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22 Apr 2022, 08:01
| FROM Stacy Blackman Consulting Blog: Tips for the Older MBA Applicant Applying to B-School |
 The average age of business school applicants has been trending downward for the past decade. With that, work experience expectations have shifted as well. But not everyone is ready or in a position to take the business school plunge at 26 years old. If you’re an older MBA applicant prepared to pursue the degree in your early-30s and beyond, consider these specific tips as you put together your application package. Show Career Progression When applying to a top-tier business school, you’ll need to show the admissions committee a clear path of professional growth. The admissions team wants to admit students who continually seek to learn and advance their skills and leadership abilities. Even if you have held the same job for several years, you should demonstrate career progression. This can be in the formal sense, with increasingly higher-level job titles. Or by pointing out how you have gradually taken on greater responsibilities. Coach your recommenders to specifically address this upward trajectory in their letters of support. That will help convey your dedication to your professional development. Also, ask a current or recent manager for that recommendation. A letter from a supervisor who worked with you eight years ago might raise a red flag. If you select a recommender from the more distant past, make sure that you have kept in touch, and they can speak to your professional progression and work habits now.  If you have had several jobs, don’t worry about squeezing all of them onto the MBA resume. Highlight only the most critical positions and find ways to show career progression and results on your MBA resume. Show Strong Leadership as an Older MBA Applicant Understandably, younger applicants won’t have many examples of leadership one year out of school. But, as time goes on, expectations increase, and the ability to manage and inspire others will become more critical. The best MBA programs value outstanding leadership. If you are applying to Harvard Business School in your mid-30s, you better have already developed tremendous leadership skills and have a lot to show for them. For your essays, find professional or personal anecdotes that show how you have galvanized or improved the work of others. Try to paint a vivid picture of your most significant leadership challenge or of a time when you led with integrity or motivated a team to achieve a shared goal. You want to show how you always attempt to do more than a good job and strive to leave your mark on whatever situation you’re in.  As prepared as you are, you need to convince the schools that you still have room for improvement. And that can only come from the education and experiences of an MBA program. Let them know exactly what they offer that will help you further hone your leadership or technical skills. Choose the Right Type of Program If you’re pretty advanced in your career, research what type of program best fits your professional goals and personal life. You may find that a part-time MBA program or an executive MBA program will allow you to meet your goals with greater flexibility and less disruption. When we worked with Claudine, she was in her late-30s and held an executive-level position in finance at a large consumer products company. She had reached a career plateau in her firm and thought an MBA would take her to the next level. We considered that any three format options could help her achieve her goals. While excited by the range of social and extracurricular activities available in a full-time MBA program, Claudine had an extremely demanding family life with two small children. She didn’t think she could take advantage of the many social activities most full-time MBA students participate in.  Ultimately, her desire for a flexible way to expand her skills and tap into the network available from a strong program led Claudine to look most closely at an executive MBA. Claudine succeeded in the joint EMBA program between the University of California—Berkeley Haas School of Business and Columbia Business School. Business school admissions committees always seek applicants with diverse interests and backgrounds. An older MBA applicant has numerous attractive qualities going for them. The key is to make sure all those great qualities stand front and center in your MBA application. The post Tips for the Older MBA Applicant Applying to B-School appeared first on Stacy Blackman Consulting - MBA Admissions Consulting. |
25 Apr 2022, 08:00
| FROM Stacy Blackman Consulting Blog: Tips for the Older MBA Applicant Applying to B-School |
|
The average age of business school applicants has been trending downward for the past decade. With that, work experience expectations have shifted as well. But not everyone is ready or in a position to take the business school plunge at 26 years old. If you’re an older MBA applicant prepared to pursue the degree in your early-30s and beyond, consider these specific tips as you put together your application package. Show Career Progression When applying to a top-tier business school, you’ll need to show the admissions committee a clear path of professional growth. The admissions team wants to admit students who continually seek to learn and advance their skills and leadership abilities. Even if you have held the same job for several years, you should demonstrate career progression. This can be in the formal sense, with increasingly higher-level job titles. Or by pointing out how you have gradually taken on greater responsibilities. Coach your recommenders to specifically address this upward trajectory in their letters of support. That will help convey your dedication to your professional development. Also, ask a current or recent manager for that recommendation. A letter from a supervisor who worked with you eight years ago might raise a red flag. If you select a recommender from the more distant past, make sure that you have kept in touch, and they can speak to your professional progression and work habits now. If you have had several jobs, don’t worry about squeezing all of them onto the MBA resume. Highlight only the most critical positions and find ways to show career progression and results on your MBA resume. Show Strong Leadership as an Older MBA Applicant Understandably, younger applicants won’t have many examples of leadership one year out of school. But, as time goes on, expectations increase, and the ability to manage and inspire others will become more critical. The best MBA programs value outstanding leadership. If you are applying to Harvard Business School in your mid-30s, you better have already developed tremendous leadership skills and have a lot to show for them. For your essays, find professional or personal anecdotes that show how you have galvanized or improved the work of others. Try to paint a vivid picture of your most significant leadership challenge or of a time when you led with integrity or motivated a team to achieve a shared goal. You want to show how you always attempt to do more than a good job and strive to leave your mark on whatever situation you’re in. As prepared as you are, you need to convince the schools that you still have room for improvement. And that can only come from the education and experiences of an MBA program. Let them know exactly what they offer that will help you further hone your leadership or technical skills. Choose the Right Type of Program If you’re pretty advanced in your career, research what type of program best fits your professional goals and personal life. You may find that a part-time MBA program or an executive MBA program will allow you to meet your goals with greater flexibility and less disruption. When we worked with Claudine, she was in her late-30s and held an executive-level position in finance at a large consumer products company. She had reached a career plateau in her firm and thought an MBA would take her to the next level. We considered that any three format options could help her achieve her goals. While excited by the range of social and extracurricular activities available in a full-time MBA program, Claudine had an extremely demanding family life with two small children. She didn’t think she could take advantage of the many social activities most full-time MBA students participate in. Ultimately, her desire for a flexible way to expand her skills and tap into the network available from a strong program led Claudine to look most closely at an executive MBA. Claudine succeeded in the joint EMBA program between the University of California—Berkeley Haas School of Business and Columbia Business School. Business school admissions committees always seek applicants with diverse interests and backgrounds. An older MBA applicant has numerous attractive qualities going for them. The key is to make sure all those great qualities stand front and center in your MBA application. The post Tips for the Older MBA Applicant Applying to B-School appeared first on Stacy Blackman Consulting - MBA Admissions Consulting. |
25 Apr 2022, 08:00
| FROM Stacy Blackman Consulting Blog: The Lure is More than Salary for Investment Banking |
|
[url=https://tenor.com/view/6m-rain-wallstreet-make-it-rain-gif-8203989]6m Rain GIF[/url]from [url=https://tenor.com/search/6m-gifs]6m GIFs[/url] The salary for investment banking is a big lure for countless MBA aspirants. But there’s more to it than just hefty compensation. To expand upon our previous work on [url=https://www.stacyblackman.com/is-finance-a-good-career-path-mba-applications/]Is Finance a Good Career Path[/url] and our discussion on the merits of the [url=https://www.stacyblackman.com/blog/investment-banking-mba-career-path/]investment banking career path[/url], we’re taking a 360-degree view of careers in finance. In this investment banking overview, we’ll cover the following: [list] Salary drivers for investment banking[/*] What are typical careers in finance?[/*] Which positions are the most coveted among MBA-minded professionals?[/*] Which finance employers are the most coveted?[/*] Do finance employers find it harder to recruit talent?[/*] Are there quotas per campus for finance recruiting?[/*] Is recruiting for careers in finance influenced by who you know?[/*] Are there any academic or professional prerequisites for careers in finance?[/*] Tips for finance career applicants in MBA applications[/*] Sample MBA application essays[/*] How compensation and salary in investment banking have changed over the years[/*] [/list] We’ll tap into the expertise of Ken Adams, the founder of [url=https://www.10xebitda.com/]10X EBITDA,[/url] a career coaching firm that provides 1-on-1 personalized coaching services guiding candidates through both the pre-MBA and post-MBA recruiting processes for investment banking, private equity, and hedge funds. We also cull advice from the former MBA Admissions Officers on the Stacy Blackman Consulting (SBC) [url=https://www.stacyblackman.com/about/mba-admissions-consulting-team/]team.