Posted by Clear Admit on May 30, 2008, at 11:47 am
Posted in:  General , MBA News , School: IESE IESE Business School in Barcelona, Spain, recently launched a new initiative designed to attract university students at the beginning of their careers. As with Harvard Business School’s 2+2 program, students pre-admitted to the new Youth Talent Program (YTP) will have a spot reserved for them in the IESE class after they have completed two years’ work experience at a participating firm.
IESE developed the program in an effort to attract junior- and senior-year university students at the world’s top universities. Students are invited to apply for YTP after completion of their basic university degree. If chosen for pre-admission to IESE, they are then presented to top companies for recruitment opportunities. Official admission to the YTP program is awarded once a candidate has been offered a contract with a participating firm.
Before beginning the workforce component of the program, participants spend the summer following their senior year at IESE for a Next Steps Workshop. Upon completion of the workshop, they then report to work. After fulfilling their two-year contract with their firm, they return to Barcelona for the IESE MBA. Upon graduation, students once again return to their participating firm to put their knowledge to work.
Many of the world’s leading corporations have agreed to participate in YTP. Among the firms taking part are McKinsey & Co., Johnson and Johnson, the Boston Consulting Group, Merck Sharp & Dohme, Novartis, BBVA, Santander and CEMEX.
To learn more about the new YTP program at IESE, click here.
Posted by Clear Admit on May 30, 2008, at 2:47 am
Posted in: Fridays from the Frontline Welcome back to Fridays From the Frontline, Clear Admit’s regular synthesis of the week’s blogging reactions. With summer rolling in, bloggers were on the quiet side this week, although those who did post had more than enough to report. Let’s hear the notable news from them…
JulyDream had a high time in the mile high city, where she packed in several memorable reunions, a fair share of partying offset by ample relaxation, and a 10k race in Boulder to boot! Using time wisely was also a priority for Ameya, who was aided in her efforts by Carnegie Mellon University Professor Randy Pausch’s time management lectures, via Youtube. Speaking of efficiency, Hectic1015 managed to find both an internship (at the United States Green Building Council) and a scholarship (for next year at INSEAD) all at once! Meanwhile, Power Leveler prepared for INSEAD’s finance, accounting and economics curriculum the economical way – as opposed to the school sanctioned way: a weeklong, 1500 Euro Business Foundations course.
First-year Iday commemorated his Chicago GSB MBA’s half-birthday this week, which fortuitously coincided with the culmination of his best-performing quarter yet (although he notes the grades to prove that aren’t yet out!). No matter – there’s nothing like jumping out of a plane at 13,000 feet to celebrate forgone conclusions! HairTwirler, who prefers to get her thrills via cable TV, was feeling similarly reflective about the halfway point at Georgetown; she offered up an honest address on the state of her first year in the nation’s capitol. Nose still to the grindstone in Fontainebleau, Necromonger took a moment to write up his INSEAD consulting interview experiences, replete with takeaway tips, and of course, a cartoon!
In second-year news, Angie capped off her London Business School adventure with an unforgettable trip to Israel, kindly organized by her classmates, and posted a photo diary to prove it. Ash, on the other hand, wasn’t quite ready to close the book on his MBA experience: he dedicated himself to distilling the essentials of his corporate finance class at the Stanford GSB for the benefit of future students. Mbagladiator can certainly relate. He found himself “in denial, anxious, and in utter disbelief” about the rapidly approaching end of his Yale SOM career, although Tony Blair’s resonant comments on parenting at Yale’s Class Day festivities helped alleviate some of the sting. Last but not least, Stern’s Rubeo Boy reaped his first job offer this week – an action-packed role in the sports sector, although he laments that the salary is far from a professional athlete’s.
So that sums up this installation of our Friday feature! Join us next time for the latest and greatest news in the MBA blogosphere from FFF!
Posted by Clear Admit on May 29, 2008, at 1:28 pm
Posted in: General , MBA News , School: Virginia / Darden Robert Bruner, dean of the University of Virginia’s Darden School of Business, this week named Professor Martin Davidson to serve as the school’s next associate dean for diversity and chief diversity officer (CDO). Davidson, who will assume the new role on July 1, replaces Professor Erika James, who has held the position since it was created three years ago and has reached the regular end of her appointment.
