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Playing the MBA Wait-List Game

What’s going on everyone. We’re one week into the 2010 year here at Northwestern. Hope everyone is still keeping up with those New Year's resolutions! But don’t worry, I won’t hold you to them to keep reading. I’ve definitely got a couple resolutions myself, including a pretty big one that relates to my website. But you’ll have to stay tuned a bit longer to watch it unfold. I also have a pretty large number of ideas cooking up for future posts and articles, but today I’m going to keep them on the back burner because I’ve got something a little better than that, at least for a select few of you.

Now that we’re right in the middle of the MBA application season, I’ve been getting lots of messages so I thought I’d share a couple of my responses here on my website. I figured I’d start with a recent question I received about being on the Northwestern JD-MBA waitlist. It sounds like my reader feels like he’s stuck in limbo and is ready to be rescued or at least get a little closure from Kellogg. I don't blame him, I usually like to have closure myself.

But I'd like to add one caveat before I give out any information, which is to keep in mind that I don’t work for Kellogg and that I’m not a member on their MBA Admission team. Instead, I’m a student at Northwestern who is simply offering my time and personal website to respond to a few email questions and ultimately share some really good information with applicants in the b-school world, as I’m sure quite a few of you will appreciate the favor. As readers on my site, I also hope that you will feel free to return the favor, and leave comments and send messages when something peaks your interest.

Okay, so to get back to business, I suspect there are a number of readers all across the U.S. sitting on the edge of their seats and hitting the refresh button every couple of minutes as they wait for update emails, pondering this exact same question. “What do I do now?”

So I’ve decided to answer the question as broadly as possible so that more people might benefit. Take a look below for my reader’s question, and then look below that for my response.

Good luck on your quests everyone !

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READER'S EMAIL TO ME

Dear Jeremy,

Hi, my name is (REMOVED) from (REMOVED). I was introduced to your blog by a friend a few months back and since have been following your entries closely. Think it's just awesome that you can maintain such a resourceful blog while on your 1st year at law school!

To give you a quick introduction of myself and my situation, I've done 4 years of investment banking (REMOVED) in (REMOVED) and also understanding the potential synergies from a mix of business and law knowledge and experiences, am too seeking a JD/MBA degree. Thus, I had resigned (voluntary) from (REMOVED) in October to sit the December LSAT. My initial plan was to apply to a bunch (top 10) of MBAs and Law schools and go the one that I get acceptance from both (excluding of course Northwestern, NYU and Duke where they have integrated applications).. But I guess 2 months was not enough to get me fully prepped for the LSAT. Did not feel good about the test and had to cancel. Also I've naturally applied to the Northwestern 3yr JD/MBA but was notified this past week that I am waitlisted. Very frustrated as Northwestern was of course my #1 choice with the 3 yr program and the most integrated curriculum..

I was wondering if you would have any insight or tips, waitlist strategies.. For Kellogg in general and if any different, JD/MBA program specific. Any classmates who got admission after being waitlisted, what actions they took after being waitlisted etc. Also do you think the admissions committee be impressed if one makes a campus visit? You understand the state of mind I am in right? Think I can do just about anything for admission but just feeling helpless..

I saw from your blog that school started again this past week, hope I'm not bothering you too much. Any information, tips, stories would be greatly helpful. Many thanks in advance!

Best regards,

(NAME)

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MY RESPONSE TO READER'S EMAIL


Hello (REMOVED),

I hope this message finds you well and finds you in time. I know you probably feel pretty tense right now. It’s a tough year for applying to school and you’ve almost made it across the finish line here in round one, so congratulations. But I know congratulations is the last thing you want to hear, so I’ll try to focus mostly on the tangible steps that someone on the waitlist may or may not want to take.

First off, students on the waitlist get in to top schools every year. For many of them, the waitlist ends up being nothing more than a long line at a new movie, and after standing in line for a bit they are granted a ticket of admission. I know a couple of Kellogg students who got in last year, and there are also students here in the JD-MBA program that had the same experience. For others, the waitlist ends up being more like purgatory and requires a serious gut check, because there’s really not much you can do but wait to see how the school responds. At the end of the day, there are a lot of factors that admissions teams are balancing--individual fit, class composition, predictability of the next round of applicants, employability, diversity, current school needs, and more--so it’s impossible for me, and probably even them, to tell you exactly how things will turn out so early in the game. But I’ll start with a few general ideas and go from there.

