MBA Careers

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The Top 4 Mistakes MBA Students Make During The Internship (And How To Prevent Them)...

For many MBA students, the path to the internship took a lot of hard work. First, you have to get excellent grades in undergrad. Then, you need to work for a few years (and be successful) at a branded, impressive company known for selective hiring. Next, you line up the grades, the essays, the GMAT, and the references to land a coveted spot in a top MBA program. And finally, you get an internship offer at a top company—often a company that only recruits from five to 10 top MBA programs. Students from around the world would work for free for such an opportunity. You can see the light at the tunnel. What matters now is succeeding during the internship. Can you successfully adapt to a top company’s expectations? And to a new culture? You only have three months—what will it take to demonstrate competence and fit? I was recently talking to Elizabeth Diley, the recruiting manager for MBA hiring at General Mill’s, one of the world’s best companies at developing leaders (No. 3 on Fortune’s list). After almost eight years in recruiting, Elizabeth has since moved to an internal staffing role within General Mills developing marketing talent through their rotational and leadership programs. I asked her how students can succeed during the internship. Because of Diley’s connection to the recruiting industry, she had several illuminating stories to share. Below is her insight on the mistakes MBA students make—and how to prevent them. Top Mistakes MBA Students Make and How to Prevent Them 1. Believing That The Company Must Adapt To Them: One of the most common mistakes MBA students make, across industries, is to focus on what they want, or what they need. However, the business community is...

Glassdoor for MBAs and Startups

One of the big issues with employment review websites, such as Glassdoor, is that feedback is usually submitted only by those who had a really great, or really bad, experience at a company. And feedback is so general, it doesn’t offer an accurate snapshot for people with diverse backgrounds: A business school student fresh out of undergrad sees the same salary range as someone with an MBA, for example. Smaller companies and startups without many employees, aren’t as well represented as major corporations. University of Chicago Booth startup TransparenC is hoping to change that with curated career sites. They’re starting with a website tailored to MBA students, called TransparentMBA, but they anticipate expanding their platform to law, engineering, and tech among other niche job seekers not served by general career sites like Glassdoor and Linkedin. The idea first came to Mitch Kirby, a UChicago Booth student, last fall when attempting to look for jobs post-graduation. Glassdoor felt like “information overload” he said, and most of the aggregate information didn’t give him an idea of how his qualification–an MBA from a top-ranked business school–would translate to a position or compensation. So he decided to create a platform that gave more granular information on companies and careers for MBA students (he coded it himself), and see if his classmates were interested. They were: about 50 percent of Booth students quickly signed up, he said. Profiles for companies, jobs, and industries are built through feedback that users provide, which they’re required to submit when signing up for the platform. Users can see feedback such as expected compensation, satisfaction rates, and culture fit for an MBA at a given company and position. They can also compare the experiences at the industry level. Kirby...

Here’s Why Goldman Sachs, Citi, Credit Suisse Are Snapping Up IESE B-School MBAs...

Pascal Michels likes to think of himself as a market maker. For some MBAs, technology firms have replaced banks as the employer of choice. But while investment banking is down as a career, it’s not out. “We make sure we educate MBAs about the opportunities,” says Pascal, associate director of career services at Spain’s IESE Business School. And the opportunities are seemingly plentiful. Investment bank recruitment has surged at IESE, beating all records since before the financial crisis in 2007/08. Bank of America Merrill Lynch, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley, and Nomura are all recruiting, Pascal says. Thirty-one job offers were made by investment banks in 2016 to IESE’s MBAs, up from 22 the year before. Of the 61 IESE MBAs who applied for jobs at investment banks, 19 received at least one offer. Some received as many as four. Elle Connor, an associate recruiter at Morgan Stanley in London, says IESE is one of the investment bank’s three elite target schools. “The MBA profile brings something a little more niche to the floor, and has a more mature approach to certain situations. That’s why we continue to grow our MBA hiring,” she says. It is a similar story at Nomura. Sam Price, a Nomura graduate recruitment associate, says: “We target IESE Business School” along with two other European-based schools. Nomura values MBAs, he says, because “they can bring in some experience. The traditional route to the associate level would be through years as an analyst. An MBA is already at the associate level”. Andrea Hayem joined Morgan Stanley in June 2015 as a summer associate. The IESE MBA believes the business school was key to her landing the job. “Career services supports you throughout...

Navigating Your Career Journey After The MBA

Having taught and talked with many MBA students, I am struck by an observation. Some students see their first job as the destination, rather than the beginning of a very long journey with the destination (the final point on their career trek) to occur decades in the future. This makes some sense. Many planned after college to work for a few years, apply for graduate school, attend graduate school, obtain an internship, and then get a job. What seems to a 19-year-old a very long and arduous process (taking more than 10 years) culminates with the attainment of a job that often can increase their income two- or three-fold. However, the first job places them at the bottom of another mountain. It is not the pinnacle. To understand how to think about a career journey, I talked with Debra Bass, the President of Johnson and Johnson’s Global Baby Franchise Organization, who has crafted an interesting journey from Procter and Gamble to JNJ, after obtaining her MBA from the University of Michigan, Ross School of Management. Below, Debra shares her thoughts on how to think about a career. 1. Your career is a lattice … and not a ladder. In reality, there is never just one path to achieve your career aspirations. Putting pressure on yourself to pick the “right” path is unnecessary. 2. But start with a destination. It’s important to think of your career as a journey with a North Star destination point—one that can guide you toward a vision of your future but enable you to take multiple different paths to get there. While your North Star doesn’t need to be hard and fast at age 28, it should provide a direction for you to move toward....

