Myths and Misperceptions about the MBA

This week we welcome Katie Lloyd, Ed.D., Associate Dean, Evening and Full-time MBA Programs at the Scheller College of Business to the blog. Welcome, Katie!

Listen to “Myths and Misperceptions about the MBA – Katie Lloyd, Ed.D.” on Spreaker.

It’s never too early to think about your future. Now you might be shouting at the screen, “I just decided to attend _________! Of course, I’m thinking about my future.” Absolutely. Enjoy these noteworthy moments as well as your upcoming undergraduate experience. I hope it is only the beginning of a wonderful journey of lifelong learning.

College is an amazing time to explore new interests, activities, and relationships – and as you start to map out your future – an MBA is a great option to consider.

Photo taken prior to Covid-19 pandemic.

There is a lot of jargon, myths, and misperceptions associated with an MBA degree, so let’s break it down.

First: What is an MBA? An MBA, or Master of Business Administration, is a graduate program for students seeking a general graduate business degree. In addition to learning the basics, MBA programs also allow you to go deeper into business subject matter. There are a variety of MBA program formats available. Let’s tackle some of the myths and misperceptions surrounding the degree.

Myths

Myth #1: I should go to graduate school right after college.

An immediate path to graduate school may be the best course of action for some degrees, however, it’s ideal to gain work experience before applying to business school. A few good reasons to wait include:

  • MBA programs are built on classroom discussion and practical application. Students with work experience can contribute more to discussions and typically make better teammates.
  • Employers want to hire MBAs who have prior experience – and some companies require a minimum number of years. The requirement varies across industries, but three to five years is typical.
  • Students who have impressive pre-MBA profiles will have more post-MBA opportunities. More experience can also mean higher salaries.

Did you know? Some MBA programs, including Georgia Tech’s, allow you to apply for deferred admission into an MBA program your final year of college. You are still required to work before starting the MBA, but the deferred application process allows you to secure an MBA as a possible future option sooner.

Myth #2: I need to be an undergraduate business major.

It’s true that a bachelor’s degree in business can demonstrate critical thinking and analytical or quantitative aptitude, but so can engineering, sciences, and economics degrees. Students who pursue majors outside of these areas may also highlight aptitude by taking statistics, accounting, and other quantitative electives. MBA programs review the difficulty of your undergraduate degree and your performance. If your coursework can’t easily affirm potential success in graduate-level business classes, strong performance on the GMAT or GRE can help.

Photo taken prior to Covid-19 pandemic.

Myth #3: MBA programs only want applicants who are accountants, consultants, or entrepreneurs.

Absolutely untrue! While having an early career in any of these areas is great, it isn’t the only path to an MBA. Peace Corps volunteers, educators, engineers, veterans, architects, computer programmers, doctors, scientists, salespeople, journalists… they can all be qualified and compelling MBA candidates. Students who bring varied perspectives into the classroom encourage rich discussions and different approaches to problem solving.

Myth #4: MBA programs are only for Wall Street wannabes.

Just as MBA applicants bring a wide range of backgrounds into the program, MBA graduates also pursue a variety of careers afterwards. An MBA prepares you to make industry advances and significant career changes. You take a core curriculum in business fundamentals like finance, marketing, management, accounting, technology, operations, and strategy, and then can go deeper in one of them or specialize in something like real estate, sustainability, or innovation. Your classwork and projects, as well as extensive leadership and career development training, can lead to careers in almost every industry.

Did you know? Many MBA programs offer dual degree options that enable you to pursue two degrees simultaneously or consecutively. Popular options include the MD/MBA (medicine), JD/MBA (law), and MS/MBA and PhD/MBA in specific disciplines. At Georgia Tech, there are several dual degree choices. Masters or doctoral students who combine their studies can distinguish themselves in the hiring process and gain more long-term career flexibility. Also, it typically takes less time to complete the two degrees than if you were to do them independently.

Myth #5: MBAs are all about making money.

While many students return to school with the goal of increasing their salaries, MBA programs also help students build connections and do good within their communities. There are volunteering and community service opportunities, you can consult for non-profits, or even tackle environmental and social issues both during and after the program. Additionally, MBA students gain access to a new, diverse network that helps them build meaningful, often lifelong, relationships.