As a general reference point for everyone, you should always follow the directions in your decision letter to a ‘T’. If a school tells you they don’t want updates, then don’t shoot yourself in the foot by sending them extra information. Instead sit back, relax, put your feet up on the couch, and wait for them to come calling. But, if a school tells you that they do want to hear updates, than don’t even think about downshifting gears, because you’ve got some work to do if you really want in.

Generally, the waitlisted applicants are considered solid candidates, even star candidates. Now is the time to showcase more subtle aspects of your profile. Be ready to articulate your story again, but this time better. Give them a few golden nuggets you may have forgotten to dig out from your past and put in your essays. Also, distinguish how you stand out from the other number-crunching bankers, consultants, or whatever professional you are (emailer in this case was a banker) and how you can add perspective to the classroom. And be more introspective the next few weeks, so that you’re better prepared to talk about your leadership or entrepreneurial goals. Instead of using industry buzz words, overused resume verbs, and clichéd MBA language, think more deeply about your leadership style and talk more about stuff that motivates you, what you did, how you felt, and what you learned. And if you’re really up to it, try really spilling your guts a bit more and really putting the details out there---always remembering to stay professional of course, as this is business school---because this might just be your last chance.

In your specific case (NAME REMOVED), you should definitely take a bit more of a deep breadth. Making the waitlist in a class that only targets 25 students is a big accomplishment. To that end, I'll note that your request for a distinction between Kellogg and the JD-MBA program is not relevant for you. As an applicant to the dual program, you are not an applicant to Kellogg. Personally, I've never heard of any changes of that sort, and if it did happen, it would have to be highly discretionary. But in regards to the JD-MBA waitlist, I don’t have any factual information to share (and if I did, it’d probably be top secret anyhow) but my impression, as I mentioned above, is that JD-MBA students do get off the waitlist fairly regularly. Of course, the odds could sway like a pendulum from year to year, depending on the number of applicants, the yield rate from round one, the caliber of applicants (and subsequent yield rate) from round two, and the number of applicants in round three, leaving you potentially swimming in a pool with a tank of MBA sharks on the worst of years and still leaving you in limbo most every other year. But that’s pretty hard to predict. The good news about getting waitlisted in round one is that you still have two more rounds to get accepted. And if this is your top choice, you’ll still be there sticking it out on the WL while the faint of heart and risk averse go running off to other schools. The real irony with that is that lawyers tend to be risk averse, so staying around might be a catch-22. And the bad news is that exact same fact, that you may have to wait two more rounds before finding out, and that will feel like an eternity, especially if things don’t go according to plan.

Also (REMOVED), from what I’ve heard about Kellogg—though I can’t say anything for certain--is that they are one of those schools that may decide they want more information from you down the line. So while it’s never smart to pester admissions, you should be sure to be ready in case they do ask you for more information. As I said above, take a look in your letter, and if you’re uncertain utilize the Kellogg Admissions office just to be sure.

If at some point now or later they do ask for information, then that is your chance to shine. Think about the suggestions I mentioned above. And since the JD-MBA program here is so small and customized, you might also think about ways to show why want both degrees and what you plan to do with them. That's something that most, if not all, the JD-MBAs did well in the application process. Further, you may want to discuss how those career goals came about. Are they rooted somewhere in your past or present, or are you simply hoping to stack up a couple more degrees and make some cash when you graduate--don’t let them assume it’s the second by not clearly saying! And once you do that, then you might think about what you’ve done so far to prove that passion and how you can continue at Northwestern, and doing so by differentiating both schools. And just to cover my bases, I’ll also say that every year students from all schools retake GMATs, take extra courses, figure out ways to cover weaknesses, tell them about promotions, and more. It’s up to you whether you think that will help, and unfortunately I don't have any data at all on how many people here have done or have considered doing that. I suspect that it would be fewer than more, but that's simply a guess. And every year, the stars do align for a lucky few candidates, even here in the JD-MBA program. So try to stay positive for now, it’s still early.

Now finally, I’ve included a few more pieces of information. First, is a response to your question about visiting campus. Kellogg clearly states on it website (click here), though in all your decisions, you should keep in mind that Kellogg and Northwestern JD-MBA are not run exactly the same.

Second, check out the Kellogg admissions blog to see if they have any updates for the JD-MBA program. Click here for the site. Doesn't look they post regularly, but might be worth taking a look.

And finally, I’ve included a link to an OLD thread in a Businessweek MBA forum. It relates to Kellogg only, but it’s one of the few pieces of information about Kellogg’s waitlist preferences online. Given its date I strongly suggest NOT relying on it, but it might be a useful reference point for some readers. Click here for the link.

