Calling Fall 2010 Chicago Booth Applicants

The below I posted in the other thread but am reposting here in case people are interested. Its very poorly written because most of it was done on a blackberry on my way to work, but you'll get the idea.

Someone, whom shall remain nameless sent me the following message (edited to protect):



I won't just focus on the con's cause I really don't think its fair to only talk about that, but I'll give them 50% of my time.

The first thing mentioned here is that its unpleasantly over-competitive in general. On this fact, I'm split. Academics are not competitive, high profile jobs sometimes are.

Lets tackle academics. There's really very little competition here. Sure, there are those people who *care* more about their grades and there are those that practically appear to be comatose in class -- and everything in between, but there's hardly a lot of competition. A couple of reasons for this.

First, there are far more people who aim for a "B or a C" than people who aim for an "A or A-". So, right out of the gate, that reduces the competitiveness in class pretty substantially.

Second, much of what you do (with the exception of certain courses like accounting) is very team oriented. A lot of these team efforts begin to approach collusion instead of competition. For instance, if you have a 5 person team and say, 10 case writeups to do over the course of a class, some teams will just say 'ok you do the first 2, i'll do the next 2, etc..' and you just cut your workload in a fifth. Professors don't much encourage that of course, it's sort of cheating the learning process a bit being that the whole idea of team oriented learning is that you discuss (not that you just divy up the work).

Third, peeople just aren't like that -- its quite common for people to share cheat sheets for final exams ("oh i took that class last quarter, let me give you my cheat sheet for the final") or notes or other resources.

Fourth, and perhaps this should have been first, we have grade non disclosure. IT means that you cannot divulge your GPA to any recruiter until after you graduate. So (and this relates to my first point about most people not aiming for As) there's really very little incentive (outside of your own personal sense of accomplishment) to aim for As. I'm proud of my high honors but other than my parents, I'm not sure anyone cares.

Fifth, it takes EFFORT to get something lower than a C. I don't know of people who have -- although I know they exist. But honestly, you REALLY have to do nothing to get below a C. The overall difficulty of the academics are far overblown.

Sixth, part of it is just being smart -- pick your teammates well. People get reputations as 'idiots' or 'slackers' quickly, and those people won't find themselves in good groups. If on the other hand, you get the opposite reputation you'll find that people you barely know are trying to get you to join their group. Having the pick of the litter makes your life a lot easier. It's not always easy to cut out the weak ones and I've thrown a few really poor performers under a bus which I didn't like to do, but it was the right choice. By the time I got into my second year, I had all of the smartest folks in teh room pairing up on my team - most of whom (if not all) were smarter than I was.

The proof, as they say, is in the pudding. I was a <3.0 undergrad and I graduated with high honors from Booth. That either means I got smarter in the interim, everyone else got dumber, or people just dont' compete that much on academics. It seems unlikely that either of the first two things happened.

So thats academics. Lets talk jobs.

Jobs are a wierd beast -- in some ways its very uncompetitive and in other ways its hypercompetitive. A lot of it frankly, is just PERCEPTION.

On one side of the coin - people do help each other out -- I had an instance where I was walking to an interview and ran into a girl I knew who had just finished her own interview (for the same job). She mentioned to me that I should brush up on concept X and concept Y -- out of her own volition. I ended up with an offer from that company in part thanks to her heads up. I had that kind of thing happen more than once -- I made groups of people to practice cases with and we shared frameworks we developed amongst ourselves. To be completely transparent though, I have to admit that when others asked me for my frameworks, I wouldnt' share them. It's not because I'm competitive but its because I spent hours and hours building them and I wasn't about to just give that work away to people who couldn't be bothered to do it themselves. (I did share them with people I trusted however).

On the other side of the coin - you DO have the people on the other end of the spectrum as well. One guy showed up to a top 3 consulting firm recruiting dinner after having accepted a job offer in banking. Considering banking was his top choice a lot of people wondered why he didn't have the curtesy to cancel and give someone else a chance to go. He said he wanted to keep his options open. People like that don't make great impressions and I promise you it did him far more harm among his peers than it helped him -- he ended up loosing his FT job offer and I doubt a lot of people are going out of their way to help him.

Another fellow came up to me one morning and asked me if I had landed job X. I told him I didn't. He said "I did" and walked away. A few months later over drinks I complimented him by telling him: "I'm glad you got that job. I honestly think you were the better candidate and you seem happy. I know it came down to me and you at the end there and for what its worth, I think they made the right choice." His response? "Oh, I don't think they ever really liked you. I think they were just being nice to you." Another fellow that wasn't much liked to be sure.

