Feeds:
Posts
Comments

Posts Tagged ‘MBA’

Elle Woods, Reese Witherspoon‘s character from Legally Blonde, studies ferociously for the LSATs on her exercise bike, as sorority sisters and Bruiser the chihuahua cheer her on. Harvard Law School‘s admissions committee watch her stylish video application, dumbfounded, as she makes her case for admission in a bikini poolside at her home in Southern California.

The stunned admissions officers reason that Ms. Woods “did get a 175 LSAT score” (the magic number), and “a 4.0 GPA.” When one disbeliever questions her “A in Polka Dots,” another notes that they’ve never admitted a Fashion Merchandising major before. Shaking his head and shrugging helplessly, the Admissions Director acquiesces: “Well, Ms. Woods… welcome to Harvard.”

Somehow there is this urban legend that law school admissions is only about the numbers, in contrast to, say, graduate business school. The student forums cynically proclaim that it’s only about your LSAT and GPA, as if nothing else matters. This belief sounded a bit too simplistic to me, so I dug into the class profiles of the top twenty U.S. law schools to see what they look for in JD applicants.

These elite institutions’ acceptance rates range from 6 percent to the low 20’s. Their LSAT and GPA 25th-75th percentiles range roughly from 160-175 and 3.6-3.9, respectively. So an aspiring law school applicant cannot simply hope to compensate for lame scores or grades with some colorful work experience. However, applicants with impressive LSAT and GPA numbers are not so rare that they don’t need to do anything else to qualify for a top law school. With so many baby boomlet applicants competing for admission, elite JD programs can “have it all”: the numbers, diverse backgrounds, and water-walker resumes.

Harvard Law states on its Web site: “Quantitative factors, while informative, do not play a decisive role in our selection process. We have no computational methods for making admission decisions, no mechanical shortcuts, no substitutes for careful assessment and good judgment. All completed applications are reviewed in their entirety with the LSAT as one factor in an overall assessment of academic promise, personal achievement, and potential contribution to the vitality of the student body.” I believe this statement is more than a nod to “holistic admissions,” especially when one considers the incredibly fascinating credentials and “circuitous route” experiences matriculants bring to elite JD programs.

Penn Law’s Web site describes its 2013 Class “Beyond the Numbers”: “They hold PhDs in neuroscience, neurobiology, philosophy, and political science… They include teachers at all levels, including former members of the Peace Corps and Teach for America… patent examiners, CPAs, journalists, entrepreneurs, grant writers, and engineers; commissioned officers in the Army and Marine Corps… a science, tech, and weapons analyst for the CIA… a former professional basketball player… players of every instrument you can imagine from the bugle to the pipe organ; members of improvisational comedy troupes and several DJ’s…” You get the picture: it’s not just about 175.

As I analyzed the entering class statistics for individual institutions, I found an average age of 24 or 25, with age ranges between 20 and mid-40’s, so applicants who are accepted to elite law schools are not typically freshly minted college graduates. In fact, only about a third of matriculants come directly from college, and somewhere between 10 and 20 percent of matriculants hold advanced academic degrees.

It is true that entrants to top MBA programs tend to be slightly older with more “real world” experience. If top law students typically matriculate after two years, top MBA students matriculate after four. Applicants to both types of programs, however, are doing something pretty impressive during those intervening years.

Related reading: How to Get into the Top Law Schools, 4th Ed., by Richard Montauk; The Best Law Schools’ Admissions Secrets: The Essential Guide from Harvard’s Former Admissions Dean by Joyce Curil; The Law School Admissions Game: Play Like an Expert by Ann K. Levine. Related posts: Does Your College GPA Matter?

Share

Read Full Post »

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?

Share

Read Full Post »

You majored in medieval history, but you ended up in retail merchandising. You still love history, but management and marketing in the real world is actually quite fascinating. You’re better at it than you thought you would be, and judging from that recent promotion, your managers must have faith in you.

But your lack of business background may eventually hold you back. You would like to have more practical tools in accounting, statistics, operations and business law. If you want to advance within your organization, switch companies or industries, start your own business, or just make more money, you probably will want an MBA.

But you’ve never taken a business course. Doesn’t getting a Masters degree in a subject require some previous study of that discipline?

An MBA, or Masters of Business Administration, is a unique graduate degree. It is designed to give accomplished professionals, no matter what their previous background, a well-rounded exposure to core business disciplines. Such cross-functional exposure will either help them apply their former skill set to a business environment or enable them to supervise multiple business functions as a general manager.

Any major can be a good background for a business career, especially with the training of an MBA. Were you a theater major? Your ability to communicate dynamically with an audience could make you a powerful leader in sales or marketing. An art history major? Your visual orientation makes you a natural for advertising! Psychology? Market research is calling you. English? Every company needs managers who can write. Foreign language? One word: “global.”

Recently, I researched a sample of Class of 2012 profiles for full-time MBA programs at elite institutions, including Harvard (HBS), Stanford (GSB), U Penn (Wharton), Northwestern (Kellogg), NYU (Stern), U Virginia (Darden), and U Michigan (Ross). The results were generally consistent from school to school.

