Brexit Could Cost MBA Jobs And Business School Applications...

UK’s business schools have been left reeling from the nation’s exit from the EU, with applications, jobs prospects and research funding now potentially at risk. Brexit threatens to harm the UK’s standing as a hub for elite universities, and Friday’s referendum result has placed the nation’s entire higher education sector into a period of uncertainty. Andrew Likierman, dean of London Business School, says: “Speaking personally, I am concerned at the implications of the result for the UK.” The UK is home to 14 of Europe’s top-ranked business schools by the FT. UK schools rely on their global standing to attract talent. But there are growing fears that the UK’s anti-EU sentiment will affect universities’ ability to recruit applicants. The proportion of British students in UK MBA programs has fallen from 58% in 2007-2008 to just 49% today, according to the Higher Education Statistics Agency. Brexit could not only turn potential students sour on the UK’s schools, but could also make it more difficult for schools to recruit faculty. For instance, 60% of Oxford University’s Saïd Business School professors are from outside the UK. Saïd did not respond to a request for comment. Ian Looker, education lead partner at PwC, says: “Not only is the research funding provided by the EU now at threat, but also the potential tighter controls over EU staff and students coming to the UK could well present UK universities as less attractive options to work and study.” LBS’ Andrew says: “For higher education as a whole, and London Business School in particular, this should not give the signal that the UK has turned inwards. We are a global school and I believe that the UK will remain an outstandingly attractive place to study.” Brexit could...

World Recruiters showing more interest in hiring MBA students...

Corporate recruiters are planning to hire more MBA students (Masters of Business Administration), compared to last year, according to a survey by the Graduate Management Admission Council (GMAC). The study, conducted worldwide, had surveyed 842 corporate recruiters, of whom 88% plan to hire management graduates in 2016 compared to 80% last year. The demand for MBA graduates is high in the Asia-Pacific region, including India, with 84% employers planning to hire freshers against 73% last year. The survey has projected an increase in salary packages in this year. Globally, 54% of employers are likely to increase the salary package for MBAs at the rate of inflation. “Some 88% of corporate recruiters who work directly with graduate business schools plan to hire recent MBA graduates in 2016, up eight percentage points from last year and 33 percentage points higher than 2010, the lowest point of the Great Recession,” GMAC said in a release…Read full story: Staffing Industry...

The Job Market for MBAs Is the Best Since 2010...

Starting salaries are climbing, too. It took a while, but demand for MBAs has finally bounced back from the recession. A new study from the Graduate Management Admission Council says 88% of companies are planning to hire recent B-school grads this year. That’s a marked increase over last year’s 80%, and a huge jump — 33 percentage points — over 2010, a dismal year when B-schools saw what the report calls “a post-recession low.” Not only that, but salaries are recovering, too. Worldwide, more than half (54%) of companies say they’re sweetening starting pay for MBAs. U.S.-based employers plan to offer median salaries of $105,000, up a bit from $100,000 last year. GMAC’s researchers also asked about compensation for candidates with non-MBA master’s degrees. Tied for best paying: A master’s in data analytics and master’s in marketing, both with median starting salaries of $85,000. Drawn from two separate surveys of more than 2,000 employers worldwide, the study’s findings reflect the accelerating globalization of business in general, and the MBA job market in particular. For instance, 2016 B-school grads would be smart to make sure their passports are up to date, since about a third (30%) of companies hiring more MBAs this year plan to ship them out to “multiple world regions.” At the same time, American MBAs may find themselves facing more competition from B-school grads looking to move to the U.S. More than half (52%) of the companies surveyed said they either have definite intentions of hiring, or are willing to consider, “recent business school graduates who require additional legal documentation, such as work permits or visas.”…”Read full story:...

Is business school the new design school?

People are often surprised when they hear that I earned my master of business administration degree, or MBA, as a side-hobby while I was a tenured professor at MIT. Even MIT’s human resources department was perplexed that I’’d want to apply for the employee benefit to partially support my tuition costs. My motivation to do so was simple: I’d spent most of my life in the research world interacting with corporations during my years at the Media Lab, but I often got lost when the business folks would bandy financial or other business terms around me. So I wanted to defeat my lack of knowledge, by acquiring what most of them seemed to have: an MBA. Fast forward ten years and a few professional changes later, my interest turned back to business schools again. This year after releasing the #2016 DesignInTech Report, it turns out that all of the top ten U.S. business schools have design clubs led by students. The trend was remarkable, and to give credit where it is due, it was my KPCB partner Jackie Xu who brought this fact to the foreground. So we set out to interview student leaders at three business school clubs: Yale School of Management, MIT Sloan School of Management, and Rotman School of Management at the University of Toronto. Respectively, those schools are represented by Wilma Lam, Anita Wu, and Jeremy Fish in a recent KPCB Ventured podcast. Below are some key takeaways from our discussion. Design is being embedded into traditional businesses Fortune 500 companies are beginning to use human-centered design to think about problem solving rather than traditional hypothesis testing, which is why we are seeing more than 10% of Fortune 100 companies place design as an executive...

