A few weeks ago I attended a reception for an East Coast business school. I was surprised at how many alumni showed up, given that the alumni network out here in California must not be that big. I was very impressed by the speakers – their passion for their school obviously shows.
Here are a few of my thoughts (and it’s a big long post – you’ve been warned!)
…on business schools, alumni, and networking:
- From my experience, b-school alums seem so much more passionate and outspoken about their alma mater than students of most other graduate school (maybe except for law school). It might be the financial investment, but medical school students spend a lot of money on their schooling too – maybe doctors are just more reserved?
- Of course there’s a self-selection bias going on here – the alumni who are willing to make the time to come to these recruiting events are more likely to be ones who have been satisfied with their on-campus experience and post-MBA job situations.
- I chatted with a few alumni (including a senior executive at Disney and another executive who specializes in computer gaming security – very exciting!) and was impressed by how articulate and at-ease they were.
- The night was also great practice in how to gracefully enter and exit different conversation circles and how to react to lulls in the conversation (ask a lot of questions about the other person).
…on the next 50 years:
- China and US will be two of the biggest economic powerhouses in the world. There is a lot of money to be made in doing business in China – introducing Chinese consumers to American products and Americans to Chinese businesses. India, Brazil, Russia, etc. will be up there as well.
- There will be an unprecedented number of newly-created middle-class consumers, whose desire for products and services will be a huge driver in future economic booms.
- The boom in green / sustainable energy will be the pursuit of how to provide all these services and products to the newly created middle class in an environmentally-responsible manner. Because… if you’re going to tell the Chinese they can’t have XYZ nice thing that Americans have because we’ve already used the resources and now it’s time to conserve… good. luck.
…the economy, applications, and work experience:
- From my conversations, I was reassured that my unemployment / freelancing right now wouldn’t be held against me, especially in light of the economy. A few prospective students and alumni there were also in transition. Apparently, if you have to be unemployed and take a break, 2009 is the year to do it in.
- Speaking to the alums also reaffirmed my decision to work for a while longer before I go back to pursue an MBA. I told an alum about the possibility of going to work in China, and he strongly recommended that I do that before going back to school.
…women and the MBA:
- An alumna I spoke to graduated school in the mid-1980s, when the school only had 20% women. Now, top business schools generally have around 30%, 35% women, and a few (NYU Stern comes to mind) has breached the 40% mark.
- I don’t know if business schools will ever achieve parity between male and female attendance. Law school and medical school both have roughly 50% of men and women attending, so it’s a possibility, especially with the trend of more women graduating from college than men. And it’s not that far of a leap from 40% to 50%… is it? Though it has taken over 20 years to get from 20% to 30%.
- On the flip side, a lot of women didn’t grow up being interested in business (and I count myself among them), and business school tends to cut in the years (ages 26-30) when may women are looking to start a family. Ideally, I’ll be 26 when I start business school, and 28 when I graduate – this way I can get all my schooling done before 30. Grandmama would’ve been proud. My other grandma actually told me once that I shouldn’t date until I finish my masters. I love her emphasis on education and self-development!
- Every school reception I visited placed a great emphasis on increasing its number of women, so that is always encouraging. At business schools, there are also a number of women’s initiatives and “get-togethers”, often hosted / attended by traditional big recruiters such as consumer products companies, management consulting firms, finance firms, etc.
….business school lingo on salary and remuneration:
- One never “makes a lot of money” after business school, one “achieves a financially rewarding career” by “creating value through risk-taking, creativity, and innovation.”
- Graduates don’t “make $xxx,xxx in their first post-MBA job”, instead, they “are valued by the marketplace, and that value is reflected in their compensation.”
I realize that money is not the be-all and end-all of things, not by a long shot, but cf course, I want to have a financially rewarding career. I don’t think there’s any shame in that. What I came away from this reception was a renewed sense that business is exciting and it’s challenging. And right now, I’m young and I can take risks. And I do want the grounding that a solid business education can give me. And in a few years, I’ll be ready to go back to school.
