Forever Young… At Business School?
There is an ongoing debate in the business world about the perfect age for an MBA candidate. While the average age for first year business school classes is usually in the 27-28 range, some schools are beginning to trend younger (HBS and Stanford among them), raising questions about the best qualities for an MBA applicant to possess, and whether wisdom can only come with age.
Interestingly enough, recent data from the GMAC shows that GMAT test-takers (a.k.a. MBA prospects) under 24 represent the fastest growing age group. At 13.9%, their annual growth rate is nearly double that of test takers aged 24-30, and it hugely outpaces any older age groups.
Does this mean that younger students make better MBA applicants? Not necessarily, says Eric Caballero, a Manhattan GMAT instructor and Sloan graduate. In business school, he argues, you are graded mainly on participation. If you have little to no actual business experience, you might not have as much to contribute to the discussion as your peers, which could ultimately affect your grades. In addition, a lack of hands-on experience can also affect the size of your rolodex. B-school reputations begin in the classroom, and the better insight you have, the more people will be interested in networking with you. If you are going to be paying for the rolodex, you want to be sure that you can make the connections.
On the other hand, the GMAC’s Deans Digest suggests that being a younger MBA student can come with some advantages, as well. Several students and academics point out that sometimes the energy and fresh thinking that come with youth can make up for the lack of experience. In terms of job prospects, some employers and recruiters actually prefer to hire younger MBAs. Not only do these students come at a discount, the employer can also feel reassured that they are less likely to lose talent later on. Even better for the MBA student, there is no need for them to disrupt a successful career path later in life to go back to school. Plus, Bschool Admissions Formula notes that for many women, this means they will have a better chance to establish themselves in their careers before having children, allowing for the possibility of executive-level moms.
Chris Ryan, a Manhattan GMAT instructor and author of Case Studies and Cocktails, is a proponent of young MBA candidates. In his own year at Fuqua, Chris says there were two younger students who were considered rockstars and were eagerly snapped up for study groups. Why? Since they were recent college graduates, not only were they used to a class mentality and work ethic, but they also made sure to participate well in class. According to Chris, at the end of the day, it doesn’t come down to age so much as willingness to expand your horizons. You need to recognize that you are a piece of a larger puzzle, he says. If you’re young, you wouldn’t want to just hang out with the other young students, in the same way that if you were a Marine, you wouldn’t want to limit your friend circle to other ex-Marines. As long as you realize that business school is not college, and that, even if you are only 24 and unmarried, you may be hanging out with a forty-year-old, then you can succeed at business school.
Ultimately, it falls to you to decide if you are ready for business school right away or if you would rather wait and build a few years of work experience into your resume. Either way, a GMAT score is good for five years, so if you are still in college and thinking about pursuing your MBA, you should consider taking the exam now. Not only are you still in an academic mindset, but there are also some great incentives for undergrads. For more information on taking the GMAT in college, check out our college page.
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Do you fall at the other end of the spectrum “ an older applicant wondering if it’s too late for business school? Jeremy Shinewald, founder of the admissions consulting group mbaMission, encourages older applicants to apply for their MBAs. Check out his blog post on the subject here.