A Compelling Diversity Statement will Strengthen Your Candidacy for Law School

Let’s start with some context around the importance of diversity within the legal profession. The ABA recently published a piece on why diversity matters in the law, defining diversity as “... more than just racial or ethnic diversity. The concept of diversity encompasses all persons of every background, gender, race, sexual orientation, age, and/or disability.” The article goes on to provide the perspectives of leaders within the legal industry on the importance of diversity, which we have excerpted below. 

Find the full text here. 

• Public confidence. “[R]acial and ethnic diversity in the legal profession is necessary to demonstrate that our laws are being made and administered for the benefit of all persons. Because the public’s perception of the legal profession often informs impressions of the legal system, a diverse bar and bench create greater trust in the rule of law.” (ABA)

• Quality of legal decisions. “A diverse legal profession is more just, productive, and intelligent because diversity, both cognitive and cultural, often leads to better questions, analyses, solutions, and processes.” (ABA)

• Competitive advantage. “A demonstrated commitment to diversity and inclusion can be a key aspect of a law firm’s competitive advantage when it comes to recruiting and retaining talent and pitching certain clients. Clients receive the highest quality service when their legal teams are drawn from professionals mirroring the diversity of the marketplace.” (Tiffani Lee, Partner, Holland & Knight, LLP)

• Path to leadership. “In order to cultivate a set of leaders with legitimacy in the eyes of the citizenry, it is necessary that the path to leadership be visibly open to talented and qualified individuals of every race and ethnicity,” (Justice O’Connor, Ret., noting that the nation’s leaders often come through the legal system)

• Thought leadership. “Their unique backgrounds help to ensure that a 360-degree approach is used to analyze each issue. Having a diverse legal team helps to eliminate the possibility of bias affecting your final decision.” (Robin Wofford of Wilson Turner Kosmo LLP, who also serves as chair of the National Association of Minority & Women Owned Law Firms)

For these reasons, and many more, it is critical that law schools and the legal profession are representative of the larger population. So, what does that mean for your application to law school? It means that you will want to craft a diversity statement that will show the reader your ability to connect, grow, thrive, and meaningfully collaborate in diverse environments and/or explore how you will contribute to the diversity of the incoming class. Of course, you want the piece to strengthen your candidacy, so if it feels forced or inauthentic, or if the prompt seems limited to those who identify as a racial or other minority and does not apply to you, it is best to leave it blank.  

In brainstorming possible experiences or anecdotes to include, ask yourself the following questions: 

• What traits or characteristics make you unique? 

• In what way might you be able to offer your law school cohort an unconventional perspective? 

• What are some collaborative situations in which you have experienced discomfort? Did you work with an international group on a project in an academic or professional setting, or have an internship in a foreign country where no one else in the office spoke English?

• What are some experiences that prompted an evolution in your perspective? Did you participate in a volunteer project serving an underrepresented clientele or provide services to those with disabilities or unique obstacles?

• How are your experiences likely different from those of other candidates? Did you take an unusual career path prior to applying to law school? 

Once you have a thorough brainstorm, we can help you to further develop a story that communicates to admissions committees your ability to contribute to a dynamic and diverse learning environment and grow from others’ perspectives. 

Pre-Med Students Face Stress as Clinical Experiences Become Harder to Find

The stress of applying to medical school has always been significant. A Kaplan survey of 400 pre-med students, taken in early 2020, found that 37 percent “seriously considered” changing their plans for a medical career due to stress. Just over a quarter (26 percent) said that they experience stress “pretty much always,” and another 45 percent said “frequently.” Over half (57 percent) said that self-medicating with alcohol or drugs is common for them as they work to grapple with the demands. 

And experts say that the pandemic is only increasing these stressors. “I don’t think we can underestimate how COVID-19 is impacting the mental health of the entire population, never mind students who are preparing to apply to medical school,” said Carol A. Terregino, MD, and the Senior Associate Dean for Education and Academic Affairs at Rutgers Robert Wood Johnson Medical School. “There are fewer opportunities to engage in the humanistic activities, to shadow and volunteer to demonstrate one’s passion for medicine because of the pandemic and more time to focus on metrics and study for the MCAT (Medical College Admission Test). And that isn’t necessarily a good thing.”

This sentiment was echoed in a Yale News interview with pre-medical students. Students spoke of their experiences with the closures and re-openings of “wet labs,” with seniors claiming to be overlooked in favor of younger students who could commit to multiple years of research. Students also reported difficulties finding opportunities to shadow doctors, or volunteer at local hospitals. “If you’re trying to volunteer at the New Haven Hospital or the HAVEN Free Clinic, it’s hard to do so because of COVID restrictions,” Courtney Li, pre-med class of 2024, explained. “There was definitely a time period where they weren’t accepting volunteers.”

In response, Dr. Terregino provides a calming perspective to applicants. “Medicine is stressful. Getting ready for medical school is stressful. But I’d offer that one can temper their stress knowing it’s more than just grades and MCAT scores that admissions committees are looking for, and there is a full understanding of the limitations on experiences placed by the pandemic. Personal development also counts.”

So, what should pre-medical students do? 

As limitations exist, so do opportunities. Showcase your adaptability by making the best of challenging times. We recommend considering the following experiences if you are not able to find in-person shadowing or clinical roles.

• Contact current or retired physicians in your network, or access your university’s alumni network, to interview them and learn more about their specialties, experience, and advice for aspiring physicians.

• Leverage your university network, including current and retired professors and alumni, to look for in-person or virtual research opportunities.

• Pursue virtual shadowing opportunities.

• Engage in volunteer work to demonstrate your commitment to serving others and working with diverse populations.

• Consider study abroad and summer programs that provide shadowing or clinical experiences.

Continuing to pursue learning and development opportunities, even in less-than-ideal circumstances, will still prompt meaningful evolutions in your perspective and will help convince the admission committee of your commitment to the study of medicine.  

Harvard Round Two Action Expected Wednesday

Late last week, the HBS Director of Admissions announced that on Wednesday, February 2nd at 12:00pm EST, all Round Two applicants or those Round One applicants who received “Further Consideration” will receive an update via the Application Status page. At this time applicants will either receive an invitation to interview or will be released from the process.

