The GMAT Club » London Business School

Dipak Jain hits the INSEAD rumor mill

Accepted.com — Wed, 14 Jul 2010 18:50:57 +0000

Word has it that Dipak Jain, former dean of Kellogg, is tipped to become the next dean of INSEAD. According to a recent Financial Times article, Dipak Jain is the front-runner for the position and is awaiting approval from the INSEAD board and faculty from both the French and Singapore campuses. (INSEAD has another, smaller campus in Abu Dhabi.)

A little about Prof. Dipak Jain:

Prof. Jain was born in Assam, India.
He is 53 years old, making him one of the youngest business school deans on the international scene.
While the vast majority of his teaching experience has been in the U.S., he has also taught in India and has been known to have a “vision of developments in Asia”—one of the qualities that appealed to the Insead board.
He was dean of Northwestern Kellogg for eight years, until he stepped down in 2009.
He is a prolific marketing scholar.
He was responsible (according to Jain himself) for altering the Kellogg culture from being an individual-driven program, as it was when Don Jacobs (his predecessor) was dean, to an institution-driven program, “with multiple associate deans and devolved responsibilities.”
Prof. Jain is “a thoroughbred academic,” in contrast to INSEAD’s current dean Frank Brown, who is more of a business professional. INSEAD, London Business School, and IMD, top international business schools, all hired non-academic deans in the recent past, and are all now—after deeming that strategy a mistake—replacing them with academic deans.

The appointment process should be completed in the next few weeks.

(Source: Financial Times, “Dipak Jain Tipped for Insead“)

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MBA Admissions News and a Little College, Too

Accepted.com — Mon, 12 Jul 2010 20:59:31 +0000

Top European b-schools continue making the same mistake: First, in 2008 London Business School ousted their new dean, Robin Buchanan, for being too much of a businessman and not enough of an academic dean. Now IMD’s president, John Wells, is stepping down due to similar criticism. Finally, Frank Brown, Insead’s current dean, also plans to step down in 2011 because of similar accusations. Each of these three b-school leaders will have held their posts for just a few years. According to a Financial Times article on the subject, Professor Wells “ruffled faculty feathers at IMD from the start, principally by introducing an Anglo-American management team”—while there are several French or Belgian professors at IMD, none were appointed to any of the five senior positions. IMD and Insead were both hit hard by the economic crisis since both rely heavily on revenue earned through running short executive programs, which took a serious toll these last few years. IMD faces other challenges, including the fact that its former president, Peter Lorange, recently established another business school close by in Zurich. Like IMD, the Lorange Institute focuses on executive education.

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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International MBA Programs: Are Global B-Schools Right for You?

Accepted.com — Thu, 08 Jul 2010 20:19:43 +0000

Thinking about applying to an international MBA program? Like the idea of having international experience on your resume, but don’t know much about your global options? Not sure if you should attend an internationally-run program or an American-based program transplanted to foreign soil?

Internationalizing the MBA, a special report written by Accepted editor and international b-school expert, Tanis Kmetyk, will explore the pros and cons of joining the overseas MBA scene, helping you make your big decision—should you study for your MBA on home soil, or take the leap and head abroad to an international or American b-school in a foreign country?

Learn whether an international MBA is right for you by understanding the strengths and weaknesses of these different programs.

Download Internationalizing the MBA.

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

London Business School 2011 MBA Application Questions, Deadlines, Tips

Accepted.com — Wed, 30 Jun 2010 18:41:32 +0000

This London Business School 2011 MBA Application tip post is one of a series of posts providing MBA application and essay advice for applicants to top MBA programs around the world. You can access the entire series at http://blog.accepted.com/acceptedcom_blog/tag/2011-mba-application-tips. My tips for answering LBS’s essay questions are in red below.

London Business School 2011 MBA Essay Questions

The Admissions Committee will consider carefully your answers to the following questions. Please complete all of the essay questions beginning your answer below each question and giving word counts for each answer. Once complete, please attach this document to your online application following the instructions given on the web form.

Question 1 (750 words)
Give us a brief assessment of your career progress to date.
In what role do you see yourself working in immediately after graduation and what is your longer term career vision?
How will your past and present experiences help you to achieve this?
How will the London Business School MBA Programme contribute to this goal?
Why is this the right time for you to pursue an MBA?

