Category Archives: General
October 2, 2015
Four professors who are leading the way in prompting business school students to think about how firms can act in the face of growing economic inequality have been named winners of this year’s Aspen Faculty …
Four professors who are leading the way in prompting business school students to think about how firms can act in the face of growing economic inequality have been named winners of this year’s Aspen Faculty Pioneer Awards. The honorees, announced this week by the Aspen Institute Business and Society Program, are:
- David Besanko, IBM Professor of Regulation and Competitive Practices at the Kellogg School of Management.
- Shawn Cole, John G. McLean Professor of Business Administration in the Finance Unit at the Harvard Business School.
- Dima Jamali, Kamal Shair Chair in Responsible Leadership and Professor at the Olayan School of Business at the American University of Beirut.
- Thomas Kochan, George M. Bunker Professor of Work and Employment Relations at the MIT Sloan School of Management; and Co-Director of the Institute for Work and Employment Research at MIT.
The Faculty Pioneer Awards were established in 1999 to celebrate educators who demonstrate leadership and risk-taking — and blaze a trail toward curriculum that deeply examines the relationships between capital markets, firms, and the public good.
The focus of this year’s call for nominations was to recognize and honor faculty who are teaching about inequality in their MBA classrooms, says Claire Preisser, who manages the Faculty Pioneer selection process as associate director of the Aspen Institute Business & Society Program.
“When thinking about remedies to inequality, people naturally reach into the policy sphere for solutions,” Preisser explains. “Policy interventions are very important, but historically business has been a key actor in building and sustaining a middle class. We believe that today’s business students need to be prompted more often to think about how the everyday choices in firms can build shared prosperity—or work against it. The faculty members we honor this year are doing just that.”
The fact that some faculty at top-ranked MBA programs are addressing inequality in the classroom is especially encouraging, says Judith Samuelson, executive director of the Aspen Institute Business & Society Program.
“We are very encouraged that these classroom discussions are happening, and happening at top-ranked schools—and are eager to see more faculty follow suit,” Samuelson says. “This year’s Faculty Pioneers are bringing inequality out of the ethics classroom and into the classes that really matter in the MBA curriculum.”
The Aspen Institute Business & Society Program will recognize the Faculty Pioneer Award Winners at Business and Inequality: A Dialogue on Business and Business Education in New York on Thursday, October 15. The event will focus on how business schools can most effectively prepare students to lead companies in ways that produce a vibrant economy that works for all.
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September 25, 2015
Columbia Business School recently launched a new immersive experience for its full-time MBA students that provides students the chance to interact with C-suite executives and discuss the future of business, ongoing challenges, opportunities, and strategies …
Columbia Business School recently launched a new immersive experience for its full-time MBA students that provides students the chance to interact with C-suite executives and discuss the future of business, ongoing challenges, opportunities, and strategies at play.
The inaugural seminars, led by Columbia Business School faculty members, featured partnerships with companies across an array of industries, including data analytics, management consulting, brand experience, financial services, innovation, social media, technology disruption, innovation, and entrepreneurship.
“Our students have always enjoyed the benefits that New York City has to offer. They are just a subway ride away from tremendous career opportunities,” says Glenn Hubbard, dean of Columbia Business School, in a statement announcing the program’s launch. “These immersion seminars students meet with industry executives and see theories taught in the classroom being applied in real-time in the business world.”
To drive home the impact these seminars will have on Columbia Business School students, the School launched a new video featuring commentary from two of the program’s leaders, Khalid Azim, Director of Strategic Curricular Networks and Partnerships, and Barry Salzberg, who recently joined the faculty of Columbia Business School after a nearly 40-year career at Deloitte, capped by serving as the firm’s Global CEO at the end of his tenure.
In the video, Professor Salzberg says that the School’s Immersion Seminars combine “the best of academia and the business world” and that students walk away with “opportunity and access to unbelievable people, businesses, and knowledge that you can’t get elsewhere.”
Shana Gotlieb, a member of the Class of 2016, describes her immersion seminar as “the best class I’ve taken” and one that “could only happen at Columbia Business School.”
“We are so grateful to these companies and the executives who took time out of their day to impart lessons to our students. Only in New York City does a school have access to this array of industry titans,” says Azim. “We look forward to capitalizing on the extraordinary momentum spurred by our inaugural seminars and strengthening the experience for future generations of Columbia Business School students.”
