Posts Tagged ‘Business School’

In 2003, Educational Testing Service (ETS) lost the contract to manage the Graduate Management Admission Test (GMAT) to ACT and a division of Pearson. Since then, ETS has been aggressively urging business schools and students to consider using the Graduate Record Examinations (GRE) instead of the GMAT.

Since Stanford Graduate School of Business took the step of accepting the GRE in 2005, 450 B-schools have followed suit. ETS will be launching a revised GRE in August, 2011, which should further intensify the competition. For those interested in the Coke-Pepsi rivalries in standardized testing, you can read the flurry of articles in the business press over the past two years: “GRE or GMAT: Test-Takers Dilemma” in BusinessWeek; “G.R.E. vs. the GMAT” in NY Times; “GRE is Fast Becoming a GMAT Alternative for B-School Applicants” in US News & World Report.

But as a college student or recent grad, you simply want to know: “Which test should I take?” Here are some considerations:

1. Differences between the two tests and your own test-taking strengths. Historically, the GMAT has been known to emphasize  logic, while the GRE has measured the test-takers’ ability more in vocabulary. The GMAT has been known to favor students of higher mathematical ability. However, I would warn against studying specific internet comparisons of GMAT vs. GRE right now, because the GRE is about to be changed (8/2011). Check out a comparison of the old vs. new GRE in About.com.

2. Your future goals.The GRE is the entry level test for the broadest set of future goals. If you plan to get a masters or doctorate in just about any field, including economics, the GRE has you covered. You may want to do your graduate school standardized test-taking while you are still in student mode, but you are not ready to commit to saying you will be applying to business school five years hence.

3.Where do you plan to apply? Most of the top ranking B-schools accept both the GRE and GMAT now: Stanford, Harvard, MIT Sloan, Columbia, NYU Stern, Wharton,  U Chicago Booth, U Mich Ross, UVA Darden, UNC Kenan-Flagler, Duke Fuqua, and Dartmouth Tuck. However, there are a few stars missing from the list: Northwestern Kellogg, UCLA Anderson, Cornell Johnson, USC Marshall, Emory Goizueta. So if you intend on applying to any of these schools, you will need to take the GMAT.

I advise researching the schools you are most interested in, to see what their philosophy is about GRE vs. GMAT. According to Wikipedia, Stanford GSB prefers the GRE but accepts both; NYU Stern prefers the GMAT but accepts both; Columbia accepts the GRE only if the applicant has not taken the GMAT in the past five years.

At this point in time, it may actually make sense to take both tests, to maximize flexibility. This is admittedly an expensive approach ($140 GRE, $250 GMAT), but what future brand manager would want to apply to Wharton, Tuck or Duke without applying to Kellogg? After the GRE is revised in 8/2011, there may be more efficiencies in studying for both tests. And hey, someday you may just want to get a PhD.

Recommended reading: The Best Business Schools’ Admissions Secrets: A Former Harvard Business School Admissions Board Member Reveals the Insider Keys to Getting In by Chioma Isiadinso. Related posts: Does Your College GPA Matter? Take the GMAT While You’re Still Smart, Can I Get an MBA if I Wasn’t a College Business Major?


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Lynn O’Shaughnessy, higher education journalist, author of The College Solution, and expert on all things college and financial at the College Solution Blog and CBS Money Watch, recently wrote a thought-provoking piece called “8 Reasons Not to Get A Business Degree.” I highly recommend Lynn’s post for college students wrestling with the daunting task of choosing a  major. I was intrigued to find that employers favor liberal arts majors because of their critical thinking, communications and teamwork skills.

That said, how can a liberal arts major prepare for a job in the real world?

1. Prepare for a career in the same content area as your major. This is the most direct, purist approach, not requiring that you think outside the box. It also requires great passion, superior talent to your peers, and perhaps a graduate degree in the field, since many content areas are highly competitive with few available positions.

Examples include: a music conservatory performance major seeking a job in a major symphony; an English major aspiring to earn a PhD and become a professor at an elite college; an archaeology major aiming to become the next Indiana Jones; an astrophysics major seeking to become an astronaut.

2. Translate your major into a more broadly saleable version of your content area. This approach keeps you  involved with the content area you love, with less risk about the prospects of making a living. There are more positions, so you don’t have to be a freak-of-nature prodigy with perfect luck to succeed. It requires thinking ahead and taking additional courses, choosing a specific concentration in the major, or a graduate degree.

Examples include: a music major who takes the music education track and gains teaching certification; a chemistry major who concentrates in food science to work in R&D for a food manufactuer; a criminal justice major who earns a law degree aspiring to become a district attorney.

