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Archive for October, 2009

The Business School Application Process: Step 2: Managing the application process

By posted October 16, 2009

If you’ve completed your research, you should be ready to move on to the next step and begin some real work. But before you start plugging away, it’s smart to organize your application process. With that in mind, here’s the next step on our list:
Step 2: Manage the application process.

Managing the process– much like you might manage a project at work– will help ensure you meet all deadlines and obligations while maintaining high quality standards in your applications. Here are the most important elements you’ll want to be sure to work into your routine:
Tend to your relationships with potential recommenders.

Your recommendations will play a big role in your applications, and you should ensure that you’re getting absolutely top-notch recommendations. And while noted alumni are great recommenders for targeted schools, the most important characteristic of good recommendations is that they come from people who are credible, know you well, and can speak to your aptitude and preparedness for graduate work.

While your recommendations can come from a variety of sources (academic, professional, personal), most schools have preferences regarding at least some of your recommendations. In fact, many schools prefer to receive at least one academic and one professional recommendation. If you’ve been out of school for a while, it may take some time to hunt down an old professor who remembers you well and fondly enough to sign his or her good name to your application to graduate business studies.

Start early, and make sure you show your gratitude at each step of the process. If it’s been a while since you’ve spoken or seen each other, write a quick email to say hello. Maybe invite him/her to lunch (you’ll buy, of course). Make sure this person feels comfortable recommending you strongly; if you’re unsure, you might want to ask just that: “How strongly would you be comfortable recommending me to — school/program?” It never hurts to ask, as long as you are courteous.
Sort your list of possible schools into categories.

At this early point in your application process, you probably aren’t sure where you’ll score on the GMAT/GRE (many schools now accept both). But you should have done plenty of research on the schools that offer your desired program. Sort your list of possible schools into three categories:

* “reach” schools, where you may be unlikely to gain admission, but would nonetheless love to attend;
* “target” schools, where you are competitive for admission and would like to attend; and
* “safety” schools, where you have a very high likelihood of admission.

While you may not be absolutely certain which schools are “reach”, “target”, and “safety” schools until after you get your scores back, you probably have some early inclinations one way or the other about many schools. You can always rearrange your list later.

I’m a spreadsheet addict, so I personally recommend making a spreadsheet. A spreadsheet is probably the best way to organize your list of schools. You’ll be able to add columns for “applied” (date submitted), “complete” (date application is “complete” at each school), “interview” (date), “financial aid” (dollar amount), “tuition” (total), and “decision” (outcome). You may want to include other columns as well, but these should get you started. A spreadsheet with all important information will make selecting the best school for you much easier once all the columns get filled out, and you can always delete a row if you decide that a particular school isn’t right for you.
Make an application calendar.

Get a calendar to track important dates for admissions process. Include the following:
Last acceptable test administration.

From your list of schools, determine the last possible test date you can take to meet all application deadlines. Since you’ll likely have multiple schools, be sure to note the earliest of the test deadlines. Write this date in big, bold letters. Red, preferrably. Then plan backwards for at least one possible retake, should the worst happen. Make that your target test date, although you may want to back up your target test administration date even further to reduce your test anxiety a bit.
Financial aid/scholarship deadlines.

Many schools have scholarship deadlines prior to regular admission deadlines, especially for larger scholarships. If you plan to apply for them, be sure to note the relevant dates and schools in your application calendar. You should also try to get your taxes done as early as possible, since most schools have a financial aid paperwork deadline of March 1st, and for U.S. schools, you’ll need to submit a FAFSA (Free Application for Federal Student Aid) in order to be considered for any need-based assistance or federally-backed loans. While you can estimate your taxes, I recommend doing them and getting the right numbers in rather than stressing about whether or not your paperwork is correct.
Three rounds of application deadlines.

Many top business schools have three rounds of application deadlines. Applying to an earlier application round means there’s more space in the class for you. Deadlines for Round 1 are typically in October, Round 2 in January, and Round 3 in March/April. These vary by school so make sure you have the dates carefully organized by school. Apply early because by Round 3, there is a chance that there may not be enough room left in the program because of all of the Round 1 and Round 2 applicants.
Program start dates.

Don’t forget to mark the date that classes start at each school. That’s what the application process is all about! It’ll help you remember why you’re doing all the legwork, plus it’ll help you organize the major life changes you’ll need to make as you get ready to start graduate school.
Setup a both a physical grad school file box and a virtual file folder.