You quanti-phobes out there will be happy to learn that on average, only a quarter of incoming MBA students had been business majors in college. Undergraduate business majors ranged from a low of  17% at Stanford to a high of 31% at Kellogg. Another quarter of the incoming class had majored in engineering, mathematics or the natural sciences.

About half of the incoming class at these premier business schools had majored in the humanities, arts, social sciences and “other.” For those class profiles that broke out the economics major separately, economics majors represented an average of 20% of the incoming MBA class.

It makes sense, doesn’t it? The goal of MBA programs is to create rich, eclectic, stimulating dialogue among professionals from diverse backgrounds. Diversity does not just mean ethnic or racial heritage or an international upbringing. It also means the perspectives students bring from their previous education and work. All business majors or engineers would make for a boring conversation!

That said, if you are considering going back to school for an MBA, and you have no prior business training, many schools recommend a few courses to help you hit the ground running. Requirements vary, but most schools suggest a course in economics and statistics (which most college grads have taken anyway). A basic accounting course is always a plus, and will probably help you in your current job as well.

Is it intimidating for a “pure liberal arts type” to go back to business school? At first. As a psychology undergraduate from Penn, I found the introductory accounting course at Wharton to be rather frightening. Of course, I was (and will always be) the recovering child of a CPA.

But there was a familial sense of camaraderie among the case groups and project teams. The engineers helped the psych majors with the math, and the psych majors helped the engineers string a few multi-syllable words together to make sentences (only kidding!).

When it came to the Wharton Follies, our school’s annual musical theater revue and defining tradition now widely  (and hilariously) imitated, even accountants and engineers were known to sing and dance. Thank goodness they had us liberal arts types to teach them how!

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, Preparing for Business School: GMAT or GRE?, Time to Apply to B-School?,Getting a Job with a Lackluster GPA.

Share

Read Full Post »

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?

Share



Read Full Post »

A recent post from Businessweek‘s daily “Getting In” blog asked, “MBA Applications: Is the Party Over?” Based on the Graduate Management Admissions Council‘s GMAT registration numbers from first four months of 2009, the volume of B-school applications may be leveling off after an all-time high in 2007-08.

Reporter Ann Vander Mey points out the precedent for a boom, then bust in B-school applications during recessions: “During the 2001 dot-com bust, there was a spike in applications as people fled the job market. The spike was followed by falling GMAT test volume for the next three years.” Mey makes a persuasive argument for a similar pattern occuring today: “The financial industry, once B-schools grads’ bread and butter, is in crisis ; many news outlets, including this one, have published articles about MBAs graduating without jobs; and the MBA brand itself has taken a beating.”

Leveling out of MBA applications may be a paradoxical bright spot in the dismal 2009 economy. This past cycle was “not a pretty picture” for many applicants! My clientele fared well, but geographic flexibility was essential: a willingness to consider elite graduate business programs beyond the Northeast Corridor.

According to US News & World Report‘s 2009 rankings of the top 15 B-schools, acceptance rates for Northeast Corridor MBA programs were: HBS 11.5%, MIT Sloan 15.0%, Yale 14.4%, Columbia 15.1%, NYU Stern 13.6% (11th rank but ground zero for financial services!) and Wharton 16.3%. With the exception of Stanford and Berkeley, top schools outside the Corridor had higher acceptance rates: Third-ranked Northwestern Kellogg 19.4%, U.of Chicago 21.9%, Dartmouth Tuck 16.0%, U.of Michigan 20.1%, UCLA 19.5%, UVA Darden 24.6%, Carnegie-Mellon 28.3%, and Duke Fuqua 30.4%.

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, Getting a Job with a Lackluster GPA.

Share

Read Full Post »

My favorite: Careers-in-Finance.Com. They claim to “demystify” jobs in finance, a great word, because college students who major in economics still ask, “What does an investment banker actually do?” The site describes key career paths,  offers great sitelinks, recommended books, key players, job listings, a place to post your resume, headhunter list, and job outlooks. BTW, it’s up-to-date! This site identifies opportunities in a field that has changed dramatically this year. Yes, there still are opportunities, if you know where to look!

Another “fave” is WetFeet.Com, offering profiles of careers, industries and companies. It covers a wide range of fields. It has sections for undergrads, MBA’s, entry level and experienced professionals. Wetfeet publishes Insider Guides, terrific booklets on careers, industries and companies. Another site I recently discovered is CareerTV, a global TV programmer and interactive website designed to help college students and young professionals explore careers, industries, and companies. Watch a video, you’re ready for the interview. 

What have your experiences been like in financial fields over the past year? I would like to hear from twenty-somethings who have faced difficulty finding positions, or those who have dealt with job uncertainty and loss. How have you been affected by these experiences? If you spent time laid off, what have you done during that time period? What nuggets of wisdom would you offer to students coming out of college who are interested in economics or finance?

Related posts: Liberal Arts and the Real WorldWhat I Did on My Summer Vacation, Er-Internship, Take the GMAT While You’re Still Smart, Why Should a College Student Be on LinkedIn?, So You Didn’t Get That Summer Internship… What To Do?

Share

Read Full Post »