Saturday, June 27, 2015

MBA Provides Both Immediate and Lasting Value


Type “the MBA is” into Google, and the autocomplete box fills with inauspicious indicators of the degree’s value. “The MBA is losing its magic” is followed by “the MBA is worthless” and “why the MBA is a waste of time and money.” Students graduating with an MBA disagree—and quite emphatically—according to a survey report released today at the annual Graduate Management Admission Council (GMAC) Conference in Denver.
“Business school graduates are clear in their judgment that their degrees not only provided immediate value, but lasting value,” Bob Alig, GMAC’s executive vice president for school products, said in a statement announcing the results. Indeed, nine out of 10 of the more than 3,000 graduating business school students who responded to the GMAC Global Management Education Graduate Survey (GMEGS) rate the value of their degree as good to outstanding, and 88 percent would recommend their program to others considering a graduate business degree.
GMAC
Graduates who snagged jobs early in the recruitment process were most likely to credit the degree with helping them develop skills in the areas of managing human capital, knowledge of general business functions and working well with others, GMAC reports.
Class of 2015 graduates—when surveyed in February and March of 2015—felt overwhelmingly that the degree increased their employability. Eighty-six percent said the MBA improved their chances of finding a job that meets their expectations, and 85 percent felt it both provided them with a competitive advantage and prepared them to meet challenges in the job market. The degree also introduced them to new career opportunities, said 78 percent of respondents.
“What stands out in the GMEGS survey, as well as in other surveys we have conducted over the years, is that a graduate management degree is an outstanding investment in the personal, professional, and financial aspirations of these students,” Alig added.
It doesn’t hurt that MBAs are graduating into a great market, with early employment success reaching a three-year high. According to survey respondents, 63 percent of job-seeking graduates from full-time two-year MBA programs had a job offer in hand before graduation, up from 60 percent last year.  Salaries, too, are up. Globally, MBA grads with early job offers report a median 90 percent pay bump over their pre-degree salary. That’s up from 80 percent last year and 73 percent the year before.
So why the disparity between what Google suggests “the MBA is” and what actual degree holders report? Perhaps like the iPhone’s autocorrect function, Google’s autocomplete function still offers room for improvement.

Sunday, June 7, 2015

MBA 留学 ニュース: TIME 6 Things to Know Before Applying for a MBA

Making the decision whether or not to pursue the MBA can be difficult, due to that it is an investment of time and money. However, the degree has the power to be incredibly beneficial when it comes to furthering your career, thus making it one of the most popular post-graduate degrees in the U.S., according to figures from the U.S. Department of Education in 2014.

This interview is with Shelly Taylor Heinrich, Director of MBA Admissions at Georgetown University’s McDonough School of Business.

Question:  How can someone tell when it is the right time to apply for an MBA? Is there a certain age you recommend, or should it be based on the type or years of work experience you have attained?

Shelly Taylor Heinrich: A candidate should choose to apply for an MBA program when and if they believe it will allow them to achieve their career goals. So, this is an individual and personal decision which only a candidate can make. Most MBA Programs typically require a minimum of two years of full-time professional work experience at the time a candidate would enroll in a program. The average work experience of enrolled students, however, is usually between four and six years; at Georgetown the average entering full-time student in Fall 2014 had 4.75 years. Having a high level of work experience is extremely valuable because it contributes to the overall classroom experience and conversation. Additionally, many MBA recruiters also look for this four to six year average when recruiting students post-MBA, so it makes candidates more marketable going into an MBA if they have this experience.

Question:  How can someone best prepare for the application process and when should they begin?

Heinrich: Ideally, candidates would start preparing for the application process 12 to 18 months prior to when they plan to start the program. The GMAT, or GRE, exams required for admission to most schools, are the application components which take the longest preparation lead time. Candidates should give themselves at least three to four months to prepare for the exam and allow for flexibility to take it more than once if they are not happy with their score. It is also important to start preparing this early since the first round application deadlines of most schools are September through November. Applying by the first round usually makes you most competitive for admission and scholarship decisions. If you don’t make the first or second rounds, but still have a strong desire to attend as soon as possible, the last rounds are typically late spring.

Question:  What is the difference between a Master’s (such as in finance or marketing) and an MBA, and how should a potential applicant discern which degree to pursue?

