Once Bitten ...

With a recession looming and business school on the way, I take heart in this.

New BusinessWeek.com MBA Journal Post

... BusinessWeek.com has published my latest MBA Journal submission. Enjoy!

Fixed Supply, Rising Demand

Several weeks ago, I found this year's GMAT registration data on clearadmit.com. I meant to post it as A) a marker for the my particular application year, B) an indication of the perceived relevance of an MBA in the market place, and C) an indication of the competitiveness of this year's application pool.

I'm curious to know how an increase in GMAT registration effects the percent of students admitted to a given program. I'm guessing admission rates get more intimidating. For example, let's say a business school takes 20% of its applicants. Last year this business school received 2,000 applications and admitted 400 students. Now let's say that the application pool increases by 12%. That means that the same business school will probably receive 2,240 applications. Since the student slots haven't changed, the admissions rate will likely decrease from 20% to about 18%. I'm making a lot of assumptions, of course, but you get the idea. Basically, more GMAT takers means more b-school applicants. Since supply is relatively fixed, more b-school applicants means more competition for the same slots.

While the number of test takers hasn't reached the high water mark set in 2001, it's currently at the highest level in five years and trending strongly upward. Needless to say, I feel relieved, honored, and downright lucky to have an admissions letter in hand. It's a jungle out there.

***

From clearadmit.com ...

GMAT Registration Volume Update


At this time of year, many MBA applicants are curious about trends in application volume - wondering if this admissions cycle will be more competitive or less competitive than last year. While the schools themselves rarely release figures mid-season, we thought we’d check in with a brief update on GMAT test registration volume - as this often serves as a rough proxy for the number of applications that business schools are receiving.

Here are the world-wide figures through the first 10 months of 2007 (and the same period of 2006):

GMAT Registrations (first 10 months of 2007): 227,166
GMAT Registrations (first 10 months of 2006): 202,338

As our readers can see, this year’s volume is tracking 12.27% ahead of 2006, which likely means a slightly expanding applicant pool for the 2007-08 admissions cycle. These figures also match what we’ve been hearing from the admissions representatives at leading schools, in terms of R1 application volume. For those interested in learning more, please visit the GMAC.org web site for extensive details on test taker volume, registrations and more.

Admission

So much has happened since I last posted! I completed my Michigan and Duke applications, visited Duke and completed my interview, interviewed over the phone with Michigan, and (suspecting that I couldn't create a quality application) decided to apply to Dartmouth in the second round.

However, yesterday I received a call from Kellogg. They wanted to personally congratulate me on my admission!

Honestly, my BusinessWeek.com journal has been taking the creative energy I otherwise would have applied to this blog. But since this has almost certainly turned into a solipsistic record of my experience, I've left out some of the important parts, like details about the process, school visits, interviews, etc. Frankly, all of that now seems so distant. Admission to one of the best business schools in the world is life-changing. This feels like a big moment, one that I thought I ought to capture. After all the effort and emotional energy that I've poured into this process, I am relieved beyond words. It feels a little like I've been wearing a led vest for months and all of a sudden I can walk, talk, and breath without straining against every moment.

This, of course, is not the conclusion of my journey. Rather, it's just the beginning of a completely new path - one that I look forward to recording as it takes me toward new horizons!

Great News!

As promised, I have some news that's going to dramatically effect Drapier vs. Business School ...

Each year, BusinessWeek.com (the online version of BusinessWeek) chooses a handful of "MBA Journal Writers" to chronicle their experiences as MBA students, alumni, and/or applicants. Several months ago, as I began applying to business school programs, I also submitted an application to become one of these Journal Writers. A few weeks ago, BusinessWeek selected me from a pool of more than 200 applicants and, as of today, they published my first entry. You can follow this hyperlink to see the post.

While I'll probably keep track of my day-to-day application progress through this blog, expect to see the juicy stuff on my BusinessWeek Journal.

Kellogg Interview

I finished my Kellogg interview tonight and it went as well as I could've hoped. My interviewer was nice, sharp, and to the point. Throughout most of our hour and a half conversation, her questions mostly focused on my career progression, my leadership experiences (both the good and the bad), and my my future goals. Oh, and we spent quite a bit of time talking about why I had chosen to apply to Kellogg. While it took me a few questions to knock off the rust, after a few questions we started tracking quickly. By the end, I felt like I had expressed myself clearly and honestly, with a lot of self-reflection and candor. When we parted, she gave me a warm handshake and asked that I keep her posted.

I hope all my interviews go this well.

One Down, Three to Go ...

I submitted my Kellogg application tonight! It was hard to pry my eyes away from my essays long enough to hit the SUBMIT button, but I somehow found the strength. Now all that stands between me and "wait and see" time is my alumni interview. Kellogg was nice enough to get me in contact with an alumni in my area and, after a brief chat, we scheduled a Starbucks meeting for next Thursday, October 25. In a kind gesture, my interviewer encouraged me not to wear a suite and tie ... yet another sign that Kellogg folks are my kind of people.

With one application behind me, it's on to another round of essays - Michigan and Duke are due in just under two weeks.

Oh, and I have some exciting news that might change the way I post to this blog. I can't say why quite yet, but stay tuned for more info.

Economist '07 Rankings

The Economist has released its '07 B-school rankings. Dartmouth, Michigan, and Northwestern made the global top-15!

Gloomy Financial News

I'll admit, every once in a while the thought of huge student loans gives me the shivers. Yes, theoretically I'll make enough money to offset the cost of school, but that doesn't make articles like this any easier to read.

Of course, let me just mention that this Kristin Cole character needs to realize that her $150,000 in student loans were meant to make her a lawyer. If she's so averse to working in a law firm, why did she go to law school?

Slow and Deliberate

... that's how I'd describe my application process thus far. As you can see, I've been steadily tagging my to-do list with (Done)'s: I've submitted Part I of my Kellogg application (along with the $225 fee), reported all of my recommenders, uploaded four scanned transcripts (or the much more time consuming "self-reported in Excel" version), filled in more than half of my online data forms, and scheduled one on-campus interview.

