Friday, August 24, 2007

Here, parasite, have $112

Just before you take the GMAT, the test system gives you the option of sending your score to as many as five schools. These five reports are "free," but they come with a catch ... you don't know your score before you choose the recipients - you send it blind.

When I took the test, I didn't know whether I would apply, let alone where I wanted to go. But, like everyone else, I didn't know how well I'd do. Self-consciously, I was afraid to expose myself like that. Besides, I didn't need one more distraction as I took a hugely important test. Thus, I opted not to send my score to anyone and put the whole issue out of my mind.

Unfortunately, GMAC, the folks who publish the GMAT, are viciously opportunistic. Rather than give you those five free reports later, they make you pay $28 per school to send scores post test. Four schools amount to $112 - a fee I just paid. This is, of course, the first of many fees I'll incur for the privilege of applying to these programs, and a tiny fraction of the amount that I'll eventually spend on my MBA. Still, I can't help but get a little indignant about shelling out more than one hundred dollars to an organization that has, by all rights, made plenty of money on me already ($250 for the test, $23 for the Official Guide).

These additional GMAT report fees are part of a parasitic industry feeding off of thousands and thousands of would-be students who want the chance at a business education. Like all successful monopolistic enterprises, the GMAC charges these fees with impunity and we, as applicants, have no choice but to hand them our credit card numbers. I'm fortunate to have the means to absorb this cost, but not everyone is so lucky. I know I've said this more than once, but the GMAC folks are one more reason the poor stay poor while the rich get richer. Shame on them.

So, how would I fix it?

First, I see the need for a charitable fund that focuses on helping people through the cost of application, including test and reporting fees, books and reference materials, school visit and interview costs, and application fees. Even before I visit all four schools, I will have spent over $1,200. There are plenty of organizations willing to help you fund your education once you get accepted, but who is helping people (mostly young people) vault the initial application barrier? This charity wouldn't just need to give applicants money, however. It could also serve as their advocate by negotiating with schools to reduce or forgive steep application fees.

Second, the GMAC needs some competition. While ETS (the company that writes the SAT) recently relinquished control of writing the GMAT to ACT Inc (yes, they write the ACT), there's still only one option for test takers. Were there at least one more, both companies would, in theory, be forced into reasonable competition. That, in turn, would mean lower costs for test takers. With someone willing to undercut them, do you think the GMAC would get away with charging $250 per test and $28 per report? I seriously doubt it.

Friday, August 17, 2007

And then there were four ...

While I originally thought I'd apply to five or six schools, I've decided to cap my first round target list at four ... at least for now.

Applying to these four schools is a no-brainier. For reasons I've spelled out in detail, Duke, Tuck, Michigan, and Kellogg fit my requirements across the board. As such, I've decided to focus my efforts because applying to more schools might needlessly dilute my energy and tax my recommenders, at least all at once. Besides, if I finish my applications early, I can always submit more. If nothing else, I'll also be able send more apps in the second round.

So, now that I've established my first round targets, let's stack them up side-by-side against my quantitative stats for a little sanity check ...




It looks like my stats are as good (or, in some cases, a little better) than the average GMAT, GPA, and work experience of each program's students. Since this year's applications are projected to be more competitive than those from the last few years, I can assume that these numbers will tick up a tad ... meaning I'm probably about average in the quantitative categories. Luckily, I have the opportunity to differentiate myself through several essays and an interview.

Now that I know where I'm going to apply, I have to ...

  • Start my online applications
  • Begin writing my essays
  • Order GMAT reports
  • Line up my recommenders
  • Schedule interviews

Of course, I'm going to have to prioritize these activities based on each school's application deadline. 2007/2008 application calendars look like this: Duke, Kellogg, Michigan, Tuck.

I can't wait to get started! I'm feeling good about my target schools and my chance of getting at least one acceptance letter. More to come ...

Thursday, August 16, 2007

Duke

Fuqua is an odd name in any context, let alone for a business school. If you pronounce it incorrectly (it's actually "few - qwah"), you might come dangerously close to a cuss word-sounding variant. Thankfully, Fuqua is part of a very recognizable (and pronounceable) university: Duke.