An internationally recognized though leader in the area of diversity in organizations, Davidson has long been focused in his research, teaching and consulting on looking at how leaders can use diversity strategies to create competitive advantages. In addition to teaching in each the Darden MBA and Executive Education programs, Davidson also consults with Fortune 100 companies, government and nonprofits.
“As associate dean and CDO, Martin will work to position the Darden School to be preeminent among business schools in its capability to leverage differences in all its facets,” Bruner said in a statement. In his role, Davidson will serve as chief strategist and advisor to Davidson on all the school’s diversity strategies and programs.
Davidson came to Darden in 1998 from the Tuck School of Business at Dartmouth College, where he had previously been a professor.
Posted by Clear Admit on May 29, 2008, at 3:39 am
Posted in: Admissions Tips In keeping with the recent Admissions Tips we have posted for the new crop of applicants to the Class of 2011, today we want to offer some tips on engaging the community of one’s target programs. Communicating with b-school insiders can be beneficial for a number of reasons; in addition to learning about a given school and your potential fit, you’ll also generate material for your essays, demonstrate your interest in the program, and perhaps even make an ally or two. In your efforts to go beyond the schools’ websites and promotional materials, we recommend reaching out to individuals in a few key groups:
Current Students – People who are currently enrolled in a given program can obviously provide the clearest picture of the present state of the school community. They are often more capable of evoking their school’s overall culture than brochures put out by the admissions offices, and can describe to prospective students the ins and outs of academic and extracurricular options. In addition to reaching out to friends and acquaintances who are studying at a given school, it’s also wise to get in touch with the leaders of clubs and programs in which you are interested (their contact information is generally available through the website). This will help you to understand the impact you could make while on campus and provide a sounding board for the ideas you plan to share with a certain student group or organization.
Alumni – While students offer a great view of the program itself, a school’s alumni can often provide the best perspective on just how far an MBA from a given program can get you in a certain field. Meeting with alumni working in your target post-MBA industry (tracking them down either through your own network or school-sponsored events) may help you anticipate the program’s strengths and weaknesses in setting you on the right professional course. You might also gain some valuable insight that will help you to refine your career goals and better understand what short-term position would best prepare you for your long-term plan.
Faculty – The professors at business school tend to be a bit less accessible than students and alumni, but if you’ve identified someone whose research interests you or sat in on a class that you found particularly intriguing, there’s no harm in sending a note to let the faculty member know that you find his or her work appealing and would like to speak if possible. The individuals responsible for designing and teaching the curriculum can offer great insight into the specific skills and lessons you would learn from one class to the next, and help you to refine your understanding of the ways that an MBA would bridge the gap between your current skills and those you will need to achieve your goals.
Aspirants to the Class of 2011 should consider each of these options in the months ahead. Not only are many individuals quite pleased to discuss their experiences with prospective students, . . . → Continue Reading
Posted by Clear Admit on May 28, 2008, at 12:54 pm
Posted in: General , MBA News Type “most desirable workplace for MBA grads” into Google and what do you get? Funnily enough, you get Google. That’s right. Results from a recent survey compiled by Fortune.com and research firm Universum Communications revealed that nearly a quarter of business school graduates respondents named Google as the company they would most like to work for.
Google, which topped the list for the second year in a row, expanded its lead in 2008. This year, nearly 24 percent of survey respondents said that a position at the Mountain View, Calif.-based internet company would constitute their dream job, up from 20 percent in last year’s survey.
Consulting firm McKinsey and Company, which held the top spot before Google usurped it, came in a distant second this year, with only 16 percent of respondents naming it as one if their five favorites.
As far as investment banks were concerned, not surprisingly, those that have best charted the subprime mortgage storm rank highest in MBA graduate appeal. Goldman Sachs came in third overall, the same spot it held in 2007. JPMorgan Chase shot up 11 spots from last year to No. 10, powering past Morgan Stanley (No. 15), Lehman Brothers (No. 16) and Merrill Lynch (No. 18) along the way.
