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23 Feb 2016, 07:01
| FROM Stacy Blackman Consulting Blog: MBA Remains a Strong Value Proposition, Says GMAC Survey |
The return on investment, or ROI, of a full-time two-year MBA fluctuates in accordance with prevailing economic conditions, yet it has remained positive three years after graduation in 19 of the past 20 years, according to findings in the Graduate Management Admission Council‘s (GMAC) 2016 Alumni Perspectives Survey Report published today. Of the more than 14,000 alumni surveyed, a vast majority said their education was personally (93 percent of respondents), professionally (89 percent), and financially (75 percent) rewarding. More than 4 in 5 alumni expressed satisfaction with their education. “People make the decision to invest in a graduate management education to meet a variety of different aspirations and needs, and the vast majority are enthusiastic about their investment and inspired by their experience,” said Bob Alig, GMAC’s executive vice president for school products. “Business schools enable students to develop the knowledge, skills and abilities needed for career success and to achieve personal and financial fulfillment,” he added. Financial Rewards GMAC’s survey shows the dollar value such a degree can bring. Business school alumni earn a median of US$2.5 million in cumulative base salary over 20 years following graduation. This is a half-million dollars more in median cumulative base salary than they would earn if they did not go to business school and had consistently earned 5 percent annual salary increases, and a million dollars more than if they did not go to business school and had consistently earned 3 percent annual salary increases. Alumni — on average — recoup their b-school investment within 4 years after graduation depending on the type of program attended. Survey findings also reveal that women highly value their graduate management education with 96 percent rating their degree as a good to outstanding value. They tend to receive an initial boost in salary post-degree that is similar to men — US$20,000 on average. Nevertheless, the gender pay gap persists among business school alumni; most likely a continuation of the trend of lower salaries women earned prior to entering business school. Professional Rewards Graduate business degrees unlock employment opportunities in a variety of industries and job functions. They also help elevate many alumni to higher job levels in their organizations. Approximately 3 in 4 alumni (73 percent) say their degree resulted in faster career advancement. Two-thirds (68 percent) of alumni are satisfied with their current job and employer. Satisfaction and total hours worked weekly both tend to increase as alumni move up the corporate ladder. And, a majority of alumni say their graduate management education helped them to develop their leadership potential (80 percent) and grow their professional networks (70 percent). Nine in 10 (93 percent) alumni say they would pursue their graduate management education again. In addition, alumni are extremely likely to recommend their program to peers. Overall, the net promoter score, or NPS — a widely used metric of customer loyalty — is strong among graduates of all types of business programs. The NPS among all graduate business programs combined is plus 45 on the net promoter scale. (An NPS higher than 0 is considered good; an NPS of plus 50 is excellent.) Personal Rewards Business schools enable students to develop the knowledge, skills and abilities that in turn enhance their personal well-being. Two in 3 (65 percent) survey respondents noted improved job satisfaction and 50 percent believed business school prepared them for managing work-life balance. “The findings of this survey are further evidence that a graduate management education delivers strong personal, professional and financial value to alumni,” said Alig. “The ROI numbers illustrate that a business degree is an efficient investment in terms of recouping costs and an effective asset for accelerating alumni careers.” GMAC conducted the Alumni Perspectives Survey in October and November 2015. The 14,279 alumni who participated in this survey represent more than 275 graduate business programs at 70 universities in 20 locations worldwide that partnered with GMAC in this study. |
24 Feb 2016, 06:01
| FROM Stacy Blackman Consulting Blog: The Economist Hosts Virtual MBA Fair |
 You can never be too prepared for your business school applications, and MBA fairs are a great way to connect with admissions teams while learning about specific programs. MBA fairs that are free and conveniently take place online are even better. At The Economist’s MBA Fair (which is taking place today and tomorrow) you’ll learn: you’ll learn:
3. How to enter into a $25,000 MBA scholarship contest hosted by The Economist’s Which MBA team. MBAs are a hefty investment, so twice per year The Economist awards a major MBA scholarship to the top performer in its Brightest Minds contest. Get all the details as well as your questions answered at the fair so you can enter to win. To view the full agenda for today and tomorrow, check out the official MBA fair page. There’s still some space left and attendance is free, so what are you waiting for? See you there! |
25 Feb 2016, 08:01
| FROM Stacy Blackman Consulting Blog: Tuck School Gets Real About Round Three |