Related blogs:

Top 10 Tips for the MBA Behavioral Interview 

MBA Interviews: When the Interview Requires More than an Interview

Trends in Law: Recruiting and Retaining Legal Professionals Named Key Challenge for Firms in 2022

The Thomson Reuters 2022 Report on the State of the Legal Market names the recruiting and retention of legal and professional staff as the biggest challenge for law firms in 2022. Financially, law firms have rebounded from the early days of the pandemic; in 2021 firms saw a four percent increase in growth, compared to 2020, and a one percent increase from 2019 (a more realistic comparison after the drop in demand due to the pandemic). However, law firms are facing challenges similar to those seen within the broader job market, and are not immune to the effects of the great resignation. In a 2021 survey of 55 U.S. law firms by Thomson Reuters and the Georgetown Law Center, executives named talent-related issues—lawyer recruitment and retention, poaching of staff by competitors, and increasing associate salaries—as the top three greatest risks to firm profitability in 2022. For reference, in 2020, talent-related risks did not even appear within the top five. 

As expected, associate compensation, across the market, has been increasing rapidly. At the close of November 2021, there was an 11.3 percent increase (as a rolling 12-month average) across market segments and, within the Am Law 100 elite firms, compensation increased by more than 15 percent. But firms continue to see record levels of turnover. This means that for all of the compensation outlays, the total growth in lawyer headcount is minimal (1.5 percent growth). And at the end of November 2021, across the market, turnover reached 23.2 percent (on a rolling 12-month basis), which is significantly higher than the pre-pandemic 2019 rate (18.7 percent). Among the Am Law 100 firms, turnover was slightly higher (23.7 percent) and among the Am Law 200 and mid-size firms slightly lower (22.1 and 22.0 percent, respectively). 

Associates’ attitudes towards work and life are clearly changing. In The American Lawyer’s 2021 Mid-level Associates Survey, which included nearly 4,000 respondents from 77 Am Law 200 firms, 27 percent said they would leave their firm for higher compensation and 60 percent said they would consider leaving their firm for an improved work-life balance. These results are likely related to a year of particularly long working hours as demand for legal services grew, in addition to the blurring between work and life due to the pandemic. The report notes that the push-back to long working hours was more apparent among younger associates, and that middle-aged lawyers (aged 40 to 60) were comfortable working 10 percent longer hours. 

In response, firms should look beyond increasing compensation to improve associate retention. Below are initiatives that some firms are exploring to curb turnover: 

• Offering more interesting or high-profile work, mentoring, and/or faster promotion sequencing

• Updating compensation metrics, moving away from billable hours, to a task and quality-oriented system

• Providing wellness, counseling, and stress-management programs

• Offering social, recreational, and team-building activities to promote a collaborative and close-knit office culture

While these activities and initiatives may start to improve associates’ firm loyalty, the Thomson Reuters report calls out a need for more meaningful change to improve retention, saying “Achieving that goal will require firms to reimagine their structures and operations in the post-pandemic world to provide the real “glue” that we know is necessary to bind people to organizations—feelings of value and meaning in their work, feeling appreciated and recognized, having opportunities for growth and personal satisfaction, and believing that they are making a contribution to something larger than themselves.“

Find the full report here: 2022 State of Legal Market Report

U.S. News’ Best Online MBA Ranking Released with Three-Way Tie for First

Yesterday, the U.S. News & World Report released its rankings for the best online MBA programs of 2022. In a three-way tie, Indiana University’s Kelley, University of North Carolina’s Kenan-Flagler, and University of Southern California’s Marshall all took the number one spot.  

UNC’s Kenan-Flagler received the top ranking for the second year in a row, sharing the 2021 accolade with Carnegie Mellon’s Tepper School of Business (ranked fourth in 2022), while Indiana increased two spots from last year and USC increased three spots. 

Indiana’s Kelley also ranked highest for Best Online Finance MBA and Best Online General Management MBA.  

U.S. News & World Report Top 10 Online MBA Programs 

MBA Curriculums Expand to Include Content in Environmental and Social Conscientiousness

Sustainability. Social enterprise. Impact investing. These words may have been in the course titles of fringe electives a decade ago, but today they are quickly becoming mainstream components of leading business school curriculums. This is well-evidenced by the Financial Times Responsible Business Education awards, which celebrate the best “examples of work by business schools seeking to focus on people and planet alongside profit” in three categories: academic research, teaching cases, and alumni change makers. There is an emerging trend for business schools to think and teach about outcomes and values beyond profit maximization. 

A recent New York Times article on Environmental, Social, and Governance’s (ESG) increasing role in business education and the workforce noted that the incorporation of ESG topics within the MBA is being driven by student and employer demand. At Yale’s School of Management, sustainability is integrated into required core courses such as microeconomics, accounting, and corporate finance, while Duke’s Fuqua School of Business has added a new core course titled Business and Common Purpose. At University of Pennsylvania’s Wharton, there are more than 50 undergraduate and graduate courses related to social impact, and at Harvard Business School, an elective course on social enterprise had 600 matriculants (a sizable increase from 251 in 2012). 

In the past, there was a sense that MBA students who wanted to go into ESG could not command the same salaries as those following more traditional—consulting or finance—career paths. A study, not yet published, by the Yale School of Management including more than 2,000 students across 29 business schools, found that over half (51 percent) of students would accept a lower salary to work for an environmentally responsible company, an uptick of seven percentage points from five years ago. Students’ preferences are obviously changing, and so is the market. 

According to McKinsey, global sustainable investment grew by about 68 percent between 2014 and 2019, reaching over $30 trillion. This has created a number of new job opportunities, and the demand in the market has put upward pressure on ESG-related salaries. Further, the relative “newness” of the field also creates an appealing opportunity in terms of career growth, with relatively few people standing in front with seniority. MBA graduates can advance quickly. Recruiters tell the New York Times that filling experienced-hire and senior roles in sustainability is challenging; this may also benefit MBA graduates by providing them with early access to more senior positions. 

There also appears to be a growing need for ESG skills across industries. “There’s this tension for any student who wants to pursue sustainability, which is, ‘I have massive debt, but I also want to do good,’” said Bethany Patten, the Senior Associate Director of the Sustainability Center at M.I.T.’s Sloan School of Management. However, she points out that jobs at banks and investment firms that require sustainability skill sets, as well as finance, are offering salaries that are generally on par with typical finance salaries. 

