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#CareerAdvice : #CollegeGrad -More Universities Find Full-Time M.B.A. Programs Aren’t Worth It. Got Kids? #MustRead !

October 17, 2019/in First Sun Blog/by First Sun Team

“If you were able to get every dean in the U.S. under a lie detector, outside of maybe the top 20 M.B.A. programs, every one of them would admit they were struggling to maintain enrollment and losing money on the program,” said Jeffrey Brown, dean of the Gies College of Business at the University of Illinois.

The 42 University of Iowa graduates who got their master’s in business administration degrees in May marked the end of an era for 160-year-old Tippie College of Business: They were its last class of full-time M.B.A.s.

Tippie joins a growing list of U.S. business schools shutting down their flagship M.B.A. programs in favor of shorter, specialized masters and online degrees.

In May, the University of Illinois at Urbana-Champaign and Stetson University in Florida said they would stop admitting new students to their full-time, on-campus M.B.A. programs, funneling resources instead to more popular online equivalents.

Applications to traditional M.B.A. programs have languished in a strong U.S. job market, declining last year even at Harvard Business School, Stanford University’s Graduate School of Business and other elite schools. Administrators say millennials, saddled with more college debt than previous generations, have grown more reluctant to leave jobs for a year or more to pursue one of the nation’s priciest degrees.

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What Skill Sets do You have to be ‘Sharpened’ ?

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Between 2014 and 2018, the number of accredited full-time M.B.A. programs in the U.S. shrank 9% to 1,189, with schools reporting 119 fewer two-year degrees in the most recent survey by the Association to Advance Collegiate Schools of Business. Wake Forest University and Virginia Polytechnic Institute and State University, commonly known as Virginia Tech, are among the others to recently cut their traditional M.B.A. programs.

Against that backdrop, shorter and more-flexible graduate business degrees have proliferated. At the business schools in the same survey, there were 140 new masters programs in specialized subjects like data analytics last year, marking a 16% jump from 2014, to 981. The data show online M.B.A. offerings, meanwhile, doubled to 390.

Business is the most popular field for students pursuing post-college degrees, but the strong economy has been hard on other American graduate schools too.

Full-time enrollment is down across master’s and doctoral programs in the arts and humanities, education and social sciences, according to an October report by the Council of Graduate Schools. Over the last five years, online and part-time degrees have gained ground in those fields, the data show. In 2017, there were 1.34 million graduate students over the age of 25 taking classes part-time, according to the latest Census Bureau statistics, reflecting an 8% jump on the year. The number of full-time students dropped 12% over that same period, falling just shy of 1.3 million.

“If you were able to get every dean in the U.S. under a lie detector, outside of maybe the top 20 M.B.A. programs, every one of them would admit they were struggling to maintain enrollment and losing money on the program,” said Jeffrey Brown, dean of the Gies College of Business at the University of Illinois. After the incoming class this fall completes its studies, students will no longer be able to pursue part-time or full-time M.B.A.s at Gies, although it will continue to offer an online M.B.A.

Gies College said it had 49 full-time M.B.A. students last year, down from 74 in 2015, and 38 students have paid the $1,000 deposit for the program starting this fall—the last full-time M.B.A. class at Gies.

Applications to the online M.B.A. program have tripled at Gies since 2016. Around 2,000 students are now enrolled in that program, which costs less than $22,000 to complete, the school said. The full-time M.B.A. costs $58,000 or more in tuition and fees, and it is expected to lose $2 million this year, Mr. Brown said.

The Gies M.B.A. program was ranked among the country’s top 50 business schools by U.S. News & World Report this year. But with limited financial and faculty resources, and growing demand for the online M.B.A., the choice was clear to the dean.

“This was an easy business decision to make, and a relatively easy educational decision, but it was an extremely hard call to make from the emotional side of things,” Mr. Brown said.

Jade Manternach, who graduated last month with her M.B.A. from the Tippie school in Iowa, said she understood the financial challenges schools are facing yet felt an online degree wouldn’t have provided all the same benefits to students, like her, who are hoping to switch careers.

“The real value of the M.B.A. is not what you learn, it’s who you meet and how you’re challenged by the experience, and the confidence it brings to rise to those challenges,” the 26-year-old aspiring entrepreneur said.

She and other members of the Tippie school’s last cohort of traditional M.B.A.s got T-shirts from the school that read: “Iowa Full-Time MBA: You Can’t Get In.”