Heinrich: A specialized master’s degree (i.e. one that specializes in a subject area like finance or marketing) is usually shorter in duration and provides students a tailored expertise in a certain area. An MBA degree, on the other hand, provides students with a very diverse and broad curriculum in core business concepts (e.g. marketing, finance, operations, accounting) and the opportunity to gain expertise in a more specialized elective area. Additionally, the emphasis on leadership preparation and career resources tends to be a lot more abundant for MBA programs than in specialized master’s programs. Again, this is dependent upon the school and program.

Question:  Regarding the GMAT, what should someone do if they are not the strongest test-takers, but have tremendous work ethic and leadership skills?

Heinrich: Most schools take a holistic approach to the application process and look at all aspects of a candidate’s application which include the GMAT or GRE, undergraduate GPA, strength of undergraduate major and institution, years and quality of professional work experience, and fit determined by essays, interview and recommendations. The GMAT or GRE are, however, the only way that schools can equally compare students and are one way (in addition to quantitative courses taken in college) to determine a candidate’s ability to perform well in the rigorous quantitative courses of the curriculum. If you don’t believe you are the strongest test-taker, I recommend starting early to prepare; either buy a few test preparation books or enroll in a preparation course. Give yourself enough time to take it a few times so you aren’t reliant on one score. Additionally, enroll in a few quantitative courses at a local college so that should you not test well, you can prove your quantitative abilities in other ways. The bottom line is that schools want the students they admit to be successful in the quant courses, so they need some way of determining the probability of your success through standardized tests or coursework.

MOGUL: Are there certain myths that come with getting an MBA that you would like to dispel?

Heinrich: Attaining an MBA degree is not just for those wanting to pursue traditional for-profit sectors anymore. The knowledge gained from an MBA is applicable to all sectors and industries. In fact, many people are choosing to utilize their MBAs in the non-profit, NGO, or government sectors. They know that the hard business skills combined with leadership experience gained from an MBA will allow them to transform or lead an organization to make a positive difference.

Question:  In today’s competitive market, what are the overall benefits of receiving an MBA and making the financial investment?

Heinrich: There is a financial investment, but there is also a strong return on investment. An MBA provides the skills often required to be successful in a career and advance to the leadership positions that a student seeks. For some jobs and industries, an MBA is required, and for others, it is often preferred. Through rigorous course-work, case-based learning and competitions, internships, and global experiential consulting or learning experiences, an MBA provides you with a level of credibility and expertise that can make you the ‘go-to person’ on a team. Strong MBA programs also typically boast strong career service resources. At Georgetown McDonough, 91% of the Class of 2014 full-time graduates received a job offer within three months of graduation and 99% of Class of 2015 full-time students seeking an internship received one.

Shelly Taylor Heinrich is Director of MBA Admissions at Georgetown University’s McDonough School of Business leading the marketing and communications team. Shelly has spent ten years in the higher education, non-profit, and corporate sectors. Her responsibilities have included marketing, recruitment, admissions, business development, event planning, and career services. Prior to Georgetown, she worked in MBA Admissions at the George Washington University School of Business. She also brings experience from The University of Texas at Austin McCombs School of Business and the Syracuse University Whitman School of Management.

For more information please see the TIME article.


MBA 留学 ニュース: MBA in Crisis?

But some experts are starting to wonder whether the end is coming for business schools. Now it looks like a new subset of Wall Street is turning away from the MBA tradition.

Private equity firms such as Chicago-based GTCR, are backing off on the tradition of requiring employees to attend business school after several years of work, reports The Wall Street Journal's Ryan Dezember and Lindsay Gellman.

That firm is joining Apollo Global Management, Silver Lake, KKR, and Blackstone Group, all of which reportedly have lessened requirements on employees to earn MBAs.

Blackstone chief executive Steve Schwarzman said that niceness is a requirement for his employees — sometimes more so than holding an MBA degree.

Here are some other reasons why business school might be losing its prestige:
The number of people enrolled to write the GMAT — an exam required for business school applications — was steadily dropping for several consecutive years. And while, in 2014, applications for full-time, two-year MBA programs were up slightly, the majority of applicants came from overseas, according to the Graduate Management Admission Council.
Tuition is expensive — like more than $60,000 a year at Harvard, not counting fees or living expenses — and it's continually on the rise.
Some experts suggest it's wiser to go for a Chartered Financial Analyst, or CFA, credential instead. (All three levels of the CFA exam are being held around the world on Saturday, and more people are registered to take the test than ever before.)
Curt Welling, a senior fellow at the Tuck School of Business, one of the best business schools in the country, thinks that online courses and a growing demand for international business schools could seriously damage established MBA programs. He says the MBA industry is "in a bit of a crisis," and business schools need to think about how to remain relevant.
There's one reason why the MBA will never totally lose its popularity on Wall Street.

