Finance is one of the largest industries that business schools draw from. Here, I use the term “finance” broadly, including corporate finance, investment banking, equity research, private equity, asset management, and others.
MBA admissions committees like candidates with experience in finance, as they generally have the quant skills needed to succeed academically. The flip side is that competition for a place at top MBA programs is stiff. Just think about how many of your colleagues are also applying to business schools. This leads to the question: how can you stand out in the crowd and be a compelling candidate?
To maximize your chances that MBA programs will pick you over the person sitting next to you, here are some things to focus on:
Your Scores
Most applicants are smart, so business schools need some sort of metric to determine who the “smartest” people are. And, rightly or wrongly, this frequently boils down to the GMAT or GRE. Although business schools historically preferred to see GMAT scores, they are now indifferent about which test applicants take. Take the one that best resonates with you and matches your test-taking style. Scores are important because schools want to be sure you can cut the mustard in the core and beyond, and they also don’t want to accept anyone whose score could negatively impact their program’s ranking.
Generally, the average finance “jockeys” have GMAT/GRE scores above the school’s published average. This means you’d better nail the exam—which means taking practice tests, enrolling in a course to sharpen your skills, maybe getting a tutor to help you through the rough spots, and then possibly taking the actual test multiple times until you get your target score.
Your Story
You want the admissions committee to remember you. Given that many finance folks have similar backgrounds and experiences, be prepared to tell a story in your essays that only YOU can tell. This means not a lot of discussion about that last deal you worked on, as it will be just like the last deal your neighbor worked on. Instead, share something unique that you did at work, such as starting an affinity group or a brown bag learning series, or about your background, college experiences, or something you do outside of work. Your experiences tutoring underserved kids or organizing a conference, as well as life-changing experiences, are all good fodder for a unique and potentially compelling and memorable essay.
Your Reason
Over time, many of the biggest banks and finance companies have moved away from requiring an MBA to progress in one’s career. Given that you may be able to succeed without an MBA, it is important to explain why you need one—and in a very specific way.
If you intend to return to a similar function after business school, what does your progression look like with an MBA versus without an MBA? Or maybe you are looking to change industry or function—both good reasons to get an MBA. However, you have to explain why you need an MBA to make this career pivot.
Your Skills
Building off of your reason to get an MBA, you must be very clear about what skills you need to develop to be successful in the future.
If you are already a finance maven, don’t say you want an MBA to study more finance. Why would you want to spend two years studying something you already know? That doesn’t make sense for you or the business school. What additional skills do you need to reach your goals? Maybe you need to learn more about strategy or operations management. That is a more compelling answer.
Of course, remember to include why you want to study strategy or ops and how gaining these additional skills will lead to success in your desired post-MBA role.
Your Strengths
Since you look a lot like many other candidates with backgrounds in finance, it will be worthwhile to turn the equation around. Schools know that you will get a lot from their programs. Therefore, rather than telling them why you need business school, explain how you will be additive to the cohort—show them what you can bring to business school and to your classmates.
Maybe your expertise in finance will allow you to support your number-phobic teammates. Or perhaps you can leverage your contacts to organize a finance trek for your peers to visit finance companies. Be willing to be a resource for others, as this can be compelling.
In the end, a finance background has both pluses and minuses when it comes to MBA admissions. In some ways, it enhances your candidacy, as business schools know what they’re getting from someone coming out of finance. In other ways, it diminishes your chances, as there are a lot of candidates who “look” like you, so you have to work hard to set yourself apart.
Remember, though, that business schools are looking for people, not profiles. Therefore, be sure to create an application that lets the admissions committee know you are not just your resume; you are a unique applicant with a clear view of what your future is and how business school fits in. That is the type of person they want to accept regardless of their background.
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