Negotiating the offer

Negotiating the Offer

http://www.amerasiaconsulting.com/


Because "negotiation" is not what you do when it comes
to securing more financial aid from a business school.

MBA Admissions Consultant | http://www.amerasiaconsulting.com

The term of art for what you are going to be doing is
"asking." Let us explain.

Obviously, any discussion of an offer in this context
automatically means we're dealing with some good
news: you've been accepted. So congrats on that!

However, with the news that a b-school wants you to
enroll comes the sobering reality that they also want you
to *pay* for that privilege.


Sure, offers often come with dollar signs attached, but
the amount left in the "you" column is almost always
going to be the bigger number.

And that fact tends to bring up the following question:
"How can I negotiate my offer?" Again, let's rephrase the
question entirely. Don't think of this as a negotiation, but
rather a request: "How can I request more aid?"

That is a much better frame of reference, especially in
light of the the advice that follows.


Here's how we typically approach this
process:
1.Be respectful.
2.Instead, go for the heartstrings.
3.Never lie!
4.Wait a beat.
5.Follow up


1. Be respectful.

There are a lot of ways you might be able to get a little
more scholarship money from a business school, but
we know of one sure way that you WON'T get money
and that's if you try to "hardball" them.

We have witnessed countless admits go from months of
wishing and hoping to sudden arrogance and a "you
better wine and dine me" attitude.

Ditch it. Immediately.


If you call an admissions office and try to leverage
another offer or you give them the "so what can you do to
sweeten the deal?" treatment, you will inevitably find
yourself on the line with a tired and supremely annoyed
member of that school's staff.

Go in polite, grateful, and professional. Always. This is
not an M&A deal and you are not "negotiating" with
anyone. You are "asking" a business school to grant you
more free funding.

Big difference and on that is not lost on the schools
themselves, we assure you.


2. Instead, go for the heartstrings.

Okay, you have your hat in hand and you are determined
to avoid acting entitled. Now what? Not to be too blunt
about it, but in our experience, a good old sob story
seems to work best. So if you have authentic hurdles -
and most of us do - to paying over $100K for your MBA,
share them.

You don't have to impress anyone at this point with your
huge salary or countless offers from heavy hitters;
they've already decided they want you to attend their
school.


And they are far more likely to try to work something out
if they find you nice, respectful, and, yes, a bit needy.

A long-term career goal that eschews riches is probably
best, but there are a lot of ways you can be honest about
your situation and paint a very realistic picture as to how
an extra $20K could make all the difference for you.


3. Never lie!

If you don't have the "heartstrings" story, then don't go
there. Of even greater importance is that you don't make
up offers or dollar amounts from other programs.

It damages the integrity of the financial aid process
(which is designed to get money to those who deserve it
and who need it most) and the school may ask to see
proof in making a decision on revising your award.


4. Wait a beat.

One of the keys to even getting yourself in the running
for more aid is to wait a little bit so the dust can settle.
Sure, on the one hand, the money could be gone and the
class full and the school might have no incentive to
sweeten the offer.

I've heard people worry that if they wait, this scenario
could result. And they are right - it totally could. But
here's the dirty secret ... they always spend all the
money! When decisions go out, they throw out all the
scholarship awards with them, hoping to entice and bring
in the necessary yield.


It is only when people start turning down offers - and
scholarship awards - that the directors and staff start to
see where there might be A) enrollment needs and B)
financial aid surplus.

In other words, if Booth gave you a $20K scholarship last
week, don't call *this* week hoping for more. They won't
have any more - at least not on paper. That spreadsheet
is going to show every dollar spent.

Wait for people to turn them down and for some of that
paper money to flow back into the Booth coffers. Doing
so will give you a better chance at there even being
something to ask for, let alone get.


Plus, while this isn't necessarily likely, if you wait, you
might also catch a school getting shorted a bit on
enrollment, in which case they will be far more likely to
help you meet your needs.

(Think of what is better for a program - going to the
waitlist and thereby increasing their "admitted student"
number in the process, or getting a 1-for-1 right off the
existing list by spending a bit more money. It's a no-
brainer.)


5. Follow up.

If you talk to someone and they say they will get into it
(most likely scenario other than "sorry" is "let me get
back to you" ... "here's more money!" is a distant third),
don't be afraid to follow up.

The squeaky wheel can get the grease given that an
admissions office is like a battlefield this time of year - it's
not crazy that your request might land on someone's
desk for a full week.

In that time, hundreds of thousands of dollars might
funnel back and forth on paper, leaving you in the cold.


So wait a day or two and then call back to ask -
respectfully, of course - if there has been any progress
and if there is anything else you can or should do.

As long as you are really nice and polite about it, no one
is going to fault you for being angst-ridden about your
financial future. And we should add here - since people
seem to worry about it - you are not going to lose your
offer by calling about this stuff. We hope that these hints
help you navigate that latest stress in this process.

Remember that you catch more flies with honey, honesty
in the best policy, and patience is a virtue. Armed with a
few cliches, you'll do great.


If you are in the midst of this process, congrats and good luck! If
you are just starting out on your admissions journey, email us at
mba@amerasiaconsulting.com for a free consultation.

We are currently offering some great promotions for Round 1.
Additionally, you can download our free guides for applying to
HBS and Columbia.

http://www.amerasiaconsulting.com/

Negotiating the offer

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