"Inside the Minds of MBA Applicants" Captures Intentions, Motivations and Concerns of the Current Cohort of Business School Applicants
67% of MBA Applicants Would Still Apply, Even if Grads Couldn't Find Jobs in Their Desired Field
"Inside the Minds of MBA Applicants" Captures Intentions, Motivations and Concerns of the Current Cohort of Business School Applicants
67% of MBA Applicants Would Still Apply, Even if Grads Couldn't Find Jobs in Their Desired Field
...Cultivating that moral humility where you say, "Yes, under some circumstances your moral compass might fail you," I think we need to understand better how to help students recognize those moments and know how to resist....
WSJ: The things people end up doing when they're tempted seem to be a failure of moral compass. But by the time you're in business school, [is it] a little late to be teaching those things?
Mr. Nohria: The general belief about moral and character development [is] this is something that we learn at home, as adolescents. I actually think the formation of character is a lifelong process.
Abraham Lincoln said that people think that the real test of a person's character is how they deal with adversity. A much better measure of a person's character is to give them power. I've been more often disappointed with how people's character is revealed when they've been given power. I have learned that in a very modest ways even as having become dean. How I inhabit this new sense of self and learn to stay grounded is going to be as important to the formation of my character as anything I've learned from my parents.
So far, Tuck is the only top school to buck a trend of lower application volume to MBA programs around the world.
With applications to MBA programs down globally, Dartmouth College’s Tuck School of Business saw applications for a seat in its newly entered class rise 7.5% to 2,744 this past year. The increase allowed Tuck to bring its acceptance rate to 18%, down from 20% a year earlier. The average GMAT for enrolled MBA students, moreover, edged up another two points to a record 718, from 716 last year.
So far, Tuck is the only top school to buck a trend of lower application volume to MBA programs around the world. Applications at Stanford dropped 8.9%, for example, while the Johnson School at Cornell saw an 8.0% fall. Harvard Business School was down 4%, while Wharton was down 5.7%.
Dawna Clarke, Tuck’s director of admissions, attributed the rise to, among other things, how well the school has performed in placing its students in jobs through the uncertain economy of the past few years. “I think it’s a reflection of how the school is doing,” said Clarke in an interview with Poets&Quants. “The job stats have been really good for a couple of years through the recession.”
In 2010, for example, Tuck had the best stats of any of the top schools in having the highest percentage of grads employed at graduation (80%) and three months later (93.3%). (See story “Best B-Schools for Getting a Job.”)
The latest stats for Tuck’s Class of 2011 reaffirm the school’s success in placing its MBAs. In a “state of the school” address this morning to faculty and staff, Dean Paul Danos said that starting pay for the class was up by 7% this year and 97% of Tuck graduates had job offers within three months of commencement. Some 34% of the students went into consulting, 28% to finance, and 38% took jobs in general management and other positions. The biggest hirers: McKinsey, Bain, Boston Consulting Group, Amazon, J.P. Morgan, and Samsung.
Danos also said that Tuck set a new record for participation by alumni in the school’s annual giving campaign, breaking over the 70% level for the first time–70.5%.
Clarke said the application increase, moreover, was felt for both domestic and international applications. Generally, schools that have reported declines say that most of the downturn is due to far fewer U.S. applicants.
She also attributed the increase to sending more personalized email to potential applicants, a new Tuck website, and more aggressive use of technology to better leverage Tuck’s alumni network...
Article of Fortune Management, September 14, 2011
Sharing pieces of your emotional past sounds more like the stuff of support groups than MBA programs, but schools are recognizing a need to add these experiences to their curriculum...
MIT World, February 18, 2009
Running Time: 0:55:00
...This type of innovative leadership, says Maceda, could “apply broadly to most service-based organizations who want to make people the heart of a sustainable, competitive advantage, and to translate better products that meet clients needs better.” Such an organizational model holds true even or especially during times of crisis. “If you believe you have a strong competitive advantage, usually during times of crisis you can harness that and win.”...