3. Transfer the core skills required in your major to a more broadly salesable content area drawing upon the same fundamental competencies. Sometimes two content areas that appear very different on the surface actually have deep underlying similarities, in terms of the fundamental skills required and the thought patterns involved. This kind of transfer is really thinking outside the box!

This approach almost always requires additional undergraduate coursework, or a certificate or graduate degree that adds a brand new layer of content skills that is integrated with the original content area based on their inherent compatibility. This is the classic idea of the liberal arts college grad who gets an MBA, with a natural link between the undergraduate major and area of concentration chosen in graduate business school.

Examples include: a psychology major who transfers his capacity to understand human behavior and decision-making into a career in marketing; a mathematics major who transfers her analytical ability into a career in financial analysis, economic forecasting or intelligence cryptology; a theater major who transfers his ability to captivate an audience into a career in sales or public relations; an art history major who transfers her visual, conceptual orientation into a career in advertising.

A New Educational Fusion. In his thoughtful response to Lynn O’Shaughnessy’s blog, Daniel L. Everett, Dean of Arts & Sciences at Bentley University, a business-oriented school, discussed how undergraduate institutions are combining liberal arts foundations with business training. In my view, this is an encouraging direction. There are even schools where you don’t begin a BBA program until junior year, such as Emory University (Goizueta Business School). In the first two years, students satisfy liberal arts requirements, trying prerequisites like accounting to see if they possess a business skillset.

Educational fusion does not only apply to business. Many liberal arts colleges have 3-2 programs with engineering schools, to train engineers with a Renaissance educational foundation (imagine that!). In a recent US News & World Report article, Lynn O’Shaughnessy also reports on that educational development. I believe there are opportunities to combine liberal arts with many types of  “practical” training programs at the undergraduate level. The possibilities are endless…

What about a 3-2 culinary program, so an intellectual undergraduate could enjoy a world-class liberal arts foundation, and then gain professional training for another passion that is more directly related to employment? And become a true “Renaissance chef?” Brown University has teamed up with Rhode Island School of Design with a dual degree program for the truly sophisticated artist. Just to keep it all in Providence RI, how about Brown teaming up with Johnson & Wales’ College of Culinary Arts?

Don’t hold your breath on too many wild, creative partnerships like this between undergraduate institutions. It may be up to the student to create one’s own education through an undergraduate degree, certificate programs and graduate degrees. But it can be much more interesting than just majoring in business!

Relevant reading: Smart Moves for Liberal Arts Grads: Finding a Path to Your Perfect Career by Sheila J. Curran, From College to Career: Entry-Level Resumes for Any Major from Accounting to Zoology by Donald Asher, You Majored in What? Mapping Your Path from Chaos to Career by Katharine Brooks, Now What? The Young Person’s Guide to Finding the Perfect Career by Nicholas Lore.

Related posts: Getting a Job with a Lackluster GPA, Your College’s Career Center, So You Didn’t Get That Summer Internship… What To Do?, What Is Informational Interviewing? and College Internship and Entry Level Resumes. From my other blog: Why Study Liberal Arts in College?


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You’re a junior in college, beginning to sweat about getting a job after graduation, listening to all the horrifying urban legends about recent grads from elite colleges who are still unemployed. But there’s not much you can do yet about your future, except nailing a good GPA, posting your profile on LinkedIn, and checking in with your college’s career services office about summer internships.

Ok, so here’s a thought: take the GMAT (or the LSAT, or the GRE–or even all three, what Grad.spot calls the “unholy trinity of graduate school testing) while you’re “still smart.” Within the first three years out of college, you will probably want to apply to graduate school. Especially if the job you are able to get out of college is not what you want to be doing the rest of your life.

But once you get out in the young professional world, it will not be so easy to prepare for grad school. You’ll be getting up early, commuting, working long hours, perhaps with travel. At the end of the day, the last thing you’ll feel like doing is attending a prep class, doing a course online, or even practicing from a book.

Your test-taking chops will not be as sharp after a few years in the professional world. It’s hard to imagine now, because you take exams all the time. But remember doing a varsity sport in high school? In-season you were in great shape. Off-season, if you didn’t work out at the gym or go out for a daily run, you got rusty. If you didn’t continue to play the sport in college, you wouldn’t even think of walking in cold to a competition.

Testing is that way too. The farther you move away from an academic environment, the more rusty you become. So take the tests now. And if your’re not sure what kind of grad school you may be interested down the road, you might want to…take them all.

Related posts: Your College’s Career Center, Can I Get an MBA if I Wasn’t a Business Major in College? Preparing for Business School: GRE or GMAT?, Time to Apply to B-School?, So You Didn’t Get That Summer Internship…What To Do?


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