NYU Stern Marks Five Years of Its Endless Frontier Labs

Prospective MBA and entrepreneur? Science and/or tech enthusiast? NYU Stern’s Endless Frontier Labs (EFL) might be of interest to you.

EFL is a dual stream program designed to bolster entrepreneurship in the science/tech space. The program includes an MBA course and an early-seed accelerator program for science and technology startups. Enrolled MBA students, with mentoring and coaching from EFL staff, are paired with a startup to develop a commercialization strategy. Students gain hands-on experience developing and implementing a business model, defining strategy, pulling together financing, and planning for scaling. The startups in the accelerator benefit from the MBA’s consultation on bringing the scientific development(s) to the marketplace, as well as from access to the resources available through the NYU, Stern, and broader NYC communities. 

The program has grown in popularity over its five years. As an accelerator, it now selects about 75 startups each year out of 1500 applications, making it among the most selective of early-seed accelerators. Students are also eager to take part, with about 120 students vying for 75 spots. The course founder and director, Deepak Hegde, stresses that he selects students who demonstrate intellectual curiosity and an ability to thrive in ambiguity, not just those with a background in science or tech. 

To date the program has yielded impressive results. EFL has led to 183 alumni startups, with 83 percent of those garnering at least one successful round of funding. This compares favorably to similar accelerators such as YCombinator and Techstars where 77 percent and 73 percent receive funding, respectively. Additionally, Hegde won the 2022 Innovation in Entrepreneurship Pedagogy Award from the Academy of Management Entrepreneurship Division. And a number of the MBA student participants have continued their work with their startup in a post-graduate position. 

Essay Tips: NYU Stern School of Business

The full-time MBA program at NYU Stern has released its 2023-2024 application deadlines and requirements. It’s never too early to plan for your best submission!

Round       Submission Deadline    Decision Notification

Round 1 18 September 2023 01 December 2023

Round 2 18 October 2023 01 January 2024

Round 3 18 January 2024 01 April 2024

Round 4 18 April 2024 Ongoing

Prepare to get creative for NYU Stern’s essays. And allow yourself plenty of time to think through how your previous meaningful personal and professional experiences have inspired your post-MBA goals, influenced how you view change, and helped shape who you are and what you will bring to the Stern community.  

Short Answer: Professional Aspirations

What are your short-term career goals? (150 word maximum, double-spaced, 12-point font)

State a clear post-MBA goal using straight-forward terminology. And make it clear how obtaining the Stern MBA will position you, given your previous work and educational experiences, to achieve this goal.

Essay 1: Change: _________ it
In today’s global business environment, the only constant is change. Using NYU Stern’s brand call to action, we want to know how you view change. Change: _____ it. Fill in the blank with a word of your choice. Why does this word resonate with you? How will you embrace your own personal tagline while at Stern? Examples: Change: Dare it. Change: Dream it. Change: Drive it. Change: Empower it. Change: Manifest it. Change: [Any word of your choice] it. (350 word maximum, double-spaced, 12-point font)

So, how do you perceive change? The word you select to fill in the blank is far less important than how you back up that claim with experiences from your life. As we always say, the best evidence that you’ll do something in the future is having already done it in the past. Show the reader that you’ve lived your tagline and will continue to do so at Stern.  

To get started, brainstorm anecdotes about transitional times in your life. What prompted these periods of change? How did you respond? What key learnings about yourself and others came about as a result of experiencing this change? Then, reading through your stories, look for a common theme that will help lead you to a word for your tagline. When you’ve decided on one, choose the most substantial anecdote that supports your claim and take the reader on a deep dive into that experience. Explore how the experience prompted an evolution in your perspective and reinforced your desire and ability to continue to live your tagline at Stern and beyond. 

Essay 2: Personal Expression (a.k.a. "Pick Six")
Describe yourself to the Admissions Committee and to your future classmates using six images and corresponding captions. Your uploaded PDF should contain all of the following elements:

• A brief introduction or overview of your "Pick Six" (no more than 3 sentences).

• Six images that help illustrate who you are.

• A one-sentence caption for each of the six images that helps explain why they were selected and are significant to you.

Note: Your visuals may include photos, infographics, drawings, or any other images that best describe you. Your document must be uploaded as a single PDF. The essay cannot be sent in physical form or be linked to a website.