[/url] Specifically, we’ll learn how applicants from the finance career path can differentiate themselves from the traditional pool. Plus, we’ll tackle how applicants who have pre or post-MBA finance careers can best position themselves—especially as they aspire to the elite business schools. [img]https://www.stacyblackman.com/wp-content/uploads/investment-banking-quote.png[/img] [b]Salary in Investment Banking[/b] We have previously covered the best-paying[url=https://www.stacyblackman.com/best-paying-jobs-in-finance-mba-business-school-careers/] jobs in finance[/url]. Now, [url=https://mergersandinquisitions.com/investment-banker-salary/]Mergers and Inquisitions[/url] has just released an overview of the salary range for investment banking. Here is a quick snapshot: [img]https://www.stacyblackman.com/wp-content/uploads/salary-in-investment-banking-Screenshot-2022-04-22-115355.png[/img] (All numbers are pre-tax and include base salaries and year-end bonuses, but not signing/relocation bonuses, stub bonuses, benefits, etc.) [b]Q: What are the salary drivers in investment banking?[/b] [b][/b][b][/b][b][/b]A: Our friends at Mergers and Inquisitions recently outlined the[url=https://mergersandinquisitions.com/investment-banker-salary/] components[/url] of investment banking salary as follows: [list] [*][b]Base Salary:[/b] This is what you earn via paycheck or direct deposit every two weeks. Up until 2021, these numbers hadn’t changed much in years. [/*] [*][b]Stub Bonus:[/b] Since Analysts and Associates graduate from university or MBA programs and start working in the middle of the calendar year, they receive “stub bonuses” for their first ~6 months on the job. These are typically low percentages of Year 1 base salaries, such as ~20-30%. But they could be much higher at some firms (~50%). [/*] [*][b]End-of-Year Bonus:[/b] You earn this after your first full year of work. Initially, it’s 100% cash, but a percentage will shift to stock and deferred compensation as you move up. As a later Associate or VP, it might be around 20-30% stock/deferred with a 3-year vesting period. [/*] [*][b]Signing/Relocation Bonus:[/b] This applies to Analysts and Associates who graduate and accept full-time offers. This signing bonus might be around $10-$15K at the Analyst level and $50-$60K as an Associate. [/*] [*][b]Benefits:[/b] Finally, you’ll get health insurance, vacation days, and potential participation in the firm’s profit-sharing or 401(k) retirement plans. These are useful in the U.S. but less so in places with functional public healthcare systems, such as Europe.[/*] [/list] [url=https://www.stacyblackman.com/contact/]Request a free MBA candidacy analysis[/url] to understand your career profile for MBA admissions [b]Q: What are typical careers in finance?[/b] A: Ken, the founder of 10X EBITDA, shared that the three most common paths to break into investment banking as a student are as follows: 1. [b]Analyst Path:[/b] Undergraduate / Master’s Degree (Non-MBA) -> Investment Banking Analyst -> Buyside / MBA 2. [b]Associate Path:[/b] Undergraduate Degree -> Various Jobs -> MBA -> Investment Banking Associate 3. [b]Lateral Hire:[/b] Other Professional Job -> Investment Banking Analyst or Associate “The first two are the most common paths for students. For candidates who are current working professionals, there’s the third path. They can break into investment banking as a ‘lateral’ hire. The investment banks often hire talent from adjacent industries: Big Four, Corporations, Tech Startups, Law Firms, Consulting Firms, etc,” Ken said. “Norms vary a bit by geography. In North America, the overwhelming majority of Investment Banking Analysts embarked on their careers after their undergraduate studies. By contrast, while Europe and the Asia Pacific also recruit Investment Banking Analysts out of undergrad, it’s a lot more common for successful candidates to obtain a Master’s degree (non-MBA) prior to landing the Investment Banking Analyst role. “Additionally, some countries in Europe and Asia also have mandatory military service requirements,” he noted. “As a result, Investment Banking Analyst candidates in Europe and Asia can often be several years older than their counterparts in the US.” [img]https://www.stacyblackman.com/wp-content/uploads/etienne-martin-2_K82gx9Uk8-unsplash-1500x1000.jpg[/img] [b]Q: [/b][b]Which careers in finance are the most coveted among MBA-minded professionals?[/b] A: What’s considered “high-demand” summer internships vary based on the students’ pre-MBA background. For candidates with prior work experience in investment banking and/or the buy-side, the most coveted summer internships are: [list] [*]investment roles at hedge funds with several billion dollars in assets under management [/*] [*]investment roles at private equity megafunds or upper middle-market firms [/*] [/list] Those who perform well at these internships will eventually receive full-time offers to join the firm after graduating from business school. At hedge funds, the post-MBA title is usually “Analyst.” The responsibilities of an Analyst at a hedge fund are very different than that of an Analyst in investment banking. While they both have the same title, the Analyst at the hedge fund has far greater responsibilities and can significantly impact the hedge fund’s P&L. By contrast, the Analyst at an investment bank is mainly responsible for building models, creating presentations, and handling logistics. At private equity firms, the post-MBA title is usually “Senior Associate,” “Principal,” or “Vice President.” The interview process is very similar to the pre-MBA private equity recruiting process. Even at the post-MBA level, there’s still a significant focus on technical competence. For candidates without prior work experience in investment banking and/or the buy-side, the most coveted summer internships are Investment Banking Summer Associate programs at the top investment banks. Investment banking programs are more welcoming to people from other industries and looking to switch careers. Your pre-MBA work experience can be in any field (i.e., military, sales, marketing, accounting, corporate, legal, operations, etc.). Being part of the MBA program gives you a ticket to be considered for the Investment Banking Summer Associate internship programs. [b]Q: [/b][b]What are the most coveted finance employers?[/b] A: The most coveted employers do vary by geography. In the United States, the most coveted firms are Morgan Stanley, Goldman Sachs, J.P. Morgan, Evercore, Moelis, and Centerview. The elite boutiques are primarily a US phenomenon. [img]https://www.stacyblackman.com/wp-content/uploads/4096px-Morgan_Stanley_Headquarters_5903796680-1500x1000.jpg[/img] Image credit: [url=https://commons.wikimedia.org/wiki/File:Morgan_Stanley_Headquarters_(5903796680).jpg]Alex Proimos[/url] (CC BY 2.0) Outside of the United States, the most coveted firms are Goldman Sachs, Morgan Stanley, J.P. Morgan, Bank of America Merrill Lynch, Credit Suisse, Citigroup, Deutsche Bank, and UBS. For example, in the Asia Pacific, elite boutiques have very poor deal flow and exit opportunities that are not comparable to that of the US experience. Goldman Sachs, Morgan Stanley, and J.P. Morgan are usually the top choices because they have the best brands and the best deal flow. They also have “global pay,” meaning that bankers in other countries get paid the same as bankers in the home country (i.e., US / UK). Which other banks are coveted varies by geography. [b]Q: Do finance employers find it harder to recruit talent?[/b] A: Yes. Investment banks find it harder to recruit talent because of increasing competition from technology companies and because there’s been a tremendous amount of deal flow over the last three years. The COVID pandemic and the looming tax increase created an incredible surge in deal flow. The banks found that they were inadequately staffed to handle such significant deal flow and had to hire more talent. As a result, investment banks across Wall Street have announced material pay increases for Investment Banking Analysts and Investment Banking Associates. [b]Q: Are there limited quotas per campus, so recruiting is becoming [/b][b]more diversified? [/b][b] [/b] A: Yes. The investment banks usually have a specific quota for each campus. Some have a quota per campus for interview slots. Others have it for offers. However, their HR campus recruiting team will never admit as such. [b]Q: Is recruiting for careers in finance influenced by “who you know?”[/b] A: “Who you know” and networking in general influence recruiting—not just for venture capital and hedge funds, but pretty much for all the jobs. While there’s certainly on-campus recruiting where companies post jobs through the business school’s career center, many private equity/hedge fund/venture capital roles only become available to candidates who reach out and network rather than being readily attainable through the career center. [b]Q: [/b][b]What are the burning questions you hear about careers in finance? [/b] A: The burning questions are usually the most surface-level questions. They revolve around: [list] [*]compensation [/*] [*]exit opportunities, and [/*] [*]work-life balance. [/*] [/list] [b]Q: Are there a[/b][b]ny academic or professional prerequisites for careers in finance?[/b] A: You just need the degree; you don’t need any other certifications. Don’t spend time on the CFA. While many fields in finance certainly value the CFA, it doesn’t help for investment banking, private equity, and venture capital. [img]https://www.stacyblackman.com/wp-content/uploads/robert-bye-xHUZuSwVJg4-unsplash-734x489.jpg[/img] [b]Q: [/b][b]What do you recommend that undergraduate vs. MBA students do in the first semester to start planning for an investment banking career path? When do your clients hire you?[/b] A: The investment banking, private equity, and hedge fund recruiting process begins in the first semester of the MBA program. The investment banks need to hire a big Summer Associate class every year, and so they usually follow the business schools’ rules and policies. They host various networking programs and informal networking sessions with MBA candidates throughout the first semester. Interviews begin towards the end of the winter break and at the beginning of the second semester. Private equity firms and hedge funds hire few MBA interns every year. Because they hire few people, some firms often go beyond the business schools’ career centers’ rules and policies. Some firms refuse to comply with the rules and policies; therefore, their opportunities are not readily available through the career centers. They can interview whenever they like. Unlike investment banking, these buy-side interviews begin as early as November (after Thanksgiving) of the first year. By January, many of the most coveted offers have been extended. Because of the timing of the recruiting process, we’re most effective when we start working with candidates in September of the first year. For post-MBA buy-side recruiting, in particular, because interviews can happen after Thanksgiving, we need to spend September, October, and November on preparation. However, every year, there are always candidates who contact us last minute for prep during the winter break. We can certainly try to provide our coaching services on short notice. But it’s ideal to start at the beginning of the first semester rather than at the end. [b]Q: What advice do you have for MBA applicants who have investment banking in their pre or post-MBA plan?