Top business schools are introducing elective courses on social networking to their MBA programs.
With web 2.0 sites like Facebook and Twitter proving popular places both for networking and promotional activities, it appears that some of the top business schools are keen to offer MBAs with social networking forming part of the marketing specialization.
American paper Businessweek reported on July 26th in an article entitled B-schools all a-Twitter over social media that at least six business schools have, or plan to introduce over the coming months, social media elective courses as part of their MBA. Harvard Business School, Columbia Business School, the Carroll School of Management at Boston College, London Business School, INSEAD, and HEC Paris have all confirmed that they will be teaching MBA students the benefits to businesses of social media outlets such as Twitter and Facebook.
“I am confident we will see both an expansion of social media study in all MBA programs, and a deeper integration into existing areas of study,” explains Rachel Sterne, principal of digital media consultancy firm Upward Strategy and adjunct professor in future social media entrepreneurship at Columbia. “Ultimately, social media should be part of any complete marketing, customer service, or development strategy.
Social networking
Andrew T Stephen, assistant professor of marketing at INSEAD near Paris, teaching their advertising and social media strategy course, explains to TopMBA.com the benefits of social media in MBAs. “The course teaches principles of integrating social media with traditional media and other marketing and business strategies so that students see how all the pieces of this complex puzzle fit together. That way the course doesn’t date.
“Rather, students are given tools and ways of thinking that will be valuable in the future. This is critical since every month there’s a new website or social media platform, and I can guarantee that in even one year from now things will be different,” Stephen explains, pointing out that participants on his elective will be taught the skills to adapt to the ever changing social media environment in the future.
But is social media really that important when MBA students have graduated and are looking for employment?
“My hope is that students will be more attractive to employers, more capable as team members, and better positioned as entrepreneurs,” Columbia’s Sterne tells TopMBA.com. “The goal of the course is to equip students to identify opportunities to use emerging technologies, innovate with social media, and evaluate their efforts in any role.”
Sterne is also keen to point out the importance of ensuring MBA students are capable of analysing the results of social media marketing, which in turn will focus campaigns and ensure impressive results. However, students should also notice the benefits from courses on social media through networking and gaining professional contacts.
INSEAD’s Professor Stephen explains how experience in social media can be applied to many different business sectors. “Recruiters are looking for graduates who are savvy in this area, not just for positions in marketing, advertising or media, but also for consulting, finance or venture capital, and other fields that aren’t automatically associated with social media. There is strong demand, and to remain at the frontier of business innovation and to be cutting-edge [business schools] need to have social media in the curriculum.”
So it appears that many of the high ranking business schools are keen to adapt to the evolving online world, as some of the most respected schools accept the new marketing trends that the web has brought to modern society. Albeit a very new development, the top business schools clearly feel that social networking is a marketing trend that is here to stay, and so feel that their graduates will benefit greatly from studying how to implement it into the world of business.
www.credila.com
Wednesday, August 11, 2010
Researching business schools: An MBA profile
Polina Kurbashkina’s MBA application was accepted at ten UK and two Spanish business schools. She tells TopMBA.com how she made the decision to study at IE Business School in Madrid for her MBA.
Aside from ensuring her business school was well placed on internationally recognized rankings, Polina’s main criterion behind selecting her school was the opportunity to apply without submitting a GMAT score. “I didn’t have time to pass it,” the Russian MBA graduate explains. “I was applying for my MBA quite late, in the summer of 2007 and I could only be enrolled in the same year, so I looked for schools that didn’t strictly require [a GMAT score],” she admits.
Business school criteria
However, Polina claims that didn’t restrict her choice too much, despite her final school having to meet additional requirements. “I composed a comprehensive table with European full time MBA programs from different schools with their characteristics and my requirements,” she says. “I wanted a program that had a good standing in the Financial Times, Economist and other international rankings. One that wasn’t longer than one year and one that I could begin in 2007. I needed a course that wasn’t too expensive, or one with additional grants. The school had to be in a central, city location and give me the opportunity to learn a second language.”
With that list in hand, along with a President’s scholarship from the Russian Ministry of Education, she enrolled in her MBA at IE Business School. “It was the additional grant that IE gave me that finally determined my choice,” she explains.
Scholarships and grants
Polina is a firm believer in applying for grants and scholarships for MBA study. “I would never recommend doing an MBA without sponsorship, either from the school itself, from a private company or any other external source. You should start the process [of applying for scholarships or grants] at least one year in advance and justify why you need such a scholarship… Participate in the QS World MBA Tour as they distribute many grants and scholarships, as do other similar events.”
Polina feels that taking a loan for an MBA program is a far riskier approach. “The MBA has always been a risky investment. You never know in advance if you are going to be able to recoup your investments at all.”
“Although one and a half years have passed since graduation, my current salary is still on the pre-MBA level, but I believe the benefit will come in the next three to five years.” She adds, “moreover, my present job in the developing Russian venture industry completely fits to my b-school’s majors in innovation and entrepreneurship, which paved my way into private equity and venture capital specialization.”
Exchanges and internships
Polina values her time spent in the MBA classroom and Madrid in general. “I had access to new knowledge, subjects, expertise and experience, plus the widest of opportunities to travel, work and study worldwide during my MBA program. I partook in an exchange program to the Tuck School of Business in Dartmouth, USA and an MBA internship at Deutsche Post in Germany.”
One point that Polina is keen to get across to future MBA candidates is to ensure they do their research on potential business schools. “One should know about visa and job permit regulations before starting any MBA,” she points out, highlighting the fact that while some foreign students may wish to work in the country they graduate in, visa laws may prevent them from doing so.