 Everyone has an opinion about submitting your MBA application in Round 3—including us here at SBC—and a lot of the conversation circles around how competitive it is and how scarce spots are. While it may seem only candidates who are also Olympic athletes, chess champions, or have scaled Mount Everest stand a chance, the reality is there is always a spot for a great applicant in the final round. That’s why the schools have one! The MBA admissions blog at Dartmouth’s Tuck School of Business recently published a useful post on the realities of applying in Round 3, complete with anecdotes and advice from three recent graduates who applied in the April round (as it’s known at Tuck). Key takeaways from the post include using the optional essay to explain why you waited until the final round; making sure you share something unique about yourself with the admissions committee that will differentiate your candidacy; and obviously, only applying when your application is as strong as it can possibly be. The good news is that applicants in Tuck’s final round still have a shot at a scholarship, can join a pre-term program with everyone else, and can definitely get a room in the dorms because the housing lottery happens in June. If things don’t work out this season, the Tuck admissions teams says, “Have a plan B. While you may not get the outcome you hope for, the process will no doubt teach you something about yourself and help guide your next steps.” In our experience, Round 3 is far and away the most difficult round for MBA applicants. A lackluster application will most certainly find its way to the reject pile, so be strategic when deciding the best time to apply for you. You may also be interested in: Evaluate in Which Round to Submit Your B-School Application Applying to Business School in Round 3 Round 3 Attracts Maverick Applicants |
26 Feb 2016, 08:01
| FROM Stacy Blackman Consulting Blog: Attention, Military MBA Applicants |
 Military MBA applicants tend to blow other candidates out of the water, figuratively speaking, because they have a wealth of experience to draw from at a very young age. In fact, my very first client, many years ago, was in the military. While many candidates can only speak to sitting in cubicles, crunching numbers for the boss, b-school applicants from the military have had to deal with highly stressful situations, think on their feet, make ethical decisions, and lead important projects. If you have a military background, a great business school program to consider is that of Dartmouth’s Tuck School of Business. The school is hosting a special event for future military applicants on April 18, 2016. The organizers of Tuck Military Visit Day have planned a full schedule of events to help set you up for success in your MBA application process. There will be a chance to sit in on a class, as well as attend panels hosted by members of the admissions committee, current military students, the Career Development Office and the Financial Aid Office. If you are planning to apply to the Tuck Class of 2019, you may schedule an admissions interview if you are ready. Military Visit Day kicks off at 7:30am Monday morning, but you can get things started early by joining members of Armed Forces Alumni Association on Sunday night, April 17th, for an informal social. Registration for Tuck’s Military Visit Day is already open, and the admissions team and military MBA students of Tuck look forward to having you in Hanover. |
29 Feb 2016, 12:01
| FROM Stacy Blackman Consulting Blog: Prepare for Short Answer MBA Application Essays |
 Brainstorm before writing to keep business school essays concise. This post originally appeared on Stacy’s “Strictly Business” MBA Blog on U.S.News.com Ten years ago, lengthy MBA essays were a staple of business school applications. Flash forward to today, and admissions departments worldwide have reduced the word count and number of essays candidates must tackle. Whether the influence is social media, with its condensed communication style, or simply that the admissions committee has grown weary of reading thousand-word essays from thousands of applicants, it seems short and sweet is here to stay. Many applicants struggle with short-answer essay questions because they feel like they cannot adequately convey everything they want the admissions committee to know in so few words. The challenge of these brief prompts is to give the admissions committee what they ask for while still providing a compelling snapshot of yourself. I always advise applicants to do two things as they work on their MBA essays: make sure to answer the question asked and spend a lot of time brainstorming up front. You would be amazed at how many applicants start to answer an essay prompt and veer off-subject entirely. With such a limited word count, even answering a “why” question with a “how” response will be a turnoff to the admissions officer reviewing your application. The brainstorming phase is the same whether you have a word count of 750 or 200. First, find a theme, or a couple of main points, you want to convey. Consider the essay set for each MBA application as a whole, and make sure your answers do not overlap but rather build upon each other. Then whittle away anything non-essential, and always avoid the passive voice as it eats up valuable space in your allotted word count. Whenever possible, share details that show a glimpse of your personal interests or something amazing that you have done. The Columbia Business School application, for example, asks this short-answer question: “What is your immediate post-professional MBA goal?” With a maximum of 50 characters, applicants must distill their responses into something that makes a tweet look verbose. Though a simple question, it requires that you condense your career goals into one clear career vision statement. Rather than submitting a generic phrase like “work in finance,” the aim is specificity. Something like “real estate finance at a private equity firm” tells the admissions committee far more about your interests and goals. The career goals essay remains ubiquitous at business schools, though the question’s presentation is evolving. At Duke University’s Fuqua School of Business, for example, the essay is broken into three parts, each with a 500-character limit, or about 100 words. First, you need to describe what you plan to do immediately after your MBA. Then you’ll explain the long-term vision for your career. Finally, since many career paths are forged through circumstance, determine what is your Plan B. Think big picture and focus on the overall story trajectory. What would be the most logical – and interesting – progression from your current skill set and MBA education? How will your next step flow from the combination of those experiences? Ideally, your alternative path is not a massive departure, but simply shows the areas you could see yourself exploring if your primary plan doesn’t materialize. You’ll have to boil your ideas down to a clear statement of what you plan to do, but if at all possible, the information provided in your resume, recommendation letters and other essays will logically support those plans. It can be a challenge to show off your personality, accomplishments and aspirations in fewer words, but the short answer essays offer MBA applicants a chance to demonstrate top-notch writing skills. One of the most valuable skills in business is the ability to communicate precisely and concisely, so make sure every word counts. Image credit: Flickr user Daniel Foster (CC BY-NC-SA 2.0) |