Best of luck (REMOVED) !

The New Labor Stats and Lessons for Leaders

Today’s slumping economy is haunting millions of Americans. Veterans of the workforce fear being let go and never finding a job again. Middle age employees worry about supporting their families and maintaining their careers. And students in both business and law schools are trying to understand what's going on and adapt in order to find stable jobs upon graduation.

With these thoughts at the front of everyone's mind at the turn of the New Year, the Labor Department (DOL) just reported yesterday that 85,000 jobs were lost in December. This came as a pretty big surprise to economists who, after analyzing the net gain of 5,000 jobs in November, suspected that December would repeat the trend. And what’s worse is that reported numbers also show that more than 660,000 Americans dropped out of the labor force last month, meaning that the actual unemployment rate closer to ~10.5% instead of ~10.0%.

Although this change in calculation increases the unemployment rate to a near all-time high percentage, the bigger issue might be the fact that people are starting to drop out of the workforce, suggesting higher levels of pessimism than in 2009 and lower levels of hope than ever before. But if you think about it, this certainly makes a lot of sense. Many people have been closing in on a year out of work. And for the past twelve months, I've consistently heard so many people say that they have never seen things as bad as they are now.

Under this bright spotlight, America's leaders now have to juggle crisis management, media and investor relations, new firm strategy, and most difficult of all, the horrifying, daunting, and ambiguous task of communicating to its people what’s going on and where they are headed. Inherent in this task is the fact that the people are vulnerable and that many will become upset, angry, uncertain, and doubtful of whatever a leader might say. So while public leadership is something that has always hard, today it has become a near impossible challenge.

To be successful, the ability to communicate effectively will be critical. And going forward, modern leadership will less about the actual result than it is about inspiring others and building consensus. To do that, leaders will have to deeply relate to the issues of the people and also be able to deliver a compelling message. In times past, executives have overlooked this ability in favor of making quick decision and analyzing financial impact. But this method of leadership will not work today. Instead leaders will have to be more connected with people and be more conscious of how they make people feel and how they will impact their situations. And so the very best leaders will be those who not only analyze issues and make decisions but those who also understand that what matters even more is how you make others feel in the process.

To quickly clarify, actions always speak louder than words and leaders will also have to focus on achieving financial and operational results in the long run. This is the only way any organization can survive. But in times of panic and adversity and in ambiguous times where the people are calling for a leader, focusing on optimism and communication is a key first step. So today, the leaders that emerge will be those who are good storytellers. They will craft a story, tell that story to the people, and then inspire them with hope about how things can be going forward.

In the days to come President Obama (and CEOs of many companies) will embark on this very task. Though fiscal strategy and economic theory will be of critical importance in solving the issues, I hope that he reflects back to when he first became president and that he chooses talk more about his hope to rebuild the economy and create jobs than he does pure strategy.

In the end, how he frames and communicates these issues will determine his success.

MBA Essay Advice From John Rice

Lately I've been getting lots of calls from old friends, classmates and coworkers who are applying to business school and looking for advice. Some of them applied during round one and are anxious to hear back, and so they've been calling to ask me what I think their chances of admission are, especially considering the economic challenges of 2009 (check out my new post on that topic). Others are wrapping up round two applications. I remember being in the same process last year, and I remember how stressful things can feel in the last few days. This is especially true if your preparing to submit your application to some of the heavy hitters, many which come in mid to late January (List of MBA Deadlines)

As a result, January is usually one of the hardest times of the year for applicants. Not only are applicants scrambling around to pull their application materials together while also cramming to fine-tune their essays before the deadline but they're also sitting on pins and needles worrying whether they'll get in to the schools they applied to in the first round. But the best thing to do now is sit back and relax a little. This is completely normal. I still remember these feelings of anxiety and uncertainly like I had them yesterday, But I still ended up doing really well, so in the end, these feelings were never really all that relevant except for motivating me to work harder. In my opinion however, what was most relevant were the essays. In fact, I consider the essays to be the most significant part of the application by far, and in my experience, the best business school applicants spend a significant amount of time writing so they can develop their stories. Similarly, you should also make sure you're happy with your essays and hold off on submitting everything until you're absolutely finished.

