Forbes recently raised the question of whether we should blame the business schools, the graduates themselves, or the companies that hire the graduates.
Much of the article is the normal chatter about how the typical business school curriculum places too much emphasis on shareholder value and not enough on improving the community around the enterprise. While we don't disagree, it's hard to argue that this trend in management education alone contributed to the problems our economy now faces. It is one ingredient of the problem, for certain, but we're wary of anyone who believes that the few hundred hours a young professional spends in some some finance courses in business are enough to steer that person towards world-class leadership or financial self-destruction.
We like what Michael Ervolini stated, which nicely sums up a point that we've made previously:
B-schools serve a purpose to provide talented employees that have received some minimum training for their career. You can not expect too much from a two-year stint, however, even at the most prestigious of programs. This is particularly the case with an average of only 18 months actually on campus.
While business schools certainly need to take responsibility for the quality of the business leaders they're putting out in the market, the hiring companies' jobs have only just begun once they hire these grads. That's why companies such as General Electric and Procter & Gamble are so successful so consistently -- because of the value that they place on training and personal development in their future leaders -- will continue to be the case for years to come.
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Showing posts with label MBA. Show all posts
Showing posts with label MBA. Show all posts
Tuesday, May 5, 2009
Monday, March 23, 2009
European MBA Programs Attract More Americans
Given the turmoil on Wall Street and the overall soft job market in the U.S., it's not surprising that many international applicants have decided not to come to the U.S. to pursue an MBA this year. Even more interesting, however, is that apparently many Americans also also now considering earning their MBAs abroad.
An article in last week's Wall Street Journal describes the trend of more and more Americans deciding to go abroad for their MBA programs. Not only do schools such as INSEAD and IMD provide Americans with an opportunity to broaden their international exposure, but they also offer a nice sort of career diversification in that they tend to attract a more diverse array of corporate recruiters than do most American programs.
According to the WSJ article, at some top European schools, only about 20% of the graduating class lands in finance, compared with up to 60% at some U.S. schools. While this has traditionally been a weakness for European schools in attracting top talent that wants to pursue high-paying jobs, in today's climate it's one reason why more American than ever have sought out these programs.
Another advantage that many European schools offer is that their programs are shorter than most American schools' programs, which, among other things, means that they can be significantly less expensive. While we tend to discourage applicants from choosing based on costs alone, this often significant difference can be hard for someone to ignore when they're still paying off old student loans and are about to leave their job to take on even more debt.
The European business schools aren't content to just let Americans beat a path to their doors -- they've made a point of aggressively reaching out to U.S. students in order to capitalize on this trend. As a result of the macro trend and these recruiting efforts, schools such as Oxford's Saïd Business School have interviewed 60% more American applicants this year than in 2007-2008.
The MBA pendulum has swung towards the rest of the world... Will it one day swing back towards American MBA programs? Tell us what you think!
An article in last week's Wall Street Journal describes the trend of more and more Americans deciding to go abroad for their MBA programs. Not only do schools such as INSEAD and IMD provide Americans with an opportunity to broaden their international exposure, but they also offer a nice sort of career diversification in that they tend to attract a more diverse array of corporate recruiters than do most American programs.
According to the WSJ article, at some top European schools, only about 20% of the graduating class lands in finance, compared with up to 60% at some U.S. schools. While this has traditionally been a weakness for European schools in attracting top talent that wants to pursue high-paying jobs, in today's climate it's one reason why more American than ever have sought out these programs.
Another advantage that many European schools offer is that their programs are shorter than most American schools' programs, which, among other things, means that they can be significantly less expensive. While we tend to discourage applicants from choosing based on costs alone, this often significant difference can be hard for someone to ignore when they're still paying off old student loans and are about to leave their job to take on even more debt.
The European business schools aren't content to just let Americans beat a path to their doors -- they've made a point of aggressively reaching out to U.S. students in order to capitalize on this trend. As a result of the macro trend and these recruiting efforts, schools such as Oxford's Saïd Business School have interviewed 60% more American applicants this year than in 2007-2008.
The MBA pendulum has swung towards the rest of the world... Will it one day swing back towards American MBA programs? Tell us what you think!
Tuesday, March 17, 2009
An End to MBA Bashing?