Vicente del Bosque (DeansTalk 12 July, 2010), the internationally successful football coach and trainer for the national team, will talk with Jaun Ignacio Gallardo,assistant director of the sports daily MARCA, and David Bach, expert in strategy and dean of IE Business School programmes, about the keys to success of a united team such as the Spanish national squad. At the end of the event, the speakers will share one of their favourite readings...
udemy.com, Lecture 1 of 9
Tom Byers, professor at Stanford University and founder and a faculty director of the Stanford Technology Ventures Program (STVP), stresses that "Entrepreneurs are not born, they are made". He discusses a framework that elaborates the difference between an idea and an opportunity.
Article of Boston Herald, September 16, 2011
Seven technology pioneers — from inventor Thomas Edison to Microsoft founder Bill Gates — will get the equivalent of Hollywood sidewalk stars this afternoon when the Entrepreneur Walk of Fame is unveiled in Cambridge...
The Kendall Square location for the star-studded walk — which has been dubbed EntWoF — was chosen because the area hosts nearly five times more start-ups per square mile than any other place on the planet and for its ties to the Massachusetts Institute of Technology and Harvard University, according to organizers.
For this year’s ranking, the Beyond Grey Pinstripes team looked at data from 149 schools in 22 countries.
The Executive Board of Erasmus University Rotterdam has appointed Professor Steef van de Velde Dean of Rotterdam School of Management, Erasmus University (RSM). Van de Velde was already Interim Dean at RSM as of July 1, 2011, after the retirement of emeritus Dean George Yip.
“I find the best thing about business education is that it develops individual capabilities for effective and conscious leadership in international business,” said Steef van de Velde. “Through a combination of intellectual and practical challenges, RSM stimulates the creation of individuals who are active, empowered citizens of the world. We want our students to be integrated, participatory and open-minded – people who can generate prosperity and who will take up their roles in the building of a more sustainable future. I am therefore proud to accept this Deanship. Following in the footsteps of our former dean, I will continue to ensure the relevance and impact of our research and our education programmes.”
To learn more about RSM’s new Dean and his ambitions for the School, watch this video.
About Steef van de Velde
Steef van de Velde (1960) is Professor of Operations Management & Technology at RSM. He holds an MSc (1985) in Econometrics from Erasmus School of Economics and a PhD in Mathematics and Computer Science (1990) from Eindhoven University of Technology. His research interests lie in the area of (behavioural) supply chain management and operational excellence. While his working life has been spent in academia, in 1999 and 2001 he was a consultant at Ortec, a global provider of advanced planning and optimisation software solutions and consulting services. His assignments were in the healthcare, public, and oil & gas sectors...
Article of Businessweek, September 16, 2011
Our latest survey delves behind the “who, what, where, and why” of applications to 650 graduate management programs for 2011 – 2012, analyzing trends in demand, applicant demographics, acceptance/enrollment rates, and incoming class sizes at 331 graduate business schools worldwide...
(results out Tuesday)
COSTA RICA'S REPUTATION AS ECOTOURISM DESTINATION AT STAKE?
Case - Reference no. 508-103-1 Authors: Thadamalla, J.; Makwana, B.; Shah, R.; Suresh, K. Published by: IBS Research Center (2008) Length: 9 pages Data source: Published sources
Abstract: Costa Rica, located in Central America between the Pacific Ocean and the Caribbean Sea, gained the reputation as a preferred destination for ecotourism. It attracted foreign tourists with its beautiful landscapes and climate, national parks, wildlife refuges, beautiful plants, cloudy and rainy forests, and sky-kissing mountains. In addition, political stability and economic growth helped attract 1.9 million foreign tourists earning an estimated $1.92 billion revenues in 2007. But an increasing tourist flow and foreign direct investment in the real estate sector posed a threat for its ecotourism. According to environmentalists, the construction of hotels, resorts, cruise ship ports, and golf courses threatened the ecology of Costa Rica. The case tries to highlight the challenges faced by Costa Rica in sustaining its reputation as a top ecotourism destination. The pedagogical objectives are: (1) the emergence of Costa Rica as an ecotourism destination; (2) growth of its ecotourism; and (3) future challenges for Costa Rica's ecotourism.
