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ADVICE ON APPLYING TO GRAD SCHOOL AND MBA PROGRAMS
Drew University, Dept. of Economics
Before you graduate
Choosing Classes Carefully 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 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
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
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
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?
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 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
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
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: full-time, 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
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 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 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
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
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
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