Stablecoins should be regulated like banks and central bank digital currencies could tame these ‘wildcat’ crypto tokens, according to research from the Fed and Yale

US dollar
US dollar

  • Researchers at the Federal Reserve and Yale University have released a report titled ‘Taming the Wildcat Stablecoins.’
  • The report suggested stablecoins should be regulated like banks, and promoted CBDCs.
  • The report preceded the Treasury’s working group meeting Monday on stablecoins.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Cryptocurrencies that are pegged to a stable asset – known as “stablecoins” – should be regulated as strictly as commercial banks and those that are not should be wiped out to prevent instability in the global payments system, according to a report from researchers at the Federal Reserve and Yale University.

The report, titled “Taming the wildcat stablecoins”, was released over the weekend ahead of a meeting of a Treasury Department working group on digital assets on Monday. In it, researchers suggested stablecoins should be issued by insured banks and backed by government bonds.

But anyone can issue a stablecoin and it is these privately produced tokens that have regulators worried.

Tether, for example, is the world’s third-biggest cryptocurrency by market value. It’s designed to be pegged to the US dollar and backed by assets such as dollars and Treasury bills. But regulators in New York recently banned it after an investigation found it had overstated its US dollar backing.

In May, the Federal Reserve’s Lael Brainard raised concerns stablecoins could default and destabilize the financial system.

“Policymakers have a couple of ways to address this development, and they better get going,” the report said.

The report’s authors said the federal government could either “convert stablecoins into the equivalent of public money by (a) bringing stablecoins within the insured bank regulatory perimeter or (b) requiring stablecoins to be backed one-for-one with Treasuries or reserves at the central bank; or (2) introduce a central bank digital currency and tax private money out of existence.”

The US is not the only government that feels the need to cool down the risks that stablecoins present central banks.

“Some commercial organizations’ so-called stablecoins, especially global stablecoins, may bring risks and challenges to the international monetary system, and payments and settlement system etc,” Fan Yifei, a deputy governor of the People’s Bank of China, told CNBC earlier this month.

The Treasury Department called Monday’s meeting to address some of these issues.

“Bringing together regulators will enable us to assess the potential benefits of stablecoins while mitigating risks they could pose to users, markets, or the financial system,” Treasury Secretary Janet Yellen said in a statement Friday. “In light of the rapid growth in digital assets, it is important for the agencies to collaborate on the regulation of this sector and the development of any recommendations for new authorities.”

Cryptocurrency usage has grown across the world, and most major central banks are now considering issuing their own digital currencies.

The report suggested central bank digital currencies (CBDCs) could be issued either as a deposit account, or as a digital coin, with the latter being the preferred option, as it could operate alongside traditional banking tools like cards. The first option would mean central banks will have to open accounts and administer payments for users.

“The introduction of a central bank digital currency allows the government to maintain monetary sovereignty,” the report said.

Read the original article on Business Insider

3 things I loved about The Science of Well-Being, the free online version of Yale’s most popular class ever

When you buy through our links, Insider may earn an affiliate commission. Learn more.

Yale Popular Happiness Course Science of Well Being 4x3

How do we live a meaningful life?

Despite how slippery and subjective the answer may seem, Yale’s professor Laurie Santos, a leading expert in positive psychology, wants you to know that it doesn’t have to be. Using science-backed habits and tools, you can improve your well-being – and lead a fulfilling life – starting today.

Santos’ extremely popular free online course, The Science of Well-Being, is a version of the 2018 course, Psychology and the Good Life, that broke records. The class was designed to bust myths around what we think will make us happy (like the luxury Mercedes-Benz status symbol) while also providing a roadmap of science-backed habits to build a happy, fulfilling life.

The Science of Well-Being (medium)

Seemingly overnight, it became the university’s most popular class in its 319-year history. – so popular, in fact, that at one point, one in four Yale students were enrolled in it, and the university was pulling fellows from its other schools to help staff the class.

In 2020, as the COVID-19 pandemic swept the globe and stay-at-home orders rolled out across the world, a whopping 3.4 million people enrolled in her happiness course online.

You can take the course for free here, which takes an estimated 10 weeks (19 hours total) to complete. Or, keep reading for an overview of what to expect and a firsthand review of the online course.

Table of Contents: Static

What to expect from the course

Screen Shot 2021 03 04 at 5.35.08 PM
The course intentionally feels warm, casual, and inviting. It was shot in Santos’ home with a handful of students.

