Is Business School Right For Me?

Darden participates in a program with the McIntire School of Commerce, UVa's undergraduate business school. This program matches a Darden student with a current bachelor student to essentially be a peer and answer any questions the student has about an MBA. Given that I haven't been in one place long enough to hold a conversation with my peer, I finally wrote asking what sort of questions he had about an MBA. Surprisingly, he had a number of GREAT questions about an MBA. I finally sat down tonight to respond to him and thought the information may help others thinking about getting an MBA. Please note, these are MY opinions and may not include all the facts. Here it goes:

- How do you know if pursuing an MBA/graduate degree is worth the investment?

This is a very interesting question as I almost want to say that you don’t know if it is or is not worth the investment. Certain fields like banking and consulting can have a glass ceiling without an MBA, so I’d say you could definitely justify the investment. It is my opinion that an MBA from a top school will always be worth the investment in multiple ways. The most obvious way is compensation. You’re typically worth more as an MBA and the MBA is a great stepping stone for positions and careers that simply pay more. Another benefit is the network. I have met some of the most incredible people as an MBA and I believe it’s very different from a bachelor’s degree. People who are getting their MBAs at a top 20 school are often driven in ways I can’t explain. Darden in particular has an incredible network that can be used at any time and they’re always willing to help. This is quite similar to other programs. Plus, you’ll create a personal network of classmates who will likely do something big. I think an MBA also provides you with knowledge that you may have learned during your bachelors but is better understood today because you’ve had work experience. An MBA can open doors for a career switcher or perhaps open doors to firms that are considered more prestigious in the same field. I do believe the investment can be justified, however, it’s not a pure numbers game.

- What is the difference between an MBA and a lot of the other Master's programs some business schools offer such as a Master's in Finance?

I’ll admit, I’m not the best person to answer this question. Here’s my best shot. I think the main difference between the degrees is the concentration on what you learn. More MBA programs require that one covers a range of subjects, including organizational behavior. I imagine a Masters in Finance would focus specifically on Finance and not necessarily on Marketing and people skills. I could be wrong however. This link has a better explanation: http://www.mbapodcaster.com/MBA_MoreInfo/MBAvMSF.asp?iEpisode=12

- What is the difference between the various MBA degrees?

I’m not entirely sure I understand this question. My assumption is that you mean an MBA at one school versus another and perhaps an MBA in “General Management” versus “Finance”. There are also different programs in the sense of the way the program is taught as well as its core requirements. Darden, like Harvard, teaches using a 100% case study method. Case study essentially means that students get more practicality than theory. Is it the “right” way to learn, that depends on the student. Case study has no lectures, you essentially learn everything from your peers. Professors often “manage” the discussion, only speaking 30% of the class. Students will read cases, and occasionally technical notes, then come to class discussing what they think the “right” answer is to the case. There is no one right answer. Most programs use some case study, but the percentage of case study varies. When schools aren’t doing case study, students attend lectures, much like I did in undergrad.

Some schools have concentrations while others are “general management”. For instance, Darden is a gen. mgmt school where no student is allowed to take more than 12 credit hours in any one discipline. In contrast, Chicago GSB has concentrations, one which you will often see is finance. This simply means that these students take more classes in that discipline in order to have the concentration. Some programs have a large set of core requirements, others allow you to test out of core classes. Darden sets a core that forces students to take courses in all disciplines (Finance, Marketing, Organizational Behavior, Accounting, Decision Analysis, Econ, Management Communication etc.) for the first 3 quarters. Haas (Berkeley) allows students to test out of subjects like econ and then take more electives. Ross (Michigan) forces students to do a MAP project which is essentially a quarter spent on a consulting gig. These projects can be located all over the world. Ross partners with companies and the students must present their findings to those companies. I also know McDonough (Georgetown) forces students to spend at least a week internationally. You also have 2 year programs and 1 year programs. I’m sure there are many benefits to a one year program (less $$, and less time spent without a job), however, I think the true benefit of a 2 year program is the ability to have a summer internship that potentially allows you to try a new industry, career path or even start your own company.

- When is the right time to get an MBA?

