I think these points are excellent, but I want to add my take as both an MFA graduate and now the Grad Coordinator for CU Boulder. I'll keep your headings and just add my thoughts as follows:
#1) The best MFA is no MFA.
It is true you don't need an MFA to be an artist, but it depends on what you are trying to get out of an MFA if it is a worthwhile investment. Most institutions and some private high schools insist you need an MFA to teach. Yet, not everyone is interested in teaching. You may also be interested in the resources the school provides, such as the opportunity to experiment with equipment, space, and faculty mentorship. For example - pre grad school, I wanted to experiment with three channel video projections. This was not affordable as an "experiment" on my own, nor was I sure I wanted to stick with that as an art form. Our Film Studies MFA has equipment beyond your wildest dreams, that an individual just does not have access to typically. I'm also seeing seasoned artists come back for MFAs because they are hitting road blocks for the MFA requirement to get a job. I think knowing yourself, what your personal goals are, and being certain about what resources and guidance you need is important. An MFA is definitely not the only answer or the right fit for everyone.
#2) Experience the Real World First.
Not having time in-between is not a deal-breaker. However, taking time off allows you to work and save money for the transition to grad school, reflect on why you are absolutely sure that is what you want to do, and build a body of work to apply with. Let's face it - most of us don't graduate undergrad with a competitive portfolio that reflects a cohesive body of work. If you do - great! But most people change when they have absolute freedom outside the institution, and it helps your work to see your personal voice form when you are making work on your own. I do think you learn a lot from knowing how the art world works, and bringing in your own connections and working knowledge. You also develop a "cohort" with your peers and ideally leverage your connections to help one another as you become your contacts in the art world after you graduate. You might meet a person in grad school that works for a residency every Summer or has an art space contact in the city you really want to show in, etc.
#3) Pick the Right One: The Lists are B.S.
I've heard it explained this way - rankings work in ten-year cycles. Either a school is on the way up or on the way down- and it takes about ten years for the reputation to catch up with them. One of your top choices may be on a decline, and others might be more valuable than you think! This makes it hard to gauge value based on a number. Once you get to top ten, the difference between schools gets more subjective. For example - CU Boulder just was bumped from #8 to #5 in Ceramics. The difference between 1-4 is very slight. (We've also just increased our funding - so watch out)! Our Painting & Drawing program is also doing amazing things, and our faculty is amazing, but we're not registering on these top lists yet because the reputation hasn't caught up to us...yet. What sold me on Boulder is showing up and touring the facilities. Without seeing in person and talking to current grads it can be very hard to make a choice and know what's out there. Talk to your mentors and professors. This is what I did. During my last two years of my BFA I asked every single visiting artist and faculty member what they thought about MFA programs, as well as doing all the research I could.
#4) Location
Colorado is landlocked, but we have very active faculty who are part of the LA and NY scenes. Some of our grad seminars take field trips to LA, and many of our grads come from LA and NY to join our MFA program. So, there are still opportunities to engage in these networks without getting into these schools. It is true it is easier if you live in the area, but you will also pay for it and not everyone will want to live there or can afford to live there or will get accepted into those programs.
#5) Big Star Faculty are Unimportant
Whew, this is important. You need access to mentors. Your artist idol might be on sabbatical for a year or consumed with a commission that has them avoiding studio visits and rationing their time. What if you asked in your interview, "How committed are the faculty to mentoring grad students? How much time does each faculty devote to mentorship and studio visits"? You need to go somewhere where the faculty are active in their field, yet in a program that really values their MFA program and devotes time to mentorship. This could help you during that, "Do you have any questions for us?" awkward moment.
#6) Start Your Application Early
Yes! Each application system is different. Make a folder for each school, because you will likely have to reformat your images and materials a couple different ways depending on what they are asking. More and more we are wanting Vimeo links for video - so if you work in video lean on external hosts for your content and link it in! Update your website, make sure you give your referees at least 2-3 months notice (tell them now!) you will be asking for a letter of rec. For letters - send your application materials to them with your CV, letter of interest, and images so they can have something to help them write that letter of rec (especially if it's been a while and they aren't up to speed on your latest work).
#7) Do Residencies
Yes. This helps give you experience and develop your work. Post-bacs are also great.
#8) A Portfolio of Good Images
Your portfolio is 95% of the decision. Do whatever it takes to take professional documentation of your work!!!
They read your statement next and look at letters of rec and transcripts last. They are trying to understand your work, your motivations, and your track record. They are investing in you, and they need to feel good that you are going to make the best use of this opportunity.
#9) Take the Interview Seriously
Boulder does Skype interviews before making offers of acceptance. Some areas might do phone interviews. You should prepare for this. Research the faculty, know their work. Be prepared to answer tough questions about the conceptual grounds for your work.
#10) Have Perspective, and Re-Apply
I would have patience and try a second or third time to get into the program you really want rather than setting for a program you are not enthused about. It's really about being a "good fit" for a program. Your work can change dramatically from one year to the next, and you should visit the programs you are really excited about and know a lot about that program. We only accept 2-4 grads in a certain area, and sometimes there are really close calls for the runners up. Spend another year polishing your work and taking amazing images, and you could be top pick the following year.
There is no shortage of opinions here, but I am glad to add mine in as having been on all sides of the fence - former applicant, MFA candidate & graduate, and administrator.