The opportunity for ESG roles in the marketplace is ripe, and many students are interested in pursuing them, but the number of graduates who take purely ESG roles directly out of an MBA program remains relatively low. At Wharton, just 1.8 percent of graduates went into social impact work. At Stanford, the proportion was higher at 19 percent. But Dr. Costis Maglaras, Dean of Columbia Business School thinks these numbers will continue to increase. “Over the last two decades if you ask yourself, ‘What is the thing that really transformed businesses?’ It’s been technology, data, analytics. If you were to ask what will transform businesses in the future, I believe it’s going to be climate change.”

Trends in Medical Education: Online Learning

During the Harvard Medical School Office for External Education’s 2021 IMPACT Symposium, Adrienne Torda, the Associate Dean of Education and Innovation at the University of New South Wales, stated that “Digital teaching and learning are here to stay,” And most attendees, leaders in medical education agreed. The covid-19 pandemic has accelerated a movement towards online learning and technology that they expect will only grow in significance. 

Suzanne Rose, MD, MSEd, and Senior Vice Dean for Medical Education at Penn Medicine, called out technology’s impact on the delivery of medical education and patient care as one of the top five trends in medical education, noting that it can provide more interactive experiences for students that will aid in content delivery and retention. One area she is exploring is the use of shortened lectures on key topics followed by team-based learning experiences and/or small group discussions. Medhub also describes a shift to a more proactive engagement between students and technology that is “... aimed at more effectively engaging students, assessing them against measurable outcomes, and responding to individual learner needs.” 

In addition to collaborative learning, the role of Virtual Reality (VR), as well as augmented reality (AR), mixed reality (MR), and artificial intelligence (AI) are expected to grow. These tools can enhance training experiences for students as they develop an array of necessary, but difficult skills. Medhub says, “Case studies with online simulations, designed to build skills as diverse as having difficult patient conversations to making complex diagnoses, are becoming increasingly sophisticated. They are effective tools in medical education and we can expect enhancements to keep learners engaged, offer real-time feedback, identify areas of weakness, and even foster some healthy competition with performance comparisons to colleagues and leaderboards.” 

Many schools are already implementing these measures. University of Miami’s Miller School of Medicine, for example, takes advantage of AR, VR, and MR to train students on treating trauma patients. At the Gordon Center for Simulation and Innovation, students get the experience of working with stroke, heart attack, or gunshot victims, in addition to practicing cardiac procedures on Harvey, a mannequin who can simulate nearly any cardiac event. Students can wear VR headsets to get a visual of Harvey’s underlying anatomy.

While there is no doubt that many aspects of medical education must still be experienced using in-person training and experiences, technology will only grow in importance within medical education. 

Technology Growth Expected to Drive MBA Hiring

The 2022 hiring outlook for MBA graduates is strong. After the early stages of the pandemic caused demand to falter for 2020 graduates, both hiring and salaries have rebounded to pre-pandemic levels. The QS Global Employer Survey 2022, which included over 5,000 MBA employers from 40 countries, found that 70 percent of US employers expect to hire more graduates within their organization in the next year.

Technology firms, which have shown consistent growth throughout the pandemic, are expected to drive demand for MBA graduates. Technology recruiters' interest in hiring MBAs has grown over time according to the 2021 GMAC Corporate Recruiters Survey, with the number of technology recruiters planning to hire MBAs climbing from 80 percent in 2019 to 96 percent in 2021. Similarly, the QS Global Employer Survey found that just over 50 percent of US companies offered MBA graduates roles in IT and technology, in both 2020 and 2021, compared to 27 percent receiving those functional roles globally (2021). 

Amazon reported that in 2021 they increased MBA hires by 20 percent due to growth in demand for their products and services. Speaking to BusinessBecause, an Amazon spokesperson explained that the company hires were based on demand and that, “We work with business teams across Amazon to determine their need for student talent each hiring season.” The spokesperson also noted that they expect hiring to continue to increase in 2022. Other large employers of MBAs in technology include Google, Microsoft, and Apple. 

Consulting will also continue to play a large role in MBA hires. With the US management consulting market size projected to grow by 4.1 percent in 2022, demand for MBAs from consulting firms is expected to remain high. GMAC’s Corporate Recruiters Survey found that 95 percent of consulting recruiters plan to hire MBAs. And, In 2021, 46 percent of those recruiters said that they expected to increase their MBA hires, compared to just 21 percent in 2020. McKinsey, BCG, and Bain have historically employed the largest number of MBA graduates and will likely continue to do so. 

As companies throughout the US struggle with hiring and retaining the skilled workforce that they need, MBA graduates are well positioned to thrive. Economists are speculating that omicron could continue to impact the overall employment rate, pointing out that, across industries, quit rates have remained high, but hiring rates remain even higher. “Workers being able to quit their jobs to take better ones is a very good thing and signals an economy with healthy dynamism,” said Economic Policy Institute President, Heidi Shierholz. “A high quit rate combined with strong job growth is absolutely something to celebrate.”  

Related blogs:

Amazon to Include Larger Swath of Schools in MBA Recruiting Using Virtual Meetings

Our Ways of Working are Changing. How should MBAs Prepare?

Elite Law Schools Provide Best Return on Investment

A Wall Street Journal analysis of federal student loan debt recently showed that elite law programs can offer the best return on investment to graduates. Among the top 20, the debt-to-income ratio averaged out to 1.0, which means that graduates were making a salary just two years out of school equal to what they had accrued in debt; the range in debt to income ratio among this elite group spanned from 0.7 at Stanford  to 1.36 at Georgetown University. 

Of note, this analysis only includes the salary and student loan debt for students who took out federal student loans and does not include private loans. The analysis reviewed the federal student loan debt accrued in 2015 and 2016 compared to the graduate’s salary two years later. 

*17 schools ranked within the top 20 were included in the Wall Street Journal analysis; Yale, Duke and Cornell were not included

More broadly, however, the Wall Street Journal found that most law degrees, excluding those from elite programs, have decreased in value over time as inflation has outpaced salary, all while tuition prices have risen dramatically. The article notes that between 1985 and 2019, adjusting for inflation, the average annual tuition for a private law school has nearly tripled according to advocacy group, Law School Transparency. And, within this context, salaries have not jumped as significantly.

