How to apply

The following information covers the documentation you are required to submit when applying to the Masters in Finance and explains the different stages in the admissions process.

Documentation

In order to assess your suitability for London Business School's Masters in Finance programme, candidates must submit to us the following:

1. Application form and application fee
2. Personal statement
3. Curriculum vitae/resume
4. Two references
5. GMAT score
6. Transcript(s) of grades

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A non-refundable £70 application fee will apply to all applications, with the following exceptions:

Application fee waivers:

• An application fee waiver applies to graduates of the following partner institutions: the University of London (UK), Columbia University (USA) and the University of Hong Kong (China). 

• A waiver applies to candidates who submit a reference from a London Business School faculty member, alumnus/alumna or current student. 

• An early application waiver applies to candidates who submit their application before 10 January 2009 at 18.00 (for 2009 entry).

The application fee is payable online by credit card upon submission of the application.  

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The personal statement forms a vital part of your application so we recommend that you spend a significant amount of time in its preparation. The statement should be no more than two pages in length.

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Please provide a current CV/Resume.  Our preferred length is one page although we will accept a maximum length of two pages.  If you have any significant gaps in your employment history, please explain these to us on a separate sheet.

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Two references are required.  Of the two references, at least one must be a work reference (typically from a current or previous employer, a colleague, a long-standing client or someone else who knows you well in a work context); the second reference can be an academic reference (from someone who taught you at university or college) or a second work reference.  It is not a requirement that you give your current employer as a referee.

Applications will not be reviewed in detail until references have been received.  The reference request is sent to the referee as part of the online application process (all references must be submitted on-line).  Detailed instructions to the referee are included in the online reference form. 

Further information on references for applicants and referees (includes a summary of the reference form questions)

Can I submit general letters of recommendation?
No.  The official London Business School Masters in Finance reference form asks very specific questions and requires the referee's assessment based on specified criteria, thus ensuring uniformity and fairness in reviewing all applications.

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All candidates must take GMAT - the Graduate Management Admissions Test - regardless of experience or educational background.  We do not accept other test scores (for example GRE) as a substitution for GMAT. 

The GMAT measures general verbal and mathematical skills, and the score report gives separate scores for the quantitative and verbal sections of the test, as well as a combined total score. There is also a short analytical writing section. GMAT is used to promote fairness, objectivity and validity in selection and provides supplementary information to that contained in the application form. It does not test knowledge in specialised academic subjects, but provides an indication of the ability for clear and systematic thought.  For details of how to prepare for GMAT, book a test appointment etc, please see the GMAT web site.

What GMAT score do I need?
We do not use a hard cut-off score for GMAT, however it is extremely unusual for us to accept a candidate with a total score below 600 and it is relatively rare for us to admit a candidate with a score in the 600-640 range. We would not be comfortable if candidates scored less than 30 in the verbal section or less than 40 in the quantitative section of the test, unless there were genuine extenuating circumstances and strong compensating evidence elsewhere (eg an outstanding academic record).  The GMAT average for the full-time class which started in September 2008 is 700.

As a general guide, a GMAT score of 650 or above adds weight to an application, and a GMAT score of 700 or above adds extra weight.

GMAT is just one of several admission criteria; just as a high score does not guarantee admission, a below average score does not eliminate a candidate, but in a pool of equally strong candidates with a similar background, GMAT can sometimes be the differentiating factor which determines who is shortlisted and who is not.

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Can I retake GMAT?
You can retake GMAT after 31 days, but re-sitting the test is only recommended if you believe that you significantly under-performed at the first attempt.  If you have taken GMAT more than once, we use your highest score when reviewing your application.

Can I apply to the MiF before I have taken GMAT?
If the rest of your application is complete you should submit it, even if you have not yet taken GMAT, however you must tell us the date you plan to take the test. Although our Admissions Committee will not make a shortlisting decision on your application without your GMAT score, it is possible for us to start processing your application and, for example, ask you for clarification on any part of your application that is unclear or if we need any additional documents.  Your application will then be placed on hold until you advise your GMAT score.  If you apply in advance of sitting GMAT you should fax or email us the unofficial scores you will receive on completion of the test and arrange for the official scores to be reported to us.  We use these unofficial scores you advise when reviewing your application - we do not wait to receive the official scores as this can cause an unnecessary delay.  If we make you an offer, at that stage we verify your scores in the GMAT score database.

