• 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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• Another recent Financial Times article, “Shift to international standards happening, but slowly,” reports on some of the challenges b-schools have been facing in the area of global business harmonization, particularly with regards to accounting. The rules of accounting have traditionally varied by jurisdiction, yet the EU has been attempting to include accounting in its international financial reporting standards (IFRS) since 2005. The U.S. Financial Accounting Standards Board, however, have confirmed that they will not meet the June 2011 deadline, creating educational limits for providers who are seeking to standardize and internationalize their accounting programs. Accounting professors must juggle both American and international standards until the two merge following what may be many more years of debate and planning. According to the FT article, soon, localized accountancy training will disappear with the “globalization of accounting practices and the eventual adoption of IFRS.”

• Big GMAT test prep books have gone the way of bulky dictionaries and encyclopedias—they’ve gone digital. Future MBA hopefuls will no longer need to tote oversized paper GMAT books, but will be able to download easily accessible GMAT apps for their smart phones, reports a Businessweek blog post. iPhone apps include Kaplan GMAT Flashcards, GMAT ToolKit, and the new GMAT Pill, a month-long study plan developed by GMAT high-scorer, Zeke Lee. The benefit of such programs—besides for the amount of space they’ll save in your bag—is that they implement more visual explanations through video tutorials. As Lee explains, “What’s special about these videos is they are really helping students change the way they think.” Android and BlackBerry users will also have GMAT options at their fingertips, for affordable, on-the-go GMAT prep.

• Rising college costs are a source of anxiety and anger for many students and their families. According to a recent Businessweek blog, tuition and fees for private nonprofit universities and colleges has increased by about 4.5%, about 0.2% greater an increase than last year. While these increases may wreck havoc on your bank account and retirement plans, it is interesting to note that these tuition hikes (last year’s and this year’s) are actually the two lowest increases since the 1972-1973 academic year. 4.5% may seem unmanageable, but it beats the pre-recession increase average of 6% per year. Another silver lining: Grant and scholarship programs received a 6.8% average increase this year.

Do you need help financing your future college or graduate school costs? Buy our featured ebook, Financing Your Future, by July 31, 2010 and receive 20% off when you use coupon code FUTURE20 at checkout.

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Want a preview of some of the tips you’ll find in Financing Your Future? Here are a few on staying organized during the scholarship search:

You’ll likely be juggling fellowship applications and your grad school applications simultaneously. Grad School itself can be a constant dance of deadlines, projects, courses, extracurricular activities, and work. Organization, needless to say, is key.

Whatever organizational system works best for you—using paper files, going all electronic, programming deadlines into your phone—make sure you use it consistently.

1. Track all deadlines and all activity on each open application.
2. Note your interactions with your recommenders. When did you contact your recommenders? When did they respond? Have you scheduled meetings or phone calls?
3. Check the order time for official transcripts. When do you need to order them?
4. During your research, when you identify future funding opportunities, file that information with your other fellowship materials and make a note of their deadlines.

In this easy-to-download ebook you’ll find more practical tips on when, where, and how to apply to various funding sources, as well as receive helpful links and resources about scholarships, awards, and fellowships.

Invest in your graduate school future when you buy Financing Your Future today. Save 20% by entering coupon code FUTURE20 by July 31, 2010.

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Several impressions and take-aways for applicants from the different events and sessions:

MIT Sloan Panels:

From the MIT panels it is clear that MIT is looking for demonstrated success academically and professionally.  The latter translates into success or professional progression that is better than the norm for your peers. In terms of those fuzzy attributes and personal characteristics that schools talk about, Sloan wants to see drive; an ability to build relationships and influence others;  and the establishment, pursuit and achievement of goals.  A few details about the individual programs:

1. 100% of the MFin grads have jobs this year, this program’s inaugural graduating class.
2. The EMBA is a program for those in mid-management with a demonstrated record of success who either want to advance in their career or make a slight career change without leaving their job.  Neither sponsorship nor the GMAT is required. (the latter may be requested if MIT has questions about the applicant’s quant skills.)
3. The LGO program focuses on managing the global production and distribution of goods and services. It is a joint, quant-heavy 24-month program between MIT Sloan and MIT’s School of Engineering. Participants earn both an MBA and an MS in Engineering.