Photo taken prior to Covid-19 pandemic.

Myth #6: I need to leave my job to enroll in an MBA full-time.

Traditional MBA programs took students away from the workforce for two years. Now, there are many alternative formats. There are one-year accelerated programs, part-time options, online formats, and executive MBAs. The full-time, two-year option is still popular if you want to make a career change, as it allows you to gain relevant experience during a summer internship. Do your research and talk to admission offices to figure out which program may be the best for you.

Misperceptions

There are widely held misperceptions about most MBA admission processes. A few have been addressed in this blog series previously, but bear repeating:

Misperception #1: Most admission teams look for reasons to deny you.

While we look for certain desirable characteristics on your MBA application – we really are rooting for you! We have a lot of information to use in the evaluation process: undergraduate grades, leadership, work experience, recommendations, essays, test scores (sometimes), and an interview. You control these factors to a significant degree.

Misperception #2: Test scores are the most important factor.

While a strong performance on a standardized test (the GMAT and GRE are the most common) can help establish your quantitative aptitude, MBA programs emphasize other factors, too. In the past year, many programs have made the testing process optional, so the future of MBA standardized testing is a bit fuzzy.

For now, it’s best to think about taking a standardized test in your final year of college when your test taking skills are their sharpest. It may help you compete for admission and scholarships.

Misperception #3: MBA programs are expensive.

Yes, the cost is not negligible; however, many programs offer generous scholarships. And most candidates will experience bumps in salaries during or after completing the MBA. The typical candidate sees a return on their investment in 2 to 4 years and a lifetime of increased earnings.

I hope this knowledge about common myths and misconceptions surrounding the MBA arms you with one more option to consider for your future. As you begin your college experience, I encourage you to keep your goals beyond graduation top of mind and allow those goals to drive your decision making the next few years.

Now is the best time to be open to new opportunities and explore the unfamiliar. And you never know – perhaps the future will find you at Georgia Tech, achieving your goals as an MBA.

Dr. Katie Lloyd joined Georgia Tech’s Scheller College of Business in 2016. Bringing more than 20 years in graduate management education to Tech, Katie leads the Full-time and Evening MBA Programs as Associate Dean. She oversees all recruitment, admissions, and student experience efforts for these MBA programs. Katie is passionate about fostering a diverse, inclusive, and collaborative environment in which students and team members can reach their full potential. In addition to enjoying time with her husband and two children, Katie has been spending the last year learning how to paint.

Same Kind of Different

Listen to “Episode 30: Same Kind of Different (Preparing For Decisions) – Rick Clark” on Spreaker.

This Saturday we will release Early Action II admission decisions. Later today our team will gather online (I guess that’s a thing) to walk through the number and percentage of students in each admission decision category (admit, defer, deny), their basic academic and geographic profile, the timeline for pushing the decision into our portal, and the communications plan to follow.  

These are the numbers and the mechanics. But where we will spend most of our time is encouraging and preparing our staff for what is to come. 

Great work, tough decisions, many responsibilities. 

We will thank the team for their great work to get us to this point. Over 21,000 applications reviewed (many having been read two or three times) since the November 2 deadline. For those scoring at home that’s 21,000+ different stories, writing samples, and letters of recommendation.  

In a normal year that is a heavy workload for a staff of 27, but particularly when we’ve been nearly 100% remote and many on our team have been caring for parents or pseudo-homeschooling their kids as well. Bottom line–  it’s been a lot, so we will take some time to celebrate this significant challenge and phenomenal accomplishment. 

We will applaud how flexible folks have been with one another and the grace they have extended  as dogs bark in the background, babies crawl over laptops, and internet service lapses or drops entirely. Good times! This work is always compressed and stressful, but this year has stretched us all- we will try to drive this point home. Sincere, authentic appreciation and respect.

Not everyone agrees. 

Once we have laid all of the accolades on pretty darn thick, we will discuss how tough the decisions really are. There are many difficult choices that go into selecting the best match students and meeting the goals of the Institute. Thousands and thousands of incredibly talented applicants that we simply do not have the capacity to admit 

The truth is even in our own committee discussions we have frequent disagreements and disappointments. So, especially for the staff members who have not been in our office for many years, we prepare them to hear from many students, friends, parents, counselors, principals, neighbors, loving aunts, alumni, and even seemingly unconnected observers who will not agree with our decisions.  