Alaa Elhawwari, a 36-year-old training leader for General Motors Co. in Dubai and an online University of Illinois M.B.A. student, said he found the virtual program better than any on-campus alternative. Before enrolling last year, he had been looking to sharpen his financial and management skills, he said, but was traveling too much to juggle a full-time or executive M.B.A. program.

“I have a global network of classmates in c-suite and director-level roles around the world now, and have learned so much from these people and the experiences we’ve shared together,” said Mr. Elhawwari, who expects to complete his degree in December. He plans to fly to Illinois to walk with other Gies graduates in May. An online degree, he added, “is the future.”

Author: Kelsey Gee at kelsey.gee@wsj.com

Appeared in the June 6, 2019, print edition as ‘Full-Time M.B.A. Programs Dwindle.’

WSJ.com | June 5, 2019

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#Leadership : 9 Phrases only #MBAs Understand…Every Industry has its Own Lingo. #BusinessSchool Jargon may be Especially Perplexing to Outsiders.

January 17, 2018/in First Sun Blog/by First Sun Team

To help clear up some of the confusion, we asked two MBA grads about the most unusual terms and phrases they picked up in business school.

Paul Ollinger graduated from the Tuck School of Business at Dartmouth in 1997 and was an early Facebook employee before becoming a standup comedian. He recently published a comedic career guide titled, “You Should Totally Get an MBA,” which includes a glossary of “MBA Talk.”

Alex Dea graduated from the University of North Carolina at Chapel Hill’s Kenan-Flagler Business School in 2015 and is now a product marketing manager at Salesforce. He also runs the blog MBASchooled, which is a resource for business school students, applicants, and alumni.

Read on to find out what MBAs really mean when they call you a “Herbie.”

Resume lock

Strelka Institute for Media, Architecture and Design/Flickr

The “resume lock” is a high-level review of your resume during an interview.

Dea said: “It’s almost like a very short, succinct elevator pitch about your background or what you’ve done, the skills that you have, anything that gleans a little bit into how your personal and professional life connect.”

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What Skill Sets do You have to be ‘Sharpened’ ?

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PAR and STAR

Strelka Institute/Flickr

These are two frameworks that MBA students use either to describe their accomplishments on a resume or to answer interview questions, Dea said. “You don’t always get a lot of time for interviews, so you want to make sure that you’re being concise.”

PAR stands for “Problem, Action, Result.” If you’re using this format, Dea said, “you would talk about the problem, then you would dig into the actions that you took to help solve the problem, and then you would finally close with the end result that you specifically made.” STAR is very similar — it stands for “Situation, Task, Action, Result.”

Blue ocean and red ocean

OldakQuill/Wikimedia (CC BY-SA 3.0)

Ollinger describes both terms in his glossary.

Blue ocean is a “nerdy way of describing a market that has yet to be chummed up with competitors or great whites (which are, by the way, man-eating killing machines).”

Red ocean is a “nerdy way of describing a market chummed up with competitors and man-killing sharks.”

The 4 P’s of marketing

Dan Kitwood / Staff / Getty Images

“Four things — Product, Place, Price, Promotion — contribute to make a product successful or not,” Ollinger writes in his book.

The four P’s are also called the “marketing mix,” a term that was popularized in the 1950s by Neil Borden.

The 3 C’s

Apple/YouTube

Ollinger defines the term in his book: A “business model developed by Kenichi Ohmae. … It analyzes how the dynamics of Customer, Competition, and Corporation lead to strategic advantage.”

Circle of death

University of Exeter/Flickr

At a business-school networking event, Dea said, there will typically be more students than potential employers. And all the students are eager to talk to the employers.

“What ends up happening is that a lot of students end up congregating around one employee,” Dea said. “It looks like a circle where there’s one employee and the rest of the students are around him or her and it is a game of back and forth of question and answer.”

The term is tongue-in-cheek, Dea added, because all MBA students know it’s an unfortunate part of the recruitment process.

MECE

Flickr / frankieleon

Ollinger says MECE is an acronym for “a McKinsey-created data analysis concept called ‘Mutually exclusive, completely exhaustive.'”

For example, categorizing people by age group would be MECE. That’s because no one can appear in more than one category and all the categories together cover all the options.

Categorizing people by their hobbies is not MECE, because one person may have more than one hobby.

