FALL 2010 MBA Applications as of June 5th, 2009

June 13, 2009 note: Please disregard my comments about Wharton as the essays have changed.
This is just a brief post on MBA applications for Fall 2010 admissions.

Well Stanford GSB's application is already up.

Interview with Stanford GSB Class of 2010 Student

My former client, Yukihiro, was kind enough to answer my questions about his first-year experience as a member of the Class of 2010 at the Stanford Graduate School of Business. He was a government official in Japan and responsible mainly for legal analysis and treaty negotiation. He left the government to obtain an MBA. His current interests include entrepreneurship and e-commerce.

Adam: So, what did you learn during your first year at GSB?

Yukihiro: I learned core courses in the first year. The core courses of Stanford GSB can be divided by two types: Management Perspectives and Management Foundations. In Management Foundations, most of which students learn in the first (autumn) quarter, the students learn qualitative and fundamental subjects such as strategy, leadership, global perspectives, analytical thinking, organizational behavior. Based on the perspectives they learned in the first quarter, they develop the quantitative skills such as accounting, finance, statistics, economics in the following quarter. Now I have finished most core courses, and I will take many electives in the second year (you can take electives also in the first year if you want).

Adam: What part of the program have you liked the most?

Yukihiro: Although students are required to take core courses, they can select course levels and contents that suit their skills and backgrounds. The core courses are well designed and linked to each other, which boosts the students’ understanding about the subjects. I believe this helps the students become well-balanced business person who can deal with any challenging business issues in the future. You may consider you want to focus on specific area (e.g. finance) from the beginning, but I believe core courses collaborate with each other, give you insights into the subject you want to learn and help you understand the area you focus on in the long term. The well-designed GSB curriculum makes you aware of the benefits.

Adam: How hard was the first year?

Yukihiro: The first year in GSB was very tough! Especially in the first quarter, students must prepare hard for each class and deal with tons of readings and assignments. Actually, if there is one thing I have to complain about the program, it is that there is a risk that the understanding about each subject might be become halfway due to the lack of time. Even American students said the first quarter was very tough. Also, there are a lot of parties, networking and recruiting events in MBA. The students must manage their time efficiently to tackle the academic requirements.

Adam: How would you describe the culture of GSB?

Yukihiro: I think the culture of GSB is represented by the atmosphere of Silicon Valley and Bay Area: Entrepreneurial, easygoing, free, etc.. Challenging something is praised. GSB students enjoy life, as well as study hard.

Adam: Are there any common characteristics you find amongst your classmates?

Yukihiro: There are many types of students in GSB and so it is difficult to stereotypically describe their characteristics. However, I dare to say many classmates have entrepreneurial spirits. It does not necessarily mean they are going to run their own business. Whatever they do, they take an initiative and motivate others. They are talented and well-balanced people, always seeking for innovative ways of doing things.

Adam: How has the financial crisis impacted students at GSB?

Yukihiro: The financial crisis has huge impact on the recruiting activities of GSB students. Even GSB students find it difficult to get job offers both in summer intern and full time. Investment banks and consulting firms, which are two major employers of MBA students, are narrowing their doors for the students. Startups in Bay Area have also faced financial difficulties. GSB students are concerned more about recruiting than in usual years.

Adam: Do you have any specific advice for those considering application to GSB?

Yukihiro: GSB is pursuing the candidates who match its policy, “Change Lives, Change Organizations, Change the World.” Show your visions, which cannot be achieved in other schools. GSB is unique, and you have to show your “fit” to GSB.

Adam: What are your favorite MBA related blogs?

Yukihiro: Here are the GSB students’ and alumni’s blogs: http://www.gsb.stanford.edu/jacksonlibrary/info/news/gsbblogs.html. You can find your own favorite blogs there.

Adam: Anything else you would like to tell us?

Yukihiro: The environment of GSB (curriculum, students, resources, weather, etc.) is excellent. I hope you find your own top school and successfully get admitted to that school. It is great if your best choice is GSB. If so, I am looking forward to your joining our community!

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I want to thank Yukihiro for taking the time to answer my questions.

Questions? Write comments or contact me directly at adammarkus@gmail.com. Please see my FAQ regarding the types of questions I will respond to. If you are looking for a highly experienced admissions consultant who is passionate about helping his clients succeed, please feel free to contact me at adammarkus@gmail.com to arrange an initial consultation. To learn more about my services, see here. Initial consultations are conducted by Skype or telephone. For clients in Tokyo, a free face-to-face consultation is possible after an initial Skype or telephone consultation. I only work with a limited number of clients per year and believe that an initial consultation is the best way to determine whether there is a good fit. Whether you use my service or another, I suggest making certain that the fit feels right to you.

