More Common GMAT Study Mistakes

In the last few articles we discussed some common mistakes that people make when studying for their GMAT exams. Today we will cover the issues around timing and challenging yourself, which will be the last two in this series. Since the GMAT is a timed exam it is crucial to have a strategy when it comes to how you allocate the time you are given. With 75 minutes for either 37 quantitative questions or 41 verbal questions it means that you will need to come up with a strategy to increase your edge for success. Focusing too much on getting the right answer will hinder your ability to complete the exam in the allotted time. Although it is important to get the answer right, you need to remember to get it right in the right amount of time! Previously we spoke about the dangers of taking way too many practice tests but this is where they are of tremendous benefit. When taking practice tests always make sure you time them and set a predetermined amount of minutes to complete a specific group of problems. Timing your practice tests will show you how well you complete problems that take longer and which ones you can breeze through. Reviewing these results will give you a workable plan on how best to balance each question. It is the perfect opportunity to come up with a plan on how best to tackle the questions you are given. The key to coming up with the right answers in the allotted time is to endeavor to find the most efficient way of solving any given question. The questions that give you the most difficulty are the ones that you must find a better way through.

Being able to whip through practice GMAT tests and getting all or almost all of them right will certainly feel great and go a long way in boosting your confidence. However, as soon as you feel you’ve got this whole thing licked, you will know it’s time to start searching for the stuff that makes you a little nervous. The most important thing that will help bring up your overall GMAT score is getting comfortable working the problems that you are not comfortable with! Keep in mind that GMAT exams are designed to be adaptive which simply means that your most troublesome areas will create a barrier for the areas that you excel in. If for example your reading comprehension level is somewhere in the 500 range, you will not be given the opportunity to deal with sentence correction questions in the 700 level. Tackling the areas that are your weakest in may require a bit of extra time and effort on your part but will certainly prove beneficial on the day of the exam.

In conclusion remember to plan well ahead and avoid the following common mistakes when organizing how you will study for your GMAT exams.

• Maintain a good balance in regards to the type of material you intend to study. There is no need to study every problem that ever existed – reviewing alternate solutions to fewer problems provides better results.
• Use practice tests wisely – they are an excellent way to see your weaker areas and to hone your time management skills for the real GMAT exam.
• Cramming doesn’t work – Give yourself at least three months and come up with a study plan that allows for study each day as well as time for review and breaks.

How and What to Study for Your GMAT Exams

Most people experience a fairly high level of stress as they begin the process of getting ready to take their GMAT exams. Knowing what to expect on exam day and understanding the specific things one should study will help to alleviate much of that stress. Approaching the exam in a more relaxed state of mind will certainly help you in performing to the best of your abilities. In a previous article we discussed what one can expect once you arrive and register to take the exam. This article will talk about the kinds of things that you should be studying and will also help you determine the amount of time that you will want to devote to it.

GMAT exams are made up of three distinct sections; those being the Quantitative section, the Analytical Writing Assessment and the Verbal section. The multiple choice questions generally begin with a medium level of difficulty and depending on your answers adjusts subsequent questions to either a higher or lower level of difficulty.  Through this method of testing, a more accurate level of individual ability can be determined. It is important to be certain of each response since the result of every answer will determine the next one which means you can not go back and change anything you have already input. Taking the test does not require a high level of computer literacy and if you have taken any practice GMAT exams on a computer, you should be fine at exam time. Laying down a standard formula to follow in regards to how much and what to study can be difficult since everyone has their own unique ways of studying. Below are some of the more common mistakes people make and ways to overcome them.