Go to Office Depot, Staples, or your office supply store of choice to pick up a portable file box and hanging file folders (unless you already have these on hand). Make a file for each school/program to which you intend to apply. You may choose to organize your files alphabetically or by preference (put your top choice program first, for instance).

Once you’ve made your physical files in your grad school file box, visit each school or program’s website. While you’re there, bookmark all important pages and organize them into folders in your web browser. Print out the admissions information, tuition and fees information, and the application form. Place a hard copy in the appropriate folder in your file box.

If you used a calendar program on your computer, then you should make an additional calendar folder. Print out a copy of each month between now and the final deadline for applications at the latest school’s deadline and slip the calendar pages into the folder so you’ll never miss a deadline.
Organize your finances for business school.

Since most of us will need some combination of personal contributions, scholarships, grants, and loans, you’ll need to make sure your finances are in order before you start the loads of paperwork that await you. Find out where you stand, and do your best to maintain or improve your financial outlook before your paperwork is submitted. Some tips:
Get a credit report.

Know your credit score so you’re not caught off guard by an instance of identity theft or some oversight from a move five years ago that can prevent you from getting loans. Do everything in your power to maintain a good credit score or improve a weaker one in the time allotted. Google “credit repair” and research the many options available to you.
Make an application budget.

Applying to business school isn’t cheap, and there are many “hidden” expenses people often forget. Be sure to include all application fees, standardized test fees, test prep/prep material costs (more on that in part 3 of 8), transcript/paperwork fees, recommender thank-you lunches, travel funds for school visits and interviews, a clothing allowance for interviews, interviewer and recommender “thank you” cards, and a seat deposit at the school you finally choose. Put the allotted budget into savings and don’t touch it until you need it (or start saving it, if you don’t have it available yet).
Put the amount you intend to pay out-of-pocket for tuition into savings and don’t touch it.

Based on your FAFSA and/or other financial aid information, you will be provided with an expected contribution. Try to get an estimate of that as early as possible so you can put that money away until tuition is due. Again, if you don’t have it, start saving now.

Once you have your process all setup, you’re ready to get to the first major hurdle: taking your test(s).

Check out other articles in this series:

The Business School Application Process: Part 1

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Seven Short Words With Score Implications, FANBOYS Part 1/7

By posted October 15, 2009

This is the first of a short series of articles on the short list of what are known as coordinating conjunctions, short words themselves that show up very frequently in the GMAT Sentence Correction questions. Learning them can save you time, allowing you to eliminate wrong answer choices quickly and confidently; understanding them will of course also help add style and clarity to your AWA and admissions applications.  These coordinating conjunctions are often remembered by the acronym FANBOYS (For, And, Nor, But, Or, Yet, So); their job in a sentence is joining two or more parallel  . . . well, things in a sentence.

  1. These words can join single words (Would you like a piece of cake or pie?);
  2. whole phrases (He plans to clean the house today and buy groceries by the end of the week);
  3. or entire independent clauses — things that would stand alone as complete sentences without the conjunction (I would love to try the peaches, but the fuzz gives me the chills).

The things these conjunctions connect must be the same type of thing — an adverb and another adverb, a noun and a noun, an independent clause with another independent clause.  Just as you can only add fractions when they have the same denominator, you can only use parallel parts with coordinating conjunctions.  All of these coordinating conjunctions also have at least one other job in English.

I.  FOR

The first of the FANBOYS, for, is most commonly used as a preposition; it is in this way that you will see almost certainly see it on the GMAT, usually expressing direction, purpose, support, length of time or distance, or when something is done on another’s behalf.

  • Direction: As soon as I left work, I headed for the bus depot.
  • Purpose: She took that job for the large employee discount.
  • Support: I voted for the candidate with the funniest advertisements.
  • Length of time/distance: They hiked for five miles and then camped for three days.
  • Behalf: He painted the kitchen for her while she was in the hospital.

When you use the preposition for with any type of pronoun as the object of that preposition, remember that you need to use the objective case of that pronoun (me rather than I, her rather than she); this is a possible source of incorrect answer choices in Sentence Correction, and a place where using everyday spoken English as your guide will lead you astray:

For whom did you make this delicious-looking pizza?
I made it for him, of course.

