Getting laid off is an intensely unsettling experience in anyone’s professional life. The last number of years has seen many prospective MBA applicants face layoffs across several industries—including finance and tech.
Naturally, many candidates consider using this time to fortify their future employment prospects by applying to business school. If you’re currently unemployed and plan to earn an MBA degree, you might be wondering about how to approach the MBA application process and what your chances are of being accepted.
This article will address common questions prospective students have about how to get into an MBA program while unemployed.
The last few application rounds have seen an increase in current and prospective MBA applicants who have been laid off from their jobs—particularly in the tech industry, although many industries were affected.
Our advice differs based on where you are in the application timeline:
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✓ Compare pricing across 35+ MBA admissions consulting firms
✓ Learn why
“success rates”
are not to be trusted
✓ Find the
right service model
for your needs
✓ Prep for your consultation calls
Round 1 MBA deadlines typically fall around the beginning of September to the end of October.
If you were laid off in the spring—several months before any MBA deadlines—we strongly discourage you from applying until you have secured a full-time position at a new company.
There are a couple of reasons for this:
Business school applications are extremely competitive, and candidates with high-paying, full-time jobs in venture capital and investment banking aren’t guaranteed a place in B-school.
That said, the vast majority of MBA applicants are employed at the time of their application, so admissions committees see these prospective students as more competitive applicants. Further, admissions committees are always looking ahead to the recruitment prospects of their MBA grads.
A sizeable gap in your employment history is something post-MBA recruiters will notice, and consequently, MBA admissions committees need to be extremely cautious of this.
The safest and most effective way to mitigate the consequences of a lay off is to work on securing a new position as quickly as possible. If—by the time you’ve found a new role—you still have time to submit a solid application, your chances of acceptance are significantly higher.
It can be worthwhile to talk through your profile and application prospects with an MBA admissions consultant.
Applying for MBA programs can be expensive, particularly if you engage in tutoring for test prep or admissions consulting for your applications. That’s before you consider financing the program itself, which can cost over $100,000 per year.
You should be skeptical of any admissions consulting company that advises you to apply while unemployed for two reasons:
At Menlo Coaching, we will never take on clients unless we believe they have a reasonable chance of admission and that our assistance can help them improve their profiles.
If you’re in the middle of an MBA application—for example, if there is less than a month between now and your application round—MBA programs will be sympathetic to the unpredictable nature of layoffs.
However, this topic is worth discussing in your application—specifically, in your resume and optional essays.
If you are currently unemployed, building a strong MBA profile will matter even more than usual.
When constructing your resume, it is important to be honest and openly include your current unemployment and any other gaps in employment you might have. This can also be addressed in a cover letter and optional essays.
Unless you have the above and make a strong case for the strength of your candidacy, you will most likely not be offered an interview from most business schools. As a result, you cannot wait to explain your situation in person to your interviewer—it must be addressed in your application.
If you’ve been laid off right before the deadline, there is also an opportunity to use the time between now and enrollment to become an even more appealing applicant.
Some candidates have used the months before enrollment to
Although lay offs are an unfortunate setback in the application process, with the right spin, it doesn’t have to hamper your MBA application and can even boost your professional development.
Professional work experience is a large part of business school applications. Students should ideally get MBAs for career transitions and advancements and not for finding employment.
Although applicants are not required to be currently employed at the time of their application, they still need to meet their target program’s work experience requirements. So, if you’re not currently working, you need to have enough past work experience before beginning your MBA application.
Most MBA programs require applicants to have between three and five years of professional experience.
Admissions committees also look at the quality of your work experience. Applicants with more prestigious positions, impressive career trajectory, and mobility have a higher chance of being accepted into top MBA programs.
Although you should try to get a full-time job before applying to any MBA programs, it is possible to gain acceptance while being unemployed.
MBA admissions committees are understanding about certain circumstances regarding unemployment. For example, being laid off right before the deadline would not affect your chances of admission.
However, quitting your job to apply for an MBA might decrease your chances of admission, as your reasons for unemployment are unsympathetic.
Being open and optimistic about your situation is the best way to go if you’re applying for an MBA while unemployed.
Finally, if you’re still unsure of the correct route to take regarding your MBA application, it’s advisable to speak with an admissions consultant.
