"Suppose I want to defer...."

Congratulations! You’ve made it into medical school! All your hard work has paid off, and you’re free of stress for the first time in years.

Not exactly. Maybe you’re feeling more than a little burned out with the school scene. Maybe you’re thinking about the travel and study abroad opportunities you passed up in favor of medical school preparations. Maybe you think you ought to make some money before you incur another four years’ worth of debt.

Requesting to defer your enrollment seems the obvious answer to your problem, but it might not be possible. There is no uniform policy among the schools on deferred matriculation. Some schools are very generous, granting a year’s deferment for any reason and longer periods for specific reasons (such as the Peace Corps, which requires a 2-year commitment). Others grant deferments only when there has been a significant, unforeseeable and fairly recent change in an applicant’s circumstances. Acceptable grounds include a serious illness or other emergency in the family, such as a parent’s job loss and a need for the applicant to contribute to the family’s income.

If you haven’t done so yet, look up your school’s policy on deferring and proceed accordingly. To readers who plan to apply next year, think about this issue now. You’ll have a full range of school choices available to you if you simply delay your application rather than apply sooner and limit yourself to schools with liberal deferment policies.

Thanksgiving is one of my favorite holidays. I like my mom's stuffing, getting together with family and friends for Thanksgiving dinner, and the theme of the day. Physically and philosophically, it's my kind of day.  For loosely analogous reasons, my all -time favorite blog post was last year's Thanksgiving post.  It combined beliefs I hold dear, a good story, AND admissions advice. Blogging nirvana. I received more compliments on that post than on any other post in 4.5 years of blogging.

This year, I intended to simply wish you all a Happy Thanksgiving whether you are in the United States, which is celebrating this uniquely American holiday, or not. The themes of appreciation and gratitude associated with Thanksgiving are universal -- even on days when the headlines scream terror attacks and recession. Or perhaps especially on days when the bad news outweighs the good we need to count our blessings. 

However, a few days ago I received an unusual thank-you from a former client and applicant. Our clients frequently thank us when we finish working with them and/or when accepted, but this woman wrote roughly four years after working with us. Consequently this Thanksgiving I want to share one of the nicest notes of appreciation Accepted has ever received.

"I am writing to you today because I want to give you a testimonial for use on your website for the law school essay [editing] services. I know your service must receive testimonials from people who have just received their admissions. I, however, am now an attorney and can see the long-term value of using your service, which is why I share this with you now.

"I worked with, if I recall correctly, Linda Abraham in the Fall of 2004 in writing essays that would help explain that I left law school [earlier] for family reasons, and why law schools should have taken a chance on me a second time. Linda really helped me distill my reasons for wanting to return to law school into clear, achievable goals. This process not only helped me write a terrific personal statement, but also helped me once I got into law school in keeping a clear focus on my long-term goals. This, in turn, truly made me very successful in law school, which allowed me to procure the most exciting and meaningful professional experience of my life, my current position as an associate with a wonderful law firm.

"In short, the money I spent to work with Linda was the best $1,000 I ever spent in my life. That $1K turned into over $75,000 in scholarships over my three years in law school, and, more importantly, got me into a school that really worked for me, which turned into a job that now pays me market rate. Talk about a return on investment!

"Thank you."

JS

While I would like to take credit for the work that so helped this applicant, I can't. She worked with an editor who has since left Accepted to pursue other professional interests, but any one of our staff would provide the dedicated support that this client received.

Thanks to all of you for sharing your dreams and aspirations with us, for letting us into your lives. Wishing you a Happy and Healthy Thanksgiving!

The Dallas News reports that Trustees at Baylor College of Medicine and Peter Traber have agreed that he will step down as the school’s president and CEO, as of December 1. After serving as the medical school’s president for the last five and a half years, Traber will continue his affiliation with Baylor as president emeritus, professor of medicine, and consultant to the board.

Dr. William Butler, 76, who was Baylor’s president from 1979 to 1996, will serve as the interim president until Baylor finds a replacement.

Baylor, one of only nine stand-alone medical schools in the United States, is reported to be in merger talks with Rice University. Such cooperation between the two schools would be mutually beneficial, enhancing Rice’s reputation and bringing Baylor a university affiliation and thereby greater financial security. The new president will have to be heavily involved in such discussions. 

Earlier this week I gave a well-received presentation to a group of UCLA students and recent graduates on "Bold and Brilliant Essays." The students were attentive, asked lots of questions, and even laughed at my corny jokes. I had a good time. But one question was asked or hinted at repeatedly:

"What should I do given the economy?"

And its close cousin: "I want to go into finance. Should I forget about business school given the recent market crash and turmoil? Should I go into law instead?"

Given the press and headlines I read, there are abundant reasons for concerns:

• "Nightmare on the Charles" an article in today's WSJ about how tough "Hell Week," HBS' traditional interview week, was this year.
• "MBA's Veer Off Path to Big Finance Jobs"
• "Financial Crisis: The MBA Outlook"
• "Big Law Associates' Bad News/Good News: Bonuses Chopped, Raises Delayed, Bad; Keep Your Job, Good"
  

So is now a good time to get an MBA? Is it a good time to spend $150K for a JD? Should you abandon all hope of that dream job in investment banking?

It depends. It depends, again. Probably not, as long as you realize investment banking is going to be different (and probably less lucrative) . Whatever you do, you should do it for the right reasons and not because of the latest headline. The economy is a moving target. It's dynamic. Basing your professional decisions on today's headlines is akin to making travel plans for three years hence based on today's weather.

The dismal situation we see today could be as short-lived as the boom of a few years ago. In 3 or 4 years, when you finish graduate school, the landscape could have entirely changed, just as it has changed in the last 3 years and changed entirely from the 3-4 years prior to that. So don't base all your plans on today's economic situation.

As Elissa Sangster, Forte Foundation's Executive Director, writes in "Getting Your MBA: Come Rain or Shine?", 

"And in 2011, when you’re ready to graduate, my prediction is that the financial crisis will be over, companies will still be recruiting MBAs, and a job opportunity will be there for you. But I can guarantee that this educational experience will drive you to be a more strategic and analytical thinker and a more confident and thoughtful leader. You’ll have an extended network of peers that you can rely on throughout your career. And you’ll have a set of skills and abilities that no one can take away from you. The MBA is an investment in you and the dividends will always pay out."

So whether you are interested in business school, law school, medical school or any other professional program, if you have a clearly defined goal for your studies and have figured out how to finance it, don't let the economy deter you. (Don't ignore it entirely either. Be nimble.) Go where you see personal satisfaction and opportunity. 

The Chronicle of Higher Education reports that NYU Medical Center's latest gifts of $150 million and $110 million bring this year's total private giving to NYU's Medical Center to $506 million. The $150 million gift, donated by Helen L. Kimmel, will pay for a new patient pavilion, while the $110 million gift was donated anonymously, and will be used to redesign the Tisch Hospital.

Despite the economic downturn, several other universities received significant gifts in recent months:

• University of Chicago announced a $300 million gift to its business school from alumnus David G. Booth.

• Eli and Edythe L. Broad pledged $400 million to endow a biomedical research center, to be jointly run by Harvard, MIT, and the Whitehead Institute for Biomedical Research.

Although such significant donations have continued up until this point, Rae Goldsmith, vice president for communications and marketing and the Council for Advancement and Support of Education, thinks that depending on how long and deep this recession is, the gifts may become fewer and farther apart. “Mega-gifts are not going to disappear when the economy is down...They just may not be as frequent.”