Here's what's going on in the world of college and MBA admissions...money-wise.
- Many b-school students will be returning to class this fall without having had the rosy summer internship experience they had expected—that is, if they were lucky enough to land an internship at all. The main cause for disappointment: Fewer internships are turning into full-time job offers. "The number of offers at the end of the summer is shrinking, because companies don't know their hiring needs, and so they're very conservative," says Kellogg assistant dean and director of career management, Roxanne Hori. The recent Businessweek article that covers this topic ("Salvaging an MBA Internship Gone Bad") suggests that if you haven't been offered a job by August, you shouldn't despair—at least not yet. There are ways to persuade an internship employer to turn your summer stint into the real deal. Some tips from the article: Plan a mid-summer meeting with your employer. Discuss how you will contribute to the company long term. And if your employer still doesn't bite, continue working hard until the end of the summer, and exit with dignity, making sure that you're networking and job searching at the same time.
- Another recent Businessweek article compares private and public university spending per student for teaching, concluding that private universities spend twice as much as public ones. In the academic year 2007-2008, private colleges lay out teaching costs, on average, of $19,520 per student, while their public counterparts spent $9,732 per student. Both rates are up significantly in the last ten years—private costs by 22% and public by 10%.
- Yet another salary survey has been released by the Businessweek blog Getting In ("Salaries Strong for Recent Business Grads"). This one reports an increase in the number of jobs that corporate employers plan to offer undergraduate and graduate business grads, particularly to those coming out of summer internships. Looks like the author of our internship article (above) didn't see this survey finding (conducted by Compensation Resources, Inc.): "This year, nearly 90 percent of corporate respondents plan to offer interns full-time jobs compared to only 60 percent in 2008."
- Tuck alumni show appreciation to the Dartmouth business school by hitting a world record in its alumni giving participation rate. 66.7% of Tuck alumni participated in the recent Tuck Annual Giving campaign, surpassing other top b-schools by a landslide. The Tuck alumni giving rate has been above 60% consistently for the last 25 years. No other top b-school has ever even come close to that rate—this year, the next highest participation rate was at 42% and the average of the other nine schools on the top ten list was at a mere 20%. (Source: July 2010 Tuck Tip Sheet)
- Seeking more job optimism? The New York Times reports that hiring is on the rise, on Wall Street and elsewhere. A professor at Columbia calls the stock exchange "very resilient." Everything has its ups and downs--look at hiring stats for companies like JPMorgan or Goldman Sachs, and you'll see that the economy is about to experience an up. See the New York Times' "Wall St. Hiring in Anticipation of an Economic Recovery" for more details.
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