A cheap way of hiring MBA graduates

MBA students are adept at putting a value on long-term cash flows. New research suggests this mentality is also present in their evaluation of job offers — particularly if an alumnus of their business school is doing the recruiting. Professors from NYU Stern and MIT Sloan found that students securing a job through a member of their institution’s alumni network received a starting package worth 16 per cent less than those recruited through more traditional — and more impersonal — campus hiring events. They took that lower offer after being comforted by the fact it originated from a former student on the same top programme, argues NYU Stern’s Jason Greenberg, co-author of the research — to be published in Sociological Science — with MIT Sloan’s Roberto Fernandez. “The jobs coming through the alumni channel are perceived as having significantly better growth potential,” he says, linking this preoccupation with long-term cash flow to the net present value calculations that are a staple of MBA courses. “They are willing to take less today for a job that has better prospects in the long run.” As well as giving a clearer view of what the job entails, an approach from an alumnus can offer a reassuring vision of what the young graduate’s career might look like in a few years’ time. “You get a window into your potential future.” How can recruiters exploit this bond of trust? Prof Greenberg suggests that smaller employers who cannot afford the hoopla of on-campus hiring could use their MBA graduates to target young prospects in their old classrooms. But the strategy may not yield long-term savings: even net present value addicts will at some point demand to be paid the prevailing market rate. Read full story:...

Silicon Valley May Want MBAs More Than Wall Street Does...

PayPal co-founder Peter Thiel said MBAs are predisposed to “herdlike thinking and behavior.” Venture capitalist Marc Andreessen dubbed them a contrarian indicator, saying “if they want to go into tech, that means a bubble is forming.” In a post on the question-and-answer website Quora, Facebook Chief Operating Officer Sheryl Sandberg, who earned an MBA from Harvard in 1995, said that while she got “great value” from her experience, she wasn’t ready to recommend the degree to the country’s future tech stars. “MBAs are not necessary at Facebook and I don’t believe they are important for working in the tech industry,” Sandberg wrote. Silicon Valley’s trash talking of the MBA obscures the reality that U.S. tech companies are hiring B-school grads in ever-larger numbers. Business schools sent 16 percent of their 2015 graduates into technology jobs, according to a Bloomberg Businessweek survey of students who’d accepted offers by that spring, making it the No. 3 industry for MBA grads after finance and consulting. By one measure, Silicon Valley values MBAs more than Wall Street does. In 2015 tech companies paid business school graduates more than financial companies did, according to Businessweek’s poll of more than 9,000 MBAs. “If I said all people with a law degree are worthless, what would you say?” says Rich Lyons, dean at the University of California at Berkeley’s Haas School of Business. Forty-three percent of its 2015 class went into tech, according to the survey. “It’s such an unwarranted generalization. Firms wouldn’t keep coming back to hire our MBAs if it wasn’t a valuable skill set.” Amazon.com, Microsoft, Google, and IBM were among the 15 companies that hired the most MBAs in 2015, according to data reported by 103 business schools to Businessweek, proof that while...

Porn star Alix Lynx with an MBA, living X-rated dream after quitting office job...

A high-achieving graduate has lifted the lid on why she turned her back on a promising career to pursue her dream of becoming a PORN mega-star. Alix Lynx worked hard to earn a degree in communications and then an MBA in digital marketing, and was rewarded with a string of office jobs. But the corporate world just wouldn’t do for the racy blonde, and after a stint doing webcam shows, she decided to carve out a career in porn. The 26-year-old says she first realised she wanted to be an X-rated movie star after watching a documentary about the industry. Read full story:...

Why an MBA may not be enough to get you the banking job you desire...

Before the financial crisis, investment banks were some of the biggest recruiters of MBAs. I was one of the people recruiting MBAs on their behalf, writes Derek Walker, an independent careers consultant, a former director of campus recruitment at Barclays, and a former director of staffing for the investment bank Merrill Lynch. In 2008, Lehman Brothers’ many investment banks were amongst the top hirers of MBAs globally. Eight years on, and the picture is very different. Now consultancies have taken over as main employers. London Business School’s most recent MBA employment report for 2014 shows that the biggest hirers of its MBAs were McKinsey & Co, the Boston Consulting Group, Bain & Co and A.T. Kearney. Collectively, these firms hired 71 students. By comparison, the biggest banking hirers (Citi, Bank of America, Merrill Lynch, Goldman Sachs, Morgan Stanley and Nomura) hired as few as 25 people. Ten years ago, banks often hired MBA associates into IBD – that means M&A and corporate finance roles – and also into sales and trading, equity research, private banking and wealth management. Now, most MBAs are mainly hired into IBD. Trading floors rather focus on students from financial masters programmes and undergrads. If you think you have a strong academic and professional background and still want to go into banking, Walker suggests a number of areas where to put the focus of an application: Demonstrate some understanding of financial modelling. If you aspire to work in banking after the course is over, you really need to attend some extra-curricular or online modelling classes while you’re studying. You need to know about the firm and the deals they’ve been doing – and be able to discuss market reaction to the aspects of the firm’s...