Other banks, though, fell through the ranks. Citigroup slipped 10 slots to No. 21, and Bank of America fell 14 slots to No. 24. Even so, consulting firms and investment banks remained popular overall. According to the 2008 survey results, 20 percent of graduates are seeking positions in consulting, and 19 percent say they want to work for an investment bank.
The survey, conducted annually, this year polled 5,769 students at 52 business schools. Survey responses were used to rank the top 100 companies business school graduates would like to work for. For a full list of all 100 companies, click here.
So, what’s Google’s allure? According to Claudia Tattanelli, CEO of Universum North America, it’s simple: The internet giant has become “a worldwide name, it is global, and it recruits only the best,” she told Fortune.
The employee perks aren’t bad either. As if having time to work on independent projects and talks with visiting authors weren’t enough, at Google, there is such a thing as a free lunch. And it’s gourmet, at that. “They are famous for keeping employees happy,” concluded Tattanelli.
To read more on the Fortune.com ranking of most desirable employers among MBA grads, click here.
Posted by Clear Admit on May 28, 2008, at 3:02 am
Posted in: GMAT Tips , Workbook Wednesdays Geometry, algebra, prime numbers, factoring equations – nervous yet? Since the math section of the GMAT may wet some brows and dry some mouths, we’d like to share some strategic math tips from our friends at Manhattan GMAT in order to calm some nerves.
Go Proudly Back to the Basics If necessary, return all the way to first grade with your head held high. Math is hierarchical – you can’t multiply if you can’t add. To put it better, you can’t understand multiplication if you don’t understand addition.
So return to first principles: arithmetic of whole numbers, positives and negatives, simple fractions and decimals. Multiplication tables and square roots. Get the facts, the processes, and the understanding down pat for those early topics, and build upwards from there.
Believe it or not, many GMAT problems assume that you’ve internalized various mathematical facts, and without them at your mental fingertips, things will be harder and slower than you’d like. Quick, what’s 11 x 11? 9 x 7? The square root of 225? If this sort of question has you scratching your head or reaching for a calculator, you should prepare yourself for a trip back to rebuild the fundamentals (no, calculators are NOT allowed on the GMAT!).
Similarly, there are many mechanical operations that you’re going to have down pat too. What’s ½ + 5/6? 0.001 x 5,260? How about x squared raised to the 3rd power? The GMAT is going to assume that you can quickly and seamlessly perform certain operations to solve problems. For most people, it takes a little (or a lot of) practice to get your math ‘muscles’ back. So, if you didn’t like algebra the first time around, now’s your chance to master it again!
Ask Yourself the Polya Question George Polya, a prominent mathematician, wrote a great little book called “How to Solve It,” which is all about mathematical problem-solving. (I know: you have it on your Amazon wish list.)
Polya recommends that on every problem, you ask yourself these simple, killer questions:
1) What are they asking you for? In other words, what is the unknown? Can you give it a name? 2) What information have they given you? 3) What is the condition that links up the information they’ve given you and the unknown? In other words, how are these things all connected? 4) Can you think of a related problem? A simpler problem, maybe?
You’ll be amazed at the progress you can make, once you’ve built the habit of asking these questions every time. And who knows – you may even forget that you “dislike” solving math problems.
Review + Redo Every Problem This is a gong I’ve banged in other contexts, but I’ll bang it again: don’t satisfy yourself with doing a problem once, quickly checking the answer and moving on. Always choose depth over breadth, if you must. Spend the time to create flashcards of entire problems, with solutions on the back, and then deal yourself a bunch . . . → Continue Reading
Three Harvard professors found spots in the Wall Street Journal’s 2008 Top 20 Gurus Ranking, released earlier this month. Joined them were a smattering of other professors, including one from Kellogg and two from Stanford, as well as a collection of CEOs, journalists, and consultants.
The highest ranked professor this year is Howard Gardner, a Harvard professor, though not at Harvard Business School. Ranked number five, Gardner, a professor of education at Harvard, is best known for his theory of multiple intelligences. “Human cognitive competence is better described as a set of abilities, talents and mental skills, which I call intelligences,” he writes.
