 | Information Guide for the
MBA Student and Graduate |
The Application Process
The application process for gaining admission into Graduate School is a standard procedure regardless of the school you hope to attend, although some schools may have additional requirements (check with admissions counselors).
Complete the School Application (costs vary from $40-$100)
Submit all Undergraduate Transcripts (costs to obtain transripts vary from $2-$10)
Depending on the Graduate School, they may require you to take either the GMAT "MBA Explorer"or GRE test"GRE Site" . However, there are schools that do not require an entrance test.
Most Schools will require two letters of recommendations from either employers or past instructors.
You may also be required to submit a written essay (500 words or less) explaining why you want to pursue the MBA degree. This is your opportunity to sell yourself, so make the best of it!
HOW MUCH WILL THIS COST?
Although many people are qualified to attend Graduate School, the most common reason for NOT attending is a fear of acquiring debt through the form of student loans. On average, completing an MBA degree will cost a student $30,000 (including books and fees), which is a considerable debt to have upon graduating.
However, most students take the plunge anyway and pursue the MBA because the benefits of obtaining the degree far outweigh the debt associated with acquiring the degree itself. In 1996, the average MBA graduate was offered a position of employment with a starting annual salary of $52,000 and depending on the school you graduate from the salary could be much higher (more on this later).
THE STUDENT LOAN PROCESS
The student loan process can be tedious and at times confusing. I have attempted to simplify the process somewhat.
Complete the FREE application for Federal Student Aid. This can be done online at"FAFSA" or by obtaining the FAFSA application through your school of choice. The FAFSA is similar to a pre-application for obtaining a loan through a bank but in this case the bank is the Federal Government. Graduate students are eligible for up to $8,500 of the Subsidizied Stafford Loan and up to $18,500 of the Unsubsidizied Stafford Loan, totally up to $27,000 of aid in one school year (interests rates are generally between 8-8.5%). Once your application is processed you will receive a Student Aid Report (SAR) which summarizes your application.
Contact your school of choice to see if there are any additional forms required for you to complete in order to receive Federal Aid.
Once you have been officially admitted to the school, (if qualified for aid) a financial aid award letter will be sent to you with the total amount of your eligibility.
Complete the financial aid award documents and send them in promptly, a lack of completing the documentation on time causes many students' awards to become delayed.
Another huge way to reduce costs that many students fail to take advantage of is through employer reimbursement programs. Many employers offer this program and it can range from 25% to 100% of reimbursement to the student (check with your Human Resources Department).
SCHOOL RANKINGS AND REPUTATION
When a person decides to attend Graduate School there are a number of factors that go into the decision making process. Cost, location, and program of study are just a few, but perhaps one of the most important is a school's ranking and reputation.
According to US News & World Report,"Rankings" the top five Business Schools are 1.) Harvard 1.) Stanford 3.) Columbia 3.) MIT 3.) University of Pennsylvania. In 1997,the average starting salary for MBA graduates from these five Business Schools was $80,000, which is much higher than the average of $52,000. The reason is quite simple, for decades these schools have been on the cutting edge of innovative and quality education. Students that graduate from these schools are better prepared than their counterparts. Or is that really true?
Employers are beginning to find that newly minted MBA graduates from the top five schools are not necessarily the best and the brightest. You have to remember that everyone's situation is different and not everyone can afford the Harvard's of the world nor do they always desire to attend them. Choose what is best for your situation and don't get intimidated by the employers that claim they only want the "best and brightest". Companies that have this philosophy are in the minority, you can still acheive greatness through hard work, dedication and results, regardless of the schools reputation.
Continue
Tour!!
Home |
Business School |
Application Process |
Careers |
Email |
Biography |
This website was created and is maintained by Cotyan Creations © 1998. All Rights Reserved.