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September 23, 2015
The Graduate Management Admission Council (GMAC) has released the findings of its 2015 Application Trends Survey, which show the majority of full-time MBA programs — in both two-year and one-year formats — report increases in …
The Graduate Management Admission Council (GMAC) has released the findings of its 2015 Application Trends Survey, which show the majority of full-time MBA programs — in both two-year and one-year formats — report increases in application volume compared with last year and 10 years ago.
Among full-time two-year MBA programs, 57% report increased application volume this year. For full-time one-year programs, 2015 marks a notable improvement: 51% of programs report application volume increases, compared with just 37% that reported growth last year.
Both program formats are performing better compared with 10 years ago — 60% of full-time two-year and 53% of full-time one-year MBA programs indicate they received more applications this year than in 2005.
“This is positive news and reflects a strong full-time MBA market,” says Bob Alig, GMAC’s executive vice president for school products.
“The full-time MBA continues to be a sought after credential because graduates consistently see a high return on their investment — not only in terms of earnings, but also in job satisfaction and personal fulfillment.”
The findings from GMAC’s 16th annual Application Trends Survey show a positive turnaround in the domestic market for U.S.-based, full-time two-year MBA programs, as a majority (59%) report year-on-year domestic application growth — a level not attained since 2009. Domestic candidates still account for less than half of the applicant pool for these U.S. MBA programs — 45% in 2015.
This year’s report also reveals that the representation of women in program applicant pools has increased 3 to 8 percentage points over the last five years for all program types analyzed in the report, with the lone exception of Master of Accounting, which continues to maintain its majority level of female representation (57%).
More than half of the following program formats report growing application volume for women in 2015: full-time two-year MBA (51% of programs), full-time one-year MBA (50%), executive MBA (50%), online MBA (55%), Master in Management (55%), Master of Finance (56%), and Master of Marketing and Communications (60%).
“GMAC is pleased to see that business schools’ efforts to increase the number of applications from women seem to be succeeding,” says Alig. The report shows that targeted outreach for women candidates is conducted by 67% of full-time two-year MBA programs, 41% of part-time MBA programs, and 51% of executive MBA programs.
Data for the 2015 Application Trends Survey were collected from a total of 641 graduate business programs located at 306 universities worldwide.
To download the full survey report, please visit www.gmac.com/applicationtrends.
September 21, 2015
This post originally appeared on Stacy’s “Strictly Business” MBA Blog on U.S.News.com Even though many incoming first-year MBA students think they have a pretty good idea of what awaits them, there’s always something about business …
This post originally appeared on Stacy’s “Strictly Business” MBA Blog on U.S.News.com
Even though many incoming first-year MBA students think they have a pretty good idea of what awaits them, there’s always something about business school that takes them by surprise. Whether you are a member of the class of 2017, or a candidate working on your application for next fall, take a look at these tips to help better prepare you for an awesome MBA experience.
1. Don’t be intimidated by your classmates: It’s difficult to not be impressed when you see the caliber of your peers, who will all seem to be phenomenally accomplished. After all, at a top MBA program, you’re sure to be surrounded by marathon winners, Everest summiters, judo champions and probably a White House aide or two.
Instead of feeling less-than-accomplished among these type-A leaders, take the approach of learning from a diverse group of people who have experience in areas you’re not familiar with. Most business schools foster a collaborative culture, so these geniuses will more than likely be excited to share their knowledge.
While it’s human nature to gravitate toward people who are similar to you, business school is a unique opportunity to interact closely with students from other countries and backgrounds. If you make an effort to get to know those outside of your comfort zone, your experience will be greatly enriched.
And don’t forget that you, too, were accepted into the class for a reason. The school believes that you have a great deal to contribute, so make sure that you do.
2. There’s a right way to engage at recruiting events: To really maximize the job recruiting experience, your main goal should be trying to get a grasp of each company’s culture. Use this opportunity to determine how well you would enjoy working on their team. Within the same industry, most companies will provide the same types of projects or experiences, so finding out whether you connect with the people you’re speaking with will go a long way toward helping you decide which offer is most attractive.
Remember, most of the people you will be speaking with at these events were in your shoes not that long ago. Be respectful, but not daunted, by their position.
You should go into interviews and corporate presentations prepared to have a conversation and tell them about yourself. Also, don’t stress if you don’t land the dream summer internship. Summer positions are often more competitive than full-time offers, so you’ll still have a great chance at the same job after graduation.