The Pick Six is an opportunity to show some personality and demonstrate your unique interests, abilities, passions, and goals in a visual and cohesive way.

Think of your response to this prompt as you would an advertising campaign or curated art exhibition. Individual pieces should be able to stand on their own, but they must also meaningfully connect and contribute to a larger story. Prior to looking through images, consider first what you want to convey overall. Keep in mind the themes of a successful business school application: innovation, leadership, and teamwork. But also explore aspects unique to you and your story. This might include a passion or hobby, personal mantra, life experiences that have brought you to this point, future goals, and/or how you will contribute to the Stern Community.

After you have an idea of the story you want to tell, consider a cohesive theme that can bind your images together. Could you incorporate stills from films you love to help articulate your passion for collaborative leadership? Are you a glassblower and wish to show your creative side through photographs of your original work? Do you have an interest in modern art and hope to communicate your propensity for strategic thinking through some of your favorite pieces?  If you’re an analytical type, don’t let this exercise overwhelm you. You are not restricted to photographs, so you can consider graphs, maps, or word clouds. Try to find a mix that feels true to you, while ensuring that each image gives the admissions committee insight into your personality and what you will offer the Stern community. And don’t let the captions become an afterthought. While it is easy to get attached to an image, remember that the words and images must work together to tell your story.

Essay 3: Additional Information (optional)

Please provide any additional information that you would like to bring to the attention of the Admissions Committee. This may include important aspects of yourself not otherwise apparent in your application, current or past gaps in employment, further explanation of your undergraduate record or self-reported academic transcript(s), plans to retake the GMAT, GRE, Executive Assessment, IELTS or TOEFL, or any other relevant information. (250 word maximum, double-spaced, 12-point font)

This essay is for additional context around a weak spot in your application. Did you get a C in calculus? Or withdraw from your courses your sophomore year to help a family member? Do you feel that your lackluster GMAT score isn’t indicative of your abilities?

If you are going to address a low grade in an analytical course or a low GMAT score, don’t make excuses. Spend the majority of your word count demonstrating your ability to excel in rigorous academic or professional environments by using specific examples. Provide information on similar classes in which you achieved excellent grades or give details about a professional pursuit that resulted in success.

If you are speaking to a more sensitive situation, perhaps a big mistake or legal issue that impacted your GPA, spend approximately 20 percent of your essay addressing the situation. Then use the remaining 80 percent on the actions you took to improve and what happened as a result. Do not make excuses, simply address the situation, placing the emphasis on what you learned. Remember, everyone makes mistakes, taking accountability and moving forward demonstrates maturity.

The Writing Process

Begin with a brainstorm. Do not underestimate the importance of this step. Document your experiences, positive and negative, that prompted an evolution in your perspective—you know, those “ah-ha!” moments without which you would be a different student, professional, and/or person today. Then, record those experiences that will show the reader your abilities in innovation (critical/creative thinking and problem solving), leadership, and teamwork, as well as those experiences that reinforced your interest in business school. Capture as many details as possible, paying particular attention to what you thought, felt, said, and did in each situation. Your focus should be on adult experiences (from the start of college and later), though stories from your youth could comprise up to 20 percent of this brainstorm.

During your brainstorm, don’t limit yourself by worrying about a cohesive narrative, the quality of your writing, and/or the number/length of your stories. Simply focus on collecting those situations that helped to guide your path to this point and impacted your decision to apply to the Stern MBA program.

Craft an outline. Select the key stories you will use to anchor your narratives. Remember that you’ll use your essays to go deep into experiences that demonstrate the traits you want to emphasize. 

Write. Keep in mind that you must be showing, not telling the reader who you are. In contrast to your resume, which provides a general overview of your experiences, your essay responses should go deep into a story that allows the reader to come to their own conclusions about some of your character traits and abilities. Highlight how you’ve struggled, triumphed, learned, and how these experiences have developed you into the person you are now.  

Review. Revise. Repeat. Confirm your word count and read your essay aloud noting where you stumble. Make revisions as necessary. Once it reads smoothly, set it down and walk away for at least 24 hours. Then re-read it. Is it you? Is it personal and authentic? You want the reader to see the real person behind the applicant number. While we caution against “oversharing,” being appropriately vulnerable will create connection. 

