Saturday, 24 August 2013

How To Offset A Low GMAT Score

Fixes For A Low GMAT Score


“I scored a what? On my third try! What do I need to do to pass this stupid test? They’ll never let me in!”
Well, not so fast according to Stacey Blackman, an MBA admissions consultant who writes a regular column for US News and World Report. This week, Blackman shared some advice for those candidates who excel in the real world but flop on their GMATs.
First, Blackman counsels students to shoot for the 80 percent score range, not the average score accepted by their school. For example, she notes that students entering the Columbia Business School in 2012 had GMAT scores between 680-760, with the average being 715. As a result, prospective students shouldn’t fret if they land at the lower end.
Similarly, there is an alternative to the GMAT: The GRE. For example, Blackman had one client take the GRE after her GMAT scores lagged behind other candidates. Although this client scored lowered on the GRE, her GRE quant score was actually higher. As a result, they submitted her GRE score to Harvard, where her client was eventually accepted.
Finally, Blackman explains that a GMAT score is just one factor in an application. In her view, an applicant can “offset a low GMAT score with a proven track record in a quantitative job, a high GPA from a respected undergraduate school and compelling extracurricular or leadership activities.” If a GMAT score is still low – and the applicant has already tried a tutor or class – she should instead focus on her “essays, extracurriculars and, to some extent, the recommendation letters, where [her] recommenders can highlight [her] quantitative skills.”
One more piece of advice from Blackman: Don’t worry about re-taking the GMAT. In Blackman’s experience, “this dedication to improving your score is often interpreted by the admissions committee as a sign that you’ll do whatever it takes to prove you’re ready for business school.”
footballplayer

B-School Traditions: Fall Football Frenzy


Can you name a sure way to bring MBA students, faculty, alumni, and administrators together?
Free food and drinks, you say? OK…what about a second way? Football? Now, you’re talking!
That’s right: College football is here! That means every Saturday – from College Park to Berkeley – students can network with potential employers, investors, and mentors. Win or lose and rain or shine, football is that unifying centerpiece that draws people back to campus. And it provides the perfect vehicle to drink, talk shop, and bond.
Thankfully, top schools like Stanford, Notre Dame, Texas, Michigan, and UCLA field Top 25 teams. After first week wins, even Virginia and Duke fans have hope. And that buzz translates into two things: Interest and dollars.
B-schools get pulled into the hoopla too. And why not? Instead of awkward interviews and mandatory cocktails, students can drop their prepared points and get to know people, including their own classmates. So how do leading business schools capitalize on these weekend invasions? Here are some examples from Bloomberg Businessweek:
  • Texas (McCombs): Holds tailgating parties at the business school before each home game.
  • Notre Dame (Mendoza): Sponsors executive speakers and career panels on Fridays before games.
  • Michigan (Ross): Hosts a reunion party during homecoming weekend, including a “speed dating” session where alumni can meet with students to get updates on various clubs and activities.
  • California-Berkeley (Haas): Throws a Mexican fiesta for alumni over homecoming weekend. Haas also leads a walk of shame after each Pac-12 game (Just kidding Golden Bear fans).

Breaking the Ice: A B-School Primer On Making Faculty Friends

That anxious third grader inside us never really dies. You can score million dollar deals and develop groundbreaking products to hide it. Once you head to business school, that youthful insecurity comes out in full force. Like any nine year old, you’ll eventually ask yourself, “Does my teacher really like me?”
Maybe it doesn’t matter to you. But teachers can open doors for you. They can connect you with potential employers, serve as references…or help you better understand a concept. And they’ll go above-and-beyond for those who are friendly, sincere, and appreciative. Let’s face it: Teachers want to be liked too. And many crave a personal connection to their students too. So how do you build authentic relationships with your professors?
Sridhar Balasubramanian, a marketing professor at the University of North Carolina’s Kenan-Flagler Business School, encourages students to learn about their professors through outlets like Linkedin. He also counsels students to be strategic when approaching him, to have “something memorable to say or demonstrate what is memorable about you.” That will distinguish you from the hundreds of other students he encounters.
According to Jeffrey H. Bergstrand, a finance professor at Notre Dame’s Mendoza College of Business, professors take interest in students who enrich classroom discussions with relevant questions and real life experience. Balasubramanian notes that he appreciates students who contact him when they’re struggling instead of languishing through the semester.
Of course, these strategies pale next to the oldest way to build a relationship. And it’s something you probably learned in the third grade: Show interest in the other person. Bidhan Parmar, an assistant professor at Virginia Darden, counsels students to ask about a professor’s research, which is often their passion. Parmar also notes that Darden provides volunteer activities, such as Habitat For Humanity, where faculty and students can interact outside the classroom. Paul Whitmire, a second year student at Vanderbilt Owen, adds that learning about your mutual interests can often break the ice.
Looking for extra credit? Send a handwritten note to your favorite professors after graduation. For most business school professors, teaching is a calling, not a paycheck. They want to know that they made an difference too.