But it takes more than a name to make it onto my short list, so let's dive into Duke's Five E's:

Education - The Wall Street Journal notes that one of Fuqua's most impressive features is its reputation for academic excellence, while students gave teaching quality an A+ in a BusinessWeek poll. Part of those reviews may stem from Duke's unique curriculum structure. Instead of dividing the school year into trimesters, Duke holds six-week classes, which allows students to take more courses and get the same number of faculty contact hours as most other programs. Duke also allows you to concentrate in a professional track, not just an academic area. This means that I can concentrate in, say, Strategy AND Consulting. While Duke doesn't offer a "consult abroad" course like some of my other targets, it does have several "real world" courses that simulate consulting engagements. It also offers an exchange program with 29 international business schools.

Employment - Duke doesn't send droves of students to the top strategy firms (only 17% of the class goes on to careers in consulting), but all of the big guys - McKinsey, Bain, Boston Consulting Group - hire Duke grads. Graduates also gave their career services A+ marks in BusinessWeek. While 26% of students find employment in the Northeast, the rest scatter across the country fairly evenly, which demonstrates the school's national presence.

Exposure - Apart from its sterling academic reputation, Duke is a household name because it has a powerhouse basketball program (like Michigan's football program.) Those two elements give it a lot of exposure, but its b school commands respect in its own right. It was ranked #9 (BusinessWeek), #11 (US News), and #12 in the Wall Street Journal.

Environment - Duke's campus is supposed to be one of the most beautiful in the country. Durham's southern orientation gives it a laid-back feeling and, as part of the "Research Triangle, the city is just cosmopolitan enough to offer a good quality of life. The smaller feel also help students develop tighter bonds. One student blogger notes that most MBA candidates don't come from Durham, which means almost everyone looks to their classmates for social interaction. Schools in bigger cities, like New York or Chicago, tend to draw students that already have social affiliations nearby. Physically, the business school's buildings seems spacious and modern, and 2008 promises a new wing of MBA classrooms.

pEople - Duke calls its student body "Team Fuqua," a term that encompasses the entire school's love of collaboration and its commitment to mutual success. In fact, in all of my research, this is one of the most appealing aspects about Duke. Students really care about each other, and that makes a strong network later. Of course, part of working in a team means being a leader too, and Duke seems hell-bent on creating a culture of leadership. While every top MBA program aspires to instill leadership in their students, Duke has clearly found the right formula. Recruiters gush about Duke grads' leadership abilities and gave their teamwork skills an A+ in BusinessWeek's 2006 poll.

As you can see, there's a lot to love about Duke - the education, the name, the people - and they all add up to a great MBA program.

Sunday, August 12, 2007

Tuck

Dartmouth's Tuck School of Business just sent me an email inviting me to attend an MBA conference for prospective students. The leader to this invitation read:

Dear Drapier,

Are you searching for the MBA program that is right for you?

(Why, yes I am.)

Are you interested in an exception general management program?

(If, by "exceptional general management program," you mean a well-rounded business education from a top-tier school then, yes, I am!)

Are you looking for a close-knit, supportive community and genuine relationships with accomplished professors, classmates, and alumni from around the world?

(Now, that they mention it, that's EXACTLY what I'm looking for!)

While I might normally pass this email off as a shamelessly self-inflated marketing ploy, I know a little about Tuck. They're not kidding. Here's their Five E's:

Education - According to Tuck's website, their curriculum is "continuously evaluated and refined to ensure its relevance to the constantly changing world of business while retaining an emphasis on leadership, rigorous coverage of business basics, and depth in key functional areas such as finance, strategy, marketing, and operations." I love the nod to strategy and the emphasis on leadership and general business education - all hallmarks of Tuck's program. While you can specialize by tailoring your electives, Tuck encourages excellence in the time-tested basics of business, while simultaneously providing students with tangible business experiences. "Group work permeates the entire program," which is very appealing. Of course, Tuck offers project-based learning and study abroad options but, unlike most other schools on my list, it offers only one degree - the full-time MBA. This allows administrators to focus on the full-time student's expereince. Additionally, Tuck recruits and retains teachers who "achieve dual excellence in both research and teaching," a claim that seems to have a great deal of merit; students gave faculty an A+ in the 2006 BusinessWeek rankings.

Employment - Tuck sends 32% of its graduates to consulting firms - as far as I know, a number rivaled only by Kellogg. It's top two employers are Boston Consulting Group and McKinsey, with Bain close behind. While you might think its size and remote location would handicap its ability to place graduates at top firms, its reputation seems to more than compensate. Tuck's 50 top employers list reads like a who's who of the biggest, best, and brightest firms in the world. Regionality doesn't seem to be a problem either - while over half of Tuck graduates take jobs on the East Coast (most commonly in New York or Boston), it distributes the other half of its class across the states or internationally. Recruiters seem to especially love Tuck, placing it 1st last year and 2nd this year in the Wall Street Journal's rankings.