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Wow, I kind of want to go to B-school now. That was an interesting synopsis of your experience! Thanks!
Have you read Never Eat Alone? Your mention of practicing entering and leaving conversation at the reception reminded me of the book.
I agree, your grandma sounds pretty impressive!
Great post and thanks for your insights. However, it did get me thinking. These days, anybody can get an undergrad degree by way of online colleges. It's now like the high school diploma – easy to get. Because of that, I feel as if an MBA isn't valued as much as it was before, because just like the undergrad degree, everybody is getting some kind of graduate degree as well.
That being said, I eventually want to get my Masters, but i'll take full advantage of it and do one year in London and one year in Hong Kong through one of the programs that lots of b-schools seem to have these days.
One year in London & one in Hong Kong? That sounds cool – you'll have a chance to spend time in two of the world's foremost business centers. By the way, Duke has a program called a Cross-Continent MBA that you might find of interest.
In response to LA Daze, I agree with you that everyone is pursuing a Masters Degree, but the selection process really occurs with what you decide to do with that degree. If you don’t specialize in an anything with an MBA, you’ll risk being just like everyone else with a Management degree. But how many people have a degree in Social Enterprise and Impact (that’s an NYU Stern shout-out?) How many people are using their MBAs in non-traditional “MBA” sectors such as Government, Education or Non-Profit?
It really is what you choose to do with your degree and not just getting your degree. A lot of people are going after the MD (now in other countries because of decreased competition) but it doesn’t seem like it is getting any less presitigous. I believe the same can be said for an MBA. Now, I may totally be biased because I am currently applying to B-school, but I truly believe that with everything happening in the economy and the huge potential for growth and change that the Great Recession has revealed to us, I think the business field is where its AT!
Good luck with the process Well-Heeled. I’m currently studying for the GMATs and have decided to give up my social life for my target score (800, right?). I’m thinking a three months of serious studying isn’t that bad for a “financially rewarding career achieved through risk-taking, innovation, and creativity.”
Investing Newbie´s last blog ..Silent Killer a.k.a The Discount
As someone currently in an MBA program, I agree with Investing Newbie. The MBA experience – like most things – is all about what you make of it. I'm going for my MBA at night while still working a full-time job and I have been able to use the concepts and techniques that I learn in class right away. In my case I have been amazed at how much value it has already provided to me. I'll be really interested to find out what my prospects are once I graduate. Good luck!
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Congrats on going to school & working at the same time! Best of luck to you as well, and I'd love to see a post on doing a part-time MBA on your blog if you're so inclined.
Are you still applying to B-school WH? You will most likely have a high marketplace salaried career if you go to a top 10-20 business school. It really is that easy to make $100,000 if you want to. The average income for Top 10 business school grads aged 28 is around $120,000 if you check out US News &WR.
The thing is $120,000 is just the START. Many of these students 5 years out are making $200-300,000, and if you're in finance, perhaps $400-600,,000.
The question is timing.
Cheers, Sam
I'd like to apply in a few years – ultimately decided I'd like to get more experience before I go back to school. I am well aware of the potential salaries of top bschool graduates. That's not the only reason I want to go back to school, of course, but being able to service the six-figure loans I'll be taking out is very important. Right now I am doing a little consulting work with a Chinese organization – if the job search here doesn't pan out, I'm going to redirect my focus to China and probably move there for a few years, then come back to the States for bschool. By that time, I hope this recession will be over and the next one have yet to start.
Hi WH,
Nice blog. I'm an "older" executive with an MBA from MIT Sloan. What many people fail to understand about the MBA is that it is most marketable when combined with a very marketable bachelors and good work experience. It's the whole package that firms are willing to pay for. In cases where someone has, say, a liberal arts B.A. and unmeaningful work experience, they really won't command much after getting the MBA. In effect, they're really no better prepared to hit the ground running than someone with a solid undergrad in business. You mentioned you might go to China to get some work experience. I think that would be incredibly valuable. Good luck to you.