According to the National Association for Law Placement, starting law salaries generally fall within two clusters: $45,000-$75,000 for public service and small firm attorneys and around $190,000 for attorneys at large firms. And, according to a Law School Transparency analysis using American Bar Association data, more than half of the entry-level jobs at the large and high-paying firms go to graduates of the top 20 ranked law programs.

Prospective law students should take into account a law program’s cost as well as the expected median salary for graduates during the school selection process. Additionally, for those students who hope to go into public service or work for a smaller firm, it may be beneficial to compare the costs and outcomes for various public and private law school options, as well as debt repayment plans that may be available for different career tracks. Similarly, those hoping to obtain a place at a large and high-paying firm should look at placement outcomes at law schools of interest to best position themselves for success. 

Related blogs:

15-Year Law School Experience Study Shows Changes in Student Demographics and Debt, Consistency in Student Satisfaction with Legal Education

ABA Report Calls for Action to Help Young Lawyers Struggling with Student Loans

Our Ways of Working are Changing. How should MBAs Prepare?

The “Great Resignation,” a high rate of employees leaving their jobs month-over-month, emerged as one of the key stories in 2021. Many initially hypothesized that the mass exodus was driven by empowered employees seeking greater mental well-being and flexibility. But the truth may be a bit more nuanced. Experts are now suggesting that many are leaving their employers out of necessity due to covid-related child-care woes and health concerns. Others are simply transitioning to new jobs with higher pay or flexibility. Either way, the trend shows that employee needs and priorities are changing and that the workplace must adapt. 

To help prospective and current MBA students better understand this new and dynamic environment, Carrington Crisp, an educational consultancy and research firm, partnered with the Executive MBA Council (EMBAC) and the Working Professional Task Force to research the changing nature of work and learning. After interviewing 100 employers across the globe, the consultancy found five trends. 

• Increasing demands for flexibility: Among employers, 44 percent agree that the flexible working options offered during the pandemic are here to stay.

• Commitment to lifelong learning: Most employers, 86 percent, agree that employees will need to take part in continuing education initiatives to maintain relevancy throughout their careers. 

• Digital transformation: Continuing education activities will transition online for many organizations as budgets remain stable or decrease. Approximately 80 percent of respondents also expect that management and executive development will include online learning elements. 

• A focus on skills (new and old): Most employers recognize that leadership and communication skills will only gain in importance as employees manage increasingly diverse groups across generations and geographies. But employers also named newer skills such as digital transformation, artificial intelligence, operational efficiency, data analytics, and data-based decision making as critical. 

• Fast application of learning: Employees will be expected to apply their new knowledge to their environment quickly. 

Business schools will need to evolve too. Below, representatives from MBA programs discuss content they believe will soon be an essential part of a general management education. 

• People Analytics and Human Resources: Susan Fournier, Dean of Boston University’s Questrom School of Business, noted that there may be a greater emphasis than ever before on the role of HR in defining the “social architecture” of a company, and facilitating flexibility and other strategies that promote employee retention. Similarly, Charlie Tharp, an HR Management professor at Questrom, points to the key role that people analytics will play for businesses in the future. The world, he noted, is shifting from defining value in terms of physical assets to human capital (skills and abilities). As such, the role of HR and people analytics capabilities will grow in strategic importance.

• “Out of the Box” Management: MIT’s Sloan School of Management is teaching students to meet the moment through a speaker series, which started in 2020; the 2021 theme is “Building a Better World of Work.” MIT Professor Erin Kelly describes this moment in history as bringing an opportunity to managers to think more meaningfully about supporting employees in individualized ways—extending efforts beyond generalized workplace wellness initiatives and managing employees in ways that promotes sustainability, as well as physical and mental wellbeing.

• Leadership in Uncertain Times: Professor of Management at Boston College, Jerry Kane, notes that disruptions are inevitable, even looking beyond the pandemic, and that business schools must train students to navigate and lead through ambiguity, making decisions and moving forward with intention despite uncertainty. For example, he points out that employees are valuing flexibility more than ever and companies that aren’t willing to reconsider the old ways of doing things and make changes will lose out in the battle for talent. 

Incoming 2021 Medical School Class Largest and Most Diverse Ever

The incoming 2021 class of medical students is the largest and the most diverse ever. Compared to 2020, the number of self-identified Black or African American first-year medical students grew by 21 percent, the number of Asian students increased by 8.3 percent, and Hispanic/Latino students increased by 7.1 percent. While the majority of matriculants are White (51.5 percent), there were increasing proportions of Asian (26.5 percent), Hispanic/Latino (12.7 percent) and Black or African American (11.3 percent) students. Women continue to make up the majority of the entering class at 55.5 percent, and of total medical school enrollment at 52.5 percent.

The large class comes at the end of a record-setting year for application submissions, with a 17.8 percent increase. In particular, there was an increase in the number of diverse candidates submitting applications, which was driven by a 41 percent increase in Black or African American candidates and a 25 percent increase in Hispanic/Latino applicants. Last year marked the first year that white candidates did not make up the majority of applicants at 49.7 percent; the next largest proportions of applicants were Asian (25.0 percent), Black or African American (11.7 percent) and Hispanic/Latino (11.7 percent).

The AAMC does not believe that the surge in applicants is expected to continue, and they note that the current year is trending closer to pre-pandemic levels. While there are many hypotheses regarding last year’s surge, many suggest that it was a confluence of factors including lowered application costs due to virtual interviews and expanded MCAT assistance, a dearth of available “gap year” experiences, and an increased awareness of social inequities related to health outcomes and access to health care. While many have considered the unlikely celebrity of Anthony Fauci and how he could have inspired more young people to consider medicine, there is now a real sense among the medical community that the pandemic and its key players did indeed prompt more applications, even from those initially “on the fence.”

Related blogs:

Long-Term Study of Medical School Demographics Shows “Persistent Failure” to Improve Diversity

Surge in Medical School Applications Attributed to the “Fauci Effect” and Virtual Interviews

Medical Schools Called to Increase Diversity as Pandemic Highlights Racial Disparities in Healthcare

MBA Programs Position Graduates Well to Repay Student Debt

A Wall Street Journal analysis of federal student loan showed that graduates of almost 98 percent of MBA programs in the US made more money in salary within two years than they had accrued in debt for their degree. At the most prestigious of programs, such as Harvard Business School and Stanford’s Graduate School of Business, over half of graduates were able to repay their federal loans within two years of graduation.

