Archive for September, 2009

Top Schools Report Record Yield Numbers

Wednesday, September 30th, 2009

This week, the Financial Times reported that the yield –percentage of applicants accepted as students and who actually turn up for the start of the program– has rocketed at top business schools. As a result, the most highly ranked business schools are announcing record student numbers.

What kind of numbers are we talking about? Let’s take a look.

Chicago Booth School of Business – 592 MBA students enrolled this year, 577 last.

The Wharton School – 862 MBA students enrolled this year, below 820 last.

Harvard Business School – 937 MBA students enrolled this year, 900 last.

Stanford Graduate School of Business – 384 MBA students enrolled this year, 370 last.

INSEAD - 980 MBA students enrolled this year, 900 last.

It seems no one could predict B-school yield this year, with one  argument claiming the economic downturn is a good opportunity to invest in education, and the countering wisdom that if you have a job, you are more likely to want to hold on to it.

But this year has seen at least two added complications, FT reports. A drop in international applicants comes as these students worry they won’t be unable to get the required loans, or employment upon graduation. The second wrinkle has been the bad rap B-schools have received in the wake of the financial meltdown. Whether this PR glitch will affect next year’s yield numbers remains to be seen.

For JJ Cutler, director of admissions at Wharton, the students beginning the application process now might also present a few surprises and potentially push applications up again.

“I think this year will be the year when we really see the impact [of job losses in financial services],” he says. “A lot of those people are prime business school students.”

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For a concise, thoughtful guide that will help you navigate the MBA admissions process with greater success, order our NEW book, The MBA Application Roadmap.

Darden on YouTube

Wednesday, September 30th, 2009

For those of you considering the University of Virginia’s Darden School of Business, here are links to a few short videos uploaded Tuesday to YouTube.

The videos feature Philippe Sommer, Director of Entrepreneurship Programs, as he talks about the Technology Accelerator Course that is currently being developed for the MBA program; the Darden Business Incubator, which is designed to help MBA students who are interested in developing promising early-stage business ventures; and the Batten Venture Internship Program, which provides Darden students the opportunity to pursue summer internships with venture capital firms and their portfolio companies.

Also, check out the new Darden Second Year Electives video. This 12-minute segment covers several classes, including Managerial Psychology, Social Responsibility & Entrepreneurship, Global Business Experiences & exchange programs, Leadership, Ethics & Theater, Jefferson Reading Seminar, BioInnovation, and Hot Topics in Finance.

Happy viewing!

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We are now on Facebook – please join the Stacy Blackman Consulting group, or become a friend of Stacy Blackman. I am posting news about MBA related events, job listings, and of course MBA news.

I am on Twitter too…click to follow me on Twitter! www.twitter.com/stacyblackman

For a concise, thoughtful guide that will help you navigate the MBA admissions process with greater success, order our NEW book, The MBA Application Roadmap.

Tuesday Tips – Duke Fuqua Essay Tips

Tuesday, September 29th, 2009

The concise set of Duke Fuqua essays for the 2009-2010 application season requires focus. One of the essays is earmarked for your career goals, and another focuses on your interest in Duke. The other essay is more open-ended and allows for flexibility in the topic choice.

A clear application strategy is crucial to approaching these essays. With a flexible 2-pages per question, and a mandate to demonstrate how you will fit in with Duke’s mission to “identify, engage, and foster the development of future leaders of consequence,” you will want to make it simple for “the Admissions Committee would like to get to know our applicants in a more holistic manner.”

Applicant Essays : Answer all 3 essay questions.
1. Describe your vision for your career, your inspiration for pursuing this career path, and the role of The Duke MBA in achieving your goals. If you are interested in a specific concentration or joint degree program, please discuss in this essay.

This career goals essay is fairly straightforward in its approach. You will want to start by thinking about the choices that have led you to your current career path, and what you plan to do for your future career. Focus on the inflection points that have inspired you – whether coursework in college, early exposure to running your own business, or watching a family member pursue their dreams – and clearly outline why you have made the choices in your life thus far.

Career visions can be either long-term or a combination of long-term and short-term goals. Think big picture and focus on the overall story, not just the job you hope to land immediately after school. When you look back at your career later in life, what do you want to have accomplished? What will make you proud, engaged and satisfied?

