An MBA can bring more marketable skills and greatly expand or advance potential job opportunities. But the process of applying to business school is time-consuming, so it’s important to think strategically about which schools to target.
“I recommend that applicants consider what is most important to them across key parameters such as location, global reach, course offerings and class size,” says Monica Okrah, founder of the MBA admissions consultancy Helium.
Researching programs with these factors helps build a shortlist of schools applicants would be happy to attend. Next, narrow your list by admissions criteria and balance selectivity with one or two reach schools, two targets and one or two safeties, Okrah says.
Here’s how to identify which schools fit those categories.
Reach MBA Schools
A reach school is one for which an applicant’s GPA, test scores or work experience fall beneath those of the most recently admitted class.
For some applicants, their dream school is the focus. Approximately 10% of Okrah’s clients — mostly those already working in private equity or venture capital — choose to apply only to Harvard Business School in Massachusetts or Stanford University’s Graduate School of Business in California, she says. Both schools have extremely low acceptance rates.
“This can be a risky strategy,” Okrah says. “Still, these candidates are willing to accept the risk because they believe Harvard or Stanford would provide the best ROI for their post-MBA goals.”
[READ: 7 Ways to Stand Out When Applying to Business School]
Even if a candidate doesn’t quite match the typical stats — such as GPA and GMAT scores — of a school’s average student, experts say reach schools are still worth applying to.
“After all, if reach programs were off-limits, no one would apply to these schools,” says Danae Anderson, senior MBA admissions consultant at Sia Admissions.
Fit Is a Factor
However, hopefuls should apply for the right reasons, focusing on fit rather than just ranking, and demonstrate that fit clearly in all parts of their application, Anderson says.
Some programs may seek students from specific industries or with unique expertise, so research where your background adds value, says Scott Edinburgh, founder of Personal MBA Coach.
Applicants with nonbusiness backgrounds have seen more success recently, he says. Applicants with stats that are below average but who provide a distinctive perspective, such as experience as a unionized employee, may still stand out.
Check a school’s 100% GPA range to see what’s possible, but remember that those at the bottom are rare exceptions, he says. With ranges there is often a minimum, even for those with strong profiles.
“For example, for the class of 2027, NYU Stern’s 100% GPA range was 3.18-4.0,” Edinburgh says. “This means that no one outside of that range was accepted last year, regardless of what they brought to the table.”
Honest Self-Reflection
Elite programs are tough even for top applicants, experts say.
“Having a dream is not enough. You must conduct an honest self-evaluation,” says Candy Lee LaBalle, MBA admissions expert at MBAClarity.
If you don’t have proven impact, then get it, she says. “Demonstrate that you have made a difference for others. This could be in your work by creating a new process or improving office culture.”
For example, her admits to elite programs didn’t just coach soccer, “they secured sponsors to create a scholarship for young players.”
[Read: 3 Factors to Help Find the MBA Program That’s Right for You.]
Target MBA Schools
A target school is where your academic credentials fit well with the school’s average range for recently admitted students. It’s where your stats are “in line with GMAT scores within 10 points of the average and GPA within .2,” Edinburgh says.
“You look a lot like most admitted students,” Anderson says, and identifying target schools “depends on an honest evaluation of your profile.”
To compare your stats, Okrah says students can review class profiles on schools’ websites, which share information on industries and companies students worked for, years of work experience, where they are from and their average GPA and GMAT or GRE scores.
“If there are students at the school who work in similar industries and companies and have similar stats, the program might be a perfect target school,” Okrah says.
Weigh Application Rounds
Applicants can submit applications to reach and target schools in the round that allows them to demonstrate their strongest package, she says.
“If that means delaying an application to Round 2 to achieve a stronger test score, complete a course to boost their alternative transcript, or gain additional experience, they should do so,” Okrah says.
Having a strategic plan that balances a mix of reach, target and safety schools between application rounds “is just as important as selecting the schools themselves.”
Candidates can do some things to strengthen their profile and influence the mix of target programs applied to. Those more than six months from the application deadline still have time to improve their resumes, Anderson says.
“For example, consider delivering value that a volunteer organization can use well beyond your participation in it,” Anderson says.
One client did that, reconnecting with an organization where she had once led financial literacy workshops and developing a course others could use and teach, Anderson says.
Retaking the GMAT can not only boost your score, Anderson adds, but “signals to MBA programs that you are dedicated and determined.”
Stand Out
Highlight what makes you different from your application pool. Instead of mentioning your role in a billion dollar deal, show “how you stepped up for your supervisor who was on maternity leave, or leaned on your social skills to connect stakeholders spread across countries,” LaBalle says.
Your fun side matters too, such as showing “your sense of humor, your love of hosting pasta nights or your passion for deep conversations,” she says.
[READ: MBA Rejection: 8 Possible Reasons and What to Do]
Safety MBA Schools
A safety school means your GPA, experience and test scores are higher than average, which increases your chances of being admitted.
“A safer school would be one where you plan to get accepted to and hopefully with a large scholarship,” Edinburgh says. “Your (GMAT) numbers may be above the average by 30 to 50 points.”
If an applicant is set on a specific tier of schools but has a certain area of weakness, such as a below-average test score, then “selecting safety schools in the next tier can be advantageous,” Okrah says.
Admission to MBA programs can still be competitive and admissions decisions unpredictable. Experts say it’s important to apply to a variety of schools and to make sure each one is a good fit.
“The MBA is a significant financial investment and time is a precious commodity in the MBA application process, so I recommend only applying to a safety school you would actually attend,” Okrah says.
Anderson says she’s seen strong applicants reapply after being rejected from safety schools due to not clearly expressing their career goals or motivation for attending the program.
“A strategic school list isn’t about aiming high or playing it safe,” Anderson says. “It’s about creating a list that maximizes your chances of admission by thoughtfully including a mix of reach, target and safety schools.”
Even with strong stats, no school is an easy admit. Compose a thoughtful, well-crafted application, including for scholarships, LaBalle says.
Admissions officers at a school will know you have good odds of being admitted elsewhere, so show them you are their top choice, she says, by demonstrating genuine interest in the program, culture and location.
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Reach, Target, Safety: How to Choose MBA Programs Strategically originally appeared on usnews.com
