MBAs Think They Can Change Biz For Better

MBAs Think They Can Change Business For the Better

It has been five years since Bear Stearns imploded, the opening salvo of a near death spiral in the global financial system. Since then, banks have cleaned up their balance sheets; companies have hoarded cash; and government has added new mandates and regulations. Of course, MBAs have emerged as the public’s favorite whipping boys.

The economic meltdown – and the lost wealth, flat growth, and uncertainty it left behind – has also left its mark on the next generation of MBAs, who entered the job market as it caved in. This week, Access MBA, a global resource that assists students and business schools, published a survey on the role of MBA programs in the wake of the crisis. Surveying over 2000 prospective, current, and former students in 57 countries, Access MBA compiled some intriguing observations:

• 62% of respondents believe business schools have “significant responsibility” to address the economic crisis.
• 64% agree that schools should actively encourage involving students in hands-on projects in the field to provide real world experience.
• 53% agree that programs should research and develop sustainable business practices.
• 35% answered that schools should concentrate on business ethics.
• 80% of graduates and current students found that their business school adequately addressed the roots and consequences of the recession.

This lack of enthusiasm for ethics certainly stood out. However, it likely stems from a perception that ethics don’t translate to the bottom line. However, Jessica Smith, IESE’s Associate Director for MBA Admissions, notes that ethics still have a place in an MBA program: “Business ethics do not need to be a separate course, but should be incorporated into the curriculum.”

Finally, the study ends on an upbeat note. According to alumni surveyed, 95% believed their MBA education prepared them to respond to future recessions and improve their companies’ practices. Who knows, maybe that education will help businesses bounce back faster from the next economic freefall.

Source: Business Because

Why Women Should Skip Business School

This week, Laura Hemphill, a Lehman Brothers alum-turned-novelist, lobbed a grenade into the gender- and-education fault line. In her essay entitled “Why Women Should Skip Business School,” which was published by The New Yorker, Hemphill argues that it is financially wiser for women to forego business school in favor of building their careers and learning scarce skills. And she backs up her premise with some cogent arguments. Here are some highlights from her piece:

• You Can Succeed Without An MBA: “Unlike medical school or law school, business school isn’t a requirement for a business career. Many successful C.E.O.s don’t hold M.B.A.s: Marissa Mayer, of Yahoo; Jeff Bezos, of Amazon.com; Ginni Rometty, of I.B.M. On Wall Street and in Silicon Valley, business school is often stigmatized as a booze-addled vacation; Marc Andreessen, a venture capitalist, famously observed that business-school graduates’ interest in a sector is a leading indicator of a bubble.”

• Elite Students Don’t Need The Degree: “…the average incoming Harvard Business School student needs the degree the least, given the qualifications required to be accepted in the first place. Arguably, it’s the qualities that get a candidate admitted to Harvard in the first place that insure her success after graduation, rather than the degree itself. Meanwhile, an M.B.A. isn’t always worth its steep financial cost. Including tuition, room, and board, a Harvard M.B.A. today costs more than a hundred and eighty thousand dollars—and that’s before lost wages.”

• An MBA Only Delivers A Temporary Advantage To Women: “The uncomfortable truth is that women in business are more likely than men to drop out of the workforce or have their careers interrupted a decade after earning their M.B.A.s, because of family considerations. According to a Harvard study of graduates of the University of Chicago Booth School of Business, a decade after earning their M.B.A.s, women were twenty-two per cent more likely than men to have experienced at least one career interruption. Thirteen per cent of women weren’t working, compared to one per cent of men. And even if women’s careers weren’t interrupted when they had children, they were certainly affected: the study also found that “M.B.A. mothers seem to actively choose jobs that are family friendly and avoid jobs with long hours and greater career advancement possibilities.”

• It Takes Away Two Precious Years: “…isn’t the most important thing for a woman to work as hard as she can and advance as far as possible while she’s still in her twenties and her life is as uncomplicated as it’s going to get? That way, by the time she’s a decade or so along, she’ll have more savings, more job experience, and more bargaining power—all of which translate into more options.”

• There Are Alternatives To The MBA: “Consider other uses of those two years. Instead of relying on an M.B.A. to boost her skill set, a woman could teach herself a hard skill like programming or Chinese, or she could start her own business. If she’s working in Silicon Valley, on Wall Street, or another industry where many are promoted without M.B.A.s, she could stay put and continue to rise. And if she doesn’t have a better use for those two years now but thinks she might later on, why not preserve that option?”

