November 15, 2019 Noon - 1 PM CST Chicago Booth Scholars Deferred MBA Admissions

Guest: I have a question regarding whether the admissions decision for this program is binding. It can be difficult to plan 2-5 years ahead, so what happens if an individual is accepted, but cannot attend for some reason down the road? Thank you!

* John Lim: Thanks so much for your question! No, our admissions decision is not binding, although we do ask for non-refundable deposits after your second, third, and fourth years of deferral that go towards your tuition. The Chicago Booth Scholars program is designed to be as flexible as possible, and allows you to explore your career and receive regular professional development and networking opportunities from Chicago Booth during the minimum 2 year deferment period as you learn when returning to Booth would be most effective for you!

Guest: I'm an undergraduate International student currently studying in the US and I wish to do an MBA. Can I stay in the US for the deferment period?

* John Lim: Thanks for your question. Yes, international students are more than welcome to apply to the Chicago Booth Scholars deferred MBA program. As long as you are pursuing professional work experience during that deferment period, that work can take place anywhere - both in the US as well as internationally.

Guest: Hello! Thank you so much for hosting this! What is your favorite part about the Booth Scholars Program which sets it apart from other programs (2+2, etc.)?

* Balthazar Darius Bergkamp: Thanks for the question. First and foremost, the deciding factor for me was the school, not necessarily the "2+2" program itself. At least for Booth, I do think the "2+2" program has a lot of cool features. You don't necessarily need to take the 2 years, in fact Booth gives you the flexibility to do anywhere between 2 and 4 years. That's really great if you don't know what timeline you think is right for you. Also, Booth makes sure you stay connected during your work experience. So in some of the major cities (NYC, Chicago, SF), there are regular networking sessions between Booth Scholars in their deferral period, current Booth Scholars, and Booth Scholar alumni. There is also additional professional development programming, and access to some of Booth's resources, that you can take advantage of during your deferral period. I know the admissions team is constantly working on improving those resources for the deferral years, so I would expect some of those offerings to expand over the next few years!

Guest: Good morning everyone, thank you for taking the time and setting this up! I would love to get to know the background of those participating today - background before coming to Booth, track at Booth (finance, consulting, or tech), and any organizations you are a part of. Thank you!

* Julia Chang: Thanks for joining today!We have a diverse group of participants in the live chat with backgrounds across finance, healthcare, and startups. We are also involved in professional groups on campus (e.g., Investment Management Group, Tech Group, and the Management Consulting Group) as well as social groups (e.g., Epicurean Club and Soccer Club).If you are interested in learning more, please refer to the speaker biographies sent out with the event!

Guest: hello is there an age limit?

* John Lim: Hi! No, there is no age limit for the Chicago Booth Scholars Program, as long as you are in your final year of your undergraduate studies. The full admissions criteria for the Chicago Booth Scholars 2019-20 application can be found Here.

Guest: How would you describe life at Campus?

* Ariadne Souroutzidis: Hello, That’s a great question. Life on campus is busy! There are tons of opportunities to attend seminars, networking sessions, and social events across all the graduate schools. A lot of business students will live in downtown Chicago, so there are tons of opportunities to also take advantage of events happening throughout the city. There are students groups that can help you find events and other students with similar interests.  

Guest: How do you think Chicago Booth promotes diversity?

* Julia Chang: Thanks for joining! One of Booth's core values is inquiry and debate, and that is reflected both inside and outside the classroom. During class, professors encourage open discussion and want to hear different points of views. Outside the classroom, there are many groups on campus that promote diversity such as Women in Business, African American MBA Association, OUTreach, and many more!You can see the full list of groups here: https://www.chicagobooth.edu/programs/full-time/student-experience/beyond-classroom/groups

Guest: Could you please talk about the interview process for Chicago Booth Scholars? Best practices to prepare, as well as who should we expect to interview with?

