Texas McCombs MBA Insider

Category: Full-Time MBA (page 2 of 23)

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Exploring Scholarships
and Loan Options

October 30, 2023 / / Comments Off on Exploring Scholarships
and Loan Options

We understand that pursuing your MBA at a top school is a big investment in your future.  As you explore ways to further your education and accelerate your career trajectory, we invite you to think about defining your own  return on investment (ROI).  Are you looking for a promotion or salary increase?  Or are you searching for a new challenge or a way to align your personal and professional aspirations? It may be all of the above, so define your ROI as you consider an MBA for your academic and professional future.  

Texas McCombs is ranked No. 20 and is one of the most affordable MBA programs compared to the other top 20 programs in U.S. News and World Reports Top 20 Business Schools of 2023. Tuition is $52,550 for Texas Residents and $58,720 for residents out-of-state. 

Bar graph that highlights that Texas McCombs has the most affordable tuition cost compared to the top 20 business schools ranked by U.S. News and World Report, 2023

To make your MBA future more attainable, Texas McCombs provides financial assistance to many students to help cover the  cost of education. The most common financial assistance comes in the form of student loans, but other options may help fund your MBA. We invite you to review the options below to help facilitate your personal ROI for your MBA.  

Recruiting Scholarships

Texas McCombs offers merit-based recruiting scholarships funded through the generous support of individual donors and corporate supporters. All applicants are automatically considered for recruiting scholarships during the admissions review process. Recruiting scholarships are offered to domestic and international candidates who demonstrate a superior record of academic merit and professional accomplishments.  

The MBA Program’s scholarship funding varies from year to year, thus the percentage of students who receive scholarships will also vary from year to year.  This past admissions cycle, 77% of Admitted Full-Time MBA students received scholarship offers.  Scholarships range from $2,000 to full-tuition awards.  

For International candidates, 86% of enrolled students received scholarship offers.  

Banner that represents scholarship info: 86% enrolled international students received scholarships; 77% admitted students received scholarships; $21,000 average scholarship amount awarded; $20,000 median scholarship per year.

In tandem with our recruiting scholarships, McCombs partners with Bay Area for McCombs, Consortium for Graduate Study in Management, Teach for America, Forté Foundation, and Reaching Out MBA to allocate selective scholarship and Fellowship designations to top admitted candidates.  

2nd Year Student Scholarships 

At the end of the first year, Full-Time MBA students are invited to apply for a continuing student scholarship for their second year. These awards typically range anywhere from $1,000-$5,000. The 2nd Year Full-Time MBA Scholarship awards are given based on a student’s academic performance, leadership, and involvement during their first year in the program, as well as financial need. 

Institutional Scholarships 

The UT Austin Office of Scholarships and Financial Aid (OSFA) administers institutional endowed scholarships for continuing students.  First-year MBAs may qualify for these scholarships and can begin applying in November of their first year.  Students should review the specific criteria and application procedures carefully and reach out to McCombs Financial Aid with any questions.  

Federal Loans 

Many students are eligible for federal student loans and, in some cases, grants. You must complete a Free Application for Federal Student Aid (FAFSA) to determine your eligibility. This year, the FAFSA for the 2024-2025  school year will be available in December 2023 with a priority deadline of March 15, 2024. It is recommended you have your FAFSA completed by June 1, 2024. Students who are eligible to complete the FAFSA are U.S. Citizens, Permanent Residents, and other eligible non-citizens. 

Private Education Loans  

Private/alternative loans are not offered by federal or state governments. As a result, the terms of the loan will vary from lender to lender. If pursuing a private loan, check with your lender about the length of time your application will remain valid to ensure your approval won’t expire before you actually start the program.  

For ethical reasons, the McCombs MBA Financial Aid team cannot recommend any private lenders but will work with all banks and lending institutions once you’ve been approved. If you have any questions about the loan, please contact the lender.   

Loans for International Students 

For international students, there may be private loan options, with or without a U.S. citizen or permanent resident co-signer. (Note: We, as The University of Texas at Austin, cannot be your co-signer, nor can we recommend any specific lenders.) The student-run International MBA Student Association (IMBASA) is a good resource for information about pursuing an MBA as an international student. You are encouraged to reach out to IMBASA with any questions.  

