CompanyMan wrote:
Sorry for being naive, but can some one tell me why exactly this guy needs to go to a B school? He has run a $100M portfolio company and has started a successful retail chain.. he has made the millions... I think he got rejected simply because he does not need to be in a b school.
I will try to guess his reasons from my own perspective:
1) (looking at list of schools he applied) MBA Prestige on his resume - although experience definitely counts, degrees do count as well. In front of billion dollar investors, clients, and colleagues, what you look on the outside count as much as how much you know in terms of knowledge. You need to give the "right" impression in order to fit into their circle.
2) Network, network, and network - many of my colleagues (including myself) consider MBA just for the networking opportunity. You can't buy this. One doesn't realize the value of the networking power until they experience it firsthand. Think about this...your friends at bschools will soon become the titans of the corporate America (and probably the rest of the world).... If they ever need service that you can perform, they will give this job to their friends (in expectation of reciprocity later on).
3) To us a $100M portfolio company sounds prestigious but to his colleagues, it might look like a Kia next to a Mercedes. IBs are great at training on in his/her own specific fields. However, they don't teach everything. Bschool is a great way to recharge his/herself while gaining knowledge they might need. After all, bschools are fantastic in offering seminars, courses, and conferences based on latest trends and findings.
P.S. - assistant buyer position @ retail companies are very number oriented. Macy's recruited my fellow UPenn grads for their assistant buyer program. This is what they do/did:
1) Attend fashion shows and assist Buyers on future purchases.
2) Calculate/forecast sales trends, mark downs, gross margin, and other revenue driven indicators.
3) Write up business strategies on which business to enter/abandon
4) During M&A, liquidate inventories while protecting margin. Calculate and arrange efficient logistics to move goods around from one place to another.
5) After purchasing goods, allocate inventory to different cost centers based on sales trends, expectations, and other key business factors.
In conclusion - it isn't an easy job. They work long hours...