Exposure - Tuck enjoys an association with Dartmouth College, an internationally lauded Ivy League school. It is also the oldest graduate school of management in the world - a distinction that helps keep it at the top of the rankings year after year. It has been #1 or #2 in the WSJ's rankings for the past two years, it's #11 in BusinessWeek, #9 in US News and World Report, and #2 in the Economist.

Environment - There's no avoiding it; Dartmouth is in Hanover, New Hampshire, which is, in turn, in the middle of nowhere. I'll admit, I'm not enamored with the idea of living in a remote Northeastern town for 18 months, but I take solace in its proximity to eastern seaboard hubs like New York, Boston, and Washington DC. On the bright side, the small town seems to elevate the network and sense of community. Teamwork permeates every aspect of the program and "Tuckies" are renowned for their close ties. In part, that has to do with the small-town environment. That might also have to do with the small class size - usually around 500 students (less that 1/3 the size of Wharton). Happily, the school's facilities seem to rival that of more urban schools and many students live on campus, which also adds to the school's collegiality.

pEople - Network, network, network - Tuck is all about forging connections. The small feel definitely forces people to get to know each other. Tuckies are so tight that others are astounded by the strength of their loyalty to one another. Among recruiters, students have a reputation for being "A-list people without the attitude." Not surprisingly, the Economist ranked Tuck #1 in the world for alumni effectiveness, suggesting that graduate's loyalty goes beyond their immediate classmates. Simply put, Tuckies are bright, tight, and sharp.

While Tuck's remote local initially gave me pause, its reputation, academic approach, leadership & teamwork focus, and network make it a solid addition to my first-round targets.

Sunday, August 5, 2007

Michigan

Last year, the Wall Street Journal ranked the University of Michigan's Ross School of Business number 1 in the nation. While the WSJ has yet to release its 2007 rankings, it's a good bet that Michigan will show up at or near the top. In the six years that the WSJ has published it's rankings of MBA programs, Michigan has taken the top spot twice.

According to Paul Danos, former dean of Ross and current dean of Dartmouth's Tuck School of Business (another institution that dominates the WSJ's rankings), both institutions "have achieved a very good balance between faculty research and commitment to teaching, which I think resonates with employers ... [t]hey also have nice students who aren't self-centered."

As you know from previous blogs, I believe that these two traits - balanced faculty and friendly students - are supremely important. Alone, however, they aren't enough to vault Michigan onto my application list. Happily, there's even more to the wolvereen MBA. Here's a rundown of Michigan's Five E's ...

Education ~ The above endorsement is powerful on its own, but Michigan has more than a great balance between publishing and teaching. The school believes in providing practical work experience and offers a "Multidisciplinary Action Project" - a course designed to "teach not just problem solving, but also opportunity, innovation and creativity by giving students projects that aren't clearly defined." To get another perspective, the Economist ranks it #10 in the world on personal development and academic experience.

Employment ~ Michigan is not as strong as Kellogg when it comes to placing graduates at strategy firms, but still manages to send 18% of its class to management consulting. Boston Consulting Group, McKinsey, Bain, and Booze Allen Hamilton hired 11, 10, 8, and 7 Michigan grads last year, respectively - solid numbers that demonstrate strategy firms' interest in the program. And while Michigan might not produce dozens of strategy consultants, they do boast an extremely diverse recruiting pool - #3 in the world according to the Economist.

Exposure ~ Obviously, a #1 ranking by a major publication is good for Michigan's reputation, but it's a consistent performer in several other closely watched rankings: #5 in BusinessWeek, #11 in US News, #9 in the Economist. Beyond rankings, Michigan has an ingredient that most of the schools on my rough-cut list don't have - a big, successful sports program. I know that sounds almost juvenile, but the University of Michigan is not a household name because it has a great b school. It's a household name because it's a large, respected institution with a storied sports history. An MBA from the Ross School of Business will certainly open doors in the business world, but the University of Michigan adds an intangible element - almost guaranteed name recognition - to the degree.