Recruiters Push Early Access To New MBA Students


Remember the days when schools would chase off sports agents prowling around the athletic complex? Well, administrators now have a new menace to worry about: MBA recruiters.
Yes, the competition is heating up on campuses – and recruiters aren’t waiting for permission to meet with the new crop of students. They’re holding off-site events – and offering internships before first years even set foot on campus.
For example, Deloitte Consulting LLP hosts a summer conference, where first years can interview early for coveted associate positions for the following summer. Similarly, the Consortium for Graduate Study in Management conducts a summer event so first years can interview with companies such as Eli Lilly and Company and the Kraft Foods Group. In fact, some recruiters followed up with Consortium attendees from Cornell by holding “coffee chats” before their orientation.
So what’s the harm, you say?  According to Regina Regazzi, executive director of corporate relations at UCLA’s Anderson School of Management, students may make internship commitments before pinpointing exactly where they want to go with their careers. She adds that students could hurt their hiring chances by interviewing with companies before undertaking resume critiques and mock interviews.
However, there are advantages to early recruiting. Keith Bevans, who heads Bain & Company’s global consultant recruiting efforts, believes that it takes time to build relationships with potential hires. Meeting with first years over the summer gives them more time to identify and evaluate prospects.  Pulin Sanghvi, assistant director of Stanford’s career management center, also notes that the ‘mad rush’ to recruit students in later fall can overwhelm students.
And what are administrators doing to curb these early contacts? Well, there isn’t much they can do. In fact, they are catering to the recruiters. According to The Wall Street Journal, business schools are “pushing forward the dates they allow firms to begin corporate presentations, cocktail receptions and other recruiting activities.” For example, Emory University’s Goizueta Business School moved up this year’s company networking event from October to August 23.
Fact is, business schools need recruiters just as much as companies covet their students. Wendy Tsung, associate dean of MBA career services at Emory, observes that “companies are either going to go around us or they’re going to work with us. We’d much rather that they work with us.” Even students agree. Tom Tait, president of Michigan Ross’ student finance club, adds that schools are “not going to stop any company from engaging with the students. It’s in their best interest to have us at as many companies as possible.”

Blast from the Past:

The Best 40 B-School Profs Under The Age of 40

What makes a great teacher?
Do they inspire? Challenge? Entertain? Clarify? Care? What makes these teachers so memorable? And why are they sometimes able to change the lives of their students?
One answer comes from Justine Lelchuk, a Harvard MBA and former co-president of the business school’s Student Association.  She described a great business school professor as
“someone who is a dynamic facilitator, clear communicator, active listener, passionate expert, provocative motivator, bridge between theory and practice, and just plain human.”
Poets&Quants took this definition to heart in 2011, when we polled students, alumni and officials to find those rising stars at American business schools. Their backgrounds are colorful and their methods are unique. Some come from the ranks of casino dealers and circus stuntmen. And their classrooms integrate everything from rapping to Apprentice-style projects. But one thread unites these 40 professors: A love of teaching. Check out our profiles of these 40 amazing educators, including their backgrounds, academic interests, and personal lives.