• One of the most common mistakes that people make is trying to review every single problem that has ever existed and mastering all possible solutions for each one. This is certainly a case where quality is more important than quantity. It is important to review a well-balanced assortment of problems to give you good idea of which concepts are generally being tested but it is better to study each problem thoroughly rather than simply viewing as many as you can get your hands on. Simply getting the right answer is not good enough. More time should be spent on reviewing rather than “doing”. As you review each problem make certain that you have identified the topic correctly and ask yourself if there might have been a different approach that might have been taken. Try to recall other problems you many have encountered that have had a similar concept and apply that knowledge to the question at hand. Just as in your past personal and professional experiences you would have learned valuable lessons from each problem you came face to face with and applied those lessons to your next life or work challenge, the same holds true in your GMAT exam. The bottom line is that you should be able to learn a lesson from the question you are reviewing and apply this knowledge to the next question.

There are four more common mistakes that we will cover, along with their respective solutions in the next set of articles. For now however it is important to remember to set a manageable pace for studying and give yourself at least three months prior to taking your GMAT exams. Try to allocate two hours a day to your studies and balance these sessions with some work on both verbal and quantitative matters.

Preparing For Your GMAT Exams

The anticipation of taking and doing well on your upcoming GMAT exams often cause many MBA students a great deal of stress. This is especially true for those that have been away from school for a while and may be uncertain about their math or other academic skills. Making sure you are well prepared by studying and understanding what is expected of you will go a long way in relieving one’s level of anxiety. There are plenty of free GMAT test preparation programs available online and is an excellent way of bringing to light any areas that may require a little extra attention. It is highly recommended that all MBA applicants allow at least four weeks for preparation and study before the exam date. Knowing exactly what to expect once you arrive at the test centre and the rules that govern GMAT exams will help you feel more comfortable and relaxed on the big day! It is important to note that a GMAT is a standardized test and the procedures and rules are the same for all test takers with absolutely no exceptions. Although this may seem to be a rigid approach, it is exactly what makes the test fair ensuring that everyone is treated the same. Before the exam date, make certain you know where it is and get there at least 30 minutes before your scheduled appointment time.

Following are some of the things that you can expect once you arrive at the test centre.

• You will be required to check-in upon arrival. If you are more than 15 minutes late, there is a good chance that you will not be admitted and will forfeit your testing fee.
• You will be asked for a valid ID and in addition, an administrator may take a digital signature and/or digital photo. In some cases you will also be asked to take digital scans of your palm vein pattern or fingerprint.
• All those taking the GMAT test are required to adhere to a specific set of rules. Some of the rules will differ depending on the country where the test is being administered so it is essential that you understand them prior to taking the test. The rules will generally be posted at check-in.
• Once you are in the testing area and seated, testing will begin immediately.
• Although you have up to 3 1/2 hours to complete the test, you should allow four hours which will give you two optional break periods. It is important to stick to these times since anything over the allotted break times will be deducted from the time remaining on the test.

There are also a set of rights and responsibilities that govern all test takers and it is a good idea to review them well in advance of your scheduled test date. There are also provisions for registering concerns or complaints as well as reporting any testing violations that you may have observed. Reports of suspected violations are kept confidential and should be reported to the appropriate bodies immediately following the completion of your GMAT exam. There is a lot of helpful advice on how and what one should study before your take your GMAT test and we will cover this topic in an upcoming article.

Characteristics of a Typical MBA Student

So, you’ve been thinking about getting your MBA degree and wonder if you have the “right stuff” to get through the rigors of the typical MBA program. There are of course certain personal traits that will help you get through and a number of characteristics that you can expect to gain and/or develop in the process of your studies. First and foremost, it is important that you have a clear idea why you want an MBA degree and the things you hope to achieve by having one. There is little doubt that a substantial pay increase, moving up the corporate ladder and the prestige that comes with the degree are the obvious gains. Just make sure you understand your own motivation and that you have the determination and self-discipline to achieve your goals. In order for business schools to provide the best learning experience for all students, the faculty must select a student body that is diverse and that can bring a wide variety of cultures, nationalities and backgrounds to the table. They also look for students that present a wide range of professional goals and personal interests.

Proven Leadership Skills

Business schools understand that true leadership skills can be realized in a number of different ways. Whether someone has shown a strong involvement within their community, achieved exceptional personal accomplishments (often in the face of diversity),  engaged in several extracurricular college activities or attained academic or business achievements; these all show important leadership skills.