This is a classic goals question. Last year it focused on short-term goals, and a separate question asked about long-term goals. This year it asks about both short-term, post-MBA goals and long-term “career vision.” How did you develop this goal? This vision? Why does it appeal to you? How did your experiences shape your goal and how do they reveal the appropriateness of your goal. (If you are a couch-potato or klutz, don’t say you want to be a professional athlete–which wouldn’t be a match for b-school anyway.) Finally, how will LBS help you achieve your goal?

Caution: Don’t repeat your resume in your response to this question. Choose 1-3 influential and impressive experiences to show how your aspirations developed and your qualifications for LBS.

Question 2 (300 words)
Give a specific example of when you have had to test your leadership and team working skills. Given this experience what role will you play in a first year study group?

Very similar to last year’s #3. First of all learn about the role of study groups at London Business School. Also, reflect on your experience in teams. If you have been involved in teams outside of work and your other essays focused on work, then this essay presents an opportunity to discuss another facet of your life. Have you been able to both lead and occasionally take a back seat when others with skills or qualifications you lack are better prepared to lead your team? After thinking about your team experience and the role of study groups at LBS, show how your past experience will help you contribute to your study group.

Question 3 (300 words)
Student involvement is an extremely important part of the London Business School MBA experience and this is reflected in the character of students on campus. Please describe how you will contribute to student clubs and the community and why?

You need to research student life at LBS before you can answer this question. The best answers will directly respond to all elements in the question by showing that you have been involved in similar college, community, or professional organizations in the past. And you will be able to illustrate your abilities to contribute at LBS by discussing your earlier contributions. Don’t forget to answer “and why.”

Question 4 (300 words)
London Business School offers a truly global and diverse experience. Describe any significant experiences outside of your home country or culture. What did you gain and how will your experience contribute to London Business School?

This question reflects the importance of international and cross-cultural experiences for London Business School. Note the word limit here. Short and sweet. What were the most 1-2 significant experiences you have had outside your home country and what did you learn from them? How will you consequenlty contribute?

Question 5

Please choose ONE of the following options.

Providing a choice is a new move for London Business School. Choose the essay that will allow you to write with enthusiasm about an area of your life or achievement that you have not yet discussed.

Question 5a (150 words)
You have decided to stand for the role of Student Association President. Announcing your campaign to the London Business School community for the first time, please describe your manifesto.

This may be difficult to answer if you have not been involved in student government and certainly would be a very difficult essay to write if you don’t have a clear idea of what you would do as Student Association President. On the other hand, if you have really studied student life at LBS and have a clear idea of what you would like to accomplish, go for it.

Question 5b (150 words)
What is your most substantial achievement to date and why?

The essay is short, and the topic is broad. Be succinct. Show how your accomplishment achieved impact, contribution,

Question 6 (300 words) (This question is optional)
Is there any other information that you believe would help the MBA Admissions Committee when considering your application

Please see “The Optional Question: To Be or Not to Be “

Question 7 (300 words)(This question is for re-applicants only)
How has your candidacy for the London Business School MBA improved since your last application? Have your views of London Business School or the MBA programme changed since you last applied?

This is THE key question for all reapplicants. London just asks it explicitly. Please see:

Application Advice for MBA Reapplicants

Create a Better Sequel: How to Reapply Right to Business School

Take 2: MBA Reapplicant Webinar

Question 8
Please provide a CV/Resume. This CV must only be one page in length. If you have any significant gaps in your employment history, please tell us why on a separate sheet.

Go beyond mere job description to highlight achievement. If your title is “consultant.” Saying that you “consulted on projects” is uninformative at best. If you are a financial analyst boasting that you did financial analysis states the obvious. Writing that you “Led a 6-member team working on a biotech outsourcing project to Slovakia with a budget of $X. It came in on time and under budget” conveys infinitely more. For more information, please see “Admissions Resume: What to Include.”

If you would like help with your London Business School MBA application, please consider Accepted’s MBA essay editing and admissions consulting or an LBS Package, which offers soup-to-nuts advising and editing for the LBS MBA application.

