Skip to main content

3 Ways to Explain a Job Loss in MBA Application

If you’re anxious about a gap in employment history in your MBA application, take heart. The admissions committee members are human beings who will empathize with someone who has faced a layoff or firing and lived to tell the tale.

You should address an employment gap lasting longer than three months in the optional essay and in the application data forms, if requested. Ideally, you’ll show that you did more than just look for a job during that period and demonstrate what you learned from the experience.

Never say that unemployment has motivated you to apply to business school. And if you’re currently unemployed, definitely don’t say you’re working on your MBA applications in lieu of finding a job.

The biggest mistake you can make is leaving that period unexplained and up to the application reviewer’s imagination. By addressing the elephant in the room head on, you’ll avoid the admissions team unintentionally developing negative conclusions.

[Avoid these 10 common mistakes in MBA applications.]

Here are three ways to address a job loss in your MBA application.

Don’t blame anyone, including yourself: You’re walking a fine line here, since you don’t want to appear bitter or willing to throw your previous employer under the bus if you were laid off or fired.

You also don’t want to draw unnecessary attention to your possible shortcomings by blaming yourself for the loss. The key is keeping the tone matter-of-fact and acknowledging what you may have done wrong.

Perhaps you picked the wrong company to work for and it folded. You may have erred by not communicating enough with your team, not making your work accomplishments more visible to your supervisors, not taking initiative or not completing a project well. Steer clear of any negative tone, and quickly move on to the next, crucial step toward counteracting those drawbacks.

[Learn how to own up to past mistakes when applying to business school.]

Discuss what you learned: As I’ve covered in this blog before, self-reflection and personal growth are critical elements of the MBA application journey. We often learn more from our failures more than we do from our successes, and the ability to process your mistakes and move forward to better and greater things is an invaluable skill.

Take the opportunity to demonstrate how you can or already have incorporated those lessons learned going forward. Whether you realized the hard way that you should be more discerning about your employment selection , learned the importance of speaking up and showing initiative at work or improved time-management skills that later led to better performance, an honest assessment and sincere effort to improve will go a long way to persuading the admissions committee to take a chance on you.

[Showcase these five key qualities in your MBA application.]

Show how you have bounced back: Resilience and being proactive are the hallmark s of successful business people. Every client I’ve worked with has approached the challenge of an employment gap differently.

Some may have used the time away to travel extensively; others dove into volunteer work that allowed them to hone their business skills while giving something back; and still others used the time to give life to their entrepreneurial dreams.

One client, Christian, had been laid off from his position as an analyst at a large social media website that ultimately couldn’t compete with Facebook. Other than his unemployment, Christian was a strong MBA candidate with a 3.7 GPA from Emory University and a 740 GMAT score.

While unemployed, Christian was working on a niche retail website in his spare time and volunteering with an organization called Taproot to keep his strategy skills fresh. Christian wanted to pursue his MBA to give him a foundation in marketing and accounting that would help him operate his own company.

The key aspect that helped us shape Christian’s business school profile was that he had remained busy and optimistic. Christian saw his layoff as an opportunity to pursue a dream of entrepreneurship. His volunteer work gave him an opportunity to cite recent teamwork and also showed that he was interested in giving back, even while he went through tough times himself.

Overall, Christian demonstrated that he had the grit to persevere through a difficult experience — a quality in high demand within MBA programs. Christian ultimately attended the University of California– Berkeley’s Haas School of Business, where he made the most of the opportunity to become an expert on marketing and accounting for his startup.

Admissions committees repeatedly stress that no single element of your application will make or break your admissions chances, so try not to fret too much about your interrupted resume. Relax and have confidence in both your career successes and detours, knowing that it’s all in how you paint the picture.

More from U.S. News

Sell MBA Admissions Committee on Your Employability

Reach, Target, Safety: How to Choose MBA Programs Strategically

Reapplying for Business School: Don’t Make These 5 Mistakes

3 Ways to Explain a Job Loss in MBA Application originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
Read Next Story