Herbie

Paxson Woelber/Flickr

The 1984 novel “The Goal,” by business consultant Eliyahu M. Goldratt, is often assigned at top business programs, Dea said. The novel explores principles of operations and supply chains.

In one story line, a boy named Herbie is on a Boy Scout hike and ends up holding up the rest of the troops. So “Herbie” has become synonymous for “bottleneck,” or the thing that’s holding people up.

Dea said MBA grads will often say things like, “Don’t be the Herbie” or, “Stop being the Herbie.”

SWOT analysis

REUTERS/Grigory Dukor

Ollinger says this term is a “framework for analyzing a business’ situation by looking at their Strengths, Weaknesses, Opportunities, Threats.”

Businessinsider.com | January 17, 2018 | Shana Lebowitz

Your #Career : Pro Tips for Getting into a Great MBA Program from a Consultant Who Charges Thousands of Dollars for Advice…Remember that EVERYTHING Counts — Every Interaction or Lack of Interaction with your Target Schools will be Considered. Be Sure to Manage your Entire Process with Professionalism.

July 16, 2016/in First Sun Blog/by First Sun Team

It’s less than two months to go until the round-one deadline at the country’s top MBA program. Harvard Business School (HBS) has the earliest application deadline with round-one applications for Fall 2017 entry due on September 7.

Business Insider caught up with Stacy Blackman, the CEO of aleading MBA-admissions advisoryfirm, to get some advice on how applicants can get into the program of their dreams.

With the GMAT, application, essays, references, and interviews, it can be a pretty daunting process.

Here Blackman reveals her top tips for MBA applicants on how to stay ahead:

Research all types of programs.

Business schools are changing leadership, revamping programs and reinventing themselves. International programs are blooming and there is an option for everyone. Do your research to determine what is best for you. Applicants should visit campuses and speak with faculty, current students and former students to determine if a particular school is the right place for them.

Consider taking the GRE.

More and more schools are accepting this in lieu of the GMAT, and since GRE scores are not currently reported out, schools may be more likely to take a risk on a low GRE score.

Choose your references wisely.

Just because you passed JP Morgan CEO Jamie Dimon in the lobby once, doesn’t mean he is qualified to write your rec.JPMorgan Chase shareholder letter

Choose a recommender for the MBA applications who knows you well and is supportive of your application, as opposed to a prestigious “name” who has little insight into your personality and skills.

Many applicants treat recommendations as a “drop-off-and-forget” part of an application or ask the wrong person to participate. An applicant should select a person who knows them personally and then share his or her essays and other information, to help them best support the applicant in a recommendation.

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Use fresh eyes.

Engage the help of a “reviewer” to review the B-school application. Even when not working with a consultant, a friend or a colleague can provide a fresh perspective on an application. Leave time to incorporate their feedback.

Having too many people review and comment on an application, however, is a mistake. Applicants should pick a few trusted advisers and work with them, or their essay could be become a watered-down “essay by committee” and show less about them as an individual.

Show leadership.

Choose to highlight stories that demonstrate leadership and impact, as opposed to simple involvement. Stories can come from work or any number of experiences outside of work.

Be real.

Don’t hide failures and mistakes. Provide an explanation and lessons learned, using these experiences to demonstrate resilience, growth, and self-awareness. Failing to address obvious weaknesses, such as low test scores or a blemish on your academic record, is a mistake many applicants make.

No one is perfect, and admissions officers often are interested in what an applicant learned from a mistake. If an applicant does not proactively explain, admissions officers will come to their own conclusions.

Discuss the why.

Discuss the WHY behind your stories, not just the WHAT. Why you did certain things or made certain choices is much more interesting and will help the admissions committee get to know the real you.

Practice out loud.

Prepare thoroughly for the in-person admissions interview, including practicing out loud.

Anticipate questions, and practice. Many elite business schools are also introducing the online video essay, where applicants have 60 seconds to answer a question via video.

Be professional from beginning to end.

Remember that EVERYTHING counts — every interaction or lack of interaction with your target schools will be considered. Be sure to manage your entire process with professionalism.

Specialize.

Don’t wear too many hats. Admissions officers sometimes wonder how applicants have time to develop a PowerPoint presentation in between the oil painting, tutoring, skiing, sky diving, Farsi speaking, flower arranging, foreign-film watching, blogging, environment saving, meal delivering, judo-ing, and overseas traveling he or she “supposedly” engages in every week.