3. What happens outside the classroom is more important: GPA may have been the be-all and end-all in your undergraduate career, but at business school, your grades really don’t count that much.
Many schools have a grade nondisclosure policy, but even if it doesn’t, no one is going to ask. Go to class to learn, but don’t study so much that you miss out on the rest of the experience.
Reap the full benefits of the MBA experience by getting involved with activities outside of the classroom. The opportunities are overwhelming, so be selective with your choices and know that you will learn as much from these activities as you will from your studies. Extracurriculars will help you with networking and provide something to talk about in your interviews.
The intense nature of the business school experience bonds students and makes it a wonderful place to make lifelong friends. As you build your network, make sure to reach out to people around you and see how you can help them as well.
Remember that your classmates and the classes above and below you are all members of this priceless network. Always keep in mind that you may network with any of these people down the line.
4. Failure is OK and even encouraged: You may be starting business school with a crystal-clear vision of your career goals, but if you’re paying upward of $60,000 a year in tuition, why not use this time to explore new options?
Go to diverse corporate presentations, take courses in unfamiliar subjects or interview with a company outside of your industry. You may be surprised at how your interests shift and grow.
The first year of an MBA program is like a learning laboratory, and an ideal time to take risks, challenge yourself and find out where your weaknesses are. You will also have the freedom to explore areas that would be impossible with a day job, as business school is a safe environment for trying out the most audacious ideas.
Failure is one of the best learning tools, so don’t be afraid to flop. Many of the most successful entrepreneurs only became so after overcoming multiple adversities. Not only will the experience make you more resilient, it will allow you to evolve and know what not to do next time.
image credit: Flickr user thetaxhaven CC By 2.0
September 17, 2015
Is there such a thing as a right time to apply for an MBA? Many prospective b-school applicants confront this question when they feel that their current career trajectory has stalled. For others, pursuing an …
Is there such a thing as a right time to apply for an MBA? Many prospective b-school applicants confront this question when they feel that their current career trajectory has stalled. For others, pursuing an MBA straight out of undergrad is a no-brainer, as they avoid putting their lives on hold for two years—and forgoing a potentially significant salary to do so.
While everyone’s timing for applying to business school varies depending on their circumstances, there are a few things you should be able to clearly articulate when you’re ready to take the plunge.
This week, the MBA blog published by the UV Darden School of Business poses four questions you should ask yourself to determine whether now’s the time to start cranking out those essays and rounding up your references. The advice is spot-on, and valid no matter where you plan to apply.
- What are my career goals?
Darden says: Not everyone knows their specific career goals when heading to business school, but as a general rule, they have a pretty good idea. Maybe you want to move up within your current industry or company. Maybe you want to switch to an entirely different industry and need to build the foundation to get the job that you want. Or maybe you’re aspiring entrepreneur who wants to learn more about business so you can start one of your own. Business school can propel you in many directions, but you can also miss out on great opportunities if you don’t know what you are looking for.
2. Do I have enough work experience?
Darden says: Most MBA programs want you to have an average of four years of work experience. At Darden, the average age of students in our full-time program is 27. Having work experience is important because it teaches you how to work with a team, practice your leadership skills and learn more about the business world, which in turn will help you lay out your career goals.
3. Do I have the basic skills necessary to thrive in business school?
Darden says: While Darden looks for students with a wide range of experiences, there are certain skill sets that will come in handy as you embark on your MBA journey. One of those is quantitative analysis, which will be useful as soon as you start to study for the GMAT or GRE, and will continue to be helpful as you prepare to lead in the business world. If you didn’t take many quantitative classes in college, it might be helpful to brush up on your skills so you are ready for the first day of b-school.
4. Do I know what I’m looking for in an MBA program?
Darden says: There are all kinds of MBA programs around the world. Some are full-time; some allow you to work while you get your degree. Some excel at finance, while others specialize in general management or consulting. The options are endless, so it is up to you to figure out which school is right for you.
It’s no surprise that an MBA expands your skill set and your network of contacts, as well as significantly increases your long-term earning potential. Candidates should talk with family, friends, and mentors—and potentially an MBA application adviser—early in the application process to determine where they are in the so-called “window” for business school.
But only you can judge when all of the necessary elements have come together to make the time right.
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image credit: Flickr user Cam Evans (CC BY-ND 2.0)