If you assume every applicant has four additional people “in their corner” (personally I think that is conservative) you’re talking over 100,000 people who are impacted by these decisions. That gravity is not lost on us.  

We prepare staff to expect email and calls questioning and commenting on almost every element of our process. “Didn’t you see how high her test scores are?” “You clearly have no idea how hard our high school is.” “I thought you had a holistic review. There is nothing else he could have done outside the classroom.” Covid-19 will put its own spin on this, inevitably, as courses and opportunities have been impacted and disrupted. 

Ironically, within minutes you will receive contradictory accusations. “I know you only took her because she’s a legacy.” Followed by “Apparently, you could care less we are a third-generation family.” You left without doing the dishes!” (Wait…. that was a text from my wife.) Bottom line: there will be a lot of people poking holes, second guessing, and generally frustrated about things not going the way they think they should have gone. 

Miles to go before we sleep. 

In many ways putting decisions on the proverbial streets is only the beginning of our work. As soon as we admit students, the hard work of convincing students to choose us begins. Known as “yield season” in our world, that will entail creative efforts such as calling campaigns, virtual open house programs, and late nights/ early mornings to account for a wide variety of time zones— not to mention another 20,000+ applications to review by mid March. Tight timeframes, bleary eyes, and all of the continued underlying concerns and uncertainties Covid continues to bring. So we’ll preach a steady diet of caffeine, Emergen-C, exercise, and prayer. WE got this 

Same Kind of Different 

As I was making my notes on what to say to staff today, I could not help but notice that as an applicant, all these things can be said for you too. Most of you will receive some combination of admission decisions from different colleges this year. When they roll in, regardless of the outcome (admitted, deferred, denied, waitlisted) keep these three things in mind: 

Great work, tough decisions, many responsibilities. 

You have juggled a lot to get here: classwork, practice, job, family, and all of the complications, stresses, and challenges of a global pandemicYou have demonstrated sacrifice, commitment, desire, and a willingness to trade some comfort and ease for a more difficult path.  Well done. Seriously, you likely do not want to hear this, but what you have persevered through is great preparation for college. Period.

If you have been admitted to college already, CONGRATULATIONS! Well done. You took the classes, made the grades, put in the work and deserve to enjoy the satisfaction of seeing your efforts get rewarded. Keep your celebration classy, my friends. Act like you’ve been there before.  

If you are denied, nothing has changed. An admission decision does not invalidate the character you’ve displayed or knowledge you have gained. Hey. Hey! Do you hear me? Sincere, authentic appreciation and respect. Your day is coming. Some other schoollikely several, are sitting in committee right now impressed and excited to offer you admission. Trust.  

If you are deferred or waitlisted by a college, hang in there. This year in particular those are going to be common results. Take whatever comfort you can in knowing you are not alone. Check your ego. Do not write a school off because they said maybe or hang on, especially since the pandemic has upended traditional yield models and deans and directors are more unsure than ever about how the spring will play out on deposits. Be patient. Keep things in perspective. Be willing to wait. Not easy by any means, but absolutely critical, my friends.  YOU got this!

Not everyone agrees. 

I’m sorry to tell you this, but you may actually have to be the adult in this situation, even in your disappointment. I have seen many grown people absolutely lose their minds over admissions decisions: rants, cursing, threats, accusations, pulled donations, thrown objects, broken friendships. I’ve NEVER seen this kind of behavior from a student (well, maybe a few curses, but basically warranted).  

You may get in somewhere only to have a friend’s parent assert it is “just because ___________.” Just because of… gender, major, your parents’ jobs, one of your feet is slightly longer than the other, or you are left-handed. You may not get in and have your own parent cite one or all of these same reasons.

Bottom line: there will be a lot of poking holes, second guessing, and general frustration around things not going the way others think they should have gone, and when it does, remember most of it stems from a place of love. It may not feel like it at the time, but love is the root of the behavior. Two pieces of advice: 1 – read the poem “if” by Rudyard Kipling soon. 2 – Hug them. If you keep your composure, maintain your confidence, focus on the big picture, and express love in the moment, there is nothing you can’t handle (actually a rough paraphrase of “if”). 

Miles to go before we sleep.

