What Exactly Does “Fit” Mean? - Poets&Quants

What Exactly Does “Fit” Mean?

Ranking and prestige are no doubt important when considering an MBA program. But experts say applicants should also consider fit when deciding on which program to pursue.

In a new article, Stacy Blackman, of Stacy Blackman Consulting, says applicants deciding between two programs should compare curriculum, culture, and communication to see which program best fits their goals and needs.

Curriculum

Blackman says nearly all MBA programs will give you a solid foundation in core management skills.

However, it’s important to know which program best matches your field of interest.

“Top business schools are known for their strengths in specific fields—finance, entrepreneurship, marketing, health care, real estate development, etc.,” Blackman writes. “So start by narrowing your list based on how well the program can prepare you for that industry.”

Experts also say applicants should compare teaching styles at different institutions and learning settings.

“Certainly, the balance of case study vs. non-case study is an obvious first question,” Ryan Barba, general manager of admissions consulting at the Ready4 consulting firm in Boston, says in an interview with US News. “But also, how much work is typically done independently vs. in group settings? How common are group projects, in other words?”

Culture

When it comes down to culture, Blackman says, it’s important to look for one that will match your personality.

A good way to assess culture at various schools is to see whether they’re more competitive or collaborative.

“Size and location often play an important role in this regard,” Blackman writes. “Larger programs in urban centers, such as Harvard, Wharton, and Chicago Booth typically feel much more competitive and intense.”

On the other hand, schools located in rural areas tend to foster a more tight-knit community.

“Here, many students live on campus and socialize with fellow students and faculty on a regular basis,” Blackman writes. “MBA programs with smaller cohorts take pride in their down-to-earth, collaborative cultures.”

Communication

Communication is really about how well you can connect with a school before even attending.

A school’s communication efforts may be apparent in how often and how much they engage with you.

“Take, for example, the Michigan Ross School of Business, where the director of MBA admissions and financial aid Soojin Kwon updates her blog every few weeks,” Blackman writes. “On it, she offers application tips, deadline and interview news, school events and other thoughts. She or someone in her department also answer each post’s comments. It may just be that famous Midwestern hospitality, but Ross candidates seem to feel a genuine connection that starts during their admissions experience.”

Additionally, some schools also offer student blogs, which can be another way for applicants to learn more about what a program may offer.

“These blogs a great way to connect with current students and learn more about the daily experience at your target schools,” Blackman writes.

Sources: Stacy Blackman Consulting, US News

Rankings illustration from the new graphic novel on MBA admissions by Menlo Coaching

This Is Why US MBA Programs Are Dominating Rankings

US b-schools are dominating the global rankings.

And according to a recent report by Bloomberg Businessweek, it all comes down to money.

Bloomberg Businessweek’s most recent “Best B-Schools” ranking saw only one school, IMD in Switzerland, make it in the top 10. Among the top 30, only four schools outside of the US were listed.

Money Rules All

According to survey data collected by Bloomberg, respondents listed the “potential for high-paying work” after graduation as the number one factor when it comes to choosing a b-school.

That has a lot of influence when it comes to actually ranking b-schools.

For instance, in Bloomberg’s ranking, compensation is weighted more heavily than other factors such as networking, learning, and entrepreneurship.

And American b-schools tend to offer the highest compensation post-grad.

According to Bloomberg, currently employed MBA grads of US b-schools had a median salary of $145,000 a year. That’s 16% more than MBA grads of non-US b-schools, who made a median salary of $125,000.

The Role of Geography

One reason why American grads make more is simply due to geography.

According to GMAC’s 2018 Corporate Recruiters Survey Report, US b-school grads tend to make more money due to the fact that they take jobs in the US, where MBA salaries are higher.

Nearly 56% of US employers also offer signing bonuses for MBA grads, according to the report. Other countries aren’t as generous. In Asian-Pacific countries, only 36% offer bonuses. In Latin America, the number is 30%. And in European countries, signing bonuses are only doled out by 20% of companies.

Worldwide Value

Part of the appeal and interest of the US MBA degree is its value worldwide.

“If you’re from India or China, it is Harvard and MIT that you dream about,” Marcelo Barros, founder of International Advantage, which offers career counseling services to schools and international students seeking jobs in the U.S., tells Bloomberg Businessweek.” In the eyes of applicants, more than any other country, a U.S. business degree has better global recognition and provides a chance for a better life and better career opportunities.”

Sources: Bloomberg Businessweek, GMAC

How To Use Social Media To Your Advantage In Applications

Social media is often seen negatively when it comes to b-school admissions.

But experts say that there are elements of social media that may actually help you in admissions.

Clear Admit recently published an article discussing how applicants can better position themselves to use social media as a positive asset to their application.

LinkedIn

The professional social networking platform, LinkedIn, is possibly one of the best ways to gain awareness through social media for admissions.

Julie Barefoot, the associate dean of MBA admissions at Emory Goizueta, says admissions officers at Emory Goizueta tend to review applicants’ LinkedIn profiles.

“I recommend that applicants make sure their LinkedIn profiles are as complete and up-to-date as possible,” Barefoot tells Clear Admit. “On occasion, an applicant will have a very sparse LinkedIn profile (no photo and the bare minimum of education and career details) and that’s unimpressive. MBA applicants should view LinkedIn as a virtual resume and make sure that their profile is accurate and complete.”

Cecile Matthews, Director Of Admissions Consulting at Veritas Prep, recommends applicants to use LinkedIn to find others who currently have your “target position,” or dream job.

“Find what it would take to transition into such a field,” Matthews says. “Ideally, speak with hiring managers in the field as well, and learn whether an MBA would be the best way to achieve this transition.”

In doing this type of networking, Matthews says, applicants can also mention in their application that they’ve clearly and concretely demonstrated that their goals are well-researched.

Learning More About An Applicant

Social media can certainly be helpful admissions officers learn more about you and your goals.

“Social media is a good way for schools to get to know applicants outside of the formal admissions process,” Rodrigo Malta, the director of admissions for the MBA program at the McCombs School of Business, tells Clear Admit. “I believe prospective students should see social media as an asset in the application process and thoughtfully leverage opportunities for engagement with the programs they are considering for an MBA.”

