Texas McCombs MBA Insider

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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! 

person at a laptop with a banner that reads "The MBA Application: letter of recommendation - Working Professional and Executive MBA

How to Submit a Successful MBA Recommendation Letter

September 22, 2023 / / Comments Off on How to Submit a Successful MBA Recommendation Letter

The Texas McCombs Working Professional and Executive MBA applications require one professional letter of recommendation from a person who has supervised your work and/or has directly assessed your work performance during your career.  

A recommendation letter is the only component of your application where you rely on someone else to provide information, so it is important that you carefully decide who you will ask to be your recommender. The Admissions Committee uses this recommendation to assess your work capabilities, such as your motivation, contribution, strengths, areas of growth, etc.  

What is in the Recommendation Letter?  

First of all, this is NOT the traditional letter of recommendation you typically think of where someone writes a letter on your behalf to vouch for your professional performance. Texas McCombs uses the GMAC Common Letter of Recommendation. Your recommender will receive a link to assess specific competencies/traits and answer three short-response questions.  

 Keep in mind that while there are other programs using this form, some schools will ask a different series of questions.  If you’re applying to more than one MBA, you may be asking your recommender to separately fill out different forms. Make sure they do not copy and paste their responses.  

Who should write your MBA Recommendation?  

Circumstances differ for every applicant and deciding who you should ask might vary.  Below are some scenarios to help guide you in choosing the best recommender for your MBA application.  

 Your Supervisor 
Your current direct supervisor is traditionally the best choice. This is likely the person in your network that knows your strengths and weaknesses better than anyone else and can speak to your professional capabilities.  

However, in some instances, your current supervisor may not be a viable option for you.  Perhaps you aren’t able to communicate to your employer that you’re applying to business school or you do not work with your direct boss that closely. It could also be that you attained a new role recently and your current supervisor has not had a chance to work with you very long. Or, you’re an entrepreneur and don’t have a supervisor.   

All of these are valid reasons to look for other recommendation sources. If you choose to request a different recommender than your current supervisor, please explain your choice in the Optional Essay.   

Your Former Supervisor
If you cannot ask your current direct supervisor to write your recommendation, maybe you can ask a previous supervisor? Depending on how recently you worked with them, your previous boss may be the best choice, especially if you had a strong professional relationship with that person. This is the most common alternative option. 

Your Indirect Supervisor 
Asking an indirect supervisor can be another option, especially if you’ve worked with this person closely on long-term projects or significant assignments.  This is a nice alternative to a supervisor that you may not work with closely. 

Your Client or Vendor 
This recommendation source is typically useful for entrepreneurs or for applicants who work for a family business. If you work for a family business, it is preferred that you ask an individual outside of your family to write your letter of recommendation. 

Mentor or Other Options 
Mentors can be from inside or outside of your workplace who have a clear understanding of your professional value. Also, there are many individuals who may fall in the category of “other recommenders.” For example, a former professor, a colleague, or a coach. However, be sure that the person you select has worked with you on measurable tasks and understands your professional experiences to ensure they will provide a recommendation with depth. This is the least preferred option by the admissions committee. 

 

Other Tips:  

  • Don’t focus only on title – the CEO of a large company may sound like an impressive recommendation, but unless they work with you closely, the recommendation letter will likely fall short of delivering the information that the Admissions Committee is looking for.  
  • Steer clear of asking a direct report (someone who reports up to you) or a family member to submit a letter of recommendation.  
  • When it comes to other options, use your best judgment. An undergraduate professor may not be the best person to address some of the questions posed on the recommendation form, and the Admissions Committee is looking mainly at your post-undergraduate work experience.    

You’ve chosen a recommender. What’s next?  

First, before asking your recommender to take this on, keep in mind that they are likely a busy individual – be sure to give them plenty of notice before the application deadline.   

Secondly, give them a heads-up about your request. You don’t want to blindly email someone and ask them to write something for you without having a conversation. It may be a good idea to revisit certain projects you worked with them on. Most importantly, explain to your recommender why you’re pursuing an MBA. Giving them some context behind your ask will go a long way and will likely result in a stronger letter.   

