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11 Jan 2017, 14:01
| FROM Stacy Blackman Consulting Blog: Round 2 Updates from Michigan Ross |
 The Round 2 deadline at Michigan Ross School of Business came and went just over a week ago, and the busy MBA admissions team is already prepared to send out the first wave of interview invitations at the end of this week. Director of MBA Admissions Soojin Kwon updated the admissions blog today to inform R2 applicants of several key updates, and to explain that the second and final wave of invites will go out at the end of January. Whether you receive one early or later is not a reflection on how you “stack up” against other applicants, she assures. Dates and locations for the team exercise outside of the United States are as follows:
Meanwhile, on-campus interviews will run every Monday and Saturday from February 4 through February 20, and off-campus interviews will take place between January 23 and February 20. As far as preparing for the interview is concerned, in an October post the director advised applicants to know their resume backwards and forward, and to thoroughly research the school. “Interviewers are proud of their school,” she said, and “Doing your homework on Ross demonstrates interest.” Prepare to answer common interview questions such as: “Why do you want to get an MBA? Why do you want to do that at Ross? What do you hope to pursue after getting your MBA? Why?” Your answers should be succinct, enthusiastic, and show that you’re prepared without sounding memorized. “Be authentic,” Kwon advised, but don’t worry too much because, as she adds, “You don’t need to try to ‘impress’ us.” You may also be interested in: Michigan Ross Director Calms Common Applicant Concerns |
12 Jan 2017, 13:00
| FROM Stacy Blackman Consulting Blog: Show Me the Money: Highest Paying Consulting Firms for New MBAs |
 As you know, consulting is a top industry of interest at business schools around the globe. Few career paths can match consulting when it comes to providing exposure to a wide variety of projects, geographical areas, company cultures…and then there’s the handsome compensation package to boot. How handsome, you might ask? A recent article in BusinessInsider lists the highest paying consulting firms for newly minted MBA graduates using data supplied by Management Consulted, a company that helps candidates land consulting jobs. To determine the top salaries earned by graduates in their first year out of b-school, Management Consulted pored over data from clients, spoke with industry insiders, and reviewed real offer letters from readers. The Top Ten Highest Paying Consulting Firms 10. Strategy& Total compensation: up to $204,900 Signing bonus:$25,000 Base: $152,000 Relocation:up to $3,000 Performance bonus: up to $24,900 9. KPMG Total compensation: up to $205,000 Signing bonus: $35,000 Base: $140,000 Relocation: up to $5,000 Performance bonus: up to $25,000 8. EY Total compensation: up to $206,700 Signing bonus: $25,000 Base: $145,000 Relocation: up to $5,000 Performance bonus: up to $31,700 7. Bain & Company Total compensation: up to $215,000 Signing bonus:25,000 Base: $148,000 Relocation: up to $5,000 Performance bonus: up to $37,000 6. Parthenon-EY Total compensation: up to $216,000 Signing bonus: $35,000 Base: $170,000 Relocation: up to $2,000 Performance bonus: up to $9,000 5. Deloitte Total compensation: up to $221,250 Signing bonus:$25,000 Base: $149,000 Relocation: up to $2,500 if local; $10,000 otherwise Performance bonus: up to $37,250 4. McKinsey & Company Total compensation: up to $221,500 Signing bonus: $25,000 Base: $152,500 Relocation: $2,000 to $9,000 Performance bonus: up to $35,000 3. Accenture Strategy Total compensation: up to $224,900 Signing bonus: $25,000 Base: $147,500 Relocation: up to $8,000 Performance bonus: up to $44,400 2. A.T. Kearney Total compensation: up to $226,100 Signing bonus: $25,000 Base: $147,000 Relocation: up to $10,000 Performance bonus: up to $44,100 1. Boston Consulting Group Total compensation: up to $229,100 Signing bonus: $30,000 Base: $147,000 Relocation: $2,000 to $8,000 Performance bonus: up to $44,100 According to Management Consulted, after working in the firm for over a year, one can typically expect a 12-20% increase in total cash (base + performance bonus). After working 2-3 years in a consulting firm, one either leaves the consulting firm or is promoted. “Consulting salaries have been bullish for the past several years and the trend has continued into 2017,” Management Consulted concludes. |
13 Jan 2017, 10:00
| FROM Stacy Blackman Consulting Blog: Mapping Out Your MBA Application Timeline |
 Once you’ve decided to pursue an MBA, you’ve got your work cut out for you. Applicants need to fit studying for the GMAT, visiting schools, and developing essays in with other personal and professional commitments. If you’re planning to apply to business school in the fall, come up with a game plan for completing the admissions components within a schedule that doesn’t necessitate sleepless nights and a jumbo bottle of Maalox. The best way to do this is to put together your MBA application timeline several months before your target deadlines. Community Involvement: Now is a great time to deepen or establish your involvement with a community organization. If you have been involved with outside activities over the last couple of years, consider stepping your activities up a notch. Consider roles that will allow you to take a leadership position and create real impact before September. Offering to organize an event is a great discrete activity that will allow you to work in a team, have an impact, and show results. Allot time for essays and the GMAT: The amount of time MBA aspirants will spend on their applications will vary, depending on writing abilities and general work efficiency. That said, plan to spend between 40 and 60 hours preparing four to eight applications. Non-native English speakers will also likely need to allot more time on their applications, particularly on writing, revising, editing, proofing, formatting, and inputting essays. The other piece of this puzzle is, of course, the GMAT. Have you completed the GMAT and are you satisfied with your score? If you still need to take the GMAT, you have a lot of work ahead of you, as applicants typically devote at least 100 hours to test preparation. Depending on where you are in the process, you may have to take a prep class and perhaps take the test more than once. The good news is, Round One is still nine months