* John Lim: Hi! As part of the application process, Chicago Booth Scholars will be interviewing with current second-year Booth students, just like applicants in our Full-Time MBA program do. Chicago Booth believes that our second-year Booth students as members of our MBA community are able to provide a unique lens in the interview process as individuals most directly involved in the student experience.   Applicants will have the opportunity to ask our current students questions about their own experiences as part of the interview process. Of course, you don't have to wait until your interview to connect with current students, and we invite all prospective students to contact one of our current students using our “Connect with a Chicago Booth Student" tool! https://apply.chicagobooth.edu/portal/studentvolunteer

Guest: Hi! How did you decide to apply and commit to Booth?

* Daniel Kraft: To me, the most important determinant was the flexibility of the curriculum. I wanted a business school experience where I could tailor my academics to my specific needs and goals. Beyond that, I really enjoyed how closely aligned Booth is with the academic ideals of the broader University of Chicago - Booth very much is an environment of constant inquiry, spirited debate, and continuous questioning of all things around you. Lastly, I wanted to go to business school in city where I wanted to live as well, so the location in Chicago was a key factor as well for me.

Guest: Can the 2 letters of recommendation be from college professors only?

* John Lim: Hi! We understand that applicants applying during undergraduate studies may not have long term work experience. We do ask that at least one of your letters of recommendation come from an individual who can speak to your professional performance in the workforce, and could potentially be from an internship or larger project you've been a part of for an organization. The other letter of recommendation can be from a professor, although both letters can come from your professional experience if you prefer.

Guest: Which activities are available to help the community in Chicago?

* Ariadne Souroutzidis: Hello, there are many opportunities to give back in Chicago. Some of my classmates have been involved with tutoring elementary and high school students that come to UChicago’s campus. The student government body also organizes annual fundraisers that support local charities. One of the student groups, Net Impact, is also a good place to find other students interested in social impact and opportunities to give back in Chicago.

Guest: Hi everyone, can one of the international students share their experience of settling into Chicago?

* Balthazar Darius Bergkamp: I am an international student (worked in London prior to Booth, am from the Netherlands), although I had lived in Chicago before, so I was not entirely new to Chicago. Overall, I think Chicago is a very good city for internationals: people are generally friendly, the city is good value for money, and has an airport with connections to a lot of cities across the world. Settling is quite easy as well, finding an apartment (especially coming to Booth) is not that difficult given most Booth students live in several buildings at downtown. The university has plenty of resources for support with visa-related questions. The international community at UChicago is pretty well connected. The main challenge for most is getting used to the weather, but it only takes one very cold winter to get you used to that!

Guest: Which skills do you think are crucial to be part of Chicago Booth?

* Julia Chang: Thanks for the great question! There are 3 key skills that help people become successful at Chicago Booth. First, teamwork is a key skill because Booth is a very collaborative place. A lot of the work you do at Booth is team-based and the school has a "pay it forward" culture, so being a good team player is important. Second, intellectual curiosity is important because we are learning so much and solving complex problems at Booth, so bring your appetite for inquiry! Finally, analytical ability is also helpful because Booth has a data-driven approach across its many disciplines, even those outside of Finance and Economics.

Guest: Hello everyone, I wanted to thank everyone for your time today! I would love to hear about why you decided to pursue the Booth Scholars program instead of regular admissions process? How has it benefitted you over regular admissions process?

* Daniel Kraft: For me, the key advantage of the Booth Scholars program is that it gives you a lot of flexibility early on in your career. You can try out a career start and gain some first work experience, and then come back to school without having to apply to business school while you also work full-time. Applying as a senior in college is much less stressful and much less 'costly' (think opportunity cost here) than while you have a full-time job. It's a lot of work to take the GMAT, put together a thoughtful application, etc. I'd encourage you to take the last few months of your college years to think about applying and ideally apply. Separately, Booth Scholars is more than the program, I think it's very much a smaller subcommunity within the larger Booth community, so that was appealing to me as well.