Related:

Essay Tips: Harvard Business School

Essay Tips: The Stanford Graduate School of Business

Essay Tips: Haas School of Business at the University of California, Berkeley

Essay Tips: The Wharton School of the University of Pennsylvania

Essay Tips: Columbia Business School

Essay Tips: The University of Chicago Booth School of Business

Essay Tips: The Yale School of Management

Essay Tips: The University of Michigan Ross School of Business

Elite MBA Programs Incorporate Online Learning

Even the most elite MBA programs continue to embrace online learning. A recent Business Because article highlighted a few of the recently added options.  

• The University of Pennsylvania (Wharton) Global Executive MBA will launch in May and provide a predominantly online experience for participants. Just 25 percent of the program will take place in-person, while the remainder of the content will be provided online. The program intends to cater to a global cohort of participants and will confer the same Executive MBA degree, at the same cost, as the in-person Executive MBA.

• The NYU (Stern) Part-Time MBA will provide online modules (asynchronous online learning combined with an in-person component) and course options for those in the part-time MBA program. The online offerings are intended to provide additional flexibility, however, the program will still require students to take at least nine classes in-person. The tuition and degree conferred are the same for part-time students taking courses in-person or using the hybrid learning model.

• The University of California Berkeley (Haas) Part-Time Flex MBA will allow students to complete the majority of their coursework online, but do require participation in at least three in-person immersion events. The tuition and degree conferred are the same for the in-person and online part-time programs.

• The Georgetown (McDonough) Flex MBA Online will offer students the option to complete the majority of their coursework online. In addition to the virtual classes, the program requires students to participate in a two-week on-campus residency as well as a one-week study abroad program. The tuition and degree conferred are the same for the Flex MBA and Flex MBA Online.

NYU Professor Urges MBA Students to Think Beyond Consulting, Finance, and Tech

A recent WSJ op-ed by Suzy Welch, CNBC Contributor, Author, and Professor at NYU Stern provides career advice for MBAs: Although consulting, finance, and tech are the most commonly sought careers post-MBA, they are not the only routes to success. Welch advises MBAs to seek work, “at the intersection of their authentic values, their strongest skills and aptitudes, and the kind of work that interests and excites them intellectually and emotionally.” But, she points out, despite most students entering MBA programs feeling awash with career possibilities, most leave with jobs in just three industries. 

Finding purpose is an idea that she’s put a lot of thought into. After the loss of her husband, the legendary Jack Welch, she realized her need to find an “organizing principle” in her life. Welch then developed, pitched, and is now teaching a course at NYU Stern on the topic. Designed to guide MBAs on an introspective journey towards a fulfilling career path, the course is titled “Becoming You: Crafting the Authentic Career You Want and Need.” She describes it, according to Poets & Quants, as the class she wishes that she’d been able to take before graduating from Harvard Business School and entering into consulting. 

In her WSJ article, Welch identifies two key patterns emerging within MBA programs that are reducing opportunities for graduates. The first is internal: groupthink. She described this phenomenon In an interview with Poets & Quants. “You go to business school and you think about strategy and the digital economy, but what about thinking about what you want to do with your life? Most people go to business school to pivot into a new career... So you get there and you are looking around and the choices get narrower and narrower because of groupthink. You arrive big-eyed and you end up squinting. Investment banking and consulting are the two big funnels, or maybe tech,” she says. 

While she notes that some MBAs may also be seeking financial security and a way to repay loans, she purports that it runs deeper. That, for many, taking a job in one of the big three—consulting, finance, or tech—is fulfilling a “group instinct” and is good for “optics.” And as is so often the case with groupthink, MBA students who opt not to apply for these lucrative positions, or those who turn down such offers, can feel foolish or like risk-takers. But she warns that many who do follow that path as a means for safety and security often end up regretful. “A lot of very smart, very capable people, usually in their late 30s and early 40s, wake up miserable one day. Over my years as a journalist specializing in the workplace, I saw this phenomenon so often I came to dub it “The Velvet Coffin”—a state of cushy creature comfort encased in emotional or intellectual dissatisfaction” she writes.

Welch also observes a second pattern and it is external. Industry, she calls out, does a poor job showing up to recruit and sell itself among MBAs. Whereas, consulting, finance, and tech recruiters not only show up but have excelled in creating touchpoints and programming, and defining a consistent and compelling “narrative.” 