I could comment on these tasks beyond listing them, but you'd probably hate me forever. Trust me, these applications look a lot like your undergrad apps, except they're online. Just enter a GMAT score instead of an SAT score, add a professional resume and a college transcript, then toss in a work history. I'm sure you're getting the picture.

But I will mention how glad I am to have chosen four target schools, rather than my original six. I can't imagine applying to more than four (maybe five) and still adding enough quality detail. You might assume that these applications are all the same, but the differences are many and maddeningly subtle. For example, one school wants a one-page resume, while another allows two pages but wants a one-inch margin on the top of each page. One school asks you to scan a copy of your transcript and simply attach the document. Another wants you to report your undergraduate classes, GPA's, etc in their custom Excel document.

It goes on and on.

So, good luck to those of you who are applying to droves of schools (one of my friends is applying to eight, another is applying to a whopping TWELVE). I haven't even started writing the essays yet, and I'm already starting to bounce my head off my keyboard.

Speaking of essays ...

From what I understand, nailing my essays might be my best shot at differentiating my application. Since it's going to take a lot of time, focus, and editing to get them ready, I'm trying to clear the administrative underbrush. I'd rather not deal with a dozen nagging distractions (application forms, fees, recommendations, interview arrangements, etc) while I'm trying to write 16 impeccable essays. Thus, the to-do lists (on the right). Maybe it reveals a mental shortcoming, but I have to write things down, preferably in simple lists. Otherwise, I'd end up sending my Michigan recommenders to Tuck before I figuring out that I'd already submitted my Kellogg essays to Duke.

Michigan Contacts

Thanks to a contact supplied by one of my mentors, I have recently had the pleasure of meeting several Michigan MBA graduates. The initial contact was the president of Michigan's Denver alumni club. Not only did he invite me to the '07 Denver World Wide Club event on Sept. 19, but he spent over three hours talking with me over dinner and beers. His insights were awesome and, while he definitely did an excellent job plugging Michigan's program, he also helped me root out several points to highlight in my application.

In addition, I met an '04 grad at the World Wide Club gathering. Her enthusiasm for Michigan was infectious and she had great things to say about her experience. She also helps Michigan's admissions committee and has agreed to meet me for breakfast next week to talk about my application (yahtzee!)

As a fun side note, the '04 grad also has an undergraduate degree from the University of Colorado. When I asked her which school she rooted for, she said, "Michigan, without question." That's great news; it means Michigan does an extraordinary job instilling camaraderie and school spirit in its graduates students.

More '07 Rankings

The Wall Street Journal released their '07 rankings yesterday. Disappointingly, three of my four first-round targets lost ground on their '06 positions. Michigan tumbled from #1 to #7, Northwestern fell from #6 to #12, and Duke slipped one slot from #12 to #13. Happily, Dartmouth climbed back into the #1 spot it had lost the year before.

It sounds like the harshest criticism of Michigan and Kellogg focused on graduates' attitudes. While recruiters applauded both programs' grads in '06, their '07 report scorched students' "pompous, what's-in-it-for-me" attitudes. It sounds like we can also attribute Michigan's fall to its facilities - some recruiters rated it lower based on the inconveniences they suffered as a result of extensive construction.

While I certainly hope both programs act on this feedback in their admissions decisions, this news hasn't spooked me. As I've noted several times on this blog, rankings are tools to help shed light on particular aspects of a school, not definitive sources of truth. It's nice to know that I should carefully avoid sounding arrogant or selfish in my applications, but these numbers don't change my opinion of these schools. If anything they highlight the volatility inherent in asking recruiters for qualitative feedback from year to year. Interviewing one or two sour candidates, having a bad experience with a career services officer, or getting sawdust on their Johnson & Murphy's can obviously have a drastic effect on their impressions.

Recommendations

Last week, I spent most of my b school energy asking mentors and former managers if they would be willing to write recommendations on my behalf.

Asking busy people to do me such a huge favor is difficult and delicate. To ease into these requests, I started engaging my potential recommenders as early as I could by seeking their advice and including them in my decisions. Naturally, these are people I admire and who's opinions I respect, so I would have asked for their help even if I wasn't seeking their recommendation. This just made the process a bit more organic.

Happily, all four of my requested recommenders have committed to write two recs each, meaning that I have lined up the eight I need to complete my apps. As specified by the applications, all four of these people know me and have either worked with me closely or have been an integral part of my career progress for many years.

Up next, writing essays and booking interviews ...

Here, parasite, have $112

Just before you take the GMAT, the test system gives you the option of sending your score to as many as five schools. These five reports are "free," but they come with a catch ... you don't know your score before you choose the recipients - you send it blind.

When I took the test, I didn't know whether I would apply, let alone where I wanted to go. But, like everyone else, I didn't know how well I'd do. Self-consciously, I was afraid to expose myself like that. Besides, I didn't need one more distraction as I took a hugely important test. Thus, I opted not to send my score to anyone and put the whole issue out of my mind.

Unfortunately, GMAC, the folks who publish the GMAT, are viciously opportunistic. Rather than give you those five free reports later, they make you pay $28 per school to send scores post test. Four schools amount to $112 - a fee I just paid. This is, of course, the first of many fees I'll incur for the privilege of applying to these programs, and a tiny fraction of the amount that I'll eventually spend on my MBA. Still, I can't help but get a little indignant about shelling out more than one hundred dollars to an organization that has, by all rights, made plenty of money on me already ($250 for the test, $23 for the Official Guide).

These additional GMAT report fees are part of a parasitic industry feeding off of thousands and thousands of would-be students who want the chance at a business education. Like all successful monopolistic enterprises, the GMAC charges these fees with impunity and we, as applicants, have no choice but to hand them our credit card numbers. I'm fortunate to have the means to absorb this cost, but not everyone is so lucky. I know I've said this more than once, but the GMAC folks are one more reason the poor stay poor while the rich get richer. Shame on them.