Can I be made exempt from taking GMAT?
No, every applicant is required to take GMAT, regardless of their academic background or prior qualifications. This is for a number of reasons:

• it is important to recruiters, alumni etc that we apply the same consistently high entry standards to the Masters in Finance as we do to our MBA programme
• GMAT provides a useful additional piece of information about you, personally
• we receive applications from virtually every country (and educational system) in the world, so it is very helpful to have one measure for comparison of all candidates in the applicant pool
• all business schools have to provide summary data on applicants and students to various external bodies, and this invariably includes the average GMAT score
• it would lead to inconsistencies and unfairness in our admissions processes if we were to require most applicants to take GMAT, but then exempt a few.

I took GMAT more than five years ago; will you accept my old score report?
We will only accept GMAT scores that are less than five years old at the time of application.

How do I report my GMAT scores to London Business School?
When you sit GMAT you are given the option for a report to be sent to five Schools free of charge - just select London Business School: Masters in Finance from the pull-down list.  You do not need a School code to make a selection in the GMAT system.   You can also make this request after you have sat the test for a small charge (again, no School code is required).

The GMAT web site gives further information on score reporting.

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Applicants must submit a transcript or list of grades for all studies at university level.  These must include a comprehensive record of completed courses, grades, class of degree received and, if possible, a class ranking. You should also submit copies of any professional qualifications. If the copy is not in English, French, German, Spanish or Italian then you should provide a translation (your own translation is acceptable at this stage).  At the application stage, photocopies are acceptable as are faxes and soft (PDF) versions.  If we make an offer, then we will require official confirmation of your highest qualification, and possibly an official notarised translation.

You may fax transcripts to +44 (0)20 7000 7551 or email in PDF format to mifadmissions@london.edu. 

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Admissions process

We will acknowledge receipt of your application within 72 hours by e-mail.  IF YOU DO NOT RECEIVE AN EMAIL RECEIPT FROM US THIS MEANS THAT WE HAVE NOT RECEIVED YOUR APPLICATION.  If any items are missing or if we have any questions or need further information, we will let you know at this stage.

Once your application is complete (see "documentation" above) it will be reviewed and you will be told either (a) that you have been successfully shortlisted and are invited to attend an interview, or (b) that your application has been unsuccessful.

If you are shortlisted, we will arrange for you to be interviewed by one of our alumni either in London or in your country of residence if you are applying from outside the UK.  Note: no applicant will be offered a place without attending a personal interview. 

Once we have received the interviewer's report, the Admissions Committee can then make a decision on your application.  We aim to ensure that all applicants receive their final decision within four weeks of our receiving the interview report. 

The committee considers:

• the information in your completed application form
• your personal statement
• your CV
• your GMAT
• your references
• your transcript
• the interviewer's report

You will then be told whether or not you are being offered a place and (if you are being offered a place) the time scale within which you must make your decision on the offer (normally one month).

If you have any queries regarding the above process, please contact our Client ServicesCo-ordinator on +44 (0)20 7000 7599 or email finance@london.edu.

We aim to treat all applications to our programmes fairly and equally, in accordance with our published application policies and procedures.  Competition for places on our programmes is very severe and the quality of the applicant pool is extremely high.  Consequently, we are not able to offer places to a large number of entirely suitable candidates.

Feedback
In a small number of cases we actively encourage applicants to improve their application and reapply (for example, with a higher GMAT score or greater work experience).  In the great majority of cases we do not give individual detailed feedback however, as the decision is the result of the high degree of competition, not because of any specific weakness in the application.

Our initial review of each application checks that candidate has met our basic admissions criteria.  We are also looking for appropriate experience, well written essays, evidence of a lively, enquiring, reflective mind, leadership potential, team working skills and supportive references.  An international outlook is another very important factor.   GMAT scores below the average score of the previous intake can make an application less competitive, as can poor grades in previous university studies. 

I have previously applied to the MiF unsuccessfully.  Can I reapply?
The Admissions Committee will only reconsider an earlier decision if there is some new information which adds significant weight to your reapplication (such as extra work responsibilities, a new post, a new qualification or a substantially improved GMAT score).  If there is no new information, no purpose can be served by reapplying.

If you decide to reapply for the intake for the year after your original application, it is not necessary to resubmit the application form, references and transcripts.  We will only need from you a formal request (by letter or e-mail) for us to reconsider your application. This should also detail the new information that you wish the Admissions Committee to consider.

If you apply for entry more than one year after your original application, then a new application will be required.

Appeal against an admissions decision

Appeals will only be considered against an admissions decision on the following grounds:

• There is substantive evidence of bias or prejudice against the applicant
• There is substantive evidence that the admissions committee have departed from published policies and procedures

In the first instance appeals should be made in writing to the relevant programme office, who will acknowledge the appeal within 5 working days and respond fully within 15 working days.

If, following this step, the applicant is dissatisfied with the outcome they may petition the Associate Dean of the Programme to review their case.  This decision will be final.