Coming in at number six is Kellogg professor Philip Kotler. In his teaching over the past 40 years, Kotler has helped place marketing at the core of business education. His book, Marketing Management: Analysis, Planning, Implementation, and Control, remains the most popular marketing textbook in business classrooms around the world, according to a release on the Kellogg website.
Next up, Stanford Professor Jeffrey Pfeffer comes in at number 11. The Thomas D. Dee II Professor of Organizational Behavior at Stanford Graduate School of Business, Pfeffer currently teaches courses on human resource management, knowing versus doing and the very popular “Paths to Power.”
Other Harvard professors in the top 20 include Michael Porter and Clayton Christensen. Porter, who topped the Journal’s ranking in 2003, slipped to number 14 this year. In response, Porter pointed out that his most recent book was on healthcare, not management. “I feel like my recent work continues to have an impact in my various fields,” he told the Journal.
Cristensen, who ranked 17th, is the Robert and Jane Cizik Professor of Business Administration at the Harvard Business School and holds a joint appointment in the Technology & Operations Management and General Management faculty groups. He is best known for his study of innovation in commercial enterprises. His first book, the Innovator’s Dilemma, articulated his theory of disruptive technology.
Former Stanford professor and Nobel Laureate Myron Scholes came in at number 20. Scholes, the Frank E. Buck Professor of Finance Emeritus at Stanford until he retired in 1996, won the Nobel Prize in Economics in 1997 for his method for determining derivatives. Referred to as the Black-Scholes model, it provides the fundamental conceptual framework for valuing options and has become the standard in financial markets globally.
The Wall Street Journal ranking of influential business thinkers is compiled by Thomas H. Davenport, a management professor at Babson College, and H. James Wilson, a senior researcher at Babson’s executive research centers. It is based on Google hits, media mentions in LexisNexis and academic citations for 110 business “gurus” who ranked high in the 2003 survey, also conducted by Davenport, or who have since won a significant following.
To read more about the rankings, click here.
Posted by Clear Admit on May 27, 2008, at 3:39 am
Posted in: School: Stanford , Trivia Tuesday Welcome back to Trivia Tuesday! As our regular readers know, Trivia Tuesday is our weekly examination of the programs and policies, details and distinctions of the leading business schools. Today we turn our attention to Stanford’s Certificate in Global Management, a specialized program that supplements the traditional MBA curriculum.
Established by students and faculty in 1994, the Global Management Program (GMP) is the student-facing arm of the Center for Global Business and the Economy. Complementing the faculty research that the center facilitates, the GMP offers both academic and experiential opportunities for students interested in global management.
As part of the GMP’s offerings, Stanford MBA students have the option to pursue a Certificate in Global Management, which among other benefits, serves as a signal to employers that the student studied business issues spanning geographies and cultures. To earn the certificate, students must enroll in the course “International Business” and complete 16 additional credits (usually equivalent to four courses) that have a global focus.
To fulfill these elective requirements, students may choose from among 30 or so courses across the full range of GSB disciplines, as well as from Stanford University courses in history, foreign language and international culture. About 30% of recent GSB students pursued the certificate, reflecting the global focus of the school and student body.
For more information on Stanford’s specialized academic programs, be sure to check out the school’s website, and the Clear Admit School Guide to Stanford!
Posted by Clear Admit on May 23, 2008, at 12:51 pm
Posted in: MBA News , School: INSEAD INSEAD, which pioneered the one-year accelerated MBA program almost 50 years ago, now draws 900 students from more than 150 countries to its campuses in Fontainebleau, France, and Singapore. In an effort to maintain its international focus – and recognizing that not all prospective applicants will be able to visit the school prior to applying – the school will host several upcoming information sessions at locations throughout Europe.
Four sessions are scheduled for next week, two in London, one in Lisbon and one in Paris. The London events, which will take place on May 25, include both a women’s brunch/panel discussion/MBA information session and a Master Class & MBA/EMBA information session.
The Lisbon and Paris events, scheduled for May 28, are both general MBA information sessions.