However, Polina still wishes she looked into what an MBA qualification would bring her when she returned home. “Although an international MBA degree is still disregarded in Russia, I believe it will bring me measurable benefits in the future.”
www.credila.com
Aside from ensuring her business school was well placed on internationally recognized rankings, Polina’s main criterion behind selecting her school was the opportunity to apply without submitting a GMAT score. “I didn’t have time to pass it,” the Russian MBA graduate explains. “I was applying for my MBA quite late, in the summer of 2007 and I could only be enrolled in the same year, so I looked for schools that didn’t strictly require [a GMAT score],” she admits.
Business school criteria
However, Polina claims that didn’t restrict her choice too much, despite her final school having to meet additional requirements. “I composed a comprehensive table with European full time MBA programs from different schools with their characteristics and my requirements,” she says. “I wanted a program that had a good standing in the Financial Times, Economist and other international rankings. One that wasn’t longer than one year and one that I could begin in 2007. I needed a course that wasn’t too expensive, or one with additional grants. The school had to be in a central, city location and give me the opportunity to learn a second language.”
With that list in hand, along with a President’s scholarship from the Russian Ministry of Education, she enrolled in her MBA at IE Business School. “It was the additional grant that IE gave me that finally determined my choice,” she explains.
Scholarships and grants
Polina is a firm believer in applying for grants and scholarships for MBA study. “I would never recommend doing an MBA without sponsorship, either from the school itself, from a private company or any other external source. You should start the process [of applying for scholarships or grants] at least one year in advance and justify why you need such a scholarship… Participate in the QS World MBA Tour as they distribute many grants and scholarships, as do other similar events.”
Polina feels that taking a loan for an MBA program is a far riskier approach. “The MBA has always been a risky investment. You never know in advance if you are going to be able to recoup your investments at all.”
“Although one and a half years have passed since graduation, my current salary is still on the pre-MBA level, but I believe the benefit will come in the next three to five years.” She adds, “moreover, my present job in the developing Russian venture industry completely fits to my b-school’s majors in innovation and entrepreneurship, which paved my way into private equity and venture capital specialization.”
Exchanges and internships
Polina values her time spent in the MBA classroom and Madrid in general. “I had access to new knowledge, subjects, expertise and experience, plus the widest of opportunities to travel, work and study worldwide during my MBA program. I partook in an exchange program to the Tuck School of Business in Dartmouth, USA and an MBA internship at Deutsche Post in Germany.”
One point that Polina is keen to get across to future MBA candidates is to ensure they do their research on potential business schools. “One should know about visa and job permit regulations before starting any MBA,” she points out, highlighting the fact that while some foreign students may wish to work in the country they graduate in, visa laws may prevent them from doing so.
However, Polina still wishes she looked into what an MBA qualification would bring her when she returned home. “Although an international MBA degree is still disregarded in Russia, I believe it will bring me measurable benefits in the future.”
www.credila.com
Asia – the next big MBA thing?
However "soft skills" forms the weak underbelly of most MBA graduates across the entire international spectrum, according to
MBA recruiters, and not just Asians. This includes important business skills such as interpersonal relationships, networking, aspects of motivation and leadership that western businesses very much require in order to continue their successful routes. The news, and this may be a surprise to some, is that the opposite is also true. With the rise and rise of the economies of Asia and the associated wealth, comfort of lifestyle and business opportunities that Asia offers, increasing numbers of western MBA graduates are heading east. Many are finding that their preconceptions of soft skills and interpersonal relationships do not prepare them for the reality of living in a new and different culture and that, sometimes, their
MBAs have not fully prepared them for the reality of living and working there. In Chinese culture particularly the concept of "face" is important. Losing, saving, gaining and even lending face are applicable to a deep level in the culture, on personal as well as business levels. According to John Fernandez, an American writer who lived in China for eight years, the closest synonym in English, would be "reputation". He writes, in The Concept of "Face" in Chinese Culture: "In Asian culture, if someone has face this means someone has a good reputation in front of one's peers. Interestingly, having good face is actually a "bankable" notion in Chinese culture. Having face in front of one's business colleagues or within a community is literally a statement of that person's value. If someone has good enough face, in some cases they can walk into a lending institution (such as smaller, privately operated banks), and take out a loan on their word only. People with good face are generally dependable, reliable, and safe to do business with. As we say in Western culture, "His word is as good as gold." This is essentially what good "face" means." Limei Liang, a marketing expert from China living in London, expands on this: "Chinese culture is very family- and friendship-oriented. Knowing someone with good face means being able to go to them, for example, to help you get a job. Their word means something to the person offering the job that may help the other person who wants that job." Across much of east Asia, the boundaries of business are breaking down rapidly and what used to be considered cultural boundaries are now something to bind together rather than divide business people. When deconstructing interpersonal relationships between potential business partners it seems that there are far more similarities than differences. Matthew Abrahams is President of International Trade and Management Ltd. in Tokyo. "Doing business in Japan is the same as doing business anywhere but requires a different cultural context of "soft skills". Operating here requires a different mindset though modern Japan has changed a lot recently. In business terms, the Japanese are becoming a lot more relaxed but behind it is a local, insular focus. I would say that when business people come here they face a hurdle of insularity that is unlike China or Korea; they make a greater effort to speak learn and communicate in English. In Japan the barriers are stronger." When doing business in Asia, the western business person needs to remember a few major differences that can cause immense frustration if not taken on board quickly. Negotiation skills are quite similar anywhere in the world. There are four steps: 1) Introduction. 2) Information exchange. 3) Negotiation. 4) Agreement. However, according to Abrahams, "Coming from Western culture to Asian culture one needs to understand the different stages and understand that the emphasis is different. In the west we tend to go through phases 1 & 2 really fast and spend 70% of our time on negotiation: "The reason you should choose us is...." In Japan the emphasis is maybe 70% on first 2 areas. "Also important is what's known as "nemawashi" (the roots of a tree). When you pick up a tree to move it you have to build consensus and teamwork so it roughly translates to "consensus building". At a negotiation, Japanese business people will not usually make a decision there and then but will take it back to the office environment to seek consensus on how to proceed. They will refer it back for consensus building and return back with a largely fixed position. When you go to a meeting with Japanese it's about information exchange not solution-making and meetings are for confirming facts and information exchange. This can be frustrating for westerners as people expect serious negotiation time, however often it's confirming previously agreed topics. It's important to get the agenda sorted in advance." Essentially, the soundest advice of all is not to typecast or stereotype anybody in any business situation. The cultures of Asia are not only different from those of the west but are extremely different from one another. Craig Coltrane, who lived in Asia for four years, says: "It sometimes annoys me when I hear people talk about "Asian culture." This is a huge continent with most of the world's population and hundreds of languages and culture. It's like saying "European culture" and lumping Greeks and Irish people in together." Matthew Abrahams concurs. It's very easy to typecast but you will fail to achieve success if you stereotype the individual. Get to know people on a one to one level or they will never relate to you and you'll never trigger successful business relationships. Look for similarities not differences. In that sense the process is exactly the same, though the triggers and stimuli are different."