Top business and political leaders launch Latin America Conservation Council, September 8, 2011.
What Latin American challenge could bring together more than 30 CEOs and political leaders?...
Register to meet top international business schools at the free GMATCH Virtual MBA Fair.
business today india, September 18, 2011
The country head of HSBC was the first woman to enter the male bastion of investment banking
...The list of Kidwai's firsts is staggering: she was the first Indian woman to graduate from Harvard Business School, or HBS; the first woman to be hired by PriceWaterhouse in India; the first woman to lead a foreign bank in India. Kidwai says she had to work "very hard" to find her space among the men...
The setback-failure-weakness essay is commonly asked for in MBA Admissions because it is a test of an applicant’s maturity, self-knowledge, honesty, and ability to learn from mistakes.
It is, in other words, the biggest indicator of real leadership ability and potential. Sample questions that approach this topic are:...
Via @CambridgeJBS, 13 September, 2011
Research by Cambridge Judge Business School's Centre for Business Research (CBR) explodes three major myths that have underpinned innovation policy thinking in the UK and elsewhere for decades and identifies the importance of 'lead customers' in the innovation process. CBR Senior Research Associate David Connell explains why the American Small Business Innovation Research (SBIR) programme is the model to follow...
is a United States Government program, coordinated by the Small Business Administration, in which 2.5% of the total extramural research budgets of all federal agencies with extramural research budgets in excess of $100 million are reserved for contracts or grants to small businesses. In 2010, that represented over $1Billion in research funds. Over half the awards are to firms with fewer than 25 people and a third to firms of fewer than 10. A fifth are minority or women-owned businesses. A quarter of the companies in FY10 were first-time winners
Which MBAs Offer A Good Return On Investment?, September 13, 2011, San Francisco Chronicle.
Paperback: 384 pages, HarperCollins UK (July 15, 2011)
Lynda Gratton is a professor at London Business School and the author of Hot Spots and Living Strategy. She has been hailed by the Times as one of the top 20 business thinkers in the world today, esteemed by the Economist for "leading the world's top 200 business minds to predict the future of work," and the Financial Times called her the business thinker most likely to make a real difference over the next decade.
Description: Lynda Gratton's groundbreaking book looks at the five forces that will fundamentally change the way we work in the next 10 to 15 years: globalization, society, demography, technology, and energy. It remains to be seen whether this will be a bad thing or a good thing. The invaluable advice that Lynda imparts, however, is that there are three key shifts that individuals can make to prepare themselves in this fast-moving world.
Jurgita Balaisyte and Luk N. Van Wassenhove - July 2011
East Africa is experiencing the worst droughts for the past 60 years. Seasonal rains failed to arrive in October – December 2010 so this spring livestock was lost. As a result over 10 million people are facing severe food shortages or are malnourished. Read the rest of this article...
The newest crop of writers includes nontraditional candidates—a journalist, a pollster, and a Google "jack of all trades"—all yearning to make their mark
The MBA Journals, which challenge incoming MBA students to share their business school journey with Bloomberg Businessweek readers, have become a rite of passage of sorts. Many MBA applicants read the journals in hopes of discovering what a typical day will be like on a particular campus, how they’ll ever find an internship or full-time job, and what kind of social life they can expect...
Rising deficits around the world have riveted public attention on who pays taxes, or more specifically, how much of the tax burden is being borne (or evaded) by the rich. The debate has taken some interesting twists and turns and poses critical questions for the future of developed economies.
In the United States, where the Bush-era tax cuts for the super-rich were extended last year despite widespread public opposition, billionaire Warren Buffet...
Havard Business Review, September 2011
But does that mean companies should automatically default to their home-country practices?
