Suzy Welch, Business Writer, for BusinessWeek has popularized the 10-10-10 rule. According to the rule, before making any tough decisions, ask three questions: How would you feel after 10 minutes, How would you feel after 10 months, and How would you feel after 10 years. We would like to modify the rule, by a touch, and apply it while selecting MBA programs: MIT vs Stanford, Wharton vs Harvard, Kellogg vs Booth, LBS vs Insead, IE vs IESE, and other close ones.
The 10 Minute impact of the rule seems a little stretched unless they are decisions like proposing to your partner, saying yes to non-refundable products, and other decisions where backtracking is not encouraged, or consequences are catastrophic. Although selecting MBA programs is a 1 month to 3-month process, the decision should be reviewed and changed if necessary after taking the GMAT Exam. Therefore, the GMAT preparation time becomes the first review point for your decision.
Once you pick the MBA programs during the Business School research phase (1-3 months), you have to start a GMAT Prep plan that lasts ideally for 3 months or 12 weeks. Class Median or Average GMAT Score becomes the target score for most test takers.
Scenario 1: Selecting Stanford MBA Program (Commitment)
The average GMAT Score for Stanford MBA Program is 732. Before picking the MBA program, you have to ask these three questions:
1) How would you feel targeting 720-740 GMAT Score, with 12 weeks of preparation?
2) How would you feel after 10 months, taking the GMAT, completing the Essays, collecting recommendation letter, and finally awaiting the results.
3) How would you feel after 10 years, looking back at your 1-year admission process?
These questions are open ended and does not reflect results but questions your commitment for the MBA Admission process. The last question is irrelevant for most GMAT test takers, but 1 & 2, forces you to think whether the commitment is worth it. If you are not sure about Question 1, pump up with our GMAT Prep motivation tips. If you are unsure about Question 2, don’t venture out into the grueling MBA Admission process.
Scenario 2: Rejected from Stanford MBA Program
This is the most valuable scenario for your decision-making.
1) How would you feel getting below 700 GMAT Score after 12 weeks of preparation?
2) How would you feel after 10 months, taking the GMAT, completing the Essays, collecting recommendation letter, and finally getting rejected from Stanford MBA Program?
3) How would you feel after 10 years, looking back at the failed attempt to get into Stanford MBA Program?
Here again, question 3 is irrelevant, but Questions 1 & 2 will shift the focus on your perseverance, and priorities. If you feel discouraged by Question 1, then we would not recommend selecting Stanford MBA program. You need confidence and commitment to overcome your GMAT Score weakness, and put your best effort for essays and recommendation letter.
Scenario 3: Admitted to Stanford MBA Program
Once you imagine the best-case scenario, answering the questions would be easy.
1) How would you feel getting 735 GMAT Score after 12 weeks of preparation?
2) How would you feel after 10 months, taking the GMAT, completing the Essays, collecting recommendation letter, and finally getting into the prestigious MBA program?
3) How would you feel after 10 years, as a Stanford MBA Alumnus?
Questions 1 & 2 become easier, but for this scenario, question 3 is important. Connect with Stanford MBA Alumni who passed out of the program 10 years ago. Ask them how valuable the courses, activities, and network were. You will be surprised to find some honest answers. Some might say that they would have reached current position in their career even without the MBA program while some might attribute the network, and thought process cultivated in the Stanford MBA Class as crucial for their career growth.
Which Alumnus do you relate to, keeping in mind his background (Education, Pre-MBA Work Experiences & Post-MBA Goals)?
Apply the 12-10-10 Rule, and 3-Scenarios for your target MBA programs.
For more tips and techniques to choose the best MBA program, Download Comprehensive MBA Research Guide
2018 MBA Research Guide - Choose your MBA
F1GMAT's Comprehensive MBA Research Guide will teach you how to select MBA programs through a bottom-up approach.
Articulating your Post-MBA Goals and Career Path is the FIRST step. Which program will give you that hike in Salary, Switch in Career, Change in Location or Job Satisfaction?
We cover them all through our extensive analysis.
+ How to Choose the Best MBA Program: Factors to Consider
Define Post-MBA Goals
Pick your Path: Generalize or Specialize
Use Moral Algebra Method
Use Multi-Attribute Utility Theory
Understand the Top 5 Risks
Measure MBA Career Service Team's Effectiveness
Use Bookending to Calculate MBA Admission Chance
Use Net Present Value to Calculate MBA Return on Investment
Don't Fall for the Mere Exposure Effect
Best Practices to find the truth in MBA Information Session or MBA Tour
Comprehensive MBA Research Guide: Includes Top MBA Programs by 19 Specializations:
+ General Management
+ Operations Management
+ Supply Chain Management
+ Luxury Management
+ Information Systems
+ Hospitality Management
+ Leadership Development
+ Military &
+ Top MBA Program Ranking
Top 20 MBA Programs - Tuition Fee (2018)
Top 31 MBA Programs in United States – Total Cost & Salary (2017)
Top 60 MBA – GMAT and GPA (Average & Median)
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Top 20 European MBA Programs (Based on Actual Salary Increase)
Top 20 European MBA Programs (Short-term return on investment)
Top 20 Affordable European MBA Programs
Top 10 MBA in UK – Salary & Fee (2018)
Top MBA Destinations Based on Happiness Index
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Top 10 MBA Job Markets based on Cost of living and Purchasing Power
Top MBA Destination: By Economy
+Comparisons - Top MBA Programs
Wharton vs. Columbia MBA (2018)
MIT vs. Stanford MBA (2017)
Haas vs. Ross MBA (2018)
Kellogg vs Ross MBA
Booth vs Wharton MBA
MIT Sloan vs Tuck MBA
IMD vs. INSEAD MBA (2017)
IIMA vs. ISB (2017)
+ MBA in France (2018)
Top Industries in France
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+ MBA in the UK (2018)
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