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02 Feb 2007, 11:50
I look at ethical dilemmas and setbacks/failures as separate issues.
I believe the point of asking about a setback or failure is to gauge the maturity of the candidate. Nobody likes to talk about their own failures, but an effective manager needs to be mature enough to admit mistakes, analyze and move on. To a greater or lesser extent, everyone has had setbacks and failures; the question is are you "man enough" (ladies included) to talk about them.
An ethical dilemma is a different type of problem. I think it is a way to try to find out what makes a candidate tick. A lot can be learned based on the type of experience that the person selects. For one person, it might be an ethical dilemma whether or not to take money from a petter cash drawer. This would show a very different person than someone that struggles about turning in their boss for securities violations. It's not just a difference in the level of responsibility; it's actually a difference in the perceived characters of the two individuals, based on their values.
As suggested in essay-writing books, it's probably a mistake to select a situation that isn't really a dilemma or setback. It's like someone that says their greatest flaw is that they work too hard. Give me a break. Adcoms are going to think you are a pompous moron if you say something like that. A dilemma is a situation where both sides have merit (or risks) and it is truly a challenge to decide between them. A setback or failure should be self-explanatory, but it shouldn't be about a situation where you actually succeeded. Don't say, "I had a setback because our deal earned 100%, while I always shoot to earn 110%. It's a failure for me to do less." People will think you are a jackass.