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Monday, May 20, 2013

2014 MBA Deadlines for Columbia and Berkeley


Columbia and Berkeley published deadlines for their MBA programs beginning in 2014.

Columbia:
January 2014- 10/2/13
Early Decision- August 2014- 10/2/13
Regular Decision- August 2014- 9/4/14

Berkeley:
Round 1- 10/16/13
Round 2- 1/8/14
Round 3- 3/12/14


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INSEAD and Michigan Publish 2014 Deadlines


INSEAD and Michigan published deadlines for their 2014 MBA programs:

INSEAD September 2014:
Round 1 - 10/2/13
Round 2 – 11/27/13
Round 3 – 5/3/13

Michigan:
Round 1 – 1/10/13
Round 2 – 2/1/14
Round 3 – 3/3/14


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Saturday, May 4, 2013

HBS and Stanford Publish 2014 Deadlines


Harvard and Stanford have published their 2014 deadlines early this year:

Harvard only published its Round 1 deadline: September 16, 2013

Stanford published deadlines for all three rounds:
Round 1- October 2, 2013
Round 2- August 1, 2013
Round 3- February 4, 2014

Plan accordingly!


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Tuesday, April 30, 2013

INSEAD Tops New European MBA Ranking



The site Poets & Quants reports on a new ranking of the top 20 European MBA programs. The ranking, recently published by Businessweek, is based solely on a survey among international corporate recruiters conducted by the company QS Quacquarelli Symonds. LBS followed in second and IMD ranked third.

The survey is particularly interesting due to the large amount of self-reported data gathered from the different schools. In terms of size, the biggest European program is INSEAD with 1,008 students, followed by IE with 450 students, and LBS with 406. The remaining European programs are relatively small, with over half of the 20 programs numbering less than 100 MBA students.

The survey also publicized the average GMAT scores of students at the different European programs, with INSEAD again leading with an average score of 703 (a number comparable with the mean score at Michigan and Darden, but far lower than at the top U.S. programs). LBS followed with a mean score of 698 and HEC Paris took third with 690.

In terms of starting salaries among graduates, IMD ranked first with an average starting salary of $132,852, with Warwick in the second spot with $129,970. In this area, the European programs actually dominate when compared with the top U.S. programs (last year Stanford recorded $129,652 and Harvard $124,085). The average starting salary for INSEAD graduates is $102,888, while LBS salaries average $110,606.

The most expensive MBA program in Europe is HEC Paris with tuition at $103,860, with IESE in second with tuition at $88,692. LBS follows in third with tuition at $87,164.


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Thursday, April 25, 2013

Duke Intensifies its Efforts Against Plagiarism


A Businessweek article reports that Fuqua Business School at Duke University will begin to use a plagiarism detection program in checking MBA applicants’ essays. In the last application season, the school conducted a pilot use of the program, and even rejected a candidate caught for stealing content.

Liz Riley, Admissions Director at Duke, stated that the school used a large number of applications as samples in order to learn how to use the program ahead of its full employment the following season. The need for such a program arose after the school was notified that a number of candidates submitted essays written by others. While it is obviously impossible to catch every single one, the schools hopes it is at least a step in the right direction.

The Anderson School at UCLA has been using a plagiarism detection program since the 2011-12 season and has since rejected 115 candidates based on its findings. Other schools do not make public whether they use the program, but among those that do are Penn State’s Smeal College of Business, Wake Forest University, and Northeastern University.


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Thursday, April 18, 2013

How Do I Get Off the Waitlist?


A few months ago, we posted Aringo’s tips for those waitlisted, a situation familiar to many MBA candidates at this point in the year. For those left with a taste for more (or left on the waiting list), here are some additional tips from the site Poets & Quants towards acceptance from the waiting list.