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

All MBA, All News: An MBA Admissions News Round Up

Accepted.com — Thu, 06 May 2010 08:50:02 +0000

Wharton will host the first official “MBA Peer School Forum,” a gathering of top MBA student government leaders. The three-day President Summit will focus on “inter-school cohesion and collaboration” as well as initiatives that will “bring positive impact to business and society.” The event will include the collaboration of outgoing and incoming student presidents from Wharton, Chicago Booth, Columbia, Northwestern Kellogg, HBS, MIT Sloan, and Stanford GSB.

As social media penetrates the business world, business schools have no choice but to jump on the bandwagon and make sure that their students are well equipped with social media knowledge, reports the New York Times article, “Business Schools Respond to Demand for Use of Social Media.” Top b-schools, including Harvard Business School, INSEAD, and London Business School, are now incorporating social media material into their MBA curriculums. Anthony Salcito, VP of worldwide education at Microsoft, explains that as businesses adopt and adapt to the commercial value of social media networks, universities need to keep their students up to speed on the profitable potential of internet marketing.

Related Accepted.com MBA Resources:

B-School Zones
Navigating the MBA Maze, an ecourse.
Submit a Stellar Application: 42 Terrific Tips, an instantly downloadable ebook.
MBA BlastOff: 45 Terrific Tips to Launch Your MBA Application, an instantly downloadable ebook.

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

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Long-Term Goals vs Short-Term Goals, WSJ Article – Top Biz Leaders Who Were Dinged, INSEAD Campus Visit – Debrief, London Business School – Waitlisted Advice, Booth (Waitlist) vs Ross ($$$), Going Nowhere in 2010, Health Insurance in the Interim

gmatclubc — Tue, 06 Apr 2010 04:45:38 +0000

Long-Term vs Short-Term Goals - which should you focus on in your application process?
WSJ Article - which business leaders were dinged?
INSEAD Campus Visit - debrief
London Business School - waitlist advice
Booth (Waitlist) vs Ross ($$$) - would you wait for Booth?
“Going Nowhere” in 2010 – what I’ll do to improve my application next year
Health Insurance in the Interim - what to do once you leave your job before attending B-School

Round Up Review: “Likely Letters,” Universities Budget Cuts, Tenure, and More!

Accepted.com — Tue, 30 Mar 2010 15:55:48 +0000

University of Pennsylvania has sent out 200 “likely letters” to high school seniors: If they maintain solid grades and moral standing until graduation, they’ll be in. This is an increase from last year’s 120 likely letters. Likely letters are sent out earlier than regular decision letters, as a sort of “first dibs.” (The Daily Pennsylvanian)
A Chronicle article reports that in the next academic year, British government will only be allocating $11.3 billion in funds to more than 250 colleges and universities. The $877 million decrease is the first of its kind since the Labour Party came to power a dozen years ago. The budget for teacher’s salaries will experience the largest cut at $116 million. Among the institutions receiving the largest reductions is the London Business School, which will experience a 13.9% decrease in public support.
In a Daily Pennsylvanian article titled “Tenure scale difficult to define,” Rebecca Kaplan explains how University of Pennsylvania students struggle to understand the college’s position on teaching, research, and tenure. The tenure denial of Professor Ronald Granien has sparked serious discussion among students, faculty, and administrators about the current steps a professor must take to gain tenure. Striking a balance between teaching and research is key; a professor who does too much of one and not enough of the other can damage his or her career, explains Dennis DeTurck, college dean.
In an interview with the Business Standard, David A. Wilson, GMAC President and CEO, discusses GMAC’s plans for a new India office. A few highlights:
- Wilson explains how India provides “ideal conditions for the GMAT and for management education” because of its “knowledge-based economy, entrepreneurial spirit and a youthful population.”
- The new GMAC office will be opened in Bangalore, Delhi, or Mumbai.
- There are currently 17 test centers in India.
- 30,633 Indian citizens took the GMAT exam in 2009, up 7% from last year and 128% in the last five years.

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

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More MBA Job Optimism on the Horizon

Accepted.com — Thu, 25 Mar 2010 21:32:18 +0000

Last week BusinessWeek published an article about the increase in post-MBA career opportunities. This time the job market focus is on Europe.