Judi Byers, the executive director of admissions & financial aid at Cornell’s Johnson Graduate School of Management, says social media outlets such as Facebook, Twitter, or Instagram can also help paint a picture of your interests and perspectives as an individual.

“This is important as it provides further context related to how you might fit with our community,” Byers tells Clear Admit. “Connecting on these platforms provides a way to share relevant information, and more importantly, connect you to our students and alumni who are also using social media to share their experiences as well as the amazing things they’ve been able to accomplish.”

However, it’s also important to note that not all social media activity is welcome.

“My advice to applicants is that you should review your social media postings with an ‘eye’ to determine if you’d want an admissions director or a recruiter to look at it—is there anything that would show you in a bad light? Is there anything that would embarrass you? Is there anything that you feel you would need to defend or explain?” Barefoot tells Clear Admit. “If so, you should remove those inappropriate posts or photographs and/or consider changing your social media settings to private.”

Sources: Clear Admit, Poets & Quants

 

 

 

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How Involved Should Parents Be In MBA Admissions? - Poets&Quants

How Involved Should Parents Be In MBA Admissions?

More than ever, parents are getting involved in their child’s MBA application.

But how much involvement is too much?

Stacy Blackman of Stacy Blackman Consulting recently discussed parents’ role in MBA admissions and how “helicopter parents” could potentially risk their child’s chances of being accepted into their top business school.

While undergrad universities expect parental involvement in the admissions process, Blackman says MBAs are quite the opposite.

“The admissions team expects to see independent, fully formed professionals,” Blackman writes. “Excessive parental involvement raises a red flag about the candidate’s potential for success in the program.”

Too Much Involvement

While Blackman says it’s okay for parents to chip in for costs, they should not attempt to guide the admission process themselves.

“We’ve had parents ask for conference calls to discuss their child’s issues—without the applicant on the phone. We’ve also known cases of parents impersonating their child when contacting the school admissions office with questions about financial aid, application status and more. If discovered, this deception will cause irreparable damage to the applicant’s candidacy,” Blackman writes.

Moreover, Blackman says, parents should try to steer clear of actually helping their child in the content of the application.

“The truth is, parents may know their children very well in a certain light. But they might not know how to reveal the aspects of their child that will appeal to business schools,” Blackman writes.

How To Help

Dan Bauer, founder and CEO of The MBA Exchange, a leading MBA admissions consulting firm, says there are instances where parents can help their children in the admissions process.

One of those ways could be helping the applicant “recall meaningful experiences, role models, accomplishments and lessons learned earlier in life.”

Another way to help could be offering to introduce friends and colleagues who attended the targeted b-schools as information resources, Bauer says.

In many instances, parents can act to encourage their children throughout the stressful process, but it’s important to know when is too much.

“Watch for subtle signs that your involvement is adding stress and, if so, back off immediately,” Bauer says.

Sources: Stacy Blackman Consulting, Poets & Quants

The Rise of Soft Skills In The MBA

Soft skills are the new cornerstones of business education.

At least, that’s what experts say universities and colleges are emphasizing in the new job market, according to a report by CBC.

“The goal of a university education is to teach people how to deal with uncertainty, how to be a critical thinker, how to be okay when things are changing,” Darren Dahl, a senior associate dean at the University of British Columbia’s Sauder School of Business in Vancouver, tells CBC. “”The notion of going to work for the big corporation, and the jobs that we traditionally do, are evolving and changing.”

The Rise of Soft Skills

Soft skills, according to Top MBA, are “personally-developed attributes that are usually picked up through life and work experiences.”

Common examples of soft skills include interpersonal skills, leadership, teamwork, and problem solving—to name a few.

In recent years, companies have placed heavy emphasis on soft skills for MBA grads.

According to GMAC’s Corporate Recruiters Survey Report, soft skills, such as communication and teamwork, are the most in-demand skills for MBA grads. 

A Changed Approach

Many colleges and universities are changing their approach to embrace soft skills and creativity.

At UBC, the MBA program now includes a required course in creativity, according to CBC.

Dahl, the senior associate dean at UBC’s Sauder, says creativity has seen greater emphasis in recent years. 

“Creativity is a muscle. If you stopped exercising it years ago — some people say you’re the most creative when you’re five or six years old and then it’s just downhill — how do we strengthen that muscle for you as a leader, whether you work in corporate or a non-profit or your own entrepreneurial venture? That’s a fundamental tool in the toolbox, and I think society has just woken up to that in the last five years,” Dahl tells CBC.

At UBC, courses are now taught differently. Rather than having a classic lecture, professors are now implementing more action and applied learning.

At Ivey Business School in London, Ontario, the school is trying to push for graduates to run their own businesses.

“We provide a lot of support post graduation for those who want to come back at a later time to start a venture two, three or four years later,” Mark Vandenbosch, acting dean at Ivey Business School, tells CBC.

Joe Musicco, a professor at Sheridan College’s Pilon School of Business in Toronto, says the increased emphasis on creativity may be attributed to a number of reasons.

“You could point to things like technology and AI [Artificial Intelligence]. You could point to things like the changing nature of work and being more of a thinker and a consultant, and expectations of people in general that [graduates] are going to be able to bring innovation and creative problem-solving skills to the table,” Musicco tells CBC.

Sources: CBC, Top MBA, GMAC 

New Year’s Resolutions For MBAs

A new year calls for new resolutions.

In a recent article for Forbes, Conor Neill, Senior Lecturer at IESE Business School and President of Vistage in Spain, outlines a few ways b-school students can plan for a happier, more productive 2019.

Cut Down Emails

Neill advises students to try and have time during the day where they shut down all incoming notifications, such as emails.

He recommends having “60 minutes shutting down incoming notifications and working for a solid 60 minutes on something that is important to you in the long term.”

Doing this can help you prioritize what’s truly important.

“It is dangerously easy to be busy on the urgent and forget about being productive on what is really important,” Neill writes.

Start A Stop Doing List

Another way to prioritize what’s important is to start a “stop doing” list.