Doug Guthrie is no longer dean at GW’s business school

GW Profs Fear B-School Accreditation In Jeopardy

It couldn’t happen. A Top 50 business school loses its accreditation? This is a joke, right?

According to George Washington faculty members, this is a real possibility. This week, The George Washington Hatchet, the student newspaper, reports that Interim Dean Christopher Kayes informed faculty that the school is hoping to delay an on-campus by the Association to Advance Collegiate Schools of Business (AACSB), their accreditor, until spring.

This delay stems from the recent dismissal of Dean Doug Guthrie in August due to overspending by $13 million dollars in 2012. According to The Hatchet, these additional expenditures stemmed from unexpected costs related to expanding the online graduate programs and events for its executive education programs.

Sok-Hyon Kang, who served as Vice Dean under Guthrie, noted that financial troubles often hinder a school’s ability to receive accreditation:

“Accreditation is going to get much harder this year, no matter what.” We’d been preparing for AACSB during the last three years very well, so getting accredited this year was almost a done deal. Now it’s in jeopardy.”

Phillip Wirtz, Vice Dean of Programs and Education, added that accreditors could pay special attention to the business school’s independence from school administration:

“If I were a site visitor right now I’d say, ‘Wait a minute. They fired a dean three days before the semester started and three-and-a-half months before the accreditation site visit. Tell us again about that independence thing?’ And I think we’re going to have to worry about that,”

If George Washington would lose accreditation, it could potentially lose students and tuition dollars, along with tarnishing their reputation. In fact, there is precedent, as George Washington’s School of Medicine and Health Sciences was placed on probation from 2008-2010 over curriculum standards and student space.

Despite the uncertainty after Dean Guthrie’s removal, George Washington doesn’t anticipate issues with accreditation. Provost Steven Lerman notes that the $13 million dollar shortfall has already been covered by the university. He added that “one in four or one in five” schools in the accreditation process are run by interim deans, adding “I believe accreditations are not about people, they’re about institutions.”

Our Prediction: This is a lot of sound and fury, signifying nothing. George Washington’s business school will keep its accreditation.

To read Poets and Quants’ exclusive interview with former Dean Doug Guthrie about his dismissal, click here:Poets and Quants

Source: George Washington Hatchet

For additional information on this story, click below:

Poets and Quants: George Washington Ousts Dean Guthrie

George Washington Hatchet: Story Behind A $13 Million Dollar Shortfall

Wharton Puts First Year MBA Courses Online For Free

What if you could get an Ivy League education – worth over $54,000 – absolutely free?

Now, you can. Last week, Wharton announced that it was adding three more courses from its core curriculum to its online Coursera platform. As a result, all four of its first year core MBA courses – marketing, operations and information management, accounting, and finance – are available online…for free.

These courses, along with five electives, are available as MOOCs (Massive open online courses). Taught by Wharton’s full-time MBA faculty, they began in September and last from 6 to 10 weeks.  The content also mirrors what Wharton’s MBA students are learning. It includes prerecorded lectures, along with access to the professor or an assistant. In fact, some Wharton professors are assigning these MOOCs to their on-site students, so they can focus class time on discussion and activities.

An outsider might believe Wharton is losing money by giving away content. Diedre Woods, the Interim Executive Director of Penn’s Open Learning Initiative, disagrees with this notion. By putting their MBA program online, Woods believes the university is demonstrating their “depth and breadth” and “providing leadership” to other schools. Brian Bushee, a Wharton faculty member, adds that this initiative allows students to test the waters and see if a business education is the right choice for them: “If you were thinking of getting an MBA, you might not know what the core courses are. The branding helps you know the four things you need to know.”

Still, don’t expect these MOOCs to replace a Wharton degree. Students don’t receive course credit for passing a course, though Wharton does provide a certificate of completion for a fee. What’s more, Woods believes the classroom discussions and interaction with peers are what makes business school special:

“There’s some magic that happens in class. I don’t think there’s a substitute out there in the real world. I think having a wonderful, lively, intellectual campus experience really can’t be replicated 100 percent online.”

According to Don Huesman, the Managing Director for Wharton’s Innovation Group, Wharton’s MOOCs have already attracted nearly 700,000 students in 173 countries. Huesman added that more courses could be added online in the future. 

Blast from the Past:

Guide To The Best MOOC Courses In Business

MOOCs are all the rage these days. Some enthusiasts claim they’ll eventually replace brick-and-mortar classrooms. Others dismiss them as watered-down curriculum and glorified correspondence courses. Either way, MOOCs (Massive Open Online Courses) have grabbed the attention of educators. And no one is quite sure if they are friend or foe, a fad or the future.