“I heard it repeatedly, because my students parroted it back to me: Even if you don’t stay long-term, with our credential on your résumé and professional development programs, we’ll set you up for your career! The big three are so persuasive and make it so convenient to get a job that it ends up feeling inevitable,” she writes. 

Welch concludes that MBA students, like never before, are seeking meaning and purpose from their careers and their lives. And she advises them to think carefully about their goals, listen, and dare to consider opportunities beyond the big three industries.

More MBA Programs Offer Admissions Accommodations to Laid Off Tech Workers

A number of business schools are joining Northwestern’s Kellogg in offering special admissions accommodations to the tens of thousands of recently laid off tech workers. 

MIT Sloan will extend its Round Two deadline from January 18th to February 23rd for recently laid off tech employees. Applicants will still need to submit the full application, including GMAT/GRE scores. 

Indiana Kelley is offering laid off employees an application fee waiver, and highlights that they offer GMAT/GRE waivers to all applicants (in any round) with a strong past academic record that includes the successful completion of quantitative coursework. Upcoming application deadlines are January 5th, March 1st, and April 15th.

UC-Berkeley Haas is offering any applicant who has been laid off in the past six months (regardless of industry/location) an application fee waiver for the full-time MBA program, as well as an extension for the Round Two application deadline from January 5th to February 2nd. 

NYU Stern announced that it will waive entrance exams for the one-year Andre Koo Technology and Entrepreneurship MBA program (May 2023 start). Upcoming application deadlines are January 15th and February 15th.

Related: Kellogg Waives Standardized Test Requirement for Laid-off Tech Employees

Preliminary Reports Show Significant Increases for MBA Class of 2022 Starting Salaries

According to Fortune Education, preliminary MBA employment outcome reports for the class of 2022 show that MBA graduates’ salaries “are surging.”

New York University (Stern) announced earlier this week that median base salaries increased to $170,000, up $15,000 from last year. Average total compensation for 2022 graduates, including signing bonuses (median $35,000), averaged $196,143. This is an 8 percent uptick from 2021. Similarly, University of Virginia (Darden) reported last month that 2022 graduates obtained a record-breaking median base salary of $175,000, an increase of 21 percent from 2021. And, at Vanderbilt University, Owen graduates garnered a median base salary of $135,000, an all-time high, coupled with a median signing bonus of $30,000, which equated to a 12 percent increase from 2021.

Representatives from MBA Career Management offices noted that 2022 graduates reaped the benefits of a tight and competitive labor market. “The fiercest competition in the labor market is for ‘top talent,’ and consulting firms are competing for this top talent not just between themselves, but also more broadly versus Silicon Valley, Wall Street, and traditional corporate America,” said Namaan Mian, Chief Operating Officer of Management Consulted, when interviewed previously by Fortune Education.

MBA Program Announcements Roundup

We’ve rounded up and summarized the most recent MBA program announcements below. 

• Duke’s Fuqua School of Business announced this week that its MBA degree has received a STEM designation. Prior to receiving the designation, the school’s MBA offered a STEM-designated second degree in Management Science and Technology Management (MSTeM). “We had been one of the first schools to offer a STEM second major or second degree for a certain series of courses that a student would take,” says Shari Hubert, Associate Dean for Admissions at Fuqua. “But now the entire MBA program is STEM-qualifying, which, for our students, is really game-changing because it gives them that additional two years of OPT, depending on the job that they take.”

• NYU Stern announced the establishment of the Chao-Hon Chen Institute for Global Real Estate Finance, which is funded by a $20 million gift from alumni and board member, Charles C.Y. Chen. The institute will facilitate research, immersive learning, and industry interactions in real estate and the built environment, as well as fund annual scholarships for undergraduate and MBA students studying real estate. 

• Columbia University announced that it will offer a Global Executive MBA starting in May 2023. The program will take a hybrid format, relying predominantly on virtual instruction, with only about a quarter of the 22-month long program expected to take place in an in-person residential format. The content will be geared towards experienced professionals who have about ten years of professional experience and five years of management experience. 

• Georgetown’s McDonough School of Business announced a new online MBA degree, available in August 2023. The program will include two in-person campus visits, but the large majority will be offered through synchronous and asynchronous virtual classes. This MBA will be the school’s third online degree offering, which currently consists of specialized masters programs in finance and business analytics. “More and more MBA programs and business schools are moving toward online degrees,” says Prashant Malaviya, Senior Associate Dean of MBA programs at McDonough. “We have two right now. Both of them have done well. So we know the model works, that there are students who are interested in this—and we also have a nobler goal, which is to increase access to the Georgetown education outside of the DMV region.”