01 Mar 2016, 09:01
| FROM Stacy Blackman Consulting Blog: UVA Darden Launches ‘IDEA’ Course |
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First-year students at the University of Virginia Darden School of Business will tackle some of the business world’s biggest problems as part of the new “Innovation, Design and Entrepreneurship in Action” (IDEA) course, which debuted February 23rd. In this class, teams of students will work with leading companies, nonprofit organizations and government agencies in a variety of sectors to solve live field challenges over the next several weeks. “We want Darden students to develop unparalleled aptitude for real-world problem solving and effective decision making.” “IDEA is a perfect addition to Darden’s immersive, experiential learning culture,” says Professor Mike Lenox, Darden senior associate dean and chief strategy officer. Devised in part out of student interest in more experiential learning opportunities, the new course is now required for students in the Class of 2017. Participants will learn problem-solving skills and project management tools such as design thinking, agile project management, lean startup and data analytics. At the end of the course, students will be able to comfortably handle complex, often ambiguous problems for which there may not be one right answer. Thirteen companies are participating in the inaugural IDEA course, including:
“In our increasingly turbulent health care environment, sharp business acumen and novel approaches to real-life problems are critically needed in the delivery of high-quality cancer care,” says Dr. Julie M. Vose, president of the American Society of Clinical Oncology. “ASCO is delighted to participate with Darden on this innovative business curriculum, and we look forward to learning how the students address their assigned challenges.” Image credit: Flickr user tldagny, CC 2.0 |
02 Mar 2016, 12:01
| FROM Stacy Blackman Consulting Blog: Columbia Business School Hosts Branding, Technology Conference |
 Next week, Columbia Business School‘s Center on Global Brand Leadership will host BRITE ’16, an annual conference that focuses on emerging trends in technology, innovation, culture, and branding. The event, taking place March 7-8th, brings together nearly 600 leaders from an array of industries to discuss how technology and innovation are transforming the ways that companies build and sustain great brands. Now in its ninth year, this two-day conference is designed to spark conversations with innovators, marketers, entrepreneurs, and champions of social enterprise. Featured speakers at this year’s Brite conference include: [*]Linda Boff, Chief Marketing Officer, GE[/*] [*]Scott Erickson, Senior Director of HoloLens, Microsoft[/*] [*]Lew Frankfort, Chairman Emeritus, Coach, Inc.[/*] [*]Pam Kaufman, Chief Marketing Officer, Nickelodeon Group[/*] [*]Shelly Lazarus, Chairman Emeritus, Ogilvy & Mather[/*] [*]Daniel Lubetzky, Founder & CEO, KIND Snacks[/*] [*]Gregg Renfrew, Founder & CEO, Beautycounter[/*] [*]Michael Schrage, Author, The Innovator’s Hypothesis[/*] [/list] Presentation topics will include Columbia Business School’s Centennial Panel: reflections on the past and future of business and brand building; the danger of separating technology from the consumer; how successful innovators go beyond ‘user experience’ to build brands; how to market the smart home; value constellations: harness your stakeholders and differentiate your brand; and many more. The conference will also feature panel discussions, case studies, research, demos of emerging technologies, as well as interactive discussions and peer networking opportunities. A full agenda for the event can be found here: https://www.briteconference.com/BRITE16 Photo Credit: Paul Warchol |
03 Mar 2016, 13:01
| FROM Stacy Blackman Consulting Blog: Think Through Your Post-MBA Career Goals |
 While you don’t need to have your career goals set in stone when you apply to business school, you should have a very clear idea of how the MBA degree will help you prepare for your future career. The full-time MBA admissions blog at Chicago Booth School of Business has published an informative and insightful post written by Nima Merchant, a new member of the admissions team who has just transitioned from Booth’s Career Services employer development department. “I’ve gained a very clear perspective of what employers who hire at Booth are looking for — and how those values can be important to highlight in your application.” Merchant suggests applicants start by studying the Booth Full-Time MBA employment report. You can get an overview of the career paths students pursue under the Profiles tab, and the Employers section details the top companies recruiting at Booth. You’ll see trends in the career interests of students through the Function and Industries tabs, which provide a break down of full-time positions and internships accepted—plus salary ranges and the number of hires per company. The report also shows where students find work, and the Job Source section indicates that more than 75% of all employment offers last year were facilitated through Booth, which Merchant calls a “glowing example” of the powerhouse that is the Chicago Booth alumni network. As you prepare your MBA applications, think about your future career goals, how the program can help you reach those goals, and what you will contribute to the school as well. “It will be essential for you to connect with students and alumni to get their personal perspectives how the MBA, and Booth, helped them get where they wanted to be,” writes Merchant. To that end, here’s a link to Chicago Booth’s upcoming online chats, where you can engage with current students and career services staff to get answers to all of your burning questions about the resources and opportunities available at Booth. image courtesy of Chicago Booth School of Business |
04 Mar 2016, 12:01