The format:

  • Misconceptions about happiness
  • Why our expectations are so bad
  • How we can overcome our biases
  • Stuff that really makes us happy
  • Putting strategies into practice

Each section includes video lectures, optional readings, and “rewirement” activities to do each day to build happier habits. Research suggests that if you do these rewirements as prescribed, you should experience a boost in your mood and overall well-being. After completing the five weeks above, students should commit to practicing one rewirement exercise for at least a month.

What I loved about the course

1. You can check to see if you’re actually getting happier.

In the beginning, you’re invited to respond to questionnaires that measure your baseline happiness. By the end of the course, you take them again to see whether your score increased. (Hopefully, your numbers rise!) To me, a before-and-after metric lent more concreteness to a typically abstract topic.

Surprisingly, I found the baseline happiness survey helpful for an unexpected reason: I was feeling fatigued, and the questions it posed helped me locate an overlooked source of dissatisfaction – I was continually rating one part of my life much lower than the others. It became clear what was wrong, and within the first lecture, I was able to use the framework to see my life more clearly.

Screen Shot 2021 03 04 at 5.30.55 PM
Weekly “rewirement” activities help build habits that make us scientifically happier: savoring, practicing gratitude, meditating, and acts of kindness among them.

2. The lectures are fun to watch – and lower pressure than an in-person class.

Santos’ lectures make for easy watching. To make the class warm and inviting, they were shot in Santos’ own home, with a handful of Yale students in the audience. They feel intimate – Santos’s tone is friendly and conversational, while still providing a great, in-depth exploration of the topic with an expert (most contemporary research was conceptualized and coined by Santos herself).

Once I sat down to play a lecture, I wanted to continue. I never felt like I was forcing myself to complete a task – I was satisfying my curiosity. Plus, I could easily rewind and rewatch lectures without asking Santos to repeat herself. And there was zero pressure to ask or answer questions!

3. The optional homework is actually fun.

While you can take the class at your own pace, you’re encouraged to implement the rewiring techniques on a weekly schedule. Research finds that improving your well-being takes daily, intentional effort over long periods – meaning this 10-week class is a great opportunity!

Overall, all the assignments are low-key and easy to implement. Since so many of us are so busy (and ironically may benefit the most from this course), there’s absolutely no required reading or grade penalty for a missed assignment deadline – so you don’t need to stress about suggested deadlines if you can’t meet them. All the information you need to know is summarized within the lecture. If you want to dive deeper, Santos provides links to complementary readings.

In a follow-up interview that I conducted with Professor Santos to discuss happiness in quarantine, this point – the importance of building these habits every day – remained paramount.

In other words, this class is about well-being – and it aims to practice what it preaches.

The Science of Well-Being (medium)

Is it worth it to get a certificate?

Maybe, but most likely not. You’ll have access to all the course materials and forums for this class without paying. But, if you want a certificate of completion or graded homework assignments, you can pay $49. You can also always upgrade any time during the course or afterward, so it’s probably worth it to test it out for free before committing to payment.

If you want but can’t afford the $49 certificate, apply for the course’s financial aid. Click on the “financial aid” link beneath the “enroll” button on the left. You’ll be prompted to complete an application and will be notified if you’re approved; applications take at least 15 days to be reviewed.

The bottom line

I should disclose that I enjoy online classes. In the character-strengths test that you’re invited to take at the course’s outset, “curiosity” was my most dominant trait out of the 20 possibilities.

But despite being a candidate of least resistance, I was surprised by how much I really enjoyed a few weeks in the course. The lessons felt immediately and concretely useful – most of the class legwork is completing daily “rewiring” tasks designed to build those research-backed happiness habits into your life. Beyond being an entertaining and fascinating class to take, it feels like the lessons it teaches will remain long after the course ends.

More online classes:

Read the original article on Business Insider

How to get into 6 of the best law schools in the US, according to consultants, admissions officers, and students

student loan forbearance
Applicants should have a clear vision on why they want to be a lawyer and be able to communicate that.

  • Yale, Columbia, UChicago, and Harvard are some of the most prestigious law schools in the world.
  • Each school values high test scores, letters of recommendation, and an honest personal statement.
  • Insider regularly interviews experts on how to get into your ideal law program. You can read it all by subscribing to Insider.

Attending law school is time-consuming and expensive, but if you end up in the right program, it could lead to a fulfilling and successful career.

For example, according to Yale Law School’s website, over 13,000 YLS alumni are leaders in their organizations – and a decade after graduating they almost unanimously express job satisfaction.