• UVA Darden’s first cohort of part-time MBA students based in Washington, D.C. kicked off classes at its Rosslyn, VA campus last month. The program is designed for working individuals in the DC area and is self-paced with students obtaining their MBA in between 28 and 48 months. “A part-time program adds flexibility and optionality to the MBA,” explains Yael Grushka-Cockayne, Senior Associate Dean for Professional Degree Programs at Darden.  “It allows some students who in the past couldn’t take the time off to have an MBA experience.”

New Report Examines Changing Costs of an MBA

The cost of obtaining an MBA from a global top 20 program has increased 6.3 percent in 2022, according to the recently published Business Because Cost of MBA Report 2022. The estimated average cost now totals $189,000, including tuition, fees, living costs, healthcare, and materials. This continues the steady upward trend of the last few years; costs averaged $176,000 last year and $168,000 in 2020. 

The report’s 2022 analysis includes only the FT top 20 schools, while last year the analysis included the FT top 20 plus six other top-ranked U.S.-based schools (who had opted out of the 2021 rankings due to the covid-19 pandemic). 

Some of the key findings include:

• NYU Stern is the most expensive MBA program within the top 20 with a total cost of $246,506. It is followed by MIT Sloan ($239,990) and Wharton ($237,160). On the other end of the scale, CEIBS comes in as the least expensive in the top 20 at $84,500, followed closely by SDA Bocconi ($85,525). These are the only two schools on the list with totals falling under $100K. 

• Within the top 20, tuition for the U.S. programs average $225,605, significantly higher than the averages for Europe ($121,583) and Asia ($104,881). 

• Differences in cost between the U.S., Europe, and Asia are magnified by both the strong dollar (making it more cost effective for Americans to study abroad and increasing the expense for international students to study domestically), and differences in average program lengths. MBA programs in the U.S. typically last two years. Those in Europe and Asia run for 12 to 18 months. 

• Between 2021 and 2022, expenses increased the most at Cornell Johnson (+11.4 percent) and Berkeley Haas (+8.6 percent). The most significant decreases, which are enhanced by fluctuations in the currency markets, were reported by the London Business School (-21.1), CEIBS (-15.1), and HEC Paris (-10.5). 

• Tuition expenses, which make up the greatest proportion of costs, are the highest at Wharton ($165,748), NYU Stern ($164,652), Columbia ($160,944), and MIT Sloan ($160,800). They are the lowest at CEIBS ($68,300) and SDA Bocconi ($64,800). 

• Living costs vary considerably based on the school’s location. Within the U.S. schools, the estimated cost of living was highest for Stanford ($72,396), followed by NYU Stern ($67,792), and Harvard ($62,780). Cost of living was the lowest at Duke ($40,608). 

• Healthcare costs are considerably higher in the U.S. than in Europe or Asia. Domestically, the Yale School of Management offers the least expensive healthcare coverage at $5,512. It is important to note that some schools bundle healthcare costs with other personal student costs, making it difficult to compare schools directly. 

While the price of an MBA is significant and prospective students should carefully consider each of the underlying cost components, data shows that the degree positions students well to pay off loans. This is especially true for graduates of elite programs. Prospective students should also keep in mind that all applicants are considered for merit-based scholarships (through Round 2), which are more likely with a competitive application package.  

Trends in Business: MBA Programs Prepare Students for Leadership Roles in Technology

Technology is changing. And so are the demands of the leaders and professionals in the field. Recently, zdnet, a technology-focused news and research site, published an article describing the changing demands of leaders and employees in technology. No longer, the article states, is technical proficiency enough. Technology can no longer exist as a stand-alone function, but must be thoroughly integrated into the business. And tech practitioners must be able to take a broader perspective that includes a thorough understanding of other business functions and how technology fits in amongst them to drive the organization’s mission. “It's important to start to learn about finance, business processes, and other strategies that make up how your product or solution comes full-cycle for your organization," said Nag Vaidyanathan, Chief Technology Officer at Duck Creek Technologies. "How you collaborate with other functions is critical to the results you can achieve." 

