I recently switched jobs and decided for multiple reasons that it was probably best to put off applying to B-school until Round 1 next fall. In fall 2012, I'll have 3+ years in FInance/Accounting, 2 of which were in FID product controls at a top BB, so I'll have 4 years WE starting school in 2013. I'm looking to apply to Darden, probably Tuck, and possibly Booth, HBS, or Wharton (knowing H and W could be a waste of my time).
I have a 3.3 GPA from a top 15 liberal arts school and BS in Math with a concentration in Econ/Accounting/Finance (school didn't offer minors) . I've taken the GMAT twice and am sitting on a 720 (50Q 38V). Is it worth retaking the GMAT when I know that a 750-60 is not at all out of the realm of possibility? With the 41V I got on the first take and the 50Q from the second I would be right around 750, but I understand that taking it too many times can be negative. I went into the GMAT hoping for a "separate myself" kind of score because my WE and my post-college volunteer and leadership experience may leave something to be desired.
I'm doing a mentor program, am an alumni assoc. officer, and am involved with a charity, but this stuff is pretty new- which I understand Adcom will sometimes view as though you did it for b-school. What else can I be doing with my time? Would the CFA level 1 be worth it? I'm thinking IB will be my first choice out of B-school and definitely will want to at least do a summer assoc. gig, but I haven't ruled out ER post b-school, so it would not be a move strictly for my b-school app. I've also heard people say that with the time you spend on the CFA you could be doing other things. My main question is-- what other things do people wish they had done in the 9 months or so leading up to applying? Winter is a good time to knock something out.
I appreciate any feedback.
Also, does anyone have any experiences to share with hiring MBA Consultants? Is it worth the money? DId anyone feel like it was the difference between getting in and getting dinged?
Thanks
I'm in the same boat as you. I'm applying next fall and my biggest concern is that I started developing my b-school "story" a little too late. I just started getting involved with a couple of non-profits recently and while they're good roles for b-school (startup-y, leadership), the timing and short duration is a bit suspicious so I'll have to spin it somehow. I'm also a CFA level III candidate, but I hear the CFA doesn't count for much in the b-school app other than solidifying a "I want to go to the buyside" story (which will be my story).
Outside of that I'm sitting on a median GMAT and GPA for the top schools, so this next year I'll be brainstorming on how to make my application pop in other ways.
I wouldn't bother taking the GMAT again. I think your 720 passes their screen and 20-30 points higher on the third try wouldn't necessarily count for much.
A 720 by itself is fine, but if you think you can improve verbal, it might not be a bad idea to re-take and try to get a 750+. A 720 is barely median at the top schools, so a 750+ will put your app in a different category in this regard, especially since your gpa is below the median at the top programs.
The general rule I've heard is that you want to be involved in your extracurricular for at least a year before you apply. Being involved in a bunch of community service organizations for only 3 months will come across as contrived. Adcom officers are very good at sniffing this sort of stuff out.
A CFA helps in the sense that they will make your buyside story more believable, and if your quant score or grades are a bit on the low side, passing the exam can strengthen that aspect of your application. But overall, it is not going to place you in the admit pile or give you a material advantage over someone who doesn't have it.
While they might view short-term positions within a volunteer org. as contrived and superficial, it is better than not being involved at all. If all else was equal (GMAT, GPA, feeder company, etc) and community involvement was the last measuring stick you would want to at least have that 9 months on there. There will be 3 categories of 'volunteers'.
While your motives for volunteering may be questioned if you find youself in group 2, it is far better to be in group 2 than group 3... no?
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