The Willingness and Ability to Grow Intellectually

Independent thinking and the willingness to embrace new concepts are essential characteristics of any MBA student. He/she must be able to engage in innovative and lively discussion groups that deal with often-complex real world business scenarios that require accurate analysis and assessments. Mastery of quantitative and analytical concepts are also important traits for any MBA student.

Ethical Citizenship

Since most MBA programs require close working relationships with a diverse student body that encompasses a wide range of cultures and viewpoints, working collaboratively and in an environment of respect is essential. It is also critical that Online MBA students understand that they have a great deal of knowledge that can be both learned and gained from their peers.

All prospective MBA students should posses these core characteristics to some degree and remember that keeping an open mind will help in gaining and/or developing many others such as:

• The ability to think outside of the box to solve real world business challenges
• The ability to accurately analyze business procedures and methods and present innovative solutions
• Develop a high level of critical thinking skills
• To motivate and be motivated
• To build and expand life-long networking relationships
• To increase one’s own as well as a company’s performance level
• Develop a high level of risk management skills
• Understanding what it means to be a global thinker
• Adopt an attitude that views business setbacks and problematic issues as challenges that can be overcome

Along with the characteristics that one has already developed and the ones that one will gain, the single most important trait that prospective MBA students should possess is in the pursuit of personal development and achievement.

Unique Skills Separate MBA Graduates From The Rest

Just as a resume that displays an MBA degree creates a strong first impression with prospective employers, unique and specific skill sets enable MBA graduates to make a positive first impression in the work place. While the technical knowledge acquired by MBA students is highly marketable so are the skills gained through the rigorous process of studying for your MBA degree. First and foremost, achieving your degree shows future employers that you possess a high performance standard and have the ability to balance a demanding work/life scenario. Competition in the corporate world is steadily increasing and employers are looking for professionals who can help them keep their competitive edge both locally and globally. The qualities that employers demand are the very ones that MBA graduates have attained both through their academic achievements as well as through practical work experience. Some of the qualities that one has developed through the process of study include:

• Communication – the ability to actively listen and to present arguments and views clearly both in verbal and written form
• Dedication/Commitment – commitment to a specific goal in doing what is necessary to achieve a desired outcome. This is demonstrated by leaving your career (either full or part-time) in order to pursue a higher education with the goal of improving your qualifications. In the case of part-time students this also shows the ability to balance a demanding work/study lifestyle
• Analysis – Being able to zone in on information that is relevant while dismissing information that has no relevance to a particular situation. This includes the ability to quickly identify existing problems and present workable solutions
• Awareness of Cultural Diversity – In working closely with fellow classmates from various backgrounds, MBA students are able to understand, respect and have a unique sensitivity to issues that relate to host of nationalities and cultures
• Working Within and Leading Groups – MBA graduates have practical experience in working as part of a team as well as the ability to motivate and lead peers in working towards and achieving specific goals
• Advanced IT Skill Set – A high level of comfort and proven experience in working with spreadsheets, programming languages, various databases and statistical applications
• Work Ethic – Having completed an MBA degree program shows tremendous self-discipline, motivation, the ability to set priorities and strong time management skills
• Ingenuity – The ability to be creative in problem solving and in implementing new and innovative ideas with positive results

As one can easily surmise from the above attributes, these unique characteristics are paramount to the success of any growing company. Through one’s previous work history, MBA internship programs and the day-to-day process of studying, MBA graduates bring a wealth of knowledge and practical experience to the table.  You have shown a high level of being able to solve difficult problems, often in the face of great diversity and to overcome challenges placed in front of you. You have learned the art of remaining objective and presenting arguments in a logical manner that others can understand and are willing to follow. MBA graduates also understand the importance of corporate responsibility and how that relates to the communities that they are involved in.

What Will An MBA Online Do For Me?