Elite MBA Students Are Spurning McKinsey, Bain For Freelance Consulting Sites...

An MBA job at McKinsey & Co or BCG was once the pinnacle for MBA students. But for graduates of elite schools like Harvard, Stanford or Wharton, freelance consulting is increasing alluring. As the rise of so-called unicorn companies like Uber or Airbnb — valued above a billion dollars — has spurred the “gig economy”, for a growing number of MBAs, the flexibility of short-term projects trumps the prestige of Bain & Co, et al. Harvard MBA Marta Mussacaleca worked at McKinsey and BCG before business school, but turned to HourlyNerd, a freelance consultancy site, to earn cash during the two-year degree. Some projects were more enjoyable than at established firms. “They have pushed me to become more adventurous,” she says. “Not having an evaluation committee scrutinizing your every move frees up creativity. I basically get to be my own consulting firm and am exposed to every single element in the process.”…Read full story:...

How many Indian CEOs have an MBA?

Does one need to have an MBA to ascend to the top of Indian companies? Not necessarily, but it helps. A Mint analysis shows that 144 of the CEOs of BSE 500 companies, India’s largest listed firms that make up 90% of its market capitalisation, have an MBA. Details were available for only 466 companies. Here, the term MBA is used loosely, to also include the much sought after post graduate diploma in business management or PGDBM that is awarded by the Indian Institutes of Management or IIMs. No other educational qualification comes close. Interestingly 81 of the CEOs are engineers but it is likely that many of the 144 CEOs with MBAs are engineer-MBAs. The Indian Institute of Technology and Indian Institute of Management Combination was and is a popular one. Still, there are 322 companies whose CEOs are not MBAs and it is evident that a B-school background may not be necessary to rise to the top — even in the case of professional managers. Here are five charts on the educational background of India’s top CEOs…Read full story:...

Why an MBA won’t get you the banking job you want. And what you can do about this...

Do you aspire to a job in an investment bank in order to recoup the tens of thousands you’ve spent on your MBA? Before you hit “submit” on your application, here are a few things you should bear in mind about looking for a job in investment banking in Europe with an MBA. Before the financial crisis, investment banks were some of the biggest recruiters of MBAs. I was one of the people recruiting MBAs on their behalf. In 2008, Lehman Brothers was one of the top 5 hirers of MBAs globally. Merrill Lynch, where I’d also worked, was one of the top employers too. Eight years on, and banks have fallen away. Instead, the consulting firms are the biggest recruiters of MBAs from top schools. For example, London Business School’s most recent MBA employment report, for 2014, shows that the biggest hirers of its MBAs were McKinsey & Co, the Boston Consulting Group, Bain & Co and A.T. Kearney. Collectively, these firms hired 71 students. By comparison, the biggest banking hirers (Citi, Bank of America Merrill Lynch, Goldman Sachs, Morgan Stanley and Nomura) hired just 25 people. Banks generally hire MBAs into a far narrower range of roles than previously. Ten years ago, banks often hired MBA associates into IBD (M&A and corporate finance) sales and trading, equity research, private banking and wealth management. Now, most MBAs are hired into IBD. A few are hired into wealth management and commercial banking roles, but not many. Trading floors tend to focus on students from financial masters programmes and undergrads. Although banks are looking for relatively small numbers of MBAs, you don’t necessarily need to have worked in banking prior to the MBA. However, banks behave as most employers would...

Facebook’s Sheryl Sandberg says you don’t need an MBA to be successful in tech...

There’s a longstanding Silicon Valley stereotype that MBAs are risk-averse, entitled, and brainwashed into being boring, and are therefore not suited for the fast-paced technology world. The idea of foregoing a formal education to pursue an entrepreneurial venture is furthered by tech leaders like billionaire investor Peter Thiel, who has a $100,000 fellowship for students who drop out of college to start a business. Facebook founder and CEO Mark Zuckerberg may have dropped out of Harvard as an undergraduate, but his COO Sheryl Sandberg followed a more traditional path. She not only graduated from college but also received her MBA from Harvard Business School. She worked for a year as a McKinsey consultant and then spent time in the US Treasury before joining Google in 2001. Zuckerberg recruited her in 2008 to help him take his company to the next level. In a recent Quora post, Sandberg weighed in on the MBA debate, saying that her b-school experience gave her a solid business foundation but that she and the rest of Facebook’s leadership think “degrees are always secondary to skills.” “While I got great value from my experience, MBAs are not necessary at Facebook, and I don’t believe they are important for working in the tech industry,” she writes.Read full story: Business...