It is important to note that this analysis only includes the salary and student loan debt for students who took out federal student loans. Many students also take out private loans at lower interest rates. Harvard’s Managing Director of MBA Admissions, Chad Losee, confirmed that over half of Harvard’s 2020 graduates (56 percent) graduated with debt, and that the average was $79,000 in combined federal and private loans. 

The high rate of return on investment for MBA programs may be attributed to the fact that many MBA students come into the program with work experience, which drives up the starting salaries they are offered at graduation. Additionally, many who work in high-paying industries such as finance and consulting tend to gravitate towards the degree, and return to those or other high-paying industries. 

Tuition costs and potential debt load, as well as possible starting salaries and cost-of living post-degree may be easy to overlook at first, but they are important to consider during the school selection process. 

Related blogs: Student Loan Forgiveness Receives New Attention Under the Biden Administration

University of Michigan’s Ross School of Business Unveils Free, Pre-MBA Quantitative Readiness Course Online

Last month, the part-time MBA program at the University of Michigan’s Ross School of Business released a new “pathway to entry” for prospective students. Students may now opt to participate in a free, online pre-MBA Quantitative Readiness course and submit a final exam score of 80 percent or higher in lieu of GRE or GMAT scores. 

The Quantitative Readiness course is estimated to take between 20 and 30 hours to complete, and includes six self-paced modules covering various statistical techniques and applications. Each module includes practice questions and a quiz, followed by a three-hour final exam encompassing all modules. The course description states that the material is presented in such a way that students who spend the requisite time studying will be able to pass the course. 

In an interview with Poets & Quants, Patricia Russo, Managing Director of Part-Time MBA programs at Ross, said that the initial impetus behind the program was to drive applicant diversity by introducing a new mechanism to showcase readiness, one that may appeal to those with less traditional quantitative backgrounds. So far, with almost 200 enrollees in the first month, student feedback has shown that the program is meaningful. In addition to creating an alternative to standardized tests, it has provided students with the chance to refresh their quantitative skills and increase their confidence prior to entering an MBA program. It also gives them a chance to “test drive the rigor of an MBA”. Furthermore, as the program is an entryway to part-time programs where most students work in parallel, Russo notes that the act of taking the course provides prospective students visibility into the day-to-day work of juggling MBA coursework with their work and personal lives.

There is no current plan to extend the entryway to full-time applicants at Ross, but many part-time MBA program administrators from other universities have reached out with interest in the course. 

The University of California, Davis to Pilot Innovative Tuition Deferment Plan for Online MBA Students

Last month, the UC Davis Graduate School of Management announced that it will pilot an interest-free, deferred tuition plan available to all future online MBA program applicants. The school, which was the first within the University of California system to offer an online MBA program, will be the first MBA program ever to offer a deferred tuition payment option. 

Within the pilot, admitted online MBA students will pay the first half of their tuition fees (approximately $50,000 of the total $105,480) as per usual. However, after the first 36 hours of credits are accrued, all tuition payments will be deferred. The second half of the tuition is not due until students have graduated or withdrawn from the program, and have a job and income totaling at least $3,334 per month (approximately $40,000 annually). Students will then pay approximately 10 percent of their gross income monthly until the second tuition payment is completed. The school notes that the exact time for payment fulfillment will vary depending on the graduate’s salary. Generally, they expect students to take about five years to pay off the sum, but acknowledge that it will be longer for those who go into lower-salaried careers. In addition to the tuition deferment, the program is innovative in key ways: 1) the payments are interest-free, meaning that students will never pay more than the total tuition figure, and 2) if a student loses their job, or drops below $3,334 monthly, they are able to discontinue payments until they are again earning at that level. 

Hanumantha R. Unnava, Dean of the UC Davis Graduate School of Management, told Poets & Quants that he believes this tuition deferment plan will drive the pool of applicants upwards by a magnitude of 20 percent, as many prospective students are interested in obtaining an online MBA without going into significant and immediate debt. The program’s administrator EdAid, based in London, agrees, and also claims the program will improve completion rates, drive access and diversity, and increase the revenue from each entering cohort.

Debt among MBA graduates has been well documented. However, the high debt carried by graduates of online MBA programs is not as well publicized. A 2019 article in Poets & Quants noted that “the average debt burden for graduates of at least 16 online MBA programs, in fact, is $50,000 or more.” The same article also said that for many schools, the average debt is well over that $50,000. For Pepperdine’s online MBA, the average debt for students came out to just over $96,000—slightly more than the total cost of the program— with 81 percent of graduates carrying debt. Pepperdine responded by saying that in a 2016 survey, three-fourths of respondents said that their online MBA equated to a promotion or salary raise. At least seven online programs, in 2019, had an average student debt over $65,000. 

The innovative deferred tuition plan may create a new model for online MBA pricing, and perhaps a consideration for other schools looking to attenuate the rising costs of MBA tuition. “I think there is going to be a widespread adoption of this model in higher education, and we are so delighted that we are the first school to do it,” Dean Unnava said.

National Bar Exam Results Remain Stable, but Early State-Level Reports Show Declining Pass Rates

An article published last week on Law.com proclaims that the early results for the July 2021 multi-state bar exam were “less drama-filled than the exam itself” with the national mean scaled score falling only slightly compared to 2019. The national mean score, 140.4, was released last Wednesday by The National Conference of Bar Examiners and showed a decrease of just 0.7 from the pre-pandemic July 2019 national mean of 141.1 (the last time a full national group took the test). This year’s mean was also generally on-par with 2020, when due to the ongoing pandemic, the test was administered on three different dates with reported mean scores of: 141.6, 142.7, and 137.2. And, the mean score fared better than in 2018 when the mean was 139.5. 

While all states administered a bar exam in July, due to the pandemic, 24 jurisdictions offered the test in-person and 29 offered it via full-length online exam. Online test-takers reported an experience riddled with technical difficulties. For some, the remote-testing software crashed and forced a computer restart costing them valuable time—ranging from a few minutes to an hour and a half—and causing significant added stress.  

