Every year we get hundreds of enquiries from senior applicants with 10+ years of work experience who wish to do an MBA. This pool of applicants has it difficult in the admissions process for the two year MBA program, where the average class work experience is 5 years. Plus, their age (30+years) is also more than the average class age of 28 years. These factors make a two year MBA unviable for senior applicants for several reasons:
1. Being older than class average can mean you are not a right fit in the class.
2. For senior managers who have already risen substantially in the corporate ladder, the class composition may feel less experienced, and therefore be perceived as adding less value.
3. A two year MBA may not be viable given family commitments and other pressures.
4. The opportunity cost of leaving a job for a two year MBA may be too much given your already good position at work.
At that age and stage, do you really need a two year MBA or a reputed finishing school where you build a great network and round off your business knowledge?
MBA FELLOWS PROGRAM FOR SENIOR APPLICANTS
The good news is there are specific programs that cater to this applicant pool. For applicants who can travel locally, say within the US or within Europe, there are the Executive MBAs(eMBAs) or the part-time or weekend MBA options. But for senior managers who want an immersive experience, there are some full time, exclusive programs, called MBA Fellowships. These cater to senior managers who are on the cusp of transforming to leadership roles and need that thrust, through business education, to get there faster. Moreover, the class is comprised of CXOs and mid-level managers who are at your level, and hence you have much to learn from them.
In this three-part series, we present three such Fellowship programs, that are hosted at MIT Sloan, Stanford and London Business School :
MIT SLOAN Fellows Program
Where would you study if you wish to rub shoulders with the likes of Kofi Annan as your fellow alumni? Its got to be the MIT Sloan Fellows program!
About MIT Sloan Fellows Program: Launched in 1930, this one-year fellows program is tailor-made for high potential, mid-career managers who are “enthusiastic to discover new possibilities for innovation and action”, the two themes that are fundamental to MIT Sloan. The program emphasizes preparing leaders to make a difference on a global scale.
Curriculum: The MIT Sloan Fellows have the choice between earning one of the three degrees: an MBA, an MS in Management or an MS in Management technology. The MS courses require the Fellows to complete a thesis in order to graduate. The Sloan Fellowship course that begins in June, builds upon a foundation of management, global leadership and innovation. In addition to the core courses, the Fellows can take between 8 and 10 electives.
Class profile: The class of 2018 has 109 students having an average work experience of 14 years. 84%of the class is international with 42 nationalities represented- 32% of these are from Asia. Females comprise 23% of the class. A majority of the class comes from financial services background and the industry. Common designations of candidates are VPs, directors, heads of business departments, founding partners and senior managers.
Eligibility: For admission, MIT Sloan Fellows should have atleast 10 years of full-time work experience. An ability to innovate and invent and push beyond one’s comfort zone to make long-lasting impact are the qualities the adcom looks for in potential candidates.
Program Fee: for one year is approximately $179,798
Application material:
The essays are:
1. Please tell us about a time you were recently on a team which had competing priorities. What challenges did you face, how did you approach the challenges, and what did you learn from this experience? (500 words or fewer).
2. Video Interview: Please introduce yourself via a brief 60 second video statement. Videos should be a single take (no editing) lasting no more than one minute and consisting of you speaking directly to the camera.
3. Optional essay: You will have the option to provide any additional information you would like the admissions team to know that may be helpful in evaluating your candidacy (i.e., choice of recommenders, areas of concern in your academic record, other extenuating circumstances, etc.). This information should be provided in a written format (200 words or less)
Organization chart: In addition to the essays, the applicants should provide an organizational chart which outlines the internal structure of your department and company. This should have a limit of two pages.
Here are specific instructions from MIT on the organization chart: We should be able to see your line of reporting to the top of your organization, and to easily find you, your peers, your supervisor, their peers, and your direct reports, as well as any other recommenders from your current organization.
Resume: The application requirements include a resume that should not be more than two pages.
Letters of recommendations: Applicants must submit two LORs from recommenders who can provide feedback on the following questions:
1. Please provide a brief description of your interaction with the applicant and, if applicable, the applicant’s role in your organization. (Maximum word count: 50 words)
2. How does the performance of the applicant compare to that of other well-qualified individuals in similar roles? (E.g. what are the applicant’s principal strengths?) (Maximum word count: 500 words)
3. Describe the most important piece of constructive feedback you have given the applicant. Please detail the circumstances and the applicant’s response. (Maximum word count: 500 words)
4. Is there anything else we should know? (Optional)
Other application requirements:
GMAT/GRE: All the applicants are required to submit one from either a GMAT, GRE, or EA (executive assessment) score.
Bachelor’s degree: All applicants must hold an undergraduate degree. They can scan and upload their transcripts at the time of the application.
Application fee is $250
Interviews: are by invitation only. Invited applicants will be expected to answer the following questions:
Essay during interview: The mission of the MIT Sloan School of Management is to develop principled, innovative leaders who improve the world and to generate ideas that advance management practice. We believe that a commitment to diversity, inclusion, equity, and well-being is a key component of both principled leadership and sound management practice. In 250 words or less, please describe how you, as a member of the MIT Sloan community, would work to create a campus that is welcoming, inclusive and increasingly diverse.
Applicants can hear back about invitation right until the decision deadlines.
Deadlines for the MIT Sloan Fellows Program:
R1: October 9th, 2018
R2: December 10th, 2018
R3: February 12, 2019