Environment ~ Admittedly, I've come to know Ann Arbor only through what I've read and heard. It sounds like a cool college town and that's good enough for me. Yes, the weather might be rough in the winter but, as with Chicago, I feel like I can stand anything for 18 months. The school's affiliation with Detroit is, unfortunately, a point of concern. Detroit's long decline and close connection with the ailing US auto industry does call into question the school's ability to maintain strong local affiliations. However, Michigan's growing national (and international) reputation has insulated it from the struggling local economy. I must admit, I'd also like to experience the big school atmosphere that I missed as an undergraduate. Michigan is one of the largest institutions on my list, and definitely has the best football program. Tailgating in the fall with friends isn't just a fun way to spend a Saturday; it's a fantastic way to bond. But perhaps the most exciting aspect of Michigan's environment is the business school itself. The school will be opening a new facility in 2008, just in time for my matriculation!

pEople ~ According to the WSJ, students at Michigan's b school are "considered more collegial than competitive," and enjoy a "community feeling." They're also, "experienced, well rounded, and personable." Ross' alumni network seems to serve its students well too - students responding to an Economist survey ranked the effectiveness of their alumni network #5 in the world. On communication, team-work, and analytic skills, recruiters give Michigan's students A+ marks. From a people perspective, it's hard to imagine a more appealing assessment.

In short, Michigan has all the pieces I want in a business school and I would proudly call it my alma mater.

Friday, August 3, 2007

Kellogg

I visited Northwestern University's business school, Kellogg, this spring and I loved it. Everything about the school felt right, including the people and the city. Though, that didn't surprise me - throughout my research, Kellogg has stood out as my kind of place. From everything I've read and experienced, it seems to nail my five E's, and not just because it's the only school I've visited so far. Here's a rundown of Kellogg ...

Education The quality of Kellogg's education is world renowned: The Wall Street Journal notes that it has "great course content and curriculum", students gave professors an "A" quality rating in BusinessWeek's poll, and the Economist Intelligence Unit ranked the "education experience" number three in the world. I saw the quality of their teaching first-hand and, believe me, I walked out of that Game Theory class with absolutely no reservations about a Kellogg education. What's more, they offer a "Triple-M" (Masters in Manufacturing Management) degree that you can earn along with your MBA. It costs nothing extra and takes no additional time. You simply need to tailor your electives to follow a slightly more quantitative path. Given my desire to add a supply chain flavor to my degree while boning-up my quantitative credentials, I'm also going to apply for the Triple-M option. Kellogg also offers a project-based program that sends students all over the world - a must-have for the b schools on my list.

Employment Kellogg can, without question, help me reach my goal of working for a top strategy firm. It places 32% of its graduates at management consultancies and its top recruiters are McKinsey, Boston Consulting Group, and Booze Allen Hamilton (in that order). Only Wharton and INSEAD place more graduates in the top strategy firms and, as a percentage of the graduating class, Kellogg's is the highest I've found on the Wall Street Journal's Career Journal. While the recruiters at the WSJ complain that the career services office can be "unresponsive and not customer focused," the students I spoke with had very good experiences and virtually every article and ranking I've seen says that Kellogg grads enjoy plenty of recruiting attention. What's more, students gave Kellogg's career services an A+ grade.

Exposure Kellogg seems to lurk among the top five on every ranking: #3 in BusinessWeek, #6 in The Economist, #6 in the WSJ, #4 in US News, That kind of consistency is very appealing, given that even a strong school like Stanford can rise as high as #2 (US News) and as fall as far as #18 (WSJ). All of this means that Kellogg has entrenched itself as a top-flight b school no matter how publications measure it. While the average person on the street might not recognize its name as readily as Stanford or Harvard, it certainly has a powerhouse reputation in the business world.

Environment We all know that Chicago can dish out some nasty weather, but I can stand anything for 18 months. In fact, that's my only knock (other than cost of living) on the city. Otherwise, it seems like a great town. Physically, it rests in the middle of both coasts so, theoretically, it has reach in both spheres. It's an urban environment without the East Coast edge. I even have a few friends there. The school's building isn't as new as some (Michigan, for example, opens its new state-of-the-art b school in '08) but it has all the tools and amenities I would expect at a top institution.

pEople Given just two sentences to describe Kellogg, BusinessWeek uses one to say, "the word used over and over by Kellogg students is 'collegial'." In my opinion, that's most glowing endorsement they could have received. As I've stated several times, I want to go where people learn side by side, not where they cut each others throats for grades. From an alumni perspective, Kellogg graduates seem to follow suite and support their own. The Economist rates the breadth of their alumni network and alumni effectiveness at #14 and #10 in the world, respectively.

If it seems like I'm high on Kellogg, that's because I am. I have a hard time finding bad things to say on almost any front; the evidence overwhelmingly suggests that it would be a great fit for me. Without question, Kellogg belongs at the tope of my short list.