And, despite the similar mean-score comparisons at the national-level, an article from Reuters suggests that the early state-level pass rates are emerging as “ominous” indicators. Just nine states have published results, but eight of them are reporting lower pass rates than in 2020. While the number of test-takers in each state has been relatively small, Iowa’s pass rate decreased by 12 percentage points this year (71 percent passed in July), New Mexico’s decreased by 18 percentage points (71 percent), and Nebraska’s decreased by 17 percentage points (72 percent). In North Carolina, the overall pass rate dropped from 83 percent in 2020 to 75 percent this year, despite the passing score being decreased by 2 percentage points in response to the online test’s technical problems. South Dakota, at this point, is the only state to increase its pass rate (+ 3 percentage points year-over-year) to 73 percent. 

Five out of the nine reporting states gave full, in-person exams both this year and last, and four out of five of them reported drops in pass-rates. This suggests that not all of the blame can be put upon the online test. University of Iowa law professor Derek Muller, speaking to Reuters, points to pandemic fatigue and learning loss related to law schools’ move to online and hybrid learning. “That’s showing in the results now. That’s just speculation, so I think we’re going to want to see more about it. But that’s something law schools should be looking really hard at,” he said. 

While the National Conference of Bar Examiners has already said that the bar exam will no longer be available in an online format and will return to in-person testing only, it will be interesting to see the pass results for other jurisdictions. Law schools may find it necessary to provide additional support to students.

Report Recommends Comprehensive Reforms to Improve Medical Students’ Transition to Residency

Last week the Coalition for Physician Accountability released a report recommending comprehensive reforms to improve the transition between medical school and residency. The Coalition’s Undergraduate-Graduate Medical Education Review Committee (UGRC) included 34 recommendations spanning nine themes. The report’s authors strongly encourage related stakeholders to work together to implement the recommendations in full, as together they will “create better organizational alignment, likely decrease student costs, reduce work, enhance wellness, address inequities, better prepare new physicians, and enhance patient care.”

The Charge

The UGRC’s initial charge was to address the following documented problems occurring in the transition between medical school and residency, as well as to uncover other existing issues. The report noted that the impact of these problems has grown over time resulting in significant stress to the system. 

• Disproportionate attention towards finding and filling residency positions rather than on assuring learner competence and readiness for residency training

• Unacceptable levels of stress on learners and program directors throughout the entire process

• Inattention to optimizing congruence between the goals of the applicants and the mission of the programs to ensure the highest quality health care for patients and communities

• Mistrust between medical school officials and residency program personnel

• Over reliance on licensure examination scores in the absence of valid, trustworthy measures of students’ competence and clinical abilities

• Lack of transparency to students on how residency selection actually occurs

• Increasing financial costs to students as well as opportunity costs to programs associated with skyrocketing application numbers

• The presence of individual and systemic bias throughout the transition; and 

• Inequities related to specific types of applicants such as international medical graduates

A Common Framework to Assess Students’ Clinical Skills 

At its core, the report calls for changes that promote standardized ways to evaluate and assess medical students in a meaningful and equitable way. More specifically, the report suggests that less weight should be placed on the USMLE numerical scores and the emphasis should shift to a standardized and comparable assessment of students’ performance in a clinical setting. The report recommends that medical schools and residency programs work together to define a framework and set of competencies with which to measure students as they make the transition from medical school to residency. 

The report’s recommendations also seek to increase efficiency in matching students with residency programs. The number of applications submitted per student continues to rise, as medical students fear that they will not find a placement so expand their reach. A recent AAMC article noted that the average number of residency applications per student in 2016 was 87.7 and in 2020 was 95. Among international medical student graduates, who often face a tougher time finding a spot, the average is 136. The process is a huge generator of stress for medical students, their advisors, as well as residency program directors. “This year, we received 5,800 applications for 24 positions. It’s just not possible to thoroughly review most of them,” explains Richard Alweis, MD, a UGRC committee member and associate chief medical officer for medical education at Rochester Regional Health in New York. Not surprisingly, the 2020 National Resident Matching Program Director Survey reported that just under half (49 percent) of applications receive an in-depth review. 

The UGRC’s recommendations seek to provide stakeholders involved in the application, selection, and placement processes with better information and support in an effort to reduce the number of submitted applications. Students, they contend, need access to better information to appropriately gauge their likelihood of acceptance while residency programs need better ways to cull their applicants by updating and improving technology to provide effective and equitable filters for applications. Additionally, the UGRC encourages the entire eco-system to innovate and implement pilot programs to reduce the friction associated with matching medical students to residency placements. 

Next Steps

While there is great optimism around the release of UGRC’s report, because of the comprehensive nature of the recommendations and the number of critical players involved, there is still considerable work to be done. Each of the 13 member organizations making up the Coalition is independently run; each organization will determine what recommendations they will enact and the timeline. And despite its support, the AAMC’s statement reacting to the final report emphasized a need to move with caution and carefully consider what, if any, unintended consequences may occur as a result of enacting recommendation(s). However, while the timing for change is unclear and the speed may be slow, there is unprecedented agreement within the member organizations around the need for change and improvement for students, residents, medical advisors, and resident program directors. “For the past 10 years or more, we've been stuck in the same place… The recommendations are a monumental step in breaking through that,” said Grant Lin, MD, PhD, a pediatric resident at Stanford Health Care in California and a member of the UGRC committee.

As MBA Programs Begin to Discontinue Hybrid Learning, Virtual Recruiting Expected to Continue

Last month the Wall Street Journal announced that a number of prominent MBA programs will not offer hybrid learning this fall; the programs, including Columbia University, Stanford University, New York University, University of California-Berkeley, and Boston University will instead bring students to campus for in-person learning full-time. 

The decision is a nod to the importance of relationship-building within MBA programs, as well as an acknowledgment that recreating enriching networking opportunities online is almost impossible. Just last week, Jay Bhatti, a VC firm co-founder and Wharton School guest speaker, told Business Insider that, in a rapidly changing world, “The real thing that the MBA schools come down to is, hey, can I give relationships that are meaningful and for a lifetime?” Noting that major companies are relaxing degree requirements and the internet is democratizing access to knowledge, the MBA’s value predominantly stems from the relationships and networks that are cemented within their programs. J.P. Eggers, Vice Dean of MBA and Graduate Programs at NYU’s Stern School of Business, summed it up succinctly in the Wall Street Journal when he said, “Building new relationships online is hard.” 