We also heard two presentations by MIT Sloan professors. If you have any doubt that MIT Sloan is serious about innovation and global reach, abandon them. The creativity and global impact evident in just these two hours would force you to reshape your views.

Impressions from Conference Day 2 (Multiple presentations by various schools reps)

• Schools and admissions committee members look at different elements when they evaluate an application.  Pay attention to the nuances.
• Your informal and personally identifiable interactions with school admissions personnel are highly revealing. They COUNT! Arrogance at any point in time is a death knell for your application (and most relationships too.) Rudeness to a receptionist is a ding. What qualities impress positively? In your essays and interviews, reveal dignity, generosity of spirit, self-awareness, authenticity, and consideration of others. These qualities cannot be faked or “spun.”
• Regarding financial aid, merit aid tends to go to the top X% based on academic stats. Generally, when evaluating fellowship essays, the readers do not refer to your application essays. Poor credit can prevent you from obtaining the loans necessary for you to attend the school of your dreams if merit aid and your resources don’t cover the tab; get your credit in order before you apply.
• Regarding career development, the MBA employment picture improved throughout 2009-10. Read the employment reports for schools before you decide to apply and certainly before you decide to attend; you need to know school strengths as revealed in these reports. Understand the role of the career services staff (educating students about effective career planning and job search) and the limitations of that role. (They don’t create or find jobs for you.) Networking, which is about building relationships not the size of your contact list, is more important than ever. In order to build relationships, you must move beyond email.

Harvard Business School

At Harvard, we enjoyed an interactive two-hour presentation that was stimulating and engaging. To the extent it reflected the dynamism of the Harvard educational experience, I was extremely impressed.

This visit clarified for me that Harvard’s unparalleled brand is not just a matter of US News Rankings or smoke-and-mirrors branding.  At the same time, HBS is not for everyone, but like any top graduate program, it can be a fantastic experience for the right individuals.

Before the conference started my husband and I met with an acquaintance who is a professor at HBS. The professor was curious about my work, and I was curious about his. He asked me what I believe distinguishes Harvard students from the rest of the applicant pool. I thought for a moment and replied, “Leadership and impact.” He smiled, and the conversation moved on. Just before leaving, I asked him, “From your perspective as an HBS professor, what is a common quality shared by HBS students?” He replied, “I smiled when you answered my question because the students come from incredibly diverse backgrounds. However, if I have to identify a common thread, it would be leadership and impact.” If you are serious about attending Harvard Business School, make sure you demonstrate leadership and impact.

Reflections and Thank yous

It is our job as admissions consultants to help you choose the best target programs and show that you  belong at your chosen schools. The candor and graciousness shown by the hosting schools as well as by the presenting admissions directors will help Accepted’s staff do exactly that.

I am proud to report that Accepted’s staff was well represented at  the conference. In addition to myself, Jennifer Bloom, Paul Bodine, Judy Gruen, Tanis Kmetyk, Cindy Tokumitsu, and Robbie Walker attended.

Profound thanks to the hosts and presenters as well as to AIGAC, led by Graham Richmond of Clear Admit, and specifically to Maxx Duffy of Maxx Associates and Anna Ivey of Ivey Consulting who co-chaired the event. Thanks also to the sponsors: Veritas Prep, Clear Admit, Hult International Business School, Manhattan GMAT, MBA Podcaster, and Zoom Interviews

Learn More: Best MBA Programs: A Guide to Choosing the One for You.

By Linda Abraham, President and Founder of Accepted.com.