Additional events will be held in June in Moscow, Munich and Athens. Though none are currently scheduled, information sessions in other parts of the world may be added throughout the year. For a calendar of all scheduled events, please click here.
For prospective students who can travel to INSEAD’s campuses, open houses are scheduled in each Fontainebleau and Singapore on June 13.
Advance registration is required for all events. To register, click here.
Posted by Clear Admit on May 23, 2008, at 7:51 am
Posted in: Fridays from the Frontline Welcome to Fridays From the Frontline, Clear Admit’s record of the week’s most significant MBA blogging activity. Current students certainly spiked our b-school radar in the last seven days, with a string of memorable goodbyes, some for the summer and others for good. Many applicants also transmitted a loud and clear farewell – to their applicant blogging peers, their pre-MBA employers and likely a good deal of their possessions, to boot. Others found comfort where they were. Let’s hear about it from them…
Vidiviciveni bid farewell to the applicant blogging world this week, promising to reconnect as a student blogger at London Business School this fall. On the other hand, Mike was just getting ready for another go-around, eyeing Harvard’s precocious essay release as he made the transition from applicant to reapplicant. Tinydancer was also scoping out similar surroundings, moving into Philadelphia proper to attend Wharton, after years of living in the nearby suburbs; she soon realized that despite its many pros, city living does not cater to the full-wardrobed – or to those full of any kind of possessions, for that matter. Wrapping up four years on the job, JulyDream finally basked in a break from work, and yet with all the other activities she has to attend to – from soccer in Vegas to fashion shows and dinner dates – it’s proving to be break from the ordinary that hardly feels like a break.
First-years were also keeping busy. GSB Sutras offered a thoughtful and thorough synthesis of Chicago’s fourth annual TATA India Business Conference – a must for anyone who regretted missing the event. In Singapore, Necromonger responded to the recent host of his readers who’ve pitted the Hong Kong University of Science and Technology’s MBA against INSEAD’s by letting the numbers speak for themselves. On a more relaxed note, Anand returned to Barcelona without the formal backing of the Darden course (the spring break Global Business Experience) that first brought him there and headed straight for the beach! Meanwhile, in an uncharacteristically emotional post, CS@HBS explained that while her first year at Harvard Business School may not quite have been the best year of her life, thanks to her section mates, it has been one of the most meaningful and memorable. Maybe MBA weighed in with considerably less celebration, lamenting that mothering a child this quarter has left her feeling a “fraction of her former self” – at least in terms of how much time she has to devote to her coursework at the Chicago GSB.
Out of the proverbial forest of assignments at long last, second-year bloggers were more upbeat. La Laudiaria waved goodbye to Wharton and Lauder, recounting a graduation day made extra memorable by both planned and unplanned outbursts, while Rubeo Boy described his Stern graduation at Radio City Music Hall as similarly twofold: it was both the culmination of a . . . → Continue Reading
Posted by Clear Admit on May 22, 2008, at 3:15 pm
Posted in: General , MBA News , School: Cornell / Johnson The most recent numbers from the Johnson School’s Office of Admissions and Financial Aid reveal a notable increase in application volume for its two-year MBA program as well as increasing yield in terms of admitted students who accept.
Johnson received 2662 applications from prospective students vying for a spot in the 2010 class, up 22 percent from last year, according to Randall Sawyer, director of admissions and financial aid. As of early May, 286 admitted students made deposits to secure their spots in next year’s entering class, representing a 20 percent increase in yield over last year. The school’s Accelerated MBA program showed even more significant growth. With 60 deposits received from admitted students, the yield for that program this year is 68 percent.
“Build a Better Applicant Pool, Build a Better Class” According to Sawyer, he and his staff have worked actively to increase the school’s applicant pool in an attempt to create a stronger admitted class. Expanded outreach has been central to this effort. “We will have held 100 events in 80 cities domestically and worldwide,” he said, up from about 50 events a few years ago.
The push seems to be working. Applications last year were up 27 percent, and this year they’re up 24 percent across the board. “We’re getting more exposure, and our message is resonating with more candidates,” Sawyer said.