"UNDERSTAND YOUR WAITLIST STATUS
There are two kinds of waitlists. The opt-out waitlist means that a school automatically puts you on its waitlist unless you tell them to remove you. The opt-in waitlist requires that you accept a position on the list, usually within a certain time frame. Always accept a waitlist offer, even if you’re not sure what you want to do. You can always withdraw later.
IMMEDIATELY ASK FOR AN APPLICATION REVIEW
Some MBA programs, like Cornell’s Johnson School, will give you feedback as to why you were waitlisted. They may even make specific suggestions for how you can improve your chances of getting off the waitlist and into the incoming class. (I have known Columbia to ask people to raise their GMAT thirty points, for example, for automatic entry.) If your school offers reviews, the waitlist letter will say so. If it specifically tells you not to contact them, don’t ask. If the school is unclear, or if you get an obviously personalized waitlist notification from a specific individual, feel free to ask for feedback.
WRITE AN UPDATE LETTER
You only write a single update letter—they don’t need to be notified every time your boss says “good job.” Submit your letter via email three to four weeks after getting waitlisted. If you were waitlisted as a first-round applicant, send your update letter in about four weeks before the second-round decision-announcement date, as many waitlisted first-round candidates are actively considered as second round candidates as well.
GET A NEW RECOMMENDATION
Unless the school specifically asks that you do not send in a new recommendation, you’ll want to take this step. If you applied to a school that requires three recs, like Harvard and Stanford, you’ve already got a third rec “in the can” you could use for any school that originally required only two recs.
GET LETTERS OF SUPPORT
Now is when letters of support are most effective—an additional voice to weigh in now that the school has already judged you worthy.
TAKE CLASSES
If your GPA is low, that probably factored heavily into why you weren’t a clear admit. Immediately sign up for a couple of community college classes at night—and get As—to prove you’ve got the intellectual ability as well as the discipline to do well in a rigorous quantitative curriculum. The four best classes to choose from are any kind of accounting, microeconomics, calculus, or statistics.
RETAKE THE GMAT 
Let them know your plans in your update letter— including the date you intend to take the test—and send them the result in a “ping” email. If you’ve already got a 700-plus GMAT, or at least an 80 percentile quant score, raising your score further won’t likely help. If you were waitlisted with less than a 680 GMAT, raising it to at least 680 may dramatically increase your chances of getting off the waitlist. If you were waitlisted at a very competitive school with less than a 680 GMAT, chances are the school really liked you—they simply have concerns about your score. Raising that score removes the most likely reason you were waitlisted rather than accepted outright.
VISIT THE CAMPUS AND VISIT AGAIN
No matter why you’ve been waitlisted, you should get yourself to campus ASAP. Ask to see an admissions officer; include this request in your update letter. Many schools will be happy to accommodate you; for the ones that won’t, camp out in the admissions office and ambush someone. Seriously—that has worked for many of our candidates in the past! Tell them you were in town on business and you simply wanted to put a face to the name. Don’t spend more than five minutes with an admission officer unless they invite you to stay longer.
PING THE COMMITTEE
Your first contact will be your update letter, and you’ll continue to ping the committee after that with a brief note. Send a brief note to your waitlist manager (if you were assigned one) or to the director of admissions expressing your continued interest in the school, willingness to provide further information, or anything else you feel is appropriate. “Ping” emails should go out about once every three weeks. When decision time comes, it is your name they will remember."

After you’ve done everything in your abilities to gain acceptance, here is some general advice offered by Chicago’s admissions committee:

"What’s done is done
Take the long view, and stay focused on the future without looking back. You finally hit submit, worked hard to get there, and have already done what you can to put your best foot forward. So don’t dwell on what you could have done better, how you should have included that alternate essay, second guess other offers you may have rejected, or agonize over getting into ‘the one’. At this stage, it’s important to keep your eyes on what matters most - choosing a school where you will  have a great experience (even if it wasn’t your first choice) and jump-start your future career. The results may be out of your hands at the moment, but you can still continue to map out your goals. Keep thinking about what you want your career and life to look like, not just for the next two years, but for the next ten years and beyond.