So, how would I fix it?

First, I see the need for a charitable fund that focuses on helping people through the cost of application, including test and reporting fees, books and reference materials, school visit and interview costs, and application fees. Even before I visit all four schools, I will have spent over $1,200. There are plenty of organizations willing to help you fund your education once you get accepted, but who is helping people (mostly young people) vault the initial application barrier? This charity wouldn't just need to give applicants money, however. It could also serve as their advocate by negotiating with schools to reduce or forgive steep application fees.

Second, the GMAC needs some competition. While ETS (the company that writes the SAT) recently relinquished control of writing the GMAT to ACT Inc (yes, they write the ACT), there's still only one option for test takers. Were there at least one more, both companies would, in theory, be forced into reasonable competition. That, in turn, would mean lower costs for test takers. With someone willing to undercut them, do you think the GMAC would get away with charging $250 per test and $28 per report? I seriously doubt it.

And then there were four ...

While I originally thought I'd apply to five or six schools, I've decided to cap my first round target list at four ... at least for now.

Applying to these four schools is a no-brainier. For reasons I've spelled out in detail, Duke, Tuck, Michigan, and Kellogg fit my requirements across the board. As such, I've decided to focus my efforts because applying to more schools might needlessly dilute my energy and tax my recommenders, at least all at once. Besides, if I finish my applications early, I can always submit more. If nothing else, I'll also be able send more apps in the second round.

So, now that I've established my first round targets, let's stack them up side-by-side against my quantitative stats for a little sanity check ...

It looks like my stats are as good (or, in some cases, a little better) than the average GMAT, GPA, and work experience of each program's students. Since this year's applications are projected to be more competitive than those from the last few years, I can assume that these numbers will tick up a tad ... meaning I'm probably about average in the quantitative categories. Luckily, I have the opportunity to differentiate myself through several essays and an interview.

Now that I know where I'm going to apply, I have to ...

• Start my online applications
• Begin writing my essays
• Order GMAT reports
• Line up my recommenders
• Schedule interviews

Of course, I'm going to have to prioritize these activities based on each school's application deadline. 2007/2008 application calendars look like this: Duke, Kellogg, Michigan, Tuck.

I can't wait to get started! I'm feeling good about my target schools and my chance of getting at least one acceptance letter. More to come ...

Duke

Fuqua is an odd name in any context, let alone for a business school. If you pronounce it incorrectly (it's actually "few - qwah"), you might come dangerously close to a cuss word-sounding variant. Thankfully, Fuqua is part of a very recognizable (and pronounceable) university: Duke.

But it takes more than a name to make it onto my short list, so let's dive into Duke's Five E's:

Education - The Wall Street Journal notes that one of Fuqua's most impressive features is its reputation for academic excellence, while students gave teaching quality an A+ in a BusinessWeek poll. Part of those reviews may stem from Duke's unique curriculum structure. Instead of dividing the school year into trimesters, Duke holds six-week classes, which allows students to take more courses and get the same number of faculty contact hours as most other programs. Duke also allows you to concentrate in a professional track, not just an academic area. This means that I can concentrate in, say, Strategy AND Consulting. While Duke doesn't offer a "consult abroad" course like some of my other targets, it does have several "real world" courses that simulate consulting engagements. It also offers an exchange program with 29 international business schools.

Employment - Duke doesn't send droves of students to the top strategy firms (only 17% of the class goes on to careers in consulting), but all of the big guys - McKinsey, Bain, Boston Consulting Group - hire Duke grads. Graduates also gave their career services A+ marks in BusinessWeek. While 26% of students find employment in the Northeast, the rest scatter across the country fairly evenly, which demonstrates the school's national presence.

Exposure - Apart from its sterling academic reputation, Duke is a household name because it has a powerhouse basketball program (like Michigan's football program.) Those two elements give it a lot of exposure, but its b school commands respect in its own right. It was ranked #9 (BusinessWeek), #11 (US News), and #12 in the Wall Street Journal.

Environment - Duke's campus is supposed to be one of the most beautiful in the country. Durham's southern orientation gives it a laid-back feeling and, as part of the "Research Triangle, the city is just cosmopolitan enough to offer a good quality of life. The smaller feel also help students develop tighter bonds. One student blogger notes that most MBA candidates don't come from Durham, which means almost everyone looks to their classmates for social interaction. Schools in bigger cities, like New York or Chicago, tend to draw students that already have social affiliations nearby. Physically, the business school's buildings seems spacious and modern, and 2008 promises a new wing of MBA classrooms.

pEople - Duke calls its student body "Team Fuqua," a term that encompasses the entire school's love of collaboration and its commitment to mutual success. In fact, in all of my research, this is one of the most appealing aspects about Duke. Students really care about each other, and that makes a strong network later. Of course, part of working in a team means being a leader too, and Duke seems hell-bent on creating a culture of leadership. While every top MBA program aspires to instill leadership in their students, Duke has clearly found the right formula. Recruiters gush about Duke grads' leadership abilities and gave their teamwork skills an A+ in BusinessWeek's 2006 poll.

As you can see, there's a lot to love about Duke - the education, the name, the people - and they all add up to a great MBA program.

Tuck

Dartmouth's Tuck School of Business just sent me an email inviting me to attend an MBA conference for prospective students. The leader to this invitation read:

Dear Drapier,

Are you searching for the MBA program that is right for you?

(Why, yes I am.)

Are you interested in an exception general management program?

(If, by "exceptional general management program," you mean a well-rounded business education from a top-tier school then, yes, I am!)

Are you looking for a close-knit, supportive community and genuine relationships with accomplished professors, classmates, and alumni from around the world?

(Now, that they mention it, that's EXACTLY what I'm looking for!)