out so you have time if you get serious soon. Bolster your quant profile: An undergrad GPA hovering around 3.5 is generally considered fine. If your GPA is a 3.2 or below, or you majored in liberal arts, you may want to consider taking quantitative classes to enhance your academic profile. The MBA canon generally consists of Calculus, Statistics and Microeconomics. If you took any of those classes in undergrad and scored a C or below you should certainly re-take the classes now. Where you take the class is much less important than the course material and grade (aim for A’s!!). The local community college is a great option. Structure your work sessions: Some people work most efficiently when they can break up tasks into smaller, more manageable pieces, while others prefer to devote several hours to their writing in one sitting. MBA applicants should be aware of the way they work most effectively and structure their writing and editing sessions accordingly. I typically recommend that candidates allocate two to three hours each time they sit down to work on their essays, particularly for the first few drafts. Essays should be approached holistically; you won’t have a compelling final product if you’ve only snatched 15 minutes here and 30 minutes there. Conversely, most applicants should also avoid the “marathon session.” Few people are still sharp or creative eight hours into a writing and editing session. If you need to make up for lost time, try breaking it up with a session in the morning and another in the evening. Allow some distance: Applicants should also build several weeks for reflection and feedback into their MBA timeline. If you can come back to your essays days later with fresh eyes, you’ll often think of a better example or more inspired language to illustrate a certain point. This won’t happen if you’re forced to work at warp speed. Distributing your writing and editing over a reasonable period also makes it easier for friends, family, or colleagues to provide feedback. It’s unfair to ask someone to turn around comments in a 24-hour period, so provide them with a few days to give you their critiques. Leave yourself adequate time to reflect upon and incorporate their feedback. The b-school application process is stressful, but careful planning will make the experience manageable and help you channel your energies into continually improving your candidacy until the moment you submit your applications. |
16 Jan 2017, 12:00
| FROM Stacy Blackman Consulting Blog: Words Can Change the World |
 If you have an upcoming interview, take YOUR first step in interview prep with one of SBC’s interview packages. Purchase today, January 16th, and receive two free interview guides of your choice. Simply forward purchase receipt to MLK@StacyBlackman.com and specify your two guides. www.StacyBlackman.com/interview-prep. |
17 Jan 2017, 12:00
| FROM Stacy Blackman Consulting Blog: GMAC Survey Predicts Robust Job Market for MBA Grads |
One of the strongest indicators of a healthy post-MBA job market can be found within the annual Year-End Poll of Employers, a survey conducted by the Graduate Management Admission Council (GMAC) near the end of each year. Hiring of b-school talent remains a priority in employers’ stated business goals for 2017, signaling expanded opportunities for competitive and high-performing MBA graduates. Hiring Projected to Increase in 2017 The year 2017 looks to be positive for job-seeking business school graduates, as 83% of surveyed companies have plans to hire b-school graduates this year, whether an MBA or non-MBA candidate.
Internship Opportunities Plentiful for MBA Candidates The end-of-year 2016 poll results show that nearly all companies surveyed offer internships to undergraduate and graduate-level students.
Completion of an internship has value not just in boosting employment opportunities after graduation, but in determining starting salaries for recent b-school graduates. Nearly a quarter (23%) of employers who responded to the 2016 Corporate Recruiter Survey reported that participation in an internship would positively influence the base starting salary offered to a new graduate business hire. Results of the 2016 Year-End Poll of Employers reflect responses provided by 167 recruiters from more than 140 companies of varying sizes and industry sectors across the globe, including 31 companies listed among the Fortune 500, 21 of which are also included in the Fortune 100. For more findings from the 2016 Year-End Poll of Employers, you can download the full summary report at www.gmac.com/employerpoll. |
17 Jan 2017, 13:00
| FROM Stacy Blackman Consulting Blog: Upcoming Video Interview? Add Lots of Practice to Your “To Do” List |
 If you have an upcoming video interview for schools including INSEAD, Yale SOM, Michigan Ross or Wharton, PRACTICE is essential to success. This awkward format requires you to think on your feet and record your answer to a question (or questions) while speaking into your computer screen. It’s a new format for many and one that requires some rehearsal in order to become comfortable conversing with a computer screen! Stacy Blackman Consulting has an online video platform that grants you unlimited practice doing exactly this. You can answer from a wide menu of questions, record yourself, watch and assess, tweak and try again. Invest 30 minutes a night and reap the benefits of increased comfort level and more articulate answers when you have your live interview. You can even choose an interview to submit to the SBC team for review and professional written feedback. Set yourself up for success with this small investment and rock your video interviews! Purchase your package here today. |
18 Jan 2017, 12:01
| FROM Stacy Blackman Consulting Blog: Waitlist Guidelines from UCLA Anderson |
 All MBA applicants are anxious to learn whether or not they’ve been admitted to their dream schools. For some prospective MBAs, however, those decision dates come and go… and they’re still in limbo. They’ve been waitlisted. While this isn’t ideal, MBA applicants should celebrate the fact that their candidacy is strong enough to merit further consideration by the admissions committee. It’s a great sign that you are qualified to attend the program, and that the school is interested in your profile. Each school has its own policy when it comes to wait list etiquette, and the admissions team at the UCLA Anderson School of Management has shared its protocol and suggestions for Round 1 candidates who now find themselves placed on the waiting list.