Finally, make sure you give them all the information on the recommendation before you ask, especially the timeline for when you will be submitting your application. Let them know they will be receiving a link to fill out the recommendation, and that they do NOT need to write a supplemental letter.  

If you have any questions during the application process, we’re here to help. Join us at an upcoming event to connect and learn more about Texas McCombs.  Please sign up for MBA news and follow us on Instagram at @UTexasMBA to stay updated. 

Hook ’em! 

 

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The Full-Time MBA Cover Letter and Optional Statement

June 27, 2023 / / Comments Off on The Full-Time MBA Cover Letter and Optional Statement

MBA 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. Here is the prompt to help guide you in writing the application cover letter:

Please write an application cover letter summarizing your aspirations, qualifications, personal and professional experiences that make you a strong candidate for the Texas Full-Time MBA program. (max 500)

MBA Optional Statement 

Please provide any additional information you believe is important or address any areas of concern that you believe will be beneficial to the MBA Admissions Committee in considering your application. (e.g. gaps in work experience, choice of recommender, academic performance, or extenuating personal circumstances) (250 words) 

Honestly, the most important piece of advice we can provide you on the optional statement is to remember that it is just that– optional. Only applicants who feel some of their profile deserves more explanation should submit an optional statement. This section of the application is not to designed for you to tell us more about your extracurricular activities or expand upon the essay prompt. While we love to see how excited you are to share additional information with us, there are other ways to let the Admissions Committee know about additional projects or passions. Your resume and the video assessment are better forums for these additional details. Optional statements should focus on filling gaps or answering questions we are likely to have about you. 

Our Tips for Writing Your Cover Letter

  • Be patient with yourself. Take time to reflect, brainstorm, rewrite, and EDIT. It will likely take more than one draft to realize your final submission.
  • Don’t copy and paste. Do not use the same content for multiple business schools. We can always spot recycled content.
  • STAY ON PROMPT. We actually want your submission to be in cover letter form! Approach this as you would drafting a cover letter for a job – who are you, why do you want to come to McCombs, and how will you contribute to the program?
  • Be honest. The cover letter is a way to learn more about you. Our community values authenticity and we look for submissions that reflect your authentic self.
  • Have someone you trust read over your cover letter. Those closest to you can provide valuable insights, feedback, and perspectives as you highlight your personal gifts and qualities.

We hope these insights into the written portions of our application give you some ideas to think about and some points to revisit as you write (and rewrite) your cover letter. Good luck, and happy applying!

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. 

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Getting to Know You Through the Video Assessment

June 21, 2023 / / 1 Comment

Shortly after you submit your MBA application and your application fee is paid or waived, you will receive an invitation to complete the Texas McCombs MBA Video Assessment! All applicants have 7 days to complete the assessment upon receiving access to the video submission platform. The Video Assessment has 5  question prompts and will take approximately 20 minutes to complete.  The first question will be viewed by the Admissions Committee but will not be evaluated for a score. Applicants will be allowed to practice before submitting their Video Assessment and will have no more than 90 seconds to answer each prompt.  

What is the Admissions Committee looking for? 

This application requirement helps the Admissions Committee better understand who you are in your own voice and allows us to assess your communication skills. Within the video assessment we are evaluating the following competencies, important for every Texas McCombs MBA student: 

Adaptability / Resilience
We are looking for applicants that demonstrate adaptability and resilience through their positive mindset and ability to navigate unexpected circumstances and change. Successful applicants see failure as a learning experience and an opportunity to grow, demonstrated by their coachability and openness to feedback. 

Motivation
The Admissions Committee is looking for  a genuine interest in pursuing an MBA and a clear understanding of how it will help to achieve their professional goals. Applicants should understand why Texas McCombs is the right place to pursue their studies and show enthusiasm for their goals and our MBA program.

Empathy/Inclusivity
Texas McCombs MBA students demonstrate empathy by understanding others’ perspectives. The Admissions Committee is looking for candidates that advocate for under-represented voices and navigate difficult conversations/situations appropriately. Successful applicants embrace and work within diverse teams.

Ambition
The Admissions Committee is looking for candidates that demonstrate ambition and have the ability to deliver results. They show potential to strategically synthesize information to solve complex problems at a high level. They utilize an enterprising and tenacious approach to problem-solving and are intellectually curious. 