“When you are young, you have the freedom to keep adding ideas, dreams, tasks and adventures to your bucket list,” Neill writes. “The moment that middle age begins is the moment when you realize that there is finite time left in our life. Acceptance of this fact leads to a clearing out of all the plans, tasks, adventures of life and a reduction down to the most important. You cannot do everything but you can do anything.”

Save, Save, And Save

Every young person has heard this. But, Neill says, saving money is one of the ways you can lead a happier and more productive future.

“For the first time in my life, this year I have not bought things that I wanted (the new drone, a longer trip to New York) in order to save money and invest it,” Neill writes.

What’s the magic number when it comes to saving?

According to Fidelity Investments, it’s wise to have 10 times your final salary in savings to plan to retire by age 67.

Here’s a clear-cut strategy provided by Fidelity Investments:

• In your 20s, put enough away so that by the time you turn 30, you’ll have the equivalent of your salary saved.
• By 40, aim to have three times your salary saved up.
• By age 50, you should have enough saved to equal six times your salary.
• By age 60, your savings should be eight times your salary.
• And 10 times your salary by the full retirement age of 67.

Sources: Forbes, CNBC

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Why Clubs Matter In Choosing An MBA - Poets&Quants

The Ross Technology Club leads annual treks to three cities: San Francisco, Seattle and Detroit

Why Clubs Matter in Choosing an MBA Program

Test scores. Graduation rates. Job prospects.

These are all important things to look for when deciding on an MBA program.

But the most overlooked? Student clubs.

Ilana Kowarski, a reporter at US News, recently spoke to experts on why student clubs count when choosing MBA programs.

“Clubs are very important and should definitely factor into an applicant’s research and choice, but given that business school is a major investment, clubs should not outweigh academic rigor, the strength (and connectedness) of the alumni network, and the program’s job placement track record for your desired industry,” Rebecca Horan, a brand strategist who received her MBA from New York University’s Stern School of Business and later served as a Stern admissions officer, tells US News.

Making Connections

One of the best ways to make connections in b-school is to join a student club.

“Business schools are typically home to an eclectic group of student-run organizations, including clubs that focus on cultivating a specific type of business skill, like investing, and clubs that focus on socializing with people who share a hobby in common, such as skiing,” Kowarski writes.

Additionally, according to Kowarski, students can find affinity groups that align with their background.

“These affinity groups allow MBA students who come from underrepresented backgrounds to forge friendships and professional relationships with one another in a supportive and affirming social environment,” she writes.

Joining clubs can help you build not only your professional network, but your personal one too

“It’s helpful for networking, but I think it’s more helpful though for students feeling socially connected with each other,” Jack J. Baroudi, a professor and senior associate dean for academic programs at the University of Delaware’s Alfred Lerner College of Business and Economics, tells US News. “So, for instance, we have an international student association in the business school and that becomes a very important place for our new international students to come in and say, ‘What is school like in the United States? What is business school like?’ and to meet their fellows who come in from their own country, but maybe also from other countries.”

Finding Your Career Interest

While the classroom can offer you a perspective into a certain subject, student clubs can present opportunities to actually see a career in practice.

“For MBA students who arrive at business school unsure of what career they want to pursue after they receive their MBA degree, student clubs offer exposure to a plethora of industries and business functions,” Kowarski writes. “That can help students discover the types of jobs that are the best fit for their talents and interests.”

Additionally, finding the right club can help you prepare for the job search.

“Some industry-related clubs will develop their own resume guides, conduct mock interviews, and undertake various other activities to compliment the work of career services,” Alex Brown, an MBA Admissions Expert at Clear Admit, tells Metro MBA. “So, it’s pretty important to engage with the clubs that relate to your MBA career goals.”

Sources: US News, Metro MBA

Holiday Checklist For MBA Applicants

With the holidays under way, it’s important for MBA applicants to stay on top of their game.

Stacy Blackman, of Stacy Blackman Consulting, recently outlined a step-by-step guide for holiday time management.

Check In With Recommenders

It’s important to ensure that your recommenders are on track to submit your letter on time.

Blackman suggests that applicants touch base with their recommenders if it’s been more than two weeks since their last check in.

“Remind them that it would be great if they could upload their responses a few days before the deadlines to avoid any last-minute system-crash drama,” Blackman writes. And thank them again for their time!”

With work slowing down during the holidays, Blackman says, it’s important to remind your recommenders to stay on track.

“Ensuring your recommenders are on track is your top priority because this is a tough time of the year for people to be pulled away from family obligations,” she writes. “You know you’ll get everything in, but this isn’t consuming their lives like it is yours.”

Document Check

It’s also critical to ensure that you have all the documents you need for your application.

“If you’re missing something at this point, you’ll probably have to hustle to secure what you need,” Blackman says.

Here are the common documents and other necessities needed for an MBA application, according to Columbia Business School:

• Transcripts
• GPA
• Resume
• GMAT/GRE Score
• Essays
• Recommendations
• Application Fee/Deposits

Resume Reviews

Blackman also suggests applicants to finalize their resumes during the holiday break.

“Many schools have cut down on essay requirements, so resumes are playing a larger role in deciding prospective students’ fates,” Blackman writes. “It’s critical that your resume tells the full story of your professional, educational and extracurricular achievements.”

Polish Your Essays

Most of your essays should be ready to submit during the holidays. However, Blackman says, it is possible to pull together quality responses in two weeks—if you are focused.

“You can have a few friends or family members on standby to help you firm up your themes and cut down extra words, but if you’re working with an admissions consultant, don’t let advice from others derail the strategy and positioning your consultant has helped you set,” Blackman writes.

Sources: Stacy Blackman Consulting, Columbia Business School

Maximize Your Employer Assistance For MBA Tuition

The MBA isn’t cheap. However, there are certain ways to ensure you’re getting the most bang for your buck.

One of those ways is through employer-sponsored tuition assistance.

Fortuna Admissions recently published an article on how to maximize your employer tuition assistance for the MBA.