Haluk Saker, a Senior Vice President at Booz Allen Hamilton, notes that the speed of technological change is such that professionals and managers need, "…problem-solving skills versus language-specific skills. IT professionals should focus on learning, disrupting the status quo, and continuing to gain skills across different domains that interest them. This type of professional, with an innate curiosity and an aptitude to grow as a leader and influencer, is the one that will be able to face tomorrow's toughest challenges head-on," he said.

MBA programs are at the forefront of understanding transformation in the technology industry and a number of leading schools (noted below) now offer shorter, and more focused Tech MBA programs. They include core requirements in technology, in addition to typical MBA requirements in general management and leadership. 

• Johnson Cornell Tech MBA: This is a one-year MBA conferred by the Johnson Graduate School of Management. Graduates will have a full understanding of the startup and tech ecosystems, and will be prepared to manage product teams, and lead tech companies.

• NYU Stern Andre Koo Tech MBA: This is a one-year STEM-designated MBA program conferred by NYU Stern. Graduates will be qualified to join startups and mature tech companies at the forefront of innovation and technology, and will be prepared to accelerate their careers in technology or start their own businesses. 

• Northwestern Kellogg MBAi: This is a joint degree between Kellogg and the McCormick School of Engineering. Graduates will be prepared for careers in tech operations, analytics, and innovation leadership. 

• Foster School of Business Technology Management MBA: This is an 18-month work-compatible MBA conferred by the Foster School of Business, and is designed to prepare graduates to accelerate or re-direct their careers, or to start their own businesses.

• IE Business School Tech MBA: This is a one-year MBA conferred by the IE Business School. It is designed for students who want to develop their career in the technology sector or in tech-centric job roles, and who seek to become fluent in the language of business and technology. 

In addition to the Tech MBA program options, many schools are integrating technology tracks into their full-time, two-year MBA programs. Fordham University’s Gabelli School of Business has created a secondary concentration in blockchain, and Georgetown’s McDonough School of Business now offers a handful of classes in fintech and crypto. And this trend is just getting started. Recently, several elite schools have announced incoming investments earmarked for building out technology initiatives. The USC Marshall School of Business received a $5 million gift to establish the Digital Assets Initiative, which will establish new curriculums and research opportunities in cryptocurrency, NFTs, and blockchain. Similarly, Harvard Business School is establishing the “D3” Institute to promote collaboration and research in digital and technology, data science, artificial intelligence and machine learning, and design thinking. And University of Pennsylvania’s Wharton School recently received an anonymous $5 million donation (in bitcoin) that will support the Stevens Center for Innovation in Finance, which focuses on fintech research and education.

Application Volume Drops at Top MBA Programs in US

The Financial Times reported this week that four of the most prestigious business schools in the US saw a drop in MBA application volume for 2018 matriculation. Harvard, NYU Stern, Duke Fuqua, and Berkeley Haas each reported a decrease in applications from 2017 that ranged from 4 percent to 7.5 percent.

According to Graduate Management Admission Council (GMAC) data, in the US full-time two-year MBA programs’ application volumes have been in decline since 2014. However, this is not consistent across programs. In 2017, those with larger classes (201 or more students) accounted for 6 percent of MBA programs, but 55 percent of applications and 32 percent of enrollments. Larger schools were more likely to report application volume increases in 2017, while smaller were more likely to have experienced decreases. This decrease now appears to have expanded to the large, prestigious MBA programs.

While the decline in applications has not yet affected Harvard’s 11 percent acceptance rate or median GMAT score of 730, it was fairly significant at 4.5 percent. Similarly, NYU Stern reported a nearly 4 percent drop, while Duke Fuqua and Berkeley Haas were at about 6 percent and 7.5 percent respectively.

In contrast, MBA application numbers globally continue to increase. “When looked at internationally, graduate business education is a growth stock. Applications to Canadian, European, and Asian schools are increasing at an enormous rate,” said Bill Boulding, Dean of Duke Fuqua. Other admissions representatives who spoke with the Financial Times pointed out a multi-faceted cause for the lower application rates in the US:

• Decreasing numbers of international applicants to US schools, due to a less welcoming political climate, as well as increasingly rigid immigration requirements.

• Increasingly competitive European and Asian MBAs, offered in English, for those wanting a global experience. Some of these well-ranked programs also offer expedited timelines.