Most students finance their MBA education using multiple sources— a combination of personal savings and loans and, in some cases, scholarship funding. Before you apply to business school, do research on how to finance your education, please reach out to the MBA Admissions Team with any questions. 

If you have any questions during the application process, we’re here to help. Please visit our website for details on applying to each program and follow us on Instagram for an inside look into the Texas McCombs MBA. 

Good luck and Hook ’em! 

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What Round Should I Apply In?

September 7, 2023 / / Comments Off on What Round Should I Apply In?

The 2023-2024 Full-Time MBA application is now open!  

We usually receive lots of questions about application deadlines and whether or not it matters when you submit your application– Round 1, 2, 3 or 4. Timing is a key factor in your overall application strategy. A lot of details go into deciding which round to apply, and one answer is not right for everyone. So, let’s break it down by round so you can get a clearer picture of when might be the best time for you to hit “Submit.”  

Round 1 

Round 1 is a good choice for a couple of reasons:  

  1. It is our first priority scholarship deadline – If you want to be considered for all merit-based scholarships, Round 1 is your best shot. As each round closes, our scholarship funding pool decreases. 
  2.  All of our spots are still available! Plus, historically we’ve received fewer applications in Round 1 than in Round 2.  

You should NEVER rush to submit your MBA application simply to take advantage of “more spots” or “more funding.”  

Once you submit your application, you cannot “re-submit” a stronger application in a later round for the same term of entry. If you skip important preparation, including formal test prep, articulating your “why MBA,” or conducting research just to be able to submit in Round 1, you could end up with a test score and application that doesn’t reflect you at your best.  

In any case, submitting in Round 1 might not be a good idea, especially if you know that you can improve a component of your application. Waiting to apply until all aspects of your application are strong is always the best approach.  

Round 2 

If we filled up the class in Round 1, the Admissions Committee might be out of a job by February. Round 2 is traditionally our largest round and Texas McCombs receives many strong applicants in this round. Scholarships and fellowships are still available and all information and data included in your application help the Admission Committee allocate scholarship awards.  

Applying later is okay! A strong application will stand out in any round. 

Round 3 or Round 4 

Our later rounds – Rounds 3 and 4 – tend to have a much smaller volume of applicants than the first two rounds. Many applicants in Round 3 or 4 simply didn’t realize an MBA was an option or on their radar until later in the application cycle. Historically, we always have spots available late in the cycle (which is why we have these later rounds!), but each year the number varies.  

We can’t say it enough– A strong, complete, well-researched application always stands out.  

Before you hit “Submit,” points to keep in mind:  

  • Submit your application only when you’re 99.9% ready. Supplemental application materials submitted after a round deadline are incredibly risky since there is no guarantee the Admissions Committee will see them. Once your file is read, we will not re-review again based upon new information received post-deadline.  
  • Don’t wait until the last minute! We are not able to accept applications submitted after 11:59pm CT on the day of the deadline. Technical difficulties impact applicants every round, every year. Stay aware of deadlines the best you can. In the interest of a fair process, we don’t make exceptions to our deadlines, no matter what reason you have for a late submission.  
  • Be patient. The Admissions Committee does not begin reviewing applications until the round deadline has passed. In other words, you might be far ahead and submit your application in August, but we won’t begin reviewing any submissions until after the Round 1 deadline in October. 
  • The Admissions Committee does not provide individual feedback on applications, out of fairness to all applicants and due to the volume of requests we receive.  

If you have any questions during the application process, we’re here to help. Please visit our website for details on applying to each program and follow us on Instagram for an inside look into the Texas McCombs MBA. 

 

Good luck and Hook ’em!

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Reapplying to Texas McCombs

August 23, 2023 / / Comments Off on Reapplying to Texas McCombs

With each new admissions cycle, questions come in from those who have applied in the past about applying again to join the next class of Texas McCombs MBAs.  

First, having applied in a previous year is not considered a negative factor in your application.