Take care of business
This will require you to think positively. Imagine you are starting business school in the fall. Are you headed to a different city or country in just a few months? Start thinking about how you will break the news to your employer and what strategies you will employ to do that gracefully. You may wish to begin researching the cities where your top business schools are located; what’s the cost of living? Do they offer serviceable public transportation? Since this will mean a major life change with many associated costs, this is also a fine time to start putting away funds for those expenses. Most importantly, analyze what you need to take care of at home before your transition begins.

Cultivate your network
You’ve probably met a lot of people while on this MBA journey and that’s a good thing. No matter where you and your new acquaintances end up, this is the start of a network filled with like-minded people. Having access to people you met in the MBA search process will yield great friends, partners to exchange ideas with, or potential business colleagues for your entire career."


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Thursday, April 11, 2013

Update from Harvard for Round 3 Applicants


HBS posted an update on its blog for Round 3 applicants:
"On Monday, April 22, probably at noon Boston time, every Round 3 applicant will get an email from us. You'll receive either an invitation to interview or a "Sorry, we can't offer you a place in the class" notification.

Interviews will be conducted on campus on May 2, 3 and 6. Those interviewing on campus will have an opportunity to do tours, have lunch, and meet with students. We will have limited spots available in Palo Alto on May 1 and 3. Candidates with real logistical challenges will be offered Skype interviews."

In an earlier post, HBS stated that they will not accept GMAT or GRE scores submitted after the deadline, but recommendations will still be accepted. Harvard confirmed that there are spots available in the class and they will accept Round 3 applicants.


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Wednesday, April 3, 2013

Michigan Will Also Use Team-Based Interviews in 2014


A recent Businessweek article reveals that the Ross School at the University of Michigan plans to conduct team-based interviews as part of the acceptance process for its MBA program beginning in 2014. The new interviews will include a number of candidates and will allow the admissions committee to witness how candidates communicate. Ross will be the second school to incorporate this element into its acceptance process, joining Wharton.

The school has already conducted trials of team-based interview and now faces the difficulty in planning these interviews ahead of the coming season, including finding a joint time and place for the purpose of conducting the interview. For the trial stage, some candidates who came for personal interviews were asked to participate in a group interview, with the assurance that it would not affect their candidacy. About 110 applicants participated in team-based interviews run by alumni and second-year students.

The team-based interviews will entail candidates sitting around a table in groups of 4-6 with at least one interviewer. They will be initially given two random words and ten minutes to prepare a presentation that somehow connects the two words. Afterwards, each group will receive a sequence of random words and 20 minutes to prepare a group presentation that will employ these words in relating to a problem and relevant solution.

The admissions committee at Ross has explained that the team-based interview enables them to get a greater picture of the candidate and to see how he or she will function in the classroom and school community. These interviews are preferable in their opinion to personal interviews to which candidates prepare ahead of time answering questions they found on the internet. In a team-based interview, applicants must cope with a situation to which they could not have prepared ahead of time and improvise while interacting with others.
The nature of the team-based interview at Michigan is slightly different than that at Wharton. At Wharton, candidates are divided into groups of up to six and given 35 minutes to prepare and present their conclusions and recommendations for a question they had received in advance.


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Thursday, March 21, 2013

US News Specialization Rankings


Last week, in addition to its ranking of the top American MBA programs, US News also published rankings along different specialization categories:

Accounting
1- Texas
2- Wharton
3- University of Illinois
4- Chicago Booth
5- Michigan Ross

Entrepreneurship
1- Babson
2- Stanford
3- MIT Sloan
4-5- Harvard, Wharton

Finance
1- Wharton
2- Chicago Booth
3- NYU Stern
4-5- Columbia, Stanford

Information Systems
1- MIT Sloan
2- CMU Tepper
3- Texas
4-5- Arizona Eller, Minnesota Carlson

International Management
1- Thunderbird
2- Wharton
3- South Carolina Moore
4- Michigan Ross
5- NYU Stern

General Management
1- Harvard
2- Stanford
3- Wharton
4- Darden
5- Kellogg

Marketing
1- Kellogg
2- Wharton
3- Stanford
4- Duke Fuqua
5- Harvard

Nonprofit
1- Yale
2- Stanford
3- Harvard
4- Berkeley Haas
5- Kellogg


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Thursday, March 14, 2013

Harvard and Stanford Top US News Ranking Again


US News published its 2013 ranking of the top U.S. MBA programs. Like last year, Harvard and Stanford share the top spot with a perfect score of 100 out of 100. In the third spot is Wharton with a score of 99, with MIT and Kellogg sharing the fourth and fifth spots with 97. Compared with last year, the top ten remain almost exactly the same, with only Yale dropping a few spots to vacate the tenth spot for NYU.