MBA programs want a well-rounded class made up of specialists – emphasize a couple important aspects of your background rather than trying to be master of everything. Good admissions officers can spot a fake a mile off. It’s important that an applicant show his or her true self.

Businessinsider.com | July 16, 2016 |

Tina Wadhwa

#Strategy : The 22 Books you Should Read Before you Quit your Job to Start a Business…“If I Stay in this Job, I Will Never be Able to Live like This.” I spent $237.91 on 22 Books, a Hefty Investment for Me at the Time, & Got Reading.

September 5, 2015/in First Sun Blog/by First Sun Team

I Don’t have an MBA. I Never took a Business Studies Class in High School. What Do I Know about Running & Growing a Business? I wasn’t about to quit my job, join an MBA program, and then start a business. I didn’t have the time, patience, or money for that.

I spent $237.91 on 22 books, a hefty investment for me at the time, and got reading.

I was recently visited by a good friend I went to university with. He’s still in the field of architecture, and it was the first time we’d seen each other since I’d given up on the industry in favor of entrepreneurship. During his visit we talked a lot about the Architecture industry as a whole, our biggest problems with it, and why I ultimately decided it wasn’t what I wanted.

I described moments at my job when I was working on designs for a high-end luxury apartment in the Lower East Side and thinking, “If I stay in this job, I will never be able to live like this.” Not that I dreamt of luxury penthouses and a $70,000 custom millwork closet (yes, this happened), but I did dream of financial freedom and travel, as well as working for myself.

I started a side project, Calm The Ham, which after 18 months of work was making decent money, especially compared to the $40,000 I was making at my job (which does not stretch far living in New York City). I was only able to work on Calm the Ham on weeknights and weekends, which slowly became harder and harder as I juggled this new life. In the 6 months prior to quitting my more stable job, I kept thinking what if I had the time and resources to make my newer venture full-time.

What could I create if it was my only focus?

Then the negative thoughts would kick in. I don’t have an MBA. I never took a business studies class in high school. What do I know about running and growing a business? I wasn’t about to quit my job, join an MBA program, and then start a business. I didn’t have the time, patience, or money for that.

I needed to learn the basic principles of business, both running and growing one.

I made a reading list for myself of all the business books I had heard about from people I admired or that had been recommended to me personally. I spent $237.91 on 22 books, a hefty investment for me at the time and got reading.

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Personal Mindset & Inspiration: ‘Awaken The Giant Within’ by Tony Robbins

Amazon

An inspirational book by Tony Robbins. Difficult to drill down to one lesson I’ve learned but essentially this book has the potential to change your life.

Tag Archive for: #mba

Posts

Resume lock

PAR and STAR

Blue ocean and red ocean

The 4 P’s of marketing

The 3 C’s

Circle of death

MECE

Herbie

SWOT analysis

Research all types of programs.

Consider taking the GRE.

Choose your references wisely.

Use fresh eyes.

Show leadership.

Be real.

Discuss the why.

Practice out loud.

Be professional from beginning to end.

Specialize.

View As: One Page Slides

Personal Mindset & Inspiration: ‘Awaken The Giant Within’ by Tony Robbins

‘Outliers’ by Malcolm Gladwell

‘The Tipping Point’ by Malcolm Gladwell

‘The Millionaire Fastlane’ by MJ DeMarco

‘Good To Great’ by Jim Collins

Productivity: ‘The Four Hour Work Week’ by Tim Ferris

‘The Compound Effect’ by Darren Hardy

‘The 80/20 Principles’ by Richard Koch

‘The Ultimate Sales Machine’ by Chet Holmes

Business: ‘The Power Of Habit’ by Charles Duhigg

‘The Personal MBA’ by Josh Kaufman

‘The Lean Startup’ by Eric Reis

‘The $100 Startup’ by Chris Guillebeau

‘Crush It’ by Gary Vaynerchuk

‘The E-Myth Revisited’ by Michael E. Gerber

‘Purple Cow’ by Seth Godin

‘ReWork’ by Jason Fried & David Heinemeier Hansson

‘This Book Will Teach You How to Write Better’ by Neville Medhora

Sales: ‘To Sell Is Human’ by Daniel Pink

‘Pitch Anything’ by Oren Klaf

Finance: ‘Rich Dad, Poor Dad’ by Robert T. Kiyosaki

‘I Will Teach You To Be Rich’ by Ramit Sethi