I understand how in January it feels like getting in is what it’s all about. But the truth is some of the toughest work is still ahead of you. The likelihood is you are going to get in several places. You will need to compare those options, receive and evaluate financial aid packages… Oh—and don’t forget about next week’s exam and the paper you still need to write. 

Miles to go! But that’s the adventure, isn’t it? Embrace the journey!   

The Basics of College Admission

Each summer we host a program for faculty, staff, and friends of Georgia Tech who have kids in high school. This has come to be known as “Admission 101.” In about an hour we discuss the landscape of higher education; how students can/should build a list of schools; how to make a good campus visit; what colleges are looking for in applicants/ how admission decisions are made; and how families can go through their college admission experience in a unified and healthy manner. It’s a lot. A lot!

In fact, someone could probably write an entire book on what we try to cover in an hour. Hmmm…

One piece of feedback we received this year is attendees wanted more of the nuts and bolts of each part of the application (academics, essays, testing, extracurriculars, interviews, recommendations, etc.)

So, now that college applications are open and Early Action and Early Decision deadlines are on the horizon, we are launching a two month podcast mini-series as part of  The College Admission Brief (available on iTunesSpotify, and Spreaker).

Holding to the same promise of 10 minutes or less, the first three episodes of The Basics of College Admission are live, and ready for your listening pleasure.

Understanding Fit

Alexis Szemraj (Senior Admission Counselor) discusses the questions you should ask yourself as you consider colleges, as well as practical ways to evaluate and compare schools.

Listen to “Basics of College Admission: Understanding Fit – Alexis Szemraj” on Spreaker.

Top Tips: Use your network, keep an open mind, and ask yourself tough and real questions. Check out the alumni magazine and student newspaper from the schools you are considering, as well as their various social media channels. Think career, not major.

Listen For: Legacy lurk.

Key Quote: “The process should start by looking at yourself- not just a list of colleges.”

Further Reading: Cappex and Big Future

Campus/Virtual Visits

Katy Beth Chisholm (Assistant Director for Campus Visits) provides key tips for students and families about how to access colleges using online resources, such as online tours, sessions, webinars, and other campus resources.

Listen to “Basics of College Admission: Campus/Virtual Visits – Katy Beth Chisolm” on Spreaker.

Top Tips: Take and keep notes, debrief with friends, family members, school counselors. Find authentic sources. Pace yourself.

Listen For: The Massive Matrix Spreadsheet. (I did find this one.)

Key Quote: “Check out the YouTube channel, Facebook Live, and Instagram stories (from individual colleges).”

Further Reading: YouVisit and Inside HigherEd

General Application Tips

Alex Thackston (Senior Admission Counselor) provides great insight on who admission readers really are, and discusses practical tips and common pitfalls students should know while working on their applications.

Listen to “Basics of College Admission: General Application Tips – Alex Thackston” on Spreaker.

Top Tips: Prepare, don’t procrastinate! Find a trusted proofreader. Be yourself.

Listen For: Underwater karate against sharks.

Key Quote: “We can read the rush in your application.” (aka Don’t procrastinate.)

Further Reading:  College Admission Timeline for Seniors and Common App Application Guide

We’ll be releasing an episode each week throughout September and October. You can subscribe and listen on iTunesSpotify, and Spreaker.

Upcoming episodes include:

  • Early Action v Early Decision
  • Standardized Testing and Test Score Optional vs. Test Score Blind
  • Extracurricular activities (Impact, Involvement, and Influence)
  • Special Circumstances/ Additional Information
  • Recommendation Letters
  • Interviews

The College Admission Climb

A few years ago, I took 10 first-year students on a hiking trip to Scotland. It rained almost every day, and the Scottish Midges were brutal. During the trip, we carried 40-pound backpacks (45-pounds when waterlogged) up and down ancient rocky trails, eating freeze-dried meals for nine days straight. Not everyone thought it was awesome.

The goal of the trip, led by Georgia Tech’s ORGT, was to put students in an unfamiliar and uncomfortable environment without access to 100 percent of the information they needed, encouraging them to collaborate, dig deep physically and mentally, and find solutions for the challenges that inevitably arose.