While I might normally pass this email off as a shamelessly self-inflated marketing ploy, I know a little about Tuck. They're not kidding. Here's their Five E's:

Education - According to Tuck's website, their curriculum is "continuously evaluated and refined to ensure its relevance to the constantly changing world of business while retaining an emphasis on leadership, rigorous coverage of business basics, and depth in key functional areas such as finance, strategy, marketing, and operations." I love the nod to strategy and the emphasis on leadership and general business education - all hallmarks of Tuck's program. While you can specialize by tailoring your electives, Tuck encourages excellence in the time-tested basics of business, while simultaneously providing students with tangible business experiences. "Group work permeates the entire program," which is very appealing. Of course, Tuck offers project-based learning and study abroad options but, unlike most other schools on my list, it offers only one degree - the full-time MBA. This allows administrators to focus on the full-time student's expereince. Additionally, Tuck recruits and retains teachers who "achieve dual excellence in both research and teaching," a claim that seems to have a great deal of merit; students gave faculty an A+ in the 2006 BusinessWeek rankings.

Employment - Tuck sends 32% of its graduates to consulting firms - as far as I know, a number rivaled only by Kellogg. It's top two employers are Boston Consulting Group and McKinsey, with Bain close behind. While you might think its size and remote location would handicap its ability to place graduates at top firms, its reputation seems to more than compensate. Tuck's 50 top employers list reads like a who's who of the biggest, best, and brightest firms in the world. Regionality doesn't seem to be a problem either - while over half of Tuck graduates take jobs on the East Coast (most commonly in New York or Boston), it distributes the other half of its class across the states or internationally. Recruiters seem to especially love Tuck, placing it 1st last year and 2nd this year in the Wall Street Journal's rankings.

Exposure - Tuck enjoys an association with Dartmouth College, an internationally lauded Ivy League school. It is also the oldest graduate school of management in the world - a distinction that helps keep it at the top of the rankings year after year. It has been #1 or #2 in the WSJ's rankings for the past two years, it's #11 in BusinessWeek, #9 in US News and World Report, and #2 in the Economist.

Environment - There's no avoiding it; Dartmouth is in Hanover, New Hampshire, which is, in turn, in the middle of nowhere. I'll admit, I'm not enamored with the idea of living in a remote Northeastern town for 18 months, but I take solace in its proximity to eastern seaboard hubs like New York, Boston, and Washington DC. On the bright side, the small town seems to elevate the network and sense of community. Teamwork permeates every aspect of the program and "Tuckies" are renowned for their close ties. In part, that has to do with the small-town environment. That might also have to do with the small class size - usually around 500 students (less that 1/3 the size of Wharton). Happily, the school's facilities seem to rival that of more urban schools and many students live on campus, which also adds to the school's collegiality.

pEople - Network, network, network - Tuck is all about forging connections. The small feel definitely forces people to get to know each other. Tuckies are so tight that others are astounded by the strength of their loyalty to one another. Among recruiters, students have a reputation for being "A-list people without the attitude." Not surprisingly, the Economist ranked Tuck #1 in the world for alumni effectiveness, suggesting that graduate's loyalty goes beyond their immediate classmates. Simply put, Tuckies are bright, tight, and sharp.

While Tuck's remote local initially gave me pause, its reputation, academic approach, leadership & teamwork focus, and network make it a solid addition to my first-round targets.

Michigan

Last year, the Wall Street Journal ranked the University of Michigan's Ross School of Business number 1 in the nation. While the WSJ has yet to release its 2007 rankings, it's a good bet that Michigan will show up at or near the top. In the six years that the WSJ has published it's rankings of MBA programs, Michigan has taken the top spot twice.

According to Paul Danos, former dean of Ross and current dean of Dartmouth's Tuck School of Business (another institution that dominates the WSJ's rankings), both institutions "have achieved a very good balance between faculty research and commitment to teaching, which I think resonates with employers ... [t]hey also have nice students who aren't self-centered."

As you know from previous blogs, I believe that these two traits - balanced faculty and friendly students - are supremely important. Alone, however, they aren't enough to vault Michigan onto my application list. Happily, there's even more to the wolvereen MBA. Here's a rundown of Michigan's Five E's ...

Education ~ The above endorsement is powerful on its own, but Michigan has more than a great balance between publishing and teaching. The school believes in providing practical work experience and offers a "Multidisciplinary Action Project" - a course designed to "teach not just problem solving, but also opportunity, innovation and creativity by giving students projects that aren't clearly defined." To get another perspective, the Economist ranks it #10 in the world on personal development and academic experience.

Employment ~ Michigan is not as strong as Kellogg when it comes to placing graduates at strategy firms, but still manages to send 18% of its class to management consulting. Boston Consulting Group, McKinsey, Bain, and Booze Allen Hamilton hired 11, 10, 8, and 7 Michigan grads last year, respectively - solid numbers that demonstrate strategy firms' interest in the program. And while Michigan might not produce dozens of strategy consultants, they do boast an extremely diverse recruiting pool - #3 in the world according to the Economist.

Exposure ~ Obviously, a #1 ranking by a major publication is good for Michigan's reputation, but it's a consistent performer in several other closely watched rankings: #5 in BusinessWeek, #11 in US News, #9 in the Economist. Beyond rankings, Michigan has an ingredient that most of the schools on my rough-cut list don't have - a big, successful sports program. I know that sounds almost juvenile, but the University of Michigan is not a household name because it has a great b school. It's a household name because it's a large, respected institution with a storied sports history. An MBA from the Ross School of Business will certainly open doors in the business world, but the University of Michigan adds an intangible element - almost guaranteed name recognition - to the degree.