It’s important to clearly outline the role of your Duke MBA in these career goals. What do you know now that will be enhanced through your MBA education? And what crucial aspects of the skill set required for your future career will be augmented by attending Duke? Essay three will allow you to focus on the specific reasons Duke is right fit for you, but it’s important to seamlessly demonstrate the need for an MBA in your career goals essay.

2. Discuss a person, event, or experience that has significantly shaped your life and explain why.

This open-ended question will allow you to consider your overall application strategy. Think about the points in your background and personality you would like to explain. If you have a typical career path for an MBA applicant and fairly straightforward career goals, this essay would be a good place to show another side of yourself. What activities do you engage in outside of work and why? What are some of the key parts of your life that may not fit cleanly into your career and professional goals?

While you should not forget that you are applying to an MBA program and leadership, teamwork and management potential are paramount, this essay may be an opportunity to follow the admissions committee’s advice to share “what makes you a dynamic, multi-dimensional person.”

3. Individuals choose a business school for many different reasons. Through your research, what attributes or characteristics of The Duke MBA program have most resonated with you and why? How do you plan to contribute to the strengthening and enhancement of those attributes and characteristics during your time at Duke and beyond?

This essay is entirely focused on why Duke is the right place for you specifically. This may be another opportunity to demonstrate your multi-dimensional personality as you explain which classes, clubs and community activities most resonate with you.

The best essays will be both specific and personal. While everyone benefits from a diverse alumni network, what specifically do you want to give and receive from your classmates? If you describe clubs and classes you are attracted to offer solid examples that demonstrate why these topics are appealing to you.

When researching schools it is ideal to speak with current students, alumni, and other members of the community to see a wide range of perspectives on the program. When you speak to those affiliated with Duke ask them to tell you what most surprised them about the program, or what they like the best and dislike the most. Asking probing questions with surprising angles can help you unearth what is truly special about the program, and what is most appealing to you.

While the focus of the essay is Duke, you are also being asked to talk about yourself. Your fit with the program is crucial, and therefore you must exhibit the qualities Duke is seeking as well.

Optional Essay (not required)
If you feel there are extenuating circumstances of which the Admissions Committee should be aware, please explain them here (e.g., unexplained gaps in work, choice of recommenders, inconsistent or questionable academic performance, significant weakness in your application).

As with most optional essays, Duke asks that you only use this space to explain extenuating circumstances. If you have a low GPA, a non-typical recommender or gaps in work history this is the correct place to address those issues.

When approaching any optional essay it’s important to focus on recent performance, whether academic or professional, and what such performance demonstrates about your ability. Your goal is to remove questions from your application and to address in a factual manner any information the admissions committee needs to know to fairly evaluate your application.

GMAC Survey Shows Growth in MBA Program Applications

Monday, September 28th, 2009

A new research report released September 22 from the Graduate Management Admission Council (GMAC) shows that application levels at B-schools worldwide continued to increase this year.

Two-thirds of full-time MBA programs in the latest GMAC Application Trends Survey report receiving more applications from potential students in 2009 than in the previous year. Mixed results came in for part-time and executive MBA programs, with more than half reporting that application levels dipped or remained unchanged this year. In 2008, application levels rose for the majority of these programs.

One-year full-time MBA programs had the strongest application growth of any MBA program type in the survey, GMAC reveals, with 69% reporting an increase in 2009. Seventy percent of one-year MBA programs saw an increase in applications in 2008.

Master of Accounting and doctoral programs experienced an overall uptick in application levels in 2009 compared with 2008. Sixty-eight percent of Master of Finance programs posted an increase, slightly below 2008 levels.

“Our research underscores that earning a graduate business degree gives people an edge in the job market that endures despite the economic cycle,” said Dave Wilson, president and chief executive officer of GMAC, the international association of business schools that owns the Graduate Management Admission Test (GMAT).

“In particular, the rise in popularity of one-year MBAs and master’s programs shows that graduate management education continues to find ways through rich and innovative programming to be attractive to students.”

GMAC researchers say that the declines seen in application volumes for EMBA programs are a consequence of several forces affecting students and schools. Chief among these factors is the weak economy, which is making it difficult for potential students to secure funding for tuition from employers or through loans.