These examples are the worst of them though - honestly, people aren't generally like this.

I honestly believe it FEELS more competitive than it is. The recruiting season at Booth (and at any other school) is a stressful time. You balance classes, activities, friends, family and job hunting in a short four or five week timeframe all the while acutely aware of who has what job. Word travels fast -- "Did you hear so and so didnt' get a 2nd round?" or "I heard they are only hiring four people this year" or "I can't believe she got an offer from Goldman, she can barely keep herself from walking into walls." You'll see friends get denied from dream jobs, you'll get 2nd rounds they don't (and feel bad about it) and vica-versa, you'll see some REALLY smart people struggle to find a gig, you'll also see some of the dumbest people you've ever met magically land gigs at top firms. You'll question your interests, etc. Imagine for a moment the stress of your MBA interview and waiting for a decision from the school -- now just repeat that experience a couple dozen times, except this time, if the answer is no, you don't just keep your old job and reapply next year -- this time, if the answer is no, you have no job and you just blew a couple hundred G. It makes the MBA admissions process look like a cake walk.

It's a stressful process and that tends to breed some degree of competition - no one wants to be the person without a job offer while all their friends are sitting on two or three. But that feeling that 'this is it' -- that this is the 'ultimate test', the 'end to all ends' is really more in your own head than anything else.

That stress effects different people in different ways - some people are perfectly content not interviewing on campus and holding out for their dream job till June. Others don't or can't.

So, is it competitive? Maybe. It certainly does feel competitive -- but I don't think thats a function of Booth, I think its just the nature of the game. I imagine you'd feel that stress at Wharton or Kellogg or any other school just as much as you would at Booth.

Now lets talk part timers.

For internships, only FT students can recruit. For full time jobs, PT students (provided they have a certain number of classes and have completed certain training) can recruit. Make no mistake about it, this will piss you off (even if half of them blow their chances within 10 seconds of opening their mouth). There is nothing more infuriating than some guy with a job he may or may-not have any real intention of leaving showing up to a recruiting event and monopolozing the recruiters time. You'll want to punch their lights out more than once.

I got my revenge one night at a recruiting dinner -- I showed up early and dressed business casual. All the part timers always overdo it and showed up in suit and tie. I'm calm and collected and drinking at the bar, and pretty soon I've got a semi-circle of these yahoos around me and frankly id prefer it if they just screwed off and let me finish my drink before the company representatives kicked thigns off. It then dawns on me they think I work for the company, so I turn to one of the guys, look him straight in the eye and say "So, what do you think are the 3 biggest challenges facing our firm over the next five years?" It was the most beautiful deer-in-headlights look I've ever seen. The guy practically crapped himself right then and there. You might think this was mean, but trust me, spend a quarter dealing with PT people showing up to every event you have and you'll be a little mean too.

The point is they are there - they will piss you off. The good thing is that they are generally pretty unpolished when it comes to recruiting and most of them blow their chances immediately.

Example - same night, same dinner. Halfway through the meal, this girl shows up, plops down next to me and apologies for being late. I'm thinking to myself, "Sweetie, 20 minutes is late, an hour into dinner is idiotic." Although she had probably already destroyed her chances, she gracefully stepped on mine after mine from taht point forward. She proceeds to explain that shes late because of "homework" but that she lives in a "really nice apartment just down the street" and that therefore it only took her a "few minutes" to walk over. Great, so you show up halfway through a meal because of homework? Yea, what a winner. As if that wasn't enough, she then interrupts the recruiter (sitting on my left, shes on my right) and proceeds to pepper her with questions. The recruiter, who was quite clearly in the middle of another conversation with the person to her left, is left in an uncomfortable position of trying to manage this. My conversation in the mean time is also cut short as this girl begins to talk across from me. As if this wasn't enough, she then starts to talk about how she's also perhaps interested in consulting (note: this was not a consulting company dinner) and starts asking me if I am thinking about consulting too..... in front of the recruiter. I deflected the question and spent the rest of the night hoping the flambe desert would accidentally set this girl on fire. In the end, the only person to get an offer from that firm was a FT student.

Another PT student recruiting for a consulting gig went to some event and commented to the recruiter "So hows the hiking thing going?". The recruiter was obviously perplexed -- how did this girl know she had started hiking? The rest of us were just confused. Turns out, I later discovered that the recruiter's profile on facebook was set to open and that this girl had basically gone e-stalking. You can bet that girl didn't get an interview.