Guest: I See! I also had another question: I have a healthcare background as my pre-MBA career; what are the opportunities that Booth has for MBA students who want to pursue a career in the healthcare industry?

* John Lim: MBA students are welcome to take classes across all the University of Chicago's institutions as part of their MBA experience. This includes our law school, policy school, undergraduate college, as well as our medical school. We also have plenty of classes and student interest groups that provide healthcare opportunities for MBA students. For example, today we have a Booth Health Care Conference hosted by our Health Care Club! https://groups.chicagobooth.edu/fthealthcare/rsvp_boot?id=594720

Guest: Hello and thank you for your time. I am an undergraduate senior and plan to join the U.S. Army after graduation. Would military service meet the requirements for the Booth Scholars "two to four year deferment period for professional experience"? If so, how is this looked upon in the admissions process?

* John Lim: Hi! Yes, military service would meet the requirements for professional experience. All our Chicago Booth Scholars are coming from varying work and professional backgrounds, and this diversity in the class is part of what makes the student experience so great!

Guest: Are Booth scholars allowed to pursue other degrees from other schools at UChicago? (when they enroll at Booth)

* Julia Chang: Thanks for the great question! Booth Scholars can pursue other degrees from other graduate programs while in school. For example, one of the popular dual degrees is the MBA/Master’s in Computer Science program. However, the applications to the other degree programs will be separate from the Booth Scholars application. If you are interested in learning more, please feel free to follow up with Admissions.

Guest: Since full-time work experience is lacking for undergraduate students, what can make an application stand-out for the Booth Scholars Program?

* Ariadne Souroutzidis: Hello, that’s a great question. The admissions committee is aware that an undergraduate applicant will not have a full-time work experience. I would recommend focusing on understanding how an MBA plays into your long-term career goals and articulating that. You can talk about how the work you are pursuing post-undergraduate aligns with your long-term goals as well.

Guest: Hello! If we are planning on doing a joint MBA program would the process for admissions to the Booth Scholars Program be any different? Are there limitations to doing joint degrees if you are accepted as a Booth Scholar? Thanks!

* John Lim: Hi! For applicants interested in applying to a joint MBA program, students admitted into the Chicago Booth Scholars Program during their referral would apply to their joint program of their choice (for example, the JD or MPP degree) for the year that they anticipate starting at Booth. There are no limitations to doing joint degrees if you are accepted as a Booth Scholar.  You can continue pursuing a joint degree as part of your MBA experience.

Guest: Since it is difficult to plan 2-5 years ahead, particularly coming right out of college (and presumably starting some full-time job post-graduation), what can applicants do to stand out in terms of explaining why an MBAat Booth is the right option for them if they don't yet know exactly where their career is heading?

* Daniel Kraft: That's a great question, and one that I think everyone applying to the program is struggling with a bit. I would suggest splitting the answer to this question into two parts. One, think about why you want/may want an MBA in general. Think about what type of role you would like to have later in life. For example, do you want to be a manager or an executive? Do you want to start your own company? You don’t have to know in what industry or role but, try to develop a sense of the needed skill set you will need in 20 or so years in your career. Think about “if and why” you need an MBA to develop that skill set. if you can communicate that, you are already halfway there.

The second part would be Booth specific. I cannot stress enough, it doesn’t matter at what stage of your career you are planning to apply to Booth, how important it is to be thoughtful about why you want to attend Booth. Learn as much as you can about the program, and how Booth differentiates itself from other MBA programs.

Guest: Is there a specific area of an applicant's application that is given most weight in the admissions decision? (E.g. internships, GPA, GMAT score, etc.)

* John Lim: Hi! Thank you for your question! There is no specific area of the application that we give more weight to, since we look at the application as a whole when considering admissions decisions.

Guest: I'm in my Junior year now, when should I apply?

* Daniel Kraft: You should apply during your last year of college, i.e. next year in your case.