2. Here’s one way to attract prospective students to an international MBA program—fly them out for a weekend visit. Nyenrode Business Universiteit, a top b-school in the Netherlands, has just announced that it will offer free flights from anywhere in the world to ten prospective students for its “immersion weekend.” “We have invested heavily in shaping what we believe is now a world-class MBA programme and we are absolutely determined to attract the very best people to it,” says Desiree Van Gorp, the international MBA’s director. “The new programme is focused strongly on personal development and the enhancement of leadership skills and that’s exactly what participants can expect from the weekend of the 25th to 27th June, albeit in miniature.”

3. Bloomberg Businessweek has published yet another article about the b-school drive to expand their global footprints. This time, in “Top B-Schools Set Sights on India,” author Alison Damast discusses the moves American b-schools are taking to set up shop in India. These schools view the growing demand for high-quality management education in India as a clear invitation for them to make themselves at home, building new, state-of-the-art campuses in India. Such initiatives are contingent upon the passing by the Indian Parliament of a bill that will permit foreign schools to open their doors in India. If such a bill is passed, as is expected, then top U.S. business schools, including Duke Fuqua, will begin planning off-shore sites in India. The new Duke campus will offer EMBA degrees, one-year MAs in business, and other graduate programs.

4. While most people blame college grads’ inability to find a job on the economy, a recent NPR story blames it on the grads themselves. That’s why ill-prepared college seniors are getting a bit more attention these days in the areas of job readiness, communication skills, and life in the “real world.” David Polk, a York College professor who’s developing a new curriculum in “professionalism,” says, “There’s a sense of entitlement that we’ve picked up on, where people think they’re entitled to become, let’s say, president of the company within the next two years; they’re entitled to five weeks of vacation.”

Related Accepted Resources:

• Navigate the MBA Maze, a free nine-day email course.
• Financing Your Future: Winning Fellowships, Scholarships and Awards for Grad School, an instantly downloadable ebook.
• “More Students Head to Mom and Pop For Jobs,” a blog post.

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Part 1 of this video tells the story of a high school valedictorian who chooses to attend The College of New Jersey, over Boston College, so that he can afford med school later on. The video explains how such a move (away from prestige and towards a more attractive price tag) is increasingly popular, as is the decision to attend a three-year undergraduate program, another hot topic in the discussion of cutting costs and increasing value.

Students Choosing Price Over Prestige?

Part 2, as commentary in the New York Times‘ The Choice puts it, is “a cautionary tale.” It tells the story of an NYU graduate with a business degree who now lives in Pennsylvania, over a gas station, and with a two-hour commute to his New York City job, so that he can pay off his $250,000 debt.

More Kids Leaving College in Debt

For more on determining school value and return on investment (ROI), please see related Accepted blog posts:

• BusinessWeek’s Top 10 Undergraduate Business Schools with the Best Returns on Investment
• Forbes ROI MBA Rankings for 2010
• The Rankings: An Accepted.com Special Report
• Financing Your Future: Winning Fellowships, Scholarships and Awards for Grad School, an instantly downloadable ebook

Want our news sent directly to your inbox? Subscribe to the Accepted Admissions Almanac by clicking here!



Accepted.com ~ Helping You Write Your Best

Related Accepted.com Resources:

• Financing Your Future: Winning Fellowships, Scholarships and Awards for Grad School, an instantly downloadable ebook.
• B-School Zones
• UVA Darden’s New i.Lab Program Encourages “Design-Thinking”
• Haas’ New Image: “Developing Innovative Leaders”

Want our news sent directly to your inbox? Subscribe to the Accepted Admissions Almanac by clicking here!

Accepted.com ~ Helping You Write Your Best

Programs in Latin America are working to create partnerships with top universities in other parts of the world. In May 2008, for example, 5,000 Chilean graduate students won grants to study at foreign universities, including top institutions in the U.S., Canada, Australia, and New Zealand.

Chile—a leader in the cause for Latin American educational globalization—has instituted various scholarship programs that award financial aid to students pursuing academic fields that will ultimately help boost the Chilean economy, like agriculture, engineering, environmental sciences, and health.