“If you aren’t sure if your company offers tuition assistance, reach out to your manager/HR/benefits department to find out,” according to Fortuna Admissions. “You don’t want to leave any of your employer’s funds on the table.”

Know How Much You Can Receive

Knowing how much you’ll get from your employer depends on your employment status.

“Full-time employees can receive one amount and part-time employees often receive a smaller amount,” according to Fortuna. “Sometimes the amount is prorated based upon FTE status. There also may be a minimum FTE required for eligibility.”

Additionally, it’s important to ask a few questions regarding your assistance. Here are some common questions, according to Fortuna:

• Is the year the payment is deducted from based upon the reimbursement pay date, course start date, or course end date?
• Which costs are covered by the tuition assistance program? Tuition only? Or are academic fees and/or books included?
• Are 100% of the fees covered up to the annual limit?
• What is the minimum grade requirement and does the grade affect the percentage of tuition reimbursed?

Know Who To Ask

It’s also crucial to know the person who should address these questions.

“A common problem in asking for employer sponsorship is that the person you plan to talk to isn’t high enough up in organization to make the decision about sponsorship,” according to a blog post by Wharton School of Business.

Prior to asking someone, it’s important to first ask yourself a few questions.

“If that is the case, then ask if you think they are on your side,” according to Wharton. “If they’re not an advocate for you, then try to talk to the person who can make the decision. However, if they are an advocate for you, then it might be better for them to make the case on your behalf.”

When And How To Apply

Each company handles tuition assistance differently, according to Fortuna.

“Your employer may handle the tuition assistance program in-house, or they may outsource the processing to a program administrator. Either way, you’ll want to know if the application process happens after you complete each course or if you need to apply before the term begins.”

Typically, you’ll have to apply each term. Regardless of the process, Fortuna experts stress the importance in not missing deadlines.

“Your application may be denied if it is late or missing documentation. You’ll likely need to include course-specific information on the application, such as course name, number, cost per course, and start/end dates. Your employer may also require you to confirm the accreditation of your program.”

It’s also important to know the different models that the programs are based.

“Many tuition assistance programs are based on the reimbursement model, where you receive the funds after you prove that you paid for and completed courses by submitting your tuition receipt and grades. Others allow you to receive the funds up front or have the funds paid directly to your school. Prepayment by your employer is easier on you since you won’t need to pay out of pocket, but you’ll certainly want to achieve the appropriate grade so that you are not required to pay the money back.”

Sources: Fortuna Admissions, Wharton School of Business

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Cornell Podcast Brings Faculty Wisdom to the Masses - Poets&Quants

The Cornell Tech campus on Roosevelt Island

Cornell Podcast Brings Faculty Wisdom to the Masses

A project started by Cornell MBA students is digging deep into the collective wisdom of facult at Cornell University’s Samuel Curtis Johnson Graduate School of Management.

Present Value, a student-run podcast series, was started in fall 2017 by Cornell MBA students Michael Brady and Harrison Jobe. With listeners across six continents and nearly 30 countries, the podcast explores the work of Cornell professors.

“It’s the opportunity to have an hour-long mini-lecture from preeminent academics on campus,” Jobe tells the Cornell Sun.

MAKING PROFESSORS MORE ACCESSIBLE

One goal behind the podcast is to bring students closer to thire professors. A podcast format was the perfect medium to tap into the intellectual curiosity of listeners, Brady tells the Cornell Sun.

At the time, there was nothing that existed on campus as long-form interviews with professors discussing their research.

Brady and Jobe say that they hope the podcast will make professors more accessible to students.

“At the end of the day, they want to interact with you,” Jobe tells the Cornell Sun.

In a more aspirational spirit, Present Value is also about exchanging ideas.

“We aim to bring ideas and insights from renowned thought-leaders to curious minds everywhere,” according to the podcast’s website.

AKIN TO RUNNING A STARTUP

Both Brady and Jobe compare making the podcast to the experience of running a startup business.

They went through nearly every aspect of starting a business when kickstarting their project—from coming up with a name and logo and even marketing initiatives like creating a website.

“Hosting is only five to 10 percent of the work,” Brady tells the Cornell Sun.

The process requires heavy research to ask educated questions. On top of crafting the interview, the team also needs to figure out how to “form a narrative arc.”

If that isn’t enough, the team has also had to learn software and how to edit and develop scripts.

“It’s highlighting high-level work the professors are doing, and it’s really showcasing the research initiatives that are happening at Cornell,” James Feld, one of the current producers of the show, tells the Cornell Sun.

GROWTH AND THE FUTURE

The Present Value team currently consists of five first-year and four second-year MBA students.

Since Jobe and Brady are both graduating next year, they are in the process of transitioning leadership to other members of the team.

What’s on the horizon? The team hopes to start interviewing younger faculty members and potentially start having 20-minute episodes.

For Jobe, the goal of the podcast is to get listeners to think of something they probably haven’t given much thought to before.

“It’s creating something of lasting value that will exist in perpetuity to raise the profile of Cornell,” Jobe tells the Cornell Sun.

Sources: Cornell Sun, Present Value

MBA graduate from Dartmouth’s Tuck School of Business

Reasons Why You Should Get An MBA

You want to go to business school…but you aren’t quite convinced whether an MBA is right for you.

Matt Gavin, of the HBX Business Blog, recently outline a few reasons why you should pursue an MBA.

LOOK AT IT AS AN INVESTMENT

The MBA doesn’t come cheap.

An MBA, especially one at a private b-school, can put you nearly $100,000 to $200,000 in debt within two years, according to Investopedia.

But experts say students should see the MBA as a personal investment to better yourself and elevate your career.

“The purpose of a full-time MBA program is to give students an opportunity to immerse themselves for two years in a period of intense personal and professional development that enables students to really accelerate their career, as well as prepares them to lead organizations,” Kate Bennett, director of marketing for MBA Admissions at Harvard Business School and a 2009 HBS graduate, tells HBX.

Those two years can give you time for both reflection and self-discovery.

“It’s rare to have two years to focus on improving yourself and charting how you want to make an impact,” Bennett tells HBX. “The two years allow you to reflect on the difference you want to make in the world.”