A GMAT-style question, for illustration:

Even after a great deal of editing, the final report, a summary of which projects the department had just started last year and who they’d done them for, would have been over a thousand pages long if anyone had felt the need to print it out on paper.

A.  a summary of which projects the department had just started last year and who they’d done them for

B.  which summarized the projects that the department was just starting and which had been done for whom last year,

C.  a summary of which projects the department had just started last year and for whom they’d done them,

D.  being a summary of last year’s department projects and who they’d done them for,

E.  which summarized who the department worked for when just starting and what it was working on,

The use of for as an actual coordinating conjunction is less common than the use of most of the others, because it is only used in clauses giving the reason for what was stated in the first part of the sentence:

I am invulnerable, for I have bathed in the blood of a mighty dragon!
They decided not to perform that night, for most of the crowd had already gone home to avoid the storm.

This use of for has a somewhat archaic and formal sound to it, and should not be used at the start of a sentence . . . in fact, there’s no reason for you to use it at all when because is less restrictive and in common use.

Visit Grockit’s GMAT Blog for the next article which will cover:  And.

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The LSAT and the GMAT: One of These Things is Not Like the Other

By posted October 14, 2009

There are several ways in which the LSAT and the GMAT are alike: both have reading comprehension sections with fairly similar question types, focusing on the author’s tone and approach, the passage’s main idea, and the use of details to support and flesh out the author’s points.  Each of these tests also has a critical reasoning section in which the savvy test-taker uses similar approaches to many of the assigned tasks: identifying assumptions, strengthening and weakening arguments, and drawing inferences are examples.  However, it’s important to remember that there are also some distinct differences between the two; this can especially have an impact on how you study, since many students use LSAT questions to bridge the gaps in released GMAT materials.  The LSAC, or Law School Admissions Council, releases the majority of its questions, giving LSAT students access to a far larger official question bank than that made available by the GMAC.  Here are a couple of thoughts to consider:

1.  LSAT Critical Reasoning has slightly different content and tone than GMAT Critical Reasoning.

Because the LSAT is a paper-based test, the difficulty level of the questions from one test to the next remains more or less the same.  There is a wide variety of difficulty levels represented by the questions, and a mixture of question types within each section.  Certain question types that cause most LSAT-takers serious headaches—for instance, parallel flaw questions—appear consistently on the exam year after year.  However, because GMAT content is slightly different and because the GMAT is a CAT and adapts to your performance, you might never see one of those questions on your exam.  LSAT prep generally focuses on every question type that will appear, and often includes intensive focus on specific skills that might net the LSAT-taker a few points, but would yield no result at all for the GMAT-taker, because those skills might not be tested.

In addition, there are slight variations in tone between the two tests.  The LSAT often includes longer arguments and more technical or law-based language, while GMAT arguments are typically a little bit shorter and are more likely to focus on business-related issues than are LSAT questions.

There are a couple of things to keep in mind if you’re planning to use LSAT Critical Reasoning questions in your GMAT preparations: first, maximize the benefits of your study time by focusing on the LSAT questions that address skills on which the GMAT is likely to test you.  These include, as mentioned above, identifying assumptions, strengthening or weakening arguments, and inferences.  Questions like these are core competency areas for the GMAT, and are heavily tested on the LSAT as well.  Avoid question types that you haven’t seen much of in the Official Guides for GMAT Review, because it’s likely that reviewing those intensively from LSAT materials will be a waste of time.

2.  GMAT Reading Comprehension is approached differently than is LSAT Reading Comprehension.

The GMAT has a wider variety of passage lengths and topics than the LSAT, which traditionally has stuck to Humanities, Law, Social Science, and Science as the passage topics.  Although the LSAT has, in recent years, incorporated Paired Passages into Reading Comp, there is still a distinct lack, in LSAT prep materials, of the shorter passages seen on the GMAT.  Furthermore, the questions on the LSAT, while similar, are addressed differently by students preparing for that test, because the paper-based format has a significant impact on the way that a passage is read and the strategies used for questions.  And that leads to the final point, which is…

3.  In general, extensive comparisons of the two tests are not a good use of your time.

A quick Google search of “LSAT vs. GMAT” will yield multiple results in which people weigh in with their opinions on which test is more difficult.  Sometimes these discussions lead to flame wars, probably because this is an issue on which people have strong feelings.  As someone who has taught both tests extensively, I think it’s safe to say that comparisons of the two are largely futile.  The LSAT contains no math or sentence correction, and the GMAT has no logic games.  Some skills tested on the GMAT, like idioms or geometry, require a bit of rote memorization.  There are no analogous tasks on the LSAT.  And most importantly, the myriad differences between a paper-based test and a computer adaptive one make it almost impossible to accurately compare the difficulty levels of the two tests.  Standardized testing is, ironically, a highly subjective experience, and your performance on one of those tests is only slightly indicative of what you should expect from the other.  So relax, focus on the test at hand, and use LSAT materials for GMAT prep only to the degree that they’re relevant and helpful.