Goals
A strong applicant puts significant thought and consideration into their decision-making in applying for this program. They have a long-term vision of how they plan to achieve their goals. 

Well-Roundedness 
We are looking for applicants that are able to explain what drives them outside of work and career. They are well-rounded and display interests and passions in their personal life. Their personality is shaped by various hobbies or interests. 

Verbal Communication
The Admissions Committee is looking for candidates that are excellent verbal communicators. They are proficient and skilled in speaking and presenting in the English language, and they can articulate their thoughts clearly. Strong applicants are engaging, and they can think on their feet. 

Professionalism/Poise
Strong applicants display maturity, poise, answers questions, and conduct themselves in a professional manner. They present themselves professionally and can conduct themselves appropriately in a business setting. 

Tips for a Successful Video Assessment

  1. Practice: You will have the ability to practice responding to test questions for as long as you wish. Take advantage of the opportunity! The more you practice, the more comfortable you’ll be with the technology when answering the real prompts.  
  1. Test Technology: Virtual Assessments are conducted through the Kira platform. It will require a desktop or laptop computer (no iphones/ipads) with a functioning webcam, microphone, and internet connection. We recommend connecting directly to your internet for the most reliable internet connection – and make sure you have plenty of charge on your laptop or that you are plugged in! Most browsers are compatible (Chrome, Firefox, Edge, Opera) but the platform will not work well on Safari.  
  1. Pace Yourself: A big reason that we limit responses to three minutes is because it is GREAT practice for your MBA experience.  Keeping responses concise, yet clear, is important when recruiting for U.S.-based jobs. However, make sure you are answering the question in full! Those practice questions will be a great way to gauge what three minutes actually feels like when responding to a question. 
  1. Be Professional, but Loosen Up: If you still find yourself nervous, practice your answers in front of a mirror or with a friend or colleague and ask them how you did. Did you answer the question? Did you rush through it? Take a moment to outline your answer in your mind first, and then address it calmly and confidently.  Don’t get too comfortable, though. While we’re an easy-going group, maintaining an appropriate level of professionalism is always a good idea. This includes professional language and attire. 

Here’s our final piece of advice: The video assessment is your official opportunity to share your story, provide examples, and tell us why you chose McCombs in your own voice like no one else can. Take advantage of this opportunity! It can be just the thing the Admissions Committee needs to understand the rest of your application elements and gives us the chance to get to know you better. 

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. 

Full-Time MBA Application 2023-2024 Updates and Changes

What’s New in the 2023-24
Texas McCombs Full-Time
MBA Application

June 13, 2023 / / 5 Comments

Texas McCombs is delighted to unveil the 2023-24 Full-Time MBA application deadline and components, featuring significant updates that reflect our dedication to reducing bias, fostering inclusivity, and improving accessibility in the admissions process. We are excited to offer an extended application submission window, including our Round 4 deadline, providing applicants with more time to carefully prepare and submit their materials. Additionally, in recognition of the unique profiles of our applicants, we are expanding our standardized test options to include the GMAT Focus, GMAT, GRE, and Executive Assessment, and ongoing merit-based test waiver.

As part of our commitment to enabling applicants to showcase their unique voices, we are bringing back the video assessment component and introducing an optional peer interview, providing enhanced avenues for self-expression as well as authentic conversation. These updates aim to create an inclusive and welcoming admissions experience, ensuring prospective students have an equal opportunity to shine and contribute to our vibrant community at Texas McCombs.

APPLICATION COMPONENTS FOR THE 2023-2024 ADMISSIONS CYCLE

Our Admissions Committee dedicates itself to a meticulous, holistic review of each application. Our objective is to determine if you are a good fit for Texas McCombs and to be sure we are the right school for you and your goals. There are no fixed criteria or weighted portions of the application. Unless otherwise noted, the following application components will be required this cycle:

  • Standardized Test (GMAT, GMAT Focus, GRE, Executive Assessment) or merit-based waiver
  • English Proficiency Test (TOEFL, IELTS) or waiver (international students only)
  • Undergraduate transcripts and graduate transcripts (if applicable)
  • Resume
  • One Professional Recommendation
  • One Written Application Cover Letter
  • Video Assessment
  • Optional: Peer Interview

APPLICATION DEADLINES

Applications for the Full-Time MBA program are accepted in four rounds, and the program enrolls annually every August. Applications must be submitted by 11:59 PM Central Time on the deadline date for each round.