-Adam Markus
アダム マーカス

MBA留学 ビジネススクール カウンセリング コンサルティング スタンフォードGSB

Interview with Duke Class of 2010 MBA Student

My former client, Mr. Hazuki Suzuki, was kind enough to answer my questions about his experience at Duke University's Fuqua School of Business. Prior to attending Duke, Hazuki worked for software companies as an IT consultant for seven years. Most recently, he was a project leader of global system implementation projects for major pharmaceutical and medical companies. He is currently focusing on healthcare management.

Adam: What has your first year been like?

Hazuki: My first year experience forced me to expand my perspective through interactions with diverse students, and gave me opportunities to think about my career. Although sometimes I felt stressful, I was getting used to it and could become more active to facilitate team meetings and join extracurricular events.

Adam: What was the Global institute like?

Hazuki: The Global Institute (GI) was an intensive, three-week summer term and GI had two core courses, Global Institutions and Environments (GIE) and Leadership, Ethics and Organizations (LEO). I learned global institutions such as laws, conventions, and organizations in GIE, and managerial effectiveness in LEO.

Adam: As you know, Fuqua emphasizes collaborative leadership. What exactly does that mean? How is it reflected in your curriculum?

Hazuki: I think collaborative leadership means that everyone is a leader and a member simultaneously. A leader is a person who takes initiative and makes a difference. If every one of the team members takes an initiative and makes a difference, that’s collaborative leadership. Personally, I feel that a team led by collaborative leadership is similar to a jazz band where there’s no conductor (like orchestra) and each player exchanges inspirations. I think that the collaborative leadership is beneficial to utilize the diversity of team members and win successes under a complicated and rapidly-changing global economy.

In our curriculum, there are a lot of opportunities to learn and experience collaborative leadership. For example, we learned and discussed the concepts of collaborative leadership in LEO classes. Every student is assigned to an ILE (Integrated Leadership Experience) team, which has six members of diverse cultures and professional backgrounds. In all courses at Fuqua, the professor gives team assignments. Students work with the team members to analyze a case, conduct a research, and make a write-up or a presentation whichever is required. In this process, each student is required to demonstrate collaborative leadership.

Additionally, one second year student is assigned to every ILE team as a mentor, and holds meetings periodically to exchange feedbacks of daily team works for each team member. Through feedback sessions, I learned how my team members saw my contributions to team, strengths and weaknesses of my leadership.

Adam: Do you actually have any time for clubs? If so, which ones are you active in?

Hazuki: It depends on how you prioritize your commitment. Clubs are one of the most useful resources for job search and, thus, most students actively participate in club activities. Of course some clubs are purely for enjoying hobbies. Fuqua also provides many leadership positions such as Admission Fellow, Alumni Fellow, and Leadership Fellow. These are also great opportunities to build your leadership experience.

In my case, however, I’m not in charge of any cabinet roles of clubs. During my first year, I joined some conference events as an audience member, and performed a mandolin (a string instrument) solo music at Fuqua Idol event hosted by Art & Music Club. This is also possible at Fuqua because we have a substantial leeway about how we spend our time.

Adam: Are there any common characteristics you find amongst your classmates?

Hazuki: Generally speaking, my classmates are friendly and supportive. They are easy to talk and get along with. I think that the slogan of “Team Fuqua” works to collect applicants who are comfortable to work as a team, and reminds current students to be supportive if anybody initiates something new or/and interesting.

Adam: Do you have any specific advice for those considering application to Fuqua?

Hazuki: I recommend applicants to consider how they leverage resources at Duke to achieve their career goals. Some may focus on general management, or major in Health Sector Management. And recently, more students seem to be interested in energy & environment. If you want, Duke enables you to take interdisciplinary approaches by accessing resources in other schools. Actually, some students take classes at Nicholas School of the Environment and Duke University School of Law. It’s worth to plan your curriculum and activities at Fuqua during your school research so that you can include specific plans in your essay.

Additionally, it’s important to consider whether your current or ideal leadership style fits Fuqua’s concepts, such as collaborative leadership and Team Fuqua. I think each business school has unique leadership concept and approach to provide opportunities to learn it. When you review your leadership experiences and career goal, if you find something similar to the school’s thoughts or which you want to add to you, it’s worth to show them in your essay and tell them during an interview.

Adam: As you know, Fuqua really emphasizes making contributions and diversity in its application essays, so do you have specific advice for applicants? In other words, how do think applicants should answer questions like “How will your background, values, and non-work activities enhance the experience of other Duke MBA students and add value to Fuqua's diverse culture?”