Our research suggests that the answer is no. In surveys of more than 6,200 employees from the top ranks to the front lines of four leading multinationals based in the U.S., Europe, and Japan, we found a strong consensus on basic standards of conduct that companies should follow worldwide...
@ColorMagazine In a city rich in shades, here is a color that includes all...
Global, inclusive thinkers will shape the future - so how do we shape them?
The economic livelihood of the planet is in turmoil: debt crisis, market instability, double-dip fears. In every government and political institution, across international conglomerates and NGOs, even among the sacred spheres of monetary and fiscal policy - what is absolutely crystal clear is that the old rules have changed. The past is no longer a good predictor of the future.
What‘s needed right now are entrepreneurial leaders who can take creative action in the face of an unknown future to bring real economic and social value to all they do. It is a daunting task for business schools, but we must train and inspire these entrepreneurial leaders to create opportunities, to bravely encounter and learn from obstacles and to incorporate this learning into what they do next. This process ─ of acting, learning, repeating ─ is what managing in uncertain times is all about.
The world needs new entrepreneurial leaders because they cultivate hope and are masters at developing opportunities and creating jobs. And jobs equal peace and prosperity. Entrepreneurship today is all about giving people the tools to make it happen.
Yet, new entrepreneurial leaders will only thrive in an environment that is global and inclusive. We cannot be U.S. centered anymore. Look at any U.S. company and you will see that the majority of sales and most profits are generated from a foreign affiliate: Exxon Mobil, GE, any big company you can think of - where are they hiring? In China, in Brazil, in India.
We tell our MBAs that we want them to be able to go anywhere in the world and succeed. Building a student population that is intentionally diverse is a vital strategy in shaping entrepreneurial leaders. An entrepreneurial leader that is the embodiment of a global, inclusive community will have the best chance of making a real difference in the world.
Stepping Out Of The Comfort Zone
In a packed Leede Arena at the Tuck Investiture Ceremony, Immelt told the MBA candidates to think globally, have the courage to make difficult decisions, be problem solvers, connect with people, and understand context...
external focus, imagination and creativity, decisiveness, clear thinking
The GE chief, who took the helm in September 2001, reflects on how the first three months of his leadership shaped the next 10 years
It was my second day on the job, and I was in Seattle to speak at a Boeing (BA) conference. I was working out on the stair stepper, watching live on TV when the second plane hit....
Three of the world’s largest MBA recruiters top a new list of the companies with the greatest career opportunities. Boston Consulting Group, Bain & Co., and McKinsey & Co. are number one, two and three in the new survey published today (Sept. 2) by Glassdoor.com...
Politics and war, science and sports, memoir and biography — there's a great big world of nonfiction books out there just waiting to be read. We picked the 100 best and most influential written in English since 1923, the beginning of TIME ... magazine
Financial models create a false sense of security, September 5, 2011
....Given the tremendous changes in financial systems, these theories must be scrutinised and then abandoned as models for the future. As business schools and institutions continue to preach these principles, they perpetuate a fundamentally flawed system of thinking. Now more than ever, it is as important to teach the flaws as it is to teach the basis that presents them.
Didier Cossin is professor of finance and governance at IMD, director of the IMD Global Board Center and programme director for High Performance Boards
The current limitations of the job market means that business schools need to embrace a wider audience
Western business schools can play an important role in helping to bring a more accountable, professional and responsible business culture to the region
While freedom of teaching and research must be defended, bridges for mutual transfers of knowledge and best practices have to be built
Business schools must look at their actions not through the lens of their knowledge, but through that of the student experience
French schools can no longer rest on their laurels: if the ‘grandes écoles’ system is to survive and thrive it must adapt and make a virtue of its size
In an ever more shifting world, having a baseline of values and beliefs will be crucial
Relatively few MBAs will go on to become chief executives, but for those who do, the financial rewards can be huge. Those rewards got considerably less gargantuan this year, however. The top 10 CEOs of billion-dollar-plus companies who have MBAs collectively earned more than $278 million in the most recent fiscal year, down about 15 percent from last year's top 10...