Environment ~ Admittedly, I've come to know Ann Arbor only through what I've read and heard. It sounds like a cool college town and that's good enough for me. Yes, the weather might be rough in the winter but, as with Chicago, I feel like I can stand anything for 18 months. The school's affiliation with Detroit is, unfortunately, a point of concern. Detroit's long decline and close connection with the ailing US auto industry does call into question the school's ability to maintain strong local affiliations. However, Michigan's growing national (and international) reputation has insulated it from the struggling local economy. I must admit, I'd also like to experience the big school atmosphere that I missed as an undergraduate. Michigan is one of the largest institutions on my list, and definitely has the best football program. Tailgating in the fall with friends isn't just a fun way to spend a Saturday; it's a fantastic way to bond. But perhaps the most exciting aspect of Michigan's environment is the business school itself. The school will be opening a new facility in 2008, just in time for my matriculation!

pEople ~ According to the WSJ, students at Michigan's b school are "considered more collegial than competitive," and enjoy a "community feeling." They're also, "experienced, well rounded, and personable." Ross' alumni network seems to serve its students well too - students responding to an Economist survey ranked the effectiveness of their alumni network #5 in the world. On communication, team-work, and analytic skills, recruiters give Michigan's students A+ marks. From a people perspective, it's hard to imagine a more appealing assessment.

In short, Michigan has all the pieces I want in a business school and I would proudly call it my alma mater.

Kellogg

I visited Northwestern University's business school, Kellogg, this spring and I loved it. Everything about the school felt right, including the people and the city. Though, that didn't surprise me - throughout my research, Kellogg has stood out as my kind of place. From everything I've read and experienced, it seems to nail my five E's, and not just because it's the only school I've visited so far. Here's a rundown of Kellogg ...

Education The quality of Kellogg's education is world renowned: The Wall Street Journal notes that it has "great course content and curriculum", students gave professors an "A" quality rating in BusinessWeek's poll, and the Economist Intelligence Unit ranked the "education experience" number three in the world. I saw the quality of their teaching first-hand and, believe me, I walked out of that Game Theory class with absolutely no reservations about a Kellogg education. What's more, they offer a "Triple-M" (Masters in Manufacturing Management) degree that you can earn along with your MBA. It costs nothing extra and takes no additional time. You simply need to tailor your electives to follow a slightly more quantitative path. Given my desire to add a supply chain flavor to my degree while boning-up my quantitative credentials, I'm also going to apply for the Triple-M option. Kellogg also offers a project-based program that sends students all over the world - a must-have for the b schools on my list.

Employment Kellogg can, without question, help me reach my goal of working for a top strategy firm. It places 32% of its graduates at management consultancies and its top recruiters are McKinsey, Boston Consulting Group, and Booze Allen Hamilton (in that order). Only Wharton and INSEAD place more graduates in the top strategy firms and, as a percentage of the graduating class, Kellogg's is the highest I've found on the Wall Street Journal's Career Journal. While the recruiters at the WSJ complain that the career services office can be "unresponsive and not customer focused," the students I spoke with had very good experiences and virtually every article and ranking I've seen says that Kellogg grads enjoy plenty of recruiting attention. What's more, students gave Kellogg's career services an A+ grade.

Exposure Kellogg seems to lurk among the top five on every ranking: #3 in BusinessWeek, #6 in The Economist, #6 in the WSJ, #4 in US News, That kind of consistency is very appealing, given that even a strong school like Stanford can rise as high as #2 (US News) and as fall as far as #18 (WSJ). All of this means that Kellogg has entrenched itself as a top-flight b school no matter how publications measure it. While the average person on the street might not recognize its name as readily as Stanford or Harvard, it certainly has a powerhouse reputation in the business world.

Environment We all know that Chicago can dish out some nasty weather, but I can stand anything for 18 months. In fact, that's my only knock (other than cost of living) on the city. Otherwise, it seems like a great town. Physically, it rests in the middle of both coasts so, theoretically, it has reach in both spheres. It's an urban environment without the East Coast edge. I even have a few friends there. The school's building isn't as new as some (Michigan, for example, opens its new state-of-the-art b school in '08) but it has all the tools and amenities I would expect at a top institution.

pEople Given just two sentences to describe Kellogg, BusinessWeek uses one to say, "the word used over and over by Kellogg students is 'collegial'." In my opinion, that's most glowing endorsement they could have received. As I've stated several times, I want to go where people learn side by side, not where they cut each others throats for grades. From an alumni perspective, Kellogg graduates seem to follow suite and support their own. The Economist rates the breadth of their alumni network and alumni effectiveness at #14 and #10 in the world, respectively.

If it seems like I'm high on Kellogg, that's because I am. I have a hard time finding bad things to say on almost any front; the evidence overwhelmingly suggests that it would be a great fit for me. Without question, Kellogg belongs at the tope of my short list.

Got Email?

Due to overwhelming popular demand (er, an email from a friend), I've added a 'Want Updates?' section. Now you can get email updates whenever I post or set up an RSS feed through web services like your My Yahoo or Google pages.

To the Right, Please

If you haven't noticed, I've created several school hyperlinks on this blog. After taking an initial pass through top-tier programs, this is my rough-cut target list. I chose these among all others for basically the reasons I cited in my previous post, but without quite the same rigor that I'll use to make my final cuts. I know enough about each to say that they have the potential to fit me really well - but I want to go into more detail as I narrow from here. Obviously I can't apply to all thirteen, so I'll use the next few posts to announce my final five (maybe six) first-round targets.

Oh, and why five or six? Well, I think that's about as many applications as I can complete given the requirements at most schools. Each asks for at least two personal recommendations, which means that I'll have to ask my bosses and co-workers to write several rec's. Honestly, I can't impose on the same two people six times, so I'll have to spread my requests around. These people are already doing me a huge favor; I don't want to tax them or take advantage of their generosity. Also, most schools want four or five essays. Because I want to give each essay question honest, individual attention, I don't think I have the time or emotional energy to write more than six-times-four good samples.

Stay tuned for my picks!

The Five E's. Wait, there's only four E's ...

After my last post, I started jotting down different attributes that I want in a B school. As the list grew, I began grouping and distilling. Eventually I had five key categories:

• Education
• People
• Employment
• Exposure
• Environment

Education includes a school's strengths, curriculum, teachers, academic strategy, and study aboard/external project opportunities.