Guest: Thanks for hosting this. When you were going through the decision process of choosing schools, what distinguished Booth to you? Going a little further, what distinguishes Booth's deferred admissions program compared to other schools' similar programs?

* Ariadne Souroutzidis: Hello, thanks for the question. Personally, I was an undergraduate at UChicago so I knew I was aligned with their academic philosophy. I was also drawn to Booth because they have a flexible curriculum and I could tailor my classes to fit the exact interests and needed areas of growth.

Guest: Is it possible to connect with existing Booth Scholars to ask them how they prepared for the admissions process?

* Kimberly Epps: Hi! Thank you for joining our chat. The panelists are existing Booth Scholars.Feel free to ask your question(s).

Guest: Could you please talk about why you pursued your MBA, and how many years of work experience did you have prior to attending Booth?

* Julia Chang: Thanks for joining! I decided to pursue my MBA because I was looking to make a career pivot from business/finance roles to product management roles (in tech).Prior to Booth, I had 4 years of working experience (though this varies from student to student).Booth has been super valuable in providing me with support to make the career transition successfully, ranging from classroom learning, recruiting, and the extensive Booth alumni network!

Guest: Do you have any suggestions on preparing for the GMAT? Would you recommend a specific prep course?

* Ariadne Souroutzidis: Hello, thanks for the question. I took the GRE and would recommend considering that option if you are at all considering other graduate programs outside of business school for your future. Regardless, for test prep I would use whatever resources are most aligned with your learning style. For me, that was purchasing access to practice problems online and dedicating time to prep daily.

Guest: How involved have you been with Booth after getting selected to the Scholars program but before starting your program? Are there any specific resources provided specifically to those candidates?

* Balthazar Darius Bergkamp: Yes, the most valuable resources I think is getting early access to the Booth network. So the admissions team hosts quarterly networking events in SF, NYC, and Chicago, where former, current, and future Booth Scholars meet. Furthermore, you can introduce yourself to Booth alumni as having been admitted, which was very valuable resource for sharpening your thoughts on future career plans and fostering mentoring relationships outside of your immediate work environment and college network. Additionally, although these resources are newer so I couldn't take advantage of them, the admissions team is now hosting professional development events and giving Booth Scholars access to some of the other Booth resources, which I wish had been around when I was in my deferral period!

Guest: This question is directed towards Daniel. What differentiates the Scholars subcommunity from the larger Booth community? Were there any specific events or resources that made you feel that way?

* Daniel Kraft: Thank you for the question. Great question! For one, I would say the Booth scholars community felt different to me because, it was historically all UChicago, but obviously the program is open to everyone now, which is great of course. More generally and importantly, I think the sense of community arises from the fact that you know each other for several years before you enter business school. And yes, there are specific resources & events. For example, there are regular Booth scholars meet ups in several cities (Chicago, NYC, SF). You will know the other scholars in the network/community that are in the classes above or below you as well.

Guest: What is the most interesting class each of you has taken at Booth so far?

* Balthazar Darius Bergkamp: The most interesting class I've taken is New Venture Strategy with professor Schrager. He only allows second years in his class unfortunately, so I had to wait a year before I could take it! The class revolves around evaluating start-up ideas from a strategy perspective. It's an incredible class for anyone interested in strategy, venture capital/PE, or entrepreneurship.

Guest: Is there a cutoff for the GMAT score?

* Kimberly Epps: Hi! Thank you for joining our chat today.No, we do not have a minimum requirement for the GMAT or GRE score.

Guest: Hello, if I receive an offer as a Booth scholar, is it possible to defer longer than 4 years (i.e., 5)? I received a corporate endorsement during undergrad and in exchange for tuition assistance, I have a 5 years contract after I graduate this May. I’d like to enter business school afterwards.

* John Lim: Thank you for your question! Although few exceptions are made, we typically do not allow deferments for longer than 4 years. However, if students find that they intend to apply to business school at a point after 4 years, we encourage them to apply to Chicago Booth when the time is right for them! https://www.chicagobooth.edu/programs/full-time

Guest: If our years of work experience take place outside of major city hubs (NYC, SF, etc.) can we still participate in some of the programs and events virtually?