But to get into a top school, you’ll need more than just high test scores. Here are some tips and best strategies on how to get accepted into one of the best law schools in the country, according to people who’ve done it.

Yale Law School

Yale Law School is the No. 1 law school in the US, according to US News & World Report, while the 2023 acceptance rate was a slim 7.3%.

Yale places high emphasis on obtaining letters of recommendation from professors who know you well and can personally evaluate aspects of your academic work. Something unique about the YLS admissions process is their faculty is heavily involved in selecting each class, so they might especially value strong academic letters.

Read more: How to get into Yale Law School, the No. 1 program in the US

Columbia Law School

Columbia Law School is currently recognized as the fourth best law school in the US, trailing only Yale, Stanford, and Harvard (and tied with the University of Chicago). Of the more than 7,000 students who applied for the class of 2020, only about 16% were accepted.

Applicants to Columbia Law should pay extra attention to their personal statements. Use this as an opportunity to reveal who you really are and what you’re passionate about. Having strong reasons to be in New York City helps as well since it’s an integral part of the school, Timothy Knox, a law school admissions counselor, told Insider.

Read more: Admissions consultants and recent graduates of Columbia Law share what it takes to get into the top 5 law school

UChicago Law School

UChicago Law School consistently ranks among the most prestigious graduate law programs in the world, with an acceptance rate of 18%. Unlike some of the other top schools, UChicago Law has an especially small class size, at just over 600 full-time students. (Columbia, which shares its No. 4 ranking, has double the number.)

The community prioritizes close faculty engagement and “the life of the mind.” Once you’ve taken your LSAT and applied, prepare for your interview by nailing your answer to the question, “Why UChicago?”

Read more: UChicago Law graduates make on average $190,000 a year. Here’s how to get in, according to admissions, students, and consultants.

Read more: UChicago Law students and a dean of admissions explain how to nail your interview and personal statement to land a spot at the elite law school

Harvard Law School

In 2018, Harvard Law School – currently third in the rankings – offered admission to just 12% of applicants. In 2019, it made the shift to rounds of admission.

Per law school admissions coaching consultant Anna Ivey, “HLS admissions officers are very conscientious about recruiting minorities of various kinds: They want a diversity of people and geographic areas,” including veterans and older applicants. This means there’s no standard profile for an HLS student. Don’t be discouraged if you don’t fit what you think to be their ideal type of candidate.

Read more: How to get into Harvard Law School, according to the chief admissions officer, students, and admissions consultants

New York University School of Law

US News and World Report ranks New York University (NYU) School of Law sixth in the nation in terms of best law programs. According to public database Law School Numbers, NYU accepts only about 34% of applicants.

NYU Law has a reputation for three specialties: an international focus, law and business offerings, and public-service opportunities.

Admissions consultant and former LSAT instructor Joseph Vijay Ingam suggests leveraging the fact that NYU uses rolling notification – in other words, applications are sent to admissions in the order in which they’re completed. Ingam has seen that it can be advantageous to apply early.

Read more: An NYU Law grad and an admissions consultant on how to get into the No. 6 law school in the US

Stanford Law School

US News & World Report ranks Stanford Law School (SLS) second in the nation, making it a prime target for aspiring attorneys. Katie Spielman, class of 2007, advised emphasizing your motivation for attending law school – and what you hope to do with a law degree in your personal statement.

“SLS has always, I think, favored admissions candidates who have a strong sense of purpose and a very clear vision of what they hope to do with their law degree and in their legal career,” Spielman told Insider.

Read more: 4 graduates of Stanford Law on how they made their applications stand out and landed spots at the No. 2 program in the US

Read the original article on Business Insider

Over 3 million students enrolled in this free Yale class on how to be happier – here are 4 things I loved about it

If you buy through our links, we may earn money from affiliate partners. Learn more.

Yale Popular Happiness Course Science of Well Being 4x3

How do we live a meaningful life? For how often it’s asked, that question isn’t easy to answer.

Yale professor Laurie Santos aimed to do just that in 2018 when she launched “Psychology and the Good Life.” The course was designed to bust myths around what we think will make us happy (like the luxury Mercedes-Benz status symbol) while also providing a roadmap of science-backed habits to build a happy life.

The Science of Well-Being (medium)

Naturally, the course quickly became the university’s most popular class in its 319-year history. At one point, one in four Yale students were enrolled in it, and the university even had to pull fellows from its other schools to staff it.