Most importantly, I want my professors to be business practitioners. They can't simply be ivory tower egg-heads who publish first and teach second. If you think that's an easy criterion, the truth might shock you. As surprising as it sounds, a 2005 Harvard Business Review article by Warren Bennis and James O'Toole suggest that B schools have "lost their way" for exactly that reason. "Today's business schools are packed with intelligent, highly skilled faculty with little or no managerial experience," they suggest. Thus, "instead of measuring themselves [B school professors] in terms of the competence of their graduates or by how well their faculties understand important drivers of business performance, they measure themselves almost solely by the rigor of their scientific research." Thankfully, many schools have taken this article's warning to heart and revamped their faculties and curriculums to deliver a more practical education. Those schools that seem to have done this best will definitely climb higher on my list.

I'm also looking for a school with excellent strategy, management, and supply chain departments. I also want a flexible curriculum that will give me a solid business base but also allow me to specialize in a few key areas. Luckily, most of these attributes aren't hard to find at the top programs. Likewise, several schools offer opportunities to work on a project team and solve a real-world business problem - some programs even offer the chance to travel internationally. So far, I haven't found a top program that doesn't meet that requirement.

Considering People, specifically students and alumni, means taking into account the attitudes of the folks I'll be living and working with for 18 months. When I think about the people I want to be around, I think of collegiality, humility, and intellect. Conversely, I'd rather not attend a school where cut-throat competition and arrogance dominate people's interactions. After all, I'm not just there to bone-up on book learning; I'm there to meet people that will become my friends, mentors, colleagues, and business partners.

I want to feel the same way about the alumni network. I can't overstate how important I think it is for my school to have loyal, accessible, involved alumni. Not only are these the people that I'll call for advice or a job interview - these are the emissaries of my school to the world. The contributions they've made (of the damage they've done) will directly impact the value of my degree.

Examining Employment simply means looking at employment rates, job placement, and salaries. Those are simple, as most are quantifiable and, frankly, very good at all of the top schools. However, this also includes a school's career services department. Some schools are known for tremendously resourceful career programs that help students not only when they graduate, but years later. Others seem small, disinterested, or clumsy. I'll insist on the former.

A schools Exposure means it's reputation, it's international/national/regional presence, and it's name recognition. Yes, this is where rankings matter; as a school's rankings go, so goes its reputation. My undergraduate experience taught me to be wary of regional programs that have little clout beyond their immediate surroundings. Harvard's reputation spans the world. The University of Texas, while a tremendous program, still struggles to gain notoriety beyond the western United States. Likewise, I've learned to value a name that everyone recognizes. Duke, for example, carries weight that other schools do not, simply because it's a household name. It's no fun explaining where you went to school. This is perhaps the most superficial of my criteria, but it's undeniably important to me.

The last criteria - Environment - includes the school's urban/rural surroundings, facilities, weather, and region. I've been to New York City a few times and, while I liked visiting, I didn't get the feeling that I'd like living there. That makes it easier for me to move great schools like NYU and Colombia down a little. Tuck, on the other hand, is in a very rural part of New England. While ultimately it's other attributes make it a strong contender, living in Chicago sounds like more fun than living in Hanover, New Hampshire.

I terms of weather, I'd like lots of sun and mild temperatures (who doesn't?), but I'll only be there for 18 months, so I'm sure I can stand a brutal Northeastern winter or bitter winds on the shores of Lake Michigan. Of course, the region of the country has an effect on the weather, but it also has an effect on people and attitudes. Not to make sweeping generalizations but, in general, East Coast and West Coast mentalities can be starkly different. I grew up in Colorado and was educated in Texas, so those regions are obviously more familiar and comfortable for me. Although, perhaps experiencing the East Coast might help me grow as a person, as well as a student.

A Rank by Any Other Name

"For the great majority of mankind are satisfied with appearance as though they were realities and are often more influenced by the things that seem than by those that are."
- Machiavelli

Business school rankings are everywhere.

Among many others, BusinessWeek, US News & World Report, the Wall Street Journal, the Financial Times, Forbes, and the Economist each have their own respected rankings. Each elevates a select few programs to a yearly (sometimes bi-yearly) pantheon of greatness. And, of course, each brews these lists using different (sometimes only slightly different) ingredients.

US News uses a quantifiable combination of incoming class GMAT scores, GPA's, percent of applicants accepted, employment rates, salaries, and dean/director survey results. The Wall Street Journal uses recruiter feedback. The two lists are different, but not so much so that the top 15 schools (or so) don't show up (mostly). In other words, if you take a step back, the lists don't change much from publication to publication, or even year to year.

These rankings have their critics, of course. It doesn't take a PhD in sociology to know that people too often turn appearance into reality. At their heart, these rankings are based on opinions. Even a student body's average GMAT score reflects the opinion of those students who apply at - and eventually attend - their institution.

That, then, raises some key questions - questions that will eventually make a big difference when I whittle down my list of target programs.

First, do rankings really matter at all? If so, how much do they matter and which rankings matter to me?

The answer to the first question is, my opinion, 'yes,' they matter. They matter because most people think they matter. Employers will pay more for a top-10 MBA, on average, than they will for a top-25 MBA ... more recruiters visit top programs, expanding the opportunities for top-flight students ... the brightest students are attracted to the top programs for the reasons I just mentioned, and so on.

The fact is, the more highly ranked your program, the better chance you have of finding a cool job and making more money. It's that simple.

I know; you're about to say that I think this because I read it in the same magazines that sell me rankings. That might be partially true, but I also know several people who have experienced this phenomenon. Many of my co-workers have an MBA from the University of Denver's Daniels School of Business. While this degree seems to provide its applicants with a very good education, it doesn't seem to lead to the jobs so many of them would have hoped. Too many settle for less money, less responsibility, and, frankly, less job satisfaction than their top-tier MBA counterparts. Does this mean they're any less adept at solving business problems? I seriously doubt it. It does mean, however, that the perception in the market, the career services at their school, and their alumni network are simply not as strong as they are at the Harvard's and Stanford's of the business world.

