MBA Timeline: When to Apply to B-School

For MBA hopefuls, the business school application can feel daunting. Applicants must coordinate several components — standardized testing, essays, resume, recommendation letters and the application itself — ahead of program deadlines.

Breaking down the process can make it more manageable, experts say.

“My number-one piece of advice would be to start early,” says Caryn Altman, senior MBA admissions consultant at Stacy Blackman Consulting.

Here is the ideal MBA application timeline, according to experts.

A Year Before MBA Application Deadlines

Reflect

The first step is assessing whether business school is right for you

, experts say. Applicants should evaluate whether their professional goals align with what an MBA provides.

Explore Funding Options

The cost of an MBA can exceed $200,000 for top programs. This makes proactive financial planning important, experts say.

Applicants should explore funding options well before MBA application deadlines. These options include personal savings, employer sponsorship, scholarships, grants, and federal and private loans.

Prepare for the Standardized Test

Applicants should begin studying for the GRE or GMAT the fall or winter before MBA program deadlines, says Melisa Prevost, senior MBA admissions counselor at Stratus Admissions Counseling.

Typically, scores increase after the first test, so you should plan to take the exam twice, experts say. Test-takers must wait at least 16 days between GMAT attempts and 21 days between GRE attempts.

[READ: 3 Factors to Help Find the MBA Program That’s Right for You.]

Nine to Six Months Before MBA Application Deadlines

Take the GRE or GMAT

Take your entrance exam no later than three months before the application deadline, Prevost suggests. This will give you at least two opportunities to retake it, if necessary.

Most MBA programs offer three application deadlines: round one in September or October, round two in January and round three in March or April.

Ideally, you should have test scores you’re comfortable with by March for round one admission deadlines the coming fall.

While the standardized test is only one component of the overall candidate profile, it can help you assess which programs you might be competitive for.

Strategize

Experts encourage applicants to begin strategy work early.

Business schools are looking for, ‘What’s your long-term goal? What’s that short-term career path to get there? And why do you need an MBA to succeed?'” Altman says.

Working through these questions — and laying this groundwork early — helps streamline the overall application process.

Research and Network

Some schools are known for certain functions or industries, like consulting or technology. You should evaluate how your career goals align with different MBA programs.

For each school, identify coursework, professors, extracurriculars and resources that interest you.

“Everything should eventually ladder up to that ultimate long-term goal,” Altman says.

To learn more about an MBA program, you can visit campus, attend informational sessions, network with current students and use undergraduate alumni networks.

March and April tend to be the best times to connect with current students, Prevost says. During the summer, students might be away for internships.

[Read: What It Takes to Get Accepted at a Top MBA Program.]

Three Months Before MBA Application Deadlines

Typically, essay questions and applications are released over the summer.

Work on Resume and Essays

“You want to be wary of not starting too early and assuming that the essays are going to be the same every year,” Prevost says. Sometimes, essay questions change slightly.

June, July and August are typically spent writing, revising and reviewing these essays. During this time, experts also recommend setting aside time to convert your professional resume to an MBA resume.

Request Letters of Recommendation

Most schools require two letters of recommendation.

Prevost suggests identifying potential recommenders in late spring, then formally requesting recommendations in the summer. Typically, applicants use the same recommenders for all their applications.

Complete the Application Form

In addition to basic biographical and demographic information, some applications may also include short-answer questions. Experts encourage applicants to approach the form with the same intentionality as the other application components.

Within One Month of MBA Application Deadlines

Generally, you should aim to have your applications completed sooner rather than later. “For peace of mind, I would aim to get it in a week or so before the deadline,” Altman says.

Some applicants might choose to apply to a mix of stretch, target and safety schools in round one. Others might apply to their stretch and target schools in round one and, if needed, apply to their safety schools in round two.

“It kind of depends on capacity and how they want to approach it,” Prevost says.

Applicants should aim for round one or round two submission. Applying early has benefits, experts say. Generally, you have a higher chance of acceptance and scholarships in earlier rounds, and the final round is considered more difficult because most of the class has been filled.

But there are reasons an applicant may choose to delay submitting their application until a later round, Prevost says.

“If someone’s going to get promoted in December, it might make sense to wait until round two,” she says. “Because that’s going to be something that will definitely strengthen (their) application.”

Experts advise against applying in round three unless you have a unique background — one that stands out from the typical finance or consulting path to an MBA. For international students who have to consider visa processing timelines, round three submission is generally not recommended.

Ultimately, “applicants should apply in the round they can submit the strongest application in,” Prevost says.

[READ: MBA Waitlist Strategy: What to Do Next]

Post-Submission Timeline

Adjust your application strategy based on round one feedback, experts advise.

“You don’t have a lot of time typically to put together an application between the round one decision date and the round two application deadline, so I like to use November 15 as an indicator,” Altman says.

If you have received no interview invitations by mid-November, it might be time to reassess. But this doesn’t necessarily mean you won’t be accepted in round one.

During this time, you might choose to refine your application materials, retake the standardized test or adjust your school list.

“If things aren’t going well round one, round two, there’s probably a reason,” Altman says. “I’d rather see you take a step back, reevaluate and then submit a really great application the following year.”

Interview

Applicants should begin interview prep once they’ve submitted their applications.

There are two ways MBA programs release interviews, Prevost says. Some schools release all interviews on a specific date, while others do rolling interviews.

While the interview timeline and format varies, most programs extend interview invites within a couple of months of the application deadline.

Manage Waitlist Status

It’s important for waitlisted applicants to stay active, experts say. You might update the school on professional advancements, personal achievements or improved standardized test scores.

“Most schools have a process that they want you to follow,” Prevost says. They will provide guidance on what information they’re interested in receiving and how they want to receive it, whether by email or through a portal.

Decide on a School

Once you’ve received an MBA acceptance, you’ll need to put down a nonrefundable deposit to secure your place, experts say. Then you can notify other schools of your decision.

More from U.S. News

MBA Scholarships That Can Help Pay for Business School

13 Ways to Secure an MBA Acceptance Letter

How to Get Accepted to Multiple Top Business Schools

MBA Timeline: When to Apply to B-School originally appeared on usnews.com

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