That said, the point of this post is to pass along a few final tips on how to ensure you've submitted the best possible business school essays possible. The advice actually comes John Rice, an HBS grad, business school admissions guru, and founder of Management Leadership For Tomorrow (MLT, www.ML4T.org). MLT is a national non-profit organization dedicated to developing diverse leaders and professionals, and it is an organization I'm proud to be part of. (As usual, I can never really say enough about how valuable MLT is) I'll note that John originally posted his information on a website named GottaMentor (gottamentor.com) which which was co-founded by his wife Andrea Rice and is a social networking site created for high potential professionals to share information. All the B-school applicants, students, and graduates out there should definitely check it out. Unlike Facebook, LinkedIn, and other networking sites, Gotta Mentor is geared specifically toward business professionals and "allows you to engage people who will add true value to YOUR career." Have a look at John's article below and ionce you finish up the essays, come back and check out Gotta Mentor as well.

Good luck!

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Source: Gotta Mentor
Author: John Rice
Title: Business School Essays That Get You In
Link: http://www.gottamentor.com/ViewGeneralAdvice.aspx?g=14

Here is an excerpt from John's Article

"One of the most important aspects of applying to business school is understanding how to tell your story in a way that translates your strengths and accomplishments into high potential for positive impact at your target MBA campus and later as a leader over the course of your post-MBA career. Focus the body of your story on articulating and illustrating the following things:

1. What you are passionate about and why, and what that implies for your long-term career goals. Your story should focus on what you want to accomplish in life/why and secondarily how business school fits into that plan. Failing to be introspective and genuine about what you really care about and what you really want to do with your life virtually eliminates the chance that you will tell a unique, memorable, and compelling story. Many applicants make the mistake of .... " (Click here to see the rest of John's essays advice)

Reflecting On The Economic Challenges Of 2009

2009 was an interesting year. I left my consulting job in the spring after finally deciding to return to business school and law school. And what timing! The financial crisis had just struck and the fear of recession left all of the business world scrambling. At the same Barack Obama had just made political and legal history with his historic presidential election. I was pretty excited at the chance to study these economic and political events, especially since I'd be enrolling in a JD-MBA program. But it became hard to remain so excited as I watched layoffs, bankruptcies, and unemployment begin to take over the economy.

Ever since the past summer, I’ve tried to keep up with the news, chat with my classmates, and solicit perspectives from industry professionals trying figure out exactly what’s going on. To be honest, I'm still not 100% certain, maybe not even 50% certain of everything that's happening. as I'm by no means an expert on economic or labor issues. But I suspect that one's viewpoint is tied to his experience in the labor market, and sometimes it can be hard to see outside of that perspective. For example, I had a discussion with a classmate from the investment banking industry (economics defines this as skilled labor) during the first week of class. We were discussing how recruiting was supposed to be down 40% - 50% this year, and his perspective was that everyone should really embrace the situation. That hard times create new opportunities, give new learning experiences, and spawn new ideas and companies. In a second conversation, I talked with a family member who works in a position that earns an hourly wage (economics defines this as unskilled labor) and his employer had cut back his hours. Because of his situation, he empathized a lot more with those who were unemployed, and he suspects that the recovery will be a longer and a more difficult process, and that speeding it up requires a more of a collaborative effort to help people to find jobs. I think both perspectives are pretty valid.

But whether or not you agree with either perspective, the common denominator is that we are in pretty tough times now and that recovery will depend both on a collaborative effort and a willingness to consider new opportunities to solve the problem. Until now, MBAs have been contributing to the recovery mostly by forecasting unemployment rates, analyzing spending patterns, and predicting the market turnaround. And JDs have been looking at similar issues, but focusing on finding ways to use their technical skills with the law and policy skills to create change. My opinion--for what it's worth--is that given certain structural problems in the modern economy, many of these financial and legal tactics may do nothing more than to cover the wound, rather than address the bigger cultural issues that in recent history have influenced our levels of consumption, debt, and greed.

If business and law schools want to continue to play a role in the recovery, they should reflect on how these issues fit into the country's top priorities. Over the last few decades, MBAs have flocked to the finance industry and law school graduates to corporate law (a field that works directly with the finance industry) both lured by six-figure salaries that are 3x the average wage. In return, these smart graduates have worked in roles that emphasize getting things done over learning, charge excessive rates for services, and structure deals to maximize profit. And because there was so much profit, other industries looked up to the industry and soon followed suit.

This mentality eventually made its way into the mortgage industry, and needless to say, as soon as its companies began to offer credit, Americans began to borrow. A lot. They applied for new lines of credit, bought new homes and cars, and got big screen tvs and went on vacations. Unfortunately, this era of growth was artificial. In the end, people overextended themselves financially, and eventually found themselves in too deep once the economy slowed. In November, the media and administration became optimistic again and claimed that we were rebounding from the crisis and that jobs would be back in no time. I'm not so sure I agree. There are far too many people out of work now, and the average length of unemployment is closing in on a year in some locations, a number will stay on the rise given the decreasing number of jobs.