So, does it make it 'harder' to land a job? I honestly don't know how much of a material difference it is, but it will certainly FEEL like it makes a difference. It helps that they seem to all have the sabotage switch soldered to an 'ON' position though.

If you ask me what the #1 thing that irritated me about Booth is, I'd tell you exactly this. To be fair, this situation isn't limited to just Booth, other schools have similar policies, although I think Booth makes it too easy for PT to show up.

As for the pros? I guess I'll have to get back to this - I have a meeting.

oh lord wow.

Ah.....awesome post.

I have a question about the alumni support letter. Do they accept they accept the support letter only from full time students/alumni. Or can I submit a support letter fro Part-time student/alumni. If yes would it be valued the same. Also can a current student write a support letter? Please answer.

Rhyme, I probably won't end up at Booth (waitlisted R1) but just wanted to say kudos for such a well balanced post. It's always refreshing to get a perspective that reflects how things really are, as opposed to just the general perception. Looking forward to hearing more about the pros now that the cons are out of the way.

Lets get another con out of the way before we move onto some positives. I'll steal a bit from another old post.

LEAD.

LEAD is arguably the most overhyped utterly useless entirely worthless bag of garbage ever concieved by man. And that's me being polite. In all seriousness, I don't think I could create something more worthless if I tried.

The problems with LEAD are numerous. First, from the get go they tell you take it seriously, but then clearly set it up so that you don't have to. 50% of your "grade" in LEAD is attendance. Soemthing like 25% is just submitting the homework and the remaining 25% is discretionary. Keep in mind that LEAD is just a "pass fail" course. So in other words, if you show up, hand ANYTHING in (even if its a blank piece of paper with teh words 'i hate you' written on it) you've got a 75% in the class. How can you possibly fail? Moreover, how can someone tell you this is a capstone course that you should take seriously when the grading is set up this way?

You might not believe it, but there is always someone who DOES fail LEAD. If you find someone who does, take note -- they are the type of person you dont want in your study group.

To me, thats enough to kill it, but lets continue painting this pig, shall we? Now, a leadership development class, you would presume, would be taught by people with, well, leadership experience. Not so. It's taught by second year students. Now some of these people are impressive, but its hard to take a 22 year old analyst from Merrill seriously when they tell me how to be a CEO. I have undigested meat in my colon thats older than some of these people.

Its a farce of the highest order and one of the most ridiculous things I've ever seen. These people know nothing more about leadership than you do, some of them barely have more than a few years experience. Bring in a CEO to talk, or bring in someone who does this stuff for a living. But to purport that a 2nd year is somehow now qualified to teach ethics and leadership is insulting to my intelligence and to theirs. As for crisis management? Seriously? A 25 year old teaching you how to manage life crises? With what? Some 'johari window' or other such crap pulled from some framework? It's the equivalent of my attending swimming lessons at a local pool and then teaching a class on 'how to ditch an airplane in high seas and survive'.

AThen there's the mock cases you do that are supposed to represent 'real life' situations...... just kill me now. The real life examples are so far removed from real life, they might as well be taken from the latest harry potter movie. How about this for a nice realistic situation you might find yourself in? *real case*. You play the CEO of a 5B dollar hospital. I play the CFO. Someone else plays the Private Equity buyer. The nurses at the hospital have been giving free medical care to some homeless people and the CEO and CFO are worried that if they sell to the PE buyer they firm will put a stop to it. Is it unethical to withhold that from the buyer? What should they do? Then you get together and pretend to debate it for 30 minutes. The key word here is pretend.... because here's the kicker: everyone already knows everything: everyone has read the same case, and everyone knows each others arguments ahead of time because they are all in the written case, so you just spend half and hour mentally regurgitating out crap you ALREADY KNOW to each other. (You aren't allowed to make up facts).

Worse, they tell you what the supposed personalities of each person are - so if the CEO is supposed to play hard and tough - are you supposed to be hard and tough? What if thats not the type of person you are? They also tell you what point of view you are supposed to argue. What if you don't agree with the supposed point of view you are supposed to take? How will this help you practice your skills by pretending to be someone else and pretending to adopt some viewpoint you don't actually have?