As part of the ranking, 448 programs were surveyed between the end of 2012 and the beginning of 2013, with only 140 programs providing enough information for score calculation and ranking. Each program was awarded a weighted scoring based on criteria such as estimated quality at 40% (this finding included estimations by other schools as well as employers), alumni employment data at 35% (this finding included average starting salary and bonus, and employment rates) and the program’s acceptance selectivity at 25% (this finding included average GMAT and GRE scores of students, GPA’s, and acceptance rates).

The rest of the ranking’s leaders:

6- Chicago
7- Berkeley
8- Columbia
9- Tuck
10- NYU
11- Duke
12- Darden
13- Yale
14-15 UCLA, Michigan
16- Cornell
17- Texas
18- Emory
19- Carnegie Mellon
20- UNC

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Monday, March 11, 2013

First Comes First, Even for Wharton Interviews!


A new Wharton study reveals that MBA candidates do not only compete with the thousands of candidates who applied to the same program in the same round, but mainly against the other candidates who interviewed on the same day. Interviewers tend to evaluate candidates in reference to the other candidates they interviewed that same day, and not necessarily in comparison with candidates they interviewed over a longer period of time. It seems that candidates who interview towards the end of the day have a lower chance of being accepted!

This is especially true for a strong candidate who interviews after a sequence of strong candidates. The interviewer will usually refrain from granting a number of good scores in a row, and therefore is likely to evaluate the next candidate lower. Of course, a strong candidate after a sequence of weaker candidates will actually be at an advantage. In addition, if the interviewer knows that in general he should recommend about 50% of those he interviews, he is likely to employ this percentage with his group on a single day, and not over a few days. If he has reached his “quota” of 50% before the end of an interview day, he is likely to reject the subsequent candidates. The study checked the psychological influences that can cause a diversion in interviewers’ judgment, and claimed that people expect that a coincidental sample of people will bear randomized results and should not include a sequence. A sequence of strong candidates, therefore,  is not reasonable in their eyes and the final interviewee will suffer from the interviewer’s inclination to break the sequence.

Of course this information is not helpful for interviewees since they do not have the ability to schedule the time of their interview nor who else interviews that day. On the other hand, the study recommends that interviewers input their evaluations of candidates into a system that allows them to view all the candidates for comparison.

The psychological diversion revealed by the study can also explain strange cases of candidates who were accepted to more selective programs but were rejected by less selective programs.



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Tuesday, March 5, 2013

Record Number of GMATs in 2012


New data published by GMAC point to a record 286,529 GMAT tests taken in 2012. This is the highest number ever recorded, reflecting an 11% increase from 2011, after a slight decrease in 2010-2011.

A big contribution to the increase is the number of test takers outside of the U.S., especially in Asia. Only 41% of the 2012 tests were completed by U.S. citizens, while the number of test takers outside the U.S. rose by 19% from 2011. The next largest percentage in 2012 went to Eastern and Southeastern Asia at 27% of total tests, in third place were Central and Southern Asia with 11.5%, and the fourth spot went to Western Europe with 6.6%. The Middle East took the fifth spot with 3.5%.

GMAC, the company responsible for the GMAT test explained that the 2012 data show that MBA studies are becoming increasingly global and varied, with a wider range of candidates from around the world sending their GMAT scores to programs in different parts of the world. In 2012, 831,337 score reports were submitted by candidates (an average of 2.9 reports for each test taker) to 5,281 programs. It is important to note that the data refers to the testing period ending 30.6.12. Part of the increase in number of test takers results from the attempt of many to rush to take the test and avoid the new IR section added mid-year.