To begin with, an MBA degree is globally recognized in the world of business, especially if your degree is from a top business school. A Masters in Business Administration is also mandatory in most large, medium and even some smaller companies for any executive positions. For professionals who are serious about opportunities in career advancement as well as the ability to earn top salaries, an MBA is certainly the business degree that will help you attain your goals.

We all know how important first impressions are and since your resume is exactly that, it is vital that it speaks loudly about your abilities and your education. Most companies that are hiring for top management and executive positions receive hundreds of applications for a single opening. Being able to include your MBA Online degree on any application is probably the quickest way to survive that all important first “cut” in applicants. Anyone reviewing potential candidates knows innately that those with an MBA degree have a superior understanding in such areas as management, finance and operations along with a host of other real world business skills. Graduates with an MBA who have specialized in specific areas will also have a decided advantage as opposed to those who simply have a general MBA. Of course the higher your degree, the more lucrative the opportunities you will have.

It is also important to understand that whatever MBA program you decide on, it should never be viewed as you “end goal” but rather as a means to an end. It is a way to carve your career path and achieve your professional and financial goals. An MBA degree is a powerful tool that enables you to develop the three essential skill sets that are vital to any successful career. These three areas are Personal Branding, Networking Relationships along with Hard & Soft Skills.

• Personal Branding – An MBA degree holds a significant brand of its own indicating a high level of leadership and management ability. This branding recognition can also be taken one step further depending on which business school one has attended and the specific type of MBA degree one has attained.
• Networking Relationships – The process of earning your degree along with your previous work experience builds valuable relationships that will be a vital component along your career path. You will develop life-long connections with other MBA students, faculty, college alumni as well as important community and business leaders.
• Hard& Soft Skills – As an MBA student you will acquire valuable skills both in the classroom as well as through internships in real business situations. The soft skills acquired include communication, teamwork, leadership, ethics and corporate responsibility, etc. Hard skills are those such as accounting, marketing, management, finance etc.

Having an MBA degree is also one of the best means that any professional can have when they are thinking about a change in careers. Having the necessary skill set to work in virtually any business environment gives you the ability to move from your current area of expertise into a position of management within your field. There are of course many other benefits of an MBA degree such as transferable skills from one industry to another and specific areas of specialization to help you advance in your current position which we will discuss in greater detail in the future.

MBA Program Options Continue to Evolve

There was a time when pursuing an MBA degree meant leaving the workforce for two or more years while at the same time, having to come up with a substantial amount of money to finance the costs involved in attending business school. However times have changed and continue to do so giving prospective students a growing array of MBA program options. Business schools and universities nation wide are constantly coming up with innovative ways of making their MBA programs more flexible and more affordable. This trend is opening the doors to a wide variety of students who would otherwise not be able to achieve this prestigious degree. In fact about half of all MBA students now enroll in weekend or evening part-time programs and many are also opting for smaller programs, a distance learning MBA or executive MBA programs.

Although these changes are viewed by most as positive ones, having such a large number of options can make choosing the right program a challenging road to navigate. It is important to first assess your budget, lifestyle and the career goals you intend to achieve by earning your MBA degree. Your academic history and past work experience will also be important factors to consider when conducting research into which Online MBA program is best suited to your needs and goals. Admission qualifications will also differ from school to school as will teaching methods and certain business schools will be widely recognized for their expertise in specific concentrations.  It is also important to give some thought to whether your career goals would benefit from such a specific specialization. If this is the case then there will be a number of programs as well as business schools that would not be suitable. There are several universities that do not accommodate or even allow an MBA student to enroll in more than twelve (credit) hours in any single discipline. An MBA degree typically provides graduates with an excellent ROI (Return on Investment) in comparison to cost and earning potential. However, one must always consider the many options available to ensure the program matches their lifestyle as well as their budget. Pursuing an MBA degree just for the sake of being able to say you have one can result in the exact opposite outcome. In order to help narrow down the options that are conducive to your personal and professional goals, take some time to consider the following questions:

• Will I be able to attend a full time MBA program for either one or two years?
• Do my career goals necessitate a specific discipline such as finance, marketing, etc?
• Do I have the determination and self-discipline to enroll in an online MBA program?
• What, if any, are my budget restrictions for financing an MBA?
• Is being accepted to one of the top 10 or top 20 business schools a priority for me?