www.credila.com
MBA recruiters, and not just Asians. This includes important business skills such as interpersonal relationships, networking, aspects of motivation and leadership that western businesses very much require in order to continue their successful routes. The news, and this may be a surprise to some, is that the opposite is also true. With the rise and rise of the economies of Asia and the associated wealth, comfort of lifestyle and business opportunities that Asia offers, increasing numbers of western MBA graduates are heading east. Many are finding that their preconceptions of soft skills and interpersonal relationships do not prepare them for the reality of living in a new and different culture and that, sometimes, their
MBAs have not fully prepared them for the reality of living and working there. In Chinese culture particularly the concept of "face" is important. Losing, saving, gaining and even lending face are applicable to a deep level in the culture, on personal as well as business levels. According to John Fernandez, an American writer who lived in China for eight years, the closest synonym in English, would be "reputation". He writes, in The Concept of "Face" in Chinese Culture: "In Asian culture, if someone has face this means someone has a good reputation in front of one's peers. Interestingly, having good face is actually a "bankable" notion in Chinese culture. Having face in front of one's business colleagues or within a community is literally a statement of that person's value. If someone has good enough face, in some cases they can walk into a lending institution (such as smaller, privately operated banks), and take out a loan on their word only. People with good face are generally dependable, reliable, and safe to do business with. As we say in Western culture, "His word is as good as gold." This is essentially what good "face" means." Limei Liang, a marketing expert from China living in London, expands on this: "Chinese culture is very family- and friendship-oriented. Knowing someone with good face means being able to go to them, for example, to help you get a job. Their word means something to the person offering the job that may help the other person who wants that job." Across much of east Asia, the boundaries of business are breaking down rapidly and what used to be considered cultural boundaries are now something to bind together rather than divide business people. When deconstructing interpersonal relationships between potential business partners it seems that there are far more similarities than differences. Matthew Abrahams is President of International Trade and Management Ltd. in Tokyo. "Doing business in Japan is the same as doing business anywhere but requires a different cultural context of "soft skills". Operating here requires a different mindset though modern Japan has changed a lot recently. In business terms, the Japanese are becoming a lot more relaxed but behind it is a local, insular focus. I would say that when business people come here they face a hurdle of insularity that is unlike China or Korea; they make a greater effort to speak learn and communicate in English. In Japan the barriers are stronger." When doing business in Asia, the western business person needs to remember a few major differences that can cause immense frustration if not taken on board quickly. Negotiation skills are quite similar anywhere in the world. There are four steps: 1) Introduction. 2) Information exchange. 3) Negotiation. 4) Agreement. However, according to Abrahams, "Coming from Western culture to Asian culture one needs to understand the different stages and understand that the emphasis is different. In the west we tend to go through phases 1 & 2 really fast and spend 70% of our time on negotiation: "The reason you should choose us is...." In Japan the emphasis is maybe 70% on first 2 areas. "Also important is what's known as "nemawashi" (the roots of a tree). When you pick up a tree to move it you have to build consensus and teamwork so it roughly translates to "consensus building". At a negotiation, Japanese business people will not usually make a decision there and then but will take it back to the office environment to seek consensus on how to proceed. They will refer it back for consensus building and return back with a largely fixed position. When you go to a meeting with Japanese it's about information exchange not solution-making and meetings are for confirming facts and information exchange. This can be frustrating for westerners as people expect serious negotiation time, however often it's confirming previously agreed topics. It's important to get the agenda sorted in advance." Essentially, the soundest advice of all is not to typecast or stereotype anybody in any business situation. The cultures of Asia are not only different from those of the west but are extremely different from one another. Craig Coltrane, who lived in Asia for four years, says: "It sometimes annoys me when I hear people talk about "Asian culture." This is a huge continent with most of the world's population and hundreds of languages and culture. It's like saying "European culture" and lumping Greeks and Irish people in together." Matthew Abrahams concurs. It's very easy to typecast but you will fail to achieve success if you stereotype the individual. Get to know people on a one to one level or they will never relate to you and you'll never trigger successful business relationships. Look for similarities not differences. In that sense the process is exactly the same, though the triggers and stimuli are different."
www.credila.com
Indian women in MBAs
In 2009, for the first time on record, more than two-fifths of aspirants to the MBA qualification, worldwide, are women, according to the QS TopMBA.com Applicant Survey 2009. This figure continues a rising trend over recent years, and has increased from 33% of candidates in 2005.
