MBA Spotlight Series: MIT Sloan
What do Buzz Aldrin, the second man to step on the moon; Richard Feynman, the infamous physicist; and Kofi Annan, the former Secretary General of the United Nations all have in common?
Well, they all went on to dominate their fields throughout their lives, but their journeys all began at the same centre of education: the Massachusetts Institute of Technology.
Founded in 1861, the Massachusetts Institute of Technology (MIT) stands proudly as a leader in innovation, science, and business. As the name indicates, the university is located in Cambridge, Massachusetts, spread across a 26-acre campus.
MIT’s MBA program is housed in the Sloan School of Management, which also offers programs such as Masters in Finance and Masters in Business Analytics.
For the Class of 2023 (matriculating fall 2021), the MBA program has three application rounds, with the first deadline on 1st October 2020. The average full time work experience of the current MBA batch is 5 years, with a median GMAT score of 730.
The program was ranked 8th and 6th in the FT Global MBA rankings for 2019 and 2020 respectively.
Key Program Details
Experiential learning: MIT’s university’s motto is “Mens et manus”, which translates to Mind and Hand, indicating the school’s emphasis on combining knowledge with practical application. The school provides one of the most hands-on MBA experiences through its emphasis on action learning and problem-led leadership.
Alumni strength: MIT has over 120,000 alumni in over 90 countries, spread across a range of industries, sectors, and functions. Apart from alumni holding senior positions in various established companies, there are also an incredible 30,200 active alumni-founded companies running successfully.
Entrepreneurial hub: As should be evident by the number of active alumni companies mentioned earlier, MIT is an immensely innovative environment which encourages young entrepreneurs to start their own ventures. The school has 15 action learning labs, and access to 103 venture capital firms in the Cambridge area itself, not to mention close access to the Boston and New York areas.
The MBA application for MIT is fairly intensive, and consists of a cover letter, academic performance, test scores, professional experiences, a video statement, an organisational chart, and recommendations. The MIT website states that the school looks for demonstrated evidence of a few key characteristics in successful applicants,
Leadership and an ability to inspire others
A collaborative spirit and focus on community
Intellectual curiosity and analytical strength
Creativity to generate new solutions to existing challenges
Growth in both professional and personal endeavours
Deadlines and Essay Questions
Cover letter, video statement, and recommendations
MIT is one of the few schools that still asks for a traditional cover letter as opposed to more specific essays. The cover letter must be limited to just 300 words, and should contain examples to illustrate why the candidate believes they meet the criteria to be a MIT Sloan student.
The application also requires the preparation of a video statement, limited to 60 seconds, where the candidate has to introduce themselves, speak about some past experiences and about why MIT is the right place for them. Brevity is once again a key consideration because of the tight time limit!
Finally, the application also requires details for one recommender and two additional references. The first recommender is necessarily required to fill out a recommendation, however the school may contact the additional references if they feel it is necessary. This segregation makes the choice of references all the more critical.
95.7% of graduates seeking employment received an offer within 3 months of graduation.
The average base salary was $140,000 and the median guaranteed bonus was $30,000.
The top industry destinations for graduates were consulting (31%), technology (31%) and finance (20%).
7% of the class started their own business ventures.
The top 5 recruiting companies were Boston Consulting Group, Bain, Google, McKinsey & Company, and Amazon, hiring a total of 92 graduates.
90% of students accepted offers in North America, with 45% of those being in the New York and Boston areas.
MIT’s reputation has been on the rise in recent years and the way it’s looking, that’s only going to keep improving. So if you want to spend a couple of years at arguably the most innovative place of the planet, a seat at MIT Sloan might be just what you’re looking for!
Abhinav is a commerce graduate of H.R. College of Commerce & Economics, Mumbai currently pursing a career in finance at Deloitte.
He is an avid sports lover, particularly of badminton, cricket and football, and also enjoys playing the guitar.
He has an admit to the ISB PGP for the Class of 2022 through the YLP program.
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