Within hybrid programs, which many speculated would “emerge as a viable alternative to traditional two-year programs,” administrators speaking with the Wall Street Journal acknowledged the struggle that professors faced trying to meaningfully engage both online and in-person audiences. In fact, Eggers called blended learning models the “worst of both worlds” saying that, “Any time a faculty member is trying to split their attention between one set of students in-person and one online, it gets hard.” However, some schools, including Harvard Business School, plan to continue to offer online options for students who need them, such as international students who are not able to obtain the necessary visas. And other schools believe the technology used to support hybrid learning models can still be integrated for the benefit of students, for example, as a way to bring in guest speakers. 

Despite commitments from many schools to bring back the full MBA experience, this year will still bring a dearth of virtual company recruiting events. As many companies continue to grapple with restricted travel and how and when to bring employees back to the office, the companies have forewarned MBA programs that they will not be sending teams to campus. This, according to some, has been positive. “It actually made recruiting more accessible,” said Kristen Fitzpatrick, Harvard Business School’s Managing Director of Alumni and MBA Career and Professional Development, to Fortune Education. “By eliminating the cost and time required to travel for recruiting, it was easier for our partners to access our students,” she said. The use of online meetings for recruiting allowed companies to meet with a greater number of business schools than before. For example, while University of Pennsylvania’s Wharton School usually hosts 140 companies on campus in the fall, 175 companies were able to host virtual events with students. 

While it is expected that some companies will continue to value the cost-savings and expanded reach of virtual events, Fitzpatrick did acknowledge the likelihood that some recruiters will eventually return to campus, “As the impact of the pandemic starts to lessen and we go back to some forms of travel, we do expect a few of our partners to return to campus when it is safe to do so.”

Wharton Announces First Full-Time MBA Class in which Women Comprise the Majority

The Wharton School has become the first of the “magnificent seven” (M7) to announce, within its newest full-time MBA class, that more women gained admission than men. Women make up 52 percent of Wharton’s incoming class, which is the largest proportion in the storied program’s 140-year history and a large uptick from 41 percent the previous year. The remaining M7 schools have yet to release data on their incoming classes, but last year, the highest percentages of women were found at Harvard Business School (44 percent) and Stanford’s Graduate School of Business (47 percent). 

While women now make up the majority in both law and medical schools, parity has been harder to achieve within MBA programs. However, according to the Forté Foundation, a non-profit that promotes gender parity in business, the number of women in business school has steadily increased over the last 15 years. Forté has tracked female enrollment in about 50 full-time domestic MBA programs, and notes that while women made up only 30 percent of the total in 2005, that number increased to 39 percent in 2020. Also in 2020, a record-high 22 MBA programs enrolled classes that were over 40 percent women.

Is this a trend or an anomaly due to the effects of the pandemic on women in the workforce? Business schools saw a large uptick in applications as a result of the pandemic. And while the number of applicants from both sexes increased, according to the Graduate Management Admissions Council (GMAC), full-time MBA programs reported a 62 percent increase in applications from female students in 2020 compared to a 42 percent increase in 2019. 

Women, historically, have been more interested in seeking their MBA through hybrid and flexible models and the 2021 GMAC Prospective Students Survey showed that women reported a greater openness towards the hybrid learning models necessitated by the pandemic. Women were more willing to complete their degree online; 60 percent of U.S.-based women said that they were willing to complete more than 30 percent of their MBA degree online compared to just 52 percent of men. Similarly, women were more likely to agree that “career opportunities gained through an on-campus graduate business degree are the same as gained through an online degree” whereas men were more likely to strongly disagree (24 percent). 

While more data will be necessary to determine if the uptick in women applicants and matriculants is more than a response to a moment in history, there is room for optimism about the changes underway. Elissa Sangster, Forté Foundation’s CEO, expressed her pleasure that the pandemic didn’t deter women from seeking an MBA. “So many of our schools are hitting that 40 percent mark and heading north of it,” she says. “That’s going to change the dynamic already in business school and change the access point for women.” 

Post-MCAT Survey Shows Prospective Medical Students are Increasingly Interested in Schools that Provide Academic and Social Support

Earlier this year the AAMC released its 2020 Post-MCAT Survey results. This survey, administered annually, provides insight into the individuals who take the MCAT—their backgrounds, preparation strategies, career plans, and interests. In 2020, 39.2 percent of test-takers responded to the online survey, which equates to over 30,000 people. The survey is provided after the MCAT is submitted, but prior to the test-taker receiving results. This year’s findings show slight, but persistent shifts in the socioeconomic background of MCAT test-takers, an increased interest in the academic and social support provided by medical schools, and growing concern about the cost of applying to and attending medical school. 

Below, we provide selected findings from the latest survey:

Premedical Life and Experiences

To gauge socioeconomic status, the AAMC uses the Education Occupation (EO) indicator, which classifies test-takers as EO-1 through EO-5 based on a parent’s highest educational level and occupation. Every year since 2016, the largest proportions of MCAT test-takers have come from those categorized as EO-5 (a parent obtained a doctoral degree and/or is employed in an executive, managerial, or professional occupation) and EO-1 (a parent obtained less than a college degree and/or is employed in any occupation) at 25.4 percent and 24.1 percent, respectively. It is important to note, however, that the percentage of MCAT test-takers classified EO-1 has declined slightly each year since 2016, with a 2.6 percentage point decline over the last five years.

Most respondents, 61.9 percent, decided that they wanted to study medicine prior to entering college. And a large number reported having spent time volunteering in a healthcare setting (84.9 percent), shadowing a physician or other healthcare professional (80.9 percent), and just over half (50.7 percent) participated in a laboratory research internship program for college students. 

More respondents graduated from college prior to taking the exam (53 percent) than not (47 percent). But this percentage has shifted annually, with the exact opposite occurring in 2016 (53 percent taking the test pre-graduation and 47 percent taking it post). Most of those who had graduated did so recently: 42 percent within the last year and 31.9 percent within the last one to two years. Just 12 percent had taken five or more years between graduation and the MCAT. About 60 percent reported taking courses at a college or university in the three months prior to the MCAT, while just over a quarter (27.6 percent) said that they had not attended school in the past three months. 

