Tag Archives: Tuck School of Business
June 2, 2016
With the high cost of admission to a top-tier business school, prospective students should determine whether pursuing the MBA degree makes financial sense as a long-term investment. I advise applicants to ask themselves three questions: …
With the high cost of admission to a top-tier business school, prospective students should determine whether pursuing the MBA degree makes financial sense as a long-term investment. I advise applicants to ask themselves three questions: Will the degree help me switch careers? Can I expect a significant salary increase? Will an MBA help me reach a leadership position sooner?
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 degree is also a powerful differentiator in a crowded marketplace. The vast majority of graduates report having greater job satisfaction and the ability to advance quickly and, therefore, earn more in shorter time.
In fact, Graduate Management Admission Council’s 2016 Alumni Perspectives survey gets very specific about 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. Alumni — on average — recoup their b-school investment within four years after graduation, depending on the type of program attended.
Last fall, when Forbes released its 2015 ranking of the best b-schools based on the ROI of the MBA Class of 2010, Stanford Graduate School of Business nudged out Harvard Business School for the top spot for the second straight time, with a five-year gain of $89,100 for graduates. In fact, according to the report, the class of 2010 tripled their pre-MBA total compensation to $255,000 five years out of school.
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.
To dive deeper into the numbers, TransparentMBA, a company started in 2015 by University of Chicago Booth School of Business students who were frustrated by the lack of relevant compensation and satisfaction data available to MBA students, provides both industry and company-specific on effective hourly wage across a multitude of post-MBA roles.
This can greatly help those considering business school figure out just what type of salary bump they can look forward to based on the industry or company they plan to target upon graduating.
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 depending on your post-graduation plans, as well as the brand of the business school where you earn the degree.
In an earlier post on ROI, Paul Danos, former dean of Dartmouth College’s Tuck School of Business, noted that while the elite programs require a significant investment in time and money, it pays off in both career options and compensation. “The top programs are able to recruit the best qualified students, provide a truly excellent educational experience, and therefore attract top recruiters who recognize the value of that experience.”
Remember, every choice that you make when deciding whether an MBA makes sense for you– ranging from the cost of the city you decide to live in, the field you move into, to the school you choose – will impact your financial return on investment. Nevertheless, I believe that no other degree can open doors as the MBA does.
Image credit: Flickr user http://401kcalculator.org (CC BY-SA 2.0)
February 26, 2016
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, …
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.
February 25, 2016
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 …
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.
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January 29, 2016
We’re wrapping up the fourth week of the Words of Wisdom (WOW) campaign on our social media streams, and the online response has been nothing short of incredible! The goal is to motivate potential MBA …
We’re wrapping up the fourth week of the Words of Wisdom (WOW) campaign on our social media streams, and the online response has been nothing short of incredible! The goal is to motivate potential MBA candidates with inspirational quotes from the top business schools and our educational partners.
More than 12 elite MBA programs, organizations such as Forté Foundation and The MBA Tour, and our test prep partners have chimed in over the past few weeks. Every Friday during the campaign, we’ve provided a roundup of these motivational messages here on the blog, but you can see them right away on Facebook, Twitter, and Instagram.
Use the following hashtags: #WOW #WordsofWisdom #SBCWOW #MBAinspiration and #BeInspired to check it out each day until the campaign ends on February 9th.
We hope these motivational messages inspire you to make 2016 your best year ever!
- “An MBA education is intended to prepare you for a career, not a job. Never lose sight of what’s best for you in the long run,” advises Robert Dammon, Professor of Financial Economics and Dean of the Tepper School of Business at Carnegie Mellon University.
- “Sleep is essential for peak performance. You cannot thrive if your body is deprived.” GMAT Genius
- “It’s important that applicants realize that not gaining admission to a school is not a reflection of you as a person or your ability to be successful in your career. One of the biggest challenges for the admissions committee is having too many great candidates to choose from among a competitive pool,” says Dawna Clarke, Director of Admissions at Dartmouth’s Tuck School of Business.
- “Be ready to raise your hand for new opportunities even when you don’t have the full complement of capabilities,” urges Linda Darragh, Clinical Professor of Entrepreneurial Practice at the Kellogg School of Management.
- Bara Sapir, CEO and Founder of Test Prep NY/SF, says, “For a goal to be effective, you need to clearly articulate for yourself what you want to do, believe you can do it, and then set in motion the tips necessary to make it happen.”
- “Be unabashedly honest with yourself throughout the process. Why do you want an MBA? Which program culture feels right to you? Why? Go with your heart and not with your head when you make this decision,” suggests Eric Johnson, Executive Director of Graduate Career Services at the IU Kelley School of Business.
- “When deciding which exam to take—the GMAT or GRE—for your MBA applications, think about your personal strengths.” The Economist Test Prep
- Allison Jamison, Director of Recruitment at Duke University’s Fuqua School of Business, says, “Take the opportunity to send a note to your recommenders. Thank them for taking the time to submit on your behalf, and remind them of any deadlines that require their action. If you have been in contact with admissions officers, students, and/or alumni at your target schools, send them a quick note as well and let them know you are submitting your application. If appropriate, remind them where and when you met!”