Understanding the answers to the these questions will make a huge difference in the time you need to spend researching your options by immediately eliminating business schools and MBA programs that do not match your specific criteria. Another factor that is absolutely essential if you will not be attending an internationally recognized MBA program is verifying the business school’s accreditation. You want to make certain that whatever program you decide to enroll in is widely accepted by the industry you wish to pursue a career in. A few information interviews or even several short phone calls to respected companies will let you know if a certain business school or degree is recognized or not.

Matching the Right Business School to Your Career

Aside from the actual application process, choosing the right Business School is probably the most difficult thing you will do. Not only do you need to research all your possible options, you must also decide on the criteria that are most important to you once you have earned your MBA degree.

Some of the non-academic factors you should consider are:

• Location – how important is the region you will be studying in? Are you adamant about studying in an American University and in a particular region?
• ROI (Return on Investment) – Will the amount of money you spend on your MBA degree have to correspond to the gains in salary you expect your degree to earn you in your career?
• Admissions Process – Are you looking only to schools that have extremely high admissions criteria?
• Alumni Feedback – How important is the satisfaction of alumni with the degree and the business school they graduated from?
• GMATs – Are business schools that demand high GMAT scores an important consideration?
• Program Size – Will you only want to consider business schools with small class sizes or perhaps the opposite?

Once you have looked at the non-academic criteria that are important to you its time to think about the practical side of exactly how and what you will be learning and if a particular school is conducive to your personality and study preferences. Some business schools like Harvard or Darden for example utilize a case study method in all their MBA programs.  This methodology simply means that MBA Online students do not attend lectures and are provided with more practical than theoretical learning. Professors tend to facilitate class discussions and act as more of “chair” or “facilitator” as opposed to a lecturer.

Another option that must be given thoughtful consideration is whether or not you plan to take a specific concentration or if you prefer to study for a general management MBA. One school that does offer concentrations is Chicago GSB meaning that students will attend more classes in the field of their choice; whereas schools like Darden have a limit of no more than 12 credit hours per discipline. Some business schools such as Haas (Berkeley) allow MBA students to test out of certain subjects allowing them to increase their electives.  Ross (Michigan) mandates all students to participate in a consulting position which can be take place across the globe and others such as McDonough (Georgetown) students must spend a minimum of one week internationally. Of course there are other considerations such as whether you wish to take a one or a two year MBA program. The advantages of a one year program are without a doubt the financial savings and having to spend less time out of the workforce. One of the pros of a two year a program is the opportunity to participate in a summer internship which exposes you to the possibility of being hired for a full time position after graduation.

There are obviously many important factors to consider and choosing can feel like an overwhelming task. It is always a good idea to talk to the admissions and placement departments of the business schools on your list about what you expect from your MBA degree. They will be able to tell you whether or not their MBA program will help you achieve your personal and professional career goals.

Eligibility Requirements for International MBA Students

Previously we spoke about some of the costs associated with being an international MBA student studying in North America. Today’s article will cover some of the eligibility requirements that foreign students must meet prior to being accepted into most US MBA programs.

The majority of American business schools require students to hold a four-year undergraduate degree which would be equivalent to four years of study upon completion of high school. It is important to note that most three-year degrees will not meet MBA Online eligibility requirements. For students that possess degrees such as a BSc, BCom, or BA, it is highly recommended that you also achieve a Post Graduate degree such as a Mcom, MSc, MA, etc, to increase your chances when applying to American business schools. In most cases this can be accomplished in a one-year university program. It is crucial that whatever Post Graduate degree you enter into is one that is recognized by American universities. Although most part-time university diploma programs including an ICWA or CA professional program do not typically meet eligibility requirements, several business schools will accept CA qualification from India in place of a fourth year degree. Since all universities have their own specific standards, it is imperative that you check the requirements of each business school that you are considering. There are cases where American universities may consider a three-year degree for some MBA programs but competition is stiff and preference is usually given to those who hold a four-year degree.