“We ask that you use your personal judgment and discretion in submitting additional information that is relevant to your application. Some examples include (but are not limited to): updated GMAT/GRE/TOEFL scores, promotions at work, and recent extracurricular accomplishments,” the adcom notes. Exercise restraint in communications, but also convey your enthusiasm whenever possible, as they want to be sure you’ll say yes if admitted. Finally, to all those waitlisted candidates out there, take heart. It’s not the news you wanted, but there are plenty of reasons to keep hope alive. You wouldn’t be on the wait list if you were not someone they thought could be a great addition to the class. Hang on and stay strong—and positive—as you wait out this last leg of the MBA admissions process. Image credit: Flickr user monkeyc.net (CC BY-NC-SA 2.0) |
19 Jan 2017, 13:01
| FROM Stacy Blackman Consulting Blog: 11 New Courses at Kellogg School Address Global Business Issues |
 Northwestern University’s Kellogg School of Management launched 11 new courses for the 2016-17 academic year, with topics that range from the business of social impact to leading startups to the human-machine partnerships of the future. “With increasingly complex problems facing our rapidly changing business environment, curriculum innovation in the MBA program is key,” says Therese McGuire, Senior Associate Dean of Curriculum and Teaching. “As we train the future business leaders of the world, it’s critical to create new courses that foster innovation and take our students to the forefront of knowledge in their respective areas.” Here’s a glimpse of what the new course offerings, which incorporate applied learning applications and guest speakers, include: Human and Machine Intelligence (Adam Pah, Spring 2017) Human and Machine Intelligence delves into new research findings on artificial intelligence and the applications for modern business leaders. Using sophisticated AI programs like IBM’s Deep Blue and Google’s AlphaGo, this course will develop students’ data science skills and teach them to apply “human+machine thought partnerships” to grow businesses. “While there are many examples of machines outperforming humans at some tasks, its less clear when machines can augment human decision-making and creativity,” says Adam Pah, Clinical Assistant Professor of Management & Organizations. “We will focus on how students can leverage machine intelligence, while discussing the possibility and limitations of machine-learning to enhance their output and performance beyond a human or machine alone.” Launching and Leading Startups (Brad Morehead, Winter 2017; Carter Cast, Spring 2017) Launching and Leading Startups examines some of the most challenging and pervasive problems faced by entrepreneurial CEOs – including evaluating markets, developing products, mitigating risk, and creating effective go-to-market strategies while leading teams and managing boards from the CEO “hot seat.” “Our Kellogg Innovation and Entrepreneurship Initiative leadership team realized there was an opportunity to offer a broad survey course for innovative, entrepreneurially-minded students who want to gain exposure to entrepreneurship,” said Carter Cast, Clinical Professor of Innovation & Entrepreneurship. “This will be a good class for students who are curious about entrepreneurship and who think they may pursue an entrepreneurial endeavor in the near future, whether through starting their own business, acquiring a business or joining an early-stage startup.” Business of Social Change (Megan Kashner, Winter 2017) Business of Social Change studies a singular social issue to help students understand the causes, measurement, levers and outcomes inherent to the business of social change work. With this term’s focus on uneducated and unemployed American youths, students will hear from guest speakers including policy experts, large-scale employers of youth, impact measurement experts and experts on labor, detention and workforce development. “We’ve added this new course to provide students with the foundational tools and approaches to follow a social or sustainability challenge from etiology to measurement to levers for change and impact,” says Megan Kashner, Clinical Assistant Professor in the Kellogg Public-Private Interface. “Students will complete this course with the skills to determine the roots of a problem and the paths to large-scale and market-driven change.” Consumers, Culture and Leadership (Greg Carpenter, Fall 2016) Consumers, Culture and Leadership explores how firms develop a deep understanding of customers, how leaders can create more agile, innovative organizations and how leaders can create new markets, redefine existing ones and deliver value to demanding buyers. “Much of the thinking behind customer centricity was developed at Kellogg and remains central to our distinctive approach,” says Greg Carpenter, James Farley/Booz Allen Hamilton Professor of Marketing Strategy. “The timing seems right to offer a new course to more formally explore the rising influence of consumers, how organizations are transforming their culture to focus more on consumers, and successful leadership models for customer-centric firms.” Other new courses for the 2016-2017 academic year include:
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23 Jan 2017, 11:01
| FROM Stacy Blackman Consulting Blog: Be Smart When Communicating with MBA AdCom |
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After you’ve submitted your MBA applications and are waiting to hear back from programs, it’s normal to have a moment of panic—either immediately, or at some point a little later on. You’ve been agonizing over your materials for months, and now you just want to know where you’re going to end up already. When that moment of panic hits, try to remind yourself that you pulled together the absolute best set of materials that you could. Everyone feels extremely anxious in the weeks between due dates and interview invitations, so if there’s anything you can do to keep your mind off of “The Wait”—do it. What you shouldn’t do, however, is contact the school with “updates” on your candidacy. There are deadlines for a reason. If each of the thousands of hopefuls kept emailing and calling their dream programs after their materials were submitted, the admissions committee would never have time to actually read through those materials and make decisions. The best thing you can do is sit tight and let them do their jobs. “But what if I just got an unexpected promotion?” you might say. “What if I just singlehandedly brought in $2 million of new business to my firm?” “What if I was let go from my job?” “What if I just got to visit campus and sit in on a class and now there’s so much more I have to say about why this program’s the best fit for me?” “What if…” We’ve heard every type of scenario, but the reality is that it’s extremely rare for anything to happen to someone post-deadline (personally or professionally) that would actually change the adcom’s ultimate decision on your candidacy. They’re judging your fit with their program based on a lot of different factors—one new accomplishment probably wouldn’t be enough to sway their decision. So please, resist the urge to call or email the admissions office after you’ve submitted your materials. Instead, plan to share any exciting updates with them during your interview. And try not to stress out in the meantime. Remember:  *** Do you want to stay on top of the application process with timely tips like these? Please subscribe to our weekly newsletter and you’ll receive our expert advice straight in your mailbox before it appears on the blog, plus special offers, promotions, discounts, invitations to events, and more. |
