A dean of MBA admissions who's read over 50,000 applications answers 5 burning questions about getting into business school

"I think the worst thing you can do on an application is simply not have done your homework and not be prepared," Gallogly said.

An important part of that homework is ensuring you're absolutely sure you want to get an MBA.

"Business school is an endeavor not to take lightly ... Some people apply when they know they don't really enjoy what they're doing," he said.

"Generally, if you take some time for self reflection — looking at your core characteristics, your skills, where you'd like to head professionally, doing research on future industries, research on the school, and a lot of self reflection — it tends creates a much stronger application," Gallogly said. "You know who you are, you know where you want to go, and you know how this fits into your plan."

"One of the most important qualities that we look for at Stern is what we call 'IQ' plus 'EQ,'" Gallogly said.

The best candidates demonstrate both strong intellectual capability and emotional intelligence.

Emotional intelligence, or EQ, is the ability to read other people's emotional states, and react in turn. Employers value EQ because it allows employees to work well as a part of a team. In fact, there's an indication that candidates with "soft skills," like adaptability and communication, may actually have an advantage over those with purely technical skills in an increasingly automated world, where computers and other machines can do technical calculations quickly.

Admissions teams at Stern are able to evaluate these qualities through a mix of in-person interviews — conversations which delve deeply into personal questions, rather than technical case studies — and an "EQ endorsement" a statement of your character from someone in your life aside from an immediate family member.

"I think that's one of the things that really differentiates our student body as well as our school — that we look for not only bright intelligent leaders, but those who actually are capable of leading teams, communicating complicated ideas, and bringing things forward," he said.

"The general principle about what stands out are people who are really speaking from the heart," Gallogly said.

"I've been in the business for 15 years. I've probably looked at 50 to 60,000 applications in that time. The essays that stand out are the ones where you can hear the person's voice, where you can feel the person's passion."

To ensure that you accurately present that voice, read your essay to someone close to you. "Just ask them the simple question: Does this sound like me? Is this my voice? Is this authentic to who I am?" Gallogly said.

"There's a reason you want to go to business school," he said. "We need to hear that excitement from you."

"We often get the question how creative should you be when you're writing your essays to business school," Gallogly said.

"Should your first sentence be, 'Call me Ishmael,' or, 'It was a dark and stormy night,' or, 'It was the best of times, it was the worst of times?' You don't necessarily have to have a headline or a grabber."

Instead, Gallogly said that it's most important ensure you stay on message for the prompt.

"I always say 'AQA:' Answer the question asked," he said. "Respond to the prompts, do it completely. "That said, make sure you get across who you are in this essay."

Finally, convey yourself and your goals clearly. "I would treat this a little bit more like if you are presenting a business case on yourself and you are providing almost an executive summary as to who you are, what you're about, and why you're going to business school," he said.

"Business school is much more than the classroom experience," Gallogly said. "A huge part of the MBA program [is] the networking opportunities ... you're building a network for life."

There are trade-offs when thinking about pursuing a part-time or a full-time program.

"If being fully immersed in your experience in business school is incredibly important to you, a full-time program obviously optimizes that," he said.

"With a full-time program, there's more investment in terms of the cost because you're forgoing income but you have more time to invest in the program. With part-time, you're obviously keeping your job, keeping your income, so there's less opportunity cost, but on the flip side, you have less time to go to business school and get engaged and involved."