Posted by Clear Admit on July 31, 2008, at 12:32 pm
Posted in:  GMAT Tips , Workbook Wednesdays As promised, below is the answer to our weekly Challenge Problem. Enjoy!
Question
A gambler began playing blackjack with $110 in chips. After exactly 12 hands, he left the table with $320 in chips, having won some hands and lost others. Each win earned $100 and each loss cost $10. How many possible outcomes were there for the first 5 hands he played? (For example, won the first hand, lost the second, etc.)
(A) 10 (B) 18 (C) 26 (D) 32 (E) 64
Answer
Let W be the number of wins and L be the number of losses. Since the total number of hands equals 12 and the net winnings equal $210, we can construct and solve the following simultaneous equations:
So we know that the gambler won 3 hands and lost 9. We do not know where in the sequence of 12 hands the 3 wins appear. So when counting the possible outcomes for the first 5 hands, we must consider these possible scenarios:
1) Three wins and two losses 2) Two wins and three losses 3) One win and four losses 4) No wins and five losses
In the first scenario, we have WWWLL. We need to know in how many different ways we can arrange these five letters:
So there are 10 possible arrangements of 3 wins and 2 losses.
The second scenario — WWLLL — will yield the same result: 10.
The third scenario — WLLLL — will yield 5 possible arrangements, since the one win has only 5 possible positions in the sequence.
The fourth scenario — LLLLL — will yield only 1 possible arrangement, since rearranging these letters always yields the same sequence.
Altogether, then, there are 10 + 10 + 5 + 1 = 26 possible outcomes for the gambler’s first five hands.
The correct answer is C.
Posted by Clear Admit on July 31, 2008, at 11:00 am
Posted in: General , GMAT News , MBA News In a recent online chat with BusinessWeek reporter Francesca Di Meglio and reader participants, a senior official from the Graduate Management Admission Council fielded questions about the ongoing Scoretop.com scandal, in which GMAC is now determining how to mete out punishment to MBA aspirants who used Scoretop to access live GMAT questions.
While they may provide a measure of reassurance to some students, GMAC Senior Vice President Peg Jöbst’s responses made clear that GMAC fully intends to proceed with the cancellation of scores for students found to have posted GMAT questions they saw on their GMAT exam on the Scoretop site or to have confirmed that they saw questions on Scoretop that then appeared on their GMAT exam.
Jöbst did not provide specific details about when cancellations will occur. “We are working as quickly as possible in our investigation,” she said. “The investigation must be thorough, as we do not take lightly the matter of canceling scores.” Students whose scores are cancelled will receive notification from GMAC directly, which also will notify schools that their scores have been cancelled. So far, no scores have been cancelled, Jöbst said.
Asked whether students who are found to fit into GMAC’s criteria for unethical use of the Scoretop site and whose scores are cancelled would have an opportunity to retake the GMAT, Jöbst responded: “Not likely.”
Once GMAC has completed its investigation and taken action against those students deemed to have violated GMAC policy, GMAC will post a notification on mba.com that its investigation is complete, Jöbst said. She added that she considered it “extremely unlikely” that GMAC would alter its criteria for cancellation or reopen the cases of students whose scores are not cancelled at a later date. Students who receive notification that their scores will be canceled will have an opportunity to appeal GMAC’s decision, she continued.
According to Jöbst’s answers to questions posed by concerned GMAC test takers during the chat, students who used a Scoretop VIP subscription but only browsed – without giving or obtaining live questions – do not fall within GMAC’s criteria for score cancellation. Jöbst encouraged students who are convinced that they do not fall under these criteria to proceed with their plans, be they to retake the GMAT exam or to prepare for enrollment in business school.
Some students expressed frustration that they hadn’t known that subscribing to Scoretop was in violation of GMAC’s policies and that GMAC should have done more to warn well-intentioned students which test preparation services to avoid.
Jöbst responded that GMAC does not endorse any specific Web sites or study materials other than those it operates directly, such as GMATPrep software, which is available free of charge through the mba.com site.