24 Jan 2017, 10:01
| FROM Stacy Blackman Consulting Blog: 5 Times it Makes Sense to Apply to Only One MBA Program |
 This post originally appeared on Stacy’s “Strictly Business” MBA Blog on U.S.News. While the majority of applicants target four to six MBA programs, deciding how many business schools to apply to is not a one-size-fits-all proposition. Some candidates decide to focus all of their energies on a single business school. The reasons range from the personal to the professional to the financial, and believe or not, this single-minded approach can pay off and actually increase your chances of getting in. Here you’ll find five scenarios where putting all of your eggs in one basket is a perfectly valid decision. Location-specific requirements: Most applicants take location into consideration when coming up with their school list. Sometimes candidates prefer an urban environment over rural or warm climate versus cold. Often the location preference is industry-specific, such as applicants keen on finance who look exclusively at schools in or near New York City. If you need to remain in your current region, or want to live in a specific city, you may have only one desirable MBA option available. Or, if you have the needs of a spouse or children to consider, you’ll likely search for a way to attend business school without uprooting the lives of your loved ones. The location requirement holds especially true for applicants considering part-time or evening MBA programs who plan to continue working while they earn their degree. When we first met Olivia, she was living in Los Angeles and married with a small baby. She could not entertain the possibility of moving her family or planning extended time away for two years, and the only local school she wanted was UCLA Anderson School of Management. Olivia poured her heart into the Anderson application and once admitted, managed to juggle the demands of home and school like a champ. It was chaotic, but by staying local she minimized the upheaval and had the support of her family during this hectic and rewarding time. Company sponsorship: If you are one of the lucky ones who will attend business school on your company’s dime, you may have to contend with the caveat that they will only sponsor a particular MBA program, or only a part-time program. If you plan to stay at the organization long-term, you might view the limitation on where you can earn that MBA degree educational subsidy is probably worth. Highly specific career goals: The one-application approach can make sense for a person who has a very particular career path–say, healthcare, technology, real estate, etc. You might be very interested in a specific program offered by one school, or a teaching method, or a set of professors. If you can determine which MBA program will likely connect you with the company you want to work for, and if that company only recruits at one program, then there’s probably only one place you really want to earn the degree. One former client, Jeremy, had a good job at a tech startup in Menlo Park. He only wanted to remain in that world – exploring other startups, networking with tech entrepreneurs and executives, and remaining looped into that scene. He also wanted to keep working a few hours a week during school. Stanford Graduate School of Business was an ambitious choice, but the only school that his heart was really in. Fortunately, the gamble paid off and he received an admission offer from this prestigious program. Joint application with partner: While this demographic makes up a small percentage of applicants, it’s a significant one. You’ll need to explicitly convey to the admissions committee that you and your partner are both applying to their program, as many schools consider couples applying together as a special case. Schools generally don’t want to break up families or relationships, so if both candidates meet admission requirements, you may have an easier shot at entry. As you try to determine which school to target, research clubs and support available to married students and find out how other applicants presented their case to the admission committee. Intuition: Some applicants have had their heart set on a single school ever since the idea of pursuing an MBA first started percolating. If you fall into this camp, you’ll have an easier time than many other applicants explaining to the admissions committee why X program truly is the only place for you. Showing how you are a good fit for the program, and proving your utter commitment to attending that school, reassures the admissions committee that you will accept an offer of admission if given the chance. The admissions committee always had yield in the back of their minds when making admissions offers, and no school likes it when accepted candidates turn them down for a competing program. As an added bonus, it’s much easier to research and prepare for a single MBA application and completely tailor it to one school, as opposed to creating several unique applications at the same time. Whatever your reasons for having a single b-school on your mind, make sure that your academic and professional profile is in line with the requirements and expectations at that particular school. This approach requires pragmatism and optimism in equal measure. Image credit: Flickr user Stefan(CC BY-NC-ND 2.0) |
25 Jan 2017, 09:01
| FROM Stacy Blackman Consulting Blog: Do You Play Nice with Others? Advice for the Group or Team-Based Interview |
