When I evaluate a profile for F1GMAT’s Career Planning Service, within the first 5 minutes, I have a sense of whether the person should apply this year or the next year. It all comes down to factors that are not often shared in forums and blogs.
So here are 3 factors to consider if you want to apply in Round 2, Round 3, or Next Year
1) Function
If you are from Investment Banking or Management Consulting, a 3+ years of experience is sufficient to seriously consider applying to a top MBA program. The challenge lies in evaluating the quality of the 3+ years of experience. And it has nothing to do with the size of the employer or the supervisor who is managing you. Of course, if you are coming from a top 3 consulting or Investment Banking firm, there are certain qualifying criteria that validate your candidacy. There are processes and frameworks that orient you in a certain way. But after that, the kind of function that you specialize in can be a blessing or a curse. I have interacted with bankers, who after demonstrating their impact, got typecast into a deal expert or a techno-functional wizard. And it affects the kind of projects they work on. Some applicants cleverly use this as a motivation for an MBA and switch to broader business roles. You must evaluate whether your contributions are meaningful not just from your peer’s perspective but also from a globally competitive MBA application pool.
2) Corrective Action
I have seen this consistently for over a decade. When a consultant points out a gap in the profile, either in extracurricular activities, volunteering or taking on impactful projects, there are two reactions. One where the person tries to frame it as positive feedback, without honestly looking at their weaknesses. The second, proactively asks for weaknesses. The person is willing to do any extra course work, join organizations for volunteering, invest more time in GMAT/GRE to improve the score and start a habit of writing for the application essays.
The applicants who are less defensive tend to do extremely well over the person who frames even the corrective steps as a positive and doesn’t want to deal with it.
If the corrective step takes 6 months to 1-year and you are closing in on the Round 2 deadline, it makes sense to apply next year.
I have seen the opposite, too. The person had an extraordinary career transition and impact in the new industry and function. But they want to gain an additional year of experience. This could lead to a scenario where the person has stayed on too long in the new function. And when they mention an MBA as a necessary step to grow in their career, there is a certain disconnect.
It all comes down to your initiative. If you have a habit of taking on extra and strategic tasks on your plate, you will have several examples of leadership narratives that are critical for admissions to M7 and Global Top 20 MBA programs. Once you have such experience, it is not about the years in the function. Even with a 1-2 month project, you can gain exposure and experience better than someone who is 1-2 years more experienced than you.
3) School’s Specialization
The best place to evaluate your fit is through Class profiles of previously accepted candidates. It will give you a good understanding of whether your admission chances are high for your years of experience, gender, pre-MBA undergraduate degree, and, most importantly, pre-MBA industry. Schools must keep a certain percentage of Finance, Consulting, and Technology candidates in their class to maintain the median post-MBA salary. The percentage will vary depending on the year, market conditions, and the application pattern. Once you have 3-5 years of data, you will have a fair understanding of the school’s strategy. Some are building diverse international presence to mitigate the loss of local applicants. Many are introducing new scholarships and fellowships. Almost all schools are looking for ways to accommodate the strongest candidates with diverse experience.
If you need help evaluating your admission chances, Contact me Atul Jose for a free 10-minute profile evaluation. If you need more time, you can always subscribe to F1GMAT’s Career Planning Service