Please visit the Grockit forums for more helpful tips on studying for the GMAT.

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How To Get The Most Out Of Your GMAT Lessons

By posted October 9, 2009

People prepare for the GMAT in many different ways.  Some use books to do practice questions on their own; others spend time on Grockit.  And of course, some take a class or have a private tutor.  I’m here to offer a few tips to the people in that last group, to help them get the most out of one-on-one time with their teacher or tutor (herein referred to as your Expert).

1. Come prepared!

If there’s any kind of background information that you should know before class, know it.  Preview reading or practice problems ensure that you’re coming to your lesson with the basic foundation of knowledge that you will build upon to master the skills being taught.  And homework regarding a lesson you’ve already learned will help cement the methods that have been demonstrated.  If you’re not sure what, if anything, you need to be doing, ask your Expert; he or she should be happy to clarify any issues regarding the type or amount of work you should do.

2. Ask the right questions.

I can’t speak for other Experts here, but I know that I find it much easier and more productive to address specific queries than extremely general ones.  A great question is something like, “I’ve noticed that I have trouble locating sufficient assumptions, like the one in this sample.  Can you explain to me why choice C is the correct sufficient assumption, and not choice E?  And how can I apply that to other sufficient assumption questions?”  I will be able to offer much more productive feedback to that than to someone saying, “I have trouble with Critical Reasoning.  Can you give me some tips?”  I may have tips to offer, but without specific knowledge of your trouble areas, there’s no guarantee that I’ll be giving you the kind of information that will help you as an individual test-taker.

3.  Take advantage of all the resources available to you.

In live classes, Experts often have time before or after class specifically set aside for questions.  Often, if you arrive 20 minutes early, you’ll find your Expert sitting, waiting for someone just like you to come in for help.  (The Expert may or may not be reading the newspaper or Facebooking while he or she waits, but will be more than happy to put that aside to answer your questions or discuss your concerns.)  Online learning tools also have potential applications that many people never fully explore.  Post questions on Grockit forums and reach out for help; there are huge communities of online students and Experts who can give you feedback or guide you in the right direction.

4.  Don’t be afraid to look for clarification if something doesn’t make sense.

Just because one of your classmates understands the question doesn’t mean that you are expected to understand it the same way.  People learn differently, and sometimes all a student needs is for something to be explained in a different way.  That’s what the Experts are here for, so don’t be afraid to approach yours to ask him or her to try to reframe the issue for you.

5.  Finally, try to have some fun with the studying process!

Yes, the GMAT is a challenging test, preparing for it is often a rigorous experience, and your future is a serious thing.  But questions are sometimes funny, mistakes should be learned from and sometimes laughed off, and your Experts and fellow students could probably use a light moment as much as you could.  So remember that even as you’re working hard, you should take some time out to play, too.

To summarize, remember that your GMAT prep is a collaboration between you, your fellow students, and your Expert.  Be proactive about your practice and about asking questions, and take advantage of the many ways that you can study for the exam.  And, finally, try to enjoy the process as much as you can, and remember to take time to relax a little!  What are some of your favorite ways to relieve GMAT preparation pressure?

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“Who” vs. “Whom” in GMAT Sentence Correction

By posted October 8, 2009

There are some issues on which the GMAT sentence correction questions test for the specific preferred style of the GMAT as much as for the accepted rules of grammar. “Who” vs. “whom,” luckily, is not one of them. This is generally a straightforward issue, and is rarely tested in a complicated way. However, since even highly educated and knowledgeable speakers sometimes misuse “who” and “whom,” it’s worth going over the differences in usage, and seeing a couple of rules that should guide you in determining which pronoun is correct.

If a question were asked about the sentence, would the answer be “he/she/they,” or “him/her/them”?

