The HBS 2+2 and Deferred Admissions Guide 2021–2022 Applying to Business School? mbaMission is your partner in the process! Our team of dedicated, full-time admissions experts has helped thousands of applicants get into their dream MBA programs. These skilled storytellers and MBA graduates will work one-on-one with you to help you discover, select, and articulate your unique stories and stand out from the crowd. Why mbaMission? 15+ years of experience advising tens of thousands of business school applicants Ranked number one firm by GMAT Club and Poets&Quants Exclusively recommended by Manhattan Prep since 2009 Extensive, unparalleled library of supplementary content Services available for all stages of the application process Schedule a free, 30-minute consultation at www.mbamission.com/consult, and start getting answers to all your MBA admissions questions! +1-646-485-8844 info@mbamission.com www.mbamission.com Your Post-MBA Career Starts Now! Whether you are entering business school this fall, writing your applications, or just starting to look at MBA programs, now is the time to start thinking about your long-term professional path. Explore your options and learn about typical post-MBA fields—including consulting, investment banking, and private equity—by downloading our free Career Guides. Visit the mbaMission blog for posts on effective networking, acing your job interviews, writing standout cover letters, assembling a strong resume, and other valuable tips. For help defining and preparing to execute your personal career plan once you have been accepted but before you even set foot on campus, sign up for a free 30-minute consultation with one of our Career Coaches: www.mbamission.com/careerconsult. +1-646-485-8844 info@mbamission.com www.mbamission.com What are deferred admissions programs? If you are still pursuing your undergraduate studies but are already considering applying for your MBA, a deferred admissions program might be right for you. Undergraduate students typically are admitted into MBA programs in their final year of studies, and they usually are expected to gain work experience (the amount differs among programs but is often between two and four years) before enrolling. This allows students to have a “game plan” in place immediately after graduation and to be able to pursue their professional interests knowing that they have already secured the next step in their education. The HBS 2+2 and Deferred Admissions Guide 4 Why do business schools offer these programs? An MBA program seeks to build the strongest possible class composed of the most promising students. As the competition to attract top applicants has heated up in recent years, deferred admissions programs have become an avenue to engage such candidates earlier than rival schools. By accepting a number of talented undergraduate students, a business school secures a high-potential component of future incoming classes well in advance—in most cases, before these applicants have the opportunity to apply to other MBA programs and before life circumstances such as career success and family make an MBA seem unnecessary or difficult to manage. In addition, the Admissions Office can use a deferred admissions program to shape its class earlier to ensure greater academic diversity, as these students do not follow the “typical” route to an MBA and thus have a wider range of interests and majors. Some programs seem to attract specific majors more than others—for example, 57% of the most recent incoming class at the Harvard Business School (HBS) 2+2 Program were STEM (science, technology, engineering, and mathematics) majors. Meanwhile, for the regular full-time MBA program at HBS, the most popular major is often economics and business. Although engineering was the top choice within the Class of 2023 with 27%, business/commerce and economics were not far behind with 21% and 20%, respectively. Therefore, offering deferred admission is one way to attract applicants with more varied academic backgrounds. The HBS 2+2 and Deferred Admissions Guide 5 What attracts undergraduate students to these programs? MBA programs want to secure future MBA applicants early, but this works in reverse as well—undergraduate students who are confident in their MBA aspirations early on want to ensure their spots in their dream programs. A student might think: “If I know that I want to be a part of the HBS MBA program, why wait to apply until I am in the midst of a busy and stressful career?” Gaining a spot in a deferred action program gives recent graduates peace of mind to explore their work opportunities while knowing that an MBA program is waiting for them. Further, by gaining a place in a deferred admissions program, MBA candidates may be willing to take professional risks prior to business school that traditional MBA applicants might choose to avoid. With the security of guaranteed admission, one might leave a private equity position to work for a year with a government agency, for example, knowing that a path back to private equity exists post-MBA. In addition, we should note that applying to a deferred admissions program is often a riskless proposition for applicants—a “free shot,” as one admissions officer at a top MBA program described it to mbaMission. Because the application poses no risk to candidates, as their potential MBA candidacy years later will be a fresh start, why not go for it and apply? The HBS 2+2 and Deferred Admissions Guide 6 Myth: Only Ivy League students should apply or have a fair shot at admission. This is false. HBS launched the wave of deferred admissions programs with its 2+2 Program, but it is not an exclusive feeder for Harvard undergraduates or those