Chilean universities, as well of other universities throughout Latin America, face a number of obstacles. Funding, security (as is the case in Northern Mexico), and reputation are all hurdles that universities must consider when building international partnerships and sending their students overseas. Language barriers create yet another concern. Foreign language study in Latin America is poor and so even students on the graduate level have a poor grasp of the English language.

Chile, again leading the pack, has established a partnership with the State of California to help move forward in closing the language gap. The program is based at the University of California at Davis.

A number of U.S. universities are committed to embracing their Latin American neighbors in the educational sphere—so much so that a few schools have even opened offices in Latin America.

Latin American universities want to be viewed as peers in the global educational network, not simply as “beneficiaries of [U.S.] expertise, but rather as equal partners in mutually advantageous relationships.”

Related Accepted.com Resources:

• B-Schools Search Globally for International Students
• International Student Applications Up at American Graduate Schools
• International Students’ Top Priority: Jobs

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• A Stanford GSB blog post last week announced a call for all Grameen Fellowship and Reliance Dhirubhai Fellowship applications. The fellowships support Bangladeshi and Indian students with financial need (respectively) in obtaining an MBA from Stanford GSB. Visit the Stanford financial aid website for more information.

• The Consortium announced last week that UCLA’s Anderson School of Management had joined its network of top MBA programs with the unified goal of promoting inclusion and diversity in American business enterprises. UCLA dean Judy D. Olian says, “We’ll be enriching the learning experiences of our students through a student body that reflects a diverse set of perspectives, backgrounds, and life experiences, and that’s a strategic priority for our students.” (The Consortium Press Release)

• In the BusinessWeek article, “Building a Wharton for Emerging Economies,” Bruce Einhorn discusses the leaps and bounds the Indian School of Business (ISB) is taking to become a big league business school in an emerging economy. The b-school, which opened only nine years ago, has already moved up to the number one slot in Indian b-school rankings. ISB has become so popular in fact, that it will be expanding to a second $50 million new campus which will focus on manufacturing, infrastructure management, and other subjects pertinent to emerging economies. ISB has teamed up with MIT Sloan, UPenn Wharton, and Northwestern Kellogg to further their academic reputation—MIT Sloan and ISB, for example, have agreed on a faculty rotation plan between the two top MBA programs.

• Who knew that frats would become an essential ingredient to job networking in the business world? At Wharton, as the economy started shifting downward, the popularity of fraternities among business students moved upward. Business fraternities like Phi Gamma Nu, Alpha Kappa Psi, and Delta Sigma Pi offer Wharton students with mentors, career support, and a large, strong, family-like alumni network. “Getting to know more of the business world helps you decide what you want to do,” says Nancy Zhang, president of Phi Gamma Nu and Wharton sophomore. (The Daily Pennsylvanian)

Related Accepted.com MBA Resources:

• Submit a Stellar Application: 42 Terrific Tips
• Submit a Stellar Application II: 56 Additional Tips
• Financing Your Future: Winning Fellowships, Scholarships and Awards for Grad School, an ebook.
• Navigating the MBA Maze, an ecourse.

Accepted.com ~ Helping You Write Your Best

After you register for “Essays that Stick,” explore AIGAC’s Summit. No mountains to climb. No fees to pay. No travel involved. Just lots of great information from the thought leaders in graduate admissions consulting available at your computer. There are sessions and articles on dual degrees, test taking, law school admissions, business school admissions, medical school admissions, the TOEFL, international admissions, and more. The day starts at 5:00 AM Pacific Time with a presentation on identifying personal goals and continues thorughout the day with a only a one-hour break. Presenters, all AIGAC members, are located in the US, Israel, Germany, the UK, Russia, and Japan. Most of the presentations are in English, but one is in Spanish and one is in Russian. There are chats, webinars, and articles. And it’s all free to you, the applicant.

Sign up for any webinars that interest you at the AIGAC Summit. Mark your calendar for chat sessions and new articles that will be posted on April 28.

By Linda Abraham, President and Founder of Accepted.com.