GROWING AS A LEADER

If you’re set on becoming a leader, then an MBA may be the right path for you.

Experts stress that leadership is one of the most important skills you learn as an MBA.

“Without leadership you will always have a glass ceiling above you because the top jobs in an industry will not be appropriate for you,” Merlin Hanbury-Tenison writes for The Association of MBAs. “If you do manage to reach these top jobs and you are incapable of sound leadership then the company will suffer and, eventually, the house of cards will come tumbling down around you.”

But an MBA doesn’t just let you discuss leadership. It lets you practice it in a low-stakes setting.

“If a student wants to try out a new way of persuading someone else, the classroom environment is a very risk-free way to get feedback from peers on how that worked,” Bennett tells HBX. “If you were the founder of a startup in an investment meeting with a VC, that would be a much riskier time to try a new approach.”

GAINING DIVERSE VIEWPOINTS

An MBA education spans beyond the classroom. Within your two years, you’ll also be learning from your classmates.

“I came to business school from consulting and thought my perspective was broad having worked in multiple industries—ranging from education to retail to aerospace and defense—but it wasn’t until I got to HBS that I realized my perspective wasn’t nearly as broad as I thought,” Bennett tells HBX. “It took hearing perspectives from classmates who had started companies, led troops in the military, built amazing nonprofit programs, or served in the CIA to really start to see the full range of angles to a problem.”

Sources: HBX, Investopedia, The Association of MBAs

Your Guide To The MBA Waitlist

Decisions for Round 1 are approaching.

Despite the amount of work you’ve put in, some of these decisions will result in applicants being placed on the dreaded “waitlist.”

Stacy Blackman, of Stacy Blackman Consulting, recently shared what you should do if you find yourself there.

WHETHER OR NOT TO ACCEPT YOUR WAITLIST SPOT

This decision, Blackman says, boils down to your personal interest level in an MBA program.

“If it’s your top choice, you may want to remain on the list until school begins,” Blackman writes. “This could mean moving quickly and giving up a deposit on a school that has offered you firm admission.”

However, if the school isn’t of much interest to you, Blackman suggests not accepting your spot on the waitlist.

“If the program is not your first choice, or you would like to settle your MBA plans before school starts, you may choose to remove your name from the list,” Blackman writes. “If that’s the case, do so promptly and give someone else a chance at their MBA dream.”

IMPROVING YOUR CHANCES

Applicants could be waitlisted for a number of reasons. But, according to Esther Manga of Find MBA, the top three reasons are because of the following: unclear post-MBA goals, low test scores, and lack of quantitative preparation.

The key in improving your odds when on the waitlist is take action on what you’re lacking in your application. Highlighting improvements is critical during this phase.

“A promotion, raise, or an award is almost always a useful piece of information to share,” Manga writes.

AVOID OVER-COMMUNICATING

It’s equally important to be cautious about how you’re communicating to admissions officials when you’re on the waitlist. Blackman suggests applicants to make sure that every interaction they have with admissions officials adds value to their application.

“Exercise restraint in communications, but also convey your enthusiasm whenever possible, as they want to be sure you’ll say yes if admitted,” Blackman writes. “An information overload will likely have a negative effect on your candidacy, so use your good judgement here.”

Sources: Stacy Blackman Consulting, Find MBA

 

 

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What An MBA Is Worth: By The Numbers - Poets&Quants

What An MBA Is Worth: By the Numbers

75% of MBA graduates switch careers and, in turn, double their salary.

That was one finding from the Wall Street Journal, which recently partnered with Times Higher Education to survey nearly 7,000 alumni who earned an MBA between 2012 and 2015. The motivation: collect data on salary history and career switching opportunities.

According to the study, MBAs who graduated from schools such as Yale School of Management, Stanford Graduate School of Business, and Jones Graduate School of Business at Rice University reported making tens of thousands of dollars a year more after obtaining their MBAs.

Kelsey Gee, a writer at Wall Street Journal, says the study highlights an important note: career-switchers can reap substantial financial rewards from getting an MBA.

“The results show that the credential sought-after by generations of bankers and consultants still helps those graduates get ahead at work,” Gee writes. “The median salary for consultants who returned to professional services firms like McKinsey Co. or Deloitte Touche LLP after getting an M.B.A. was $162,000 a year, the highest pay in any sector, and a boost of $82,000 annually. Alumni surveyed in finance and tech jobs tied for second-highest pay, making $150,000 if they also worked in those sectors before business school.”

Pay Check By Industry

Among those who stay in the same field after earning an MBA, consultants tend to earn the most, according to the study.

Those in the healthcare sector tend to see the biggest increase in their pay following an MBA.

A Gender Pay Gap

What’s most surprising about the data is the pay gap between male and female MBAs.

“The median salary of women who worked full-time before entering business school was $63,000 a year to men’s median salary of $67,000, or 94 cents on the dollar,” Gee writes. “Both men and women reported more than doubling their earnings after graduation. In their post-M.B.A. careers, the median of those women’s earnings was $130,000 annually and men’s was $140,000.”

A Fresh Start

What do these numbers mean? Well, for one, it highlights that the MBA still has great relevance if you’re looking to switch careers.

According to the study, out of the 4,400 respondents with jobs in the US, three out of four reported switching careers after earning an MBA. Roughly 5% of MBAs surveyed even reported dropping full-time employment to pursue their own business.

“The promise of the M.B.A. is still very real. Where else can do this magical thing and reinvent yourself partway into your professional life?” M. Eric Johnson, dean of Vanderbilt University’s Owen Graduate School of Management, tells the Wall Street Journal. “It’s a uniquely American ideal that if you’re 28 and decide you don’t really like what you’re doing, you can go back to school and start off again in a totally different direction.”

Another striking trend: many MBAs pursue the tech sector after earning their degree.

Out of 3,100 alumni who switched careers, 25% report pursuing the tech sector after getting their MBA.

Karen Schweitzer, a business school admissions consultant, curriculum developer, and education writer, recently wrote a ThoughtCo. piece on reasons why one should pursue an MBA.

Among those reasons? An MBA can grant you the ability to change careers, switch industries, and make yourself a marketable employee in a variety of fields.