of other Ivy League universities. Admissions committees are interested in candidates from all backgrounds, majors, and lifestyles, and many deferred admissions programs are specifically designed to diversify applicant pools. As an example, a past mbaMission client who was asked to interview with the HBS 2+2 Program reported that his interview group featured applicants from Carnegie Mellon, the University of Oklahoma, the California Institute of Technology (Cal Tech), and Purdue University. In fact, this client reported that each interviewee was “a completely different person” compared to the others. Although the interview pool also featured a handful of Ivy League students, the variety of candidates goes to show that admissions committees are interested in you, not just your educational background. Although the HBS 2+2 Program is by far the most active deferred admissions program at the moment, attracting more than 1,000 applications annually (1,436 individuals applied to the program in 2021), many other top-ranked business schools also offer similar programs. The HBS 2+2 and Deferred Admissions Guide 7 Schools The Chicago Booth Scholars Program offers deferred admission to undergraduate students in their fourth year of study. The program, which was launched in 2002, was previously only available to University of Chicago undergraduate students but recently began to welcome students from all undergraduate schools. Program Work experience requirement The Chicago Booth Scholars Program 2–5 years Who is eligible? Application fee Current undergraduate seniors Yes Only for same-school students? No Columbia Business School (CBS) launched its Deferred Enrollment Program for the 2019–2020 admissions season. Admitted students can spend two to five years gaining work experience, and CBS hopes students will “use the time to explore what drives [them], knowing that [they] have the flexibility to start the MBA program when the time is right for [them].” There is no application fee for the program. Program Work experience requirement Columbia Business School Deferred Enroll- 2–5 years ment Program 2021 cohort size Who is eligible? 216 Current undergraduate seniors and graduate students in their last year of study with Application fee no work experience No Only for same-school students? No The HBS 2+2 and Deferred Admissions Guide 8 HBS launched its 2+2 Program in 2007, admitting the first class of students in 2008. Interest in the program has grown notably since its inception: in the first year of the program, 630 individuals applied; and for the most recent admitted class, the Class of 2024, that figure was much higher at 1,436. The Class of 2024 comprises 124 committed students representing 61 undergraduate institutions. The HBS 2+2 Program welcomes students from all bachelor’s and joint bachelor’s/ graduate programs, in addition to graduate students who went directly from their undergraduate studies to graduate school without gaining full-time work experience. Accepted 2+2 students are expected to gain a minimum of two years of work experience before matriculation. Program 2021 cohort size The Harvard Business School 2+2 Program 124 Who is eligible? Application fee All bachelor’s degree candidates, all joint Yes bachelor’s/graduate degree candidates, some graduate students Extra Students majoring in STEM and humanities Only for same-school students? are particularly encouraged to apply. Within No the Class of 2024, 57% of students came from a STEM educational background. Work experience requirement 2–4 years The MIT Sloan School of Management announced the launch of its MBA Early Admission program in January 2019. In a press release, the school described the purpose of the launch as “to increase MIT representation in our own MBA program, and recruit qualified college seniors from other colleges to MIT Sloan as early as possible.” Current eligible MIT students do not need to submit GMAT or GRE scores to be considered for admission, and the application fee is waived for all applicants, regardless of their undergraduate institution. Program Work experience requirement MIT Sloan MBA Early Admission 2–5 years Who is eligible? 2021 cohort size Current undergraduate and graduate stu- 181 dents in their last year of study with no work experience Application fee No Only for same-school students? No The HBS 2+2 and Deferred Admissions Guide 9 The Kellogg School of Management at Northwestern University is one of the latest schools to follow the deferred admissions MBA trend, launching the Kellogg Future Leaders program in January 2020. The program is available to current undergraduate seniors and graduate students with no work experience, and there is no application fee. Program Only for same-school students? Kellogg Future Leaders No Who is eligible? Work experience requirement Current undergraduate seniors, recent 2–5 years undergraduates, current graduate students with no work experience after undergradu- Application fee ate studies No The NYU x NYU / Stern program at the New York University (NYU) Stern School of Business offers accepted applicants a $10,000 Early Advancement Award toward their tuition as well as the opportunity to apply for the Berkley Early Advancement Fellowship, which covers tuition and fees. Students who gain admission to the NYU x NYU / Stern program must have two to five years of work experience before enrolling. The program does not impose an application fee, nor are applicants required to provide GRE/GMAT test scores. Program Work experience requirement The NYU x NYU / Stern Program 2–5 years Who is eligible? Application fee Undergraduate students in their last year of No studies at eligible NYU schools with a GPA of 3.50 or above 2020 cohort size (Berkley Early Advancement Award) Only for same-school students? 