This is probably the easiest way to remember the difference between “who” and “whom,” and the majority of the time, this will get you the correct answer. If a question about the action being described would be answered with “he —,” then the correct form is “who.” If a question about the action being described would be answered with “him,” then the correct form is “whom.” Just remember that the words with M’s at the end go together. He = Who, and Him = Whom. Let’s look at a simple sentence addressing this issue:

The Welsh corgi is a small herding dog, and is well-known because of Queen Elizabeth II, who/whom keeps several of them.

It’s likely that in this sentence, your “ear” would tell you to choose “who”—and that would be correct. But if your “ear” fails you, then you can determine the correct answer by asking yourself about the action being described in the relevant part of the sentence: “Who keeps corgis?” And then answer that question with a pronoun: “She does.” Since “she” is appropriate here, we use “who” in the sentence. Make sense? Let’s try it on another sentence.

If the computer system continues to cause problems over the weekend, the secretary is supposed to call whoever/whomever she can find from the tech department.

Now we ask ourselves: “Which people are the secretary supposed to call?” And we answer with a pronoun: “She is supposed to call them.” Therefore, we use “whomever” in the sentence.

Within a sentence, a verb that has a tense must have a subject; that subject must be in the nominative case.

Any verb with a tense has to have a subject, and therefore the word to use in that situation will be the subjective pronoun “who” or “whoever.” For example:

During the holiday season, I donated money to whoever/whomever was bell-ringing outside of the grocery store.

There are two verbs with tenses in this sentence, and we can check them both for correctness: first, we have “donated,” and the subject is “I”. Then, we have “was bell-ringing,” and there the subject would be “he/she,” so “whoever” is correct. This one may be a little confusing, because we could ask a question, as described above, and get the opposite answer: “Who did I donate money to?” “I donated money to them.” But that leaves the verb “was” without a subject. While rule 1 above will usually get you the correct answer, because “who” vs. “whom” is usually tested in the simpler fashion seen there, if rule 1 and rule 2 produce different answers, you’re probably asking the wrong question. Put simply, rule 2 trumps rule 1 when it’s applicable.

Now let’s put it all together with a GMAT-style sentence:

In answer to Jennifer’s query, she was told that in the record store, there is a list of available recordings of lesser-known Jazz artists of whom recordings survive who played at the famous Cat’s Meow speakeasy.

We have two “who” vs. “whom” issues in this sentence, and both can be answered using rules 1 and 2 above. For the first instance, “…Jazz artists of whom recordings survive…” we ask “Which artists are the recordings of?” And the answer is, “The recordings are of them.” Thus, “whom” is correct in the sentence. And then we examine the verb “played,” which is in the past tense. The subject of that verb would be “they,” as in “they played,” which would make the correct pronoun “who.” In this sentence, then, both of those pronouns are used correctly.

Even experienced grammarians sometimes differ on their preferred usages of “who” and “whom,” but these two little rules should be enough to guide you in nearly all instances of “who” vs. “whom” confusion in GMAT sentence corrections.

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Reading on a GMAT CAT, without it being a CATastrophe

By posted October 6, 2009

The GMAT is a CAT, or a Computer-Adaptive Test.  But on some sections, the computer is less an assistance than a hindrance.  The older you are, the more likely it is that you spent your childhood, teen years, and even adulthood learning how to read in a paper-based world.  Standardized testing, especially reading comprehension, is very different on a paper-based test than it is on a CAT.  Years of paper-based reading trains the test-taker to take notes on the passage itself, underlining significant sections of the passage and putting notes in the margins near the relevant text.  On a CAT, you don’t have that luxury.  But learning to read actively even without the benefit of marking up the text is key to improving your reading comp score.  Here are a few ways to do that.

Outline the passage paragraph by paragraph as you read

You will have scratch paper, and you should take advantage of it.  Jotting even just a few words to summarize each paragraph can help you get a handle on the passage and sharpen your focus.  An example might look like this:

Para. 1—intro, historical background

Para. 2—traditional interpretation

Para. 3—problems with trad. interp., and new interp.

Para. 4—conclusion

Taking notes like this as you read forces you to synthesize the text and read more efficiently.  Get into the habit now; use a notebook to annotate practice passages, even if you’re practicing on paper.