Given its popularity, it was clear that this course could be useful beyond Yale’s campus. So, to increase accessibility, Santos created a free online version: “The Science of Well-Being.” Throughout 2020, a whopping 2.2 million people enrolled in the happiness course online as they stayed home during the COVID-19 pandemic.

You can take the course for free here, which takes an estimated 10 weeks (19 hours total) to complete. Or, keep reading for an overview of what to expect and a firsthand review of the online course.

What to expect from the class:

Screen Shot 2021 03 04 at 5.35.08 PM
The course intentionally feels warm, casual, and inviting. It was shot in Santos’ home with a handful of students.

The format:

  • Misconceptions about happiness
  • Why our expectations are so bad
  • How we can overcome our biases
  • Stuff that really makes us happy
  • Putting strategies into practice

Each section includes video lectures, optional readings, and “rewirement” activities to do each day to build happier habits. Research suggests that if you do these rewirements as prescribed, you should experience a boost in your mood and overall well-being. After completing the five weeks above, students should commit to practicing one rewirement exercise for at least a month.

My experience taking the course:

Screen Shot 2021 03 04 at 5.30.55 PM
Weekly “rewirement” activities help build habits that make us scientifically happier: savoring, practicing gratitude, meditating, and acts of kindness among them.

I should disclose that I enjoy online classes. In the character-strengths test that you’re invited to take at the course’s outset, “curiosity” was my most dominant trait out of the 20 possibilities.

But despite being a candidate of least resistance, I was surprised by how much I enjoyed a few weeks in the course. It felt immediately and concretely useful – most of the class legwork is completing daily “rewiring” tasks designed to build those research-backed happiness habits into your life even after the course ends.

Here’s what I liked about the course:

1. You can verify whether you’re actually getting happier.

In the beginning, you’re invited to respond to questionnaires that measure your baseline happiness. By the end of the course, you take them again to see whether your score increased. (Hopefully, your numbers rise!) To me, a before-and-after metric lent concreteness to a typically abstract topic.

Surprisingly, I found the baseline happiness survey helpful for an unexpected reason: I was feeling fatigued, and the questions it posed helped me locate an overlooked source of dissatisfaction – I was continually rating one part of my life much lower than the others. It became clear what was wrong, and within the first lecture, I was able to use the framework to see my life more clearly.

2. The online format is less pressure than an in-person class.

To make the class warm and inviting, the lectures are shot in Santos’ own home, with a handful of Yale students in the audience. It feels intimate – Santos’s tone is friendly and conversational, while still providing a great, in-depth exploration of the topic with an expert (most contemporary research was conceptualized and coined by Santos herself).

Plus, you can easily rewind and rewatch lectures without asking Santos to repeat herself. And there’s no pressure to ask or answer questions!

3. It doesn’t feel like extra work.

Santos’ lectures make for easy watching. Once I sat down to play a lecture, I wanted to continue. I never felt like I was forcing myself to complete a task – I was satisfying my curiosity.

More importantly, since so many of us are so busy (and ironically may benefit the most from this course), there’s absolutely no required reading or grade penalty for a missed assignment deadline – so you don’t need to stress about suggested deadlines if you can’t meet them. All the information you need to know is summarized within the lecture. If you want to dive deeper, Santos provides links to complementary readings.

In other words, this class is about well-being – and it aims to practice what it preaches.

4. The optional homework is actually fun.

While you can take the class at your own pace, you’re encouraged to implement the rewiring techniques on a weekly schedule. Research finds that improving your well-being takes daily, intentional effort over long periods – meaning this 10-week class is a great opportunity!

In a follow-up interview that I conducted with Professor Santos to discuss happiness in quarantine, this point – the importance of building these habits every day – remained paramount.

The Science of Well-Being (medium)

Is it worth it to get a certificate?

Maybe, but most likely not. You’ll have access to all the course materials and forums for this class without paying. But, if you want a certificate of completion or graded homework assignments, you can pay $49. You can also always upgrade any time during the course or afterward, so it’s probably worth it to test it out for free before committing to payment.

If you want but can’t afford the $49 certificate, apply for the course’s financial aid. Click on the “financial aid” link beneath the “enroll” button on the left. You’ll be prompted to complete an application and will be notified if you’re approved; applications take at least 15 days to be reviewed.

More online classes:

Read the original article on Business Insider

Over 2.2 million students enrolled in this free Yale class on how to be happier – here’s what it’s actually like to take

If you buy through our links, we may earn money from affiliate partners. Learn more.

