In 2004, about 1,500 people applied to the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill. The school, which jumped two places to No. 16 on BusinessWeek's most recent list of top B-schools, accepted 47% of applicants, 40% of whom enrolled in the program. Admissions Director Sherrylyn Wallace says that administrators are proud of their hard working students. She recently joined first-year student Brad Bernstein in answering questions from audience members and BusinessWeek Online's Francesca Di Meglio and Jack Dierdorff. Here's an edited transcript:

Q: How's application volume this year? Any disadvantages for the Mar. 5 applicants?
Wallace: Application volume seems to be slightly below last year at Kenan-Flagler and other business schools. We've had four deadlines, and the volume seems to be distributed pretty evenly in each, as opposed to being frontloaded the way it has been in the past. That's good news for the later deadline applicants because it means our admissions decisions are also going to be pretty evenly dispersed. We fully intend to make a significant number of offers to applicants who are going to be in our final round.

Q: What differentiates Kenan-Flagler from other top business schools?
Wallace: The emphasis on quality teaching is one thing. The solid general management underpinning, along with the ability to concentrate in certain areas gives our students a solid foundation with the ability to be very competent in their preferred areas. Our emphasis on developing communications and leadership skills in additional to the technical skills is a hallmark of our program. And there's no place like Chapel Hill.

Bernstein: I loved being able to take electives beginning in January of my first year. You also have the opportunity to take electives with second-year students. Access to faculty is outstanding here. And I appreciate the ability to work on projects with them or on a practicum with a company on a real issue that needs to be resolved.

Q: How heavily do you weigh GMAT scores?
Wallace: GMAT scores are an important differentiator. We recognize that there are many other success criteria that the GMAT doesn't supersede. It's always going to help your chances if you have a higher GMAT score, but if you also have a very strong work and leadership record, it's still possible to be admitted even if your GMAT isn't the highest.

Q: Does agreeing to an on-campus interview give you an advantage?
Wallace: We encourage applicants to visit campuses if possible, because we think it makes a difference in how they can assess their fit with UNC. However, an on-campus interview doesn't carry any more weight in the application process than a phone interview or an interview with an alumnus in your area.

Bernstein: If at all possible, I would visit as many campuses as you can, at least those to which you are applying. Every school is unique and you may be surprised when you visit and acquaint yourself with students and faculty.

Q: Why the 1,000-plus word essay compared to other schools that ask for only 300 to 400 words?
Wallace: We only have three required essays, and our essay selection is designed for us to learn as much as possible about the applicants and how they will fit with the values that our school has.

Q: What courses would you suggest for students who don't have an undergraduate business degree?
Wallace: The MBA faculty teaches the first-year classes assuming all students have had some coursework or exposure in microeconomics, statistics, calculus, and financial accounting. If he or she has not had any of these classes, we definitely recommend some coursework in them before enrolling at business school. Applicants should show us their plan for getting this experience as part of the application package.

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