small differences in overall rankings. They should be looking at ability to get a job after graduation, bar passage rates, overall student satisfaction, the actual program at a time when many law schools are becoming innovative, and a host of other factors. They tend to focus on the rankings which too frequently are a crutch that replaces research into a program and its strengths and weaknesses.  The data behind the rankings provides some of that info, but the applicants should go deeper to really understand the different programs.

At the same time, the frequently two-faced and sometimes defensive reaction of law schools to the rankings is spineless. Schools brag about their ranking to alumni and prospective students -- if it goes up. They respond defensively if they go down. How about examining them with a degree of objectivity? Perhaps the rankings provide clues to areas in which a school needs to improve. If they are meaningless, then schools shouldn't brag about them or cooperate with them regardless of the result.

Rankings should neither be the sole source of feedback for schools nor determinative in applicant or administrative decision-making. While I welcome a constructive examination of ranking results on the part of law schools, as Michael Seringhaus, the Yale 1L quoted above, wrote, law school deans should not "grub" for placement.

Economic Woes Hurt 2008 Hiring

The drums of economic downturn have been beating loudly. Very loudly during the last few weeks. Almost like daffodils after a spring rain, articles about grads having fewer job opportunities and employers, especially in financial services, cutting college and MBA recruiting have sprouted:

• From The Wall St. Journal: "For Class of '08, A Scramble for Jobs." This article focuses more on this year's college senior.
• From BusinessWeek "It's Looking Grim for New Grads." The impact of the credit market melt-down is felt throughout financial services and by all grads interested in careers in business, specifically those interested in financial services.
• From BusinessWeek "Bear Stearns Rescinds Job Offers." Now it's official Bear Stearns is rescinding some offers extended to members of the MBA Class of '08. While it may have been more shocking if none of the offers had been rescinded, the reality is increasing nervousness and tension throughout MBA-dom. The memories of rescinded offers are recent (2002) and painful.
• From the NY Sun "Economic Woes Could Be Felt by MBAs of 2009.", a slightly more optimistic piece. It looks at the market and concludes that 2008 grads "dodged the bullet." The outlook for 2009 MBA grads is much more cloudy. In fact b-schools, like MIT Sloan, are pro-actively turning to their alumni to help with placement for '09 grads.

Implications

If you are graduating in this market, you may need to be flexible and bring out Plan B. IT, government, and health care are still hiring and going strong. Engineering grads are in demand.  Alternatively, this year may be a great time for travel or community service perhaps prior to grad school with the hope of graduating in an up economy.

But what if you are planning to apply to MBA programs this fall? I went out on a limb and gave my predictions for the upcoming MBA application season on April Fools Day, with the observation that time will tell whether that post was an April Fools Day joke or something more meaty. Commenter "It's Happening" points to the BW articles (published April 3) as proof that my predictions are coming true.

I like to be right, but there is also evidence going in the other direction. For example, MBA Tours reports that attendance at its events in Fall and Winder 07-08 increased 30%. I suspect that much of that increase took place before Bear Stearns collapsed and before the news got as bad as it has been for the last month or two. I also hear that a surge in recently employed investment bankers is taking the GMAT exam.  A year or so ago, I was reading articles about these financial jocks who didn't feel it paid for them to go for their MBA.  Clearly something has changed dramatically.

I still believe that if articles continue to appear about unemployed MBA's, lower average salaries for MBA grads, and more rescinded offers, potential applicants who have jobs will be reluctant to give up the security of a paycheck for the uncertainly of a tuition bills, student loans, and no income.  Fewer applicants could make next year a little less competitive year and an opportune time to apply. Furthermore, the fact that 08 or even 09 could be tough hiring years says nothing about hiring for 2010. Just like last year's recruiting environment implied nothing about this year.

Med Admissions Telethon on Tuesday

Cydney Foote just noticed that in a few places we wrote that the Medical School Admissions Telethon is on Thursday April 8. That is wrong. It is on Tuesday April 8 between 5:00 -7:00 PM PT/8:00 - 10:00 PM ET.

Now that  you know when it is (very soon!). Would you like to know what it is?

Two hours when Accepted's medical schools admissions experts will be available to answer your individual questions via telephone. Prior to calling in, you will receive a brief, questionnaire and submit it along with your CV to a designated email address. (No essays, please.)

When you call in, your consultant will review the information you provide, and you will have 15 minutes to discuss with her your most pressing medical school admissions questions. You can ask about school choice, your competitiveness at particular schools, handling negatives, differentiating yourself in a crowded field … anything you need to know to enhance your chances of getting into the med school of your dreams.

Oh yes. It's free. But you do need to register to obtain call-in information.  So sign-up, get that phone number, call in, and receive answers to your most important med admissions questions.