The message appears to be reaching women across the world, that an MBA and a career in top-flight business management is no longer only the domain of males.Except in India.
Interest in the MBA in India remains very heavily male dominated, with women forming only 17.6% of 526 respondents to the survey, the lowest proportion of all but three (Egypt, Jordan and Pakistan) of the 33 countries on the QS World MBA Tour. This is despite the projections by McKinsey, the international consultants, that India, as well as Brazil, China and Russia, faces a sever shortfall of business leaders to lead the country over the next decade or two.
Ross Geraghty, author of the survey and Managing Editor of TopMBA.com, says: “While interest in MBA programs in India is higher than ever before, it is going against the international trend that fewer Indian women then before are considering applying for business school, especially at a time when they are most needed. I do expect this trend to change over the next five to ten years to fall more in line with international projections, but I don’t think it will reach 40% for many years.”
Worldwide, it is still true that the glass ceiling exists –where women are able to look upwards and see their male counterparts become more and more successful without being able to reach that success themselves. However, QS’ figures point towards a gradual balancing out of the difference between the genders at managerial and boardroom level, and it is here that India will remain far behind until a great deal of work is made to rectify the situation.
This is becoming evident in businesses around the world. In Norway, for instance, 2006 legislation forced the 500 companies listed on the stock exchange there to make the numbers of women on their boards up to 40% within two years. Although seemingly radical, this is in fact an accurate reflection of the interest in business among woman globally.
In terms of salaries, women worldwide still expect to earn less than their male counterparts, even though they currently appear to earn at least the same amount. Around three percent of MBA candidates, both men and women, currently earn over US$100,000. However women’s expectations for future earnings are either lower or more realistic. In the same survey, 38% of men replied that they expect to earn more than US$100,000 per year after graduating from an MBA while only 31% of women felt they could earn the same.
In India the average figure stands at US$35,000 as an average salary for MBA aspirants, with an expectation of earning US$96,000 after graduating. It is this kind of figure that the world’s, and India’s own, business schools are trying to help their candidates achieve. These schools have long admitted the need to attract more female candidates in a bid the shake the MBA stereotype. For women already juggling a family with a career, or those not interested in the traditional route in financial services or consultancy, there has always been a question mark over the need for an MBA qualification and India, it seems now, is still playing catch up in this regard.
Meanwhile, motivations for embarking on an MBA also seem to shifting. While many still wish to follow the tried and test route, 29% of female respondents now say they want to use their qualification to help them set up their own business. This is up from 25% last year.
Ross Geraghty says “The recession has seen a shift in the intentions of MBA aspirants towards entrepreneurialism and self-employment, as careers in consultancy and banking are far harder to achieve then before. This is true across the board, for men and women.”
McKinsey’s projection is that India will have a shortfall of managers over the next decade that could be of significant numbers. It is unlikely, even if all Indian male applicants to business schools were successful, that they alone will be able to fill this need. Geraghty continues: “Business schools worldwide are desperate to increase the diversity of their programs. The deans and admissions officers that attend the QS World MBA Tour are all keen to attract people from as wide a background as possible. What they tell me, on a regular basis, is that they are surprised at how few Indian women are applying to their programs and that applications from talented Indian women would be most welcome.”
www.credila.com
The message appears to be reaching women across the world, that an MBA and a career in top-flight business management is no longer only the domain of males.Except in India.
Interest in the MBA in India remains very heavily male dominated, with women forming only 17.6% of 526 respondents to the survey, the lowest proportion of all but three (Egypt, Jordan and Pakistan) of the 33 countries on the QS World MBA Tour. This is despite the projections by McKinsey, the international consultants, that India, as well as Brazil, China and Russia, faces a sever shortfall of business leaders to lead the country over the next decade or two.
Ross Geraghty, author of the survey and Managing Editor of TopMBA.com, says: “While interest in MBA programs in India is higher than ever before, it is going against the international trend that fewer Indian women then before are considering applying for business school, especially at a time when they are most needed. I do expect this trend to change over the next five to ten years to fall more in line with international projections, but I don’t think it will reach 40% for many years.”
Worldwide, it is still true that the glass ceiling exists –where women are able to look upwards and see their male counterparts become more and more successful without being able to reach that success themselves. However, QS’ figures point towards a gradual balancing out of the difference between the genders at managerial and boardroom level, and it is here that India will remain far behind until a great deal of work is made to rectify the situation.
This is becoming evident in businesses around the world. In Norway, for instance, 2006 legislation forced the 500 companies listed on the stock exchange there to make the numbers of women on their boards up to 40% within two years. Although seemingly radical, this is in fact an accurate reflection of the interest in business among woman globally.
In terms of salaries, women worldwide still expect to earn less than their male counterparts, even though they currently appear to earn at least the same amount. Around three percent of MBA candidates, both men and women, currently earn over US$100,000. However women’s expectations for future earnings are either lower or more realistic. In the same survey, 38% of men replied that they expect to earn more than US$100,000 per year after graduating from an MBA while only 31% of women felt they could earn the same.