Yale Popular Happiness Course Science of Well Being 4x3
  • Yale’s most popular class in history teaches you how to become happier using science.
  • Through Coursera, Professor Laurie Santos created a free version of the course, The Science of Well-Being. It blew up in popularity during the pandemic.
  • I enrolled and was surprised by how helpful and fun it was. It made an abstract topic feel concrete and useful in everyday life. 

The Science of Well-Being (medium)

How do we live a more meaningful? Answering this abstract life question in a tangible, actionable way can be tough.

But Yale professor Laurie Santos aimed to do just that, and in the spring of 2018, she unwittingly launched “Psychology and the Good Life,” the most popular class in Yale’s 319-year history. Eventually, one in four Yale students were reportedly enrolled, with the university even pulling fellows from the School of Public Health and its Law School to help staff it.

Santos designed the course to bust myths about what makes us happy (like the luxury Mercedes-Benz status symbol) and replace them with research-backed habits for building a happy life. In doing this, Santos gave students what many of us never stop craving: direction towards a more fulfilled life, and the reassurance that our path towards happiness won’t lead us astray. 

Yale’s campus was primed for Santos’ course. “Psychology and the Good Life” debuted in the US – home to supposedly only the 18th-happiest population in the world, according to the 2020 World Happiness Report – and at one of the nation’s most high-pressure colleges

Given its popularity, it was soon clear that this course could be relevant to those outside an Ivy League campus. To increase accessibility to the materials, Santos created a free online version of the same principles: “The Science of Well-Being.” And in 2020, the world was primed for it. During the isolation brought on by the COVID-19 pandemic, a whopping 2.2 million people enrolled in the course online.

You can take the course for $0 here, which takes an estimated 10 weeks (19 hours total) to complete. Or, keep reading for an overview of what to expect and a firsthand review of the online course. 

What to expect from the class:

Screen Shot 2021 03 04 at 5.35.08 PM
The course intentionally feels warm, casual, and inviting. It was shot in Santos’ home with a handful of students.

The format: 

  • Misconceptions about happiness
  • Why our expectations are so bad
  • How we can overcome our biases
  • Stuff that really makes us happy
  • Putting strategies into practice

Each section includes video lectures, optional readings, and “rewirement” activities to do each day to build happier habits. Research suggests that if you do these rewirements as prescribed, you should get a boost in your mood and overall well-being. After completing the five weeks above, students should commit to practicing one rewirement exercise for at least a month. 

What the course is like:

To make the class warm and inviting, the lectures are shot in Santos’ own home, with a handful of Yale students in the audience. It feels intimate, and Santos’s tone is friendly and conversational. And, because some of the most contemporary research was conceptualized and coined by Santos herself, it feels like what it is: a great, in-depth exploration of the topic with an expert.

Thankfully, for the busiest among us (who ironically may benefit the most from this course), there’s absolutely no required reading or grade penalty for a missed assignment deadline – so you don’t need to stress about suggested deadlines if you can’t meet them. All the information you need to know is summarized within the lecture. If you want to dive deeper, Santos provides links to complementary readings. 

In other words, this class is about well-being – and it aims to practice what it preaches. You can sign up here for free, or keep reading to learn about my experience.

My experience taking the class:

Screen Shot 2021 03 04 at 5.30.55 PM
Weekly “rewirement” activities help build habits that make us scientifically happier: savoring, practicing gratitude, meditating, and acts of kindness among them.

I should disclose that I enjoy online classes. In the character-strengths test that you’re invited to take at the course’s outset, “curiosity” was my most dominant trait out of the 20 possibilities.

But despite being a candidate of least resistance, I was surprised by how much I enjoyed a few weeks in the course. It felt immediately and concretely useful – most of the class legwork is completing daily “rewiring” tasks designed to build those research-backed happiness habits into your life even after the course ends.

Here’s what I liked:

  1. You can verify whether you’re actually getting happier. In the beginning, you’re invited to respond to questionnaires that measure your baseline happiness. By the end of the course, you take them again to see whether your score increased. (Hopefully, your numbers rise!) To me, a before-and-after metric lent concreteness to a typically abstract topic.
  2. There are unexpected benefits. Surprisingly, I found the baseline happiness survey helpful for an unexpected reason: I was feeling fatigued, and the questions it posed helped me locate an overlooked source of dissatisfaction – I was continually rating one part of my life much lower than the others. It became clear what was wrong, and within the first lecture, I was able to use the framework to see my life more clearly. 
  3. The online format is low-pressure. You can easily rewind and rewatch lectures without asking Santos to repeat herself. Plus, there’s no pressure to ask or answer questions!
  4. It doesn’t feel like homework. Santos’ lectures make for easy watching. Once I sat down to play a lecture, I wanted to continue. I never felt like I was forcing myself to complete a task – I was satisfying my curiosity.

