For most applicants, the thought of quitting a well-paying job and committing to full time graduate school is a scary one indeed. Especially if you have spent a little too much on Starbucks and Spotify since graduating college, you may find yourself a little short on cash—and it takes a heck of a lot of cash to pay for an MBA. With price tags more than $120,000 in most cases, the thought of continuing to work in some way while embarking on an MBA program might be tempting. Not so fast, type-A grasshopper.
As an MBA admissions consultant, I have worked with a number of clients over the past 5 years. Invariably, the most common question I receive is "What are my chances of getting in?" Answering this question qualitatively requires years of admissions consulting experience with dozens and dozens of clients. Doing the question justice and providing the client with meaning insight requires several hours of examination. Even then, as the applicant matures and the application process begins, the applicant's "chances" can change remarkably.
However, there has to be some way of getting into the analytics of how MBA admissions committees view their applicant pool. I mean, Wharton is not going to take an applicant with a 480 GMAT, there is just no way. There has to be a range, cut-offs and some way to statistically examine applicant pools.
I searched high and low on the WWW for such a tool. I could find none in the GMAT/MBA space. What I found were mostly models that analyzed a few criteria from an applicant's POV. That is, these models looked at things like:
- In what type of setting should the school reside? Urban, Suburban, Rural?
- What time of female or international representation should be present?
- What climate should the school reside in?
While these factors are important in the decision-making process, they do not necessarily view things from the admissions committee perspective.
With this in mind, I when out and created a model that analyzes an applicant's prospects of entering the top 25 U.S. business school programs from an admissions committee view. I developed this tool for Veritas Prep as part of my MBA admissions consulting responsibilities.
The explanation from the Veritas Prep website does a great job of explaining what function the tool serves:
"This tool was created to generate an optimal range of business schools for you. By "optimal," we mean that these are the highest-ranked schools to which you have a reasonable chance of getting accepted. While no model is perfect, especially in beta, you can use the range of schools at the bottom of this page as a way to start narrowing your choice of MBA programs."
"Please don’t take the model too seriously. Since it only utilizes a subset of data, it cannot be considered a comprehensive tool for all situations and applicant profiles. The admissions process is highly subjective, and no one model can serve as an "oracle" or "magic eight ball.""
Click here to access the Veritas Prep Business School Selector.