Here’s where MBA students want to work the most...

More than a quarter of business school students want to work for large investment banks, but increasingly more MBAs are setting their sights on startups, too. That’s according to an annual survey from Training the Street, which provides financial training courses to students and professionals. It asked 293 first- and second-year MBA students which type of firm would be their top employment choice. Bulge-bracket banks and global financial institutions came in first as the workplace of choice for 26.28% of respondents. 13.65% of respondents chose private equity firms, while 7.51% chose boutique banks. Of note, 7.17% of respondents chose startup companies as their choice place of employment – the highest percentage since Training the Street started providing that option in 2012. The percentage of MBAs looking to work for hedge funds was 4.78%, down from 4.9% last year. Here’s a look at the full tally…Read full story: Business...

5 Ways An MBA Can Help Entrepreneurs

A Master of Business Administration (MBA), whether you earned it from an institution such as Northeastern University’s D’Amore-McKim School of Business, is perceived to be highly beneficial. This type of degree is costly, but many believe it is money well spent. However, as an entrepreneur, you might be questioning whether you really need to bother earning such a prestigious qualification. After all, you don’t need to have an online MBA degree to make your business a success if you’ve already got what it takes. On the face of it, you might be right. Many entrepreneurs do perfectly well without a college education or an AACSB (Association To Advance Collegiate Schools of Business) online MBA to their name. They are able to turn their businesses into global success stories and live the high life. However, having a master’s degree in business administration can be invaluable, and here’s why: 1) How To Run A Business There are many different ways to run a business. By the time you have completed your MBA, you should know all of them. The expert knowledge you gain will give you valuable insights into the inner workings of large, successful businesses. You can use this knowledge to inform how you run your own business. Therefore, instead of making mistakes, you can learn from the mistakes made by others. 2) Valuable Contacts Your fellow students on an MBA course will all be high achievers in their own right, so the connections you make will come in useful when you start your own business. You will find that people you become friends with during the program often turn into valuable contacts a few years down the road. 3) Human Resources A growing business needs talented employees. One of...

Turn Failure Into a Great Business School Admissions Essay...

It’s the dreaded failure topic: “Describe a situation taken from your personal or professional life where you failed.” MBA applicants often freak out when faced with this common admissions essay question because they fear that showing any weakness will torpedo their admissions chances. However, at one point or another, everyone faces adversity, failure or setbacks, whether at work or in life. Your response to these situations demonstrates your character, and business schools understand that failure represents a learning opportunity. This essay is your chance to demonstrate your maturity, flexibility and leadership qualities. Leaders aren’t always successful; rather, they are willing to admit to failure and find motivation in their misfortune. So how do you tell the business school admissions committee how failure has truly affected you? First, start with some real introspection. It’s important to use a failure that is emotionally important to you. Your failure should also be real and something that led you to gain some insight about yourself. The negative situation could have led to a transformative experience for your team, a positive opportunity for someone else or a chance for you to better understand another person through a team challenge. The admissions committee will easily see through an accomplishment that you frame as a failure; furthermore, that will not demonstrate your maturity or ability to grow. Think creatively about this aspect – do your best to describe how you have changed your approach as a result of the failure. When brainstorming for this essay, think first about what you learned from the situation you plan to detail; then work backward to describe the circumstances and the initial challenge or hurdle. That will help you more optimistically view the whole situation. What did you learn from...

Today’s MBA candidates have a clearer vision for the future...

Business school applicants consider applying to fewer programmes and are more focused on a particular postgraduate career path according to a new study by the Graduate Management Admission Council (GMAC). The 2016 mba.com Prospective Students Survey Report was conducted amongst 10,000 individuals worldwide. The survey showed that on average, prospective students considered 2.8 programme types in 2015, down from 3.1 in 2014. For their postgraduate careers, 71 per cent of those surveyed cited a single industry of interest, compared with 58 per cent in 2014. In addition, 61 per cent of prospective students cited a single job function of interest, compared with 46 per cent in 2014. According to GMAC the current status of the economy might play a role in this phenomenon as prospective students may perceive it to be easier to go after their “dream job” in this market compared with the post-recession years. The other interesting outcome of the survey was that students seem to show greater interest in specialised business master’s programmes. One-fourth (23 per cent) are considering only specialised business master’s programmes, such as Master of Accounting or Master of Finance, which represents an increase since 2009, when just 15 per cent of candidates were considering only specialized master’s programmes. Slightly more than a quarter, or 28 per cent, are considering both MBA and specialised business master’s programmes whereas 50 per cent of prospective students are still only going for MBA programmes. In Western Europe, however, the pipeline has notably shifted toward specialised (pre-experience) business master’s programmes, especially within the past seven years. In 2009, 49 per cent of prospective students were considering only MBA programmes and 22 per cent were considering only specialised business master’s programmes. In 2015, the tables have turned with...