Additional statistical data shows that among  2012 test takers, 57% were male and 43% female (this number is consistently rising and at an all-time high for the third year in a row). Test takers are becoming younger, with 47% below 25 and 38% between 25-30. In terms of their origin, China is second to the U.S. at 20% and India in third with 10.5%. In reference to which countries test takers sent their reports, the U.S. led at 75.8%, followed by the U.K. with 4.2%, and Canada with 4%.



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Wednesday, February 27, 2013

Improvement in MBAs' Search for Internships and Jobs


According to a Poets & Quants article, it seems that 2012 was a good year for MBA graduate recruitment. The article reports that the MBA Career Services Council, an association of business school career services offices and companies who recruit MBA graduates, reported that 45% of business schools showed an increase in on-campus recruitment activity in 2012. The job supply also increased with 58% of schools reporting an increase in the number of positions offered last year.

These findings reinforce earlier findings regarding an improvement in the job market for MBA graduates. The association’s survey including 76 MBA programs around the world, with more than half of them ranked in the world’s top 50. Among top-20 schools, 47% reported an increase in supply of full-time positions and among schools ranked 21-50, 40% reported a similar increase. These findings testify to the economic recovery and are an encouraging sign that graduates will easily re-enter the job market.

In addition to the encouraging data about full-time positions, a small improvement has been shown in recruitment for summer internships, mainly in the areas of consulting and technology. The schools themselves also assist students in finding work through different academic programs, relocation support, and training in career-search strategies.


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Saturday, February 16, 2013

Which MBA Program Leads in Teamwork?


MBA applicants invest great effort in deciding which program fits them best. Aside from considering a program’s rank and areas of expertise, many also weigh the atmosphere at the school, nature of the program, and teaching style. Within its ranking of the top MBA program in 2012, Businessweek also included a survey of 2012 alumni about different aspects of MBA programs.

One of these aspects was teamwork, and the students were asked to rank their program’s approach to teamwork between 1-poor and 6-exceptional. The average grade for all the programs was 5.07, with the top spot going to Queen’s in Ontario, Canada.

At Queen’s, team-based learning is a main emphasis. At the start, the students are split into groups of 6 or 7 students, with whom they tackle all the required courses. Each group is assigned a conference room stocked with supplies and a professional coach for group support and feedback.

The second spot was occupied by ESADE in Spain where teamwork is also emphasized. There, the students are divided into new study groups each semester.

The rest of the ranking:
3- IMD
4- Kellogg
5- Tuck
6- Cornell
7- Duke
8- Michigan State
9- NYU
10- Tepper


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Wednesday, February 6, 2013

FT's Specialization Rankings


In addition to the The Financial Times’ global rankings, specialization rankings were also published for the MBA programs along different categories, below are some:

General Management
1- Darden
2- Harvard
3-Tuck

Corporate Strategy
1- Harvard
2- Michigan
3- City University: Cass

Marketing
1-Kellogg
2- Indiana
3-Duke

Entrepreneurship
1- Stanford
2- Babson
3- MIT

Economics
1- Chicago
2- Cranfield
3- St. Gallen

Finance
1- Chicago
2- NYU
3- Tulane University: Freeman

e-Business
1- Stanford
2- Berkeley
3- MIT

CSR/Ethics
1- Yale
2-Berkeley
3- UNC

Accounting
1- Boston College
2-Chicago
3- Wharton


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Thursday, January 24, 2013

Application Submitted? You're Not Finished Yet!


After an intense and stressful period of hard work on applications for Rounds 1 and 2, most candidates have submitted their applications and are waiting for results. Many think that this is the time to relax and rest a bit, but you should consider some of the following post-application recommendations:

-Send thank-you notes (perhaps even a small gift) to your recommenders; they were an important part of your application.

-Continue to research and collect data on the MBA programs, mainly those to which you applied. You will be able to choose between multiple offers if relevant, or consider applying to different schools if you are not accepted. Try to contact currents students at the schools and attend program events in your area.