“While enrolled in an MBA program, you will have the opportunity to learn general business and management expertise that can be applied to nearly any industry,” Schweitzer writes. “You may also get the chance to specialize in a particular area of business, such as accounting, finance, marketing, or human resources. Specializing in one area will prepare you to work in that field after graduation regardless of your undergraduate degree or previous work experience.”

Sources: Wall Street Journal, Thought Co

3 Common MBA Interview Questions And How To Answer Them

You’ve gotten past the first round of the MBA application. Now, it’s time for you to tackle the interview round.

Applicants who are often nervous about the interview process can rest easy as there is an abundance of information about how to effectively prep for your interview.

Stacy Blackman, an admissions consultant and founder of Stacy Blackman Consulting,recently published a blog piece on the top three most common MBA interview questions and how applicants can address them.

“Tell Me About Yourself”

Blackman says the number one way to answer this question poorly is to go “on and on.”

“It’s easy to do when you’ve been asked such an open-ended question, so make sure you practice your response out loud a few times,” Blackman writes. “There’s no need to recite your life’s story—talking about where you were born, your family, or your childhood is not what they’re looking for here.”

Rather, Blackman says, applicants should approach this question as if they’ve been asked to walk the interviewer through a resume.

“Quickly summarize the highlights of your college years and then move on to your professional career,” Blackman writes. “Explain why you took the roles you did, what your main responsibilities were, and what you enjoyed or took away from each position. If you’ve stayed at the same company for several years, you could talk about how your responsibilities have increased over time.”

“Why School X?”

This question is all about discussing your goals.

“If you haven’t discussed your short- and long-term career goals by the time you are asked this question, you could begin your response by briefly explaining what you’re hoping to do after graduation,” Blackman says. “Then you can state the specific skills and knowledge you’ll need to be successful in the future—and how School X can help you fill those gaps.”

It’s important to also bring in additional information about the specific school.

“You should be prepared to mention school-specific examples of courses, clubs, and other aspects of the curriculum that fit with your career goals,” Blackman writes. “In short, do your homework and refresh your memory of School X’s program before your interview.”

Tyler Cormney, co-founder of MBA Prep School, says the best answers to this question are both personal and specific.

“They are personal because they cover the unique challenges that you need to prepare for in the future,” Cormney writes in an article for P&Q. “They are specific because they draw distinct connections between your motivations for an MBA and the particular resources that each business school has to offer you.”

“Is There Anything Else You’d Like To Add?”

Blackman suggests applicants to always add extra information to this question. The worst things you can do is say no.

“Even if you’ve had an hour-long discussion that covered everything under the sun and you’re feeling confident about how things have gone, you still should take this opportunity to reiterate why you’re excited about the program and why you’d be an asset to the incoming class,” Blackman writes.

Sources: Stacy Blackman Consulting, Poets & Quants

The exterior of the Tepper Quad

Tepper Adds New Part-Time Program

Carnegie Mellon University’s Tepper School of Business is launching a new part-time MBA degree.

The business school announced Monday that the degree will be for Pittsburgh-area professionals and is designed to provide more flexibility with online, evening, and weekend study.

“This is the MBA program designed for the future of Pittsburgh,” Kathryn Barraclough, head of the MBA program at the Tepper School, says in a press release. “Pittsburgh is rapidly evolving to become a leader in technology, health care and energy, and the Tepper School of Business is committed to help grow the technical and analytical skills of the local workforce to meet the demands necessary for continued growth.”

Part-Time Flex MBA

According to Tepper, the new program, called “The Part-Time Flex MBA”, will take place of the previously offered “Part-Time On-Campus MBA.”

Previously, the original format required part-time students to attend three hours of evening classes on campus at Carnegie Mellon twice a week.

However, under the new format, students will take a combination of intensive in-person weekend classes six times a year on campus and 75-minute courses twice a week online. Additionally, students will also be offered the choice to take electives during the evening, daytime, or online.

Barraclough says the new program is aimed at providing more flexibility for students.

“We’ve heard from many of our part-time candidates, both current students and graduates, that it is becoming increasingly difficult to juggle various demands on their time-full-time jobs, business travel, raising young families-and coming to campus for three hours a night, twice a week is a challenging commitment to keep,” Barraclough says. “The new Part-Time Flex program will give them the flexibility they need without sacrificing the existing high-quality Tepper experience.”

Professional Development

A large number of students Tepper is catering to are part-time students who are looking to advance their careers at their existing company.

One feature that makes the new Tepper program unique is the “Tepper Roadmap”—a three-year personalized professional development plan that, according to Tepper, “emphasizes self-discovery, leadership development, network building and career skills that complements the classroom experience to take a student’s career to the next level.”

Kelly R. Wilson, executive director of masters admissions at Tepper, says the feature is important to help part-time students grow their careers.

“As busy working professionals, we find that our part-time students know where they want their career to go, but they need help creating and executing a plan for how to get there,” Wilson says in a press release. “The Tepper Roadmap provides a framework for students to focus their efforts and the school’s resources to advance their growth during and after the program.”

Sevin Yeltekin, senior associate dean of education at Tepper, says the program will drive the in-demand skills companies are seeking.

“With the Tepper School’s strengths at the intersection of business, technology and analytics — along with CMU’s reputation for expertise and innovation across industries — companies know that our graduates are uniquely prepared to address the business challenges of the 21st century,” Yeltekin says.

Sources: Carnegie Mellon University, Carnegie Mellon University

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What Duke Fuqua Seeks In MBA Applicants - Poets&Quants

Duke University Chapel

What Duke Fuqua Seeks In MBA Applicants

Making money and making a difference.

Those are the two things Bill Boulding, dean of Duke University’s Fuqua School of Business, says make a successful alumnus.

In a recent interview with Business Insider, Boulding explained why he thinks most successful business school alumni are able to balance the two missions.

The Two Missions

Boulding cites Apple CEO Tim Cook and Gates Foundation co-chair Melinda Gates, both Fuqua alumni, as the prime examples of alumni who have succeeded in balancing the two missions.