For more, see The Business Insider

MBA 留学 ニュース: Indian School of Business Class of 2016

The Indian School of Business (ISB) has shared details about the students in its current Post Graduate Program in Management (PGP) class.

There are 813 students in ISB’s PRG Class of 2016 and there are 560 students at its Hyderabad campus and 253 students at its Mohali campus. 

Of those, 236 are women. While this is the highest number of women in absolute terms so far in the school’s history, it represents 29 percent of the overall class, down slightly from 30 percent last year.

In terms of professional background, the entering class is highly diverse. Incoming students have worked in China, Russia, Sri Lanka, Singapore, the United States, Nepal, the United Arab Emirates, Australia, the United Kingdom, Chile, Mexico and many European countries. 

Several students hold doctoral degrees in biochemistry, biotechnology and biomedical science, and 18 have filed or received one or more patents, the school reports. The Class of 2016 also boasts the first-ever women from Sri Lanka and Russia, as well as nationally-ranked badminton, tennis and cricket players.

The average work experience for incoming PGP students dipped slightly this year, to 4.7 years, down from 5 years in each of the six previous entering classes. The average GMAT score for incoming students has remained constant at 700.
The Class of 2016 is the 15th class to enroll in ISB’s one-year PGP. The school’s network of alumni has now grown to more than 7,600 across a range of industries.

For more information, please see the Program in Management (PGP) class profile. 