-Work on obtaining support emails from students or graduates from a target program who will write to the admissions committee in support of your candidacy.

-Refresh your memory occasionally about what you wrote in your application in case you are invited to an interview. Go over the popular interview questions and prepare your answers.

-If you do receive an interview invitation, begin preparing for the specific interview. Check for relevant information regarding the interviewer and style of interview.

-If you happen to be in the area or you have the time and money, visit the campus. The effort can show commitment to the school and advance your candidacy. (The lower the school is ranked, the more the visit  may help.)

-If after the application submission there is a positive development in your career (promotion, new job), in your grades (GMAT, GPA, etc.) or in your activities, you may consider sending the Admission Committee an update letter.

-Make a financial plan in case you’re accepted. Check the costs of program and options for financing and aid.

-If you are accepted, work on winning a scholarship, whether through completing a scholarship application or negotiating with the school over a merit-based scholarship. Many candidates succeeded with this in the past, mainly at schools ranked 5-25. In your communications with/questions to the school, include comments about the importance of the financial consideration in your decision. You may even very gently ask whether they may be able to offer any help on this.

-Gather information about the school environment and its location; start planning your move.

Crossing fingers,
The Vocaz Research Team

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Monday, January 14, 2013

Harvard's Round 2 Interviews


HBS posted about its Round 2 interviews on its admission committee's blog:

"OK, here's the plan for Round 2 interviews:

We will send out interview invitations on two dates: Wednesday, January 30 and Thursday, February 7.

Interview locations for Round 2 are: On-campus in Boston, London, Paris, Shanghai, Mumbai, Dubai, Sao Paulo, Palo Alto and New York City.

Detailed instructions for the sign-up process will be included in the interview invitation.

Interviews will be conducted between February 11 and March 8.

On February 7, all candidates not being invited to interview will be notified of their release."


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Sunday, January 6, 2013

Highest 2012 Graduate Salaries


An article on the site Poets & Quants publicized some especially impressive salary statistics of MBA alumni in 2012. The highest salary belonged to a Stanford graduate who found work in the area of private equity with a starting salary of $260,000. Following were a Wharton graduate who found a job in finance and an MIT graduate who found work in investments, both with starting salaries of $250,000. Next were Chicago and Columbia graduates with jobs in private equity with starting salaries of $240,000.

These impressive salary numbers are lower than last year’s, when four alumni at top programs- Wharton, Stanford, Chicago, and Columbia reported starting salaries of at least $300,000.

Signing bonuses were also especially generous this year, with a Wharton alumnus receiving a bonus of $200,000, and Stanford and NYU alumni received signing bonuses of $150,000.

These data show that career experience has great effect on post-degree salary, and generally the graduates with higher salaries are also those with more professional experience. For example, an MIT graduate achieved a salary of $250,000 thanks to over five years of work experience.



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Wednesday, December 26, 2012

Optimism in the Job Market for International Students


Most international students seek work in the States where there is an abundance of positions and good salaries, and despite difficulties in achieving a work visa, most of the schools reported that international students merge well into the local job market.  Some obstacles stand in the way of the American dream, with a visa at the top of the list. Foreign students bear an F1 visa that lists them as non-immigrant students according to the law and allows them to stay to work in the U.S. for 12 months post-MBA. Students with backgrounds in science, technology, and engineering can stay for 24 months. Upon the end of this period, if they wish to stay to work in the U.S. they need to get an H-1B visa that requires an employer’s sponsorship. There are companies who are not interested in providing this sponsorship and refuse to hire international workers (additional information on the topic can be found at: myvisajobs.com). There are, however, large companies that are prepared to hire foreign employees in their American offices for a year, and then send them to work at company offices in the employee’s native country. Sometimes companies even compensate these employees for the difference in salary with bonuses and benefits.

Of course, not all international students seek employment in the U.S., and there are those that prefer to return home and work in their native countries, especially in growing countries like China.