 Business schools want to see how candidates interact with peers before anyone’s even admitted, which can be very telling. It’s not actually an interview, per se, because there is no Q&A with participants. Each school conducts the group interview somewhat differently, and this new evaluation model gives candidates the chance to work with a handful of their fellow applicants to solve real-world business scenarios as a team. The exercise demonstrates how candidates approach and analyze specific situations and interact with other people, two critical components of business schools that have a team-focused learning style. Through observation of each member’s discussions and communication with the group, the admissions team hopes to glean deeper insight into each applicant’s interpersonal skills. Although it’s a completely organic experience, there are ways you can prepare for the group interview that will increase your comfort level when the big day arrives. Start by speaking out more in groups or meetings at work. Applicants to the Michigan Ross School of Business do not receive any clues about the content of the group interview in advance, but if you’re applying to the University of Pennsylvania Wharton School, you’ll receive your team-based discussion prompt prior to the interview. Wharton recommends that applicants spend about an hour in advance prepping for the discussion. If possible, we suggest that you gather a group of three or four other people and conduct a mock discussion. Record the session and take note of things like your body language, interrupting, or any tendencies to try to control the discussion. MBA applicants can also practice the “Yes, and…” rule from improv, where you build on whatever your partner tries. In her bestselling memoir Bossypants, Tina Fey writes that “yes, and” is one of her core principles in all aspects of her life, and means “Don’t be afraid to contribute. It’s your responsibility to contribute. Always make sure you’re adding something to the discussion.” During the interview, seize any opportunities to either build upon or refer to someone else’s point. Here’s what you don’t want to do during a group interview:
However, if you tend to be introverted, don’t let others intimidate you. If no one’s given you the chance to get a word in, you’re going to have to find an appropriate way to join the conversation before it’s too late. For its part, Wharton knows that leaders come in many forms, and the school reassures candidates that the team-based interview is designed to let all types shine, regardless of how outgoing or shy you are. Just be yourself, get a read on the group dynamic, and let the chips fall where they may. At Michigan Ross, how you manage yourself within the group is the sole focus of the observers, so it doesn’t matter if your fellow participants are “weak”, or whether you’ve landed in a “bad” group. How you interact within the team, and how you interact with people who have different styles than you, will be foremost on the observers’ radar, Soojin Kwon, director of MBA admissions, explained. Remember, whether they show it or not, everyone participating will be nervous. Even if the team or group exercise is optional at your school, don’t forgo the experience. From our perspective as MBA admissions consultants, you should never pass up the opportunity for face time with the admissions committee. Allowing them to get to know the real you, beyond the version on paper, is critical to your chances of receiving an offer of admission. **** If you have been invited to interview with a school that is using the group interview format, you will absolutely want to take advantage of Stacy Blackman’s live group practice session. This format can be fun, but also challenging and stress inducing! Success comes from practice and becoming comfortable with the format. We’ll have dedicated groups of 3-6 people for Wharton and Ross, with experienced moderators and admissions experience. You’ll receive preparation tips and a one-hour mock experience, followed by written feedback with actionable advice. For more on this new service, click here. |
26 Jan 2017, 15:01
| FROM Stacy Blackman Consulting Blog: Tips for Waitlisted MBA Applicants |
 If you were a Round 1 or Round 2 applicant this season, over the last several weeks you may have received great news, upsetting news or a mix of both—otherwise known as placement on the wait list. First of all, the wait list is great feedback. It means that you are qualified to attend the program, and that the school was interested in your application and your profile. Unfortunately, it was a competitive year and they couldn’t offer you a solid place in the class. For most applicants, the wait list is a tough place to be. Will I get in? There is almost no way to know if you will be admitted off the wait list. It certainly does happen, often, yet you have little information about the ranking of the wait list, how many people are on the wait list, or whether the school will reach the yield they are looking for with regular applicants. Therefore, being on the wait list means a certain comfort with ambiguity. Hopefully you were admitted to another school and can decide whether to remain in limbo or not. Should I stay on the wait list? The decision to stay on the wait list depends on your interest level in the MBA program you have been waitlisted for. If it is your top choice, you may be willing to remain on the list until school begins, especially if you are willing to move quickly and give up a deposit on a school that has offered you firm admission. If the wait-listing program is not your first choice, or you would like to settle your MBA plans before school starts, you may choose to remove your name from the list. It is a great service to another applicant if you do so promptly, allowing someone else a chance at their MBA dream. Can I improve my chances of admission from the wait list? You may be able to improve your chances. The number one rule of wait lists is to follow directions. The school provided you with instructions about how to handle the wait list process, and you must follow these directions to avoid having a negative impact on your standing with the admissions committee. If the school tells you that no additional materials are required, no additional materials are required, and you should not submit any under any circumstances. If the MBA program does provide the option of submitting additional materials, apply consistent application strategy to the task. The AdCom may welcome letters of recommendation, improved GMAT scores or additional essays/letters from you. Carefully consider your strengths and weaknesses and what may be most beneficial in your situation. When should I submit an additional letter? If you have recently been promoted at work, have accomplished a personal goal, or have completed an academic class with a strong grade, it may be worth writing a letter to update the admissions committee with your news. Keep your letter factual, and do not repeat information that was already included in your original application. Can I submit supplemental recommendations? A supplemental recommendation may add information about you to strengthen your position on the wait list. If you have been involved in an extracurricular activity, know someone associated with the school, or can use a letter to strengthen a part of your application, the letter may be the right direction to proceed in. Make sure your additional recommendation is brief, focused and adds significant additional information to your overall profile. What about updated GMAT scores/transcripts? Factual information like improved GMAT scores or transcripts from successful business related classes could go a long way towards bolstering your chances. While the wait list may be frustrating, it’s a positive indication for your application and you may be fortunate enough to receive final admission from your chosen program. Good luck! |