One thing I've learned in the past two years watching much of this unfold is that one of the most important resource a company has in the long-term is still its people. And that resource needs to be prioritized right alongside profitability. This is true especially in challenging times because even when profits and the stock market are down, the stock of a company's employees can be up. People can collaborate to come up with new ideas, they help a company adapt and change with the markets, they advance technology and promote innovation, and they work together to accomplish more than their individual capabilities. Unfortunately, the majority of Americans aren’t afforded the training or education to fine tune their management or critical thinking skills, so they end up in lower paying jobs, can’t save their money, remain in deep debt, and can't positively impact the economy, while only a minority of Americans at the top thrive. Not only is this socially troubling but in the long run it's also economically less productive and has contributed to the state of affairs we're in today.

My thought is that the Obama administration agrees, which is why the president wants to focus more on education and training and make decisions based on longer-term public investment. In his view, the economy does best when all Americans have the chance to increase in skill and contribute to the market. Many people agree with him ideologically but many also object because of the costs and the up front time investment. Obama is also working with companies to adjust compensation plans to make them more fair and to reduce layoffs in the workforce, both of which are controversial with economists. Maybe his strategy stems from the idealism that comes along with being trained as a lawyer. Or perhaps it’s easier for him to think that broadly since he’s not feeling the pressure of a collapsing industry on his shoulders. Perhaps it’s also because his shareholders are comprised of the broader population, and not investors, so his policy incentives are different. Who knows? But the interesting part to me is that both the policy (JD) and economic (MBA) perspectives seem critical in analyzing economic recovery.

And so both MBAs and JDs can play a major role in helping save the economy. As MBAs continue to look for profitable deals, invest in companies, and architect executive pay plans, they are also called to leverage profits to create jobs, use investments to steer innovation, and think more broadly about human capital and not just executives. Similarly, lawyers also have dual obligations. And instead of simply relying on facts and mitigation of risk to make decisions, lawyers must think more critically about the issues. They need to weigh the economic issues with the resulting social issues, think about how those issues affect a broader range of people, anticipate a wider range of possible outcomes, and then balance risk with those outcomes to come up with new policy plans.

Easier said than done? Perhaps. Brokering a balance between profit and social value, when there are diverse points of view and competing agendas is rarely easy. To lead America down that path requires leaders who are not afraid of change and who deeply believe that social values are just as important as economic value. I suspect that given our economy, more people will be open to change and aware of social values than ever before.

Personally, the recession has certainly forced me to reflect on change. Having old colleagues, friends, and family members affected by the market has made me more empathetic to those still in the workforce, especially those who don't have education as a buffer. Society should also take time to do some reflecting. And perhaps in 2010, society will decide that instead of focusing so much on pricing strategies and stock market gains, it will also start to focus on creating opportunities for education, promoting generosity in the midst of competition, and maximizing human potential, and not just profits. Because in the long-run, perhaps these will make for more stable economy. Business schools and law schools should welcome the opportunity to be at the forefront of this change.

* Please feel free to leave comments and let me know what you think

Happy New Year

Hey all, I wanted to write to say happy new year and thanks for following my blog in 2009. It's definitely been great getting all the comments and emails, I hope that the trend continues in 2010. Given that we are already in the new year, that means that our first day in class is lingering. I just got back into Chicago a couple of days ago, and am getting ready to begin school in two days. I'm looking forward to the second semester and I suspect I'll be posting quite a bit over the next few weeks.

Also, given the new year, I've recently noticed that there's a lot of talk going on about whether the end of 2009 was the end of the decade or if that's not until 2010. I'm not sure what the technical answer is, but either way, the Harvard Business Review (MBA leadership blog) did happen to post a couple of interesting (and short) articles on business issues over the last decade if you're interested. I've also posted an article on the Top Ten Business School Stories in 2009 by BusinessWeek, which is a pretty good read. Unfortunately I couldn't find anything similar for law schools.

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Title: “A Better Decade Of Business Is Coming”
Author: Gill Corkindale
Source: Harvard Business Review

Title: “The Decade in Management Ideas”
Author: Julia Kirby
Source: Harvard Business Review

Title: “Top Ten Business School Stories of 2009"
Author: Alison Damast and Geoff Gloeckler
Source: BusinessWeek