It is important to note that not all schools questioned agreed to provide information, with most top programs refusing to participate. Among the leading programs that agreed to participate were Chicago, that reported an employment rate of 95.2% for foreign students, and Stanford that reported a 91% rate for international students. Top schools for international employment were those that encouraged foreign students to seek work in the U.S. as well as other countries, to consider companies that have a strong presence in their native countries, and to consider a career in areas with a more international orientation, like supply chain management.


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Thursday, December 20, 2012

Sixty-Nine Percent of Business Schools Accept GRE Scores


Kaplan conducted a survey among 265 MBA programs, including 17 of the 25 top U.S. programs (according to US News’s ranking). Results show that 69% of business schools allow candidates to apply with GRE scores instead of GMAT scores, as opposed to 24% in 2009. Of the 31% that still do not accept the GRE, about 17% plan to start accepting the exam next year, which should bring the rate to 86%.
Almost all of the top U.S. programs, including Harvard, Wharton, and Stanford accept GRE scores. Chicago recently began accepting the exam, which leaves Berkeley as the only top-10 program that still does not accept the GRE.

While most of the programs accept the exam, the survey revealed that only a small minority of applicants actually take the test. Around 46% of the participating schools reported that less than 10% of their candidates submitted GRE scores, while 44% of programs said that 10% or more of their applicants applied with GRE scores.

Another finding showed that while most schools claim there is no preference for a particular exam, 29% of schools said applicants with GMAT scores have an advantage over applicants with a GRE score. Since the exam is still relatively new to MBA applications, it is difficult to use it to assess candidates accurately. Still, candidates who find the GMAT very difficult should try the GRE. Schools, wary of low GMAT scores that can harm their placement in rankings, may be more open to candidates with lower GRE scores that do not affect their ranking.

In addition, the survey checked the reaction to the new GMAT IR section and found that the admissions committees are less than thrilled- only 36% claimed that the new section better reflects the post-MBA business and management world, while 49% said they are not sure the section better reflects MBA studies. Only 3% claimed the new section to be important in estimating the candidate’s GMAT performance, while 24% claimed the new section is not very important or not important at all.   It is important to note that only a relatively low percentage of candidates applied with an IR score this year since it is possible to submit scores from the last five years.


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Thursday, November 29, 2012

Which are the most expensive and selective MBA programs?


Businessweek’s recently published MBA ranking also reported data about the tuition rates at each program. The cost of an MBA degree rose in the last decade, and choosing a top program means a hefty investment. The average cost of MBA tuition and additional fees stands at $78,982, while two-year programs average $85,306 with more than 20 programs exceeding the $100,000 line. Adding costs of books, living, and the loss of two years’ salary, an MBA can rack up an average total bill of $230,676.

The five most expensive programs (among the two-year programs, calculating tuition and other educational fees) were:
Harvard- $126,576
Wharton- $121,610
Columbia- $118,424
Stanford- $118,020
Tuck- $117,930

And what about the most selective programs? Selectivity is equated by many with quality; candidates who do succeed in gaining acceptance will assumingly be surrounded by smart and talented people. Data gathered by Businessweek ahead of the ranking’s publication showed which programs accept the lowest percentage of applicants.
The average acceptance rate among Businessweek’s top 30 programs was 27.8%, with 19.4% among the top-10 programs compared with 32% among the other programs. Stanford was the most selective program and the only one with a single-digit acceptance rate- 7%, followed by:

Berkeley- 12%
Harvard-13%
Strathclyde- 15%
MIT-16%
NYU Stern- 16%
HEC Paris- 17%
Wharton- 19%
Tuck-20%



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Monday, November 19, 2012

Chicago and LBS Top Businessweek's Ranking


Businessweek published its bi-annual ranking of the world’s best MBA programs. As opposed to the FT and Economist rankings, Businessweek publishes two separate rankings- U.S. schools and international schools- and so there are two winners- Chicago and LBS.

Businessweek’s ranking is based mainly on three parameters: satisfaction surveys among students (weighted 45%), surveys among employers/recruiters (weighted 45%) and a measure of intellectual capital (10%) that calculates factors such articles published by faculty. The ranking gathered information about each program- acceptance data, salary and employment data, scholarships, information about the program of study and teaching method, etc.