27 Jan 2017, 14:01
| FROM Stacy Blackman Consulting Blog: Which B-Schools Dominate Entrepreneurship? |
 Are you itching to start your own company and wondering which business schools would best help you achieve that dream? Entrepreneurship is a super popular course of study at today’s b-schools. As someone who has started more than one successful company, I can attest that I leveraged a lot of my MBA classes and resources into my business ventures. Let’s take a look at the latest Poets & Quants listing of the best b-schools for aspiring entrepreneurs. Since 2013, Poets & Quants has ranked startups based on one criterion: venture capital-backed funding. “For the first time, Harvard Business School cannot claim to have more startups on the list than any other school. After dominating last year’s list with 42 ventures (out of 100 on the list), the HBS machine has dropped to 24 ventures raising a combined $618.29 million,” Nathan Allen writes. “Meanwhile, Stanford’s Graduate School of Business (…) added a startup from last year’s list to tie HBS at 24 total ventures raising a combined $958.64 million.” 2017’s top business schools for aspiring entrepreneurs: Harvard Business School: 24 companies Stanford Graduate School of Business: 24 companies The University of Pennsylvania’s Wharton School: 12 companies Columbia Business School: 11 companies Northwestern’s Kellogg School of Management: 8 companies MIT Sloan School of Management: 6 companies NYU Stern School of Business: 5 companies UC Berkeley Haas School of Business: 4 companies UCLA Anderson School of Management: 3 companies University of Texas Austin McCombs: 2 companies The University of Virginia Darden School of Business: 2 companies Sure, some of history’s most successful entrepreneurs did not go to business school, but the best MBA programs acknowledge they don’t actually create entrepreneurs…they merely nurture innate ability. These elite programs offer a broad range of courses in entrepreneurship, as well as opportunities for networking with established entrepreneurs, launching start-ups, and developing the skills needed to start successful businesses. Even if alumni don’t become entrepreneurs immediately after graduating, their MBA degree provides the career flexibility and the skills that help them start businesses years later. The excellent piece in Poets & Quants takes an in-depth look at specific companies started by various alumni, as well as the role of entrepreneurship centers at the schools. To see the complete list of the top 100 MBA start-ups, check out the full data set from Poets & Quants here. You may also be interested in: Ask the AdCom: Share a Cool Company Born of Your MBA Program |
30 Jan 2017, 13:01
| FROM Stacy Blackman Consulting Blog: HBS Update on Round 2 Applications |
 The final wave of Round 2 interview invitations from Harvard Business School will go out on Wednesday, February 1st at noon EST. According to a new update by MBA admissions director Chad Losee, the online scheduler for this wave of interview invites will go live immediately. As a reminder, whether you interview on campus, a global hub city, or via Skype, your odds of acceptance are the same as members of the admissions board conduct all HBS interviews. The admissions team will also send out release notifications on Wednesday, and Losee takes a moment to reassure these candidates that HBS welcomes re-applicants, noting that “about 10% of each class is composed of students who didn’t get into HBS on their first try.” If you’re planning to reapply if you don’t get accepted this year, here at SBC we recommend you treat the re-application process as a blank slate instead of reusing old essays. It’s always a good idea to paint a new self-portrait based on the experiences you have gained during the past year. Also, a word to future Round 1 applicants: Spring is a great time to plan a campus visit if you want to see the case method in action, as there’s limited availability for visiting a class in the early fall. Good luck to all the Round 2 applicants out there, as well as those on the HBS waitlist. You may also be interested in: 5 Common Interview Questions from Harvard Business School |
30 Jan 2017, 14:01
| FROM Stacy Blackman Consulting Blog: SC Johnson Gifts $150M to Cornell’s Business College |
 Over the weekend, Cornell University‘s recently formed College of Business announced it has received a gift of $150 million from alumnus Fisk Johnson and SC Johnson—the largest single gift to Cornell’s Ithaca campus and the second largest gift to name a U.S. business school. The College of Business comprises the Charles H. Dyson School of Applied Economics and Management, the School of Hotel Administration, and the Samuel Curtis Johnson Graduate School of Management. In recognition of this historic gift and the Johnson family’s extraordinary, multi-generational legacy of leadership and philanthropy to Cornell, the Cornell University Board of Trustees has approved renaming the college the Cornell SC Johnson College of Business. “Cornell University has been a part of my family for more than 120 years,” said Fisk Johnson, SC Johnson chairman and CEO, and a Cornell trustee emeritus. “I hope this gift will serve as a significant catalyst to help grow the reach and impact of Cornell’s College of Business. The goal is to strengthen the College of Business overall, while enhancing its three individual schools and the qualities that make each exceptional.” Two-thirds of the gift, $100 million, will be used to create a permanent endowment to support the college’s highest ambitions. In the near term, the endowment will provide flexibility for faculty recruitment and retention in Ithaca and New York City; increase the college’s competitiveness for top students through expanded scholarship resources; and develop and expand programs in and outside of Ithaca. These funds will enable new interdisciplinary research initiatives in areas that leverage and enhance the college’s and Cornell’s research strengths – particularly in the areas of sustainability and technology. The remaining $50 million of the gift will be used as a current-use challenge grant to leverage philanthropic support from others on a 1:3 basis, allowing the college to raise an additional $150 million in endowment and bring the total potential impact of the gift to $300 million. The challenge will have a special focus on faculty and student support, while also promoting innovative programs. Endowment gifts for the college’s three schools or the college broadly will be eligible for the challenge. “This extraordinary gift will further that goal by creating more diverse and rigorous learning and research opportunities for both faculty and students across the college’s three accredited business programs,” said Soumitra Dutta, dean of the college. “It also will help enhance the unique characteristics and strengths of each and support our mission to realize the full potential of Cornell’s business programs.” Each of the three schools maintains its distinct identity and mission, Dutta said, while collectively benefiting from these substantial new resources. Already, the college’s combined faculty from the three partner schools gives it the third-largest business faculty in the country. |