Boulding says Cook has succeeded in making Apple one of the most valuable companies in the world.

“It’s no accident that they’ve become the most valuable company in the world because they’re serving consumer needs in a way that they’re helping to unlock human potential,” he tells Business Insider. 

On the other hand, Gates has helped to truly make a difference in answering “what can we do to use the resources that we have to change lives for the better?'” Boulding tells Business Insider.

What To Highlight When Applying To Fuqua

Although not everyone can be a Tim Cook or a Melinda Gates, there are a few ways applicants can position themselves for success when applying to Fuqua.

For one, it’s important to highlight your personality in your essay.

“Bringing forth my personality through my essays is very crucial as it’s really what differentiates you the most,” writes Kumar Ayush in an article for MBA Crystal Ball. “If someone has been socially active and energetic person, it should come out from essays directly or indirectly. Same goes with passion.”

According to Stratus Admissions Counseling, Fuqua’s admissions committee focuses on authenticity in an application

“They want to know what YOU plan on doing to make Fuqua a better place,” according to a blog post by the admissions counseling company. “Let them know what you are genuinely interested in doing and why you are passionate about a certain activity, club, or event. Relating clubs or events to past experiences will show that your plans are authentic.”

Additionally, it’s important to be clear about your goals and ambitions.

“Saying you want to be the President of the Tech club is great but that is not sufficient,” according to Stratus. “Elaborating on what you plan to do as President of the club, what unique skills you can bring to the position, and relating the position to your goals will make you stand out. You’ve just told the Admissions Committee about your short and long-term goals in the short answer questions. How will the contributions you plan to make to the Fuqua community help you reach those goals? Keep in mind that the goal is to show how you will help Fuqua, but tying that into your goals will add authenticity.”

Sources: Business Insider, MBA Crystal Ball, Stratus Admissions Counseling

Doing Good With An MBA

Traditionally, an MBA is the gateway to industries like finance, accounting, and consulting.

And it makes sense why MBA grads seek these fields. Almost half of the jobs in these industries, offer salaries of $125,000 or more according to a CNBC study.

Steven Lam thinks that notion is too simplistic. He is the co-founder and CEO of billion-dollar start-up GoGoVan, an on-demand van-hailing app which aims to solve logistical problems in big Asian cities. Recently, Lam made the argument that MBAs should be applying their skills outside of these traditional fields.

“There are a lot of things out there,” Lam tells CNBC. “You don’t need to be fixated on accounting or finance.”

Doing Something Meaningful

Lam says he was inspired to do something meaningful with his degree by a business ethics class he took as an MBA student at University of California-Berkeley’s Haas School of Business. The class opened his eyes to the idea that an MBA could be used to solve society’s biggest issues.

“That was the first class and I remember it so well,” Lam tells CNBC. “So when I graduated I just wanted to do something meaningful.”

Lam says MBAs should be open to working for companies outside the traditional finance, accounting, and consulting firms.

“Around the world, there’s thousands and thousands of companies out there,” he tells CNBC. “The greatest ones are not accounting firms, financial firms or consulting firms. The greatest firms are called Fortune 500. Each of them sell different kinds of stuff, have different types of business.”

Solving The World’s Problems

In Lam’s case, he went on to build a multinational on-demand logistics platform that offers delivery services across Asia. Last year, his company became Hong Kong’s first unicorn, as a start-up valued at $1 billion, according to CNBC.

While an MBA has the option to work for a Fortune 500 company, Lam says, they should use their education to help solve the world’s problems.

“More than that, the world has thousands of problems – poverty, environment – things that need good people, smart students, to help to solve,” he tells CNBC.

Sources: CNBC, CNBC

How B-Schools Are Using AI and VR

Around the world, b-schools are integrating artificial intelligence (AI) and virtual reality (VR) into the classroom.

Seb Murray, a contributor at Financial Times, recently discussed how b-schools are using the latest technology to further business education.

Transforming B-School Education

In Europe, b-schools are utilizing AI and VR to transform the way students learn, give or receive feedback, network, and land a job.

At Italy’s MIP Politecnico di Milano, the MBA program is using an AI search engine called Flexa, which automatically recommends which areas of a CV a student should focus on making improvements. After a student uploads their CV, Flexa offers suggestions based on the student’s expertise and jobs advertised by recruiters, according to FT.

“The vast amount of information on the internet can be overwhelming. Flexa filters it,” Paolo Mazza, an MIP EMBA alumnus who tested Flexa, tells FT.

At IE Business School in Madrid, VR is being used to take MBA students to places that are traditionally too expensive or dangerous to visit in-person, such as an Airbus satellite production line.

The VR technology is also being used to improve students’ communication skills. Students can practice public speaking using VR as they receive a simulated audience reaction, according to FT.

“Students learn to tailor their communication style, depending on the reaction,” IE dean Martin Boehm tells FT.

VR case studies are also making their appearance in b-schools. For example, at Neoma Business School in France, students can use a VR case study’s 360-degree view to learn about marketing through changing a retail shop’s interior virtually.

“It’s an immersive and playful experience that forces you to engage with people to acquire information — not reading it on paper,” Estelle François-Brazie, who tried out the VR case, tells FT.

Increased Funding In AI

More and more b-schools are now funding money into teaching AI.

Most recently, Harvard Business School received a $5 million gift from alumnus Stephen A. Schwarzman, chairman, CEO, and co-founder of Blackstone, a multinational private equity alternative asset management and financial services firm. His multi-million-dollar gift will help spur the efforts of HBS faculty members who are researching and writing case studies on AI.

“Across Blackstone’s diverse portfolio, I have seen firsthand the impact that rapid technological change has on businesses and industries,” Schwarzman says in a press release. “The disruptive implications and opportunities surrounding AI are far-reaching. Executives need to understand how to anticipate, act on, and manage these changes. I am hopeful that through these case studies—hallmarks of the HBS experience that have helped train a century of business leaders— we can better prepare the next generation to help shape the application of AI in an ethical and accountable way that benefits the public interest.”

