I wanted to bring up some of the things from our conversation on goals point out some of your problem areas: these email exchanges also allow us to proactively showcase some of the ways in which we work at PythaGURUS admissions, an MBA admission consultant service, and the value that we create in your MBA applications.
Topic for Today: Difficulties with the “Personal Statements”
A lot of MBA applicants face a massive problem while constructing their short term and long term goals. The genesis of this problem is a lack of understanding of the importance of the MBA application and the short term and long term goals. As we always bring this up, you should see business schools as a market place between the MBA applicants and the recruiters. The business schools provide opportunities to both of these groups to come together and find a mutually beneficial roadmap to their future success. And in doing so, schools want to objectively look at “Your reasons to business schools . What are the business schools trying to get through this question on the short term and long term goals?
Concerns of the Business school:
How to analyze the personal statement?
(Past + MBA = Short Term and Long Term Goals)
Let us look at a Bad Personal Statement
A “Managerial Perspective” or ” Broad Understanding” will get you through to the lower rung business schools though, I think getting the top business schools will require a deeper dive.
Example: Bad Personal Statement (and this came from one of you): In the long run, I hope to lead a buyout fund focused on Indian SMEs; the typical transactions of the fund would focus on companies with sales in the region of USD 5-15 million. It would aim at creating value by providing adequate capital and replacing existing entrepreneurs with professional managers. Through a controlling stake, the fund would be able to positively impact business strategy, spur innovation, streamline corporate governance and promote talent management within the target company. In essence, the fund would focus not just on providing capital, but rather “smart capital.” As a business plan, I hope for the fund to turn around the businesses and exit through a trade sale to other private equity firms or strategic investors. In order to achieve this goal, I would need transaction exposure to buyouts as a product. While I hope to gain concrete knowledge about these at The University Of Chicago Booth School Of Business, my short term goals are focused on gaining the requisite professional experience to achieve my long term goals. In the short term I would like to work with the buyout advisory team of a leading investment bank in a developed economy to truly understand the mechanics and structuring of such transactions. Since buyouts have been a norm in developed economies, this experience will allow me to better learn and apply this knowledge to the Indian market in the long run. Additionally, I hope to closely interact with larger buyout funds to identify and replicate the ways in which their turnaround models create value.
This is not a good personal statement as I can hardly differentiate the skills you have now, the value that your business school will bring over, and what will you become in 5-7 years after an MBA program. Everybody knows that the goal is to earn money though, this expression above will not invite any short lists. What has happened here? This essay has thrown a lot of “Google” in this expression. (Look at the lines in bold above) Everybody knows that the job of a fund manager is to finally invest in a business, turn it around, and sell it at a higher valuation later in the years. How does describing this become your personal statement? You should focus on your own equation, and in as much as I can see, the equation for this guy is : Banking Experience( Current Deal experience in Indian Markets + Understanding of Operational Levers that affect the profitability of an organization = Fund Manager).
Essentially, what we are trying to say here is : He has the ability to value businesses, and has been working across the industries to develop the P&L’s, however, in order to get to a point where he can bring organic value to a business, he has to understand the levers that will matter to the overall valuation. Why is one business valued more than the other? What goes into turning around a business that makes it worth more than the other one? He has been acting as a value meter till now (the one that can tell you your worth). In order to be a fund manager, you should also become a value generator, and should be able to take decisions that can pull out a distressed company out of losses and take it to profitability( like the role of a general manager or a consultant). Similarly, I want you to pick up the gaps in these skill sets while constructing your equations.