* Daniel Kraft: If it is professional/career development programming, that usually should not be a problem. If it is social programming that may be a bit more difficult. However, as the program expands and as the network grows, the social events, meet ups, happy hours, etc. will expand to other cities as well! Lastly, I would encourage you, regardless of where you live, to reach out to anyone in the Booth Scholars network if you'd like. You will be able to meet people (either virtually or in person) in all the classes above and below you. Hope that answers the question.

Guest: From the admissions criteria document, there is a section that outlines "required to maintain their full-time employment status throughout their deferral period and to make professional progress satisfactory to Chicago Booth’s admissions process."What is satisfactory professional progress in the eyes of Booth?

* John Lim: Thanks for your question! This professional experience spans a wide variety of opportunities. The end goal is that Booth Scholars are able to have some work experience under their belt when they come into Booth. Candidates can benefit from coursework which they can apply their own experiences as well as to share their own professional experience perspectives with the Booth community. Some of our deferred scholars are pursuing work in the financial sector, starting their own companies, working in political campaigns, or in the education and non-profit space.

Guest: Hi, is there a minimum score for the TOEFL?

* Kimberly Epps: Hi! Thank you for joining our chat today. Yes, the minimum score for the TOEFL exam is 104 overall.

Guest: How do applicants typically tackle the issue of approaching their internship employers for references if they are expecting to continue with that employer full-time pre-MBA (thereby signaling that they plan to leave in 2-4 years)?

* Balthazar Darius Bergkamp: Great question. I was fortunate enough to have developed a mentoring relationship with one of the managers at my employer. I felt comfortable asking this person and letting her know I would most likely be leaving 2-4 years after joining, but I realize not everyone is in that situation. I joined that same employer and left after three years. A couple of things I would note: (i) No employer expects their new employees to be around forever, certain industries are in fact very open to the idea of people leaving (e.g., finance and consulting). (ii) Emphasize that this is just an option to take advantage of should the right opportunity arise, but that you are by no means looking for an exit (more importantly, emphasize that you are always willing to stay if you believe the job is still right for you). (iii) Target the right individual within the company. This doesn't have to be someone very senior (in fact, my recommender was an Associate within an investment bank).

Guest: What do you think that identifies Chicago Booth among other universities of the same prestige?

* Julia Chang: Thanks for joining! For me, there are two major aspects which drew me to Chicago Booth.First, Booth has a big "pay it forward" culture which fosters an extremely supportive environment within the Booth community.Fellow students are always eager to help one another out, and the Booth alumni network has also been invaluable due to how much alumni are happy to connect and help out.Secondly, Booth offers an unparalleled MBA education with the best professors in their respective fields.There's no better place to learn from professors who are not only cutting-edge in their fields but are also very invested in helping students walk away from the MBA program with valuable learnings that will help them in their future careers.

Guest: What are the opportunities that Booth has for MBA students who want to pursue a career post-MBA in the engineering/automotive industry?

* John Lim: Thank you for your question! The goal of the Chicago Booth MBA is to set our students up for success in any industry, not just in the first job after graduating, but for their whole careers. This includes industry exposure, whether that be in our coursework which is continually being updated to reflect the demands in changing markets, connecting students with employers in specific industries, or offering treks to visit companies of interest across the US and internationally. In addition, we also have many student groups on campus that allow students to pursue different interests outside of class. For example, the Booth Technology Group would be a great resource for students with tech and engineering interests: https://www.chicagobooth.edu/programs/full-time/student-experience/beyond-classroom/groups

Guest: Have any of you participated in Lab courses? If so, can you tell us a little bit about the process for enrolling in them (whether they are required, how competitive it is to get into them, etc.) and your overall experience as well? Thanks!