I think the right time for an MBA varies by person. In my honest opinion though, I’d suggest having a minimum of 3 years of work experience. I think having at least that much work experience allows you to have a better reference point for what you’re learning. You can also contribute as much as you learn. Plus, when you are recruiting, having something to speak about helps. Explaining why MBA when you have no work experience is a hard one. MBA schools want to know why you’re coming back to school, but then companies ask the same thing. I had 4 years of experience when I entered the program and felt that was right for me.

- How do you know which MBA school is right for you? Are different business schools known to specialize in particular things?

It sounds silly, but an MBA is all about fit. You’ll hear it time and time again, you’ll shake your head, but when you feel it’s right, you’ll understand what I mean. I’d like to propose the question of “what do you want to get out of the experience?” Some schools are known for rigor (Darden), others are known to be more social, yet still have an incredible reputation (Kellogg). Some schools have class sizes of 900 (HBS), others 100 (Minnesota) and then even others 300 (Darden). Don’t ever judge a school by one person, but try to understand who a group of people are and what makes them tick. Think about job prospects. While Wharton and Chicago GSB are known to be finance/quant schools, you have to remember that when you’re interviewing for jobs at Goldman Sachs or Morgan Stanley, first and foremost, you’re competing against your classmates on campus. This means, it may be harder to get a 2nd interview with these companies. Other companies will bring students from all schools in together for second round interviews, so in a sense, you’re always competing against them too. Something to think about could be, can I get an education somewhere else that these companies recruit that still has a great reputation where I may compete against less people for finance. Something else to consider is, where do you want to live after school? I’ll be the first to admit, it’s hard to go to the West Coast from Darden given the school’s location. Is it impossible? No way!! It just means your job search may be more off grounds then others. That’s another thing to consider, how good is the career development center? MBA fairs are a great way to get a lot of material on a number of schools. I didn’t know where to start and as much as we all hate rankings, I ended up starting with them. Other considerations can be the cost of the city. I mean NYU is a great school, NYC is a fun city, but I imagine it costs more to be a student in NYC for 2 years than it costs me to be a student in Charlottesville. If you have a spouse, that could be a consideration – how many students are married, can your significant other find a job etc. I think there are many aspects to finding the right school and I hope this gives you something to think about. It’s a personal choice and it is all about the experience YOU want to have. Remember that. As far as specializing, some supposedly do, though I think they’re mostly stereotypes.

- When is the right time to take the GMAT? What is the best way to prepare for the GMAT?

If you have time when you graduate, that may be a great time to try the GMAT. I only say that because you’re still in studying mode and scores are good for 5 years (though I’m not sure what schools think about a dated GMAT score versus one that is closer to your application date). If you prefer to wait, I essentially started studying in March the year I thought I’d apply. I took the GMAT in July, researched in August and wrote essays September – November for Round 1 applications. Had I taken the GMAT earlier, I could have had more time for research, which probably would have helped. I also didn’t do many school visits and I think school visits tell you a lot about a program (though they can get expensive). Darden was the right choice for me and I knew it, so I don’t regret not visiting other schools. I can say that I didn’t realize Darden was the right program until I interviewed on campus. As for how to study, I had a number of GMAT books and studied for a couple hours a day on my own. On the weekends I would take practice tests (full length). Everyone does it differently. The official GMAT guides are great (comprehensive, verbal and quant). I also had a cliff notes refresher for algebra I, a Kaplan math book and a Princeton Review GMAT book. The key to the test in my opinion is knowing when to cut your losses. Given all the time in the world…and a calculator, we could answer all the problems perfectly. Kaplan also has an online quiz bank that costs $199 to access. Seeing that the test is all online, I bet the online quiz bank would be a great way to practice.

Here are some helpful links about GMAT, schools, information, perspectives… etc.

Clear Admit: http://blog.clearadmit.com/
Current Applicant Blogs: http://hella.opencoder.org/mba-applicant-blogs/
MBA.com: http://www.mba.com/mba
MBA Tour: http://www.thembatour.com/
Consortium: http://www.cgsm.org/
Forte Foundation (women’s organization that has some good info about getting an MBA as well as a LONGER list of resources than I have here): http://www.fortefoundation.org/site/PageServer?pagename=mba_main

So by the way, I'm leaving and I need your help...