[/b] A: Stacy Blackman polled our SBC team on this topic and noted, “Top business schools expect holistic interests and achievements. Highlighting personal qualities and triumphs is essential to your MBA application strategy. We charted the application journeys of 21 MBA candidates from private equity firms applying to Harvard (HBS), Stanford (GSB) and Wharton. “Our review concluded that neither past academic background nor GMAT scores could reliably predict whether finance applicants were admitted or rejected. Rather, success— defined by either an admit or interview invite—was predicted by how interesting the candidate was to admissions officers.” “What does it mean to be ‘interesting?’ Successful finance applicants talked about activities they engaged with outside the classroom as an undergrad or work today. For example, debate leadership, athletic activity and a remarkable thesis were undergraduate experiences that led to admits to GSB and HBS. Emphasizing earlier life interests that show character and values can differentiate finance candidates vying for top MBA programs,” said Blackman. [img]https://www.stacyblackman.com/wp-content/uploads/ismael-paramo-Cns0h4ypRyA-unsplash-1500x1000.jpg[/img] [b]Q: What are sample MBA essays with investment banking career goals?[/b] [b]Example #1[/b] After receiving an MBA from Columbia, I first intend to transition from strategy consulting into investment banking, where I will gain financial modeling skills and have the opportunity to identify and evaluate prospective targets. In this role, I would combine my previous acquisition implementation experience from consulting with M&A finance principles from my MBA coursework to achieve a well-rounded understanding of the entire transaction life cycle. My role in investment banking will then serve as a critical stepping stone for me to move into private equity after 3-5 years. This transition will allow me to integrate financial and operational deal knowledge to make sophisticated investment decisions and enhance stakeholder values. An MBA at Columbia at this time would be pivotal in helping me navigate my career transition from strategy consulting to investment banking. [b]Example #2[/b] An MBA from Wharton will enable me to transition from management consulting to private equity. As a consultant, I have sized markets, analyzed SWOTs, and developed quantitative and qualitative research techniques. As early as 2007, I was leading projects on my own, including a study to expand market penetration strategies and scenarios in the regional jet market for Spirit Aerosystems, a multibillion-dollar aircraft structures manufacturer. Based on my recommendations, Spirit has expanded into a standalone aero-structures supplier, breaking out of its captive supplier position by broadening its customer base. My five years as a consultant, coupled with my military training and leadership, have provided me with a solid foundation to begin my MBA. A Wharton MBA will allow me to integrate the lessons I have learned in both pursuits and provide me with the managerial knowledge, cross-functional business acumen, and formal leadership training required of a successful private equity professional. [b]Q: Finally, how have salary and compensation changed in investment banking over the years?[/b] A: As reported by [url=https://www.wallstreetoasis.com/resources/industry-reports/investment-banking]WallStreetOasis[/url], you can see the comparative salary trends in the following two charts, with 2018’s on top and 2022’s below. Investment Banking Compensation – As of December 2018 [img]https://www.stacyblackman.com/wp-content/uploads/2018-bulge-brackets-Screenshot-2022-04-22-133342.png[/img] Investment Banking Compensation – As of April 2022 [img]https://www.stacyblackman.com/wp-content/uploads/Bulge-Brackets-Screenshot-2022-04-22-133003.png[/img] 2022 Bulge Bracket Bank average compensation. Source: [url=https://www.wallstreetoasis.com/resources/industry-reports/investment-banking]Wall Street Oasis 2022 Investment Banking Industry Report[/url] [url=https://www.stacyblackman.com/contact/]Request a free MBA candidacy analysis[/url] to understand your career profile for MBA admissions *** [url=https://www.10xebitda.com/]10X EBITDA[/url] is a career coaching firm that provides 1-on-1 personalized coaching services guiding candidates through both the pre-MBA and post-MBA recruiting processes for investment banking, private equity and hedge funds. The team is composed of former investment banking professionals and investment professionals from the world’s top private equity firms and hedge funds, such as KKR, TPG and Carlyle. Its mission is to cultivate the next generation of top talent for Wall Street and to help candidates bring their careers to new heights. Whether you’re a student or a current working professional, check out 10X EBITDA’s website for helpful recruiting resources. The post [url=https://www.stacyblackman.com/the-lure-is-more-than-salary-for-investment-banking/]The Lure is More than Salary for Investment Banking[/url] appeared first on [url=https://www.stacyblackman.com]Stacy Blackman Consulting - MBA Admissions Consulting[/url]. |
27 Apr 2022, 08:00
| FROM Stacy Blackman Consulting Blog: B-Schooled Podcast Episode #105: Pro Tips From 100+ Episodes (From a Successful Applicant Who Listened to Them All) |
 We love the podcast. Hopefully, you love the podcast. But even if you love the podcast as much as we do, you might not have time to listen to all 100+ episodes. However, one successful applicant did listen to EVERY SINGLE EPISODE. For this edition, Ty Sheets shares three key takeaways from the podcast, some specific episodes he found to be most helpful, and a few hidden gems he discovered along the way. Ty also discusses how the podcast influenced his own application journey—and touches on the topics of prioritizing work, avoiding overwhelm, embracing bold choices, and reframing his experience from one of apprehension to one of excitement. Ty closes by sharing a candid perspective about the real work involved with MBA applications that might surprise you. Spoiler alert: Ty was admitted to three of his top programs and accepted a generous scholarship to his dream school. Listen to B-Schooled episode #105 here, or on any of the major podcast platforms below. B-Schooled is available on most major podcast apps, including: Apple Podcasts Spotify Stitcher TuneIn Please be sure to subscribe to B-Schooled so that you don’t miss a thing. Also, if there’s something you’d like for us to cover in a future episode, please email podcast@stacyblackman.com. We’d love to hear from you! The post B-Schooled Podcast Episode #105: Pro Tips From 100+ Episodes (From a Successful Applicant Who Listened to Them All) appeared first on Stacy Blackman Consulting - MBA Admissions Consulting. |
27 Apr 2022, 13:00
| FROM Stacy Blackman Consulting Blog: The Lure is More than Salary for Investment Banking |
|
[url=https://tenor.com/view/6m-rain-wallstreet-make-it-rain-gif-8203989]6m Rain GIF[/url]from [url=https://tenor.com/search/6m-gifs]6m GIFs[/url] The salary for investment banking is a big lure for countless MBA aspirants. But there’s more to it than just hefty compensation. To expand upon our previous work on [url=https://www.stacyblackman.com/is-finance-a-good-career-path-mba-applications/]Is Finance a Good Career Path[/url] and our discussion on the merits of the [url=https://www.stacyblackman.com/blog/investment-banking-mba-career-path/]investment banking career path[/url], we’re taking a 360-degree view of careers in finance. In this investment banking overview, we’ll cover the following: [list] Salary drivers for investment banking[/*] What are typical careers in finance?[/*] Which positions are the most coveted among MBA-minded professionals?[/*] Which finance employers are the most coveted?[/*] Do finance employers find it harder to recruit talent?[/*] Are there quotas per campus for finance recruiting?[/*] Is recruiting for careers in finance influenced by who you know?[/*] Are there any academic or professional prerequisites for careers in finance?[/*] Tips for finance career applicants in MBA applications[/*] Sample MBA application essays[/*] How compensation and salary in investment banking have changed over the years[/*] [/list] We’ll tap into the expertise of Ken Adams, the founder of [url=https://www.10xebitda.com/]10X EBITDA,[/url] a career coaching firm that provides 1-on-1 personalized coaching services guiding candidates through both the pre-MBA and post-MBA recruiting processes for investment banking, private equity, and hedge funds. We also cull advice from the former MBA Admissions Officers on the Stacy Blackman Consulting (SBC) [url=https://www.stacyblackman.com/about/mba-admissions-consulting-team/]team.[/url] Specifically, we’ll learn how applicants from the finance career path can differentiate themselves from the traditional pool. Plus, we’ll tackle how applicants who have pre or post-MBA finance careers can best position themselves—especially as they aspire to the elite business schools. [b]Salary in Investment Banking[/b] [img]https://www.stacyblackman.com/wp-content/uploads/investment-banking-quote.png[/img] We have previously covered the best-paying[url=https://www.stacyblackman.com/best-paying-jobs-in-finance-mba-business-school-careers/] jobs in finance[/url]. Now, [url=https://mergersandinquisitions.com/investment-banker-salary/]Mergers and Inquisitions[/url] has just released an overview of the salary range for investment banking. Here is a quick snapshot: Salary Range for Investment Banking Position TitleTypical Age RangeBase Salary (USD)Total Compensation (USD)Timeframe for Promotion Analyst 22-27$100K-$125K$150K-$250K2-3 Years Associate25-35$175K-$225K$300K-$550K3-4 Years Vice President (VP)28-40$250K-$300K$500K-$900K3-4 Years Director/Senior Vice President (SVP)32-45$300K-$350K$800K-$1.2M2-3 Years Managing Director (MD)35-50$400K-$600K$1M-$3MN/A (All numbers are pre-tax and include base salaries and year-end bonuses, but not signing/relocation bonuses, stub bonuses, benefits, etc.) [b]Q: What are the salary drivers in investment banking?[/b] [b][/b][b][/b][b][/b]A: Our friends at Mergers and Inquisitions recently outlined the[url=https://mergersandinquisitions.com/investment-banker-salary/] components[/url] of investment banking salary as follows: [list] [*][b]Base Salary:[/b] This is what you earn via paycheck or direct deposit every two weeks. Up until 2021, these numbers hadn’t changed much in years. [/*] [*][b]Stub Bonus:[/b] Since Analysts and Associates graduate from university or MBA programs and start working in the middle of the calendar year, they receive “stub bonuses” for their first ~6 months on the job. These are typically low percentages of Year 1 base salaries, such as ~20-30%. But they could be much higher at some firms (~50%). [/*] [*][b]End-of-Year Bonus:[/b] You earn this after your first full year of work. Initially, it’s 100% cash, but a percentage will shift to stock and deferred compensation as you move up. As a later Associate or VP, it might be around 20-30% stock/deferred with a 3-year vesting period. [/*] [*][b]Signing/Relocation Bonus:[/b] This applies to Analysts and Associates who graduate and accept full-time offers. This signing bonus might be around $10-$15K at the Analyst level and $50-$60K as an Associate. [/*] [*][b]Benefits:[/b] Finally, you’ll get health insurance, vacation days, and potential participation in the firm’s profit-sharing or 401(k) retirement plans. These are useful in the U.S. but less so in places with functional public healthcare systems, such as Europe.