Then again, those who push rankings as a good assessments of a program's inherent merit would say that rankings do what they're supposed to do: reflect superior quality. That's a chicken/egg argument and, frankly, I'm not sure it matters. All I know is that, while my friends who went to Daniels seem to have received a great education, my friends who went to Stanford, Kellogg, and Duke also got great educations - and much cooler job offers. And, by the way, these programs all cost about the same.

So, if rankings matter - at least to me - then it's logical to try to find the degree to which the various positions make a difference in overall job satisfaction (including salary, opportunity, etc.) Rather than peal apart the numbers -and I'm sure many have - I'm going to give a gut assessment that seems to resonate with others: I'll go top-15, top-10 if I can, or I'll reconsider going at all.

Movement within the top-15 is, of course, the topic of much angst, argument, and speculation. US New ranks Harvard, Stanford, and Wharton in the top-5 virtually every year. BusinessWeek shuffles all three around, but they always land in the top ten. The Wall Street Journal usually ranks these three in the top-15 but, nevertheless, they almost always remain above that 15-slot watermark. Programs like Michigan seem to float from #1 (WSJ) to #11 (US News). Kellogg and Tuck hang around in the top 5'ish, UCLA and, on occasion, the University of Texas, seem to hover around the lower 15.

That's a long way of saying that the lists change, but they don't change a great deal. Wharton, Chicago, Columbia, etc are almost always in the top-15. Notre Dame, Daniels, and the University of Illinois - all good programs - are almost never ranked that high.

I hope these schools get a fair shot but, honestly, I'm glad there's a little continuity. That makes building my list a lot easier. But it still leaves me questioning which lists and, ultimately, which individual programs, fit me best.

For example, if I simply wanted name recognition, I could Google "business school" and use the top hits as my list. Here's what it would look like:

1. Harvard
2. Wharton
3. Stanford
4. Colombia
5. Michigan
6. University of Washington
7. NYU
8. University of Texas

Other than U of W, the list looks pretty familiar, doesn't it?

How about if I used the WSJ's information on recruiting numbers to determine my list? Ranking schools as a percentage of the class that gets hired with top strategy firms (my goal after graduation), the list looks like this:

1. Wharton (18%)
2. Kellogg (14%)
3. Columbia (12%)
4. MIT (11%)
5. Dartmouth (11%)
6. Chicago (6%)
7. Michigan (6%)
8. Yale (4%)
9. Duke (4%)

(Stanford and Harvard don't report employment numbers by firm, but I'm sure they'd make this list's top-5)

This list could show up in any respected publication's rankings and be taken very seriously. In other words, there's no magic list that provides all the answers. Dissecting each ranking with excruciating detail is probably going to confuse an applicant more that it will help reveal the "right" school.

Of course, I'll use the lists above and I'll consider what BusinessWeek and the WSJ say. Ultimately, however, rankings are simply a way to quickly gather the general body of institutions from which I hope to eventually choose one. Beyond that, rankings are interesting, but can't possibly tell the whole story. Thanks to rankings, I have a general target group. Now each program's individual strengths - academic approach, teaching focus, student collegiality, alumni network, location, etc - have to inform my next decision: where to actually apply.

"New Graduation Skills"

The Economist's perspective on reshaping MBA programs ...

As a hopeful applicant, I'm not excited to see business school applications approaching 2001/2002 levels. But as a buyer, I'm very happy to hear that the perceived value of an MBA has rebounded.

Still, I agree with Paul Danos, Tuck's dean, when he suggests that recent application trends track economic cycles, not curriculum reform. To his point, the "Going back to school" graph seems to negatively correlated with the health of the US economy. In other words, as people were losing their jobs in 2001 and 2002, business school applications were "significantly up" and in 2000 and 2005, when the economy was strong, applications were flat. Business school is a great time to ride out a recession if you're job is in jeopardy, so the simplest explanation of the the application trends align with Mr. Danos' theory. While I'm encouraged by the changes, reforms simply haven't had enough time to impact the overall demand for MBA's.

So what? Well, predictable supply and demand trends like these suggest that the value of the degree flows from more established perceptions, not short-term operational corrections. In other words, most people are applying to business school based a long history of return-on-investment, not because the degree has become inherently more attractive. While curriculum reform may one day drive demand for the degree upward, today and for several years to come, perspective students will rely on decades of employment trends to decide whether to get the degree.

While the current wave of reforms won't alter my decision to go or not go, it will effect where I apply. I'll want to see programs taking real steps to address the concerns raised by this article, particularly around practical experience and ethics. Schools that haven't devised creative, aggressive ways to improve these areas will undoubtedly fall off my list. Luckily, the top programs seem to universally acknowledge the need for change. Tuck's Global Consultancy course or Kellogg's Global Initiatives in Management, for example, send students abroad to help companies solve pressing issues. That sounds pretty real to me.

Cheating

This BusinessWeek article brings up a great point: how am I supposed to find out which schools out cheaters? More importantly, which schools ensure fair peer-on-peer comparisons and which ones hide their scandals or turn a blind eye to cheating?

Thanks to this article, we know three schools that openly punish cheating: Duke, UVA, and Chicago. To me, this says, "cheaters, go elsewhere," and I commend each of them for it.

I definitely need straight answers on this question because I want to attend a school that's well known for creating an ethical environment, not just offering ethics classes. I can guarantee that I'll toss these questions to my target schools' admissions staff.

My Reasons

Unlike most people who torment themselves by taking the GMAT, I wasn't really sure I wanted to apply to business school. In fact, when I started studying over a year ago, it was out of a growing desire to shake up my career. While my two-and-a-half years as an IT consultant had kept me learning, busy, and well paid, a building dissatisfaction with my recent assignments had left me wanting more options.

As I imagine many people in my position do, I debated whether I ought to waste so much time, money, and agony taking a test I might never use. As I considered finding another way to satisfy my professional wanderlust, I happened along a quote by the great mountaineer, George Mallory. When asked why he was going to climb Mount Everest, he replied, "because it's there." While the GMAT isn't quite Mount Everest, Mallory's reason made a lot of sense to me, and I adopted it as my own.