Previous work experience is another area that should be thoroughly researched as most business schools require at least two years of related work history. Again, there are some exceptions however preference will generally be given to applicants who can show two or three years experience in the workforce. The majority of US business schools will also require a GMAT. It is well worth planning ahead to ensure you have plenty of time for thorough studying since the higher your score; the better your chances are for acceptance. All international Online MBA Program students are advised to complete their GMAT examination as those without it may not be eligible for a student visa even with acceptance from a US university. The TOEFL exam is another requirement of most business schools. It is a relatively simple exam for anyone who has previously studied in English. There are minimum score requirements and generally range from 213 to 250 for the computer based test and from 550 to 600 for the paper exam.

It is imperative that all international MBA students find out the specific admissions criteria for each school that they are considering as exact requirements are often different from one business school to another. The three key areas to keep in mind are:

• Undergraduate degree requirements
• Previous work experience
• GMAT and TOEFL exams and scores

With a little bit of careful research and planning all these areas can be fairly easy to accomplish. The most important thing to remember is to speak to a college admissions advisory to make certain you meet the specific requirements of each business school you plan on applying to. We will discuss the application process in depth in a future article.

North American MBA Programs for International Students

Graduate students and professionals from all over the world travel to North America each year to enroll in top business schools to earn an internationally recognized MBA degree. They come to fulfill their dreams of an education that is world renowned and for the opportunities that such a degree will give them. There are of course many factors that must be considered before one can apply as an international MBA student.

The key issues that one must carefully examine are:

• Tuition costs
• Living expenses
• Eligibility

The application procedure which includes:

• Academic Records
• Standardized Tests
• Work experience
• Letters of Recommendation
• Application Essays
• Interviews
• Part-time employment regulations

Other:

• Rent – $400/month
• Groceries – $150 – $200/month
• Phone – $100/month
• Utilities – $100 – $150/month
• Miscellaneous  $200 – 300/month

In this article, we will be looking at tuition costs and living expenses as they relate to international MBA students in North America but primarily in the USA. Firstly it’s important to understand that there are basically two types of business schools, one being private institutions which are independent and public schools that are state supported. Tuition costs for international students are calculated according to nonresident fee structures with state schools generally less expensive that private or independent schools. Although these costs can vary significantly – more expensive does not necessarily mean a higher quality education. Tuition fees for private business schools can run anywhere from about $15,000 to $30,000 a year and the average annual tuition fee for state funded schools can range from approximately $10,000 to $20,000 per year.  These fees will of course vary depending on the university and also on the courses that one takes. They can in fact range anywhere from $8,000 to $35,000/year.

The Other key factor to consider is living expenses while one is pursuing their MBA degree in the US. In most cases students should count on needing a minimum of $1,000/month or $12,000/year. One’s lifestyle and type of accommodation they secure can significantly affect these costs. The main expenses that need to be included can be calculated as follows:

Some of the things that can make a difference will be whether or not you plan on having a car and if you will be living on campus or sharing private accommodation and if so with how many other people. Another expense that can greatly increase living costs for foreign students is with respect to long distance phone calls. These should be monitored very carefully as they can mount quickly!

Although many domestic students will secure part-time work while they study to help with some of their costs, this is often not possible for foreign students. US Immigration and Naturalization Services must authorize any type of work that an international student may wish to pursue while in the United States. There are a limited number of on-campus and off-campus employment opportunities but these are not common and would not amount to any substantial earnings. It is also important to keep in mind that most MBA degree programs are quite intensive and do not leave very much time for work. One possibility is in the area of practical training which involves authorized employment that enables international MBA students to gain work experience while studying. This must be discussed with the faculty of the school that one will be attending.