  • 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.

STANDARDIZED TESTING REQUIREMENTS

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.

Note that the majority of applicants applying to the Full-Time MBA program take either the GMAT or the GRE due to the competitiveness of the pool. In many cases, having a strong GMAT or GRE score will make you more competitive for both admission and scholarship opportunities.

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. Here is the prompt to help guide you in writing the application cover letter:

Please write an application cover letter summarizing your aspirations, qualifications, and personal and professional experiences that make you a strong candidate for the Texas Full-Time MBA program.

LIMIT: 500 words 

Additionally, and if applicable, applicants can provide an optional statement in the essay section of the application. Applicants should only provide an optional statement if there is something they wish to address about their candidacy that is not addressed elsewhere.

VIDEO ASSESSMENT

Texas McCombs has always been at the forefront of innovation and continuous improvement, consistently seeking new ways to enhance the application process for prospective MBA candidates. In line with our school mission and values, we introduced a dynamic video assessment component as part of the 2022-23 admission cycle, offering an alternative approach to a more traditional essay and interview format. Given all applicants will complete the video assessment, MBA candidates will have increased access to the application process and the opportunity to share their stories with us in their own voice.  Through the video assessment, the Admissions Committee will have a chance to experience the “real” you, beyond a resume, test scores, and transcripts. Lastly, the video assessment will enable Texas McCombs to reduce bias in the admissions process by providing all applicants with a structured and consistent assessment experience.

MBA candidates with a submitted application, whose application fee has been paid or waived will be invited to take part in our Texas McCombs Video Assessment. Each applicant will have 7 days from the invitation to complete the assessment. The video assessment is asynchronous and will help the admissions committee evaluate your career goals and the following competencies that are crucial for the fit and success of our students within the program and their future careers:

Adaptability/Resilience

Empathy/Inclusivity

Ambition

Goals

Well-Roundedness

Verbal Communication

Professionalism/Poise 

Each video assessment will start with a fun, non-evaluative question that will help the admissions team learn who you are as a person, then applicants will be asked 4 additional questions, for a total of 5 responses, with each response lasting no more than 90 seconds each. Detailed instructions will be provided with the video assessment invitation so you know what to expect, and applicants will have the opportunity to practice as many times as they wish before completing the final video assessment.

This is your time to show us your personality and enthusiasm! We recommend that you prepare for the video assessment similarly to how you might prepare for an interview.  Think reflectively about your work experience, strengths, weaknesses, and work on your delivery.

OPTIONAL: PEER INTERVIEW

One of the most vital parts of the MBA application process at Texas McCombs is the human component – “Human-Centered, Future-Focused” is our mantra for a reason. We pride ourselves in getting to know you at a personal level during the admissions process and will continue to provide hundreds of virtual and in-person ways for you to meet our students, alumni, faculty, and admissions team.

We invite all MBA applicants to close out their application process in a human-centered way and complete a short, optional virtual interview. While not required, registering for and completing an interview is highly encouraged.  

These interactive virtual sessions present a valuable opportunity for our applicants to connect with Full-Time MBA students, showcasing their collaborative skills, reaffirming their motivation for pursuing an MBA and leaving a lasting positive impression on Texas McCombs.

The optional interview will last 20-30 minutes and are available throughout the round.  The student ambassador will introduce themselves and ask you up to 3 questions that focus on collaboration and your motivation.  The rest of the time is yours to ask 2-3 questions that are top of mind.

OUR COMMITMENT

These enhancements to our application components 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. Join us at Texas McCombs as we shape a class of talented individuals with various perspectives, pioneering a path toward a brighter and more impactful future in business education.

Learn more about the MBA Application Components.

Visit Texas McCombs MBA to learn more about our programs and upcoming events, or take a peek into student life on Instagram. Check out our Application Process page for more information on application components. Please reach out to the MBA Admissions Team with any questions.

Good luck and Hook ’em!

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