Yesterday the Financial Times ran an interesting piece titled Why MBA Bashing is Unfair. In it author Stefan Stern argues that, while graduate business programs aren't perfect and need to evolve, they are not churning out the sharp-elbowed, non-consequence-caring sharks that some in the media have accused them of producing. If anything, they are guilty of producing leaders who only manage by the numbers, and, because of their lack of true management experience, are unable to step back at times and think about an organization as more than just a pile of balance sheets and income statements.
The stereotype of the cocky MBA is surely somewhat deserved, but to say that "arrogance and greed" are solely responsible for our current economic troubles misses the larger point about the value that an MBA can provide.
Stern goes on to say:
The content of the course, while not exactly incidental, is really not the most important thing. It is the process itself: applying for a place, being admitted, meeting and working with faculty and contemporaries, and forming a new network, that matters.
This is what you find when you talk to sceptical MBA graduates who may not remember a great deal about the different modules they studied. Even they will describe their time at business school as a transformative experience. They went in one end as a fairly ordinary, apprentice businessperson. They came out the other ready to operate at a higher level.
This is what we at Veritas Prep always tell our admissions consulting and GMAT prep clients: The hardest part of business school may seem to be getting in, but once you're in, what value you get out of the program is entirely up to you. There's at least as much value in the chance to make new friends, get exposed to new viewpoints, and build an incredible new network, as there is in learning about the capital asset pricing model.
And, as McGill University professor Henry Mintzberg argues in the FT article, the real learning about how to manage still needs to occur on the job, after you graduate. That inevitably means that at some point a fresh MBA will be promoted into a role that he's not yet fulled qualified for, but management must be learned in context. Today's business leaders are at least as responsible for educating tomorrow's leaders as any MBA program is. This kind of mentorship has always been how people and organizations grow, and this will never change.
The stereotype of the cocky MBA is surely somewhat deserved, but to say that "arrogance and greed" are solely responsible for our current economic troubles misses the larger point about the value that an MBA can provide.
Stern goes on to say:
The content of the course, while not exactly incidental, is really not the most important thing. It is the process itself: applying for a place, being admitted, meeting and working with faculty and contemporaries, and forming a new network, that matters.
This is what you find when you talk to sceptical MBA graduates who may not remember a great deal about the different modules they studied. Even they will describe their time at business school as a transformative experience. They went in one end as a fairly ordinary, apprentice businessperson. They came out the other ready to operate at a higher level.
This is what we at Veritas Prep always tell our admissions consulting and GMAT prep clients: The hardest part of business school may seem to be getting in, but once you're in, what value you get out of the program is entirely up to you. There's at least as much value in the chance to make new friends, get exposed to new viewpoints, and build an incredible new network, as there is in learning about the capital asset pricing model.
And, as McGill University professor Henry Mintzberg argues in the FT article, the real learning about how to manage still needs to occur on the job, after you graduate. That inevitably means that at some point a fresh MBA will be promoted into a role that he's not yet fulled qualified for, but management must be learned in context. Today's business leaders are at least as responsible for educating tomorrow's leaders as any MBA program is. This kind of mentorship has always been how people and organizations grow, and this will never change.
Thursday, June 26, 2008
Kellogg Application Essays for 2008-2009
Kellogg applicants, look alive! The Kellogg School of Management has just released its admissions essays for the 2008-2009 application season. The questions are as follows, lifted directly from the Kellogg web site:
All applicants are required to answer questions 1, 2 and 3 in addition to 2 of the essays in question 4. For questions 1-3, please limit responses to 2 pages.
1: Briefly assess your career progress to date. Elaborate on your future career plans and your motivation for pursuing a graduate degree at Kellogg.
2: Describe how your background, values, academics, activities and/or leadership skills will enhance the experience of other Kellogg students.
3: Describe your key leadership experiences and evaluate what leadership areas you hope to develop through your MBA experience.
Choose two of the following three essays…
4: Applicants must answer 2 of the below essays. (Re-applicants must answer question 4D and 1 other essay). Please keep responses to two paragraphs.
- 4A - Describe a time when you had to motivate a reluctant individual or group.
- 4B - I wish the Admissions Committee had asked me…..
