F1GMAT: Tell us a little bit about yourself
David Petersam: I graduated from Booth in 1996. I started off in strategic consulting and moonlighting as an admissions consultant to referrals. I was very, very fortunate to more or less fall into something I absolutely loved and still do absolutely love.
F1GMAT: What motivated you to do an MBA?
David Petersam: I wanted to be an investment banker. I had worked as a CPA and had some financial modeling and valuation experience. Alas, like so many others, I ended up changing my track and was very fortunate to be in a 2-year program where that was much more feasible.
F1GMAT: What are some of the biggest takeaways from your MBA Experience?
David Petersam: Wow. There were so many. Where should I begin? My classmates and professors were absolutely amazing and my time at Booth was certainly life altering. At this moment, I think I’ll go with my biggest takeaway was learning to analyze issues in new and much more powerful ways. Please don’t hold this against me if I answer this question in the future differently!
F1GMAT: What were the events and circumstances that led you to create Admissions Consultants?
David Petersam: I started out helping friends and colleagues and then with referrals through word of mouth. There was – and still is – a huge need for competent and ethical help. That’s why we only hire consultants with admissions committee experience and that’s also why we have published our independently verified success rate.
F1GMAT: Only top candidates are selected to Chicago Booth MBA programs. What were some of the strategies that you followed for getting admission to Chicago Booth?
David Petersam: I admit I got lucky as I had some misperceptions of the process at the time. One thing I did well though was preparing for my interview. I decided I had nothing to worry about and could easily wing it if they started telling me how great I was. So I prepared for the “difficult” questions. I now know that these aren’t the types of questions that are supposed to be asked, but I had taken the time to ponder responses to questions such as those that questioned the strength of my undergraduate education. (Hint: It wasn’t a top-ranked school.)
F1GMAT: How important was your Pre-MBA experience in the MBA Admissions process?
David Petersam: There’s no doubt it was important to my admission. I was fortunate to have accumulated some rather unique experiences that were pertinent to the MBA experience and, looking back, I think I spun them pretty well. More importantly, and admittedly a bit to my surprise, the experience was absolutely essential to extracting significant value from the program. I’ve had numerous conversations with many alumni from both Booth and other top programs and we’ve all been torn about how much more we may have gotten out of our MBA educations if we had gained even more pre-MBA work experience. Of course we preface it with how that would have decreased our cumulative post-MBA work experience and possibly prolonged moving on to other life stages such as home ownership and starting families.
F1GMAT: Is there any myth about MBA programs that you want to break?
David Petersam: Unfortunately, there are a lot of them. I would say most recently we have had a lot of calls from applicants who think a very high GMAT score will mitigate other areas of their candidacy such as work experience and extracurricular activities.
F1GMAT: How important are Application Essays and Interview in the MBA Admissions process?
David Petersam: The essays and interview are absolutely integral to the admission process. There are three hurdles that applicants must clear. The first one is academic qualifications. Since over 80% of applicants clear this first hurdle, it means a lot of importance is going to be placed on the intangibles (the second hurdle of which the essays are a major component) and the interview (the third hurdle).
F1GMAT: What advice would you give to recent MBA graduates?
David Petersam: Use what you learned to find your passion. That’s where you are going to be most successful and most happy.
F1GMAT: Is MBA worth the investment?
David Petersam: For me? Absolutely. And I think it was worth the investment because I was genuine with my reasons for why an MBA, why at that time and why Booth. My career goals were feasible (even if I did switch career tracks during the program) and the admissions committee concurred. If they have good reasons for wanting the MBA as well as its timing and they are a good match for the school, it’s going to be hard for them to view it as a failed investment later.
About David Petersam
David Petersam is the president and founder of AdmissionsConsultants, Inc., launched in 1996. He graduated from the University of Chicago with an MBA. At Chicago, he gained an insider’s knowledge of MBA admissions, working in the admissions office there and contributing to admissions committee decisions. Prior to his MBA studies, he was a Certified Public Accountant. On college and graduate admissions, Petersam has been quoted in the New York Times, featured in T.V. and radio programs, and has published a guest column in the Washington Business Journal.
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