In India the average figure stands at US$35,000 as an average salary for MBA aspirants, with an expectation of earning US$96,000 after graduating. It is this kind of figure that the world’s, and India’s own, business schools are trying to help their candidates achieve. These schools have long admitted the need to attract more female candidates in a bid the shake the MBA stereotype. For women already juggling a family with a career, or those not interested in the traditional route in financial services or consultancy, there has always been a question mark over the need for an MBA qualification and India, it seems now, is still playing catch up in this regard.
Meanwhile, motivations for embarking on an MBA also seem to shifting. While many still wish to follow the tried and test route, 29% of female respondents now say they want to use their qualification to help them set up their own business. This is up from 25% last year.
Ross Geraghty says “The recession has seen a shift in the intentions of MBA aspirants towards entrepreneurialism and self-employment, as careers in consultancy and banking are far harder to achieve then before. This is true across the board, for men and women.”
McKinsey’s projection is that India will have a shortfall of managers over the next decade that could be of significant numbers. It is unlikely, even if all Indian male applicants to business schools were successful, that they alone will be able to fill this need. Geraghty continues: “Business schools worldwide are desperate to increase the diversity of their programs. The deans and admissions officers that attend the QS World MBA Tour are all keen to attract people from as wide a background as possible. What they tell me, on a regular basis, is that they are surprised at how few Indian women are applying to their programs and that applications from talented Indian women would be most welcome.”
www.credila.com
Ten hot tips to help you prepare for your GMAT
Giselle Weybrecht, London Busines School graduate, and author of The Sustainable MBA shares her GMAT tips for the world’s most influential business school admissions test.
After hours of research, attending fairs like the QS World MBA Tour and speaking to students, I made the decision to study for an MBA. Little did I realize at the time that, out of the many application requirements, the GMAT would prove the hardest.
The GMAT is unlike other tests that students take in school. You cannot stay up all night studying and achieve a top score of 800. The test isn’t easy, but the good news is that if you are disciplined and prepared you can get the score that you want.
Here are ten tips to help you prepare as much as you can for the GMAT:
- Give yourself time. Don’t book your test at the last minute, and don’t leave the studying until the last minute either. Give yourself as much time as you can. I knew that the GMAT was going to be a challenge, so I began my preparation early and put aside a lot of time to study (and to retake the test if I needed to).
- Pick up the materials. There are a wide range of GMAT study books. Some of the best books are the official ones, with retired test questions. You can either buy these new, from current students or at used bookstores. You can also find free practice tests on the GMAC website.
- Familiarize yourself with the format. The GMAT is a timed test in three main parts. The analytical writing assessment (one hour), the quantitative section and the verbal section (both 75 minutes). GMAC provides a list of possible questions for the analytical writing assessment so there is no excuse for not being prepared.
- Find your weaknesses. Many GMAT books will have a sample test you can take to get you started. Take this exercise seriously. This will give you a taste of what to expect and help you to determine what you need to work on further.
- Find out what score you need. Different schools announce what GMAT scores they are looking for. It is important to know this before you get started.
- Make a study plan and stick with it. Put together a study plan that works well for you. Determine what you need to work on and consider studying different parts of the test on different days. I picked up every GMAT practice book I could find and systematically studied the questions until I understood how to answer them.
- Learn the tricks. The GMAT test is made up of a series of questions of different types. Obviously each question differs, but the methods used to answer them generally stay the same. Familiarize yourself with each type of question, and develop a process for answering each one.
- Don’t forget the timing. It isn’t enough just to be able to answer the questions correctly; you need to be able to answer them quickly and under the pressure of time. Try setting yourself time limits during practice tests. Don’t forget, you have to answer all questions or it will count strongly against you.
- Connect with others. If you feel you need some additional help, look at the wide range of groups or one-on-one courses that exist. These can get expensive but for some people this can be the way to go.
- Enjoy it. Studying for a test is never fun, but many people turn it into a challenge, even a game. I charted my progress and rewarded myself for staying on track. In the end the hard work paid off and I achieved the score I needed.
My biggest piece of advice is not to stress. First of all a perfect GMAT score is not necessarily going to get you into a business school. If the rest of your application is weak, you’ll have problems getting into most schools.
On the other hand, if your application is a little weak, a high GMAT score can help. You can retake the GMAT - I took it twice. The first time I achieved near perfect scores on the verbal and essay sections, but scored terribly on the quantitative section. I knew how to answer the questions, but I hadn’t spent enough time practicing answering them under time pressure. I took the GMAT again to bring up my score, and fortunately the second time around I managed to achieve what I needed.
www.credila.com
After hours of research, attending fairs like the QS World MBA Tour and speaking to students, I made the decision to study for an MBA. Little did I realize at the time that, out of the many application requirements, the GMAT would prove the hardest.
The GMAT is unlike other tests that students take in school. You cannot stay up all night studying and achieve a top score of 800. The test isn’t easy, but the good news is that if you are disciplined and prepared you can get the score that you want.
Here are ten tips to help you prepare as much as you can for the GMAT:
- Give yourself time. Don’t book your test at the last minute, and don’t leave the studying until the last minute either. Give yourself as much time as you can. I knew that the GMAT was going to be a challenge, so I began my preparation early and put aside a lot of time to study (and to retake the test if I needed to).
- Pick up the materials. There are a wide range of GMAT study books. Some of the best books are the official ones, with retired test questions. You can either buy these new, from current students or at used bookstores. You can also find free practice tests on the GMAC website.