The 2009 Application Trends Survey, conducted from May 27 to July 8, 2009, includes responses from 332 graduate business schools and reflects application volume at 667 graduate management education programs in 35 countries.

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For a concise, thoughtful guide that will help you navigate the MBA admissions process with greater success, order our NEW book, The MBA Application Roadmap.

Dean Chopra on Kellogg’s Top Priorities

Friday, September 25th, 2009

Sunil Chopra, interim dean at the Kellogg School of Management, knows B-schools are facing some tough challenges these days, but says that there is always room to make contributions of lasting importance and to build upon Kellogg’s legacy.

Here are some of Chopra’s thoughts from earlier this week on the Kellogg School’s priorities in the upcoming year.

One of our most important goals is sticking to our core mission — knowledge creation and knowledge dissemination. It’s my number-one priority to provide all the support needed to ensure that our faculty continue to do the best research and that our students continue to learn as much as possible, whether it’s inside or outside the classroom.

Another priority is jobs. We continue to face a challenging recruiting environment… This year, we have to work extra hard to connect students and recruiters and ensure that our students are as well-prepared for these interviews as possible.

My next priority is “One Kellogg.” …For example, we offer the Executive MBA, Full-Time and Part-Time programs, and each do their own recruiting for students. The question we should be asking is: How can we leverage the synergy of these programs better than we have before?

The last priority is communication…My goal is to ensure constant communication among all the stakeholders.

What is the state of Kellogg today, and its position among the world’s top business schools?

We give [students] the broadest suite of course offerings at an extremely high level of quality to help them develop a very strong general management perspective, and we offer a variety of areas in which they can focus in greater depth.

You will not find the answers to today’s problems in a single functional area… A person’s ability to bring together a team with different perspectives and come up with an answer that no one else could have produced is particularly powerful today.

What can first-year Kellogg students expect this year, entering as they did during a turbulent economic environment?

We encourage a strong general management perspective with various areas of depth, and we focus on collaborative learning that leads to innovation. That is precisely what organizations around the world need today to restore the health of the global economy.

Kellogg’s mission is to develop global leaders who make contributions of lasting significance. At no other time has the world needed that more than today. It is a challenging time, but it’s during times such as these that significant contributions are made.

(photo credit: Kellogg School of Management)

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We are now on Facebook – please join the Stacy Blackman Consulting group, or become a friend of Stacy Blackman. I am posting news about MBA related events, job listings, and of course MBA news.

I am on Twitter too…click to follow me on Twitter! www.twitter.com/stacyblackman

For a concise, thoughtful guide that will help you navigate the MBA admissions process with greater success, order our NEW book, The MBA Application Roadmap.

UM Biz School Reaches Out to Latin America, Asia, Europe

Friday, September 25th, 2009

WorldMapSmallEarlier this week, the University of Miami School of Business Administration announced agreements with seven leading business schools and universities across Latin America, Asia and Europe to explore undergraduate and graduate student exchanges, faculty exchanges, joint executive education offerings and other initiatives.

Under the agreements, the school will collaborate with Instituto de Empresa (IE) Business School; the Fudan University School of Management in China; University of Sao Paulo in Brazil; the Pontifica Universidad Catolica Business School in Peru (CENTRUM); the University of San Andres School of Business in Argentina; the Autonomous University of Madrid (UAM); and Pompeu Fabra University in Spain.

These agreements lay the ground work for developing a range of exchange opportunities between the UM School of Business and the foreign schools, with several already in development. The School of Business and Fudan University in Shanghai have agreed to initiate one-semester MBA student exchange programs beginning in 2009.

“The University of Miami School of Business is uniquely positioned as an international gateway to Latin America, Europe and Asia, allowing us to act as an important connector for students, faculty and business professionals from around the world,” said Barbara Kahn, dean of UM School of Business. “Not only will these partnerships lead to cooperation between our school and the other schools, we will also connect schools in each region with one another for the exchange of ideas and knowledge.”

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We are now on Facebook – please join the Stacy Blackman Consulting group, or become a friend of Stacy Blackman. I am posting news about MBA related events, job listings, and of course MBA news.

I am on Twitter too…click to follow me on Twitter! www.twitter.com/stacyblackman

For a concise, thoughtful guide that will help you navigate the MBA admissions process with greater success, order our NEW book, The MBA Application Roadmap.