But she offered the following guidelines to help students avoid violating GMAC’s policies and procedures: • Do not purchase, request, or share materials that claim to be “real” or “live” GMAT questions in any form. • Be wary if you see discussion threads in which test content is shared . . . → Continue Reading
Posted by Clear Admit on July 31, 2008, at 9:38 am
Posted in: Deadlines , Essay Topics , School: UCLA / Anderson The UCLA Anderson 2008-2009 deadlines have been announced! The three deadlines are as follows:
Round 1: Deadline: October 9, 2008 GMAT/TOEFL taken by: September 30, 2008 Decision released: January 8, 2009
Round 2: Deadline: January 8, 2009 GMAT/TOEFL taken by: December 31, 2008 Decision released: March 26, 2009
Round 3: Deadline: April 2, 2009 GMAT/TOEFL taken by: March 31, 2009 Decision released: June 4, 2009
Interested applicants should note that all applications much be submitted by 9:00 p.m. Pacific Time, and that applications in any round will only be evaluated after the previous round’s decisions are completed. The second deadline is the priority deadline for fellowship consideration.
The UCLA Anderson 2008-2009 essay questions have also been released, and can be viewed by logging in to see the recently completed application. This year, there are five questions for applicants interested in the full-time MBA program, one of the essays being an audio response. The questions are as follows:
Essay one: How has your family and/or community helped shape your development? Please include information about where you grew up, and perhaps a highlight or special memory of your youth. (750 words)
Essay 2: What experience has had the greatest impact on who you are today and why? (500 words)
Essay 3: Discuss your short-term and long-term career goals. What is your motivation for pursuing an MBA now at UCLA Anderson? (750 words)
Essay 4: Audio or Text
Select and respond to one of the following questions. We would like you to respond to the question by recording an audio response (up to 1 minute). For applicants unable to submit a response via audio, there is an option to submit a written response instead (250 words). a) What does entrepreneurial spirit mean to you? b) What global issue matters most to you and why? c) What is something people will find surprising about you?
Essay 5: Are there any extenuating circumstances in your profile about which the Admissions Committee should be aware? (250 words)
Reapplicant Essays: Reapplicants who applied for the entering Fall 2007 or 2008 class are required to complete the following three essays.
1. Please describe your career progress since you last applied and ways in which you have enhanced your candidacy. (750 words)
2. What experience has had the greatest impact on who you are today and why? (500 words)
3. Select and respond to one of the following questions. We would like you to respond to the question by recording an audio response (up to 1 minute). If you are unable to submit your response via audio, then please upload a written response instead (250 words). a) What does entrepreneurial spirit mean to you? b) What global issue matters most to you and why? c) What is something people will find surprising about you?
For further information regarding UCLA’s deadlines or essays, or to view to completed application for the 2008-2009 season, those interested should visit the school’s admissions site.
Posted by Clear Admit on July 31, 2008, at 3:16 am
Posted in: Essay Topic Analysis , School: Yale Yale’s SOM’s essay questions have undergone a noticeable makeover this year. The addition of two very Yale-specific questions may be an attempt to prevent applicants from applying to the school as an afterthought, as its relatively small number of required essays (three last year and two in the years before) and open topics previously made it rather easy for candidates to submit material they had already drafted for other schools.
Given the possible concern on the part of the Yale adcom, it would likely be prudent to consider options (3.1) and/or (3.4) in response to the two personal statements (see below), as these questions get at the heart of Yale’s focus. In electing to respond to one of these prompts, candidates have the chance to signal a strong interest and commitment to the SOM.
Let’s take a look at each of the school’s essays:
Essay 1: Why a Yale MBA? What is the impact that you wish to have on the world? How will your previous experiences and a Yale MBA enhance your ability, in the short-term and long-term, to pursue a career that will allow you to achieve this impact? (500 words maximum) While this prompt remains a career goals essay in essence, it is notable that Yale tweaked this question from last year, tailoring the question from “why an MBA?” to be more school-specific. Taking the time to learn about the school’s curriculum, special programs and extracurricular activities – whether through a visit to campus, conversation with alumni or reading the Clear Admit School Guide to the Yale School of Management – will pay dividends here.
Another interesting adjustment is the framing in the context of larger impact – the question now focuses on an applicant’s vision. In answering this question, candidates should introduce goals that extend beyond simple personal interests and career objectives to encompass larger plans for specific industries and to discuss the greater ramifications of this influence. Candidates need to reflect upon the skill set needed for their career interests and argue for how Yale’s programs will provide crucial aid in developing those skills.
