Tips for 2024 MBA Applicants

As 2024 kicks off, new year’s resolutions are in full swing.

Judith Silverman Hodara, of Fortuna Admissions, recently offered some tips to help MBA applicants set realistic goals for the new year.

DEFINE GOALS

Defining clear goals establishes a strong foundation for your application. Hodara recommends applicants to ask themselves the following questions.

“Are you looking to change careers? Put yourself on the path for a leadership role? Flesh out your idea for a new venture in an entrepreneurship-focused program? Gain exposure to global business?”

It’s important to take ample time to think through these questions. Well-thought-out goals, Hodara says, ensure you’ll find the MBA program that is right for you.

“MBA Admissions committees will look for evidence that you have a well-thought-out career vision and goal, and that your goal is a good fit for their program,” Hodara says. “Defining your goals takes serious self-reflection that sets the foundation for the rest of your application process.”

FIND THE RIGHT PROGRAM

Business schools offer a variety of MBA programs for different career needs—from part-time to executive programs.

“For example, Wharton offers more than 15 different MBA options when counting all the possible joint degree options,” Hodara says. “Top-ranked Chicago Booth just launched a Master of Finance degree and a Master in Management, an accelerated 10-month program that offers a choice of five specializations: analytics, entrepreneurship, finance, marketing, and strategic management.”

In addition to self-research, it can be helpful to connect with current MBA students or even alumni to get a better understanding of their experience.

“If possible, talk to MBA students and ask them about their school selection process, about what went well and what proved difficult or problematic,” Cindy Tokumitsu, of Accepted, says. “Also ask what they would do differently.”

PLAN TO TAKE THE GMAT OR GRE

While a number of business schools have gone test-optional, many experts say that the GMAT and GRE still hold weight in MBA admissions—and it never hurts to submit a strong test score with your application.

“Schools look at much more than your GMAT, but scores do matter, because they correlate with academic success in B-school,” Hodara says. “Average scores of admitted candidates have been rising steadily for 15 years, so it’s important to prepare efficiently and perform well. We strongly recommend doing some test prep to familiarize yourself with the format and content and learn where your weaknesses are.”

Sources: Fortuna Admissions, Accepted

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