Top graduate and business schools in the United States are very tough to get into. According to Poets and Quants, The University of Chicago (Booth) accepts just 12 out of every 100 applicants; Stanford accepts only 8. These two MBA programs are the most selective in the U.S., but all reputable graduate and business schools accept only a small percentage of the applications they receive. This raises the question of what distinguishes successful candidates from everyone else and what it takes to get into a top program. Here are a few factors considered by admissions officers:

Personal Statement

Each grad or B-school you apply to has its own set of required essays. While the themes might vary, the primary objective of every essay is to assess the strengths and weaknesses of the candidates and their passion for applying. A unique essay can help give an applicant an edge over a group of applicants with comparable credentials.

Give your essay an authentic voice to make it stand out from the others. Format it properly and make sure there are no grammatical errors. Though you shouldn’t clutter the essay or make it too dense, do include all the information that makes you unique, like your achievements, experience, ambitions, and any relevant information that makes you an ideal fit for the school. Don’t include unnecessary hobbies and interests unless they are quite impressive and can get you through the admissions process. (For guidance on crafting essays and preparing for the application process, explore our coaching services.)

Letters of Recommendation

Many B-school aspirants consider recommendations an unnecessary part of the admissions procedure, but your letters of recommendation are almost as important as your GRE or GMAT score, and you should carefully work on them to increase your chances of being accepted.

Grad and B-schools expect letters from your current and past supervisors who know you well. For example, a letter of recommendation from your manager that highlights your on-the-job achievements, endorses you personally as a great worker, and gives detailed information about your performance is exactly what admissions committee members are looking for. Conversely, a superficial letter from a company’s CEO, with whom you interact least, can inadvertently project a negative image instead of a good one. (Learn more about maximizing your application with our resources on test prep and admissions.)

Strong GPA

Your GPA is a vital component in grad and B-school admissions and often the first item committee members see after your GRE or GMAT score. Though some don’t have a formal minimum requirement, a GPA of 3.5 or better can definitely increase your chances of consideration.

(Discover how strong test prep can complement your GPA and increase your chances of acceptance by visiting our FAQ page.)

Manage Finances

Although usually not a factor in the admissions process, keep in mind that top master’s degree and MBA programs can cost upwards of $80,000 a year for tuition, housing, food, and other expenses. By contrast, most Ph.D. programs are free and come with stipends in exchange for being a TA (teaching assistant) or RA (research assistant). Not being able to afford business or graduate school shouldn’t be a deterrent—there are funding options available. In addition to loans, keep an eye out for scholarships and company sponsorships. Once you have received your acceptance letter, you can apply for them. (Contact us to learn about scholarships and funding options through our advisory team.)

GRE or GMAT Score

The first and most important item schools see in your application is your GRE or GMAT score. The GRE and GMAT are standardized tests that are mandatory for admission to any competitive graduate program or business school. Until about 10 years ago, the GMAT was the only standardized test accepted by business schools, but nowadays, nearly every reputable business school—1200 MBA programs in all—accepts either the GRE or GMAT. There is no general preference for one test over the other; what matters is how well you do on whichever one you take. The two tests cover largely the same material but have different styles, and students tend to find the GRE to be a little easier to prepare for.

Whichever test you decide to take will count for a large part of decision-making in the admissions process, and therefore you should devote maximum effort to getting the best possible score if you want to land in your dream school. Admission committees use your GMAT or GRE scores in conjunction with other admission requirements to decide whether you would perform well on their campus or not. A poor GMAT or GRE score can seriously hurt your chances of admission, but a good one can outweigh other factors such as GPA, letters of recommendation, etc.

A high score is achievable with the guidance of an expert instructor and thorough practice. Since both GRE and GMAT scores are valid for five years, you can begin prepping for your choice of them now and take the test when you are confident. (Explore our coaching services to ensure your best performance on these critical exams.)