MBA programs require applicants to gain at least two years of work experience and are for those who want to improve their leadership skills or want to work for industries that require an MBA degree, such as consulting and investment banking. However, another type of program allows you to reserve a spot in an MBA program before you go into the workforce. More so, you can take risks in doing what you're passionate about, like building a startup, without worrying about potential failure. 

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What is the deferred MBA program

A Deferred MBA program is a particular type of Master of Business Administration program. Students typically apply as college seniors, sometimes as graduate students. After being accepted, students can defer their enrollment for two-to-five years, then participate in the MBA program they're admitted to. Compared to traditional MBA programs, deferred MBA programs don't require two-to-five years of work experience because schools don't expect college students to have as much work experience. 

Schools design deferred MBA programs because they want to attract prospective candidates who have leadership potential to succeed in the future or candidates who otherwise won't apply for an MBA program later in life. Most programs are offered through top schools, such as Harvard Business School, Yale School of Management, Stanford Graduate School of Business, The University of Chicago Booth School of Business, Wharton School of the University of Pennsylvania, etc. 

Though differing from school to school, scholarship and financial aid is not usually available because business students, after graduation, take leadership roles and earn high salaries immediately. Since graduates will be making money more quickly than other majors, scholarships in graduate schools are usually for non-business students who devote their time to research.

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What are application materials 

To apply, students have to submit necessary demographic information, an official standard test, college transcript, personal statement, resume, and recommendation letters. Students should also be prepared for interviews with alumni. Students can choose to take either GRE or GMAT for the official standard test but should pay attention to each school's percentile score. The test score criteria isn’t as selective, as long as the score is between the 25th and 75th percentile. Schools prefer candidates who have good quantitative skills, either shown through the quantitative section in GMAT or through related classes taken in college. 

Students can demonstrate their short-term and long-term career goals through the personal statement, which often asks applicants why they applied  and how they can fit into the MBA program in that school. The resume is a place to show students' engagement in leadership roles and related work experience or internships. For students at the Fisher College of Business, one suggestion is to use resources at the Office of Career Management to visit career consultants for interview preparation and document review. Colleges know that most students don't have a job, so they won't ask for recommendation letters from a former boss, though it's recommended to have someone who has worked closely with and supervised the applicants. 

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"Compared to traditional MBA programs, deferred MBA programs don't require two-to-five years of work experience because schools don't expect college students to have as much work experience"

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What qualities are schools looking for

Unlike how students will apply for a job or an internship, deferred MBA programs are looking for candidates' leadership potential and career goals. HR is looking for job applicants who have a well-developed skill set for a particular position for a company. For business schools, however, they are estimating students' performance in 10 to 20 years. In this case, the past is the only way to determine the future. Again, the fact that those programs don't require work experience, students' involvement on-campus or off-campus is a significant factor in deciding whether they get accepted. 

Then why does a career goal or career vision matter? It ties experience, short-term career goals and long-term career goals, and motivation altogether. By setting up a long-term career goal, you can see your weakness, which can be part of the reason why you want to pursue an MBA program, or you can address them in your supplement essays. Career vision explains why MBA and why school questions in the personal statement will be the central part. 

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How should you research for colleges

When researching for a particular school and its respective program, applicants should see its course design and the number of courses in their specialization. Another way is to look at the annual report and see how many students receive offers from the company that applicants are interested in. However, the best research is to connect with the school's alumni and ask for their opinions, although most of the time, students may have to cold-email to cold-message them through LinkedIn and other platforms.

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What if you get rejected 

One rejection won't make the candidates look less favorable to schools. If they re-apply in the future to the same colleges, it can boost their application because it shows schools they want to get into. Business schools care more about whether the students they admitted will receive the offer, given that most applicants apply to more than three programs. If students are determined that they want an MBA degree, applying for a traditional MBA program is always another way to get the same degree after a few years of work experience. 

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In conclusion, the benefits of the MBA programs are numerous. If you're not yet a college senior, you should start taking more leadership roles in student organizations and networking with alumni. Though deferred MBA programs sound exciting and fascinating, applying for one requires a lot of effort and commitment.