Last year, Poets and Quants Founder John Byrne reviewed many of the free MOOCs available for MBAs. Some courses lasted 6 weeks; others went months. Most included homework and tests. And they covered topics ranging from financial markets to organizational analysis. And some were even taught by leading minds at top institutions like Darden and Stanford.

How To Offset A Low GMAT Score

Fixes For A Low GMAT Score

“I scored a what? On my third try! What do I need to do to pass this stupid test? They’ll never let me in!”

Well, not so fast according to Stacey Blackman, an MBA admissions consultant who writes a regular column for US News and World Report. This week, Blackman shared some advice for those candidates who excel in the real world but flop on their GMATs.

First, Blackman counsels students to shoot for the 80 percent score range, not the average score accepted by their school. For example, she notes that students entering the Columbia Business School in 2012 had GMAT scores between 680-760, with the average being 715. As a result, prospective students shouldn’t fret if they land at the lower end.

Similarly, there is an alternative to the GMAT: The GRE. For example, Blackman had one client take the GRE after her GMAT scores lagged behind other candidates. Although this client scored lowered on the GRE, her GRE quant score was actually higher. As a result, they submitted her GRE score to Harvard, where her client was eventually accepted.

Finally, Blackman explains that a GMAT score is just one factor in an application. In her view, an applicant can “offset a low GMAT score with a proven track record in a quantitative job, a high GPA from a respected undergraduate school and compelling extracurricular or leadership activities.” If a GMAT score is still low – and the applicant has already tried a tutor or class – she should instead focus on her “essays, extracurriculars and, to some extent, the recommendation letters, where [her] recommenders can highlight [her] quantitative skills.”

One more piece of advice from Blackman: Don’t worry about re-taking the GMAT. In Blackman’s experience, “this dedication to improving your score is often interpreted by the admissions committee as a sign that you’ll do whatever it takes to prove you’re ready for business school.”

Source: US News and World Report

B-School Traditions: Fall Football Frenzy

Can you name a sure way to bring MBA students, faculty, alumni, and administrators together?

Free food and drinks, you say? OK…what about a second way? Football? Now, you’re talking!

That’s right: College football is here! That means every Saturday – from College Park to Berkeley – students can network with potential employers, investors, and mentors. Win or lose and rain or shine, football is that unifying centerpiece that draws people back to campus. And it provides the perfect vehicle to drink, talk shop, and bond.

Thankfully, top schools like Stanford, Notre Dame, Texas, Michigan, and UCLA field Top 25 teams. After first week wins, even Virginia and Duke fans have hope. And that buzz translates into two things: Interest and dollars.

B-schools get pulled into the hoopla too. And why not? Instead of awkward interviews and mandatory cocktails, students can drop their prepared points and get to know people, including their own classmates. So how do leading business schools capitalize on these weekend invasions? Here are some examples from Bloomberg Businessweek:

• Texas (McCombs): Holds tailgating parties at the business school before each home game.

• Notre Dame (Mendoza): Sponsors executive speakers and career panels on Fridays before games.

• Michigan (Ross): Hosts a reunion party during homecoming weekend, including a “speed dating” session where alumni can meet with students to get updates on various clubs and activities.

• California-Berkeley (Haas): Throws a Mexican fiesta for alumni over homecoming weekend. Haas also leads a walk of shame after each Pac-12 game (Just kidding Golden Bear fans).

Breaking the Ice: A B-School Primer On Making Faculty Friends

That anxious third grader inside us never really dies. You can score million dollar deals and develop groundbreaking products to hide it. Once you head to business school, that youthful insecurity comes out in full force. Like any nine year old, you’ll eventually ask yourself, “Does my teacher really like me?”

Maybe it doesn’t matter to you. But teachers can open doors for you. They can connect you with potential employers, serve as references…or help you better understand a concept. And they’ll go above-and-beyond for those who are friendly, sincere, and appreciative. Let’s face it: Teachers want to be liked too. And many crave a personal connection to their students too. So how do you build authentic relationships with your professors?

Sridhar Balasubramanian, a marketing professor at the University of North Carolina’s Kenan-Flagler Business School, encourages students to learn about their professors through outlets like Linkedin. He also counsels students to be strategic when approaching him, to have “something memorable to say or demonstrate what is memorable about you.” That will distinguish you from the hundreds of other students he encounters.