Hazuki: After I started my life at Fuqua, I actually noticed my uniqueness among classmates. I recommend applicants to list their attributes of professional, cultural and personal backgrounds. It should be a good strategy to write one specific and memorable story which represents your unique characteristics, and show how you apply your abilities and experiences to Fuqua’s academic, extra-curricular and social communities and activities.

Fuqua has a lot of opportunities to exercise your uniqueness. For example, you can add new aspects by telling your opinions and experiences during classes and team meetings. Your professional skills for project management, quantitative/qualitative analysis or presentation should be assets for your academic team. If you have talents in sports or art, you may want to organize such events. If you have an academic or professional expertise and take a high grade in a specific class, you can be in charge of a tutor for the class to teach students as requested. Holding cultural presentations and events are also welcomed.

Adam: What impact has the financial crisis had on life at Fuqua?

Hazuki: Because of the stagnant economy, students encounter difficulties to find summer internship and full-time job offers. But we still have opportunities to find interesting positions. Actually, some Japanese second year students won full-time offers from US companies.

Adam: What are your favorite MBA related blogs (English or Japanese sites)?

Hazuki: We current students have a blog and write our lives at Fuqua.

Adam: Anything else you would like to tell us?

Hazuki: It must be a stressful experience to prepare applications for MBA programs. But I think that even the application process is an opportunity to think back on you and consider your future career. So I hope that you stay positive and win admissions.

For Japanese applicants, if you have any questions about Fuqua, please feel free to get in touch with us through the following website: http://mbaa.fuqua.duke.edu/aabc/Japanese/index.html

Good Luck!

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I want to thank Hazuki for taking the time to answer my questions. You can read my interview with a Class of 2009 student here.

Questions? Write comments or contact me directly at adammarkus@gmail.com. Please see my FAQ regarding the types of questions I will respond to. If you are looking for a highly experienced admissions consultant who is passionate about helping his clients succeed, please feel free to contact me at adammarkus@gmail.com to arrange an initial consultation. To learn more about my services, see here. Initial consultations are conducted by Skype or telephone. For clients in Tokyo, a free face-to-face consultation is possible after an initial Skype or telephone consultation. I only work with a limited number of clients per year and believe that an initial consultation is the best way to determine whether there is a good fit. Whether you use my service or another, I suggest making certain that the fit feels right to you.
-Adam Markus
アダム マーカス

MBA留学 ビジネススクール カウンセリング コンサルティング デューク大学フュークアスクールオブビジネス

How to Beat “The Curse of the Class of 2009”

My guest blogger, Steve Green, provides some insightful remarks on why now may be a very good time to go to graduate school.
-Adam

How to Beat “The Curse of the Class of 2009”

Here’s some unsurprising news from the Wall Street Journal: “The bad news for this spring's college graduates is that they're entering the toughest labor market in at least 25 years.”

As writer Sarah Murray notes, however, that’s not the whole unpleasant story. “The worse news: Even those who land jobs will likely suffer lower wages for a decade or more compared to those lucky enough to graduate in better times, studies show.”

Murray cites research by Lisa Kahn, an economist at Yale School of Management, “for each percentage-point increase in the unemployment rate, those with the misfortune to graduate during the recession earned 7% to 8% less in their first year out than comparable workers who graduated in better times. The effect persisted over many years, with recession-era grads earning 4% to 5% less by their 12th year out of college, and 2% less by their 18th year out.”

So, this spring’s graduates are cursed not only with reduced job prospects now but also lower wages for the next decade or more.

How can you increase your odds to beat this curse? Earn a graduate degree. According to Professor Kahn, college grads who went to graduate school instead of the job market during the early '80s recession didn't suffer the same wage losses.

Conclusion: If you have been thinking about earning a graduate degree, then now may be the best time for both immediate and long-term reasons. Of course, it is a bad idea to enter graduate school merely to escape the economy or only to increase your chances of a better salary without thinking about what kind of work fires your passions.

As in any year, and for anyone thinking about going to grad school, before you apply:

• Have a clear idea of what you want to study

• Envision your post-graduation career path and make sure the grad degree really is the best vehicle for that path

• Be honest about whether or not you are willing to take on student loans and/or spend your savings on grad school

• Start to prepare your application now (See my previous post on getting an early start to the process.)