In my mind, I’ve been back in Scotland lately, because while the Covid-19 trail is metaphorical, the severe lack of information, the mental and physical exhaustion, as well as the need to get up each day and simply put one foot in front of the other to keep climbing is eerily familiar.

On our trip, the leaders were the only ones who knew what the day ahead would hold. They had the trail map, understood the topography, and could advise us on what to wear, keep accessible, etc. Now, I don’t know precisely what the days, weeks, or months ahead are going to look like for you and your family. I don’t know all of the lessons you are going to learn from this “trek.” But I do know a little about the terrain and climate you are heading into, so hopefully these tips will give you a sense for how to prepare.

(Note: The original blog includes the full story plus specific tips and insight on curriculum choice, admission committee mentality, or holistic admission practices.)ORGT

Preparing for the Trail Ahead

Expect False Summits. If you have ever encountered a false summit while hiking, you know how deflating it can be. You fix your eyes on that point, dig deep mentally, and convince yourself that once you reach that peak the pain and discomfort will end.

And then…you realize there is still further to go. You are not done. You have to keep climbing to reach your goal.

Now. If you know there will be false summits, it does not mean your legs won’t burn and your climb will be easy. However, it does give you a mental edge.

My friends, we are headed into a range full of false summits. I expect at some point or another very soon each of us will experience one. It could be that your high school opens and then has to close again due to Covid cases. It could be that you practice this summer for a season that never takes place. It could be that a college calls, emails, texts and woos you to apply, only to ultimately defer or deny you later.  The list of examples goes on and on.

I’m not saying this is going to be easy. I’m not saying it’s going to be fun. But when you talk to experts about what it takes to be successful in college and life beyond, they quickly mention grit, resilience, and resolve. Arguably, there is no better preparation and simulation for life’s challenges than what we are currently facing. Disappointments are inevitable but losing sight of your goals or stopping short is not an option. Lace ‘em up, friends. Expect false summits.

Don’t Hike Alone. If you are a senior applying to college this year, don’t try to attempt this summit on your own. I’ve written a lot about not sharing your college admission experience too broadly or publicly, especially on social media, but you do need a few key partners.

Find one classmate or friend who you trust implicitly. Keep where you apply, where you get in or don’t get in, and your thought process along the way reserved to the two of you. Pick someone who: will give you constructive, honest feedback on your essays; knows you well enough to ask good questions about your motives and rationale; will hold you accountable; and who will encourage, console, and celebrate with you along the way.

Before we left to catch the plane to Scotland, one of the leaders said, “This is not going to be easy. You are going to be challenged and uncomfortable at times, but together we will learn, grow, connect, and have fun doing it.”

Your family, counselors, teachers, and coaches are in your corner. Let them know when you need help, share your wins with them when they come, and thank them regularly for their support. The college admission experience is not meant to be a solo summit. Don’t hike alone.

Celebrate Wins! Our team talks about this all of the time at Georgia Tech and tries to build in natural points along the way to pause and appreciate what we’ve accomplished. Otherwise, we all end up on an endless hamster wheel that can rob us of both joy and meaning.

I’m urging you to commit now to celebrating wins this year. Every time you submit an application, celebrate. Every time you get into a college, celebrate. Consider the work it has taken to get there and the people who have been encouraging and supporting you on your climb. Look back at your hard work and stop to appreciate the view.  Equally as important is that you commit to celebrating the wins of others.

The Covid climb is going to test us all. Smiles and high fives (not just due to social distancing) are in short supply these days. Go overboard on emojis. Overuse exclamation points. Text, IM, Skype, GroupMe, Slack, call, drive by cheering, whatever it takes. Regardless of what is happening on your climb, celebrate the wins of others.

I don’t know precisely what the days, weeks, or months ahead are going to look like for you and your family. I don’t know all of the lessons you are going to learn from this “trek.” But I do know that as much as colleges are looking for academically talented students, they are also looking for students who exemplify character. And character is frequently developed, tested, and honed in times of uncertainty.

Expect false summits, don’t hike alone, and celebrate wins. Welcome to the trail!

Your Voice Matters

Listen to “Episode 14: Your Voice Matters – Rick Clark” on Spreaker.

If you have ever heard an admission counselor discuss college application essays, they will inevitably say, “We just want to hear your voice.” Having worked at a number of institutions, I can tell you this is absolutely true. While grammar and style matter, conversations in committee rooms center on what your essays tell us you care about and how you think and operate.