| FROM Stacy Blackman Consulting Blog: Multinational Cases Dominated in B-School ‘Oscars’ |
 INSEAD and Harvard Business School were the top performers at the 2016 annual Case Centre Awards, a celebration of excellence in case writing and teaching from across the globe that are now considered the case method community’s annual ‘Oscars.’ Awards for cases are presented for nine management categories plus an Overall Winner Award. Each year, an award is made to recognize an individual who has made an Outstanding Contribution to the Case Method. The Overall Winning Case, L’Oréal in China: Marketing Strategies for Turning Around Chinese Luxury Cosmetic Brand Yue Sai, was authored at Johns Hopkins Carey Business School by Haiyang Yang and at INSEAD by Pierre Chandon. The case addresses an important business issue—marketing in emerging markets—and illustrates how even proven strategies need to be fundamentally reshaped to achieve success.  Chandon also won the Outstanding Contribution to the Case Method Award. According to the awards committee, Chandon has elevated case teaching to another level at INSEAD and his many achievements include being the first to use online case surveys systematically in his teaching at INSEAD. “To me, great cases are like reality TV: they are about real people and real companies, they have a story and a problem to be solved, and we desperately want to know what happens next – but they are not reality and nor should they be,” says Chandon. “They are a simplified, stylised, version of reality, which allows us to understand the fundamental business issue at hand, while being embedded in an exciting context full of suspense.” A new award debuted in 2015 for Outstanding Case Teacher, which recognizes an excellent practitioner in the case classroom. This year, the Outstanding Case Teacher competition was won by Harvard Business School’s Anita Elberse. This is the first year that students have been invited to provide nominations. Elberse is one of the youngest female professors to have been promoted to full professor with tenure in Harvard Business School’s history. She develops and teaches an MBA course covering entertainment, media, and sports, called Strategic Marketing in Creative Industries, which is among the most sought-after courses in Harvard’s curriculum. For a second consecutive year, winning cases showed a focus on multinational companies (eg GE, IKEA, L’Oréal), especially on those with a new media and technology basis (eg Amazon, Apple, Netflix, Uber). Companies pioneering new and alternative approaches to technology and business leadership were strongly represented (eg AirThread, International Livestock Research Institute (ILRI), New York Times, Semco Partners, Tesla Motors). “The results of The Case Centre Awards and Competitions 2016 reflect the diversity of faculty providing topical and relevant materials to the next generation of business people currently learning across the globe,” says Richard McCracken, Director of The Case Centre. “ “Top performers in 2016, INSEAD and Harvard Business School, are adding to their recent business school rankings successes, both demonstrable pedagogical excellence on their own campuses, and the impact of their original teaching materials in classrooms worldwide.” The Case Centre is a non-profit organization that advances the case method worldwide, sharing knowledge, wisdom and experience to inspire and transform business education across the globe. The Case Centre Awards are in their 26th year and have been awarded on a global basis since 2011. Image credit: phototaku (CC BY-NC-ND 2.0) |
07 Mar 2016, 08:00
| FROM Stacy Blackman Consulting Blog: Negotiating MBA Merit Scholarships |
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Being accepted into an MBA program is a major accomplishment that makes the months of application preparation (and worrying) all worth it. Icing on the cake is learning that you’ve also been awarded a merit scholarship. If you suddenly find yourself with a financial incentive to attend a certain school, you’ll be understandably honored and overjoyed at your good fortune. However, if you’ve been accepted into more than one program, this unexpected twist can often make your ultimate decision that much harder. Here’s something such lucky future students often forget: you can try to negotiate merit scholarships. This is one of those rare situations in life where—if handled professionally, of course—you really have nothing to lose. If you received drastically different scholarship amounts for two or more programs—or were given a financial award for one school but nothing for another—why not contact the AdCom and explain your situation? This is probably obvious, but we wouldn’t recommend naming the competing institution, sharing your offer letter or making demands. Rather, simply reach out to the admissions office, reiterate your deep interest in attending their program, and then ask if it’s possible to be considered for a higher scholarship amount (or any scholarship amount) because you now have another offer of acceptance and financial incentive on the table. Good luck! And remember:  *** Do you want to stay on top of the application process with timely tips like these? Please subscribe to our weekly newsletter and you’ll receive our expert advice straight in your mailbox before it appears on the blog, plus special offers, promotions, discounts, invitations to events, and more. |
08 Mar 2016, 08:00
| FROM Stacy Blackman Consulting Blog: Michigan Ross Kicks Off Annual Immersive MAP Program |