According to Jeffrey H. Bergstrand, a finance professor at Notre Dame’s Mendoza College of Business, professors take interest in students who enrich classroom discussions with relevant questions and real life experience. Balasubramanian notes that he appreciates students who contact him when they’re struggling instead of languishing through the semester.

Of course, these strategies pale next to the oldest way to build a relationship. And it’s something you probably learned in the third grade: Show interest in the other person. Bidhan Parmar, an assistant professor at Virginia Darden, counsels students to ask about a professor’s research, which is often their passion. Parmar also notes that Darden provides volunteer activities, such as Habitat For Humanity, where faculty and students can interact outside the classroom. Paul Whitmire, a second year student at Vanderbilt Owen, adds that learning about your mutual interests can often break the ice.

Looking for extra credit? Send a handwritten note to your favorite professors after graduation. For most business school professors, teaching is a calling, not a paycheck. They want to know that they made an difference too.

Source: Bloomberg Businessweek

Recruiters Push Early Access To New MBA Students

Remember the days when schools would chase off sports agents prowling around the athletic complex? Well, administrators now have a new menace to worry about: MBA recruiters.

Yes, the competition is heating up on campuses – and recruiters aren’t waiting for permission to meet with the new crop of students. They’re holding off-site events – and offering internships before first years even set foot on campus.

For example, Deloitte Consulting LLP hosts a summer conference, where first years can interview early for coveted associate positions for the following summer. Similarly, the Consortium for Graduate Study in Management conducts a summer event so first years can interview with companies such as Eli Lilly and Company and the Kraft Foods Group. In fact, some recruiters followed up with Consortium attendees from Cornell by holding “coffee chats” before their orientation.

So what’s the harm, you say?  According to Regina Regazzi, executive director of corporate relations at UCLA’s Anderson School of Management, students may make internship commitments before pinpointing exactly where they want to go with their careers. She adds that students could hurt their hiring chances by interviewing with companies before undertaking resume critiques and mock interviews.

However, there are advantages to early recruiting. Keith Bevans, who heads Bain & Company’s global consultant recruiting efforts, believes that it takes time to build relationships with potential hires. Meeting with first years over the summer gives them more time to identify and evaluate prospects.  Pulin Sanghvi, assistant director of Stanford’s career management center, also notes that the ‘mad rush’ to recruit students in later fall can overwhelm students.

And what are administrators doing to curb these early contacts? Well, there isn’t much they can do. In fact, they are catering to the recruiters. According to The Wall Street Journal, business schools are “pushing forward the dates they allow firms to begin corporate presentations, cocktail receptions and other recruiting activities.” For example, Emory University’s Goizueta Business School moved up this year’s company networking event from October to August 23.

Fact is, business schools need recruiters just as much as companies covet their students. Wendy Tsung, associate dean of MBA career services at Emory, observes that “companies are either going to go around us or they’re going to work with us. We’d much rather that they work with us.” Even students agree. Tom Tait, president of Michigan Ross’ student finance club, adds that schools are “not going to stop any company from engaging with the students. It’s in their best interest to have us at as many companies as possible.”

Source: The Wall Street Journal

Blast from the Past:

The Best 40 B-School Profs Under The Age of 40

What makes a great teacher?

Do they inspire? Challenge? Entertain? Clarify? Care? What makes these teachers so memorable? And why are they sometimes able to change the lives of their students?

One answer comes from Justine Lelchuk, a Harvard MBA and former co-president of the business school’s Student Association.  She described a great business school professor as

“someone who is a dynamic facilitator, clear communicator, active listener, passionate expert, provocative motivator, bridge between theory and practice, and just plain human.”

Poets&Quants took this definition to heart in 2011, when we polled students, alumni and officials to find those rising stars at American business schools. Their backgrounds are colorful and their methods are unique. Some come from the ranks of casino dealers and circus stuntmen. And their classrooms integrate everything from rapping to Apprentice-style projects. But one thread unites these 40 professors: A love of teaching. Check out our profiles of these 40 amazing educators, including their backgrounds, academic interests, and personal lives.

Source: Poets and Quants

Wall Street MBA Job Market Improves

Wall Street Job Market Improving for MBAs

This week, Training the Street (TTS) released its fourth annual employment survey of MBAs. The survey, which encompassed 200 MBA students and graduates from top institutions, shows that Wall Street firms are ramping up their hiring. And MBAs are benefiting with more interviews and offers.