For three months I climbed toward my goal one practice question at a time and, in the end, I scored a 720, outpacing my target by 20 points.

Flush with success and the feeling that I actually had a shot at a top school, I decided to feed this new possibility. I began researching programs in earnest and soon discovered that I might be making a big, fat, expensive mistake. While I had friends and colleagues with MBA's, I had never examined specific programs or visited schools. In fact, I realized that I'd spent a lot more time thinking about the GMAT than thinking about business school. A few "so you want to go to business school" books later, I decided that if I was going to spend a hundred thousand dollars, forgo two years of salary, and burn two years of my life getting a master’s degree in business administration, I had better have a great reason- or several.

Not long after I discovered my glaring lack of MBA-related forethought, fate chimed in. I had often thought about switching from IT to strategy consulting and in the months after I took my GMAT, a mentor of mine helped me secure an interview with a well known strategy consulting firm. I didn't get the job, but I loved the experience. I particularly enjoyed studying for the case interviews and I immediately wanted to master that way of thinking- that clean method of attacking a real problem. "Hey," I thought, "isn't that was business school teaches you?"

Happily, I’d discovered that strategy consulting (and, by proxy, b-school) is my kind of brain candy. I also took a very important piece of advice away from the experience: a top-tier MBA would make me a much more competitive candidate at the top strategy firms.

Making a cool career change seemed like an outstanding reason to get a business degree, and so did my love of strategic thinking. When I started listing the things I'd learned, I also couldn't help admiring the people that I'd encountered during my interview. All of them had a forthright confidence, an encyclopedic business vocabulary, and a fascinating work history. They had been consultants, yes, but they had also been entrepreneurs, world travelers, and- perhaps most importantly for me- leaders. The common denominator among them all was a top-tier MBA.

By that point, I'd come to a few very important realizations. First, my initial impetus for applying- my GMAT score- was foolishly misguided. Second, my newly found reasons- that I had truly wanted to become a strategy consultant, that I wanted to sharpen my way of thinking about problems, and that I admired the network of MBA grads- had promise.

Along the way, I'd pieced together another good reason to get an MBA: I needed to bone-up on my formal business education. As an unemployed soon-to-be liberal arts graduate during the 2003 recession, I saw the power of a business degree. While my dual Economics and English major eventually helped me land a part-consulting, part-clerical position with my current consulting firm, it took a year and a promotion to catch up to my business degree'd peers.

I still believe in the sterling quality of my education and I certainly don't regret attending a small, liberal arts university. Rather, I believe that fully realizing the worth of my degree means using it as a foundation for a specific field of study. Since I want to build my career in business, an MBA seems like solid next step.

No matter how good my reasons are, however, I still encounter those who vehemently oppose getting an MBA. Detractors often question the cost/benefit of an extremely expensive education that, they suggest, you can just as easily get by working. Doctors and lawyers, by comparison, can't simply become so without going to school, so the cost of their credentials seems justified. But a business person can find wild success without wasting the time and money on an MBA.

What's more, experts worry that the MBA has stopped providing students with top-notch business skills. In May 2005, the Harvard Business Review suggested that MBA programs had become more concerned with research than with teaching, and the quality of the education- particularly in the realm of leadership skills and ethics- had suffered. In the May 2007 issue, The Economist cited Yale as an example of MBA programs trying to change in the face of such criticism, but still questioned the validity of the reforms. Indeed, as recently as this year, a Duke MBA professor caught 32 students cheating.

Does a huge price tag, questions about the educational experience, and recent criticism and scandal make me think twice about my decision? Absolutely. Has it ultimately derailed my determination to apply for business school admission in Fall of 2008? No.

I believe that top business minds are, and will continue to be, drawn to top business school programs. As long as great business students walk the halls of the best schools, and progressive business thinkers do research at the top institutions, future business leaders of the world will emerge from these programs. Likewise, businesses will continue to seek ideas and talent where they grow freely, in top business schools, and the worth of the degree will remain.

Then again, I've come to see that my reasons for applying to business school reach beyond the cultural and economic trends facing MBA programs. Similarly, I no longer believe that I should go because I have a good test score or because I'm simply restless. Ultimately, I want to adjust the trajectory of my career and strengthen the experiences and knowledge I've gained so far. Business school seems like a great way to accomplish those goals.

And you thought the last one was expensive ...

This is the second chronicle in my journey to business school, the promised sequel to Drapier vs. GMAT.

No longer am I climbing the mountain simply because it's there. This time I'm trying to gain admission to some of the most selective business schools in the world- and in so doing, change the course of my career.

As you might expect, I'll use this blog to churn through my thoughts about applying. But to make this a truly meaningful journal, I'll first have to justify my quest.

It's the first logical question, after all ... why risk a thousand-plus dollars in application fees (which can run as high as $245 per school), months of my life, decades of reference capital, the ire of my current employer, and untold trauma to my ego and psyche? Beyond that, why spend nearly six figures on tuition, fees, and living expenses and forgo 22 months of income? If I can't answer these questions with astoundingly sane answers, I'll leap off this crazy train and save myself from making a very very expensive mistake.

Assuming I hammer out rock solid reasons, I'll likely post information on some schools, including which schools I hope to attend (and why), my thoughts on each school's process, and (if I have the chance) my experience visiting these schools. If I'm lucky enough to get an acceptance letter from more than one of my targets, I imagine I'll also share my thoughts on choosing between (or, hope-against-hope, among) my options.

I'll also share my tentative plans for the months before matriculation (Here's a hint: it involves an expensive plane ticket and several months away from home.)

Beyond those goals, I'll let this blog evolve into whatever I need it to be. Be prepared for anything from crushing rejection letters and expense-induced hyperventilation to unbridled elation and spontaneous break dancing. As always, feel free to post your thoughts.

I've set my sights on an August '08 start date. I have five months before my first applications are due ... game on.