 This week, the University of Michigan’s Ross School of Business kicks off its annual Multidisciplinary Action Projects (MAP) program, which embeds teams of students into a company or nonprofit to enhance their leadership skills and apply concepts from the classroom to real life business challenges. Each year, the entire class of first-year full-time MBA students embarks on a seven-week project, spending time in the field and traveling to meet with executives on-site to tackle complex problems or uncover new opportunities for their sponsor organization. MAP student teams undertake a variety of projects, including evaluating market entry opportunities, developing long-term strategic plans and analyzing branding efforts. Not only does the program give students the opportunity to roll up their sleeves and get experience in the field, but it is also a differentiator for students as they work with recruiters and navigate the job market.—Dean Alison Davis-Blake Student teams will participate in 80 projects, with 40 taking place in the U.S. and 40 abroad across 21 different countries. This year, 63 percent of full-time MBA students are working on projects outside of their home country. Throughout the MAP experience, students apply academic concepts, problem-solving skills, and creativity to frame and resolve that challenge. At the conclusion of the project, teams deliver analysis and thorough, data-driven recommendations to the sponsor and Ross faculty in a formal presentation and written report. The program supports a mutually beneficial collaboration between students, faculty and sponsor organizations as students have the opportunity to gain experience applying their classroom learnings and working on high-intensity projects while sponsors get insightful business recommendations for their opportunity or issue at hand. This year’s MAP program includes:
“I had to figure out how to best share ideas in order to build consensus and influence stakeholders. MAP gave me the opportunity to reflect on my leadership and communication styles and learn how I can contribute to a high-functioning team,” Homorody said. Since 1992, 10,032 students have worked on 1,930 projects in 97 countries with 1,329 sponsor companies. Sponsor organizations include major corporations, leading brands and nonprofits across the U.S. and around the world, spanning several sectors including technology, consumer packaged goods, healthcare, food and finance. “Our immersive engagement with MAP students brought innovative, new perspectives to Hyatt and allowed us to continue developing leaders who take a fresh look at things every day, and we believe the experience offered rich learning experiences for these leaders of tomorrow,” said Anil Harjani, vice president of innovation at Hyatt Hotels & Resorts who oversaw a Michigan Ross MAP team in 2015. “We recommend other organizations participate in this process to continue the dynamic forum in which academic and corporate worlds share and collaborate for mutual value.” Image credit: Ross School of Business(CC BY-NC 2.0) |
10 Mar 2016, 12:00
| FROM Stacy Blackman Consulting Blog: What Are My Round 3 Chances? |
 Round 3 deadlines are nearly upon us, and while the final round is the biggest gamble of the application cycle, schools have that round for a reason and use it to admit those stellar students that add something really special to their classes. “We actually enjoy round three,” Dee Leopold, managing director of MBA admissions and financial aid at Harvard Business School, once told the Wall Street Journal. “It takes a certain amount of confidence to apply then. Those applicants march to their own drum, and we would never want to miss them.” You should definitely use the required or optional MBA admission essays to explain to the admissions committee your reasons for waiting until the third – or final – round to apply. You don’t want anyone to jump to the conclusion that you are using round three as a last-ditch effort to get into business school in the fall after receiving rejections from other schools in earlier rounds. Standing out from the pack is imperative, and never more so than when applying later in the game. As I mentioned in this US News blog post, if you want to do well in the admissions process, you have to communicate who you are, not just what you do. That said, some schools offer students a better shot in the final round than others. According to a recent article in Poets and Quants, Dartmouth’s Tuck School of Business is the most final round-friendly, followed by NYU Stern School of Business, INSEAD, and Northwestern’s Kellogg School of Management. The MBA admissions blog at Tuck School recently published a post on the realities of applying in Round 3, complete with anecdotes and advice from three recent graduates who applied in the April round (as it’s known at Tuck). Finally, it’s important to have a Plan B in case things don’t go your way. You can always apply to a set of schools in round three knowing there is a good chance you will need to reapply to them and add in some new ones next season. You may also be interested in: Evaluate in Which Round to Submit Your B-School Application Image credit: Paulo Wang (CC BY-NC-SA 2.0) |
11 Mar 2016, 09:00
| FROM Stacy Blackman Consulting Blog: How to Identify a Strong MBA Essay |
 I recently stumbled across this quiz on Harvard Business Review—Do You Know What a Strong B-School Application Looks Like—and I think it’s a great tool to illustrate exactly what makes for a strong or weak answer to some of the most common MBA essay questions. You know by now that competition for a spot at one of the world’s elite business schools is fierce, so you’ll need to come up with dynamic and compelling essays that allow the admissions committee to find out exactly what makes you interesting and unique. Take a look at the six essay answers in this assessment and decide whether you think the sample response is weak or strong. Once your answer is registered, you’ll see detailed feedback pointing out the good or bad in each response. It’s fun, eye-opening, and helpful, so what are you waiting for? Follow the link above and see how many essay answers you can accurately assess. It may well inform your own essay writing when the time comes to buckle down on those Fall 2017 MBA applications. |
14 Mar 2016, 08:00
| FROM Stacy Blackman Consulting Blog: So…You Didn’t Get Into Your Dream B-School |
