Procedures for applying to enter an MBA program vary - and so does the terminology. However these are the common aspects. You may not require all of them in all situations. These are our tips:
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Round up transcripts from every academic institution you attended, whether you graduated or not. Be sure to request these early enough to meet the application deadline, or you can jeopardize your acceptance.
Standardized Test Scores
You'll need to take the Graduate Management Admission Test (GMAT) and submit your scores to get into an MBA program. Some business schools place high value on your scores; others are more interested in your combined academic and work experience. If you already have a sub-par grade point average, you can boost your chances by doing well on the GMAT. A high score, however, is no guarantee that you'll be accepted into an MBA program. If you want to increase your chances of scoring well, take a GMAT preparation course.
The Personal Interview
Many business schools require interviews, while others allow candidates the option of skipping it. If you don't interview well, you may want to avoid this option. But if you're well-spoken, this is a great opportunity to enhance your application.
Want to know how to excel in your interview? Relax. In most cases, a school will not ask you in to interview unless they already were satisfied with your test scores, your application, and your letters of recommendation. Here are some tips:
- Dress appropriately in formal business attire
- Speak candidly about your strengths, with assurance
- Don't stretch or pad your accomplishments
- Be friendly
Financial Aid Application
If you've decided to attend business school, don't wait to complete your applications for financial aid. There are deadlines for scholarship committees, lenders, and grant institutions, so you'll want to coordinate your efforts in applying to an MBA program with seeking financial assistance.
Options include government and private student loans, but government programs usually offer more favorable terms. Federal Stafford Loans are fixed-rate, graduate-school loans with a life-time ceiling up to $138,500. They may be subsidized based on student financial need. Federal Graduate PLUS loans are fixed at 8.5 percent and can be taken up to the full cost of your business school education, less previous loan amounts.
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