[/*] [/list] [url=https://www.stacyblackman.com/contact/]Request a free MBA candidacy analysis[/url] to understand your career profile for MBA admissions [b]Q: What are typical careers in finance?[/b] A: Ken, the founder of 10X EBITDA, shared that the three most common paths to break into investment banking as a student are as follows: 1. [b]Analyst Path:[/b] Undergraduate / Master’s Degree (Non-MBA) -> Investment Banking Analyst -> Buyside / MBA 2. [b]Associate Path:[/b] Undergraduate Degree -> Various Jobs -> MBA -> Investment Banking Associate 3. [b]Lateral Hire:[/b] Other Professional Job -> Investment Banking Analyst or Associate “The first two are the most common paths for students. For candidates who are current working professionals, there’s the third path. They can break into investment banking as a ‘lateral’ hire. The investment banks often hire talent from adjacent industries: Big Four, Corporations, Tech Startups, Law Firms, Consulting Firms, etc,” Ken said. “Norms vary a bit by geography. In North America, the overwhelming majority of Investment Banking Analysts embarked on their careers after their undergraduate studies. By contrast, while Europe and the Asia Pacific also recruit Investment Banking Analysts out of undergrad, it’s a lot more common for successful candidates to obtain a Master’s degree (non-MBA) prior to landing the Investment Banking Analyst role. “Additionally, some countries in Europe and Asia also have mandatory military service requirements,” he noted. “As a result, Investment Banking Analyst candidates in Europe and Asia can often be several years older than their counterparts in the US.” [img]https://www.stacyblackman.com/wp-content/uploads/etienne-martin-2_K82gx9Uk8-unsplash-1500x1000.jpg[/img] [b]Q: [/b][b]Which careers in finance are the most coveted among MBA-minded professionals?[/b] A: What’s considered “high-demand” summer internships vary based on the students’ pre-MBA background. For candidates with prior work experience in investment banking and/or the buy-side, the most coveted summer internships are: [list] [*]investment roles at hedge funds with several billion dollars in assets under management [/*] [*]investment roles at private equity megafunds or upper middle-market firms [/*] [/list] Those who perform well at these internships will eventually receive full-time offers to join the firm after graduating from business school. At hedge funds, the post-MBA title is usually “Analyst.” The responsibilities of an Analyst at a hedge fund are very different than that of an Analyst in investment banking. While they both have the same title, the Analyst at the hedge fund has far greater responsibilities and can significantly impact the hedge fund’s P&L. By contrast, the Analyst at an investment bank is mainly responsible for building models, creating presentations, and handling logistics. At private equity firms, the post-MBA title is usually “Senior Associate,” “Principal,” or “Vice President.” The interview process is very similar to the pre-MBA private equity recruiting process. Even at the post-MBA level, there’s still a significant focus on technical competence. For candidates without prior work experience in investment banking and/or the buy-side, the most coveted summer internships are Investment Banking Summer Associate programs at the top investment banks. Investment banking programs are more welcoming to people from other industries and looking to switch careers. Your pre-MBA work experience can be in any field (i.e., military, sales, marketing, accounting, corporate, legal, operations, etc.). Being part of the MBA program gives you a ticket to be considered for the Investment Banking Summer Associate internship programs. [b]Q: [/b][b]What are the most coveted finance employers?[/b] A: The most coveted employers do vary by geography. In the United States, the most coveted firms are Morgan Stanley, Goldman Sachs, J.P. Morgan, Evercore, Moelis, and Centerview. The elite boutiques are primarily a US phenomenon. [img]https://www.stacyblackman.com/wp-content/uploads/4096px-Morgan_Stanley_Headquarters_5903796680-1500x1000.jpg[/img] Image credit: [url=https://commons.wikimedia.org/wiki/File:Morgan_Stanley_Headquarters_(5903796680).jpg]Alex Proimos[/url] (CC BY 2.0) Outside of the United States, the most coveted firms are Goldman Sachs, Morgan Stanley, J.P. Morgan, Bank of America Merrill Lynch, Credit Suisse, Citigroup, Deutsche Bank, and UBS. For example, in the Asia Pacific, elite boutiques have very poor deal flow and exit opportunities that are not comparable to that of the US experience. Goldman Sachs, Morgan Stanley, and J.P. Morgan are usually the top choices because they have the best brands and the best deal flow. They also have “global pay,” meaning that bankers in other countries get paid the same as bankers in the home country (i.e., US / UK). Which other banks are coveted varies by geography. [b]Q: Do finance employers find it harder to recruit talent?[/b] A: Yes. Investment banks find it harder to recruit talent because of increasing competition from technology companies and because there’s been a tremendous amount of deal flow over the last three years. The COVID pandemic and the looming tax increase created an incredible surge in deal flow. The banks found that they were inadequately staffed to handle such significant deal flow and had to hire more talent. As a result, investment banks across Wall Street have announced material pay increases for Investment Banking Analysts and Investment Banking Associates. [b]Q: Are there limited quotas per campus, so recruiting is becoming [/b][b]more diversified? [/b][b] [/b] A: Yes. The investment banks usually have a specific quota for each campus. Some have a quota per campus for interview slots. Others have it for offers. However, their HR campus recruiting team will never admit as such. [b]Q: Is recruiting for careers in finance influenced by “who you know?”[/b] A: “Who you know” and networking in general influence recruiting—not just for venture capital and hedge funds, but pretty much for all the jobs. While there’s certainly on-campus recruiting where companies post jobs through the business school’s career center, many private equity/hedge fund/venture capital roles only become available to candidates who reach out and network rather than being readily attainable through the career center. [b]Q: [/b][b]What are the burning questions you hear about careers in finance? [/b] A: The burning questions are usually the most surface-level questions. They revolve around: [list] [*]compensation [/*] [*]exit opportunities, and [/*] [*]work-life balance. [/*] [/list] [b]Q: Are there a[/b][b]ny academic or professional prerequisites for careers in finance?[/b] A: You just need the degree; you don’t need any other certifications. Don’t spend time on the CFA. While many fields in finance certainly value the CFA, it doesn’t help for investment banking, private equity, and venture capital. [img]https://www.stacyblackman.com/wp-content/uploads/robert-bye-xHUZuSwVJg4-unsplash-734x489.jpg[/img] [b]Q: [/b][b]What do you recommend that undergraduate vs. MBA students do in the first semester to start planning for an investment banking career path? When do your clients hire you?[/b] A: The investment banking, private equity, and hedge fund recruiting process begins in the first semester of the MBA program. The investment banks need to hire a big Summer Associate class every year, and so they usually follow the business schools’ rules and policies. They host various networking programs and informal networking sessions with MBA candidates throughout the first semester. Interviews begin towards the end of the winter break and at the beginning of the second semester. Private equity firms and hedge funds hire few MBA interns every year. Because they hire few people, some firms often go beyond the business schools’ career centers’ rules and policies. Some firms refuse to comply with the rules and policies; therefore, their opportunities are not readily available through the career centers. They can interview whenever they like. Unlike investment banking, these buy-side interviews begin as early as November (after Thanksgiving) of the first year. By January, many of the most coveted offers have been extended. Because of the timing of the recruiting process, we’re most effective when we start working with candidates in September of the first year. For post-MBA buy-side recruiting, in particular, because interviews can happen after Thanksgiving, we need to spend September, October, and November on preparation. However, every year, there are always candidates who contact us last minute for prep during the winter break. We can certainly try to provide our coaching services on short notice. But it’s ideal to start at the beginning of the first semester rather than at the end. [b]Q: What advice do you have for MBA applicants who have investment banking in their pre or post-MBA plan?[/b] A: Stacy Blackman polled our SBC team on this topic and noted, “Top business schools expect holistic interests and achievements. Highlighting personal qualities and triumphs is essential to your MBA application strategy. We charted the application journeys of 21 MBA candidates from private equity firms applying to Harvard (HBS), Stanford (GSB) and Wharton. “Our review concluded that neither past academic background nor GMAT scores could reliably predict whether finance applicants were admitted or rejected. Rather, success— defined by either an admit or interview invite—was predicted by how interesting the candidate was to admissions officers.” “What does it mean to be ‘interesting?’ Successful finance applicants talked about activities they engaged with outside the classroom as an undergrad or work today. For example, debate leadership, athletic activity and a remarkable thesis were undergraduate experiences that led to admits to GSB and HBS. Emphasizing earlier life interests that show character and values can differentiate finance candidates vying for top MBA programs,” said Blackman. [img]https://www.stacyblackman.com/wp-content/uploads/ismael-paramo-Cns0h4ypRyA-unsplash-1500x1000.jpg[/img] [b]Q: What are sample MBA essays with investment banking career goals?