The U.S. ranking’s top spots did not change from 2012, with Chicago, Harvard, and Wharton keeping spots 1, 2, and 3, respectively, while Stanford and Kellogg switched between themselves for spots 4 and 5, and Duke stayed number 6.

The new ranking bears some surprises- Cornell rose from the 13th spot in 2012 to 7 this year, Columbia dropped from 9 to 14, Berkeley fell from 8 to 13, and Darden rose to the top-10.

In the international ranking, LBS rose from the fifth spot to take this year’s top spot, while INSEAD dropped from first to second, and IE stayed third. Oxford jumped from 16 in 2010 to 5 this year, while Cambridge surprisingly disappeared from the list. The single Asiatic school to enter the ranking was HKUST.

Also at the top of the American ranking::
7- Cornell
8- Michigan Ross
9- MIT Sloan
10- Darden
11- Tepper
12- Tuck
13- Berkeley Haas
14- Columbia
15- Indiana Kelley
16- NYU Stern
17- UNC
18- UCLA Anderson
19- Texas McCombs
20- Mendoza

Also at the top of the international ranking:
4- Queen's
5- Oxford
6- ESADE
7- Ivey
8- IESE
9- IMD
10- McGill


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Thursday, November 15, 2012

2012 Salary Statistics


For anyone still deliberating about the value of MBA studies, a Poets & Quants article published Businessweek data that shows significant increases between 2012 MBA graduates’ pre- and post-degree salaries. Graduates from 22 of the top U.S. programs achieved a salary increase of at least 50%. At seven of the schools, alumni doubled their pre-studies salaries.

The most significant increases did not necessarily belong to graduates from the top programs- alumni from Broad, Mendoza, and Carlson earned starting salaries (not including benefits and signing bonuses) significantly higher (an increase of over 100%) than their pre-studies salaries.

What about graduates from the top programs? Alumni from Harvard, Wharton, and Stanford did not report a significant increase in their post-degree wages since their pre-degree salaries were fairly high, though graduates from these programs achieved the highest starting salaries. The median salary for Stanford graduates is $125,000, the highest among the programs, which reflects an increase of 38.9% compared with pre-degree. The median salary for Wharton and Harvard graduates stands at $120,000, reflecting an increase of 33.3% compared with pre-degree, the lowest percent increase among all top-30 U.S. programs. In the fourth spot were MIT alumni with a median starting salary of $118,500 and alumni from Chicago, Kellogg, and Tuck took the 5-7 spots with $115,000.

In addition to salary alone there are benefits based mainly on the schools’ rank and reputation. For example, three out of every four Harvard graduates won median signing bonuses of $20,000, and one out of every five won median “other guaranteed compensation” of $25,230.

The facts show that 17 schools reported a median six-figure salary among graduates, among them Cornell, Yale, Marshall, Emory, Texas, UNC, and NYU.

The data on starting salaries for MBA graduates over the years shows that in general nothing has changed recently. The median salaries for graduates from Stanford, Harvard, Wharton, Columbia, Yale have hardly changed in the last three years, while graduates from Chicago ($115,000), and Duke ($110,000) did show an increase in starting salaries when compared with 2010 and 2011.


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Tuesday, November 13, 2012

Low Season Deadlines


Starting mid-January there are about 40 submission dates (that are not final round) for leading MBA programs in the world (top-25).
There programs begin September 2013 or early 2014. They are not final submission dates (in which it is usually significantly harder to gain acceptance).
These application dates are outlined here:
http://www.aringo.com/Current_Essay_topics.asp
Hope this helps, good luck!


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Friday, November 9, 2012

Additional Options, Significant Scholarships


Just submitted your application to Wharton? Harvard? Columbia? MIT? INSEAD?
Interested in enhancing your potential for a significant scholarship?
Thinking about opening additional options?

We just created a tool that may help you apply to an additional school more easily.
To view this tool, see the top of this page:
http://www.aringo.com/Current_Essay_topics.asp


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