...America's decaying infrastructure costs the typical American worker hundreds of hours in lost productivity. It also costs companies time and efficiency in moving their products around -- and also out of -- the country...
...Congress must pass comprehensive infrastructure legislation now to support America's competitiveness. In particular, Congress must ensure that sufficient funds are dedicated to this urgent issue. Americans stuck in Labor Day traffic understand this challenge of building infrastructure to build jobs...
Established in 1978 The Group of Thirty is a private, nonprofit, international body composed of very senior representatives of the private and public sectors and academia.
The Group of Thirty aims to deepen understanding of international economic and financial issues, to explore the international repercussions of decisions taken in the public and private sectors, and to examine the choices available to market practitioners and policymakers.
The 2008 Financial Crisis and Its Aftermath: Addressing the Next Debt Challenge (PDF download, 143 pages)
Thomas A. Russo, Aaron J. Katzel (2011), (Economic Policy, Debt, Banking).
This paper examines the recent developments in the 2008 Financial Crisis, including the causes, responses, and the future outlook for the United States.
Robert J. Shiller (Wikipedia entry): currently serves as the Arthur M. Okun Professor of Economics at Yale University and is a Fellow at the Yale International Center for Finance, Yale School of Management
Global Drucker Forum – Early Bird until September 9
A Quest for Legitimacy: How Managers Can Shape the Future
As a consequence of popular demand and holiday period the Early Bird for the Global Peter Drucker Forum has been extended to September 9.
* Take advantage of a total discount of 30% until September 9 (15% EFMD advantage, 15% Early Bird)
* Register with special Link http://www.druckerforum-registration.org/forum.php
In case of questions please contact firstname.lastname@example.org
* Listen to and interact with world class speakers and peers to discuss
* The Future of Capitalism (Charles Handy)
* How can “Shared Value” deliver (Mark Kramer and Adrian Wooldridge)
* Enhancing the Management capacity in organizations (Rakesh Khurana and Angelika Bergmann)
* Why the Bottom of the Pyramid matters for everyone (Deepa Parahald and Iqbal Z. Qadir)
* Management Education at a Cross-Roads (Thomas Sattelberger, Rakesh Khurana and Daniel Weihs)
* CEOs and Senior Executives from Ingersoll Rand, Mazars, Raiffeisen Bank, GE, Deutsche Telekom and others will discuss the “how” in today’s organizations.
* Experience the author of the amazing best-selling novel and the ensuing revival of Peter Drucker’s ideas in Japan - Drucker in the Dug-out<http://www.economist.com/node/16481583>
* View the full program
Download (PDF) the background article “A Quest for Legitimacy” by Richard Straub, President Peter Drucker Society Europe for the 2011 Forum here.
Join us in Vienna and contribute to shaping the future of management as a key element of shaping the future of society.
In case of questions please contact Info[at]druckersociety.at
IE Brown Students Talk - Deepa - views on video
Deepa speaks on video Meet Deepa, Student of the IE Brown Executive MBA. Listen to why she chose this program, her first impressions on her classmates, and her role as a woman in the tech sector.
Edward L. Glaeser is Glimp professor of economics and director of the Harvard Kennedy School’s Taubman Center for State and Local Government.
Social scientists seeking an ancient intellectual lineage can find antecedents for economics, sociology, and political science in the work of Plato and Aristotle, but truthfully, the social sciences are parvenu fields...
...Yet these pioneering steps seem slow relative to the current onrush of new data that is now transforming the social sciences...
What makes entrepreneurs different, and where do they come from? Are they born or taught? Are they unusually mobile in their careers? Does geography play a role? Do mentors and relationships matter?
Numerous studies explore these questions by surveying hundreds of entrepreneurs. At LinkedIn, we take a different approach, on a different scale. By sifting through more than 120 million public profiles, we can analyze tens of thousands of startup founders’  profiles – and find common threads linking their careers.