[/b] [b]Example #1[/b] After receiving an MBA from Columbia, I first intend to transition from strategy consulting into investment banking, where I will gain financial modeling skills and have the opportunity to identify and evaluate prospective targets. In this role, I would combine my previous acquisition implementation experience from consulting with M&A finance principles from my MBA coursework to achieve a well-rounded understanding of the entire transaction life cycle. My role in investment banking will then serve as a critical stepping stone for me to move into private equity after 3-5 years. This transition will allow me to integrate financial and operational deal knowledge to make sophisticated investment decisions and enhance stakeholder values. An MBA at Columbia at this time would be pivotal in helping me navigate my career transition from strategy consulting to investment banking. [b]Example #2[/b] An MBA from Wharton will enable me to transition from management consulting to private equity. As a consultant, I have sized markets, analyzed SWOTs, and developed quantitative and qualitative research techniques. As early as 2007, I was leading projects on my own, including a study to expand market penetration strategies and scenarios in the regional jet market for Spirit Aerosystems, a multibillion-dollar aircraft structures manufacturer. Based on my recommendations, Spirit has expanded into a standalone aero-structures supplier, breaking out of its captive supplier position by broadening its customer base. My five years as a consultant, coupled with my military training and leadership, have provided me with a solid foundation to begin my MBA. A Wharton MBA will allow me to integrate the lessons I have learned in both pursuits and provide me with the managerial knowledge, cross-functional business acumen, and formal leadership training required of a successful private equity professional. [b]Q: Finally, how have salary and compensation changed in investment banking over the years?[/b] A: As reported by [url=https://www.wallstreetoasis.com/resources/industry-reports/investment-banking]WallStreetOasis[/url], you can see the comparative salary trends in the following two charts, with 2018’s on top and 2022’s below. Investment Banking Compensation – As of December 2018 [img]https://www.stacyblackman.com/wp-content/uploads/2018-bulge-brackets-Screenshot-2022-04-22-133342.png[/img] Investment Banking Compensation – As of April 2022 [img]https://www.stacyblackman.com/wp-content/uploads/Bulge-Brackets-Screenshot-2022-04-22-133003.png[/img] 2022 Bulge Bracket Bank average compensation. Source: [url=https://www.wallstreetoasis.com/resources/industry-reports/investment-banking]Wall Street Oasis 2022 Investment Banking Industry Report[/url] [url=https://www.stacyblackman.com/contact/]Request a free MBA candidacy analysis[/url] to understand your career profile for MBA admissions *** [url=https://www.10xebitda.com/]10X EBITDA[/url] is a career coaching firm that provides 1-on-1 personalized coaching services guiding candidates through both the pre-MBA and post-MBA recruiting processes for investment banking, private equity and hedge funds. The team is composed of former investment banking professionals and investment professionals from the world’s top private equity firms and hedge funds, such as KKR, TPG and Carlyle. Its mission is to cultivate the next generation of top talent for Wall Street and to help candidates bring their careers to new heights. Whether you’re a student or a current working professional, check out 10X EBITDA’s website for helpful recruiting resources. The post [url=https://www.stacyblackman.com/blog/the-lure-is-more-than-salary-for-investment-banking/]The Lure is More than Salary for Investment Banking[/url] appeared first on [url=https://www.stacyblackman.com]Stacy Blackman Consulting - MBA Admissions Consulting[/url]. |
27 Apr 2022, 13:00
| FROM Stacy Blackman Consulting Blog: B-Schooled Podcast Episode #105: Pro Tips From 100+ Episodes (From a Successful Applicant Who Listened to Them All) |
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We love the podcast. Hopefully, you love the podcast. But even if you love the podcast as much as we do, you might not have time to listen to all 100+ episodes. However, one successful applicant did listen to EVERY SINGLE EPISODE. For this edition, Ty Sheets shares three key takeaways from the podcast, some specific episodes he found to be most helpful, and a few hidden gems he discovered along the way. Ty also discusses how the podcast influenced his own application journey—and touches on the topics of prioritizing work, avoiding overwhelm, embracing bold choices, and reframing his experience from one of apprehension to one of excitement. Ty closes by sharing a candid perspective about the real work involved with MBA applications that might surprise you. Spoiler alert: Ty was admitted to three of his top programs and accepted a generous scholarship to his dream school. Listen to B-Schooled episode #105 here, or on any of the major podcast platforms below. B-Schooled is available on most major podcast apps, including: Apple Podcasts Spotify Stitcher TuneIn Please be sure to subscribe to B-Schooled so that you don’t miss a thing. Also, if there’s something you’d like for us to cover in a future episode, please email podcast@stacyblackman.com. We’d love to hear from you! The post B-Schooled Podcast Episode #105: Pro Tips From 100+ Episodes (From a Successful Applicant Who Listened to Them All) appeared first on Stacy Blackman Consulting - MBA Admissions Consulting. |
29 Apr 2022, 07:00
| FROM Stacy Blackman Consulting Blog: 5 Findings from GMAC’s Survey of Prospective MBA Applicants |
 The Graduate Management Admission Council (GMAC) has taken the pulse of prospective MBA applicants to see what attitudes have changed, if any, compared to pre-pandemic times. Earlier this week, Matt Hazenbush, the Director of Research Analysis and Communications at GMAC, shared five takeaways gleaned from the 2022 Prospective Students Survey. Here are GMAC’s noteworthy findings regarding future MBA aspirants. Prospective MBA applicants continue to view the MBA as highly as they did before the pandemic. Despite the lingering effects of the pandemic on so many aspects of our lives, the MBA remains a valuable degree. Now more than ever, professionals need to have a strong foundation in fundamental business principles. An MBA equips grads with advanced knowledge to navigate the business concerns of tomorrow. “Globally, more than 4 in 5 candidates agree that a graduate business degree helps you stand out at work— consistent with pre-pandemic levels,” Hazenbush notes. The full-time MBA format is still the most preferred program type. The GMAC survey found that “More than 40 percent of prospective students in the business school pipeline want to earn an MBA in a full-time format as a part of either a two- (22% of candidates in 2021) or one-year (21%) program.” The classic MBA experience is still the gold standard for many applicants, SBC has found. The whole immersion experience is invaluable for the networking opportunities and alumni connections it provides. It also offers a unique time for MBA students to reflect on and reconsider their career paths.  Prospective students prefer the in-person business school experience over the online-only format. However, interest in hybrid formats is growing. The vast majority (73%) of prospective applicants think online MBA programs don’t offer the same value as on-campus programs, the GMAC survey reports. “Nearly 4 in 5 disagree that the networking opportunities are equivalent, and 2 in 3 disagree that the career opportunities are the same,” Hazenbush notes. “A lot of people started to really value in-person connections, and also became skeptical about the sort of ROI of purely virtual environments,” veteran US News journalist Ilana Kowarski recently told the SBC team. “I do think that there is going to be some resurgence of interest in traditional MBAs.” Plus, she added, “I think a lot of people are craving the social environment that a traditional MBA could provide.” International students continue to favor the United States and Western Europe as their top study destinations. However, in some Asian markets, a growing number of candidates are opting to study domestically. Depending on where you want to work after graduating, an MBA from a top US or European business school will open a lot of doors. Some applicants favor Europe for its shorter programs, (usually) lower tuition costs, and a truly international experience. Many candidates consider US B-schools the gold standard for graduate management education. Whether you value the academic experience, immersive opportunities, available resources, or brand power, top U.S. schools have it all. “The good news for business schools in Western Europe and the United States is that most candidates who prefer to study internationally still want to study in these locations,” says Hazenbush. However, candidates from Central and South Asian countries have lost some interest in studying in those locales. The percentage dropped from 89% to 73% between 2019-2021. Likewise, interest in international study dipped from 92% to 87% among East and South Asian candidates between 2020-21. “The implications of this may be that competition for a smaller pool of internationally mobile talent may heat up over the next several years,” Hazenbush predicts.  More and more prospective MBA applicants are interested in tech careers, and the schools hope to attract these candidates. There are a growing number of technology-focused and STEM career paths, as well as data science-focused skills required of today’s leaders. Meanwhile, the schools have responded with curriculum additions in machine learning, data analytics, blockchain, artificial intelligence, and automation. “In terms of industries of interest, where we saw a statistically significant shift in the last year is in interest in the tech sector,” Hazenbush notes. “Tech was the most commonly sought-after industry by non-business undergrad majors (49%) in 2021.” Also worth noting: the latest survey showed an uptick in women interested in tech (29% to 34%) as well as URM candidate interest (36% to 39%) “It will certainly be interesting to see if this is the beginning of a longer-term shift toward tech, or a momentary uptick followed by regression,” Hazenbush writes. “If it sustains, it could be a signal to schools interested in boosting diversity to more closely position their offerings as a gateway to desirable tech jobs.” The post 5 Findings from GMAC’s Survey of Prospective MBA Applicants appeared first on Stacy Blackman Consulting - MBA Admissions Consulting. |
02 May 2022, 12:00
| FROM Stacy Blackman Consulting Blog: 3 Lessons We Can All Learn from Stephen Curry |