The only thing to note is that, while you can take the class at your own pace, you’re encouraged to implement the rewiring techniques on a weekly schedule. Research finds that improving your well-being takes daily, intentional effort over long periods – meaning this 10-week class is a great opportunity.

In a follow-up interview that I conducted with Professor Santos to discuss happiness in quarantine, this point – the importance of building these habits every day – remained paramount. 

Should you get a certificate? What does it include?

Maybe, but most likely not. You’ll have access to all the course materials and forums for this class without paying. But, if you want a certificate of completion or graded homework assignments, you can pay $49. You can also always upgrade any time during the course or afterward, so it’s probably worth it to test it out for free before committing to payment. 

If you can’t afford the $49, apply for the course’s financial aid. Click on the “financial aid” link beneath the “enroll” button on the left. You’ll be prompted to complete an application and will be notified if you’re approved; applications take at least 15 days to be reviewed.

The Science of Well-Being (medium)

More online classes:

Read the original article on Business Insider

How to get into 4 of the best law schools in the US, according to consultants, admissions officers, and students

student loan forbearance
Applicants should have a clear vision on why they want to be a lawyer and be able to communicate that.

  • Yale, Columbia, UChicago, and Harvard are some of the most prestigious law schools in the world.
  • Each school values high test scores, letters of recommendation, and an honest personal statement.
  • Insider regularly interviews experts on how to get into your ideal law program. You can read it all by subscribing to Insider.

Attending law school is time-consuming and expensive, but if you end up in the right program, it could lead to a fulfilling and successful career.

For example, according to Yale Law School’s website, over 13,000 YLS alumni are leaders in their organizations – and a decade after graduating they almost unanimously express job satisfaction.

But to get into a top school, you’ll need more than just high test scores. Here are some tips and best strategies on how to get accepted into one of the best law schools in the country, according to people who’ve done it. 

Yale Law School

Yale Law School is the No. 1 law school in the US, according to US News & World Report, while the 2023 acceptance rate was a slim 7.3%.

Yale places high emphasis on obtaining letters of recommendation from professors who know you well and can personally evaluate aspects of your academic work. Something unique about the YLS admissions process is their faculty is heavily involved in selecting each class, so they might especially value strong academic letters. 

Read more: How to get into Yale Law School, the No. 1 program in the US

Columbia Law School

Columbia Law School is currently recognized as the fourth best law school in the US, trailing only Yale, Stanford, and Harvard (and tied with the University of Chicago). Of the more than 7,000 students who applied for the class of 2020, only about 16% were accepted.

Applicants to Columbia Law should pay extra attention to their personal statements. Use this as an opportunity to reveal who you really are and what you’re passionate about. Having strong reasons to be in New York City helps as well since it’s an integral part of the school, Timothy Knox, a law school admissions counselor, told Insider. 

Read more: Admissions consultants and recent graduates of Columbia Law share what it takes to get into the top 5 law school

UChicago Law School

UChicago Law School consistently ranks among the most prestigious graduate law programs in the world, with an acceptance rate of 18%. Unlike some of the other top schools, UChicago Law has an especially small class size, at just over 600 full-time students. (Columbia, which shares its No. 4 ranking, has double the number.)

The community prioritizes close faculty engagement and “the life of the mind.” Once you’ve taken your LSAT and applied, prepare for your interview by nailing your answer to the question, “Why UChicago?”

Read more: UChicago Law students and a dean of admissions explain how to nail your interview and personal statement to land a spot at the elite law school

Harvard Law School

In 2018, Harvard Law School – currently third in the rankings – offered admission to just 12% of applicants. In 2019, it made the shift to rounds of admission.

Per law school admissions coaching consultant Anna Ivey, “HLS admissions officers are very conscientious about recruiting minorities of various kinds: They want a diversity of people and geographic areas,” including veterans and older applicants. This means there’s no standard profile for an HLS student. Don’t be discouraged if you don’t fit what you think to be their ideal type of candidate.

Read more: How to get into Harvard Law School, according to the chief admissions officer, students, and admissions consultants

Read the original article on Business Insider