At top business schools around Europe recruiting rates are up, and more and more MBA grads are landing jobs faster than graduates from the same programs last year. For example, job offers for INSEAD’s December 2009 class increased 7% compared to the offers for the July 2009 class.

A few reasons account for such improvements, explains Ellen Groves, author of the BW article.

First, the economy is finally picking up, even though improvements may still be hard to see. The financial industry in particular has experienced a pick-up, and so banking and consulting firms are offering more summer internship opportunities this year, as compared to last. The healthcare and pharmaceutical sector is also picking up, increasing recruitment, and increasing sign-on bonuses. Popular fields within that sector include biotech, public administration, renewable energy, and nonprofits.

Second, MBA students and MBA graduates have been forced to become more flexible in their career paths and to undergo more challenging interview processes. Those willing to take on these challenges will receive more job offers.

Third, career services departments at these top European b-schools are working extremely hard to get their students jobs. They’re maintaining relationships with companies that were once recruiting at their school but are no longer (which will pay off once these companies resume recruitment), and are building relationships with new companies.

Fourth, students are opting for longer MBA programs, to increase their job prospects later on.

While the economy may be picking up, the job market is still extremely hard to penetrate—no one is denying that. But, as Diane Morgan, Director of Career Services at London Business School says, “We’re very cautious but it just makes you work harder. Overall it’s been really promising. Companies still want good people.”

The good news is that this article is not a lone opinion on the subject. See below for more articles on the increase of MBA job opportunities.

Related Accepted.com blog posts:

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Europe Experiences Boom in MBA Student Interest

Accepted.com — Mon, 15 Mar 2010 19:20:38 +0000

According to a GMAC press release, European b-schools are becoming more popular and European students are attending b-schools in larger numbers. The number of GMAT European test-takers increased 30% since 2005, reports a GMAC study. GMAT volume hit a high of 265,613 test-takers; 23,224 of those were European test-takers.

While only 6.9% of test reports were sent to Europe five years ago, last year saw a new high of 10%, sent in highest volume to France and the United Kingdom. Most of these applicants are European themselves, who are showing an increased interest in business school in general and business school on their home turf in particular. The U.S. saw fewer European applicants this year than in the past.

Popular European MBA programs among European GMAT test takers in 2009 include INSEAD, London Business School, and IESE Business School. For more information on these and other top European and U.S. b-schools, check out Accepted.com’s B-School Zones.

Additional Resource: Navigating the MBA Maze, a free ecourse

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Stanford Wins First Place for Forbes’ “The Most Satisfied MBAs”

Accepted.com — Wed, 20 Jan 2010 21:41:48 +0000

Forbes took its survey findings from “The Best Business Schools” and compiled a second rankings report: “The Most Satisfied MBAs.”

Stanford won top slot for both rankings. It is #1 for providing the best return on investment for its graduates, as well as for churning out MBAs who are extremely satisfied with their current jobs and their completed b-school experience.

The survey shows that Stanford alumni are more likely than grads from any other business school to sing praises to their alma mater. School satisfaction and job satisfaction are closely intertwined with financial success, says Pulin Sanghvi, Stanford GSB Director of Career Management and Stanford GSB ’97 alum. “True satisfaction happens from work-life actualization,” he says, referring to the Dalai Lama’s The Art of Happiness at Work. “We nurture students to pursue career decisions based on their internal drivers. That they then become financial successes is just a bonus.”

The Top Ten US B-Schools with the Most Satisfied Graduates

1. Stanford GSB

2. Wharton

3. Chicago Booth

4. NYU Stern

5. Brigham Young University

6. UC Berkeley Haas

7. Dartmouth Tuck

8. UCLA Anderson (tied)

8. University of Rochester Simon Graduate School of Business (tied)

10. University of Virginia Darden

The Top Ten Non-US B-Schools with the Most Satisfied Graduates

1. Oxford

2. IESE

3. London Business School

4. IPADE

5. Insead

6. HEC-Paris

7. IMD

8. ESADE (tied)

8. IE (tied)

10. Cranfield School of Management

For more information on the value of rankings and how you should (or should not) use them, check out Accepted.com’s new special report on MBA rankings.

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