We are pleased to see your continued interest in the program and will evaluate your new application on its merits and in the context of the new applicant pool, just as if you are applying for the first time. Below is an overview of important info and tips for reapplying to the MBA program that we hope you find helpful.
 

burnt orange button that reads "watch our reapplication webinar"

Application

All candidates reapplying are required to complete a new application. We have also updated our application components to include a cover letter, video assessment, and optional peer interview. You will be required to submit these new items and pay the application fee. Our cover letter prompt has changed from last year, so copying and pasting old essay responses from a previous application cycle is not recommended. In addition, rewriting your cover letter shows effort!  

Review the application process and components 

Learn more about the new application updates 

Official Transcripts

We keep your official transcript on file for one year. You will need to submit your transcripts again if you have taken any additional coursework or if you applied more than one year ago. After you apply, you can always review your application status on the “MyStatus” page to make sure you have up-to-date transcripts.  

Test Scores

GMAT, GMAT Focus, GRE and Executive Assessment scores are also kept on file for one year, and overall, scores are valid five years after the date the test is taken. Candidates also have the option to apply for a merit-based test waiver; however note that if you have already sent us official scores, we must consider them in the evaluation process. The McCombs Admissions Committee considers only the highest total submitted score in the evaluation of applications. 

Recommendation Letter   

Although not required, we suggest you submit a new letter of recommendation. Determine if another recommender may provide a more current, insightful, and thorough perspective on your experience. If you choose to submit a prior recommendation, you will need to email MBA Admissions with a request to resubmit.  

Video Assessment 

Reapplicants will be asked to complete the new 2023-2024 video assessment as part of their new application; due to differences in timing and questions, we will be unable to use any video assessments from the prior year. 

 How Have You Improved?  

While completing your application, you will be asked, “Since your previous application, what steps have you taken to enhance your candidacy?” The Admissions Committee reviews this answer closely so please ensure that you spend time reflecting on and explaining these improvements.  

Choosing to reapply to the MBA program shows perseverance and dedication. We encourage you to consider giving yourself a fresh start when you approach your new application. Think through and reassess your application, address any weak areas, and add new information that may be helpful in the admission process. 

If you have any questions during the application process, we’re here to help. Please visit our website for details on applying to each program and follow us on Instagram for an inside look into the Texas McCombs MBA. 

Good luck and Hook ’em!

photo of 4 texas mccombs mbas with text that says "MBA Applications NOW OPEN"

Ready to Elevate Your Career? MBA Application Now Open

August 14, 2023 / / Comments Off on Ready to Elevate Your Career? MBA Application Now Open

Full-Time, Working Professional & Executive MBA Candidates

Calling all aspiring business changemakers! McCombs School of Business at The University of Texas at Austin is thrilled to announce the MBA application for Full-Time, Evening, and Executive programs in Austin, as well as the Weekend MBA at Dallas/Fort Worth and Weekend MBA at Houston, is now open for Fall 2024 entry. With a tradition of excellence in business education and a commitment to fostering innovative leaders, Texas McCombs provides a transformative learning experience that prepares students for success in the ever-evolving global landscape.  

Application Components 

As part of the Texas McCombs MBA admissions process, all applicants are required to complete all application components. The Admissions Committee aims to holistically assess candidates’ academic, professional, and personal achievements. Our objective is to determine if you are a good fit for Texas McCombs and ensure we are the right school for you and your goals. There are no fixed criteria or weighted portions of the application.  

Unless otherwise noted in the respective MBA program sections below, the following application components are required this cycle:  

Test Scores: Standardized test scores are a part of the application. All programs accept test scores from GMAT, GMAT Focus, GRE, and Executive Assessment, unless applicants qualify for a waiver.  More on the test waiver petition later.

English Proficiency Test: International students must submit an English proficiency test score (TOEFL, IELTS) unless they qualify for a waiver.

Academic Transcripts: Applicants must upload official undergraduate and graduate transcripts (if applicable) from all colleges and universities attended. These transcripts provide insights into the applicant’s academic background and achievements.

Resume: Applicants are asked to provide a detailed resume or CV highlighting their work experience, educational background, and extracurricular activities.

One Professional Recommendation: A letter of recommendation is required, preferably from individuals who can attest to the applicant’s professional capabilities and potential for success in the MBA program.