Essay 2: Leadership Example Describe a professional accomplishment that exhibits your leadership style. The accomplishment should include evidence of your leadership skills, a description of the actions you took, as well as the impact you had on your organization. (500 words maximum) While Yale posted a similar leadership and teamwork-themed question last season, this year the emphasis has shifted more explicitly to the individual and the applicant’s unique approach. The follow-up prompt asking for evidence of one’s leadership skills and the specifics of the approach mean that the key here is to show and not tell.
The accomplishment would ideally be one that highlights your initiative and drive, emphasizing your personal role while also placing the anecdote in the context of the big picture of a team effort. A true leader understands how to . . . → Continue Reading
Posted by Clear Admit on July 30, 2008, at 10:36 am
Posted in: General , MBA News , School: Chicago The Chicago Graduate School of Business (GSB) remains committed to finding funding for all of its students, both domestic and international, despite recent changes to its lending partner programs. In fact, the loan application process may prove smoother than ever thanks to a new online system.
This according to Rosemaria Martinelli, Chicago GSB director of admissions and financial aid, who reached out to us here at Clear Admit in the hopes of clarifying any confusion that may have resulted from announcements earlier this month that Chicago has ended its program with lending partner IDAPP.
“We were immediately able to get another loan program for international students with very much the same terms,” she said. That program has been locked in, and Chicago GSB is now just finalizing the terms, Martinelli continued. She expects that an announcement regarding the new lender and program will go out sometime in early August.
The loan process on the international student’s end will be seamless, Martinelli continued. “My job is just to calm down those who need to take out loans,” she said. “There is a guaranteed loan for international students – just the vendor or lender name will change this year.”
And because the university will act as guarantor of the loan, students need simply provide some basic application information. It is not a credit-based loan at all, Martinelli said.
In fact, the changes to the program could bring some distinct advantages, Martinelli pointed out. “It’s actually going to be much easier because our new system will likely be all done online versus the paper-based application we had in the past,” she said. “I really can’t imagine that there will be any more hiccups applying for loans.”
Confusion around the lending issue may have stemmed from newspaper reports earlier this month suggesting that Chicago had lost its ability to fund international students, says Martinelli. “This is absolutely not true,” she stated emphatically.
What is true is this: Chicago learned at the end of June that its lending partner, the Illinois Designated Account Purchase Program (IDAPP), was unable to renew its own line of credit with a private lender due to disruptions in the capital markets, which means that Chicago is no longer able to provide graduate students with federal Stafford, Graduate PLUS and Alternative Loans through its partnership with IDAPP and the School as Lender Program as of fall quarter 2008.
This means that students who have applied for loans for the 2008-2009 school year through the university’s partnership with IDAPP need to look elsewhere in the marketplace to obtain loans from other lenders, with the guidance and support of the financial aid staff. “Domestic students are not really impacted because they have so many other options,” Martinelli said. But because international students have a unique set of challenges in finding resources to finance their education, Chicago GSB focused its attention on finding a replacement loan program for them, Martinelli continued.
And thanks to the quick work of the Chicago GSB financial aid team, . . . → Continue Reading
Posted by Clear Admit on July 30, 2008, at 3:16 am
Posted in: GMAT Tips , Workbook Wednesdays Here is this week’s Challenge Problem, brought to us by our friends at Manhattan GMAT. This is the caliber of problem one would see on the exam if scoring in the 700 range or higher. Take a shot at this one and check back tomorrow for an in depth look at the answer!
Question
A gambler began playing blackjack with $110 in chips. After exactly 12 hands, he left the table with $320 in chips, having won some hands and lost others. Each win earned $100 and each loss cost $10. How many possible outcomes were there for the first 5 hands he played? (For example, won the first hand, lost the second, etc.)
