Operation B-School: Finding the Right MBA

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"People tend to cling to rankings too tightly," says DelMonico. "They get caught up in the minutiae and reputation of different programs."

Wise applicants, says DelMonico, use the rankings as one tool to get them started in making a broad list of attractive business schools and to determine what their chances are at each. As they continue their research, they should use the funnel approach to whittle down their list until they have the four to six programs to which they will apply.

What applicants never want to do is limit their options or be close-minded to all the possibilities. Considering a wider set of schools, at least to start, is the best way to find the right business school.

"We tend to have confirmation bias," says Shrum. "You've decided on Wharton (Wharton Full-Time MBA Profile) and see information out there as confirming that.So you put on blinders and don't realize that, let's say, MIT Sloan School of Management (Sloan Full-Time MBA Profile) might be a better fit for you."

The whittling-down process generally begins—and sometimes ends—with GMAT scores. For example, if you've taken the GMAT twice and your highest score is 610, then Harvard, Wharton, and MIT, where median GMAT scores are well north of 700, are probably not realistic goals. Information on the GMAT scores for successful applicants is widely available online. Other information that can be used to assess your chances for landing a spot at a top school includes the class profile information most schools make available online, which can tell you if the MBA program skews toward applicants with six years of work experience or three, and of course the program's selectivity. Even comparing your own salary with the pre-MBA pay of the incoming class can help determine if the program draws mainly from applicants in entry-level jobs or higher.

Firsthand Experiences

Face-to-face meetings and school-sponsored events can help applicants better understand the nuances of each program. Most business schools host events in various regions and provide online videos and photos. These are suitable ways to bolster your business school research to make informed decisions about admissions, says Neher.

A campus visit allows for more opportunities to talk with students and administrators, to get a firsthand look at what everyday life would be, and to sit in on a class.Even though no school requires a visit, Shrum says admissions committees are impressed when applicants make the extra effort and incorporate in their application essays and interview answers specifics about the school's culture or offerings that they gleaned from a visit.

"It's crazy not to visit your top three choices," he says. "Not only does it tell you whether you'll fit in with the culture, but it will make you a better applicant."

Di Meglio is a reporter for Businessweek.com in Fort Lee, N.J.