Mobile apps that can smooth MBA path

Business school students need to maximise their study time, be able to contact classmates easily and keep abreast of extracurricular events. So which smartphone apps are the most useful when it comes to streamlining timetables and workload? The Financial Times’ MBA bloggers offer their top choices. Jess Webb, at the University of Edinburgh Business School, says WhatsApp has been essential from day one. Its group conversation function means there is an all-class group and mini groups for assignments, treks and clubs. “And someone is always online to help with questions,” she says. The app’s ability to work with international numbers and various languages really helps “when you have 23 nationalities in your cohort”, she says. Her school offers easy access to course material through a mobile learning app called Blackboard, while ParticiPoll allows real-time online polling in class discussions. Marta Szczerba favours GroupMe, a messaging app that works across smartphones, tablets and a desktop computer. The Harvard Business School student also relies on Venmo to make instant payments. She adds that HBS has two apps that were invaluable when trying to get an administrative grip on campus life. An app called Thrive provides everything from canteen opening times to fitness sessions, while Learning Hub lists details for all courses and classes. Some apps can help in your preparations for an MBA. Apricot Wilson will start China Europe International Business School in Shanghai next year and is using Skritter to get up to speed with the language’s characters. “It lets you practice writing them on screen and then compares the character you have drawn with a flashcard,” she says.Read full story: Financial...

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...

Where To Go To Business School Based On Your Personality Type...

There are many ways we describe our personalities — bubbly, independent, charismatic, innovative, enthusiastic, etc — and our personalities are a huge part of who we are. As such, when making a decision about where you should go to business school, it’s important to consider how your personality type would do at different schools. A popular personality test is the Myers-Briggs Type Indicator (MBTI), which ultimately allows a person to classify themselves using bigger characteristics — Extraversion (E), Introversion (I), Sensing (S), Intuition (N), Thinking (T), Feeling (F), Judging (J), and Perceiving (P), which led to the creation of 16 basic personality profiles. These 16 profiles can more broadly be sorted into four categories — Analysts, Diplomats, Sentinels, and Explorers — with four different personalities per category. You can easily take a test to figure out what type of personality you are, and then use your results to help you figure out the right school for you. Here’s a rundown of some of the best business school programs for certain personality types according to the MBTI. Logician (INTP). Logicians are innovative inventors with an unquenchable thirst for knowledge. Some of the common characteristics of this personality type include strong creativity, enthusiasm for new ideas, rationality, and imagination. As Logicians are more suited for independent learning and less rules, colleges like Cornell University, Rice University, Princeton University, and University of Texas – Austin would be better fits for this personality type. Commander (ENTJ). Commanders are described as bold, imaginative and strong-willed leaders, who always find a way — or make one. Some of the common characteristics of this personality type include natural leadership skills, charisma, confidence, and determination. There are a number of universities with exceptional business school programs that...

Your MBA In 300 Words

What’s the best management advice you’ve ever received? That was one question we asked Fortune 500 CEOs in our annual survey. Their answers were terse, but enlightening. We offer you the best, below. The most frequent theme was to focus on building the right team: “You are no better than your team.” “Surround yourself with great people, and great things happen!” “Hire the best people and give them the freedom to operate their business/dept., demand transparent communication and hold them accountable for the results.” Also frequently mentioned: “Listen”: “You have 2 ears and one mouth – use them in this ratio.” “Listen more then move with speed.” “Lead with questions, not answers.” The need to be ruthless in setting priorities was also a popular topic: “ Focus on one or two top priorities.” “Spend your time on the important, not the urgent.” “Focus your energy on a few things and delegate the rest.” And pacing was on the minds of many: “It’s a marathon, not a sprint.” “Nothing wrong with getting rich slowly.” “Don’t get too low with the lows or too high with the highs.” “Start small, fail fast, scale quickly.” The importance of values in an age of transparency was another recurrent theme: “Leadership is built on a foundation of values and only with strong values will our efforts to lead be sustainable and successful long-term.” “Always operate with integrity and excellence.” “Tell the truth.” “Do everything as if it will be on the front page of the newspaper tomorrow.” And then there were a few random chestnuts: “Don’t screw up.” “Prepare, prepare, prepare!” “Company first, career second.” “Leadership is action, not position.” “Take your vitamins, you’ll need them.” Read full story:...