Keep track of proper nouns, dates, and other key words and phrases

Often, a question will refer back to a specific detail without giving you a line reference, and hunting for that detail in the passage can cost you precious time.  Expedite the process by keeping track of the kinds of details that are common subjects of questions.  Examples of this would be references to individuals or groups of people, places, theories, ect.; dates or time periods, particularly if chronology is important to the passage’s meaning; and key ideas that are addressed in detail only in one part of the passage.  Since you can’t indicate those things by underlining them or putting a star or other mark in the margin nearby, instead write a couple of words with a line reference to tell you where to find what you’re looking for.

Go to CAMP

CAMP—or Central Point, Approach, Map, and Perspective—issues are commonly addressed in questions.  Central Point is the main idea of the passage; often this will be summarized in one sentence, and you can indicate that sentence in your notes with a line reference.  Approach is how the author is writing the passage: is it a recommendation, a historical account, a rebuttal of a different idea, or something else entirely?  There are lots of possibilities here, but remember that each detail in the passage will in some way serve the author’s primary motivation in writing the passage; nailing the author’s approach can help you answer questions that ask you about the purpose of a specific statement or the passage as a whole.  Map is that paragraph outline that we talked about in number 1 above.  And Perspective is a one-word summary of the author’s tone: is it positive, negative, neutral, or something else?  Boil the tone down to a single word, and you’ll be prepared if it is the subject of a question, which it often is.  By taking a few quick notes on the CAMP issues before you tackle the question, you’ll be able to focus on finding correct answers that align with your CAMP notes, instead of being tempted by distracting wrong answers.  A sample CAMP note set might look like this:

C: lines 4—7

A: Rebuttal of traditional theory

M:

Para.1—intro, historical background

Para. 2—traditional interpretation

Para. 3—problems with trad. interp., and new interp.

Para. 4—conclusion

P: Critical

Reading on a CAT can require some adaptation of your usual approach, but with practice, it’s absolutely a surmountable challenge.  Start early, be consistent with taking CAMP notes on scratch paper during your practice, and remember that active reading is the key to success on the GMAT!

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The Business School Application Process: Part 1

By posted October 2, 2009

Okay, so you’ve decided you want to go to business school. Now what? This blog entry and the following seven will build and flesh out a “To Do” list for you, helping you find answers to questions from “What should I study?” to “How can I get financial aid?” Each entry will focus on one step of the process so that you know where to start and what to do next.

I strongly recommend starting this list a year before you plan to start business school, but this can definitely be done in six months or less; you’ll just need to be more resourceful in some steps. Here’s a good ordered list of things to do to get yourself started (we’ll fill in notes on each step in this and subsequent entries):

1. Research
2. Manage the application process
3. Prepare for and take the appropriate test(s)
4. Get your transcripts sent.
5. Solicit and obtain letters of recommendation.
6. Write your application essays.
7. Complete and submit your application(s).
8. Apply for financial aid and scholarships.

“But how do I dive into this list?” you ask. Well, let’s start at the beginning:

Step 1: Research.

Before you do anything else, do your research. Make sure you investigate each of the following points:

Research which MBA programs of study may be right for you. Identify people who are in positions you’d like to obtain, and find out their educational backgrounds. Ask them, ask co-workers, and check company websites.

Research what MBA program formats are available and appropriate for you. Once you’ve identified the program(s) you wish to pursue, research the different program formats offered at different institutions. Many MBA programs now offer many alternatives to traditional full-time studies. Look into part-time, fully-employed (weekend), and “virtual” (online) options that could allow you to continue working while you’re in school or enroll in courses at a non-local institution. Many employers will even contribute to tuition for such programs!

Find out which schools offer your intended program(s) of study in your desired format(s). You may want to start with nearby institutions or with those with name prestige. U.S. News and World Reports publishes (in print and online) annual rankings for MBA programs—and breaks them down by specialties, even—as do countless other organizations. Google “business school rankings” or “cost-effective MBA” and see how many results you find.

Determine the costs associated with business school. Using the schools’ websites and other published resources, figure out annual tuition and expenses (books, parking, etc.) and, if you’ll need to relocate, expected cost of living. You can use a cost of living comparison tool, which you’ll also easily find online.

Figure out the reasonable expected Return on Investment for your graduate studies. Many published rankings’ sources and school websites offer average starting salary for graduates of each particular program. You’ll need to be a bit more persistent in your research, but different schools offer different options. A strong alumni network, high rankings, and reputation are just a few factors that may impact graduates’ starting salaries. Before you hand over much of your hard-earned (and, likely, hard-borrowed) money, pick the best investment… because that’s exactly what you’re doing: investing in your future.