- H. Steven Green

For questions regarding this post, please contact me at h.steven.green@gmail.com. To learn more about my graduate admissions consulting services, please click here.
- H. Steven ("Steve") Green, グリーン・ハロルド・スティーブン

大学院留学

The 41 "Top 20" MBA Programs Averaged Ranking

This is the second of two posts on "Top 20" MBA Rankings. If you have not done so, I suggest reading the first post before reading this second post.

In what follows, I have built upon the data I collected on the 41 programs worldwide (See my previous post) that are generally identified by major ranking lists as "Top 20." While it seemed quite useful to simply collect all the data together so that I could see which programs were considered "Top 20" by the most well known ranking lists, I wanted to see what would happen if I simply determined the average ranking for each of the41 schools and so that is what I did below.

"CALCULATION OF AVERAGE RANKINGS FOR "THE 41 TOP 20 MBA PROGRAMS WORLDWIDE"

METHOD: Actually I copied this method from one used by Real Clear Politics (RCP) for looking at Polling Data. The situation is similar because the RCP averages, just like mine, do not take account for differences in the methods by which the initial calculations were made. I will not enter into the debate about the various problems with all of these publications' rankings as they all have problems. As I am no statistician, I used the following rather simple method to make my calculation:

1. Schools that were not ranked in the Top 20 on a specific list that they qualified for were given the value of 21. By assigning the value of 21, I have not weighted the value of the individual rankings.

2. I calculated average value by taking scores for all six rankings and
dividing by4 for US programs and 3 for non-US Programs as
US News and World Report only ranks US.

3. The school with the lowest total has the top average rank.

4. Schools with the same average numerical value have the same rank.


Obvious unsolved problems with my methods that I am aware of :
-Some rankings do not actually rank 20 programs.
- While US News and W World Report, FT, and EIU's each have one comprehensive list, Businessweek break-up schools into two lists, which results in it having more impact on the averaged ranking.
-I could have used FT's regional lists, but choose to use the Worldwide list.
- All schools that were not in the Top 20 were given a 21 regardless of their "real rank" on a list.

OBVIOUS WARNING: THIS LIST IS NOT COMPREHENSIVE!
One thing I find highly problematic about "Top 20" rankings is that they are never comprehensive. This list of forty-one "Top 20"schools suffers from the same problem. Notable absences from this list include HEC Paris, USC, and SDA Bocconi. Rankings are merely "a map," but certainly not "the territory" (actual value of a degree to specific person, actual market value of the degree, actual brand value of the degree, actual measure of the educational value of the degree).

Here is the result (Click to enlarge it):
In the event that you should want to copy the rankings, here they are:

Averaged Rank for the 41 "Top 20" MBA Programs
1 Harvard Business School
1 Stanford University GSB
3 London Business School
3 University of Chicago: Booth
5 IE Business School
6 University of Pennsylvania: Wharton
7 IMD
8 IESE Business School
9 INSEAD
10 Dartmouth College: Tuck
11 Columbia Business School
11 MIT: Sloan
13 New York University: Stern
14 Northwestern University: Kellogg
15 University of California at Berkeley: Haas
16 Queen's Univeristy School of Business
17 ESADE Business School
17 University of Cambridge: Judge
17 University of Michigan: Ross
20 University of Western Ontario: Ivey
21 Duke University: Fuqua
22 Hong Kong UST Business School
23 CEIBS
23 University of Toronto: Rotman
25 University of Oxford: Saïd
26 Cornell University: Johnson
26 UCLA: Anderson
28 Yale School of Management
29 University of Virginia: Darden
30 Cranfield School of Management
31 Vlerick Leuven Gent Management School
32 Carnegie Mellon: Tepper
32 Indian School of Business
32 York University: Schulich
35 Indiana University: Kelley
36 University of North Carolina, Chapel Hill
37 Southern Methodist University (Cox)
37 University of Texas at Austin: McCombs
39 Georgetown University: McDonough
40 Henley Business School
41 University of Notre Dame: Mendoza

Questions? Write comments or contact me directly at adammarkus@gmail.com. Please see my FAQ regarding the types of questions I will respond to. If you are looking for a highly experienced admissions consultant who is passionate about helping his clients succeed, please feel free to contact me at adammarkus@gmail.com to arrange an initial consultation. To learn more about my services, see here. Initial consultations are conducted by Skype or telephone. For clients in Tokyo, a free face-to-face consultation is possible after an initial Skype or telephone consultation. I only work with a limited number of clients per year and believe that an initial consultation is the best way to determine whether there is a good fit. Whether you use my service or another, I suggest making certain that the fit feels right to you.

-Adam Markus
アダム マーカス

MBA留学 ビジネススクール カウンセリング コンサルティング MBA ランキング