- Familiarize yourself with the format. The GMAT is a timed test in three main parts. The analytical writing assessment (one hour), the quantitative section and the verbal section (both 75 minutes). GMAC provides a list of possible questions for the analytical writing assessment so there is no excuse for not being prepared.
- Find your weaknesses. Many GMAT books will have a sample test you can take to get you started. Take this exercise seriously. This will give you a taste of what to expect and help you to determine what you need to work on further.
- Find out what score you need. Different schools announce what GMAT scores they are looking for. It is important to know this before you get started.
- Make a study plan and stick with it. Put together a study plan that works well for you. Determine what you need to work on and consider studying different parts of the test on different days. I picked up every GMAT practice book I could find and systematically studied the questions until I understood how to answer them.
- Learn the tricks. The GMAT test is made up of a series of questions of different types. Obviously each question differs, but the methods used to answer them generally stay the same. Familiarize yourself with each type of question, and develop a process for answering each one.
- Don’t forget the timing. It isn’t enough just to be able to answer the questions correctly; you need to be able to answer them quickly and under the pressure of time. Try setting yourself time limits during practice tests. Don’t forget, you have to answer all questions or it will count strongly against you.
- Connect with others. If you feel you need some additional help, look at the wide range of groups or one-on-one courses that exist. These can get expensive but for some people this can be the way to go.
- Enjoy it. Studying for a test is never fun, but many people turn it into a challenge, even a game. I charted my progress and rewarded myself for staying on track. In the end the hard work paid off and I achieved the score I needed.
My biggest piece of advice is not to stress. First of all a perfect GMAT score is not necessarily going to get you into a business school. If the rest of your application is weak, you’ll have problems getting into most schools.
On the other hand, if your application is a little weak, a high GMAT score can help. You can retake the GMAT - I took it twice. The first time I achieved near perfect scores on the verbal and essay sections, but scored terribly on the quantitative section. I knew how to answer the questions, but I hadn’t spent enough time practicing answering them under time pressure. I took the GMAT again to bring up my score, and fortunately the second time around I managed to achieve what I needed.
www.credila.com
MBA book recommendations from the experts
Having experienced the hard work that makes up the MBA admissions process, many MBA students have a desire to give themselves a head start on their programs by reading into the differing theories that can be used in the MBA world. However, with so many business management books on the market, it’s handy to know which books will actually help.
TopMBA.com asked a mixture of MBA lecturers, experts, and graduates what they thought current and future MBA students should read. Here, in the first instalment of three weekly features our guest MBA enthusiasts suggest offerings from David Allen and Bertrand Russell.
Getting Things Done by David Allen
Giselle Weybrecht, London Business School MBA graduate, and author of The Sustainable MBA: the Manager’s Guide to Green Business explains her first choice:
“The idea of the book is that every task has a place and a time. Rather than worry about the things you need to do, write them all down and organize them into a system. It starts by presenting the system, then it explains how to use the system before finishing off with an overview of the benefits that incorporating these core principles into your work and your life can have.
“The five stages for dealing with workflow presented in the book include collecting the information, processing each piece, organizing it, and then reviewing the information on a daily or weekly basis. He presents the two-minute rule, if it takes two minutes or less to do a task, do it now, if not delegate it or defer it to another time.
“No expensive computer or filing systems are needed, just a piece of paper and a pen to start with. Even if you are a person who thinks they are getting things done, this book will still give you some good ideas on how to better use your time. The book is an international best seller many times over.”
A History of Western Philosophy by Bertrand Russell
Nick Barniville, MBA director of ESMT European School of Management and Technology, Berlin selected this alternative business read:
“The idea of the book is that every task has a place and a time. Rather than worry about the things you need to do, write them all down and organize them into a system. It starts by presenting the system, then it explains how to use the system before finishing off with an overview of the benefits that incorporating these core principles into your work and your life can have.
“The five stages for dealing with workflow presented in the book include collecting the information, processing each piece, organizing it, and then reviewing the information on a daily or weekly basis. He presents the two-minute rule, if it takes two minutes or less to do a task, do it now, if not delegate it or defer it to another time.
“No expensive computer or filing systems are needed, just a piece of paper and a pen to start with. Even if you are a person who thinks they are getting things done, this book will still give you some good ideas on how to better use your time. The book is an international best seller many times over.”
“If I were to recommend one book that all incoming MBA candidates should read before their program starts, it would be A History of Western Philosophy by Bertrand Russell.
“This book provides an accessible overview of Western philosophy from Ancient to Modern, and provokes students to investigate alternative philosophies than those to which they may have already been exposed. Reading this would help all students greatly in developing a tolerance for alternative perspectives and to question motives underpinning theories to which they will be exposed during their MBA.”
Next week, TopMBA.com will reveal two more suggested business books from those in the know. In the mean time, why not read Giselle Weybrecht’s further book suggestions for getting ahead of the game in the MBA world.
For more information please sign up for our monthly newsletter, or you can discuss this topic on our Facebook page.
www.credila.com
TopMBA.com asked a mixture of MBA lecturers, experts, and graduates what they thought current and future MBA students should read. Here, in the first instalment of three weekly features our guest MBA enthusiasts suggest offerings from David Allen and Bertrand Russell.
Getting Things Done by David Allen
Giselle Weybrecht, London Business School MBA graduate, and author of The Sustainable MBA: the Manager’s Guide to Green Business explains her first choice:
“The idea of the book is that every task has a place and a time. Rather than worry about the things you need to do, write them all down and organize them into a system. It starts by presenting the system, then it explains how to use the system before finishing off with an overview of the benefits that incorporating these core principles into your work and your life can have.
