European MBA programs have been gaining on their American counterparts. As London comes into its own as the world financial capital, London Business School (LBS) is striving to put its best foot forward, too. Applications are up again this year, says David Simpson (DavidSimpsonLBS), associate director of MBA Marketing & Admissions at LBS. "We're really pleased with the numbers and caliber of applications and look forward to welcoming an excellent class of professionals from all around the world with varied experience," Simpson told an audience of applicants and BusinessWeek.com reporter Francesca Di Meglio (FrancescaBW) at a recent live chat event.
Joined by LBS student Grace Maa (GraceMaaLBS), Simpson answered questions about everything from work experience requirements to how to get off the waiting list. Here is an edited transcript of the chat:
amit_1508_2: Is work experience required for admission?
DavidSimpsonLBS: We do require work experience before entry to the London Business School MBA Program. Our admissions process looks for candidates who have strong work experience, with evidence of progression. Much of the learning in the program comes from the contributions of students, so we expect a lot! Grace will add some information on why experience is so important from her perspective as a current student.
GraceMaaLBS: As a current second-year MBA reflecting on my experience here at London Business School, I do recommend having significant business experience prior to embarking on an MBA. It's not a matter of age, as experience levels can vary at any age, but more a matter of how much you'll be able to contribute to your fellow classmates and how much more you'll gain to learn after a meaningful work experience.
A good way of gauging your work experience is how well you know your professional strengths and weaknesses—and how clear you are on what roles in business you enjoy and never want to do again. Without this level of understanding and clarity, it is very easy to get lost in an MBA program and watch the experience whoosh by!
dchoi75: I'm on the waiting list. In the e-mail, it says LBS doesn't require me to send any extra information. Does that mean LBS discourages me from sending extra essays or recommendation letters unless LBS asks me first?
DavidSimpsonLBS: The only reason to send any additional information would be if your circumstances have changed markedly since your initial application. For example, if you've had a real change in your current role. Otherwise, the information provided together with our application process is sufficient.
maverick_sid: I'm a level-three CFA [chartered financial analyst] candidate with a little over two years' work experience with a securities firm. I have a GMAT score of 710. I was thinking of applying to LBS for its full-time MBA program. Would my relative youth work against me in the admissions process?
DavidSimpsonLBS: You have the basics of a strong application—good academics, including CFA level three. However, the strongest candidates have significant work experience to draw from, so you can reflect back and also offer contributions to your classmates.
To gain admission, applicants need at least a 600 on the GMAT. Our average is 690, and the range this year was 600 to 790. However, you can apply with a lower score if the rest of your application is strong, and we may short-list you for an interview and ask you to retake the test and gain a higher score. We don't reject candidates on GMAT alone.