Wednesday, 14 August 2013

Wall Street MBA Job Market Improves

Wall Street Job Market Improving for MBAs


This week, Training the Street (TTS) released its fourth annual employment survey of MBAs. The survey, which encompassed 200 MBA students and graduates from top institutions, shows that Wall Street firms are ramping up their hiring. And MBAs are benefiting with more interviews and offers.
TTS, a Wall Street training firm that tutored over 25,000 financial professionals in 2012, reports that 40 percent of survey respondents had received four to seven interviews, while another 31%  participated in eight or more interviews. 80 percent of respondents had already received job offers, with 50%  reporting multiple offers. In addition, 47% of respondents shared that they’ll earn base salaries between $100,000-$125,000, while another 21% will receive bases from $75,000-$99,999.
As a result, MBAs are upbeat, with 89 percent of respondents answering that they’re either “Very Optimistic” or “Somewhat Optimistic” about their job prospects.  And why shouldn’t they be? According to Scott Rostan, Founder and CEO of TTS, disclosed to the International Business Times that “one major Wall Street bank, which Rostan declined to name, told him that the entire summer crop of investment banking interns received offers this summer, even though usually only 50 to 70 percent of interns receive offers.” Rostan adds that, “I think you’re probably going to see, the MBA hiring market, with hiring upwards of 5 to 10 percent, maybe even up 20 percent,”
In addition, respondents reported that large banks and consulting firms were the biggest recruiters, with 48% being recruited by the former and 35% by the latter. However, only 22% percent of respondents listed large banks as their top choice, while consulting firms were preferred by 19%.
And how are students getting jobs? TTS found that 48% of students received offers through interviews. However, another 40% landed jobs through references or independent efforts.  Still, don’t expect a boom in MBA hiring, according to Rostan. “You aren’t seeing a market shift, but it is a steady interest over time. People are getting more offers, and people are more satisfied with their offers. As opposed to statistical data, this is more about mood and sentiment….We are not going back to the boom years. “But I think the bias is more positive leaning than negative leaning.”
Editor’s Note: Three quarters of survey respondents were males, with 78% of respondents between the ages of 26 and 34.
Shakespeare

At Harvard Business School, Lessons in Leadership From Literature


Truth may be stranger than fiction. Sometimes, fiction is more informative than fact.
That seems to be the opinion of Harvard MBA candidates who’ve taken Professor Joseph L. Badaracco’s literature and leadership course. Here, fiction is the case study. And the focus is on what drives characters to make decisions – and how those decisions ultimately impact those around them.
For example, Badaracco teaches A Man For All Seasons, where Sir Thomas More must balance his loyalty to King Henry VIII with his religious opposition to divorce. For More, following his conscience and maintaining the rule of law are paramount. However, he also realizes that the political winds have shifted – and publicly opposing the king could jeopardize his nation’s stability. As a result, he remains silent on the king’s divorce, but refuses to take a loyalty oath that’d supersede his loyalty to the Catholic Church. For that, More is executed as a traitor.
More’s dilemmas are similar to those that employees face every day. In Badaracco’s view, More “is trying to preserve the safety of his family and his conscience. You see that balancing may be more important than ‘doing the right thing,’ the simplest definition of ethics. What do you do when the world is complicated and there are several ‘right’ things?…Maybe the right thing with respect to one of your obligations is failing with regard to another of your obligations.”
And that’s why Badaracco’s course is so different: His readings take you inside people…and their constantly clashing and evolving contradictions, facades, fears, excuses, and convictions. According to Badaracco, “Literature gives students a much more realistic view of what’s involved in leading…Literature lets you see leaders and others from the inside. You share the sense of what they’re thinking and feeling. In real life, you’re usually at some distance and things are prepared, polished. With literature, you can see the whole messy collection of things that happen inside our heads.” In doing so, Badaracco believes students become aware of their own blind spots, opening themselves to other perspectives (and potential solutions).
Editor’s Note: For leadership lessons from Badaracco, along with his reading list, click on the links below.

