I read an interesting guest post on the blog “I Will Teach You To Be Rich” by Jay Cross, who actually paid a fee just to apply for his dream job. It was a smart move for both him and the recruiter. The recruiter’s small barrier ensured only the most motivated applicants applied. By paying the fee, Jay was immediately ahead of his competition since many others wouldn’t make it past the fee stage. Ultimately, despite it being a top online marketing job likely to attract thousands, only eighteen people applied because of the fee.
So, what’s the connection to Harvard? A while back, I was thinking about going back to school for an MBA because I was extremely bored at my job. I figured taking time off could be justified for two things: early retirement or further education to get a better job and reach early retirement faster.
I had already completed a master’s degree in business in France, but the networking wasn’t anywhere near as strong, and I did it right after my three-year degree at 21, without any professional experience. Doing an MBA in the U.S. seemed like it could be a fun experience, and I was optimistic I could find a way to fund it, just as I had managed to get a company to pay for my business school in France.
I began researching more as a daydream than a serious plan. After about an hour of looking into it, here’s what I found out:
1. You need to pass and excel at the GMAT exam, which is held 3-4 times a year and costs $250.
2. You have to write a compelling essay that makes the school want you.
3. You need two influential people to write recommendation letters for you.
4. Each application to a school costs around $250 (with some variation, like Stanford at $275, Harvard at $250).
There were other requirements like deadlines and translation of degrees. One thing that stood out was many schools have need-blind admissions, meaning they accept students regardless of their ability to pay and then work with them to cover tuition.
When I compared the admission rates, it was eye-opening. For my French business school, there were about 5,000 applicants but only 30 spots at the school I wanted most, giving me less than a 1% chance. Harvard Business School, one of the most sought-after in the world, had a 10% admission rate, which seemed much higher.
Harvard’s lengthy process weeds out applicants before they even apply. Of those who do apply, 10% get in. This translates to a tiny fraction of those who, like me, briefly thought about applying.
The GMAT scores for accepted students ranged from 550 to 750. Even someone with a low score of 550 applied, thinking they had a real shot and beat the odds.
Why does Harvard have a relatively high admission rate compared to my European school? It’s because of multiple small barriers, like the job application fee example. The costs add up to over $500 between test fees and application fees, possibly up to $1,000 if you include preparation materials and travel. This financial hurdle weeds out those unwilling to invest even $500, let alone afford the $60K annual tuition.
Most students target schools where they feel more confident about getting in, applying to 2-3 schools to be safe. But that 550 GMAT student didn’t let a lower score stop them. They wrote an essay, secured two recommendations, paid the $250 application fee, and believed they could be one of the few selected from over 9,000 applications.
This is the mindset you need to get into Harvard—or achieve any significant goal in life. Embrace the obstacles because overcoming them increases your chances of success. When others give up at small barriers, it leaves the path open for you. Seize the opportunity instead of just dreaming about it.