 “FRESH IDEAS FROM THE BLACKLIGHT” SBC’s Weekly Newsletter for Professionals As a high school sophomore, Stephen Curry was as far from the image of an NBA superstar as you could imagine. At 5’6’’ and 125 pounds, he was the quintessential underdog underestimated by all. The Golden State Warriors point guard is now a two-time MVP who has revolutionized the game. When he leapfrogged past Ray Allen’s record for three-pointers in December 2021, Curry became the greatest shooter in NBA history. Sure, natural talent plays a significant role in his success. But many would argue that Curry’s uncompromising work ethic has made him the player he is today. Elliot Weiss, professor emeritus at the UV Darden School of Business, recently analyzed Stephen Curry’s training process and has distilled three lessons he thinks business leaders should embrace. Lesson One: Adopt a Kaizen Mindset  Kaizen is the Japanese word for continual process improvement. Lasting change requires discipline and dedication—something this pro athlete has in spades. Curry works relentlessly—and in many unconventional ways—to improve his handling of the ball. For the curious, the Bleacher Report offers an in-depth look at some of the deep science and cutting-edge technology Curry uses to develop his perceptive powers. From training with strobe goggles to his regular floats in a sensory deprivation chamber, Curry is all-in on boosting his “neurocognitive efficiency.” “I teach and write on continuous process improvement, the relentless pursuit of creating value,” Weiss explains. “We see Curry practicing this, trying relentlessly to improve.” Lesson Two: Reduce Variability In a business setting, variability can wreak havoc on product quality and customer satisfaction. It can also negatively impact revenue, cost, and margins. When you work continuously to improve your operations, says Weiss, you create strong processes to succeed even when unexpected variables show up. “Accuracy is nice, but precision is even better,” Weiss says. “If you have a lot of variability, it’s hard to figure out what’s going wrong.” By improving his precision, Stephen Curry strives for that same predictability. “He’s trying to make the process more robust so when factors emerge beyond his control, such as when he is tired or the crowd is yelling, he is still able to get the same output,” Weiss explains. Lesson Three: Never Stop Innovating Consider the fates of once-stalwart companies such as Sears, Nokia, Xerox, and Blockbuster. In every case, a failure to innovate led to its demise.  In the arena of basketball, the three-pointer was a rare event before the 1980s. Back in 2000, a mere 16.7% of shots attempted were three-pointers. That figure jumped to nearly 40% in 2020. In basketball, as in business, customers’ expectations continue to evolve. “Here you have a fellow who is at the top of the game, realizing that standing still is not an option,” Weiss says of Curry. “He is still continuously improving based on data, effective analysis, and reducing variability.” “We have a saying that quality is the only race you lose by finishing,” Weiss notes. “As soon as you stop improving, then someone is going to get better than you.” Huzzah! You made it to the end of the post! These lessons inspired by Stephen Curry appeared initially on the Blacklight, our weekly newsletter for professionals. At the Blacklight, we aim to illuminate with every dispatch that lands in your inbox. If you’re thirsty for guidance to help you slay it at work or as a student and move your goalposts closer, sign up today! Image by Noah Salzman (CC BY-SA 3.0) The post 3 Lessons We Can All Learn from Stephen Curry appeared first on Stacy Blackman Consulting - MBA Admissions Consulting. |
04 May 2022, 08:00
| FROM Stacy Blackman Consulting Blog: B-Schooled Podcast Episode #106: Admissions Test Deep Dive |
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Anthony Ritz, Stacy Blackman Consulting’s Director of Test Prep, who’s been a GMAT and GRE tutor for more than two decades, joins the podcast to share his insights on how MBA applicants can best prepare themselves to do well on their admissions tests. He covers: • When to take the test • How long to plan on studying for the test • How many times to take the test • What to do if you’re not getting the score you want • How his team can help applicants who aren’t satisfied with their scores … and more! Listen to B-Schooled episode #106 here, or on any of the podcast apps listed below. B-Schooled is available on most major podcast apps, including: Apple Podcasts Spotify Stitcher TuneIn Please be sure to subscribe to B-Schooled so that you don’t miss a thing. Also, if there’s something you’d like for us to cover in a future episode, please email podcast@stacyblackman.com. We’d love to hear from you! The post B-Schooled Podcast Episode #106: Admissions Test Deep Dive appeared first on Stacy Blackman Consulting - MBA Admissions Consulting. |
04 May 2022, 12:00
| FROM Stacy Blackman Consulting Blog: Harvard MBA Deadlines for the Class of 2025 |
 Are you already planning your application strategy for Harvard Business School? Then get out your calendar, because the Harvard MBA deadlines for the 2022-2023 admissions season have been announced! ROUND 1 Application due: September 7, 2022 Decision released: December 8, 2022 ROUND 2 Application due: January 4, 2023 Decision released: March 29, 2023 All applications are due at 12 noon EST on the day of the deadline. Therefore, Class of 2025 applications received after September 7, 2022, will be considered in Round 2. Consequently, applications received after January 4, 2023, will not be considered. The Class of 2025 application will open in June 2022. The post Harvard MBA Deadlines for the Class of 2025 appeared first on Stacy Blackman Consulting - MBA Admissions Consulting. |
04 May 2022, 13:00
| FROM Stacy Blackman Consulting Blog: Harvard MBA Essay for the Class of 2025 |
 In addition to the HBS deadlines, the Harvard MBA essay for the 2022-23 admissions season has been confirmed. The essay question remains unchanged from the last admissions cycle. Harvard MBA Essay for the 2022-2023 Cycle: “As we review your application, what more would you like us to know as we consider your candidacy for the Harvard Business School MBA Program?” (no word limit) We think you know what guidance we’re going to give here. Don’t overthink, overcraft and overwrite. Just answer the question in clear language that those of us who don’t know your world can understand. Joint program applicants for the Harvard Medical School, Harvard School of Dental Medicine, Harvard Law School, and Harvard Kennedy School must provide an additional essay: How do you expect the joint degree experience to benefit you on both a professional and a personal level? (400 words) “The essay really is make or break for HBS,” shares one of the former HBS Admissions Officers on the SBC team. “So many applications have acceptable credentials up to that point of the application. It really is the essay that sets the overall application apart and earns it the interview.” Check out our targeted tips for the Harvard MBA essay. And don’t hesitate to contact us to learn how Stacy Blackman Consulting can help with your Harvard MBA application. The post Harvard MBA Essay for the Class of 2025 appeared first on Stacy Blackman Consulting - MBA Admissions Consulting. |
10 May 2022, 06:00
| FROM Stacy Blackman Consulting Blog: Tuesday Tips: Harvard MBA Essay Advice for 2022-2023 |
 Harvard Business School has confirmed that the Harvard MBA essay question for the class of 2025 remains the same. The Harvard MBA essay is challenging because it is open-ended. Therefore, you must remain disciplined while writing this essay. You will feel tempted to write a laundry list of everything interesting or impressive you have ever done with unlimited space. That urge could backfire. The admissions committee uses the essay to weed out those who aren’t a fit for HBS. Meanwhile, a persuasive essay can move you into the interview round for a closer look. One of the former HBS Admissions Officers on the SBC team shared, “The essay really is make or break for HBS – so many applications have acceptable credentials up to that point of the application and it is the essay that sets the overall application apart and earns it the interview.” Think about who Harvard is looking for. The admissions committee writes that “Habit of Leadership, Analytical Aptitude and Appetite, and Engaged Community Citizenship” are the common characteristics of a successful applicant. Harvard MBA Essay for 2022-2023 As we review your application, what more would you like us to know as we consider your candidacy for the Harvard Business School MBA Program? (no word limit) A note on word count: HBS values brevity in essays. Don’t go overboard with a 2,000-word essay. Instead, focus on concise and clear writing and consider keeping it in the ~1,000-word range. Our clients have successfully composed essays anywhere from 500-1,300 words. If you find yourself on the upper end of that range, review and cut any unnecessary words. Because there is no stated word count for the Harvard MBA essay, you have the flexibility to take extra space if you are telling a compelling story that needs it. The goal of this essay is to know yourself, know HBS, and know-how to match the two. Your task is to demonstrate your fit with Harvard Business School. First, evaluate all of the other aspects of your candidacy – what is the story your resume tells? What do you think recommenders will say? How does your transcript communicate your skills, accomplishments, and interests? Then, evaluate how to fill the gaps with the essay. Chad Losee, Managing Director of MBA Admissions and Financial Aid at Harvard Business School, provides several tips in this video. As Losee advises, a key part of the question is “what more”? The HBS admissions committee wants you to use this essay to communicate information that adds to the rest of your application. Also, give yourself “the time and space to really reflect.” “At the end of the essay, the reader should feel so moved they want to meet you immediately – can’t wait to get to know you better, hear more of the story, ask you specific questions to learn more, be inspired, etc,” shared one of the former HBS Admissions Officers on the SBC team. Learn more about current HBS students Check out the incoming class profile for some idea of the “typical” HBS student. Keep in mind that both personal and career-oriented topics can work for this essay. In fact, most candidates tell more than one story in the essay. In the past, we have seen successful HBS essays demonstrate a core driving passion. HBS students are ambitious, motivated, and never dull.  Choose stories that show your management potential. HBS has always focused on leadership and loves candidates with a track record of leadership impact and future potential. Your goal is to demonstrate a success trajectory to indicate upper management potential. And, your path should show a passion for impact in both business and society. In past years, Harvard MBA essay questions focused on accomplishments. Therefore, consider telling an accomplishment story in this essay. If your key achievements are not evident in your resume or transcripts, you can use this essay to explain them. That said, this essay aims to discover who you are. “Be genuine,” advises the HBS admissions blog, and continues: “Yes, we want you to put your best foot forward, but be careful not to be so ‘polished’ that we can’t get to know the real you.” Especially at this time of global hardship, your story doesn’t need to be perfect.  Embrace the challenges that you have overcome and tell your story. Remember that focusing on the lessons in your setbacks can be inspiring and revealing. Losee also suggests that you read the essay over and make sure it can’t describe someone else. It should be personal and describe how you are unique. A note on what not to do Many applicants feel compelled to include “why HBS” type information in the Harvard MBA essay. Unlike most MBA programs, HBS has never asked “why HBS” in an application essay question. If you feel strongly that you want to explain why Harvard is the right fit, focus on tangible differences like the Case Method learning style. However, avoid lengthy explanations about how HBS is your top choice. Instead, use the space to provide detailed information about you and your strong candidacy. The SBC team wishes you much luck with your HBS application and interview and would love to support your efforts. See here for new HBS interview advice, including format, evaluation criteria, and sample questions. Contact one of our SBC Principals to request availability for HBS interview preparation by emailing hbs@stacyblackman.com asap. Here’s the overview of SBC’s interview prep services. The post Tuesday Tips: Harvard MBA Essay Advice for 2022-2023 appeared first on Stacy Blackman Consulting - MBA Admissions Consulting. |