7 Negotiation Tips Given to Harvard Business School Students


“Take it over leave it.”
That seems to be the mantra for many recruiters these days. And why not? It is an employer’s market, with more supply than demand. According to CareerBuilder.com, only half of hires attempt to negotiate, anyway.
That said, hundreds of companies visit business school campuses every year. And they’re not just there to watch the trees change colors. They’ve come to hire the best-and-brightest. After spending two years and six figures earning your degree, you’ll want the best possible package.
Recently, Harvard professor Deepak Malhotra conducted a session covering 15 negotiation tips for MBA candidates. Here is some of his advice:
1) Justify Your Demands: You may think that three weeks of PTO is fair, but your prospective employer may disagree. Explain why this is important to you. For example, you may need two free weeks to cover trips to see your family (or your significant other’s family) and another week for a real vacation. In other words, “It has to be believable and justifiable to them,” according to Malhotra. Keep in mind, you’re probably not the only person this company is hiring – and they’ll want to keep packages consistent to avoid hard feelings. Look for alternatives that will give you what you want…without bending their rules too far.
2) Be Serious about Working for the Employer: Recruiters are seeking people who want to work there. When you start negotiating, you’re signaling that this company has a good shot of landing you. Don’t waste their time unless you’re committed. Similarly, set your terms early on. There is nothing more frustrating than a candidate who’s constantly amending the original parameters of the negotiation. Creating a moving target is a quick way to turn the recruiter from an advocate to an adversary. Always focus on keeping the relationship positive to get results, In Malhotra’s words, “They need to be able to want to do it for you.”
3) Understand The Other Party’s Position: “Why are they interested in me?” That’s the first question you need to ask yourself so you can understand your value. After that, probe to determine their constraints and expectations. Conversely, Malhotra cautions candidates not to “get stuck on what they’re asking you. Figure out why they’re asking you.”  For example, Malhotra notes that a question like “Where else are you interviewing” could really be gauging how quickly they’d need to act in order to hire you. By recognizing the real question behind each question, you can better determine your fit with an organization.
(Editor’s Note: For additional negotiation tips from Professor Malhotra, check out our Video of the Week, “How to Negotiate Your Job Offer.”)

The Graying of Harvard Business School


“You’re never too old to go back to school.”
It’s a noble sentiment, but we know the truth. Business school is for the young, for those brimming wunderkinds with a manifest destiny to someday run business, academia, and even politics. Once you hit thirty, the conventional wisdom goes, why waste your time applying? Your time has passed. You’re forever conscripted to the ranks of middle management.
Well, maybe not.
According to statistics from The Harvard Business School, the percentage of “older” students has climbed for the second consecutive years. Bloomberg Businessweek reports that the “percentage of incoming students who received their undergrad degrees at least six years ago increased from 20.8 percent in 2011 to 22.9 percent in 2012, and to 23.3 percent this year.”

Although Harvard’s numbers contradict the norm, older students are showing increased interest in business school. Bloomberg Businessweek cites recent statistics from The Graduate Management Admission Council (GMAT), which oversees the GMAT entrance exam. According to GMAT, the 24-30 age group, which “includes some B-school applicants with six or more years of postgraduate experience, increased 6.5 percent in 2011-12, when applicants would likely be taking the test for 2013 admission. The 31 to 39 age group was up 5.2 percent in 2011-12, while the 40-plus category was basically unchanged.”
Although these numbers could reflect the overall increase in students taking the GMAT, there is little doubt that b-school is not just a young person’s game. At the University of Chicago’s Booth School, students who have been out of school for six or more years now comprise a quarter of the student body. And schools are welcoming older students as well. In the words of Stacey Kole, deputy dean at Booth, “If you have eight-plus years of experience and you think the MBA has passed you by, it hasn’t. If you’re a good fit for the school, you can get in.”

Wednesday, 7 August 2013

The Secrets to Short Admissions Essays

5 Tips for Writing a Concise B-School Admissions Essayessay-writing-2
Remember padding your high school essays to reach an assigned word count? Back then, we thought it’d be so much better if we could write less. Well, times have certainly changed!
These days, it seems like business schools want you to respond in haiku form. Harvard, Wharton and Ross are slashing the number of application essays. And Columbia has cut one essay from 500 words to 250 words. So how can you differentiate yourself and share all of your accomplishments and dreams in such a small space?
The answer may be counterintuitive. According to US News and World Report, one strategy is to start out with more examples than you need and then whittle the word count down. 
Similarly, admissions officers are reducing essay lengths to remind students to prioritize. Soojin Kwon, director of admissions at the University of Michigan’s Ross School, cautions that, “So many people were spending a lot of time on the essays and probably not as much time thinking about the other things, like their interviews or talking to their recommenders or even studying for the GMAT.” In other words, essays were just one piece of the puzzle. And devoting too much time to one area made them vulnerable in others.
The best essay advice comes from Brandon Royal, who wrote Secrets to Getting Into Business School: 100 Proven Admissions Strategies to Get You Accepted at the MBA Program of Your Dreams. Brandon notes that writing an essay is all about remembering what’s important to the audience:
“It all boils down to have you told the admissions committee who you are, where you’re going, what have you done and why our particular school is the right fit for you?”
Yes? Then cut the rest.