TTS, a Wall Street training firm that tutored over 25,000 financial professionals in 2012, reports that 40 percent of survey respondents had received four to seven interviews, while another 31%  participated in eight or more interviews. 80 percent of respondents had already received job offers, with 50%  reporting multiple offers. In addition, 47% of respondents shared that they’ll earn base salaries between $100,000-$125,000, while another 21% will receive bases from $75,000-$99,999.

As a result, MBAs are upbeat, with 89 percent of respondents answering that they’re either “Very Optimistic” or “Somewhat Optimistic” about their job prospects.  And why shouldn’t they be? According to Scott Rostan, Founder and CEO of TTS, disclosed to the International Business Times that “one major Wall Street bank, which Rostan declined to name, told him that the entire summer crop of investment banking interns received offers this summer, even though usually only 50 to 70 percent of interns receive offers.” Rostan adds that, “I think you’re probably going to see, the MBA hiring market, with hiring upwards of 5 to 10 percent, maybe even up 20 percent,”

In addition, respondents reported that large banks and consulting firms were the biggest recruiters, with 48% being recruited by the former and 35% by the latter. However, only 22% percent of respondents listed large banks as their top choice, while consulting firms were preferred by 19%.

And how are students getting jobs? TTS found that 48% of students received offers through interviews. However, another 40% landed jobs through references or independent efforts.  Still, don’t expect a boom in MBA hiring, according to Rostan. “You aren’t seeing a market shift, but it is a steady interest over time. People are getting more offers, and people are more satisfied with their offers. As opposed to statistical data, this is more about mood and sentiment….We are not going back to the boom years. “But I think the bias is more positive leaning than negative leaning.”

Editor’s Note: Three quarters of survey respondents were males, with 78% of respondents between the ages of 26 and 34.

Sources: Digital Journal and International Business Times

At Harvard Business School, Lessons in Leadership From Literature

Truth may be stranger than fiction. Sometimes, fiction is more informative than fact.

That seems to be the opinion of Harvard MBA candidates who’ve taken Professor Joseph L. Badaracco’s literature and leadership course. Here, fiction is the case study. And the focus is on what drives characters to make decisions – and how those decisions ultimately impact those around them.

For example, Badaracco teaches A Man For All Seasons, where Sir Thomas More must balance his loyalty to King Henry VIII with his religious opposition to divorce. For More, following his conscience and maintaining the rule of law are paramount. However, he also realizes that the political winds have shifted – and publicly opposing the king could jeopardize his nation’s stability. As a result, he remains silent on the king’s divorce, but refuses to take a loyalty oath that’d supersede his loyalty to the Catholic Church. For that, More is executed as a traitor.

More’s dilemmas are similar to those that employees face every day. In Badaracco’s view, More “is trying to preserve the safety of his family and his conscience. You see that balancing may be more important than ‘doing the right thing,’ the simplest definition of ethics. What do you do when the world is complicated and there are several ‘right’ things?…Maybe the right thing with respect to one of your obligations is failing with regard to another of your obligations.”

And that’s why Badaracco’s course is so different: His readings take you inside people…and their constantly clashing and evolving contradictions, facades, fears, excuses, and convictions. According to Badaracco, “Literature gives students a much more realistic view of what’s involved in leading…Literature lets you see leaders and others from the inside. You share the sense of what they’re thinking and feeling. In real life, you’re usually at some distance and things are prepared, polished. With literature, you can see the whole messy collection of things that happen inside our heads.” In doing so, Badaracco believes students become aware of their own blind spots, opening themselves to other perspectives (and potential solutions).

Editor’s Note: For leadership lessons from Badaracco, along with his reading list, click on the links below.

Sources:  Harvard Gazette, Bloomberg Businessweek 

7 Negotiation Tips Given to Harvard Business School Students

“Take it over leave it.”

That seems to be the mantra for many recruiters these days. And why not? It is an employer’s market, with more supply than demand. According to CareerBuilder.com, only half of hires attempt to negotiate, anyway.

That said, hundreds of companies visit business school campuses every year. And they’re not just there to watch the trees change colors. They’ve come to hire the best-and-brightest. After spending two years and six figures earning your degree, you’ll want the best possible package.

Recently, Harvard professor Deepak Malhotra conducted a session covering 15 negotiation tips for MBA candidates. Here is some of his advice:

1) Justify Your Demands: You may think that three weeks of PTO is fair, but your prospective employer may disagree. Explain why this is important to you. For example, you may need two free weeks to cover trips to see your family (or your significant other’s family) and another week for a real vacation. In other words, “It has to be believable and justifiable to them,” according to Malhotra. Keep in mind, you’re probably not the only person this company is hiring – and they’ll want to keep packages consistent to avoid hard feelings. Look for alternatives that will give you what you want…without bending their rules too far.

