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 1 st 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  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