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January 22, 2016
We’re wrapping up the third week of the Words of Wisdom (WOW) campaign on our social media streams, and the online response has been nothing short of incredible! Have you checked it out yet? The goal is to motivate potential MBA candidates with inspirational quotes from the top business schools and our educational partners.
More than 12 elite MBA programs, and organizations such as Forté Foundation and the MBA Tour, have chimed in with their thoughts on reapplying, reminders about how to take advantage of every opportunity, reality checks regarding the GMAT, and views on how to create value and sense of purpose in all that you do.
Every Friday during the campaign, we’ll provide a roundup of these motivational messages here on the blog, but you can see them right away on Facebook, Twitter, and Instagram. Use the following hashtags: #WOW #WordsofWisdom #SBCWOW #MBAinspiration and #BeInspired to check it out each day.
We hope these messages inspire you to make 2016 your best year ever!
- “Approximately 15 percent of Tuck applicants are reapplicants. We look favorably upon reapplicants and work closely with them. If Tuck remains your top choice, reach out to us to help you determine if and what reapplicant strategy might work best for you,” says Dawna Clarke, Director of Admissions at the Tuck School of Business at Dartmouth.
- “Training yourself to be sure of the outcome of the GMAT, to imagine conquering business school and even looking ahead to your future career will help you create a game plan for success,” advises Bara Sapir, CEO/Founder of Test Prep New York/Test Prep San Francisco.
- Kellogg School of Management Professor David Chen counsels MBA students to “Figure out how your values can create value.”
- “Students ask me how to find their purpose. My advice is simple: stop looking for a purpose and start noticing when you get excited by what you are doing. When you enjoy your work, your purpose usually finds you,” says Professor Richard Shell at the University of Pennsylvania’s Wharton School.
- “Don’t put too much emphasis on the GMAT. People overemphasize the GMAT because it’s the most “concrete” element of the application. It’s easy to understand that a higher score means a somewhat higher change of being accepted. However, the real difference between a 710 and even a 740, or a 650 and a 690, is probably way smaller than you think. In a way, it’s “easy” to put your head down and focus on improving your GMAT score for two hours. But it’s “hard” to figure out which schools are really a great fit for you, your core reasons for going to business school, and your personal narrative around what you’d bring to a program. Once you get the GMAT score that falls in the range of your target schools, move on and focus on the application,” advises My Guru‘s Mark Skoskiewicz.
- Amanda Soule Shaw, Assistant Dean for Student Services at Cornell’s Johnson School of Management, says, “Commit to doing new things and expanding your network of contacts. It’s great to be completely sure of your post-MBA goal, but don’t let that goal define the choices you make in terms of classes, clubs, teams and friends. Your time in school will provide limitless opportunities to gain exposure to diverse topics and perspectives, so make sure to take full advantage of that once in a lifetime experience.”
- “We all make mistakes. The key is to learn from your mistakes so you don’t repeat them.” GMAT Genius
- “Embrace the transformative opportunity that an MBA program offers. The network is invaluable, but maximizing its value first requires openness to change and effort to develop who you are and what you can do,” says Professor Scott B. Smart at Indiana University Kelley School of Business
- Professor Harry Kraemer at the Kellogg School of Management advises, “Don’t forget to take the time to self-reflect and ask yourself, ‘What are my values? What really matters?'”
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December 4, 2015
Wondering which MBA grads feel the most love for their alma mater? According to Forbes‘s list of business schools with the most satisfied MBA graduates, it’s not directly related with the programs that the magazine …
Wondering which MBA grads feel the most love for their alma mater? According to Forbes‘s list of business schools with the most satisfied MBA graduates, it’s not directly related with the programs that the magazine ranked highest for return on investment back in September.
“Grads from Harvard, Columbia and University of Pennsylvania’s Wharton School had three of the four highest salaries among U.S. schools five years after graduation (only Stanford grads banked more). However, alumni from all three schools rank their job satisfaction among the bottom half of the 50 schools in our universe despite paychecks north of $200,000 on average,” reveals Forbes‘s reporter Kurt Badenhausen.
To come up with the list, Forbes explains that it looks at salary data from the ROI ranking published earlier this fall, and also asks alumni to comment on their satisfaction with their education, and how well they feel the degree prepared them relative to other MBAs and their current jobs.
Top Ten Business Schools with the Happiest Graduates:
- Darden School of Business
- Dartmouth Tuck School of Business
- USC Marshall School of Business
- Michigan State Eli Broad College of Business
- Emory University Goitzueta Business School
- Stanford Graduate School of Business
- Chicago Booth School of Business
- MIT Sloan School of Management
- UCLA Anderson School of Management
- Northwestern Kellogg School of Management
“Some MBA rankings measure satisfaction of students at graduation, but we look at satisfaction five years out of school when students have had time to reflect on their educational experience and how they compare to other MBAs in the labor force,” writes Badenhausen. “Overall students gave their educations very high marks and less so for their current employment situation.”
To learn more about what makes each of these business schools so special in the eyes of their alumni, read the complete article on Forbes.
(image credit: Flickr user tldagny, CC 2.0)