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If you’re applying to business school, you’ve likely considered working with an MBA admissions consultant. But you may be wondering what you can expect from their services, and, crucially, if they are worth the cost.
Before exploring the benefits and limitations of working with an MBA application advisor, let’s get one thing out of the way: no-one needs to work with a consultant.
Every year, thousands of candidates are accepted into competitive MBA programs at schools like Harvard, Stanford, and Wharton without professional help. But there’s no doubt that hiring an MBA admissions consultant is likely to boost your chances of being accepted.
To learn more about how exactly they do that—as well as the costs involved—we spoke with Luke Anthony Peña from MBA admissions consulting firm, Menlo Coaching.
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What are the misconceptions about MBA admissions consultants?
Although an admissions consultant can boost your chances of being accepted, they can’t perform miracles. If your GPA, GMAT or work experience aren’t at the levels required by top MBA programs, there’s only so much a consultant can do to help—and a consultant like Luke would tell you if this is the case.
“We would tell candidates that this may not be the right time [to apply]. We would also tell candidates that the schools that you are targeting might not be the right fit for you based on what you have shared,” he explains.
That’s not to say that you have to be a perfect applicant to work with an admissions consultant either. For example, Menlo Coaching has worked successfully with candidates who were unemployed, had low GPAs or GMATs, and even some with criminal convictions. But in every one of these cases, the applicant also had plenty of positive factors to counterbalance the negative ones.
There’s also the question of timing. Consultants shouldn’t be seen as a last minute way to boost your application. “The ideal candidate engages a coach at least a year before they plan to apply,” says Luke. “That provides a lot of space to start laying the groundwork for success, and to do so in ways that don't feel like they are pinching the calendar.”
Another misconception that exists is that there are secret tricks to improve your application in a short amount of time. In reality there’s no shortcut to crafting a high-quality MBA application, and no insider information that will guarantee admission. Be wary of any admissions consultants who promise to share these kinds of easy wins—because they simply don’t exist.
What do MBA admissions consultants offer?
If your profile meets the baseline qualifications for top MBA programs, a good advisor could be the difference between acceptance and rejection.
An admissions consultant would support you in every stage of the MBA application process. They might help you choose the schools where you have the best chance of being accepted, work with you to craft your application essay, and suggest how to gain the extracurricular experience that many programs expect.
But perhaps more than anything, in the age of chatbots and AI tools, a consultant is simply another human being that can provide you with industry expertise on a personal level.
“There's a sense of encouragement and support that a coach can provide,” says Luke. “This is a daunting process. It's a challenging process, and it takes a lot of perseverance and a lot of commitment to be able to sort through all that the schools are asking you to provide. A coach can help make sure that you maintain motivation and accountability for meeting the deadlines and submitting your best effort.”
It’s perhaps easier to understand the value of an admissions consultant by comparing it to an accountant: there’s no reason you couldn’t file your own taxes, but if you want to save all the time it would take to bring yourself up to date on the tax code—and if you want to save as much money as possible while avoiding an audit—hiring an accountant is a wise course of action.
Read: Which MBA Application Round Should You Apply In?
The same holds for MBA consulting. You could find some of the information on your MBA applications online, for free. But it would take you hundreds of hours to find it all and then sort out the parts that are true from the parts that are marketing spin.
It would be a more efficient and effective use of your limited time to rely on the expertise of an MBA advisor, rather than trying to recreate their knowledge through your own research.
Also, no matter how much research you conduct on MBA admissions, you’ll never be able to match the experience of an admissions consultant—especially one who has worked in the industry for many years.
What's the return on investment?
When it comes to return on investment, the first point to note is that while a consultant could certainly boost your chances of being accepted for an MBA, they never come with any guarantees. Any consultant who makes guarantees should be treated with caution.
“It’s a big commitment to engage with a coach and a consultant,” Luke says. “We do not profess to offer guaranteed outcomes. We do not say that success rates are 100% certain. This is part of the Menlo way. We think that there are firms out there that will offer this, but this doesn't reflect the reality of MBA admissions where outcomes cannot be guaranteed.”
Having said that, the Menlo Coaching website does say that the “overwhelming majority” of its clients win admission to at least one of their target MBA programs. At Menlo you’ll generally pay a low five figure amount for MBA admissions consulting, with interview-specific prep costing $2,500 for most schools and $3,000 for Harvard.
Knowing the costs, you’ll then have to weigh up whether the investment into an admissions consultant will result in a) getting accepted into one of your target MBA programs and b) help you achieve a higher salary in your post-MBA career.
In a way, signing up for consulting services comes down to some basic calculations. In the short term, a strong application increases your chances of earning a scholarship. In the longer term, getting into a better MBA program can mean hundreds of thousands of dollars in compensation down the line.
Compare these numbers with the average admissions consulting fee, and you will realize that a higher chance of admission thanks to a stronger application could make the initial investment well worth your while.
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