11 May 2022, 11:00
| FROM Stacy Blackman Consulting Blog: B-Schooled Podcast Episode #107: The Inside Scoop on Short- and Long-term Career Goals |
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Nearly every school will ask you some version of the following question: “What are your short and long-term term career goals?“ Not only is this question essential to nail, but tackling it in the right way can provide a “North Star” for your entire application—linking together who you are, what you’ve done, where you want to go, and how an MBA will help you get there. Today we sit down with MBA admissions expert Christina Fu to dive into what works and what doesn’t regarding short and long-term career goals. This podcast is especially helpful for those who: 1. Already have a clear idea of their post MBA goals and want to articulate these most powerfully 2. Are still deciding between two possible career paths, or 3. Candidly have no idea what they want to do after B school… and this group is larger than you’d think, so you are not alone! Listen to B-Schooled episode #107 here, or on any of the major podcast platforms below. B-Schooled is available on most major podcast apps, including: Apple Podcasts Spotify Stitcher TuneIn Please be sure to subscribe to B-Schooled so that you don’t miss a thing. Also, if there’s something you’d like for us to cover in a future episode, please email podcast@stacyblackman.com. We’d love to hear from you! The post B-Schooled Podcast Episode #107: The Inside Scoop on Short- and Long-term Career Goals appeared first on Stacy Blackman Consulting - MBA Admissions Consulting. |
12 May 2022, 07:00
| FROM Stacy Blackman Consulting Blog: CMU Tepper Launches New Part-Time Accelerated MBA Program |
 The Tepper School of Business at Carnegie Mellon is adding a new two-year, part-time MBA program to its portfolio of degrees offered. The Part-Time Accelerated MBA was created for people who already have an undergrad business degree or related coursework under their belt and want to accelerate their MBA process. Admitted students can pursue an analytics-focused curriculum in an expedited part-time online format, CMU Tepper explained in a media release. Qualified individuals with an undergraduate business degree or who have taken specific foundational business courses in the last seven years may transfer credits into the program. They will take refresher coursework in their first semester of the Part-Time Accelerated MBA program, the school noted. Students have the option to convert to a full-time, in-person experience during their second year of coursework. “In just two years, the Tepper School’s Accelerated MBA program will prepare students to manage people, build networks of influence, and inspire others to solve the world’s most complex problems,” said Kelly Wilson, executive director of masters admissions. “We’re excited to offer this new option to advance the careers of next-generation business leaders in a quick and efficient format.” Delivered through a combination of online and optional on-campus classes, the school notes that the Part-Time Accelerated MBA program offers the same MBA degree and is taught by the same professors who lead the full-time program. Students of the two-year part-time program also will be able to build global networks and beneficial community connections as Tepper School alumni. “As we continue to work toward a more intelligent future, flexible and accessible options are a priority for us at the Tepper School,” said Isabelle Bajeux-Besnainou, dean of the Tepper School of Business. “This new program provides a fast-track Tepper School MBA degree to propel graduates into the next levels of their careers.” The new Tepper School Part-Time Accelerated MBA program is now accepting applications for fall 2022. The post CMU Tepper Launches New Part-Time Accelerated MBA Program appeared first on Stacy Blackman Consulting - MBA Admissions Consulting. |
16 May 2022, 14:00
| FROM Stacy Blackman Consulting Blog: Your Career After an MBA |
 Much of the conversation regarding the MBA centers around its value for career-switchers. Yet, the fact that many applicants pursue the degree to advance within their current field often gets overlooked. Your career after an MBA can really take off as you grow within your industry. Let’s explore why that’s true. Q: If your reason for applying to business school is to move up within your profession rather than switch occupations, how can an MBA help you achieve that goal? The MBA degree offers better professional opportunities, even within the same industry or employer. Often, MBA graduates secure a more rigorous role and title and a higher salary after business school. Examples could include moving from a middle-office position pre-MBA (from corporate finance, treasury, or risk) to a strategy position post-MBA. The professional role, job title, responsibilities, and impact all improve significantly once the person holds an MBA degree. In addition, the MBA is often a requirement for consideration for higher-level employment positions within top employers. We often see clients move to “front of the house” roles after their MBA education from a “back or middle of the house” position pre-MBA. Type of career path, pace of promotions, and visibility by senior management all improve for professionals with a top-ranked MBA. There will inevitably be multiple students from any given industry within the MBA program. Therefore, networking among like-minded, high-performing peers is another benefit for students looking to move up within their profession. Additionally, students benefit from learning from professors whose cutting-edge research and subject matter expertise synergize with the student’s career path.  A recent SBC client got into Stanford’s MBA program and had these thoughts about the value of the MBA. “I think I am just most drawn to the personal development I’ll get out of the degree. As with many type-A students and high-achievers, we never stop to evaluate the reason why we work so hard. The MBA program will be a great time to reflect on my sense of purpose and motivation for why I do things. Hopefully, that will also help me refine longer-term career goals.” Career After an MBA Q: What aspects of an MBA are most valuable to career enhancers? We interviewed several corporate recruiters in recent months to answer this question. The resounding feedback we received was that top employers rely on MBA holders for their analytical, evidence-based training. Also, recruiters appreciated the MBA grad’s ability to make informed business decisions amid uncertainty using proven tools, frameworks, and models. Uncertainty and change were the prevailing business realities throughout the pandemic months. For that reason, top employers will seek MBA grads to create sound predictions and recommendations within this new normal ahead. The analytical, adaptable, and innovative mindset are the benefits of the MBA education for all its students. Q: What should someone look for in a b-school if their goal is to get promoted at their current company or secure a higher-level job with a similar firm? Not all business schools afford the same value for every student. Similarly, what an applicant should prioritize in a b-school varies. Applicants should decide what areas in their professional or academic background they hope to enhance through their business school experience. Next, they need to research and determine which programs will deliver optimally for their long-term needs and aspirations. For example, an applicant who comes from a purely liberal arts academic foundation and wants to move into a finance position within his or her employer would prioritize an MBA program strong in finance. On the other hand, an applicant who wants to transfer to an international office within their company may want to get an MBA abroad to build a global network.  Our advice: Think carefully about where you plan to be long-term. Consider each program’s reputation and network, both now and where you believe it will be in 10 or 20 years. Q: What advice would you give to prospective MBA students hoping to use business school to rise within their field? Find mentors within your career path and set goals around your career trajectory based on informational meetings, networking, and constant diligence and evaluation. Second, stay at the forefront of industry developments. That way, you can continually assess the value of an MBA degree to fuel your short and long-term professional aspirations. “With our clients, we really dig into actual career goals in deciding which MBA program applications are worth pursuing,” shares Caryn Altman, a Senior Consultant on the SBC team. “We do an in-depth discussion of post-b-school location preference, as that can be a huge factor. We counsel our clients to network with those who have an MBA in the chosen field. That way, they can frame not only short-term career placement but also longer-term career trajectory and the importance of a particular MBA program in their successes. Also, we encourage clients to engage with current MBA students to define the MBA’s value for their needs further.” My Career after an MBA Former SBC consultant Sara Cherlin Diniz, a mid-career professional who holds an MBA degree from HBS, had this to say about the value of her MBA. The brand name credentialing, the life-long career support resources, and the extensive alumni network were instrumental in enabling me…along my career trajectory. “I am certain that the course of my professional advancement would have been different without these priceless benefits,” Diniz says. The post Your Career After an MBA appeared first on Stacy Blackman Consulting - MBA Admissions Consulting. |
18 May 2022, 07:01
| FROM Stacy Blackman Consulting Blog: GMAC Launches New Business Fundamentals Courses with Kaplan |