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Did you give it your all this application season and end up with mixed results? By mixed results we mean that you were dinged by your dream school (or schools), but still got in to one or more other great programs. If that’s the case and you’re excited about heading to campus this fall, read no further. But continue on if a nagging voice in the back of your head keeps asking, “What if…?” It’s the quintessential “bird in hand” dilemma: do you count your lucky stars that you have the option to earn an MBA from a school you were interested in enough to apply to in the first place? Or do you forego your golden ticket and give it another shot next year, hoping to land a spot at your dream school? While the saying goes “A bird in hand is better than two in the bush,” we understand that in real life it isn’t always easy to accept an outcome you’re not 100% enthusiastic about. And there is no one-size-fits-all answer here, of course. But we can suggest this first step for your decision-making process: think long and hard (and objectively as possible) about how comfortable you are with risk. How have you reacted in the past when you took a big chance on something and it didn’t pan out? How upset or regretful do you become when you realize an opportunity you turned down might have actually been the right choice? Asking a trusted friend or family member for their take might be helpful as well. We’d also recommend giving yourself as much time as possible to make your final decision. It may just be that once the initial sting of any rejections wears off, you’ll realize that you’re in a very enviable position. Remember:  *** Do you want to stay on top of the application process with timely tips like these? Please subscribe to our weekly newsletter and you’ll receive our expert advice straight in your mailbox before it appears on the blog, plus special offers, promotions, discounts, invitations to events, and more. |
15 Mar 2016, 08:00
| FROM Stacy Blackman Consulting Blog: Free eBook from Wharton on ‘Becoming Digital’ |
 Leading IT services and solutions provider Mphasis and Knowledge@Wharton, the online business analysis journal of The Wharton School, have released a free eBook, Becoming Digital: Strategies for Business and Personal Transformation. Experts from Wharton and top executives from Fortune 500 companies show readers the way to personal and business digital transformation. In this eBook, you’ll learn how to create a “mind map” so you can steer your company from analog to digital while staying anchored amid the fast-changing pace of digital technologies. C-level executives from a variety of industries also discuss how they tackled digital transformation within their firms and what lessons they learned through the process. In addition, readers will glean insights on how to harness both data analytics and their gut feeling to spot emerging technologies before everyone else. Mphasis CEO and Executive Director Ganesh Ayyar pens the eBook’s foreword, providing an unusually candid insight into his own transformation as he led a $1 billion technology services firm into the new digital era. Ayyar explains, “I started my digital journey – knowing that I might fall and fail at times – with a bit of candor about my shortcomings. In acknowledging my flaws to my team, I could truly start afresh with my digital transformation. I began looking forward to discussions with my reverse mentors, and started espousing and embracing new ideas. I even played what I prefer to call the angel’s advocate for every team experiment.” But it’s precisely this willingness to experiment – even risking failure – that is necessary to succeeding in digital. Business leaders who adopt a philosophy of experimentation send a signal throughout the company that people should not fear failure because it is part of the transformative process, according to Jerry “Yoram” Wind, director of Wharton’s SEI Center for Advanced Studies in Management and a marketing professor at the business school. Breakthroughs come in experimentation when people get over their natural inclination to be risk-averse. “That is why it is important to celebrate lessons learned from failures, as well as successes,” Wind says. Wharton professors provide these and other original insights, as well as research, on digital transformation, with discussions revolving around the eBook’s three main themes: Transformation of the leader’s mindset, balancing the analog and digital parts of business and gaining the ability to spot future technological trends. Here are some excerpts from the eBook’s one-on-one profiles:
For more information, visit Becoming Digital: Strategies for Business and Personal Transformation here and at https://www.knowledgeatwharton.com/books/library/becoming-digital. Image credit: ebayink(CC BY-NC-ND 2.0) |
16 Mar 2016, 08:01
| FROM Stacy Blackman Consulting Blog: Harvard Bumps Stanford in Latest US News MBA Ranking |
 U.S. News & World Report today released the 2017 Best Graduate Schools rankings, designed to help prospective students research programs across six disciplines and evaluate the potential return on their investment. In the full-time MBA rankings, Harvard University is the No. 1 program in the country. The University of Chicago—Booth moves up two places to tie with Stanford Graduate School of Business at No. 2. This is Booth’s highest placement ever in this list, and the first time in seven years that Stanford GSB has been knocked out of the first place ranking held either on its own or tied with another school. Yale School of Management, meanwhile, has achieved its highest ranking ever on this list, tied for eighth place with Dartmouth’s Tuck School after finishing at No. 13 last year. For anyone wondering what happened to NYU Stern School of Business, which ranks 20th this year, according to a blog post by US News’s rankings guru Bob Morse, it’s because Stern did not provide complete data in time for use in calculating the rankings. Among part-time MBA programs, the Haas School of Business at the University of California—Berkeley remains No. 1, Chicago Booth comes in second, Kellogg School of Management is No. 3, UCLA Anderson School of Management is No. 4, and Michigan Ross School of Business rounds out the top five. Best Business Schools 1. Harvard School of Business 2. Stanford Graduate School of Business 2. University of Chicago Booth School of Business 4. University of Pennsylvania Wharton School 5. MIT Sloan School of Management 5. Northwestern University Kellogg School of Management 7. University of California—Berkeley Haas School of Business 8. Dartmouth College Tuck School of Business 8. Yale School of Management 10. Columbia School of Business The six graduate disciplines U.S. News ranks annually are evaluated on factors such as employment rates for graduates, starting salary and standardized test scores of newly enrolled students. Because each graduate program is different, the rankings methodology varies across disciplines. Different output measures are available for different fields, U.S. News explains, saying that in business, they use starting salaries and the ability of new MBAs to find jobs upon graduation or three months later. “Going to graduate school is a major commitment of time and money,” said Anita Narayan, managing editor of Education at U.S. News. “Our rankings and advice offer guidance throughout the decision-making process to help prospective students and their families find the right fit.” Image credit: Michael A. Herzog (CC BY-ND 2.0) |