Citing applicant feedback, Sawyer believes that Johnson has effectively differentiated itself from other schools by remaining focused on the value of its immersion program. This unique program features an intense, hands-on semester of integrated course and field work in a specific industry. “That sustainability continues to be an interest mentioned in applications,” he said. The school’s successful completion of its search for a new dean has also energized applicants, Sawyer said.
Record Number of Women Headed to Johnson Next Year Of the students who have made deposits for next year, 38 percent are female. That figure represents a 28 percent jump over last year and is particularly significant given the women comprise onl7 25 percent of business school applicants.
“Women are a channel strategy,” said Sawyer. Several key women on the admissions staff work particularly hard to attract and retain more women, he continued. “Our students also play a crucial role in attracting and recruiting more female students; they regularly interact with prospective students,” he said.
Alumni, too, have lent their voice to the application drive, talking up Johnson among family and friends, according to Sawyer.
“We’ve had a great year, I’m very pleased,” Sawyer concluded.
Posted by Clear Admit on May 22, 2008, at 11:30 am
Posted in: GMAT Tips , Workbook Wednesdays As promised, below is the answer to our weekly Challenge Problem. Enjoy!
Question
One smurf and one elf can build a treehouse together in two hours, but the smurf would need the help of two fairies in order to complete the same job in the same amount of time. If one elf and one fairy worked together, it would take them four hours to build the treehouse. Assuming that work rates for smurfs, elves, and fairies remain constant, how many hours would it take one smurf, one elf, and one fairy, working together, to build the treehouse?
(A) 5/7 (B) 1 (C) 10/7 (D) 12/7 (E) 22/7
Answer
The combined rate of individuals working together is equal to the sum of all the individual working rates.
Let s = rate of a smurf, e = rate of an elf, and f = rate of a fairy. A rate is expressed in terms of treehouses/hour. So for instance, the first equation below says that a smurf and an elf working together can build 1 treehouse per 2 hours, for a rate of 1/2 treehouse per hour.
1) s + e = 1/2 2) s + 2 f = 1/2 3) e + f = 1/4
The three equations can be combined by solving the first one for s in terms of e, and the third equation for f in terms of e, and then by substituting both new equations into the middle equation.
1) s = 1/2 – e 2) (1/2 – e) + 2 (1/4 – e) = 1/2 3) f = 1/4 – e
Now, we simply solve equation 2 for e:
(1/2 – e) + 2 (1/4 – e) = 1/2 2/4 – e + 2/4 – 2 e = 2/4 4/4 – 3e = 2/4 -3e = -2/4 e = 2/12 e = 1/6
Once we know e, we can solve for s and f:
s = 1/2 – e s = 1/2 – 1/6 s = 3/6 – 1/6 s = 2/6 s = 1/3 f = 1/4 – e f = 1/4 – 1/6 f = 3/12 – 2/12 f = 1/12
We add up their individual rates to get a combined rate:
e + s + f = 1/6 + 1/3 + 1/12 = 2/12 + 4/12 + 1/12 = 7/12
Remembering that a rate is expressed in terms of treehouses/hour, this indicates that a smurf, an elf, and a fairy, working together, can produce 7 treehouses per 12 hours. Since we want to know the number of hours per treehouse, we must take the reciprocal of the rate. Therefore we conclude that it takes them 12 hours per 7 treehouses, which is equivalent to 12/7 of an hour per treehouse.
The correct answer is D.
Posted by Clear Admit on May 22, 2008, at 4:27 am
Posted in: Admissions Tips , Essay Topic Analysis With essay questions for the coming year already starting to be released by some schools, there are applicants who are eager to get started on their written applications. Though essay questions tend to vary year to year, the two things that nearly every prospective student can count on being asked are “What are your short-term and long-term post-MBA goals?” and “How will Business School X help you achieve these goals?”
These are the fundamental questions of the entire application process; identifying clear answers will help in everything from creating a list of target schools to communicating effectively with recommenders and interviewers down the line. As such, it’s a great idea to begin drafting answers to the Career Goals essay early and often! To help you get started, here are some general pointers:
Whether the essay is 1,000 or 500 words long, the adcom looks for applicants who offer fully defined long- and short-term career goals, sound reasons for pursuing an MBA at this point in their careers, well-informed interest in School X and specific plans to contribute to the campus community if they are admitted.
