QS Leadership Scholarship winner: Michigan Ross MBA student profile

In order to maximize the benefits from the fair, I would recommend [candidates] do some research about the business schools beforehand. Then it’s quite useful to make a list of the five to ten business schools you’re most interested in. It’s very useful to do a lot of research on the most significant criteria for you (i.e. international students, research, and employment figures). This will allow you to avoid answers such as “check our website”; the representatives are willing to answer more challenging questions from potential applicants (not to mention that also gives them the sense that you are really interested in the program). Finally, I would recommend keeping an open mind after visiting your top choices, and take a look at other programs. Who knows, there could be a business school you overlooked when you did your research?

I wanted to get my MBA ever since I was in college. I knew that an MBA degree would allow me to deepen my knowledge on various business topics and to learn from many experiences from my peers. However, I knew that in order to benefit the most from attending business school, I needed to have work experience. My career path took me to positions in the public and academic sectors but I wanted to get back to the private sector. That’s when I felt that an MBA would give me a great chance to make the switch.

An international degree is very well regarded in Peru. Companies do understand that an international MBA degree gives their current or potential employees exposure to the latest trends in management, strengthens their command of a foreign language and allows the companies to leverage on the international network that their employees have built. Moreover, there is an increasing number of Peruvian companies venturing abroad and they often rely on employees with international degrees to conduct the process.

My main criteria for choosing a business school were prestige, career focus, employment and salary figures, academics, percentage of international students, learning environment, and financing options. It was also very important to me to get a sense of what the MBA experience at a particular business school was going to be like. The only way to get that sense is to meet with current students and alumni and it definitely helped me out in choosing which programs I decided to apply for.

After you finish college, the work routine and the fact that now you are financially independent can be really enticing. That’s your comfort zone and time begins to pass you by. However, in an ever-changing business world, you need to remain competitive and give a boost to your career through an MBA degree. I decided it was about time to get my MBA when I began to project my career five years from the point I was in. I wasn’t enjoying routine anymore and I decided I needed a change for good. The best way to do so was to get back on track with my dreams and get my MBA from a top business school.

The task wasn’t easy, since the GMAT was the first major obstacle I encountered. I took a diagnosis test and it wasn’t so bad, but I knew it wasn’t enough for the programs I was aiming for. Therefore, I enrolled in a prep school roughly seven months before taking the GMAT. Preparation was tough and it implied several nights and weekends studying at home, taking mock tests, simulations and reviewing my mistakes. Through a lot of hard work, I took the test and got a very decent score, although when you are applying for an international MBA, you are never satisfied with your first score.

I’m financing my studies mostly with a student loan from the University of Michigan Credit Union. These past two years were especially tough for international students in getting a loan without a US co-signer due to the global economic crisis. Fortunately, the University of Michigan reached out and offered valuable help.

The Ross School of Business also gave me a partial scholarship and I was the winner of the 2009 QS Leadership Scholarship worth US$10,000, which I am extremely happy about. I clearly remember when I got the e-mail with the announcement for the scholarship contest. I had just arrived in Ann Arbor and I was still unpacking, when I said to myself: “I do have compelling leadership experience and I attended the TopMBA fair a few months ago, so let’s give it a try.”

I thought this scholarship was different because it was based on my experiences rather than just being the regular ‘money giveaway’ or a mere raffle, so I wrote a compelling essay narrating what I did in Peru and what the impact of my experience was. I think this approach is much better than just relying on plain luck. Every MBA student knows, funding is crucial both for your student years and for the years after getting your coveted degree. Thank you QS for supporting MBAs!

My recommendations for other candidates would be to keep in mind that getting an MBA abroad is an amazing experience but it can also be a steep investment. Even though the return on the investment is almost certain and often very high, we have to take into account that financing your MBA also requires savings (a rule of thumb is that you need at least 10% of the total cost of the MBA financed from your own savings). It’s extremely important to get details about the financing options that business schools give to their admitted students, however usually you will find little information on that on business schools’ websites. The best way to tackle this issue is to reach out to current students and to do some research on financing options both in your home country as well as in the country where your targeted school is located. Compare rates, charges, requirements and convenience. Don’t be afraid to ask about every single potential issue you can think of regarding financing options. The worst question is the one that was never asked.