31 Jan 2017, 13:01
| FROM Stacy Blackman Consulting Blog: Financial Times 2017 Global MBA Ranking |
 The Financial Times has once again crowned INSEAD—with campuses in France, Singapore, and Abu Dhabi—as the world’s best business school. This year’s Global MBA Ranking saw strong performances from many European schools, and a surprising dip from elite US MBA programs. Harvard Business School did not crack the top-three for the first time in nine years, and MIT Sloan School of Management fell out of the top ten for the first time in a decade. Perennial favorite London Business School fell three places to sixth—its lowest position in 14 years—giving Judge Business School in 5th place the title of top-ranked UK school for the first time ever. This year the United States is home to five of the world’s top 10 business schools, but when the Financial Times introduced the global MBA ranking in 1999, only one non-US university, London Business School, made it into the top tier. The Top Ten in FT’s 2017 Global MBA Ranking
A likely explanation for the surge of European schools’ popularity has to do with the growing appeal of one-year degree programs which are more common outside of the United States. Since the FT ranking is based in part on career progression, shorter programs and lower tuition get graduates back in the workplace sooner and can be viewed as a better value for the money. Top-ranked INSEAD receives high marks for its strong international culture and extensive and diverse alumni; about 95% of its faculty and students are international. “Insead enormously boosted our intercultural experience,” said one alumni survey respondent from Switzerland. “It is a place to learn global culture better than anywhere else.” The wealth and depth of knowledge from around the world adds tremendous value to the course, wrote another graduate from the US, adding that “with so many cultures and experiences represented, a classroom ethics discussion about bribery is not your typical boring USA version.” One-year MBA programs are still a growing option in the United States, but already a few top schools—Northwestern University’s Kellogg School of Management, Cornell’s SC Johnson College of Business, Emory’s Goizueta Business School—have introduced the format to attract candidates put off by the two-year time commitment and forgone salary. Meanwhile, this year’s ranking reveals that graduates of second-place Stanford Graduate School of Business have the highest salary on average at $195,000, as well as the best career progression. Roughly 42% of alumni hold positions at director level or above three years after graduation, compared with 22% on average for ranked programs, the FT has found. “Stanford GSB is both a long-term investment and a personal self-investment,” said one graduate from the class of 2013. “The results put me on a path to achieve full career satisfaction.” While we don’t like to encourage clients to focus too heavily on rankings when they’re making their MBA program selections, we also know those headed for b-school really can’t help themselves. But placing too heavy an emphasis on rankings can actually become a distraction for some applicants, so be sure to consider multiple factors when making your final school selection. Conrad Chua, MBA admissions director at the 5th place Judge Business School, had this to say when the 2017 Global MBA Rankings results came in. “We know that rankings are naturally volatile, as you can see from the number of schools that have double digit changes in their rankings every year. “It is impossible to reduce an MBA experience in whatever school to just a number. Don’t ignore the rankings but make your own judgement of a school from speaking to its staff, its alums and students and make your own decision whether that is the right school for you,” Chua writes. So remember, keep things in perspective and make sure you’re looking at the data points that are important to your own career path when determining the value of a particular ranking. You may also be interested in: The Truth Behind 3 Common MBA Ranking Myths |
02 Feb 2017, 12:01
| FROM Stacy Blackman Consulting Blog: Prepping for Video Essays and Long-Distance Interviews |
 An increasing number of MBA programs are making use of online video-interview platforms, where you must record responses to one or more short-answer prompts before your application is considered complete. Why do schools add this extra step? The inclusion comes in response to applicants who wanted an additional way to present themselves to the admissions committee before the in-person interview. The new format also strengthens the written essays by demonstrating the candidate’s verbal/visual communication skills. The adcom has seen what you have going for you on paper; a video interview can give them a better sense of your personality and help them judge whether or not the “real you” matches the impression you’ve built through your other materials. Unfortunately, video essays can also be a source of major stress for already-anxious prospective students. But here’s some good news: the reality is that it’s unlikely you will totally bomb your answer. Sometimes, the system will allow for an extra try if you’re not thrilled with your initial response. Make sure you understand what your program’s video-interview “rules” are before you start the camera rolling. With just a little bit of confidence and preparation, you could give a response that makes the adcom think, “We just have to meet this person!” Here are some video essay-specific tips:
Tips for Your Long-Distance Interview Video interviewing is both convenient and efficient for applicants who for logistical reasons simply cannot meet in person for their MBA interview. Even in the era of FaceTime, for many it takes practice in order to come across in a professional yet natural way. Some people are distracted by their appearance; others find themselves talking in a tone that’s altogether different from a face-to-face conversation. Make sure you conduct various practice chats and seek feedback on your performance until you’re satisfied that you’re conversing with ease. Remember that technological glitches such as dropped audio or a frozen feed are almost par for the course, but admissions staff say how you react to the situation is what really counts. Maintaining poise and keeping your frustration in check will leave a positive impression on your interviewer. Swearing at your speakers, on the other hand, will not. Even though you’re likely to be sitting down for the interview, dress in appropriate business attire from head to toe. If you need to stand up for any reason during the interview and have nothing but boxers on, rest assured that is an impression the interviewer won’t soon forget. Also, make sure your surroundings don’t distract during the video chat. As with clothing choices, the backdrop you choose can make a negative impression if the interviewer is distracted by the messy bookcase or illuminated TV screen over your shoulder. Clean, clear, and well-lit is the way to go here. When the big moment arrives and it’s time for the real thing, remember that no one is trying to trick you into embarrassing yourself. It’s just another opportunity for you to show what an asset you’ll be to an MBA program. |