17 Mar 2016, 07:00
| FROM Stacy Blackman Consulting Blog: HBS Admissions Director on Applying in Round 3 |
 To apply or not to apply in the final round, that is the perennial question. Harvard Business School‘s Director of MBA Admissions and Financial Aid, Dee Leopold, recently gave a crystal-clear answer…for college seniors, at least. “If you are a college senior who has the bandwidth to complete an application, I think that you should,” Leopold says, noting that there’s really no downside risk other than missing out on the last weeks of college life to prep for the GMAT or GRE. “The worst that can happen is that you get turned down to the very small 2+2 Program. Many current students at HBS found themselves in that situation, went out and joined the work world, and reapplied successfully,” she adds. As for candidates with a few years of work experience under their belts, Leopold acknowledges the third round is more complicated since most of the seats in the Class of 2018 have already been taken and it may be difficult to get a visa. Despite those potential challenges, the director clears up a few myths that may be keeping qualified candidates from considering Round 3. Contrary to popular wisdom, needs-based financial aid is just as available for last-round applicants as it is for Round 1 admits. If you do apply and are not successful, rest assured you can reapply in the future with absolutely no negative repercussions. One plus of Round Three is the quick turnaround time between interview invitations going out and final decisions coming down. Invites will be sent by April 20th at noon, and your fate will be revealed on May 11th. As always, we at SBC suggest candidates submit only once they feel their application is as strong as possible. If you apply in the final round, do make use of the optional essay to explain why you waited so that the admissions committee doesn’t come to the conclusion that this is just a last-ditch effort after failing to receive an admit at another MBA program in an earlier round. “We ALWAYS admit people from Round 3,” Leopold says. “And they are always very wonderful.” You may also be interested in: What are My Round 3 Chances? Should You Consider Applying in Round 3? Face the Challenge of Round 3 Business School Applications Image credit: Visionello(CC BY-NC 2.0) |
18 Mar 2016, 12:00
| FROM Stacy Blackman Consulting Blog: You’re In…Now How Will You Pay for the MBA? |
 While MBA programs typically offer fewer scholarships and other types of “free” money than the non-professional forms of graduate education, many online resources can help you to search for a scholarship or fellowship that fits your background and needs. First, check with your target program. Once admitted, your school will present you with a package of information about public and private loans and scholarships. In fact, many schools have comprehensive websites on the topic. In addition, you may qualify for merit fellowships based on your academic credentials, accomplishments and experience that you have already touched upon in your application. Some business schools also offer additional fellowships that you can apply for directly through the program. Applying for the Money The application processes differ for financial aid, from demonstrating need to demonstrating merit. Organize the deadlines and submission guidelines to make sure you have a plan to complete the applications, and carefully follow the directions of each scholarship, fellowship or loan you plan to apply for. If you need to submit an essay, answer the question as thoroughly and succinctly as you would any other MBA essay. The value of fellowships/scholarships should be fairly straightforward, though you may emphasize either need or merit in your response, depending upon the direction you plan to take in the argument for your own application. You’ll need to prove serious financial hardship if going the needs-based route. If you did have difficulties with finances throughout your life and could not attend business school without such assistance, you may have a good argument. If not, you should pursue the merit-based direction. When providing evidence for need-based aid, give a straightforward explanation of your economic situation and why you would have difficulty paying for your MBA education. Avoid any complaining or blame, and instead focus on what you have accomplished in your life with little resources and how you plan to continue that trajectory as you benefit from greater resources. With a merit-based argument, you should outline your accomplishments, both academic and professional. Sell yourself as you would in a job interview, and provide solid evidence for your accomplishments as you did in your application essays. The impact of financial assistance may allow you to pursue activities such as travel and leadership opportunities. In addition, your receipt of aid may benefit the people around you. If you have been involved in your community or with charity, you can certainly describe the impact you have made on the lives of others thus far and how that impact will be even greater with a business education. Image by: TaxCredits.net (CC BY 2.0) |
21 Mar 2016, 10:00
| FROM Stacy Blackman Consulting Blog: Weigh if an MBA Makes Financial Sense |