5 Yes The HBS 2+2 and Deferred Admissions Guide 10 The Stanford Graduate School of Business (GSB) Deferred Enrollment Program offers admission to students in the final stages of their studies, including undergraduate, joint undergraduate/ graduate, and graduate students without work experience. Each admitted student’s case is examined separately, but the GSB website states that most students are expected to “be productively engaged (such as in full-time work or full-time study) during the deferral period.” The school particularly recommends deferral for students hoping to get into the fields of biotechnology, private equity, and management consulting, given that companies in these fields often prefer to hire MBAs with prior work experience. Program Only for same-school students? Deferred Enrollment Program No Who is eligible? Work experience requirement Current seniors of bachelor or joint bach- Granted individually based on each case elor/graduate programs, current graduate students with no work experience after Application fee undergraduate studies Yes, but reduced from regular fee The Future Year Scholars Program at the University of Virginia Darden School of Business is available to undergraduate seniors as well as master’s students who do not have work experience. The program offers each admitted student consideration for merit-based scholarships and individualized career support. Each scholar is requested to gain two to five years of work experience before enrolling in the MBA program. Ideal candidates are “exceptional students who aspire to be future ethical leaders and managers in a global world,” according to the Darden website. There is no application fee. Program Work experience requirement The Future Year Scholars Program 2–5 years Who is eligible? Application fee Undergraduate seniors and master’s stu- No dents with no work experience Only for same-school students? No The HBS 2+2 and Deferred Admissions Guide 11 The Moelis Advance Access Program at the Wharton School of the University of Pennsylvania was launched in 2017 following a $10M donation from alumni Ken Moelis (’80) and his wife, Julie Taffet Moelis (’81). The program was originally only available to University of Pennsylvania graduates but expanded its reach in September 2019 to welcome applicants from all schools. Moelis Fellows are expected to gain two to four years of work experience before enrolling in the MBA program. Ideal candidates are “innovative, intellectually curious, and ready to take professional risks while impacting the world,” and their “academic and career interests expand the traditional notions of business education,” according to the program website. Program Work experience requirement The Moelis Advance Access Program 2–4 years Who is eligible? 2020 cohort size Undergraduate and graduate students with 173 no work experience in their final year of study Application fee Yes, but reduced from regular fee Only for same-school students? No The Yale School of Management (SOM) Silver Scholars Program was launched in 2001 and features a unique concept: admitted students enroll in the MBA program immediately after their undergraduate studies and complete the first-year core curriculum, and they spend the second year working in a full-time internship before returning to the SOM for the third year to take elective courses and finish the MBA program. The program’s website notes that ideal candidates possess a “combination of intelligence and common sense, maturity and curiosity, passion and compassion” and aspire to be “future leaders in business, government, and nonprofit endeavors.” Program Work experience requirement The Silver Scholars Program None; internship required in the second year of study Who is eligible? Current undergraduate seniors Application fee Yes Only for same-school students? No The HBS 2+2 and Deferred Admissions Guide 12 How does an HBS 2+2 Program incoming class compare to a regular HBS MBA class? Full-time MBA Program HBS 2+2 Program Applications 9,773 1,436 Acceptance rate (only includes committed students) 10.3% 8.6% Commits 1,010 124 Median GMAT 730 730* 590–790 590–790* 3.69 3.79* Engineering (27%) Engineering (29%) GMAT Full Range Average GPA Most popular undergraduate major Note: Data represents 2021 applicants unless otherwise noted. *2020 applicants The HBS 2+2 and Deferred Admissions Guide 13 Student Profiles These profiles represent real, past clients of mbaMission who successfully applied to deferred admissions programs. The profiles are intended to showcase the diversity among admitted applicants and have been edited to ensure anonymity. Client 1 Client 3 Attended inner city public schools Attended a private high school Majored in computer science at a public research university Majored in economics at an Ivy League university GPA: 3.5 Involved in the National Fed Challenge and the Institute of GMAT: 730 Co-founded a fraternity for student leaders and diverse GPA: 3.9 students GMAT: 750 Joined a technology company after graduation Plans to join family business post-MBA Client 2 Politics Client 4 Moved to the United States as a teenager Suffered from learning disabilities until middle school Attended a Catholic boarding high school Attended an Ivy League university Majored in economics at a liberal arts college Involved in a curriculum committee as the sole student Involved in the university’s student government and LGBTQ GPA: 3.9 alliance GMAT: 690 After various internships in consulting and investment banking, turned to fashion GMAT: 730 The HBS 2+2 and Deferred Admissions Guide 14 Client 5 Grew up in Europe