My work email this morning included an email mentioning my semi annual review. I find myself going into the review in a bit of a predicament. My bosses and I have discussed the possibility of Grad school before, but for me, it was always something on the horizon. I kept putting off the GMAT, which is probably one of the most important steps, so there was nothing to think about in the long haul. Now, I'm two days post GMAT and I've switched from researching local part time programs to brand name full time programs. It's amazing what a score does.

I haven't narrowed down any choices yet. I'm looking at the big picture for the moment, but I do know I'm going to need some letters of recommendation. I would say that my bosses "love me". I've become an integral part of the organization and the best way to describe what I do is that I keep the firm running. In a small organization, such as this, you wear many hats. My job isn't easily defined and I'm often doing ad hoc tasks.

I'm starting to wonder what I tell them in this upcoming meeting. I've always stressed being up front and honest with them. I doubt my job would be able to be done via telecommuting, but it is something I'd consider. I would never leave them high and dry, but I know it's time for me to do this for myself.

My older boss is well connected in the business world. He also attended Stanford for both his undergrad as well as his MBA. It'll be interesting to see if he can help me at all. If so, perhaps I could continue to work part time with a pay cut. I've also recently found out that a teammate of mine went to Northwestern. I feel she will be a great source of reference and advice. And finally another teammate of mine is attending Harvard next year. He has done lots of research and can hopefully steer me in the right direction for what I want to do. I'm very lucky to know so many highly educated people.

Now I just need to solidify what I tell work. I guess it's best to go with the truth. I'm not quite sure where I'm going, but I'm keeping my options open and I plan on starting school in Fall of 2008.

On the Horizon

Life changed yesterday and I didn't realize it until I was talking about the future with a friend after dinner. The next step will be exciting. I feel like I've gotten the most important step out of the way - the GMAT. Now it's time to start researching schools and locations. I'm excited to embark on a new path, but I will admit, leaving this one is going to be sad. The magnitude of this is still hazy. I realize I'm being quite vague, yet I can't seem to articulate my thoughts. I'll try later.

Holy Sh*t!

I think I'm still in shock. Perhaps it's just delirium. Whatever it is, it feels good. The day started off fine as you can see from my last post. I had breakfast and worked out a few math problems. I wanted to get the juices flowing before the test. I had briefly googled the address so that I would have an idea where I was going, although I didn't bother to print directions because I have GPS. Needless to say, this was a BIG mistake. The testing center is on Filbert, but on the opposite side of Coit tower near Sansome. Needless to say, I ended up in the hills of North Beach, half lost and half freaking out. I had left with plenty of time to get to the testing center and planned on arriving 30 minutes prior to test time, thankfully. I called mom in a panic, but quickly hung up and called the testing center instead. The friendly voice on the other line was happy to help me. I finally made it with about 5 minutes to spare.

By this point, I was on the verge of breakdown. I had wanted everything this morning to go smoothly. I signed in, took a deep breath, and grabbed some water. This was it. The plan was to take this once and only once. I had a score goal, but I'll admit, it wasn't very high. So I went in and it began.

The test starts with back to back essay questions. There are two optional 10 minute breaks, one after the essays and one after the quantitative section. I took the first one after the essays. I grabbed water, borrowed the restroom and immediately returned to the testing both. There was no reason to dilly dally. At the end of the math, I wasn't sure how I did. Again, I took the break allotted and followed the same routine.

The math was over, it was time to focus on the verbal. It wasn't until the last 5 verbal questions that I started thinking about my score. At this point, I glanced at the time and realized that I needed to focus. The score in the past wasn't going to change.

I finished the test with about a minute left. I was definitely cutting it close, but I guess that's how you want a test like this to end. I wasn't rushed at the end, just chugging. After the test you have to decide whether you want to keep or dismiss your score. You don't get to preview it and if you dismiss it, it vanishes as if you never took the test. As I noted before, I wanted to take this once, so I opted to keep it. The score quickly flashes and my jaw dropped. I scored a 690. I thought it must be wrong, but then of course, it occurred to me that it wasn't. I wanted to scream, laugh, cry, and jump for joy. Pure shock.