Sources: Financial Times, Poets & Quants, Harvard Business School

 

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President Donald Trump

B-Schools Talk Politics

Business school curriculum across the country is shifting to help students prepare and succeed in a politically-charged era.

Some Schools, such as Duke University’s Fuqua School of Business, the University of Wisconsin at Madison, and North Carolina State University, are flipping the script on how they teach students to address social and political concerns, The News & Observer reports.

At Duke Fuqua, Professor Aaron Chatterji says political and social concerns are playing a critical role in the business world.

“You have to be careful, but if you walk away from that stuff, how can we be saying that we’re training leaders of consequence across all these schools unless we’re dealing with these issues they actually have to face?” Chatterji tells The News & Observer.

Taking A Stance Pays Off

A number of big-name companies have started to take a stance in the political era of Trump.

Most recently, Nike made Colin Kaepernick, former quarterback of the San Francisco 49ers, as the face of its ad campaign. The banner of the ad reads: “Believe in something. Even if it means sacrificing everything.”

Kaeperick’s decision to kneel during the national anthem of NFL games in protest against police brutality was criticized by President Trump, who called the act disrespectable to the American flag.

But Nike took the opposite stance in the midst of the pressure. By doing so, they’ve benefited greatly, earning $6 billion in value.

Levi Strauss & Co. president and CEO Chip Bergh has been outspoken about business leaders needing to take action on gun violence. He recently penned a Fortune article making the case against it.

Outspoken In Class

At the b-school level, students are taking more interest in political issues.

Patrick Iber, an assistant professor of history at the University of Wisconsin at Madison, is putting together a new course, “The History of Now,” which will examine the historical context of modern-day politics.

The goal of the course is to help students understand conservative movements across the historical spectrum and how the past relates to the present.

“When I ask students, ‘Why are you interested in taking this course right now?,’ some of them are like ‘I really want to understand what’s going on. I want to know how to talk to my family members who I don’t understand anymore.’ They want historical context for the present,” Iber tells The News & Observer.

At North Carolina State University, classes have taken a different tone.

Mark Nance, a political science professor at North Carolina State University, says more students are more comfortable expressing their conservative views because of President Trump.

“My point is that those feelings have always been there, but they were not being brought out in class,” Nance tells The News & Observer. “As an educator, I would much rather have them there and be stated than someone sit there and sort of steam and discount anything anybody is saying, including me.”

Sources: The News & Observer, Fortune, Vox, CBS

Why This Country’s MBAs Are Becoming Less Employable

Think an MBA makes professionals more employable? That may not the case anymore in India.

Quartz reports that the MBA, despite being a popular degree in India, has experienced a 3% year-on-year drop in the employability of its graduates.

A Drop In Quality

Wheebox, which conducted the study based on a survey of 300,000 students and over 100 large employers, found that the MBA in India has almost become too popular.

“MBA has become new B Tech where everyone wants to get MBA degree irrespective of their graduation degree and score in entrance tests,” Wheebox’s study reads. “MBA colleges are enrolling students even if the student has not appeared for any of the MBA entrance test. Drop in quality of student intake over years due to negligence in student selection process and lack of industry internship programs or low attendance in industry internship programs are reasons of this drop among many others.”

The Need To Reskill

What can India do to change this? Well, according to the report, there’s a need to reskill workers and graduates.

“Employers need to work with education providers so that students learn the skills they need to succeed at work, and governments also have a crucial role to play,” the report says. “But there is little clarity on which practices and interventions work and which can be scaled up.”

One thing is for certain: automation is putting a lot of jobs at risk. The best way to keep up with automation? Learn the skills required to capitalize on it.

“Rapid advances in automation technologies are affecting India’s information technology and business process outsourcing sectors,” the report reads. “These sectors have remained net job creators, and the industry estimates that companies could hire up to 2.5 to 3 million more workers by 2025, provided they can acquire the skills needed to meet changing needs.”

Part of reskilling, according to Wheebox, is learning how to work alongside automation.

“The emerging nature of work coupled with the impact of automation is likely to mean that individuals and organisations will have to look at (new) skill sets… which aid either the design of interactions or interactions with both humans and machines,” the report reads.

Sources: Quartz, Wheebox

Important Lessons You Won’t Learn In B-School

Business school will give you the proper foundation to succeed and advance in the business world.

But Deep Patel, author of A Paperboy’s Fable: The 11 Principles of Success and a VIP contributor at Entrepreneur, argues that there are some things you just can’t learn in business school.

“There’s a lot you’re going to have to figure out on your own, through trial and error,” Patel writes. “Some of the most important lessons you’ll ever learn about how to be successful in business (and in life, for that matter) comes from getting out there and doing it.”

Being A Better Leader

Patel argues that an MBA isn’t necessary to become a great leader. He even cites a Harvard Business Review study, which finds that out of the 100 best-performing CEOs in the world, only 24% had MBAs.

“Successful leaders must be aware of their strengths and weaknesses,” Patel writes. “They have to convey positivity and motivate those around them. These aren’t things you can discover in a classroom setting.”

Negotiation In Real Life

Despite business schools teaching negotiation skills, Patel says, the act of negotiation in real time is entirely different.

“Whenever you interact with someone in business, you’re either formally or informally negotiating something,” he writes. “When negotiation is done well, both parties leave satisfied and ready to do business with each other again.”

Part of successful negotiations, Patel argues, is in the prep work.

“This means you know something about the parties involved, you’ve done a little background checking, you know about their business and maybe you’ve even talked to others they’ve worked with to get an idea of their strengths and weaknesses,” he writes.

Learning From Mistakes

Perhaps one of the greatest lessons you learn in the real world is how to learn from your mistakes.

In business school, you have a safe environment for trial and error. But, Patel says, learning from your mistakes is inevitable in entrepreneurship.

“Sometimes deals fall through,” he writes. “Things change, the market fluctuates, or perhaps your idea simply didn’t pan out. You still have to find a way to pick yourself up and keep moving forward. Entrepreneurs must learn to frame their failures, learn from their mistakes and improve for next time.”

Read the rest of Deep Patel’s lessons here.

Sources: Entrepreneur, Entrepreneur, Harvard Business Review

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