(A) 10 (B) 18 (C) 26 (D) 32 (E) 64
Posted by Clear Admit on July 29, 2008, at 9:51 am
Posted in: Deadlines , School: Cambridge Although the school’s MBA 2009 application form will not be available until August, the Cambridge/Judge deadlines 2008-2009 have been released. There are four deadlines, which are as follows:
Round 1: Deadline: October 1, 2008 Interview Notification: November 7, 2008 Interview Day: Late November/Early December (exact date to be decided) Final Notification: December 10, 2008
Round 2: Deadline: January 7, 2009 Interview Notification: February 13, 2009 Interview Day: Late February/Early March (exact date to be decided) Final Notification: March 11, 2009
Round 3: Deadline: March 4, 2009 Interview Notification: April 9, 2009 Interview Day: Late April (exact date to be decided) Final Notification: April 29, 2009
Round 4: Deadline: April 15, 2009 Interview Notification: May 8, 2009 Interview Day: Mid-May/ Early June (exact date to be decided) Final Notification: June 3, 2009
Interested applications should note that all applications are due by 5:00 p.m. GMT. Late applications will be considered in the next round.
Posted by Clear Admit on July 29, 2008, at 9:40 am
Posted in: Deadlines , School: Oxford The Oxford/Said deadlines for the 2008-2009 application season have been announced. The four deadlines are as follows:
Stage 1: Deadline: October 24, 2008 Interview Notification: November 14, 2008 Final Notification: January 9, 2009
Stage 2: Deadline: January 16, 2009 Interview Notification: February 6, 2009 Final Notification: March 27, 2009
Stage 3: Deadline: April 3, 2009 Interview Notification: May 1, 2009 Final Notification: May 29, 2009
Stage 4: Deadline: June 5, 2009 Interview Notification: June 26, 2009 Final Notification: July 24, 2009
Interested applicants should note that, although the application form is not yet available, Oxford/Said has announced that it will begin reviewing applications on September 1.
Welcome to another edition of Trivia Tuesday! Each week in this column we examine the programs, policies, resources and opportunities of the leading business schools with the goal of highlighting distinctive aspects of the student experience. Following up on our recent articles on pre-term and orientation programs, this week we turn our attention to programs for international students beginning their MBA studies in the United States, with a focus on the resources offered by Harvard, MIT Sloan and Tuck.
Most international orientation programs are held on campus in the week or two before all first-year students are required to arrive. In general, these programs offer an introduction to U.S. culture, an overview of the academic expectations of the MBA program, and workshops in written and oral English language skills.
For instance, in addition to the standard orientation for all students, Tuck offers a five-day International Orientation Program that is highly recommended for international students who have not previously lived or worked in the United States. Held the week before the school-wide Orientation, students in the program engage with Tuck faculty, staff and teaching assistants to become familiar with the case-study method, the standards expected in verbal and written communications, and how to work on teams with people from other backgrounds and cultures. The Career Development Office also leads workshops on resume writing, interviewing and networking. Likewise, for international students with little prior experience in the U.S., MIT Sloan’s two week Communication and Culture workshop in mid-August provides an introduction to Sloan’s classroom environment and to U.S. business and social norms.
Meanwhile, Harvard Business School offers one of the longest international orientations among its peers. The school’s Pre-MBA International Program is a five-week course during which students from abroad are introduced not only to life in Boston and at HBS, but also to the basics of the case method. Outside experts are brought to the campus to speak to international students about writing, business English, and publication skills, after which attendees participate in several mock-case discussions to prepare them for the pace and tenor of class sessions.
For international students concerned about making the transition to business school and to the U.S., these specialized orientations are a great resource. Participants at all schools report that in addition to learning about the academic environment and brushing up on language skills, the international orientations are also a wonderful way to meet fellow international students and to start building a network of business school friendships. For more information on orientations, pre-term programs, and resources for international students, be sure to talk with current students or to check out the Clear Admit School Guides!
Posted by Clear Admit on July 28, 2008, at 5:08 pm
Posted in: Deadlines , School: CMU / Tepper The Carnegie Mellon/Tepper 2008-2009 deadlines have been released. There are five deadlines this season, and they are as follows:
Round One: October 27, 2008
Round Two: January 5, 2009
Round Three: March 9, 2009
Round Four: April 27, 2009
Round Five: June 1, 2009
Interested applicants should note that the round four deadline is reserved for U.S. citizens and permanent residents, as well as FlexTime and FlexMode applicants, and that the round five deadline is reserved for FlexTime and FlexMode applicants only.