MCAT Preparation Strategies

Most respondents reported that they started their preparation by reviewing the scope of topics that the MCAT covers (81.4 percent) and assessed their progress throughout their study period using practice exams (82.4). Over three-quarters of respondents created a study plan to fit their schedule (75.2 percent), identified their strengths and weaknesses using practice exams (78.3 percent), and assessed their readiness by taking a final practice exam (78.4 percent).

In terms of the concepts, most prepared by answering practice questions while studying each topic (87.8 percent), consistently reviewing content they had previously studied throughout their preparation (82.6 percent), and testing their understanding of concepts studied (80.7 percent). Slightly fewer made sure to review each answer choice in the practice questions to determine why they were correct or incorrect (74.7 percent) and mixed in their review of different topics throughout their studying (74.9 percent).

The most used resources were the Official MCAT Practice Exams (85.4 percent) and commercially published MCAT prep books (72.6 percent). In terms of utility, 73.1 percent of those who used the Official MCAT practice exams described them as “very useful,” and 61.7 percent of those who used the Official MCAT Section Bank found it “very useful”. While just 45 percent of those who used commercially published MCAT prep books called them “very useful,” another 38.4 percent labeled them “useful.”

Almost all (89.7 percent) respondents said that they prepped for the day of the test by taking a timed, online practice test with scheduled breaks to “mimic the exam day.” A large number also practiced pacing so that they could get through all the questions in each section in a timely manner (85 percent), and most (79 percent) made sure to get plenty of sleep the night before the exam. 

When asked to name their biggest challenges in preparing for the MCAT, over two-thirds said that they struggled with maintaining confidence in their ability to succeed on the MCAT (67.6 percent) and 60 percent noted their difficulty with getting through the large amount of material they needed to learn for the test. 

Career Plans and Interests

Most respondents noted that they are “very likely” to apply to an MD-granting medical program (86.8 percent), while just under one-third said that they are “very likely” to apply to a DO-granting program (32.4 percent). Both percentages have been relatively stable since 2016. 

When asked what would encourage their application to medical school, students were most likely to select: finding a school where I will feel comfortable (88.9) and a fit between my interests and a school’s mission (83.4). However, the number of students who selected availability of academic support in medical school (71 percent) and availability of social support in medical school (63.9 percent) both increased significantly from 2016 (+7.8 percentage points, +11.5 percentage points respectively).

When test-takers were asked to describe what would discourage them from applying, most students selected grades, MCAT Scores, and other academic qualifications (72.5 percent). The number of those who selected the cost of applying to medical school (53.1 percent) and the cost of medical school (68.9 percent) as deterrents has increased by 6.5 and 6.1 percentage points respectively since 2016.

For full survey results visit https://www.aamc.org/media/51241/download

Role of Standardized Test Scores in MBA Admissions Evolves

During the 2020-2021 admissions season, many MBA programs introduced flexibility into their admissions process by waiving the GMAT/GRE requirement. And just last month, UVA’s Darden announced that it would extend its test-optional policy into the upcoming admissions cycle. The school’s current policy allows for students to submit GMAT/GRE or alternative test scores (including the LSAT, MCAT, or Executive Assessment). But students also have the option to request a waiver based on a provided alternative indicator of academic, personal, or professional achievement, which could include previous ACT/SAT scores.

Last year, Darden received around 1,300 waiver requests and admitted approximately 13 percent of the incoming class via test waiver. School representatives believe that the policy created a more equitable standard for admission while also “attracting a more diverse group of candidates.” Darden’s head of admissions, Dawna Clarke, also noted that Darden is employing data analytics to better understand student success and inform future policy decisions. Describing early results from Darden’s internal analysis on factors that are predictive of success in the first-year MBA curriculum, Clarke said, “Surprisingly, we found the verbal GMAT correlated more than the quant GMAT. The GPA correlated more than the GMAT. We found a correlation between SAT and ACT scores. And we found a correlation even with the interview. The interview was predictive of academic success… We are currently doing analytics for the first-year class to see how those people who opted to submit an alternative test or none at all are doing and that will help drive our policies.”

While it remains to be seen how other schools will address the GMAT/GRE requirement, the Wall Street Journal recently published an article describing a parallel decline in the role of standardized test scores in post-MBA recruiting. Historically, top consulting firms, McKinsey, Boston Consulting Group, and Bain, as well as reputable investment banks were thought to rely on the test scores as a filter for job applicants. This is changing. “I don’t mind one bit that campuses are waiving the GMAT requirement,” says Keith Bevans, a partner who leads recruiting at Bain, “Business schools are admitting a much broader range of talent, and I expect to find strong candidates this fall in places I wouldn’t normally see them.” He notes that while Bain still collects standardized test scores, they are not held against prospective employees, but rather incorporated into an internal analysis, which has found that higher scores do not always equate to higher productivity at Bain. Similarly, Danielle Bozarth, the lead partner for North America recruiting at McKinsey, also points out that MBA programs’ deprioritizing of test scores, “is aligned with our recruiting approach that [tests] are one of many ways to help assess a person’s skills or knowledge. We look for people who are good problem-solvers,” of which, she points out, there are many indicators.

While the role of standardized test scores is changing, prospective and current MBA students should carefully consider the entirety of their resume before determining whether to submit, or omit standardized test scores. We recommend thinking through the following questions:

• Are you a particularly strong, or weak, standardized test taker? Providing MBA programs and future employers with high scores on the GRE/GMAT will be beneficial even if they are considered a small component of your larger story.

• Do you feel that your GPA and academic credentials adequately reflect your capabilities as a student? If you have a weak GPA or other “soft” academic credentials on your resume, you may want to bolster these scores by taking the GMAT or GRE. This will give you the opportunity to showcase your ability to compete in a rigorous analytical and quantitative environment, and also prove your verbal competence.

• Does your resume include experiences that directly speak to your ability to critically assess complex situations under pressure and problem-solve? This could include success in case competitions, a role on the debate team, awarded scholarships or fellowships, and professional certifications, etc.

• Do you have any exceptional experiences that set you apart from other applicants by demonstrating a high level of skill, determination, and/or a commitment to success? For example: a role on a highly competitive sports team, a successful entrepreneurial venture, and/or documented professional success at a highly regarded company.