Statement of purpose (Goals essay)
Statement of purpose (SoP), the essay that seeks to understand the applicant’s purpose of pursuing MBA, is almost always a crucial component of the ISB application.
This essay is best addressed along three major points:
(a) First what you have done in life so far (primarily on the professional/academic front)
(b) Second what you want to do in future
(c) Third how does MBA fit into the scheme of things
How MBA fits into the scheme of things
Let us specifically understand point (c) above: how MBA fits into the scheme of things.
This is an important question to answer in the SoP since it directly addresses the applicants’ purpose of pursuing an MBA and how an MBA fits into the applicants’ career trajectory. Its significance is not just limited to the essay; applicants are very likely to be asked this question during the interview as well. Over the years, in our experience of working with applicants, one recurring piece of interview feedback resulting in an ultimate rejection is that candidates were unable to clearly articulate why they needed an MBA from ISB.
Hence, answering this question convincingly is crucial both at the application stage and during the interview. While answering this question, you need to address what is currently holding you back, from realizing your future aspirations. These are generally some competency gaps that you currently have and that you hope to acquire during your MBA.
Examples
For instance, let us consider the following cases:
i) Digital Marketing → Holistic Marketing
You might be working in Digital Marketing, but realize that to become a holistic Marketing professional, you need knowledge in other aspects of Marketing such as Branding, Advertising, and Pricing.
ii) Private Equity → Broader Business Understanding
You might be working in the Private Equity sector and already have knowledge in Finance. However, you realize that being successful in the Private Equity sector requires knowledge in areas other than Finance as well, such as Strategy and Operations.
iii) Procurement → Broader Operations Management
You might be working as an Operations manager in the Procurement function, but realize that Operations management is a vast discipline that also includes topics such as Logistics, Inventory management, and Supply Chain management. Hence, you are looking at MBA to bridge this skill-gap.
iv) Software Engineering → Product Management
You might be a tech-person working in software development but aspire to become a Product Manager. However, Product Management requires knowledge across business functions such as Strategy, Finance, and Marketing. Your current Engineering background has never really exposed you to these business functions and you believe that MBA would be a very efficient way to acquire this knowledge, in order to transition to Product management.
Do not be afraid to acknowledge your gaps
Each of the above cases highlights the competence gaps in the current profile of candidates that candidates hope to bridge through an MBA. Acknowledging these competence gaps however, creates a lot of angst among candidates. Many candidates believe that the essays presented as part of the application provide an opportunity to the candidates to depict their strengths and differentiators. Consequently, these candidates believe that identifying competence gaps in their profile as part of the SoP will be perceived as weakness and hence, will actually weaken their candidature.
Nothing is farther than truth. As part of the SoP, admitting your capability gaps is actually a sign of your strength, since this shows your self-awareness. Further, it shows that you have a forward-looking outlook and are willing to invest the time and resources required for an MBA, to achieve your career goals.