Posted by Clear Admit on July 28, 2008, at 12:48 pm
Posted in: General , MBA News , School: Berkeley / Haas The UC Regents has confirmed the appointment of Professor Richard Lyons to serve as the 14th dean of the Haas School of Business, according to an announcement earlier this month by UC Berkeley Chancellor Robert Birgeneau. Lyons’ appointment, retroactive to July 1st, concludes an extensive national search for a candidate to succeed Tom Campbell, Haas dean since 2002.
Lyons, who is best known for his pioneering work in international finance and foreign exchange, holds a professorship at Haas and served as the school’s acting dean from 2004 to 2005 and as associate dean from 2005 to 2006. He returns to Haas now from Goldman Sachs, where he has served as chief learning officer since 2006.
“Just imagine getting the opportunity to come home to your alma mater, in the same department no less, and serve in this way,” said Lyons in a statement announcing his appointment. Lyons earned his undergraduate business degree with highest honors at the Haas School in 1982 and joined the Haas School faculty in 1993.
As dean, Lyons will direct the Haas School’s efforts to expand its faculty to its largest size ever, enhance student services, continue curriculum improvements, build the endowment and plan for a new building. He also plans to continue an initiative to sharpen the school’s strategic position that he helped launch while serving as the school’s acting dean, a position he held while Dean Campbell took a sabbatical to serve as finance director for California under Governor Arnold Schwartzenegger.
The time Lyons spent at Goldman Sachs since taking leave from Haas in 2006 is also expected to influence him in his new role as dean. As Goldman’s chief learning officer, Lyons main responsibility was to direct the group charged with developing leadership among managing directors and partners.
“I learned that you can’t overestimate the importance of great people in building great firms. And that’s the business we’re in here at Haas,” Lyons said in a statement. “I’m also fortunate to have experienced where the leadership ‘puck’ is going. Haas, with its broad-based strengths, is in an excellent position to skate toward it.”
While a professor at Haas, Lyons was awarded the Cheit Award for Excellence in Teaching six times by his students, and in 1998 he received the Distinguished Teaching Award, UC Berkeley’s highest teaching honor. His research, meanwhile, has provided new insights into how to analyze exchange rates, breaking away from traditional macroeconomic approaches.
“Rich’s impeccable credentials as researcher and teacher, combined with his successful past track record as associate and interim dean, will serve him extremely well in taking Haas to the next level of business school excellence,” said Jim Lincoln, outgoing associate dean for academic affairs and a member of the dean search committee.
Posted by Clear Admit on July 28, 2008, at 7:39 am
Posted in: Essay Topic Analysis , School: Duke / Fuqua A few significant changes have been made to the Duke/Fuqua essay topics since last season. This year, each applicant must respond to three short essays and only one long essay, whereas last year, Duke asked for two short and two long responses. Further, while candidates were able to choose one of three prompts for one of last year’s long essays, this season Duke is requiring that all applicants answer the same four questions. A final noteworthy change is that the long essay now includes a harder page and spacing limit; last year’s long essays had only a suggested word count range.
Aside from these logistical changes, the essay themes remain largely the same, with topics that range from career goals to leadership to what makes each applicant unique. The first two short essays remain the same as last year, and while Duke introduced a new short essay this year, it does not cover new material, as it derives from last year’s second long essay.
Remember, when preparing to answer the following questions, it is imperative you do careful research on Duke’s program and integrate your findings in each response.
Short Answers
Essay 1: What do you hope to gain from The Duke MBA? How does it fit into your short- and long- term goals? If you are interested in a joint degree or the Health Sector Management program, please address in this response. (required, single page limit, 1.5 line spacing) This is your standard career goals essay, with a strict length limitation. By combining its questions about the applicant’s career goals and interest in its MBA program into a single prompt, Duke requests that candidates cover a good deal of ground in a single page. Since brevity will be of utmost importance, you will have to articulate clearly your career goals while also touching on how your work experience to date has informed those goals. Key to answering this question will be to address what skills or knowledge you currently lack that is preventing you from achieving your goals and to detail the ways a Duke MBA will prepare you for success.
