Competition for MBA courses gets tougher

Trying for a place therefore requires careful preparation. You have to hit the right buttons to impress someone like Alex Brown of the admissions committee of Wharton in the US, who has already interviewed candidates in London this year. He says: 'Without a doubt, this is the strongest candidate pool that we have had. The quality was phenomenal it was very exciting.'

Investment bankers are among those swelling the number of hopefuls, according to Matt Symonds, co-author of The MBA Admissions Edge, which gives advice to applicants.

After returning from a European tour, at which business schools made presentations to candidates, he says: 'A lot of people were working for Goldman Sachs or other bulge-bracket banks. Their contracts weren't going to be renewed and they were looking for alternatives to unemployment.'

Candidates who have been made redundant may be at a disadvantage. 'We look carefully at how you rationalise going to business school, other than having nothing else to do,' says Brown.

'What personal and professional development have you undertaken since being made redundant?' Learning a foreign language and doing voluntary work are looked upon favourably.

The huge number of financial services applicants may be a problem in itself. Most schools aim for classes of individuals with varied backgrounds.

At IMD in Switzerland, where classes are small at 90 people a year, the chances of five UK-educated investment bankers getting on to the same course at one time are zero, according to Sean Meehan, IMD's admissions director.

He says: 'They might all be really good, but they are all bringing the same things to the class. We aim to build a class comprising people from totally different national cultures. That is how people learn.'

Most schools are less categorical than IMD in seeking diversity. This could be partly because their classes are often larger - about 250 at London Business School (LBS) and more than 800 at Harvard, for example. LBS says diversity is prized, but there are no quotas. Candidates from big banks may even be at an advantage.

David Simpson of the LBS admissions department says: 'We're looking for individuals rather than just a company name. But if we know that someone has been working for a company that we know well, in a position that we know well, it will add value to their application.'

Even corporate financiers at Goldman Sachs are likely to find admission in 2002 a tall order at this stage, however. Deadlines have mostly passed and most schools operate on a first-come, first-served basis. It is therefore best to focus on applying for a place in 2003.

This may be no bad thing. A two-year course means graduation in 2005, by which time the current downturn should be little more than an unpleasant memory.

Most top schools require a score of more than 650 in the General Management Admission Test (GMAT), which assesses mathematical, verbal and reasoning skills. Eugene Romer, a director of London-based GMAT Tutorials, says 250,000 candidates sit the exam every year, competing for 10,000 or so places at elite schools.

Simpson at LBS says that preparing for the GMAT takes time, as practicing the tests helps increase scores. But the effort can be worthwhile, particularly for someone whose academic record is not the highest.

Linda Meehan, director of admissions at Columbia Business School, says: 'A high GMAT score can counterbalance poor performance at university.'

An interesting professional background will also increase the chance of success. Simpson stresses the need for candidates to be able to talk with interest about their experiences at work.

'People will be expected to draw upon their work experiences in the classroom. Candidates need to think about how they can translate them into something that can benefit other class members,' he says.

Equally significant are personality, goals and achievements. These are established both through interviews - some conducted by alumni of the school concerned - and through written essays submitted with the application.

At LBS, alumni interviews have been known to take up to four hours. Simpson says: 'They've a lot to lose by letting in the wrong people. It's their brand.'

At some schools, such as Wharton, interviews are conducted blind, with the interviewers not knowing anything about the applicant in advance, says Brown.

At all stages of the application, candidates are advised to emphasise extra-curricular activities. 'What you do outside work adds depth and interest to your application,' says Columbia's Meehan. 'Let us know your human side.'

She says Columbia recently received an application from a Goldman Sachs banker who enjoys parachuting. This was seen as indicating a risk-taking personality, and possible entrepreneurial tendencies.

Clarity of reasoning in choosing one school over another is also required. Simpson at LBS says: 'Make sure that you understand the school and do specific research. The composition of the faculty and student body puts a distinct slant on the course.' Candidates who do everything right are likely to be rewarded. 'Good people are going to get a lot of offers, even in a difficult market,' says Wharton's Brown. Even those who do some things wrong need not despair. 'If someone isn't admitted, we will give them feedback and they can reapply,' says Brown. By that time, however, investment banking bonuses and recruitment may have recovered sufficiently to suppress thoughts of studying until the next downturn.