- 4C - What do others admire about you?
- 4D - For re-applicants only: Since your previous application, what are the steps you’ve taken
to strengthen your candidacy?
As Beth Flye told us at last week's AIGAC conference, there are no really significant changes from last year. Questions 2 and 3 have been reworded, but are substantially the same as last year's questions. Question 4A may appear to be new, but is similar to last year's "Describe the most challenging professional relationship you have faced" question.
What stands out the most to me is 4C -- "What do other admire about you?" I miss their old question that had applicants play the role of admissions officers and evaluate their own applications. While this isn't quite the same, and is much shorter, I'm glad to see this sort of "toot your own horn" question back on the Kellogg application.
For more advice about your Kellogg application, visit our Kellogg School of Management information page.
All applicants are required to answer questions 1, 2 and 3 in addition to 2 of the essays in question 4. For questions 1-3, please limit responses to 2 pages.
1: Briefly assess your career progress to date. Elaborate on your future career plans and your motivation for pursuing a graduate degree at Kellogg.
2: Describe how your background, values, academics, activities and/or leadership skills will enhance the experience of other Kellogg students.
3: Describe your key leadership experiences and evaluate what leadership areas you hope to develop through your MBA experience.
Choose two of the following three essays…
4: Applicants must answer 2 of the below essays. (Re-applicants must answer question 4D and 1 other essay). Please keep responses to two paragraphs.
- 4A - Describe a time when you had to motivate a reluctant individual or group.
- 4B - I wish the Admissions Committee had asked me…..
- 4C - What do others admire about you?
- 4D - For re-applicants only: Since your previous application, what are the steps you’ve taken
to strengthen your candidacy?
As Beth Flye told us at last week's AIGAC conference, there are no really significant changes from last year. Questions 2 and 3 have been reworded, but are substantially the same as last year's questions. Question 4A may appear to be new, but is similar to last year's "Describe the most challenging professional relationship you have faced" question.
What stands out the most to me is 4C -- "What do other admire about you?" I miss their old question that had applicants play the role of admissions officers and evaluate their own applications. While this isn't quite the same, and is much shorter, I'm glad to see this sort of "toot your own horn" question back on the Kellogg application.
For more advice about your Kellogg application, visit our Kellogg School of Management information page.
Saturday, May 17, 2008
Recruiter Demand for MBA Grads Remains Strong
This month the Graduate Management Admission Council released a report showing that demand for business school graduate remains strong even as the economy shows signs of weakness.
The report, produced by GMAC in partnership with the MBA Career Services Council and European Foundation for Management Development, shows 6% growth in the percentage of employers making offers to MBA grads, and an 11% increase in the average number of hires by each hiring company.
The results for compensation growth also looked encouraging. Three-quarters of employers reported that they expect to increase the annual base salary of 2008 grads vs. last year's hiring class. The projected starting base salary for all business school graduates is $89,621, about 4% more than last year. Not surprisingly, consulting (over $111,000) and finance (over $110,000) offer the highest average total compensation.
What does this mean for you? Most of all, it suggests you should stay the course. No radical changes to the hiring outlook suggest that you, if you've been planning to apply for business school, don't stop now. If you haven't been planning on doing so, then these numbers probably won't change your mind.
It will be interesting to see what next year's numbers look like, and what impact the overall economy has to the number of people applying to business school in 2008-2009.
The report, produced by GMAC in partnership with the MBA Career Services Council and European Foundation for Management Development, shows 6% growth in the percentage of employers making offers to MBA grads, and an 11% increase in the average number of hires by each hiring company.
The results for compensation growth also looked encouraging. Three-quarters of employers reported that they expect to increase the annual base salary of 2008 grads vs. last year's hiring class. The projected starting base salary for all business school graduates is $89,621, about 4% more than last year. Not surprisingly, consulting (over $111,000) and finance (over $110,000) offer the highest average total compensation.
What does this mean for you? Most of all, it suggests you should stay the course. No radical changes to the hiring outlook suggest that you, if you've been planning to apply for business school, don't stop now. If you haven't been planning on doing so, then these numbers probably won't change your mind.
It will be interesting to see what next year's numbers look like, and what impact the overall economy has to the number of people applying to business school in 2008-2009.
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