Video Assessment: Applicants will participate in a video assessment, providing a unique opportunity for them to showcase their communication skills, personality, and passion for business. 

Application Cover Letter: The application cover letter is a critical means of learning who you are as an applicant and assessing your communication and writing skills. 

Additional Full-Time MBA Application Components 

Optional Peer Interview: All MBA applicants may close out their application process and complete a short, optional virtual interview, allowing them to connect with Full-Time MBA students. 

Additional Working Professional & Executive MBA Application Components 

MBA Admissions Interview: Every Working Professional & Executive MBA candidate will complete an interview with a member of the admissions committee. The interview format is behavioral-based.  

Application Deadlines  

Texas McCombs offers multiple application deadline rounds to accommodate applicants’ varying schedules and to ensure they have ample time to submit their best applications. Applications must be submitted by 11:59 PM Central Time on the deadline date for each round. All MBA programs enroll annually every August. 

For the Full-Time MBA program, the deadlines for the upcoming year are as follows: 

Round 1: October 10, 2023
Round 2: January 5, 2024
Round 3: March 26, 2024*
Round 4: May 9, 2024

*Final deadline for international applicants

 

Applications for the Working Professional MBA program, including the Evening MBA in Austin and Weekend MBA at Dallas/Fort Worth and Weekend MBA at Houston, are accepted in four rounds.

Round 1: October 10, 2023
Round 2: January 23, 2024
Round 3: March 26, 2024
Round 4: May 28, 2024

 

Applications for the Executive MBA are accepted in three rounds. 

Round 1: October 10, 2023
Round 2: February 13, 2024
Round 3: May 28, 2024

Test Requirements and Waivers  

To provide MBA candidates with additional flexibility, applicants have more options than ever before when considering how to complete the standardized test requirement in their application. All applicants are required to submit a GMAT, GMAT Focus, GRE, or Executive Assessment (EA) score. We will waive the testing requirement if: 

  • Expired (taken 5+ years ago) GMAT, GRE, or EA score is submitted 
  • General Test Waiver (merit-based) is approved 

Standardized exams like the GRE, GMAT, GMAT Focus, and EA help us to evaluate a candidate’s academic preparedness for the rigor of business school and is also one metric used to compare candidates within a large pool of applicants. However, there are some scenarios where a candidate’s application might shine without the standardized test. Learn more about the criteria required to apply for a general test waiver. 

Once the GMAT Focus is launched in late fall, Texas McCombs will accept both the current GMAT test type and the new GMAT Focus test type.  

Full-Time MBA 

The Full-Time MBA program at Texas McCombs is designed for individuals seeking an immersive and transformative business education experience. With a rigorous curriculum, a unique and talented cohort, and unparalleled networking opportunities, the Full-Time MBA program prepares graduates to excel in their careers and make a significant impact in the business world.  

Looking for more detail on the Full-Time MBA Application Components? Click here to access a curated list of blogs on this topic.  

Working Professional MBA 

The Working Professional MBA program is tailored for ambitious professionals who wish to pursue an MBA while continuing to work. Offered in the evenings in Austin or on alternating weekends in Dallas/Fort Worth or Houston, this program allows students to balance their professional and academic commitments effectively. With a focus on flexibility and practical learning, the Working Professional MBA program empowers students to enhance their leadership skills and advance their careers without interrupting their work schedules. 

Looking for more detail on the Working Professional & Executive MBA Application Components? Click here to access a curated list of blogs on this topic.

Executive MBA 

The Executive MBA program is designed for seasoned professionals with extensive leadership experience. Through a blend of dynamic classroom sessions and experiential learning opportunities, the program equips executives with the knowledge and insights necessary to address complex business challenges confidently. The Executive MBA program also fosters a strong sense of camaraderie among participants, creating a valuable network of high-impact business leaders. 

Looking for more detail on the Working Professional & Executive MBA Application Components? Click here to access a curated list of blogs on this topic.  

Our Commitment to You 

Our goal is for these application components to exemplify our commitment to a human-centered, future-focused approach. We deeply value each candidate’s individual journey and recognize the potential they bring to our program.  