“The five stages for dealing with workflow presented in the book include collecting the information, processing each piece, organizing it, and then reviewing the information on a daily or weekly basis. He presents the two-minute rule, if it takes two minutes or less to do a task, do it now, if not delegate it or defer it to another time.
“No expensive computer or filing systems are needed, just a piece of paper and a pen to start with. Even if you are a person who thinks they are getting things done, this book will still give you some good ideas on how to better use your time. The book is an international best seller many times over.”
A History of Western Philosophy by Bertrand Russell
Nick Barniville, MBA director of ESMT European School of Management and Technology, Berlin selected this alternative business read:
“The idea of the book is that every task has a place and a time. Rather than worry about the things you need to do, write them all down and organize them into a system. It starts by presenting the system, then it explains how to use the system before finishing off with an overview of the benefits that incorporating these core principles into your work and your life can have.
“The five stages for dealing with workflow presented in the book include collecting the information, processing each piece, organizing it, and then reviewing the information on a daily or weekly basis. He presents the two-minute rule, if it takes two minutes or less to do a task, do it now, if not delegate it or defer it to another time.
“No expensive computer or filing systems are needed, just a piece of paper and a pen to start with. Even if you are a person who thinks they are getting things done, this book will still give you some good ideas on how to better use your time. The book is an international best seller many times over.”
“If I were to recommend one book that all incoming MBA candidates should read before their program starts, it would be A History of Western Philosophy by Bertrand Russell.
“This book provides an accessible overview of Western philosophy from Ancient to Modern, and provokes students to investigate alternative philosophies than those to which they may have already been exposed. Reading this would help all students greatly in developing a tolerance for alternative perspectives and to question motives underpinning theories to which they will be exposed during their MBA.”
Next week, TopMBA.com will reveal two more suggested business books from those in the know. In the mean time, why not read Giselle Weybrecht’s further book suggestions for getting ahead of the game in the MBA world.
For more information please sign up for our monthly newsletter, or you can discuss this topic on our Facebook page.
www.credila.com
MBA student or business school customer?
MBA students pay significant amounts to business schools to get their MBA qualification. According to the most recent research, the QS TopMBA.com Applicant Survey 2009, MBA candidates think more about the return on investment than the actual cost of the course when applying. But with costs as high as US$150,000, don’t students have the right to see themselves as customers of the business school and not as recipient students, as one might in high school? Caroline Parry finds out.
The customer is always right, or so the mantra goes. But is that still true if the service provider makes high demands on the customer during the transaction? Is the customer still king if the service provider is constantly evaluating them to see if they are worthy of their product?
Whether an MBA candidate is a student or a customer has been a hot topic for several years, particularly in the US where a college education of any sort has comes with a high price tag. But it has never been more pertinent as recent MBA graduates face an unprecedented economic downturn and an uncertain job market.
Student as customer
An MBA has always been a significant investment for any student. With initial course fees plus books and living expenses, added to the loss of up to two years of earnings, it is a decision that few candidates can afford to take lightly.
While business schools know that MBA candidates expect a high quality education and excellent resources in return for their investment, for some that is where their similarity with the definition of a customer ends.
Lisa Bevill, Associate Director of Admissions at IE Business School in Madrid, believes that the ‘student as customer’ debate treads a fine line and is, perhaps, too simplistic a definition for what becomes a life-long relationship. “It implies the concept that the customer is always right and should be treated as such. However, this is hardly the case with MBA students and we should not lose sight of this because the relationship between MBA student and school is more profound.”
She adds that the during the admissions process the relationship is “professional, respectful and open”, and about exploring what each side can offer; but once a candidate becomes a student, the relationship is then focused in their personal development.
“Students are expected to be – and themselves expect to be – challenged and tested so that they grow throughout the program and develop greater abilities for when they return to the professional world.”
That the MBA experience should lead to a student-school relationship that lasts well beyond graduation is a strongly held view across all business schools; however Veronica Hope-Hailey, dean of admissions at London’s Cass Business School, believes that schools should view this as creating customers for life.
She adds that during the program candidates are “students in the lecture theatre and customers outside”. She says that Cass takes its role of providing a high quality service “very seriously” but it also makes it clear to students that its approach to education is “extremely rigorous”.
“Everything from the standard of faculty through to the equipment and resources on offer should meet the high standards that customers would expect but, when it comes to the teaching and the education process, they are students,” she explains. “We are taking mature people and charging them a huge amount of money, they deserve good customer service. We want them to have a great experience but they have to know that they are in the English university system, which is subject to external checks, and there will be no negotiation on marks.”
Return on investment
The view of MBA candidates, many of whom fund their own education, often differs. While Aisha Barry, a second year student at Tuck Business School at Dartmouth, agrees that her MBA is an investment that will pay-out in the long-term through high salary opportunities, professional credibility and the alumni network: it is for these very reasons that she views herself as customer of the school.
“I have expectations of how my MBA school will perform in the present and in the future and I expect to derive value from each, ongoing. As a result, I see myself as more than someone who is the beneficiary of knowledge. I am investing to gain access to knowledge and in the future assets of my degree program, including reputation, recognition and affiliation.”
While, there may be differences between schools and students on their view of their respective roles; they both agree that an MBA remains a long-term career investment that will pay off over a lifetime. For that reason, both sides agree that feedback and co-operation are essential for evolving MBA programs for future students and crucial for maintaining the alumni network.
