Hi everyone,
I am currently in the process of applying for MBA programs. I did an international exchange program where I first studied in Europe before going to the US, and ended up graduating with degrees from both universities. I was top ~10% at my European university and valedictorian at the US university (non-target unfortunately but also no-name either). I then moved back to Europe to work in Wealth Management for a major global investment bank (think UBS/JPM/MS). I left after the end of the analyst program (would've gotten an offer to stay on) to pursue a different opportunity in the finance space.
After some professional & personal considerations, I decided for myself that I want to pursue an MBA in the US. I took the GMAT and got a 670 - which isn't bad but I know I could potentially do better. Will try to take it again later this year but not 100% sure if it will get significantly better - aiming for ~700.
My biggest question, however, is what schools I should apply to. I am generally aiming for some schools that I would call "Tier 2" (CMU/McCombs/Duke/Georgetown etc.), where I would expect myself to have good chances with my background - e.g. I spoke to somebody at CMU who had a 620 GMAT score than me & worked in the back office of my bank and got in. Nonetheless, I am aware that my GMAT score is already a little bit under their average/median scores.
However, I am wondering how good my chances are if I try my luck at some of the "Tier 1" universities - in particular, MIT (always had an affinity for tech and science and would love to have the business/tech combination) or Wharton (given my background in finance and a personal preference for Philadephia). The biggest challenge that I see here is my GMAT score - 670 is definitely below the MIT/Wharton ~720/730 averages.
Thus, I want to ask for advice - is my feeling of having a good shot at the "Tier 2" universities warranted, and how would you guys estimate my chances to be for the Tier 1 universities? Should I give it a try, even with my current GMAT? Obviously if I take it again and do better (~700) I would feel confident, but right now I'm unsure.
Many thanks beforehand!
Hard to say without knowing the rest of your background. GMAT isn't everything - work experience matters a lot more. A lot of MBA consultants will do free 30-minute sessions, they'll be able to give you a better idea as to where you stand.
One thing to keep in mind is that if you have an average GMAT (e.g., 730 at Wharton) you will need to be exceptional in some other way. The bar is definitely higher for finance/consulting applicants due to the sheer quantity of people applying.
I am one of 'those consultants' who offers a free 30 minute consultation.
Without knowing your goals and more about your profile, it is challenging to provide guidance in terms of which schools you should apply to.
Interestingly, at the AIGAC (Association of International Graduate Admissions Consultants) conference this past summer, I had a conversation with one of the Wharton admissions officers who bemoaned their high average GMAT and noted that she wished they could 'round down' the average. Wharton is aware that their high average GMAT may lead to well-qualified candidates not even applying because they feel that they don't have any chance of getting admitted. She went on to say that Wharton has done some analysis of GMAT scores and success in their program (not sure how this is defined) and found that program success is most closely correlated with the IR sub score, not the overall GMAT score.
Similarly, MIT has a fairly wide range of GMAT scores. MIT Sloan wants students who want to be at MIT and have put in the effort to understand their program offerings, engage with their community and have previous success in their careers.
I encourage you to apply to a mix of schools - stretch, target and likely - that offer the resources that you need to achieve your goals.
Don't hesitate to reach out to our team. We have several Wharton and MIT alumni on our team as well as a former MIT Sloan admissions committee member and Wharton interviewers.
Interestingly, the two 'Tier 1' universities are the ones I would think would give you a solid look even with a 670. Why, you ask?
At the AIGAC (Association of International Graduate Admissions Consultants) conference last summer at Kellogg, I had a chance to speak with one of the Wharton adcom members. She was bemoaning that their average GMAT continues increase each year and noted she wished they could round it down. She believed that because of the high GMAT and tight range (typically 700-770 for 80% of students) there are many well-qualified candidates who don't bother to apply because their GMAT is below 700 and they don't think they have any chance. She went on to share that Wharton has looked at data (since they are very analytical at Wharton) and discovered that the best indicator of success (not sure how that is defined) in their program is not the overall GMAT score. Rather, it is the IR score. So, if you have a 7 or 8 IR with your 670, give Wharton a shot.
And MIT...well, they truly look at your past accomplishments to assess how they think you will perform at MIT Sloan and beyond. In fact, while their GMAT average is likely ~725-730, their 80% range is much broader. Fancy that.
I don't have sufficient information to say that you will get into either the 'Tier 1' or 'Tier 2' programs. A lot of factors will come into play. Why do you want an MBA? Why at this school? What are your short- and long-term goals? Have you done sufficient research on the programs? Have you connected your past experiences through each program to your goals?
Obviously a 700 GMAT is better than a 670.
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