and attended a prestigious local re- Client 7 search university Studied cognitive sciences at a top private research university GPA: 5.5 (out of 6.0) Co-founded a start-up on campus GMAT: 750 Gained research experience and completed various At university, served as the president of a student club and revamped another club that ended up doubling in size internships including one at a top financial services firm Held various community leadership roles including mentoring girls pursuing STEM fields GPA: 4.8 (out of 5.0) GRE: 328 Joined an MBB consulting firm after graduation Client 6 Grew up in Asia and attended a local publicly funded institution GPA: 9.86 (out of 10.00) GMAT: 760 Involved in numerous leadership activities while attending university Divides work between family company and a firm that the applicant launched as a freshman in college The HBS 2+2 and Deferred Admissions Guide 15 Student Perspectives Admittedly, it can be challenging at first to thrive in the classroom setting with peers whose wealth of work experience affords them extraordinary perspectives to contribute to class discussions. However, it is because Silver Scholars enter into an MBA program without full-time work experience that we have the distinct advantage of enriching our own knowledge of the professional world at an early age as we absorb the professional wisdom of our older peers that took them years to accumulate. I believe 2+2 gives admitted students incredible flexibility to explore their interests and talents between undergraduate and business school. I decided to explore multiple jobs between undergraduate and business school to gain a breadth of experience across consulting, operations and investing roles. This helped me better understand my strengths and weaknesses, passions and longer-term direction before beginning my MBA. Student, Harvard Business School MBA Blog, February 2021 Student, Yale School of Management MBA Blog, October 2021 With the security of the 2+2 program, I was able to take more risks, forgo traditional paths, and explore my passions. … If HBS and 2+2 can give you the runway to test new approaches/ideas/pathways, then go for it! It can hopefully be a launching pad for a meaningful career. Applying to the 2+2 Program gave me great optionality to stress less about what the next step in my career was and focus completely on learning as much as I could during the two years in which I worked. I absolutely think you should do it and leverage the ability to use HBS as a further launching point for your career. Student, Harvard Business School MBA Blog, March 2021 Student, Harvard Business School MBA Blog, September 2020 The HBS 2+2 and Deferred Admissions Guide 16 [Because of the 2+2 Program,] I felt that I could really throw myself into my three years of working and learning and figuring out what I was passionate about instead of being stressed about my next move at [my company] or elsewhere. I KNEW what my next step was, so I could focus on learning and not on routing my career. … 2+2 worked out really well for me! Student, Harvard Business School MBA blog, September The Silver Scholars Program offered the chance to learn the language and logic of business right out of college and gave me the tools to pursue rare and competitive opportunities that would typically be beyond the professional reach of a 22-year-old. After spending the last seven years helping investors manage country risk in emerging markets, it’s clear to me that the Silver Scholars Program paved the way for my career. 2020 Graduate, Yale SOM Silver Scholars Program 2019 brochure Silver Scholars offer more to employers than undergraduates, but don’t have the three to five years of work experience of a traditional MBA student. They aren’t on a ‘traditional’ career path, so they must work even harder than their classmates to forge their own path. However, this challenge also presents an amazing opportunity: the chance to shape your own career. You can approach companies from a unique angle, and create your own opportunities for internships, co-ops, and full-time jobs. Plus, with the ‘golden safety net’ of returning to Yale, Scholars can take career risks that otherwise might not be feasible to them. The end result is an incredibly wide range of career opportunities with virtually no limits. Student, Yale School of Management MBA Blog, September By taking the MBA core before beginning our careers, Silver Scholars are better positioned to get MBA-level roles sooner, do more interesting work in their first job out of college, and ultimately move faster toward the career we want. … Whenever I choose to come back to SOM to finish the last year of my MBA, I can take whichever classes I want across all of Yale, allowing me to dig into whatever interests I develop over the course of my year(s) to get that much better at the job I go back to, or to help pivot to something else. In that way, Silver Scholars is a great structure to test hypotheses about what we want to do and where we want to do it, building in a period of time to explore sectors, functions, and cultures, producing leaders with a strengthened sense of purpose. 2019 Student, Yale School of Management MBA Blog, September 2019 The HBS 2+2 and Deferred Admissions Guide 17 Having the security of admission to the Wharton MBA program right out of my undergraduate studies, I am more comfortable and more willing to take professional risks—especially those having to do with social entrepreneurship. Student, Wharton News press release, September 2019 When I learned about the 2+2 Program, it seemed interesting, but initially brought on more questions than answers: ‘Do I even want to do an MBA? Do I know what my long-term career path is? Would an MBA make sense on that path?’ I quickly realized that I didn’t need the answers—in fact, the beauty of 2+2 is the time it gives you to explore, ask questions, and learn. I decided to dive in and, looking back, it was the best decision of my life. Ultimately, the structure of the Silver Scholars Program is designed to be as flexible as possible in order to allow Scholars to discover their professional passions and gain relevant experience along the way. To those considering the Silver Scholars Program at Yale SOM, I cannot overstate the benefit of the extended internship and its structure; the freedom to sample, evaluate, and experiment jobwise is both unparalleled and invaluable in informing your career decision-making process. Student, Yale School of Management MBA blog, July 2017 Student, Harvard Business School MBA blog, March 2018 The HBS 2+2 and Deferred Admissions Guide 18 When Should I Start to Consider Applying? Most deferred action programs only offer admission to college seniors, but keep an eye out even if you are earlier in your studies—some programs offer admission to third-year students as well. Application deadlines are typically the same as for the regular MBA program, but be sure to check for specific instructions regarding in which round(s) to apply. For example, a few years ago, HBS changed its admission round guidelines to dedicate Round 3 exclusively to 2+2 Program applicants. The HBS 2+2 and Deferred Admissions Guide 19 Interview Sequences Just like regular MBA programs, most deferred action programs require an admissions interview prior to the admissions committee’s final decision. These interviews often follow a typical business school interview format and feature questions intended to create a more detailed image of who the applicant is and what their plans for the future are. The following question sequences are from real HBS 2+2 Program interviews, as reported to us by our former clients. Note that interviews at other programs may differ from HBS’s style; therefore, these sequences are for demonstrative purpose only. Some questions have been edited to ensure clarity and anonymity. Sequence 1 1. What have you been doing this spring? 2. How well did your university handle the COVID-19 situation? 3. How did you get introduced to your fraternity? 4. What makes your fraternity different? 5. What challenges did you face in starting a new fraternity? 6. What was a project you worked on during [X internship]? 7. What do you aim to learn from working full time in the next couple of years? 8. What do you do outside of school? 9. What haven’t we talked about that you would like to touch on? 10. What was your experience like at [Y internship]? 11. What did you do at [Y internship] that was impressive enough for them to ask you to come back? 12. How did [X internship] help you in [Y internship]? 13. How could we have done better in terms of the whole virtual interview process/outreach/2+2 in general? Sequence 2 1. How are you feeling at this time in your life? 2. What has been one thing that has surprised you during this period of reflection? 3. What makes college stressful? 4. What advice would you give to an incoming college freshman? 5. Was there a time in college when a friend comforted you in a hard time? 6. Why [X field]? 7. What do you like about start-ups? 8. How would you describe the culture at your start-up? 9. What are drawbacks of start-ups? 10. Have you spoken up at your start-up when you’ve disagreed with what they’re doing? 11. What have you learned from working at your start-up? 12. What did your start-up hire you to do? 13. What is a hobby you like to do? The HBS 2+2 and Deferred Admissions Guide 20 14. What do you foresee yourself doing in the next one to two years? 15. What else would you like to tell me? Sequence 3 1. Tell me about your internship experiences. 2. What do you think about [the company you interned with]? 3. How are they developing? 4. What are the differences from the [other] firm you interned with? 5. How did that lead you to the job offer you accepted in a different industry? 6. What exactly will you be doing at the firm you are joining? 7. How did you finance your education? 8. What are the tuition fees at [your university]? 9. Tell me about your research experience. 10. Your recommender wrote that he tried to persuade you to pursue a PhD. Did you ever consider it? 11. How has your personal background shaped you? Sequence 4 1. Tell me about your senior thesis. 2. From your resume, it’s apparent that you balance a lot of things. How do you do it? 3. What was your average day at [X company] like? 4. What was your project at [X company]? 5. What did you not like about [X company]? 6. What kind of impact did you have at [Y company]? 7. What are things that you need to get better at? 8. What were some challenges you have faced with teaching? 9. How did you get started at [X company]? 10. What was the most challenging interview question you’ve received at [X company]? 11. What do you wish I had asked you? Sequence 5 1. How did you learn about [X rotational program]? 2. Why are you not joining [X company]? 3. What would your fellow club members say is your greatest leadership weakness? 4. Why did you participate in [X competition]? 5. What do you love most about [your undergraduate university]? 6. What technical news are you following right now? 7. What business news are you following right now? 8. Why did you do an internship at [Y company]? 9. How did you learn about the internship? 10. Please expand on your thesis. 11. What are your plans post-MBA? The HBS 2+2 and Deferred Admissions Guide 21 +1-646-485-8844 info@mbamission.com www.mbamission.com