2) Be Serious about Working for the Employer: Recruiters are seeking people who want to work there. When you start negotiating, you’re signaling that this company has a good shot of landing you. Don’t waste their time unless you’re committed. Similarly, set your terms early on. There is nothing more frustrating than a candidate who’s constantly amending the original parameters of the negotiation. Creating a moving target is a quick way to turn the recruiter from an advocate to an adversary. Always focus on keeping the relationship positive to get results, In Malhotra’s words, “They need to be able to want to do it for you.”

3) Understand The Other Party’s Position: “Why are they interested in me?” That’s the first question you need to ask yourself so you can understand your value. After that, probe to determine their constraints and expectations. Conversely, Malhotra cautions candidates not to “get stuck on what they’re asking you. Figure out why they’re asking you.”  For example, Malhotra notes that a question like “Where else are you interviewing” could really be gauging how quickly they’d need to act in order to hire you. By recognizing the real question behind each question, you can better determine your fit with an organization.

(Editor’s Note: For additional negotiation tips from Professor Malhotra, check out our Video of the Week, “How to Negotiate Your Job Offer.”)

Source: Business Insider

The Graying of Harvard Business School

“You’re never too old to go back to school.”

It’s a noble sentiment, but we know the truth. Business school is for the young, for those brimming wunderkinds with a manifest destiny to someday run business, academia, and even politics. Once you hit thirty, the conventional wisdom goes, why waste your time applying? Your time has passed. You’re forever conscripted to the ranks of middle management.

Well, maybe not.

According to statistics from The Harvard Business School, the percentage of “older” students has climbed for the second consecutive years. Bloomberg Businessweek reports that the “percentage of incoming students who received their undergrad degrees at least six years ago increased from 20.8 percent in 2011 to 22.9 percent in 2012, and to 23.3 percent this year.”

Although Harvard’s numbers contradict the norm, older students are showing increased interest in business school. Bloomberg Businessweek cites recent statistics from The Graduate Management Admission Council (GMAT), which oversees the GMAT entrance exam. According to GMAT, the 24-30 age group, which “includes some B-school applicants with six or more years of postgraduate experience, increased 6.5 percent in 2011-12, when applicants would likely be taking the test for 2013 admission. The 31 to 39 age group was up 5.2 percent in 2011-12, while the 40-plus category was basically unchanged.”

Although these numbers could reflect the overall increase in students taking the GMAT, there is little doubt that b-school is not just a young person’s game. At the University of Chicago’s Booth School, students who have been out of school for six or more years now comprise a quarter of the student body. And schools are welcoming older students as well. In the words of Stacey Kole, deputy dean at Booth, “If you have eight-plus years of experience and you think the MBA has passed you by, it hasn’t. If you’re a good fit for the school, you can get in.”

Sources: Bloomberg Businessweek and The Harvard Business School

The Secrets to Short Admissions Essays

5 Tips for Writing a Concise B-School Admissions Essay

Remember padding your high school essays to reach an assigned word count? Back then, we thought it’d be so much better if we could write less. Well, times have certainly changed!

These days, it seems like business schools want you to respond in haiku form. Harvard, Wharton and Ross are slashing the number of application essays. And Columbia has cut one essay from 500 words to 250 words. So how can you differentiate yourself and share all of your accomplishments and dreams in such a small space?

The answer may be counterintuitive. According to US News and World Report, one strategy is to start out with more examples than you need and then whittle the word count down. 

Similarly, admissions officers are reducing essay lengths to remind students to prioritize. Soojin Kwon, director of admissions at the University of Michigan’s Ross School, cautions that, “So many people were spending a lot of time on the essays and probably not as much time thinking about the other things, like their interviews or talking to their recommenders or even studying for the GMAT.” In other words, essays were just one piece of the puzzle. And devoting too much time to one area made them vulnerable in others.

The best essay advice comes from Brandon Royal, who wrote Secrets to Getting Into Business School: 100 Proven Admissions Strategies to Get You Accepted at the MBA Program of Your Dreams. Brandon notes that writing an essay is all about remembering what’s important to the audience:

“It all boils down to have you told the admissions committee who you are, where you’re going, what have you done and why our particular school is the right fit for you?”

Yes? Then cut the rest.