Transaction
According to Sionade Robinson, Course Director for the full time MBA at Cass, the recession has reinforced the importance of this for students. “I think the dynamic in the relationship is changing. The student attitude used to be ‘I am the customer, you’re the supplier and I require a high quality education’ but that has become a more transactional relationship with the school. They are much more interested in our brand now and the school overall, not just the MBA. It is a more rounded approach.”
Bevill adds that the recession has also meant that students are more defined in their reasons for taking the program and are seeing past the short term gains. “There is a stronger sense of humanity, empathy, and personal growth through the MBA experience.”
During her time at Tuck, Barry has been involved in pilot programs for new course, focus groups and discussions with faculty about how the course, and she also had an active role in Tuck’s Cohen Leadership Development Program, which aims to help students improve their leadership skills through professional coaching and practical opportunities.
Cass is also adopting CRM to ensure that its students are offered myriad forums for giving feedback; but also to ensure graduates stay with the school as they progress in their careers. “I do believe that business schools and universities can learn a lot from CRM and professional services.”
While many schools will feel uncomfortable applying business definitions to their students and MBA programs, the net result of collaboration and feedback (or CRM, as it could also be described) can only be a positive result both for students, who are seeking to take responsibility for their careers by studying for an MBA, and business schools, who have to evolve their courses to reflect the changing needs of students.
www.credila.com
The customer is always right, or so the mantra goes. But is that still true if the service provider makes high demands on the customer during the transaction? Is the customer still king if the service provider is constantly evaluating them to see if they are worthy of their product?
Whether an MBA candidate is a student or a customer has been a hot topic for several years, particularly in the US where a college education of any sort has comes with a high price tag. But it has never been more pertinent as recent MBA graduates face an unprecedented economic downturn and an uncertain job market.
Student as customer
An MBA has always been a significant investment for any student. With initial course fees plus books and living expenses, added to the loss of up to two years of earnings, it is a decision that few candidates can afford to take lightly.
While business schools know that MBA candidates expect a high quality education and excellent resources in return for their investment, for some that is where their similarity with the definition of a customer ends.
Lisa Bevill, Associate Director of Admissions at IE Business School in Madrid, believes that the ‘student as customer’ debate treads a fine line and is, perhaps, too simplistic a definition for what becomes a life-long relationship. “It implies the concept that the customer is always right and should be treated as such. However, this is hardly the case with MBA students and we should not lose sight of this because the relationship between MBA student and school is more profound.”
She adds that the during the admissions process the relationship is “professional, respectful and open”, and about exploring what each side can offer; but once a candidate becomes a student, the relationship is then focused in their personal development.
“Students are expected to be – and themselves expect to be – challenged and tested so that they grow throughout the program and develop greater abilities for when they return to the professional world.”
That the MBA experience should lead to a student-school relationship that lasts well beyond graduation is a strongly held view across all business schools; however Veronica Hope-Hailey, dean of admissions at London’s Cass Business School, believes that schools should view this as creating customers for life.
She adds that during the program candidates are “students in the lecture theatre and customers outside”. She says that Cass takes its role of providing a high quality service “very seriously” but it also makes it clear to students that its approach to education is “extremely rigorous”.
“Everything from the standard of faculty through to the equipment and resources on offer should meet the high standards that customers would expect but, when it comes to the teaching and the education process, they are students,” she explains. “We are taking mature people and charging them a huge amount of money, they deserve good customer service. We want them to have a great experience but they have to know that they are in the English university system, which is subject to external checks, and there will be no negotiation on marks.”
Return on investment
The view of MBA candidates, many of whom fund their own education, often differs. While Aisha Barry, a second year student at Tuck Business School at Dartmouth, agrees that her MBA is an investment that will pay-out in the long-term through high salary opportunities, professional credibility and the alumni network: it is for these very reasons that she views herself as customer of the school.
“I have expectations of how my MBA school will perform in the present and in the future and I expect to derive value from each, ongoing. As a result, I see myself as more than someone who is the beneficiary of knowledge. I am investing to gain access to knowledge and in the future assets of my degree program, including reputation, recognition and affiliation.”
While, there may be differences between schools and students on their view of their respective roles; they both agree that an MBA remains a long-term career investment that will pay off over a lifetime. For that reason, both sides agree that feedback and co-operation are essential for evolving MBA programs for future students and crucial for maintaining the alumni network.
Transaction
According to Sionade Robinson, Course Director for the full time MBA at Cass, the recession has reinforced the importance of this for students. “I think the dynamic in the relationship is changing. The student attitude used to be ‘I am the customer, you’re the supplier and I require a high quality education’ but that has become a more transactional relationship with the school. They are much more interested in our brand now and the school overall, not just the MBA. It is a more rounded approach.”
Bevill adds that the recession has also meant that students are more defined in their reasons for taking the program and are seeing past the short term gains. “There is a stronger sense of humanity, empathy, and personal growth through the MBA experience.”
During her time at Tuck, Barry has been involved in pilot programs for new course, focus groups and discussions with faculty about how the course, and she also had an active role in Tuck’s Cohen Leadership Development Program, which aims to help students improve their leadership skills through professional coaching and practical opportunities.
Cass is also adopting CRM to ensure that its students are offered myriad forums for giving feedback; but also to ensure graduates stay with the school as they progress in their careers. “I do believe that business schools and universities can learn a lot from CRM and professional services.”
While many schools will feel uncomfortable applying business definitions to their students and MBA programs, the net result of collaboration and feedback (or CRM, as it could also be described) can only be a positive result both for students, who are seeking to take responsibility for their careers by studying for an MBA, and business schools, who have to evolve their courses to reflect the changing needs of students.
www.credila.com
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