The key to successfully tackling each of these components is specificity. In presenting future goals and explaining one’s motivation for seeking an MBA, it is crucial to present well-defined and feasible objectives. Unlike the undergraduate experience at many American colleges and universities, MBA adcoms believe that students need a fair amount of direction at the time they enter the program in order to take the right classes, join the appropriate clubs and seek the best internship. Everything is oriented towards preparing for the post-MBA job, so specifying a specific industry and function for the short-term is of the utmost importance. In addition to identifying goals for the adcom, it is also important that applicants explain their interest in their particular plans. Along the same lines, applicants should comment on what they hope to accomplish in their target positions.
Admissions officers understand that successful students are focused in their ambitions, and one of the best measures of this is what they have done so far. Not every school asks for this explicitly, however in most situations a Career Goals essay is more compelling when it includes a brief but coherent career history summarizing the applicant’s work history to date. This should reveal the continuity between one’s previous professional experiences and goals for the future. A great essay manages to thoroughly and efficiently address each of these elements, with a nice balance between the ‘career progression’ section, the ‘career goals/why MBA’ section and the ‘why School X’ section.
Another critical part of this essay is the explanation of one’s interest in a given program, as the adcom is sensitive to whether or not applicants are serious about attending if admitted. Individuals who name specific classes that are relevant to their goals, recount their impressions of the campus culture based on a class visit, or share what they’ve learned from discussions with alumni and students will be in . . . → Continue Reading
Posted by Clear Admit on May 21, 2008, at 1:02 pm
Posted in: General , MBA News , School: Berkeley / Haas , School: London Business School According to a recent article in the Economist, business schools and MBA students are notably upbeat despite an economic downturn impacting organizations that are often their prime recruiters – namely those in the financial services and banking industries.
According to the Economist report, several factors fuel this unusually hopeful outlook: No one knows for sure just how bad the economic situation is (or isn’t), MBA students themselves seem more realistic and pragmatic than in downturns of the past, and though top job offers are down, MBAs have not yet faced having their internship or job offers withdrawn (save the particular case of Bear Stearns).
News from the schools and elsewhere echo the Economist report. Berkeley’s Hass School of Business Career Center reports that job opportunities for Berkeley MBA students during the 2007-2008 recruiting season actually increased by 5 percent over the year before and that salaries are holding steady.
“It is a tighter employment market, but we have seen MBA hiring continuing,” said Abby Scott, executive director of MBA Career Services. “Some of the firms who are laying off are continuing to hire fresh talent.” Summer internship hiring has also increased over last year, according to Scott.
London Business School also reported high job placement rates among its students this recruiting season. “We are thrilled to that 2007 has been another strong year for our hugely talented MBA class with an impressive 97 percent receiving an offer of employment within three months of graduation,” Diane Morgan, director of LBS career services, said in a January statement.
Findings from the annual Corporate Recruiters Survey conducted by the Graduate Management Admissions Council reflect the same optimism.
That said, there could still be hard times ahead. According to Haas’s Business Career Center, online job postings have dropped, suggesting that companies are resorting to “just-in-time hiring” as a result of weakening economic conditions. “As we look forward to next year, we’re anticipating a little bit of a downturn as we experienced during the last cycle,” said Haas’s Scott.
What impact does this have on MBA admissions? Often, business school admissions run counter-cyclical to the economy – spiking during downturns as some look to MBA programs as a place to ride out the storm. Sometimes, though, those with jobs choose to hang onto them.
Application rates so far have shown no sign of decrease. In fact, almost 60,000 students took the GMAT in the first three months of 2008, a 12 percent increase over the same period a year before.
Generally speaking, the perceived value of an MBA doesn’t usually fall even if job prospects for current MBA grads do begin to falter. In fact, the MBA degree can under those conditions be the factor that helps secure a job for candidates in an increasingly competitive market.
The Economist report praised students and schools for their level-headedness. “Overall, business schools and their students seem to be displaying a laudable maturity, refusing to panic—at least for now—and stressing . . . → Continue Reading
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