Research the schools and their surroundings. If you’ll need to relocate for school, you’ll want to make sure that the city in which your program is located is, in fact, a place you can live comfortably. Research the size and demographics of the towns, check message boards, and visit the campus and city if you can. In addition, many schools place recent graduates best locally, so it’s definitely wise to make sure you like the area before you commit to two or more years there.

Once you’ve gotten a handle on your program and school research, you’re ready to start applying. In my next blog entry, we’ll focus on how to properly manage the application process.

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Tips For Percent Math Problems On The GMAT

By posted October 1, 2009

In this article, we will discuss some common problems students encounter with percent problems, which can come in a variety of formats. Here are some quick pointers:

Percents MUST be APPLIED to something

A percent means nothing on it’s own.

Example: 16% of men, or 30% off the sales price

Percents are basically fractions with a denominator of 100

Learn your common percents, and convert to fractions whenever possible.

Example: 20% = 1/5, 62.5% = 5/8

The word “of” means multiply

Example: 80% of men = 4/5 * (total # of men)

Percents higher than 100 are numbers higher than 1

Example: 125% = 100% + 25% = 1 + 0.25 = 1.25

Recognize the difference between percent MORE/LESS THAN and percent OF

Example:
What is 25% less than 8?
¼* 8 = 2, so 8 – 2 = 6

Example:
What is 25% of 8?
¼*8 = 2

Use shortcuts

20% less than means 80% of. So instead of taking 20%, then subtracting from the original, just take 80% and be done. Conversely, 50% more than 10 should be calculated by multiplying 10*3/2 [10*(1 + 0.5)] in one neat step, versus two tougher ones.

See the previous example:
What is 25% less than 8?
¾*8 = 6, and we’re done! On easy numbers like this, it might not seem necessary, but as numbers get larger, it will save lots of time.

The higher the number, the higher the resulting percent

Applying the same percent to a higher number will yield a higher number.

Example:
A certain positive integer x is increased by 10%, and then decreased by 10%. Which is bigger, x or the resulting number?
The 10% increase of x in the first round increases x by a certain amount. The 10% decrease in the 2nd round is applied to a higher number, so will yield a larger change. The original x will be bigger.

Percent change = Total Change/Original Value

Example:
Before trading began, James’ investment portfolio was worth $10,000.  At the end of market close, James’ investment portfolio grew by $2,000.  What was the percent change in James’ portfolio?
Percent change = $2,000/$10,000 = 0.2, or 20%

Don’t add constants and percents

You should never find yourself trying to figure out what 5 + 6% equals. In this case, you are probably missing what to apply the percent to.

Let’s take a look at two examples!

Example 1:

A tour group of 25 people paid a total of $630 for entrance to a museum. If this price included a 5% sales tax, and all the tickets cost the same amount, what was the face value of each ticket price without the sales tax?

A. $22

B. $23.94

C. $24

D. $25.20

E. $30

Without a calculator, fractions are always easier. They cancel well, and are typically neater.

5% = 1/20 since 5*20 = 100.

Now we set up the equation, setting x = ticket price before tax.

25 people * x dollars/person * 1.05 (with tax) = $630

Note we can convert to fractions, cancel and simplify. Look how easy it gets?

25*(21/20)*x = 630

5*(21/4)*x = 630

x = 630*4 / 5*21

x = $24

Choice C

Example 2:

During an auction, Jerome sold 75% of the first 1,000 items he offered for sale, and 30% of his remaining items. If he sold 40% of the total number of items he offered for sale, how many items did Jerome offer for sale?

A. 750

B. 1,050

C. 1,800

D. 3,500

E. 4,500

Again, we want to set up the equation – this will make things a lot easier. And again, switching to fractions is always best.

3/4*1000 + 3/10*R = 4/10*T

We have 2 equations, and 1 unknown. This is a good hint that there may be a hidden 2nd equation.

1000 + R = T

Now, we have 2 equations and 2 unknowns. We can solve!

750 + 3R/10 = 400 + 4R/10

350 = R/10

R = 3,500

We always look back to the original question to see exactly what we are looking for. In this case, T. Not R.

T = R + 1,000 = 3,500 + 1,000 = 4,500

Choice E

Please visit the Grockit forum or leave a comment here to discuss further.

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