I left my phone in the car and didn't have a signal in the garage. Of course the first person I called was my mom. I called a couple friends after that, but most of them did not answer their phones. I went straight to work and the day has been a haze ever since. My dad called me at work telling me how proud he was. It made me feel good. :) I did it. It's finally done. Time to celebrate.

On another note, this is a great quote I stole from a friend:

"Life is like Tango... sad, sensual, sexy, violent and quiet."

Test Day

Good morning! It's officially test day. I'm trying not to freak out and just relax. I'm not sure if it's working though. I went to bed early last night, but I was quite restless. I'm not sure if that's because of my injuries or I just couldn't sleep. Six didn't seem too early this morning, but perhaps that is because it's the time I typically get up on Monday morning. I'm actually going to do this. WOW! I don't think it's going to hit me until I sit down at the test site. Wish me luck! (Although it's probably too late for that now.)

Wow!

First off, what a weekend. The Santa Cruz tournament was definitely a great time. Even though I probably shouldn't have been playing, I played, and had a blast. The ankle held up well and I plan on doing some exercises for it tomorrow after my test. Unfortunately the U-dogs were quite tired and thus lost in the championship game. However, the game before, we won in style. With 5 minutes left, and a score of 6-2, we rallied and tied the game at 6s. The game was quickly followed by PKs. We started with 3 players from each side. Stu managed to get a hand, a leg, or some body part on all the shots, but some of them still manged to get in. Tied at the end of 3, we kept adding players to the rotation. At number 6, I was up first. I drilled it into the back of the net, the keeper didn't even move. I didn't realize so many people were watching, but was told that it was a nice shot. I'm sure with pressure mounting, the last girl from the other team placed the ball to tie it up. She was barely on frame, hit the post, and the ball popped out, giving us the win. I'm happy to say that Celtic didn't face the same circumstances and had a blowout in their championship game. I would have liked to win a t-shirt. ;) All in all there were about 4 teams consisting of various friends from the soccer world. I couldn't have asked for a better send off before my test.

That's the other thing I want to touch on, my test. I can't believe it's tomorrow. I'm not freaking out quite as I thought I would be, but I guess there's still time for that. I guess what's on my mind even more is the next step. I need to decide where in or out of the US that I want to go to school, but more importantly, I need to decide what it is that I want to do. Everyone keeps asking and unfortunately I don't have a solid answer to their question. I'm ready for something different and I've considered a couple different realms, but I haven't picked one yet. I realize that I need to figure that out soon, but for now, I'm hoping to focus on my test and my prize, a nice cold beer.

I haven't had a sip of alcohol in almost two months. It was a personal goal of mine and I've made it. I haven't been a hermit either. I've had more sober 5 am nights in the last month than I've had drunk ones in years. It's crazy and I have to thank my friends for being so understanding. I'm ready to let loose though!

Below are some of the fun pictures from Santa Cruz, you know I can't leave my camera at home! :)

Reality

It hit me this morning. The alarm clock rang and I realized exactly how tired I was. Another late night met by an early morning. Once again, I fell asleep next to my books. "I can't believe it's Thursday", was my first thought as I pulled myself out of bed. My test is Monday. Where did the time go?

In some ways, I'm ready to finish. The next step in my life should prove to be quite exciting. In others, I'm not sure what to expect. Some of the questions come easily whereas others I get stuck. When asked what I want to do with an MBA, I'm often torn. In some ways, I'm just looking for a new direction and a little more education. At the same time, I'm not sure what my ultimate goal is. I hope to solidify that by the time I apply to schools.

Next up on the agenda is my birthday. As I've consistently said for the last 3 mos, I'm not celebrating it. Nothing has changed with that and due to various commitments, it seems like that is going to stand. In some ways it's a bit sad because I'm typically excited about birthdays, but I have other things that need to be taken care of more than a celebration. One of those is catching up on sleep.

Sleeping with my Books

I'm finally coming down the home stretch, 7 days. As I've noted before, I'm excited to get this over. I've been rocking the math with minimal mistakes, but the verbal still seems to give me problems. I am not nervous about the actual test as much as I am about taking it on a computer. I have found in my practice sessions that my eyes get weak after staring at the screen for 2 hours. I just need to focus. Take a 2 minute break in the middle and get back to it.