* Julia Chang: Thanks for the great question!Lab courses are a great way to get hands-on experiential learning at Booth.One of the Lab courses I have taken is called Lab for Developing New Products and Services, where students work with a client (generally a very well-known company) in helping the company launch a new product or service. These courses are a great way to apply learnings from the classroom in a real-world setting, where you have immediate impact. Booth offers a wide range of Lab courses in areas such as entrepreneurship, finance, social impact, strategy, and much more. The courses also range from being application-based to normal courses you can bid on. Please feel free to refer to Full-Time MBA Program website if you are interested in learning more about the courses: https://www.chicagobooth.edu/programs/full-time

Guest: Julia, do you think that this MBA is giving you the needed tools to develop as a product manager?

* Julia Chang: Thanks for the great question! I would say this MBA is absolutely giving me the tools I need to develop as a product manager. Booth teaches you how to work with complex and ambiguous problems where there is not just one right answer. This is very similar to the problems I will need to solve on a daily basis at work.Booth also offers a variety of coursework to help students learn skills in areas, such as the Lab in Developing New Products and Services, Technology Strategy, New Venture Strategy, and Application Development. There are many extracurricular activities outside of class, such as the Booth Technology Group that offers additional programming and activities in this area.

Guest: Is equal preference given to GRE/GMAT, or is the GMAT preferable?

* Kimberly Epps: Hi! Thank you for joining our chat today. The GMAT and GRE exams are viewed equally by the Admissions Committee.

Guest: What are the post undergraduates industries that admissions committee is looking for? Do they expect us to take more risks if we get accepted?

* John Lim: Thank you for your question. Ultimately, we are looking for applicants that are pursuing what they want to pursue! Our students go on to make an impact in a whole plethora of industries. Chicago Booth seeks to facilitate and support each student's path no matter how unique. You can see the historical employment reports for each class here: https://www.chicagobooth.edu/employmentreport/

Guest: Hi everyone, thank you for your time. Could you share what surprised you most when you came to Booth? Thanks.

* Julia Chang: Thanks for joining today! One of the most surprising things was how much of a flexibility we have in deciding our own path at Booth. There's no one way you must do anything. You have a lot of freedom in deciding your courses and how you want to spend your free time (e.g., clubs, part-time internships, social activities, etc.). This is so valuable during the MBA in helping you try out new experiences and get the most out of your time at Booth!

Guest: What's the best way to differentiate yourself from other candidates of similar backgrounds (e.g., consulting)?

* Daniel Kraft: I think a couple of things are key. First, show how you can add value to your class. By adding value, I don't mean adding value by being the best consultant or banker or whatever it may be. However, think about what makes you unique. What makes your experience/ perspectives unique, and how can you bring that to the table. In what way can your peers benefit from your unique perspectives, personality, and experiences. Everyone has something that makes them and their experience special, so try to communicate that in your application. Try to tie that to how that will empower you to contribute positively at Booth. Second, be genuine and thoughtful about your goals and needs. Think deeply about: 1) Why you want an MBA? and 2) Why you want to attend Booth? Think about how Booth's program is different from other MBA programs and communicate your understanding of that in the application. Show how you need the Booth MBA program specifically, not any other MBA, to achieve your goals.

Guest: What are the best practices of choosing a recommender and what's an expectable length of the recommender/recommendee relationship?

* Balthazar Darius Bergkamp: So that varies from person to person. I had one relationship with a professor that had lasted over a year. Another professional relationship that had lasted for the duration of the internship (10 weeks). Ultimately, it all depends on whether they will be able to speak to the things you want them to discuss in your letter of recommendation. I would take a holistic look at your application materials, identify potential gaps that you think could be appropriately addressed by a recommendation letter, and then identify the recommender that can speak to that specific skill/area of your application. You should be fine as long as you feel comfortable asking, and the recommender feels comfortable writing.

Guest: Thank you all for answering these questions. This has been extremely helpful!

* John Lim: Not a problem! Glad we could help!