 Consider if an MBA will lead to a significant salary bump. This post originally appeared on Stacy’s “Strictly Business” MBA Blog on U.S.News.com An MBA is a long-term financial investment, so here are three questions to ask when trying to decide whether going to business school makes financial sense: Will the degree result in a significant salary bump? Will the degree help me switch careers? Will the degree help me get to a leadership position faster? While it can be daunting to pay hundreds of thousands of dollars to earn an MBA, most business school graduates experience a substantial salary increase. The vast majority report having greater job satisfaction and the ability to advance quickly and, therefore, earn more in shorter time. The Graduate Management Admission Council, which administers the GMAT exam, gathered input from b-school alumni worldwide in late fall 2015 to shed light on the issue of return on investment for its “2016 Alumni Perspectives Survey Report“, released in February. Among the 14,279 business school alumni who participated in the survey, 75 percent say their graduate management education was financially rewarding, and 93 percent say they would pursue the degree again if given the choice. Although graduates considered three main areas when assessing their return on investment – expansion of knowledge/skills, personal development, salary increase – we’ll stick to just the financial aspect for this post. Calculating the return on investment requires a simple formula. It’s the return acquired from an investment minus the cost of the investment, divided by the cost of the investment. Students of two-year MBA programs typically have the largest investment expense because they miss two years of employment. They need to recoup the cost of the MBA degree plus the opportunity cost in order to get a positive return on their investment. Let’s consider the applicant who currently earns $70,000 a year and has landed a seat at the University of Chicago Booth School of Business. Tuition and expenses for the two-year MBA program at Booth will be about $200,000. She earns $15,000 during her summer internship, and her first year post-MBA salary in management consulting is $160,000 plus a signing bonus of $25,000. This student’s opportunity cost – $143,500 in salary over two years – plus out-of-pocket expenses for tuition, etc. totaling $200,000, minus internship earnings, equals a total investment of $328,500. If she had not gone to business school and earned a typical annual salary increase of 5 percent, five years later she would be bringing home just more than $85,000 annually and would have earned $386,795 during that five years. If she does the MBA, forgoes salary for two years, and earns at minimum a 5 percent increase over starting salary annually, she will earn $185,000 her first year and at least $529,400 for those same five years. More often, periodic bonuses and larger-than-average salary bumps mean that alumni frequently recoup their business school investment less than four years after graduation, GMAC reports. GMAC found that more than 20 years after graduation, business school alumni earn a median cumulative base salary of $2.5 million. This is $500,000 more in cumulative base salary than they would earn if they did not go to graduate business school and consistently received 5 percent annual salary increases, and nearly $1 million more than if they did not go to business school and consistently received 3 percent annual salary increases over 20 years, the GMAC report says. Prospective students should consider payback time with projected cumulative growth, and average growth rate, when looking at return on investment as a motivating factor for pursuing an MBA. But keep in mind, the value of the MBA degree varies widely depending on your post-graduation plans, as well as the brand ?of the business school where you earn the degree. When it comes to deciding whether business school makes sense for you, remember that the choices you make – ranging from the cost of the city you decide to live in, the field you move into, the school you choose – will all impact your financial return on investment. Your personal return on investment, however, is something quite different. Having the ability to transition into nonprofit PR marketing or some other lower-paying but more personally rewarding job may be well worth it – and that kind of personal satisfaction cannot be measured in dollars and cents. |
22 Mar 2016, 10:00
| FROM Stacy Blackman Consulting Blog: When to Consider Retaking the GMAT |
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The GMAT. It’s an acronym that can strike fear into the hearts of many a prospective MBA student. And for good reason: while your GMAT score is still just one data point for the AdCom to consider out of your entire package, it’s often viewed as proof of academic prowess. If your undergraduate GPA was high and you also earn a great GMAT score, that’s probably enough to convince the AdCom you can hack their program’s curriculum and they’ll move on to weighing other aspects of your candidacy. But a low GMAT score—especially when combined with a poor GPA—could pose a red flag. So what should you do if a) you’re just an awful test-taker, or b) you’re not happy with your initial score? When does it make sense to try again? If you have experienced difficulty with taking tests throughout your life, you should try a test prep class or private tutor to see if dedicated guidance helps. And you may also want to look into the GRE (assuming your target schools accept GRE scores), take a few practice tests and see if you fare better. If not, then we’d advise using the “Optional Essay/Additional Information” field that most applications offer as an opportunity to refocus the AdCom on why you can handle their program, despite a poor test score. Point to your career success or specific quantitative or analytic achievements. If you’ve typically done just fine taking tests over the course of your academic career, a poor GMAT score may just be a fluke—or the result of insufficient preparation, lack of sleep leading up to the test, or nerves. Regroup and try again. You won’t be penalized for taking the test more than once, so if you know in your gut you can do better, it’s worth a try. Just be sure to take a different approach to test prep and test-taking this time. Remember:  *** Do you want to stay on top of the application process with timely tips like these? Please subscribe to our weekly newsletter and you’ll receive our expert advice straight in your mailbox before it appears on the blog, plus special offers, promotions, discounts, invitations to events, and more. |
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