 Having the foundational quant knowledge to hit the ground running is crucial for anyone going for an MBA degree. To help fill any gaps, b-school applicants can now consider the new GMAC Business Fundamentals courses. The product, developed in partnership with Kaplan, the global educational services provider, offers “micro” courses in statistics, accounting, and finance. These core courses will help prepare business school aspirants and admitted students for success in graduate management education. GMAC Business Fundamentals is designed to refresh candidate knowledge on core quantitative subjects essential to an MBA or business master’s program, explained Joy Jones, chief product officer and general manager of assessments at GMAC, in a press release. “The ability to focus on topics that meet their needs provides applicants with a dynamic learning experience and gives them greater confidence in their ability to do well from the start,” she added. The courses add value to aspiring business school students early in the admissions process as well as those who have been admitted to an upcoming program. For those who are switching from a non-business undergraduate background or seeking a career change by pursuing an MBA or business master’s degree, the course series is particularly valuable. Course takers can complete one or all of the series of three courses, which were developed with content specialists who serve on the faculty of leading U.S. business schools. Participating schools included George Mason University School of Business, Georgetown University McDonough School, Northeastern University D’Amore-McKim School, and University of Pennsylvania Wharton School. You can find the new Business Fundamentals resource on mba.com, or via Kaplan at kaptest.com. SBC resources Do you need help studying for the GMAT or GRE? Stacy Blackman Consulting now offers customized test prep to meet your unique needs. Reach out to us at testprep@stacyblackman.com for more information on this great resource for MBA applicants. Also, check out the recent episode of the B-Schooled podcast, which takes a deep dive into admissions tests with Anthony Ritz, SBC’s Director of Test Prep. The post GMAC Launches New Business Fundamentals Courses with Kaplan appeared first on Stacy Blackman Consulting - MBA Admissions Consulting. |
19 May 2022, 07:00
| FROM Stacy Blackman Consulting Blog: B-Schooled Podcast Episode #108: Strengthening Your Quantitative Profile |
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This week, we’re replaying one of the most popular episodes of our B-Schooled podcast. It’s all about how applicants who don’t consider themselves to be “quant jocks” can improve their candidacies when it comes to positioning their analytical achievements, test scores, and GPAs. Our host Erika and fellow SBC admissions consultant (and former Kellogg adcom) Caryn have a discussion that covers:
B-Schooled is available on most major podcast apps, including: Apple Podcasts Spotify Stitcher TuneIn Please be sure to subscribe to B-Schooled so that you don’t miss a thing. Also, if there’s something you’d like for us to cover in a future episode, please email podcast@stacyblackman.com. We’d love to hear from you! The post B-Schooled Podcast Episode #108: Strengthening Your Quantitative Profile appeared first on Stacy Blackman Consulting - MBA Admissions Consulting. |
20 May 2022, 14:00
| FROM Stacy Blackman Consulting Blog: SBC Crowned Best MBA Admissions Consulting Firm by Beat the GMAT |
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Beat the GMAT has just named [url=https://gmatclub.com/forum/?href=/Best-MBA-Admissions-Consulting-Firms]Stacy Blackman Consulting[/url] as the best MBA admissions consulting firm in 2022. Woohoo! We couldn’t be more proud of the caliber of talent and expertise on the SBC consulting team. [img]https://www.stacyblackman.com/wp-content/uploads/cropped-BTG-logo.jpg[/img] Are you considering partnering with a consultant to reach your MBA dreams? Beat the GMAT advises business school aspirants to evaluate the following factors when deciding whether to engage in consulting services: [list] [*]Check online reviews for the admissions firm to validate quality, track record, and service. Beat the GMAT has amassed a huge database of [url=https://reviews.beatthegmat.com/stacy-blackman-consulting]verified online reviews[/url].[/*] [*]Assess the caliber of the MBA admissions firm and what type of consultants, such as top 5 MBA admissions officers, they have in-house.[/*] [/list] In recent years, MBA admissions firms have grown their teams to include[url=https://www.stacyblackman.com/blog/former-m7-mba-admissions-officials/] former Admissions Officers (AdCom)[/url] from the elite MBA programs. These former AdCom have closely-guarded, insider knowledge of how AdCom committees make admit and ding decisions. [img]https://www.stacyblackman.com/wp-content/uploads/bg-home-slider-new-stacy-1-2-734x471.jpg[/img] Assessing the Best MBA Admissions Consulting Firm Beat the GMAT launched its site in 2005, making it one of the earliest players in this industry. Here is how they explain their ranking methodology: The online reviews on the Beat the GMAT site were our starting point. From there, we looked at the caliber and type of consultants by firm. We focused on the former AdCom from the top 5 US programs as those business programs have the highest demand relative to other ranked schools. While rankings change by institution and by year, we defined the top 5 MBA programs to include: Harvard Business School, Stanford Graduate School of Business, University of Pennsylvania’s Wharton, Northwestern University’s Kellogg School of Management and Columbia Business School. We scoured the team profiles on MBA consultant websites. We compared the team profiles with data on Linkedin to find out which MBA admissions firm had former Admissions Officers from the elite programs. We looked for former full-time employed Admissions Officers (AdCom) to see the differences in talent across the known MBA consulting firms. We excluded student or alumni interviewers, as they are not former Admissions Officers, although some firms counted them as such. Lastly, we encourage you to also look closer to evaluate the scope of services provided by your admissions consulting firm. The same is true of the comprehensive engagements offered by some MBA admissions firms. Ask about whether the comprehensive model is truly unlimited by time, if there’s a diligent matchmaking process, and if there will be access to other consultants/ resources at the firm. Too often, MBA applicants get stuck in a tunnel-vision relationship with just one consultant at a firm and aren’t able to benefit from the firmwide resources because of contract fine print. If you plan to reach your highest professional goals through the MBA degree, let us help! Contact SBC today to schedule a [url=https://www.stacyblackman.com/contact/]free 15-minute candidacy assessment[/url]. Let us evaluate your MBA potential and develop your game plan. The post [url=https://www.stacyblackman.com/blog/sbc-crowned-best-mba-admissions-consulting-firm-by-beat-the-gmat/]SBC Crowned Best MBA Admissions Consulting Firm by Beat the GMAT[/url] appeared first on [url=https://www.stacyblackman.com]Stacy Blackman Consulting - MBA Admissions Consulting[/url]. |
23 May 2022, 07:01
| FROM Stacy Blackman Consulting Blog: B-School Students Doubt Their Digital Skills for Industry 4.0 |
 According to a recent survey from Highered, nearly a third of business school students fear they lack the right skills for future jobs. Also, almost 9 out of 10 now consider data analytics and search engine marketing as “entry-level” skill requirements. Not surprisingly, 71% of these same responders believe senior management poorly understands digital skills and Industry 4.0. The Fourth Industrial Revolution—AKA Industry 4.0—refers to the way technologies such as machine learning, AI, and IoT are revolutionizing production. For MBAs poised to enter the job market, a lack of digital skills may hinder their prospects. Highered asked 1,060 business school students for their views on getting a job in Industry 4.0, whether they felt prepared, and how their university/business school was supporting them. When asked what emotion best summed up their job search, Highered said the top answer was “concerned” (30%), followed by “excited” (20%) and “interested” (16%). More women (18%) than men (13%) reported feeling concerned.  Students’ top concerns about their preparation for Industry 4.0:
Meanwhile, the schools have responded with curriculum additions in machine learning, data analytics, blockchain, artificial intelligence, and automation. Observers predict a push and pull between the versatility of a general degree vs. having industry-specific specializations. “Employers such as Microsoft, Audi and Alibaba have been developing Industry 4.0 practices for years, but it’s clear that business school students feel unprepared for this new reality,” said Dr. Amber Wigmore Alvarez, Chief Talent Officer at Highered. “We know that the skills needed in many roles have a shorter lifespan than ever before. If we are going to help them find jobs in the new digital economy, they need career development and training that’s tailored to employer requirements but is also personalised to their level of skills. Partnerships between universities, business schools and employers will be critical.”  One silver line of the survey Despite the pandemic, the survey found that students have a sunnier outlook on their job prospects than in years past. Nearly half (49%) reported feeling more confident about securing employment than a year ago. And perhaps more reassuring is new research recently published in Harvard Business Review. Those authors argue that, rather than digital literacy, future leaders need to focus on traits such as adaptability, emotional intelligence, and curiosity to succeed in the digital era. For this survey, Highered polled 1,060 business school students (undergraduates and postgraduates), representing 111 nationalities living in 96 countries. 50.5% of the respondents were female, and 48.3% were male. The post B-School Students Doubt Their Digital Skills for Industry 4.0 appeared first on Stacy Blackman Consulting - MBA Admissions Consulting. |
24 May 2022, 12:01
| FROM Stacy Blackman Consulting Blog: Michigan Ross Appoints Sharon Matusik as New Dean |
 The University of Michigan’s Ross School of Business has chosen Sharon Matusik as its newest dean to succeed Scott DeRue, who stepped down last year. Most recently, Matusik was dean of the Leeds School of Business at the University of Colorado. According to an announcement made by the school, her efforts there led to greater student outcomes, record fundraising, and significant growth in the academic preparedness and diversity of applicants. Matusik’s other key priorities at Leeds included the “End the Gap” initiative aimed at gender parity in business leadership and the “Career Impact” initiative designed to align the student experience with skills needed for long-term career success. Under her leadership, the business school also saw record-breaking fundraising and community engagement, launched two new MBA programs for working professionals, and increased the size of its research faculty by 41%, which included a significant increase in diversity. Matusik credited the Ross School for its “tremendous impact” on the field of business and her own career. “When I reflect on the transformational ideas in my field, the most influential mentors and my teaching role models, they have a Ross connection,” Matusik said. “What unites them all is a deep commitment to making an important impact. “It is truly my honor to work with the Ross community to further elevate this impact through students, research and community connections, and to lead Ross as its next dean. Ross is especially well-positioned to expand its already stellar academic excellence and leadership into the future.” Her five-year term begins on August 1, 2022. Image courtesy of U-M Ross School of Business The post Michigan Ross Appoints Sharon Matusik as New Dean appeared first on Stacy Blackman Consulting - MBA Admissions Consulting. |
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