So here's how it goes: Nurse: "But its not that expensive!" (page 2 of case) CFO: "How expensive is it?" Nurse: "Uhm uh I don't know the case doesn't say". CEO: "Well I think its important for our community" (page 3 of case), other guy: "But its bad for our relationship with the PE guy" (page 4 of case)..... Third guy: "Well I don't actually feel this way but I'm supposed to say that I oppose telling the buyer...." (page 5 of case) . CEO: "Yea, ok, well uhm, I disagree) (page 6 of case, except you can tell he doesnt)

As if that didn't render the excercise entirely meaningless already, there's absolutely no evaluation of an outcome. There is never a 'right' answer. It doesn't matter what you decide. They don't even take a tally to see if you all come to a similar decision.

Here's how LEAD Should be. First, don't hand me the exact same case info as everyone else, because thats just retarded. Second, use something realistic. How about this: A member of your study group hasn't been pulling their weight and you arent sure how to deal with it. Or maybe you've started a new job and you arne't happy with your assignment, and want to take on more leadership, how do you handle that? Or maybe your new boss is doing something you are concerned about, who, if anyone do you tell? Now *thats* real, relevant, and unlike becoming the CEO of a fictitious hospital, probably something will happen to you in the next 5 years. Third, make the !(#!(#@ decision matter. In another course I took they actually had each game be zero sum - someone wins, someone looses, and although your grade isn't tied to the outcome you do see z-scores for everyone so you can see how you did.

You want to know who benefits? The people who teach the class - they get to get up in front of an audience 2x a week and practice public speaking, they get a large amount of one-on-one training with a real executive coach (he's older than 25). I honestly believe LEAD exists not for the students in the class but for the people selected to teach it.

so there's another con of the program.

Now lets talk a bit about some of the better stuff:

* The curriculum is flexible
* You can take classes elsewhere in teh university
* You can take two courses Pass / Fail
* The name DOES open doors and it does command respect

So lets talk about the flexible curriculum a bit. The school really sucks at selling this. Two reasons. First, they lie about how flexible it is. Second, even though they lie, they still forget to mention why what IS true is actually interesting.

So, first off, raise your hand if you've heard "There's only one class required at booth!". Ok you can all put your hands down now, cause that's not true. Reality is here.

https://www.chicagobooth.edu/fulltime/ac ... index.aspx

Sure, LEAD is the only required class (if you can even call it that) -- but you DO have to take classes among the foundations and functions.

What that means is that you will have to take an accounting course, you will have to take a microeconmics course and you do have to take a stats course. As far as I'm concerned, getting to pick between Accounting I and Accounting II isn't flexible.

So lets say there are 4 required courses.

Nevertheless, the flexible curriculum IS cool. Here's why:

* First, you get to know 2nd year students during your 1st year. This is good for a number of reasons. They know how to manage the reqruiting process and they provide a lot of great insights / help / cover letter reviews etc. They are also likely teh very people who will be reading your cover letter for the FT job in a year, so being friends with the new associate at company X certainly doesn't hurt. Third, if they end up in your study group, they know how to 'play the game' and have figured out how to prioritize tasks so that you dont' feel overwhelmed. This is a pretty big perk -- because honestly, without it, you aren't going to get to know 2nd years that easily.

* Second, its flexbile not just in what kind of classes you take (e.g. I dont want to take that, I'll take this) but also in what order you take them in. That's cool. For instance, if you plan on recruiting for banking but havent a clue about finance, its nice that you can jump right into investments in your first quarter rather than have to be stuck taking accounting first. That helps when it comes time to interview because now you actually know *something* relevant to the subject. Similarly, if you plan on going into marketing, take marketing your first quarter and worry about takign statistics later. In fact, some people dont' do accounting until their LAST quarter on campus. (yes, accounting is that boring)

* Third, the flexibility means you can have a kick ass schedule. Only want classes monday and tuesday ? Thats doable -- in fact, my final quarter at Booth I had that schedule. What a beautiful schedule -- no class Wed, Thurs or Fri. World's longest weekends. Its also helpful if you want to find a part time job (as some peopel do) because you can actually work two full 8 hour days if you want (and a number of people do in PE and VC)

* Fourth, even the same classes -- say, introductory economics, are taught by different professors with different styles. One professor might prefer team oriented work like a final report while the other might be a more traditional midterm and final. Hate math? Don't take the one with the midterm and final. Hate teamwork? Try it with professor Y. Prefer a class that has no midterm at all? Take professor Z. Or if you want a class with 70% of your grade determined by homework? Try professor Q. Etc. You can really pick what YOU like and what YOu want.

