Isha Ratanji (Rice, ‘21) spent her career working in Financial Services and Professional Services before deciding she wanted to pursue an MBA to change careers. During her MBA application process, Isha, like most applicants, navigated the challenges of the MBA admissions process, before being accepted and enrolling at Rice University. Isha shares her MBA application journey, what she learned from the experience, and her advice to MBA applicants.
MBASchooled: What did you do before business school, and why did you choose to pursue an MBA?
Prior to business school, my experience was in Finance and Consulting. I started my career off at Ernst & Young in Toronto where I worked with financial services clients. I provided assurance and consulting services to my clients while obtaining my CPA. I then moved to New York City to work at Goldman Sachs for 4 years within the commodities group where I learned a lot about finance in an extremely fast-paced environment. I then moved to Dallas where I switched industries to Consulting and my client was Toyota where I was responsible for a $44M Software Implementation Project focusing on SAP Cloud Technology.
I wanted to pursue an MBA because I was looking to pivot out of Finance into Tech. I am passionate about building products and making data-based decisions and I knew that for me to make this jump, I would need an MBA to transition careers. In addition, I knew that an MBA opened a lot of doors to new opportunities and jobs since many high profile leadership roles require an MBA.
MBASchooled: Talk about your MBA application process. What was that experience like?
My MBA application process was a long journey. For me, studying for the GMAT while working 60+ hours during the week was extremely challenging. I initially started studying for the GMAT in 2015 when I was working at Goldman Sachs, however, I paused with the whole process as it was too exhausting to work 60+ hours and also study at the same time. I then started the process again in late 2017 in early 2018 and studying for the GMAT was hard.
Although my background was in finance, the test style of the GMAT was challenging for me. I had to write my GMAT multiple times to feel comfortable with my overall score. Finally, I felt comfortable enough with my score where I switched gears and focused on researching schools and applications.
My application process took a lot of time as I invested time into self-reflection to really understand why I wanted the MBA and what I plan to do with it after. I wanted to solidify my story of what are my values and why I fundamentally am passionate about business school.
Once I finalized my story, I started getting myself organized for round two applications. I created a google sheet tracker where I had a separate tab for each school. I would list details such as questions, word count, deadlines, clubs within the school I’m interested in, along with people I connected with at each school. This would help me stay on top of all the different application requirements while organizing the new network I was making as I connected with current students.
The best way I found to research a school was to talk to current students. Yes, school websites have a lot of information, but I knew that in order to differentiate my application from the rest, I needed to learn what the school experience was from a current student’s perspective. I researched clubs within each school that I was interested in and for me, that was entrepreneurship clubs and social impact clubs. I made it a point to email the club leadership in hopes of getting some time to talk to them (20-30 mins). Prior to each call, I would prepare some questions in advance and send them to the current student to ensure I efficiently used his/her time. I learned a great deal from current students as they would have insight into new programs or initiatives that were not necessarily published on the School’s website and I would use those learnings into my application for that specific school.
In terms of my recommendation letters, I created a short presentation for each of the recommenders to give them insight into which school I am applying to and why I wanted to obtain an MBA. I also gave them examples and reminders of the past work I did to ensure they had sufficient data to write about my experiences.
Lastly, I made sure I reserved some time to review the actual online application itself. This is where I realized that there are questions (other than the essay questions) that are sometimes throughout the application. For instance, one of the schools I applied to had questions that were usually less than 100 words all throughout the application. Once I realized there were shorter questions required, I added those short questions to my google sheet tracker for the school to make sure I knew everything the application required. Reviewing the application in advance allowed me to prepare and write answers to the shorter questions as well instead of scrambling to complete it last minute.
MBASchooled: Now that you are on the other side, what are some things you wish you knew before you applied to business school?
I wish I spent more time speaking to alumni of schools to understand how their experience is one they are 3-4 years out of school. I think that would have given me a better understanding of the strength of the alumni connections as well as obtaining insights on what alumni wished they focused on during their time in business school.
MBASchooled: What was the hardest part of the MBA application process, and how did you work through it?
The hardest part of the MBA application process was taking the GMAT. For me, I struggled with the test and had to take it multiple times. I worked through it with the support of my husband as well as family and friends who convinced me not to give up on my dreams. Without their support and continued motivation, I would not be able to continuously strive and take the GMAT again as I felt like giving up each time I came back from the testing center.
MBASchooled: Why did you choose Rice?
I chose Rice because of the intimate small class size. I wanted to focus on the quality of friends made during business school versus the quantity of friends made. I really connected with the current students I spoke to and I valued the direct access to the faculty and Dean. I remember, when I got into Rice, Dean Peter Rodriguez personally gave me a call from his cell phone and told me I can reach out to him for any questions I may have. That to me signified the value of the Rice Community and how accessible anyone is. To me, I felt like they knew me by name and I was not just a student number.
MBASchooled: Due to COVID-19, MBA applicants know they need to engage virtually with schools to learn about them but what should they be looking to learn or looking to get out of those opportunities?
I would say the same process should apply but in a virtual setting. I would attend webinars but also make a list of clubs you are interested in and set up virtual zoom meetings with current leaders within student clubs. I would also be proactive and send some questions in advance so you are making the best use of their time.
In addition, I would reach out to recent alumni who are in positions that you are targeting. That way, you can learn from their recruiting journey in terms of what classes set them up best for their current position as well as building a new connection in your target company.
MBASchooled: What advice do you have, for students who are considering applying or applying to MBA programs right now?
Do not wait for the “perfect” GMAT score or application. Don’t let another year pass because your score is not what you hoped for. There are many facets of your application and the GMAT score is one aspect, but not the only aspect.
In addition, when you start first year, there are many competing priorities and time is limited so make sure you have an idea of where you want to focus when you start school. Everything looks “bright and shiny” and trying to be involved in many activities can cause burn out if you stretch yourself too thin. You may not always make every social event or every recruiting event, and you need to be okay with that. What worked best for me is listing my top 3 priorities for business school and I would use that list as a reference point when I’m trying to prioritize events and commitments.
Lastly, I would also say make sure you speak to current students to understand the culture of the school. Investing 2 years into a program is a significant investment in time and money and you want to make sure you understand the school’s culture sufficiently to feel confident you want to go to that school and make that investment.