02 Feb 2017, 23:01
| FROM Stacy Blackman Consulting Blog: Prepping for Video Essays and Long-Distance Interviews |
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An increasing number of MBA programs are making use of online video-interview platforms, where you must record responses to one or more short-answer prompts before your application is considered complete. Why do schools add this extra step? The inclusion comes in response to applicants who wanted an additional way to present themselves to the admissions committee before the in-person interview. The new format also strengthens the written essays by demonstrating the candidate’s verbal/visual communication skills. The adcom has seen what you have going for you on paper; a video interview can give them a better sense of your personality and help them judge whether or not the “real you” matches the impression you’ve built through your other materials. Unfortunately, video essays can also be a source of major stress for already-anxious prospective students. But here’s some good news: the reality is that it’s unlikely you will totally bomb your answer. Sometimes, the system will allow for an extra try if you’re not thrilled with your initial response. Make sure you understand what your program’s video-interview “rules” are before you start the camera rolling. With just a little bit of confidence and preparation, you could give a response that makes the adcom think, “We just have to meet this person!” Here are some video essay-specific tips:
Tips for Your Long-Distance Interview Video interviewing is both convenient and efficient for applicants who for logistical reasons simply cannot meet in person for their MBA interview. Even in the era of FaceTime, for many it takes practice in order to come across in a professional yet natural way. Some people are distracted by their appearance; others find themselves talking in a tone that’s altogether different from a face-to-face conversation. Make sure you conduct various practice chats and seek feedback on your performance until you’re satisfied that you’re conversing with ease. Remember that technological glitches such as dropped audio or a frozen feed are almost par for the course, but admissions staff say how you react to the situation is what really counts. Maintaining poise and keeping your frustration in check will leave a positive impression on your interviewer. Swearing at your speakers, on the other hand, will not. Even though you’re likely to be sitting down for the interview, dress in appropriate business attire from head to toe. If you need to stand up for any reason during the interview and have nothing but boxers on, rest assured that is an impression the interviewer won’t soon forget. Also, make sure your surroundings don’t distract during the video chat. As with clothing choices, the backdrop you choose can make a negative impression if the interviewer is distracted by the messy bookcase or illuminated TV screen over your shoulder. Clean, clear, and well-lit is the way to go here. When the big moment arrives and it’s time for the real thing, remember that no one is trying to trick you into embarrassing yourself. It’s just another opportunity for you to show what an asset you’ll be to an MBA program. |
03 Feb 2017, 10:01
| FROM Stacy Blackman Consulting Blog: Six Steps to Acing Your Stanford GSB Interview |
 If you’ve made it to the interview stage at the Stanford Graduate School of Business (GSB), congratulations are in order. As I explained in my recent article published in Business Insider, the school has the most competitive admission stats in the world, and with only an eight percent admissions rate, receiving an invite proves that Stanford already considers you an exceptionally strong candidate. Arguably more than any other program, Stanford looks for applicants who have formulated a worldview and understand who they are and what matters most to them. According to admissions officers, Stanford seeks out candidates who have “excelled by doing ordinary things extraordinarily well.” While you can never know exactly which specific questions you will encounter during your interview, you can anticipate that the types of questions will fall into one of the following categories representing the key attributes that Stanford values: intellectual vitality, demonstrated leadership potential, and personal qualities and contributions. As you prepare for the interview, focus on the life experiences, anecdotes, and answers that will showcase your strengths in six specific areas. Wondering just what those areas are? Click on over to Business Insider to continue reading my article with the best GSB interview tips, and you’ll learn exactly how to successfully wow your interviewer for a shot of admission at this ultra-elite school. You may also be interested in: Stanford GSB Fall 2017 MBA Essay Tips |
03 Feb 2017, 12:01
| FROM Stacy Blackman Consulting Blog: NYU Stern Creates New Scholarship for Female MBA Applicants |
 New York University’s Stern School of Business will establish a new merit-based scholarship called the Advancing Women in Business Scholarship for incoming full-time MBA students, the school has announced. The scholarships will go to students who demonstrate a deep and abiding commitment to advancing women in business and will cover the first year of tuition and mandatory fees. Stern expects to award $1 million in Advancing Women in Business scholarships to students in the Class of 2019. The Advancing Women in Business Scholarship is partially funded by alumnae and these members of the Stern School’s Board of Overseers:
If you are a woman planning on applying to business school in the future, we here at SBC encourage you to connect with Forte Foundation and Catalyst, two widely respected organizations dedicated to expanding opportunities for women in business. Forte’s mission is to educate women on the value of an MBA degree, and holds events throughout the year to help prepare female applicants to become the best candidate possible. You may also be interested in: Challenges and Opportunities for Female MBA Applicants Image by Flickr user WOCInTech (CC BY 2.0) |
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