* Fifth, you can combine classes to craft a schedule that works. If class A is going to be heavy on reading, then dont' take two other heavy reading classes at the same time - combine a case-heavy class with a non-case based course. Combine a teamwork intensive class with one thats more individually focused.

You put this altogether and you get a VERY flexible curriculum that really lets you take what you want, when you want, with what professor you want. (I got all the courses I ever bid on).

So thats a big pro at Booth. The school talks about it, but again I think they just don't do a great job of selling that.

Some of the other related perks here is that you can take classes outside of Booth if you want (e.g. intensive chinese if you are a masochist) -- some people take classes in the law school as well (e.g. private equity law). I'm told the law school is crazy and its awful, but you can do it if you want. Similarly, you can take two classes pass fail and have them count towards your graduation requirements. Thats cool. Either because you can take something you know will be hard and just pass fail it, or because you can lighten the stress of a quarter you otherwise knew was going to be tough.

The name does open doors. I imagine thats pretty obvious -- but it really does. I like how when you mention you went to Chicago people's eyebrows go up -- they immediately assume you are smart (unless you are a PT who asks a corporate recruiter about consulting, then they and I both think you are an idiot).... and the cachet and almost 'table stakes' assumption about you is certainly a nice perk.

There's obviously other positives, and perhaps I can get to some of those later.

Finally, FYI, here's the PT recruiting policy for the curious:

Evening MBA and Weekend MBA Program students who meet the following eligibility requirements may be invited by companies to participate in the Full-
Time MBA Program’s on-campus invitational interview recruiting for entry-level full-time employment during the Autumn Quarter of each year. Evening MBA
and Weekend MBA Program students are not eligible for participation in on-campus internship recruiting. Evening MBA and Weekend MBA Program students
must abide by Career Services’ On-Campus Recruiting Policies and Procedures available at career. ChicagoBooth.edu/fulltime/about/policies/ocr.aspx,
and meet the following eligibility requirements:
1. Be seeking full-time employment.
2. By the end of the Summer Quarter in the year they are planning to participate in on-campus recruiting, have successfully completed at least 12 courses that meet Chicago Booth’s degree requirements.
3. Be enrolled in at least one Chicago Booth course during the Autumn Quarter they are participating in on-campus recruiting.
4. Have the following documentation on file with Career Services:
a. A completed and signed Eligibility Certification form.
b. Documentation to prove that they are not employed, or have not received any financial support of reimbursement from their employer (i.e., that they paid 100 percent of all Chicago Booth tuition, fees, and other expenses) or prove, with a statement from their employer on company letterhead, that their participation in on-campus recruiting does not violate corporate policy and that the company is aware that the student may participate in autumn recruiting activities.
5. Have not previously participated in on-campus interviewing. Participation in on-campus recruiting is only allowed once.
6. Have participated in all mandatory recruiting training sessions.

Waitlisted.

740/M/29/East Europe/Tech

rhyme,

I would love to hear more pros...of course...

Time permitting, I'll post more.

Rhyme - this is awesome! I've been suspicious about LEAD since I first heard about it... sounds like the sort of quasi-leadership drivel that you learn in a high school student government class. That's my biggest hangup about Chicago, but it's short, so I think I can endure it.

Waitlisted, but at least they do accept additional material. Now that I've approached the CEO and President of the company, hopefully letters from them will tip the scales in my favor. I also plan on sending some information on a decent sized loan that I recently closed along with a letter from the borrower. Any other ideas?

Might have got lost in translation...but not sure I caught what you mean with the Loan...

Sorry - I'm a commercial loan officer right now.

I have a question about Booth's 1st question that is :How did you choose your most recent job/internship and how did this experience influence your future goals?

I am confused about how to approach this question. Should I specifically say what offers I had at the time I was choosing my most recent job(such as although I had Offers from company X and Y etc) and then describe why I chose this job.

Or should I just give reasoning as to why I chose this job. For example ....I wanted this this and this from my job and since company X offers this I joined here.
Thanks in advance and hope my question is clear.

please withdraw my name from the list of r2 applicants.

They don't care what offers you had, I would focus on what it is you want to do and how your job fit into those goals. Focus more on why you were (or are) interested in X than on exactly how company A fit into X. Don't ignore why company A, but really 80% of your focus should be on what it is that interests you and perhaps 20% (if that) should be on how company A "fit" that interest. Make sense?

Thanks rhyme for the answer.