My books line the opposite side of my bed. I'm not trying to soak in the information through osmosis or anything, but it's a nice constant reminder of what I have to do. I was restless last night and I have a game tonight. I should be fine, but I hope not to feel tired at the end of the day when I'm supposed to be concentrating. I also play in a tournament this weekend. I haven't decided if that's good, but I think it will be nice to decompress. On top of which, I will hopefully be exhausted on Sunday and go to bed early. This way I'll be well rested by Monday morning. If my test score is consistent with my practice tests, I will be quite content. I will definitely be focusing on more problems over the week however.

Wish me luck!

14 Days

2 weeks = 14 days = 336 hours = 20,160 minutes. This is how much longer I have to study. In some cases it'd be better to get the test over tomorrow, but in others, I find I still need to brush up on my probability including permutations and combinations. Once upon a time there were cool calculator keys that did the computation for you as long as you could figure out the correct numbers to plug in. Unfortunately, we aren't allowed to use calculators on this test.

I also realized today that I definitely need to go over some "GMAT" grammar. It's written that way because it isn't exactly the same as your everyday grammar. I would say that I am a fairly good writer. I often use transition words, more out of habit than conscious effort. I try to cut out the "crap" and make sentences concise. I proofread a lot of material at work before it goes to press. My boss often takes whatever suggestions I make as well. However with all the "GMAT" grammar I've studied. I find that I second guess sentences more than I used to. I'm always trying to figure out if it's the correct structure, verb tense, transition etc.. I feel like I almost knew English better before I started studying for this stupid test. I call it stupid because I'm ready to have it done.

The Fourth of July is on Wednesday and as much as I would love to go out and socialize, I need to prioritize. Something that as much as I've been doing, I've managed to have one too many 5 am nights. I will have my nose in a book and wll stop by the gym. Hopefully these days fly by and the information sinks in... dinner and books.

3 Weeks

Three weeks from today, right about this time, I will be sitting in a center in San Francisco writing the first essay of my GMAT test. It's a bit bizarre to think that in three weeks I will be starting a new path. The next step of life will be graduate school. I haven't given much thought to if I want to stay in California or if I'd prefer to try another state or even country. I bounce ideas around, but not enough to make any concrete decisions. The test is my focus right now and it's what is important. Twenty-one days, the ring is a bit more relieving than three weeks. Three weeks may be more than my annual vacation, but it's definitely enough to scare me. I am overwhelmed right now and just need to focus.

Some days I feel confident that my quantitative skills are up to par. Some days I know I can correct sentences. Others I fail to answer questions quickly. I should have started looking at the Analytical Writing section earlier. It isn't going to be difficult if I know the topic. However, thus far, my knowledge on the test topics has been limited. Looks like I will be reading the Economist and the Wall Street Journal for the next couple of weeks.

GMAT

I sit here with my nose buried in a book, going through quantitative and verbal problems testing material I haven't studied in depth for anywhere from 7-10 years. It's a bit surreal, but leaves me wanting more. When I first began my job 3 years ago, everything was new. Every new thing brought a good challenge to keep me occupied and learning. Lately, those challenges have fallen by the wayside. I started thinking about the GMAT over a year ago. I took a class, but found that I didn't recognize most of the material presented. Instead of doing the smart thing and sitting down to study it, I basically let it all go. My parents would ask from time to time what I was doing about the GMAT. I tended to leave that question on hold. Other close people in my life would bring it up, and I would feel a bit of ill will for them asking. But the truth, it wasn't any of them that frustrated me as much as it was me. I had just let the GMAT slide. So here I am, studying. No class. Just books. So far, it's going well. Although I will admit that I make stupid mistakes from time to time and I need to focus more on the content in the question in front of me than what I think it is asking. A little recharge this weekend will be nice. Time to get out of the house, but still no drinking until this test is over. The weeks are passing quickly.

In honor of all the GMAT studying I've been doing lately... a comic to make this Thursday a little lighter.