• Increasing tuition and a robust economic climate in the US, which increases the cost of an MBA in both direct costs and wages-lost.

• Increasing interest in part-time, online, and/or one-year MBA programs.

Take-aways for prospective MBA students

• If you have dual-citizenship, don’t forget to note this on your application. It could be advantageous for you in the admissions process.

• Be sure to highlight your international experiences and interests in your application. Admissions officers want to create a diverse student body and, with fewer international applicants, these experiences are likely to stand out more.

• Consider that in strong economic climates, with low unemployment, schools are likely to receive fewer applicants. While this may not significantly change acceptance rates at all of the most prestigious programs, it can provide some benefit with regard to both admissions likelihood, as well as the possibility for substantial merit-based scholarships.

• Choose your MBA program carefully, rather than automatically selecting a full-time, two-year program. Learn from these trends, by thinking carefully about the type of MBA that will benefit you most. International programs, one-year or expedited programs, and part-time cohort-based programs can all be worthwhile for you and your career.

IQ is Important, but Don’t Forget About EQ

This summer, NYU Stern updated its MBA application to include an EQ Endorsement. Separate from the professional recommendations, Stern is asking applicants to have a friend or colleague submit a clear and compelling example of the applicant’s emotional intelligence. While NYU is at the forefront of formalizing the request for a demonstration of emotional intelligence, admissions committees have long been interested in self-awareness, maturity, leadership, and other skills highly correlated with EQ.  Demonstrating that you have the academic prowess to succeed in an MBA program is no longer enough; it is also critical to display emotional intelligence throughout your application.

There are several current models and definitions of Emotional Intelligence. One commonly used definition is from Mayer, Salovey and Caruso’s 2008 article in American Psychologist. “Emotional Intelligence includes the ability to engage in sophisticated information processing about one’s own and others’ emotions and the ability to use this information as a guide to thinking and behavior. That is, individuals high in emotional intelligence pay attention to, use, understand, and manage emotions, and these skills serve adaptive functions that potentially benefit themselves and others.”

Essentially, those with a high EQ can work successfully with others by understanding how emotions play a role in the workplace through employees’ thinking, decision-making, and conduct. This understanding helps those with EQ to have positive interactions with others, but it is much more than just building camaraderie with coworkers. Emotional intelligence is also the driving force behind persuasion and leadership, and those who are adept can facilitate difficult situations and conversations effectively and improve the motivation and performance of colleagues using these skills.

Mayer and Salovey created a developmental model of emotional intelligence, with four key components (each with four sub-components):

-        The ability to perceive emotions in oneself and others accurately.

-        The ability to use emotions to facilitate thinking.

-        The ability to understand emotions, emotional language, and the signals conveyed by emotions.

-        The ability to manage emotions so as to attain specific goals. 

Read more about the model here: http://www.theeiinstitute.com/what-is-emotional-intelligence/4-mayer-and-salovey-model-of-emotional-intelligence.html

While some people have higher EQ levels innately, it is also a skill that can be enhanced through increasing self-awareness and practice. As such, in your business school applications, you can showcase your emotional intelligence strengths, but also show self-awareness by referencing those areas that you are actively working to develop.

Take the time to weave examples of your emotional intelligence throughout your essays as well as in your recommendations. EQ-related skills are often included on the recommenders’ skills assessments so make sure that your recommenders are aware of your abilities in this arena by providing them with stories and anecdotes that they can consider when filling out the skills assessment and completing the open-ended question(s).

Some prompts to help you start thinking through specific examples that will illustrate your emotional intelligence include: 

-        Describe difficult co-worker or team dynamics and how your emotional awareness allowed you to repair these relationships and/or environments.

-        Reference times where perceiving and responding to the emotions of others helped you to drive a conversation or project forward in a different, but ultimately more effective manner.

-        Think through examples of relating to others, particularly others who are different from you, to increase teamwork or buy-in to an idea or project.

-        Think further about those times you’ve disagreed with colleagues in a rational and beneficial way, which ultimately helped you determine the best path forward.

-        Consider a time when you assisted a coworkers’ development by giving them difficult feedback or having a tough conversation.

With many corporations and recruiters showing an interest in emotional intelligence, thinking through how you can continue to develop and showcase your EQ will be a beneficial investment of time, not just for the MBA application period, but for all of your professional endeavors going forward.