As an unsuccessful indian IT applicant from the previous season who is looking to reapply and get an admit, I wanted to share what I have learnt from my experiences by going through the mba process and watching other applicants getting admitted and denied ...with others here as many of you have helped me out in the past. Bear in mind this applies to applicants in general, and to indian applicants in some cases. Also, other's views may differ significantly from what I say - this is strictly my view (and i am sure there are exceptions to these views as well):
For those who are targetting top 10-20 schools:
I have noticed that a few schools (among M7) look for a certain 'wow' factor in applicants - just having a good gmat, gpa and big name company/we does not cut it. You should have some experience that...lets say, <5% of indian candidates will have that can make you stand out. Some examples of this 'wow' factors could be something like:
1. You representated india in badminton kabbadi championship, or even won a national or state level contest (maybe in badminton, table-tennis, etc).
2. Significant accomplishment in art or something cultural related, maybe your kathak indian dances were broadcasted in indian television
3. maybe you trekked kanchenjunga successfully
4. you got 15 patents in your field while working for company X (even better if this field is unconventional, manufacturing, agriculture, etc...maybe something where you work in a rural setting instead of mumbai or bangalore)
5. you lead to expand your company's operations in a new geographic location, eg singapore, china, etc. and made a significant bottom line contribution.
For most of us, we dont have such experiences....But a lot of times, we surely do have one, or maybe a few experiences which if just simply stated, may not be a 'wow' factor to the general public, but is perhaps very important to you and someone like your brother or father or uncle would understand its significance as they know you. So, if you can state it in such a way, and spin a good story to show the adcoms how and why this experience was significant to you, that can do the trick.
Some schools which really look for a 'wow' experience from applicants:
1. Harvard - more leadership focussed
2. Stanford
3. Kellog
4. MIT Sloan - could be academic/professional focussed
On the contrary, at some of the other top schools, you can get lucky by using one of your personal experiences and giving it a good spin (kind of what i mentioned towards the end of my paragraph above). Some schools like these are:
1. Wharton
2. Chicago
3. Michigan Ross
4. Haas
5. NYU
Now of course high GMAT scores (750+ for indians) help in applying to all schools, but your chances are much stronger at some of the top schools if you can bang out a 750+
1. CMU
2. Yale
3. NYU
4. McCombs
At some schools, your showing a high amount of interest makes a big difference. Visiting the school and getting feedback & reapplying if you were rejected before significantly increases your chances. Some schools like these are:
1. Tuck
2. Duke
3. Darden
4. UNC
5. Cornell
even Haas and Ross to a certain extent. However dont get confused and assume that you will get admitted if you visited Tuck or Cornell - of course your profile needs to be strong with solid essays. But if it comes down to admitting you or another 1-2 applicant, considering other things similar - the fact that you visited will probably be the most significant reason you will get in.
So, while doing research and selecting schools, keep these things in mind and dont waste your energy and time on applying to a school where you practically have no chance of getting in. Just to give you an example, I would have really loved to attend Stanford or MIT as I am in internet ventures and quite entrepreneurial. But with a 700+ gmat, 3.9 GPA and decent WE, I have pretty much no chance of getting in to these schools with no 'wow' experience... (if only i had joined the Youtube startup group a couple of years ago...
And for those who still have 2-3 years before applying, take some risk, be different and try do something unique that can make you stand out. For eg. if you are 23-24 years old and think that your family can support you, take a few months off or even a year, travel to a few different countries (doesn't have to be a western advanced country...anywhere in Asia or africa could be fine...or even rural india, maybe take up a voluntary role or hitch hike and travel.....dont just sit in the cube and do programming and look for the easy bucks. The key is to challenge yourself to do something unique that, under normal circumstances you would never have to do. I wish i knew this when I was 23 years old that I would be applying to the top mba programs, but the truth is a lot of us dont. You shouldn't be thinking of something like this only because you will be targetting a top mba program, you should indulge in versatile activities regardless...these unique experiences will surely add a unique angle to your views. I know, our parents only want us to study and become a doctor or engineer, but at 18+ you are an adult, to try take decisions independently and convince your family to let you have these experiences!!
Oh..another IMPORTANT thing that I learned - Harvard and Stanford tend to favor younger applicants (24-26 yrs) whereas Wharton, Chicago and even Kellog can work with older applicants (27-29 years)...but you knew that if you checked the class profiles of these schools....right
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Now I know for a lot of us $$ plays a big role in deciding where to apply. Depending on your profile, if you get into the M7 and a few other schools, $$ is not an issue as you can get a loan without any cosigners. Otherwise if you are targetting top 30 schools, try get a real good GMAT score (750+) and you can get good scholarships at some of the good regional MBA programs. Good Gmat, and APPLY EARLY!!! Some of these schools that I have seen offering great scholarships are:
1. Emory
2. McCombs
3. NotreDame
4. BYU
5. Vanderbilt
6. Purdue
and a few others....but the key is good gmat and apply early.
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Finally, not all of us are great writers. I for one would make many grammer mistakes or write awkward sentences. So if needed, use an english tutor or essay consultant. Some tend to think these are unethical, but there are many ethical consultants out there who would just guide you instead of writing your own essays...some I have heard of are MBAExchange, Clear Admit, Accepted.com. In India, I am sure there are quite a few but dont know much about them.
Gosh, this post is getting outta control...way too long...my apologies - please dont kill me for this

but whatever I have written is what I have seen from my applying to some of these schools and others friends/acquaintances/forum buddies getting admitted/dinged from different schools.
Now lets take on the 2008 app season like there's no tomorrow