MBA 留学 ニュース: コロンビア大学ビジネススクール 2015-16 Essays

Columbia Business School (CBS) Admissions Director Amanda Carlson turned first to the school’s first essay prompt—the “career goals/why a Columbia MBA now” question.
“Through your resume and recommendations, we have a clear sense of your professional path to date. What are your career goals going forward, and how will the Columbia MBA help you achieve them?”
Like last year, applicants this year are given 500 words to map out their career goals and explain how a Columbia MBA fits into achieving them. A slight modification to the first sentence, though, suggests that applicants leave out any synopsis of their work history to date.
As Carlson herself points out, her team has included a career goals/why MBA question or some variation thereof at least since she joined in 2002—and likely longer. It’s important enough to appear again and again not only because it gives the admissions committee useful insight into what the applicant hopes to get out of business school, but also because it forces candidates to really think about their goals long and hard before they arrive on campus.
Like Sand in an Hour Glass
Depending on which program they enroll in—CBS features an accelerated program that begins in January, as well as its regular full-time MBA—students at Columbia are in school for 16 to 20 months. In talking to prospective applicants, Carlson likens that time to sand in an hourglass. “As soon as you turn that hourglass over, your time is limited and it runs out really quickly,” she cautions.
Columbia’s location in New York City—and all of the extra opportunities that affords—only amplifies the effect. This first essay prompt is designed to help make sure students are focused and can maximize all that business school in general, and Columbia in particular, has to offer.
“If students come and haven’t narrowed what they want to focus on, they may miss many of the opportunities here at their fingertips,” she says. “We feel responsible and want to ensure that candidates are super prepared when they walk into Uris Hall.”
Candidates Considering a Range of Careers
What if you’re considering more than one potential career path? “It is completely fair for candidates to say they may be exploring a few options,” Carlson says. The application actually provides two places for candidates to get at this answer, beginning with the short-answer question that invites them to share their immediate post-MBA career goal. “For this one we clearly want people to be concise and focused,” Carlson notes. Indeed, since the form field will only allow submissions of 50 characters or fewer.
The career goals essay, in contrast, offers candidates a full 500 words to describe how their short- and long-term goals fit together, and why Columbia is uniquely suited to helping them achieve those goals. “If someone wants to add a little bit of color and explanation, this is the place to do it,” Carlson says.
In other words, you can hint at more than one potential career path, but to stay within the word count and tell a compelling story—while also focusing enough in advance to make the most of your limited time at school—you’ll do well to narrow things down from the very start.
“No One at Graduation Checks the Admissions Essay”
Of course, there will still be time to refine your chosen career path after application essays are a distant memory. “No one at graduation checks the admissions essay to say, ‘You said you would do x, y or z,’” Carlson reassures. “It’s natural to be inspired by a professor, by your classmates, by the experiences you have in business school,” she continues. That’s part of the reason for going to business school, after all.
As part of its second essay, Carlson and her team want to know how a candidate will take advantage of Columbia’s location “at the very center of business.” More than that, they want candidates to provide examples of how they will seize the unique opportunities the school presents—such as its Master Classes, internships, New York Immersion Seminars and access to world-renowned faculty and practitioners—to bridge theory and practice.
Answering this question fully requires in-depth knowledge of the school’s unique offerings. So, what’s the best way of obtaining this knowledge? Is it through visiting campus? Talking to current students? Sitting in on a class?
“All of the above, of course,” Carlson responds cheerfully. Fortunately, she follows up with some specifics. “We have a group of students called the Hermes Society who volunteer their time to speak with prospective applicants about Columbia,” she offers as a first step, noting that contact information is readily available on the CBS website. “That’s a great way to reach current students and learn what their experiences have been.”
Also, since Columbia’s J-term students take classes for 16 months straight beginning in January, class visits are available even during the summer months. “We find that it’s a really nice benefit for prospective students to have that opportunity over the summer,” Carlson says.
For applicants who are specifically interested in learning more about the unique J-term program, Carlson and team will host a special event on July 16th called “Spotlight on January.” As part of a robust day of programming, participants will learn just what the J-term entails, as well as how it can be a really good choice for someone who is company sponsored, part of a family business or looking to make a slight change in their career, for example.
columbiaIf You Can’t Visit
Acknowledging that some applicants simply can’t make the trip to New York to visit the CBS campus in person, Carlson’s team has hosted dozens of webinars in the past year, some with an academic focus, others spotlighting leadership opportunities or other aspects of the school’s community. She hopes for even more in the year ahead.
Lastly, the team is finalizing its summer and fall recruiting plans and will soon post dates and locations in the United States and internationally where prospective applicant can meet the admissions staff and learn more about the school.
“Any and all of those ways would be really helpful in terms of helping folks learn a little more about what student life is like at Columbia and how they can take advantage of “being at the very center of business.’” Carlson says.
“CBS Matters”
“I am so excited to talk about this,” Carlson says of Essay 3. This essay prompt builds on a question Columbia has been asking for the past couple of years—one that invites candidates to share something about themselves they think will be pleasantly surprising to their future Clustermates.
In fact, an entire program has grown up around the very practice of CBS students sharing little-known aspects of who they are with fellow CBS students. Called CBS Matters, the program was founded a few years ago by one of the school’s alumni, and now it has become an institution in and of itself, Carlson says. This year, the essay prompt includes a link to a video showcasing the program, in which current students share a story or stories about themselves with their fellow classmates. The program is voluntary, but most students choose to participate, says Carlson, sharing their thoughts, aspects of their background, really whatever matters most to them, in a somewhat public forum. (CBS Matters presentations can be delivered to a student’s Cluster or to the entire school.)
“This program has been incredible in helping students foster deeper relationships,” Carlson says. “And when they get to learn about what really drives people—what motivates them most—very often classmates want to help,” she says. “CBS Matters really creates bonds that last longer than just the two years students spend here.”
By interweaving the CBS Matters program into the actual essay question this year, Carlson and team hope to help prospective applicants move beyond a merely hypothetical question and envision themselves actually delivering their own CBS Matters one day.
In terms of what to choose, Carlson encourages prospective applicants, if they want, to take this opportunity to share something personal that doesn’t necessarily relate to their career goals. Beyond that, to gauge the effectiveness of a topic you are considering, she suggests trying it out on two audiences, one person who knows you very well and one person who doesn’t know you at all. If it speaks to them both, that’s a good sign.
Is Imitation the Highest Form of Flattery?
We mentioned that there are some similarities between Columbia’s Essay 3 and Harvard Business School’s newest essay question, revealed earlier this month, in which applicants are invited to introduce themselves to the members of their future section. Carlson was surprised to hear it and seemed quite sure that any overlap was unintentional. Overlap, though, is not surprising, given that schools are looking for similar traits in candidates, she adds. “At Columbia, we ask this question because it is just such a great opportunity to get to know more about something that doesn’t relate to the candidate’s professional goals.”
Parting Advice
“Have fun with it!” Carlson says when asked for one last piece of advice she’d give to candidates before sitting down to write their essays. “I really encourage them to look at this as a ‘glass is half full’ process—in other words, we are looking for reasons to admit people, not the other way around.”