MBA admissions counseling has become so common that there are now as many as 300 firms around the world with more than 500 consultants helping applicants get into the best business schools. The average MBA applicant applies to 3.2 schools, so someone who signs a comprehensive consulting package with a firm generally pays about $6,000 to get help with applying to three MBA programs.
The explosion of the business is an outgrowth of the Internet, which allows consultants easier access to potential clients, the increasing numbers of people eager to get a prestige MBA degree, and the growing popularity of undergraduate consulting which has made it ever more natural to seek advice when pursuing a gradate degree.
The vast majority of the players are one-person boutiques, such as Sanford Kreisberg of Cambridge Essay Service in Boston who pretty much specializes in helping applicants get into Harvard, Stanford, and Wharton (See “The Rebel Savant of MBA Admissions Consulting.”) But MBA consulting has become such a large and lucrative business that a few highly sophisticated and professional service firms have emerged. These companies have dozens of consultants on staff (usually part-time contractors) and work with clients around the world. The largest of them is The MBA Exchange, with 40 consultants, many of them former admission officials from the top schools.
One advantage these larger firms have is that they match clients to consultants. If you’re from India, you’re more likely to get a consultant who specializes in Indian applicants and may even speak Hindi. If you’re a private equity analyst, you might get a consultant who once worked with PE types and knows how to best position them for a given school. If you’re applying to Stanford, you might get a Stanford MBA or former admissions officer from the school to guide you through the application process.
Here’s a brief and incomplete directory of six of the leading players, which together employ a total of some 120 consultants, in order of the number of consultants they have on staff.
THE MBA EXCHANGE
Founded by Harvard MBA Dan Bauer in 1996, The MBA Exchange says it has helped more than 2,300 applicants unlock the doors to get into prestige business schools. The company claims a 97% success rate, a number that is verified by an accounting firm that conducts an audit of its client business. Before launching his firm, Bauer’s career includes management positions with Citicorp, MasterCard International, and DDB Needham Worldwide.
Based in Chicago, the firm has some 40 consultants all over the world that includes MBAs from all the top schools including nine MBAs from Harvard, a half dozen from Wharton, and three from Stanford. More importantly, perhaps, among its consultants The MBA Exchange boasts former MBA admissions officials from Columbia, Kellogg, Wharton, Chicago, Michigan and UCLA with inside knowledge of how elite admissions offices work. Its consultants are either fluent or conversational in Hindi, Mandarin, Marathi, Gujarati, Italian, Spanish, and French. One differentiating service is that customers can have sessions with a career coach who had worked with Chicago’s Booth School of Business.
One-application package: $4,400
Two-application package: $5,100
Three-application package: $5,800
Four-application package: $6,500
Five-application package: $7,200
Six-application package: $7,900
Website: The MBA Exchange
For a free evaluation of your chances of getting into a top-ten school
STACY BLACKMAN CONSULTING
Founded in 2001 by Kellogg MBA Stacy Blackman, this firm is among the largest in the business, with 30 consultants. Blackman counselors have worked in the admissions office at Columbia, Fuqua, Kellogg, INSEAD, Tuck and Wharton. Most of the on-staff consultants hold degrees from top MBA programs including six from Stanford and Harvard, five from Kellogg, four from Wharton, two from Booth, and one each from Anderson, Columbia, Haas, Rice, Ross and Tuck.
The firm claims that with comprehensive clients, those who have bought its full package of services from $3,750 for help with a single application to $7,700 for five schools, it has a 92% success rate in getting applicants into at least one of their four top schools (at least in terms of clients it had heard back from).
One-school package: $3,750
Two-school package: $4,950
Three-school package: $5,950
Four-school package: $6,850
Five-school package: $7,700
Hourly fees: $270
Founded in 1999 by University of Virginia MBA Jeremy Shinewald, mbaMission works exclusively with MBA candidates. All 19 senior consultants have degrees from top MBA programs including seven from Harvard, three from Wharton and Columbia, two from Darden, and one each from Booth, Haas, Ross and Stern. Before starting the firm, Shinewald was a speechwriter for the ambassador of Israel and a student member of Darden’s admissions team.
One-school package: $3,500
Two-school package: $4,750
Three-school package: $5,550
Four-school package: $6,350
Five-school package: $7,200
Hourly fees: $250
Founded in 1994 by Linda Abraham, the firm has worked with more than 3,500 applicants to business, law, medical and other graduate programs. Accepted has 14 editors, including founder Abraham. Four of them bring insider perspective from such admissions offices as Cornell University’s Johnson School of Business and Duke University’s Law School.
Accepted’s has an unusual pricing approach: its consulting packages differ in price by school. If you’re applying to Columbia Business School, for instance, the consulting fee is $2,425, while help with an application to New York University’s Stern School is $3,075 and an application to MIT’s Sloan School of Management is $3,625. On two or more applications, there is a $1,000 per school additional fee. For a la carte services, Accepted charges a $260 hourly rate.
Founded in 2002 by Chioma Isiadinso, a former Harvard Business School admissions board member and assistant director of admissions, and her husband, Obinna Isiadinso, a Harvard MBA. She spent three years as an admissions official at Carnegie Mellon University before going to Harvard. EXPARTUS is based in New York and serves the MBA market. Isiadinso, a regular contributor to Poets&Quants, is also the author of The Best Business School Admissions Secrets.
The firm has eight admissions consultants, including those with MBAs from such tops schools as Harvard, Stanford, and Columbia. “We don’t take on every client that applies,” says Isiadinso. “I put every prospective client through a consultation to understand their story, ensure there is a fit, before taking them on.” The company claims a success record of 85% to 90% for clients “gaining admission to their dream schools.”
$350 for an initial one-hour consultation
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