Admission interviews are similar. In fact, “interview” is really a misnomer. Admission reps, alumni, students, faculty, or other university representatives you meet with have a battery of questions to ask, but really they are hoping for a conversation. They are interested in the content of your responses, your tone, your ability to build on ideas, and the tenor of the overall exchange and dialogue.

In other words, when an admission dean tells you they “just want to hear your voice,” they are not only thinking about your application, but also who you will be as a future member of their campus community—and ultimately as a graduate and a global citizen.

Your voice matters in the college admission experience.  How and when will you use it?

Your Voice Matters

Your Voice MattersAs someone who works at the unique intersection between high school and higher education; as an educator charged with building and shaping a class and a community; as the father of two young children, I believe all schools and universities should foster discussion, expose you to new ideas, and surround you with people who think and approach life differently. These communities should serve as laboratories for the mixing and merging of perspectives and the facilitation of open, spirited dialogue. None of that happens without your full engagement and commitment—without your voice.

If you are about to begin your college career, go look at your acceptance letter from the school you plan to attend.

I hope it makes you feel proud. I hope you see it as a vote of confidence, an invitation, and a contract.

An offer of admission is our way of saying…

We trust you.

We believe in you.

We need you.

We are counting on you to show up and contribute. We want you to be challenged and to challenge us. We are offering you an opportunity to learn, transform, and improve. And we are also imploring you to teach, transform, and improve our campus community.

Your voice matters in college. How and when will you use it?

Your Voice Matters Now

These are fractured and tumultuous times. Our world is facing a global pandemic. Our nation is in a divisive and contentious election year. Our cities are experiencing protests and curfews.

Honestly, part of what gives me hope right now is you. On Sunday, my family went to a protest organized by the Beacon Hill Alliance for Human Rights. The first 10 speakers were either high school or college students from the Atlanta area. It further convinced me of what I already know from reading your college applications—your voice is powerful and crucial right now and as we move forward.

Whether you are returning to high school or beginning your college career, I want you to know your voice matters. Your voice can help bring about the change and healing our local communities, campuses, cities, and our country so desperately need.

After the recent killings of Aumaud Arbery, Breonna Taylor, and George Floyd, there has been no shortage of articles, interviews, speeches, and social media posts suggesting precisely how and when you should use your voice. Ultimately, that decision rests with you.

My hope is you will choose to use it in your school and community to:

  • call out and speak against injustice, inequality, racism, and discrimination.
  • encourage.
  • lift the voice of friends, classmates, or other community members who are marginalized or excluded.
  • inspire.
  • acknowledge what you do not know and commit to listening and learning.
  • forgive.
  • speak truth to power, especially when the reality of an organization or an institution does not mirror its stated values, mission, or vision.
  • challenge.
  • question and protest systems/ status quo that work against progress and equity– and ultimately vote accordingly.
  • engage.
  • call out who is not in the room and work to bring them in as equal partners.
  • love.

I want to be clear. I do not always get this right– far, far from it. The Real Cost of Silence is a story I told several years ago as part of Georgia Tech’s Transformative Narratives project, which demonstrates that fact. But it taught me that my voice matters; transformation comes through experience (often through missteps and failure); our words will never be perfect, but silence in the face of injustice and overt prejudice is patently wrong; we cannot change the past, so we must commit to a different and better today and tomorrow; and perhaps most importantly, not being part of the solution means you are part of the problem.

Your voice matters each and every day. How and when will you use it?

Your Voice Matters, Now More Than Ever

I hope you take this summer to read, listen, watch, learn, reflect, and evaluate.

I hope you will ask yourself big questions about who you are, who you want to be, what you care about, and what you believe. Whether you are applying to college in the year ahead or beginning your college career, those questions are critical.

I hope you consider what you want your future and the future of our nation and world to look like.

Most of all I hope you will be reminded and confident in this—YOUR VOICE MATTERS.

How and when will you use it?

More Georgia Tech Voices 

President Ángel Cabrera’s Statement on George Floyd

A Commitment to Drive Change by Archie W. Ervin, Ph.D.

Dean of Computing, Charles Isbell

Dr. Rafael L. Bras, provost and executive vice president for Academic Affairs

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