Ready to join the ranks of successful Texas McCombs MBA alumni and take the next step in your career? Join us as we shape a class of talented individuals with different perspectives, pioneering a path toward a brighter and more impactful future in business education. The application is now open, and we look forward to reviewing your submission. 

If you have any questions during the application process, we’re here to help. Please visit our website for details on applying to each program and follow us on Instagram for an inside look into the Texas McCombs MBA. 

Good luck and Hook ’em!

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Highlighting Your Work Experience

July 26, 2023 / / Comments Off on Highlighting Your Work Experience

When evaluating your application, our MBA Admissions Committee aims for a complete picture of your qualifications and fit with the program. It’s all about perspective. We look at your application as if we are holding a scale, balancing all the parts. 

When considering the specific experience on your resume, on one side there’s a raw number of years (Quantity), and on the other is your job experience (Quality). 

Quantity 

Say that you are the CEO of a mid-size corporation. Wonderful!  Oh, you just started in this position? That’s an amazing accomplishment, but perhaps you’d still admit that your knowledge and expertise in such a new position wouldn’t be as developed as someone who’s been doing it for a few years. 

Or maybe you have been in the same job for 10 years.  Wow!  No doubt you are a go-to person when it comes to that role, but could it mean that perhaps you didn’t take as much initiative or demonstrate the leadership qualities required to launch you to the next level? Or perhaps you have only had a project manager role for a year, but in that time you’ve produced measurable results and demonstrated leadership.  In these cases, the quality of your work experience matters more. 

Quality 

A general job title like “Project Manager” may seem lackluster, but could actually be pretty exciting.  Don’t let us make assumptions. Take every opportunity on your application to illustrate just WHAT about your job made your experience rich and rewarding. 

On the flip side, a Chief Operating Office title sounds impressive, but what kind of company did you work for and how extensive were your duties?  An impressive title with naught to back it up won’t move the needle in your favor when it comes to work experience. 

Highlighting Your Work Experience 

The takeaway on work experience:  Years, titles, and accomplishments are not, by themselves deciding factors. To help you provide us with a clear picture, here are our top tips for highlighting the quality and quantity of your work experience on your resume: 

Tailor Content – You may have heard the adage that your resume should be tailored to your audience, which is true. But customizing your resume may simply entail reordering or swapping out bullet points. Remember, a resume is a summary of your relevant experience, not necessarily all of it. 

Emphasize Results – We don’t just want a summary. We want to know whether you generated results from your work.  If the person replacing you could copy and paste your resume bullet points into their resume, that’s probably a sign your bullet points need to better emphasize your individual contributions in the role. 

Avoid Redundancy – Think of each line on your resume as a valuable piece of real estate. Consider the incremental value that each line on your resume provides for you as a candidate. If you have performed the same task in multiple roles, is it necessary to list that same task more than once on your resume? Likely not. 

Show Balance – We want to see a “balanced” candidate – someone who has been strong in the classroom and in the workplace while participating in extracurricular activities and having unique interests outside of work. Consider creating an “Additional” section to detail your activities and interests for use as a potential conversation starter. 

Utilize White Space – Great resume content can only be great if a reader can easily access it. That’s where resume readability comes into play. Don’t forget to use your white space effectively. A resume is not about cramming as much as you can onto the page. Rather, give your content some space to breathe. 

Enlist Proofreaders– Perhaps the most important element of a resume is that it is free of errors. A single spelling, grammatical, or formatting error can hurt even the most impressive resume. Have multiple individuals proofread your resume. 

Convey Personal Brand – What do you think of when you think of great global brands like Apple, Nike, or Google? What words come to mind? Now, when we read your resume, what words do you want to come to mind about you? Have a peer give your resume a 30-second review and see if the words you want to pop for a reader, actually do. 

Remember, your resume is important, but it’s only one data point for you as a candidate. Years of work experience give only one sense of you as a candidate, so use your resume to make the quality of those years really stand out. 

If you have any questions during the application process, we’re here to help. Please visit our website for details on applying to each program and follow us on Instagram for an inside look into the Texas McCombs MBA. 

Good luck and Hook ’em!

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