As is the case with most schools, demonstrating an understanding of the unique merits of Duke’s program is crucial to an effective response to this question. Taking the time to learn about the school’s curriculum, special programs and extracurricular activities – whether through a visit to campus, conversation with alumni or reading the Clear Admit School Guide to the Fuqua School of Business – will pay dividends here.
Essay 2: How will you contribute to the overall experience of your peers at The Duke MBA? (required, single page limit, 1.5 line spacing) The prompt is fairly broad, covering just about every dimension of one’s candidacy, experience and perspective, and inviting the applicant to imagine how his or her unique characteristics might translate into participation in Team Fuqua. This response is . . . → Continue Reading
Posted by Clear Admit on July 25, 2008, at 12:42 pm
Posted in: General , GMAT News According to reports this week in the Wall Street Journal and the Chronicle of Higher Education, the Graduate Management Admissions Council, which owns the GMAT exam, plans to begin using a new biometric technology to scan the palms of students entering its testing facilities in an effort to reduce fraud.
The palm scanning technology, which is considered by GMAC to be superior to the digital fingerprint scanning it began using in 2006 to validate test takers identities, has been widely used in Japan by users of automated teller machines, according to the Journal report.
GMAC will begin palm scanning at testing centers in Korea and India next month, moving to centers in the United States as early as this fall and rolling out worldwide by next May, the Journal continued.
The palms scans are designed to deter “proxy” test taking, in which prospective applicants hire high-scoring imposters to take the test in their place. Now, test takers will be required to hold their hand over a scanner that will take an infrared picture of the blood coursing through their hand. The resulting “palm vein” pattern, unique to every individual, will then be stored by the scanner and can be compared against a database of all test takers.
The palm-scanning devices, produced by Fujitsu, cost less than $1,000, according to the Journal report. But with training, installation and other costs, London’s Pearson LLC, which administers the test for GMAC, expects to spend millions rolling out the new technology to more than 450 testing centers worldwide. The exam’s $250 cost to test takers is not expected to increase, though, GMAC told the Journal.
Palm-veining scanning will not protect against other types of cheating, GMAC officials acknowledge, such as the recent Scoretop scandal in which students were able to purchase access to actual GMAT questions in advance of taking the exam.
Posted by Clear Admit on July 25, 2008, at 3:00 am
Posted in: Fridays from the Frontline Phew, another week of summer has flown by and we’re back with another helping of Fridays From The Frontline, Clear Admit’s stalwart search for the best stories in the MBA blogosphere! As always, MBA bloggers are keeping it interesting with tips to new applicants, trips to unfamiliar cities and sips of beer in the sun.
’10 Darden JulyDream began to wonder about the relative merits to going to b-school closer to home as she geared up for a move clear across the country to Charlottesville. Word to the wise, moving is expensive! HappyBunny wasn’t thinking about the cost of moving, instead she daydreamed about MBA programs and compared her job to an ugly wife. If an MBA program, as HappyBunny put it, is a beautiful mistress then ’09 HBS AGirlsMBA is virtually engaged to Harvard, having recently been voted co-president of the entire student body. To continue with the analogy, ’11 hopeful Samantha is suddenly wondering if she’s not just a little too interesting to go on a ‘date’ with Harvard and may take it off of her list of target schools. ’10 LBS Out on a Limb reflected on his hectic consulting schedule and was looking forward to sleeping in the same bed while attending LBS.
Love was in the air throughout the blogosphere. McDonough ’09 Hairtwirler swooned over Google Translate and the time saving abilities it provided at her internship. ’09 Darden SquareMethod spent some quality time with New York’s west side in addition to drinking a beer while taking in a Yankees’ game. It may only be a summer romance, but it seems they’re getting to know one another better. ’11 aspirant Ahembeea shared his crush on the PGPX program’s unique approach to b-school applications.
Of course not everything came up roses. The Teacher, though getting a very respectable score, was disappointed with his GMAT performance. Chandara learned a number of things during her Harvard minority information session but was left focusing more on the let downs of the event. Just goes to show you, not all is fair in love and b-school.
This concludes our rundown of the ups and downs of b-school romances for the week. We wish all the prospective lovers and committed couples the best until next week!
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