by | January 26, 2012

The University of California- Los Angeles (Anderson)

The best business school in Southern California, the UCLA Anderson School of Management is also widely considered to be among the top few business schools in the West which the students can consider to build their career. The school is known for both, it’s beautiful grounds and architecture as it is for its laid back and friendly students. Alongside, it also offers its applicants a great path to the vast Los Angeles job market. With Hollywood’s heavy presence in this market, Anderson is a great option for applicants with an aspiration of putting their MBAs to use in the entertainment industry. This apart, the school’s public standing makes it a great option for residents of California, who wish to attend at a low rate of tuition institute and yet don’t want to compromise on the quality of the institute they wish to get in.

 Admissions and Tuition:

Each year, the admissions committee of Anderson is charged with a tough task of admitting less than 800 candidates from a talented applicant pool of up to 3,000. This means that the college intakes only around 27%, showing how judicious it is while selecting the quality of students. To pick up these quality students and to ensure themselves that they do not regret their decision making,, the committee at Anderson considers numerous aspects of an application, perhaps none more important than the applicant’s perceived preparedness and specific interest in Anderson’s MBA program. As such, it is imperative for candidates to answer the following questions in their application: How Anderson, more so than other business schools, fits into their career plans, and why the timing of their application is appropriate?

Apart from these primary concerns, students hoping to be competitive in Anderson’s admission processes should take care to ensure that all other aspects of their application are up to the schools required standard. While Anderson does not adhere to any fix set of statistical qualifications in its admission process.  However, on an average GMAT scores for entering classes at Anderson are generally above 700, while average GPAs hover around the 3.6 mark.
Along with these two statistical requirements, work experience is also an important factor in decisions as the average student in one recent class entered with almost 5 years of professional experience. However while students with a work-ex have an edge, the school admits that it has inducted students with little or no work experience in the past. By displaying strengths in these areas, students can have admission security. However, it is not only the quantitative statistics which are important in the admission process but qualitative factors which are equally important. Hence, students contemplating to take admission in The University of California- Los Angeles have to be strong in qualitative factors like essays and letters of recommendation, for maximizing their chances of being among the lucky 30% that are typically offered admission at Anderson during each cycle.

Among these lucky applicants, one might say that the most fortunate are those who are residents of the state of California. This is because, such candidates find Anderson as a considerably cheaper option. This is because of the school’s public standing allows them to claim a lower rate of tuition to in-state students. For the academic year 2008-2009 resident tuition is estimated at $31,760, while non-resident tuition is estimated at $39,050.

Academics and Curriculum:

Before they embark on the rigorous and required first year curriculum at Anderson, incoming students partake in the five-day Leadership Foundations course, which familiarizes them with their classmates, their professors, their school, and their curriculum. At this point, students are divided into batches of 72, during which they study together with their section-mates in their first year and often in their second year as well. These sections can be a stabilizing and comforting force for first-year students, who must quickly adapt to a level of academic rigor that they are unlikely to have previously experienced. As they begin their second and final year at Anderson, students can select their academic pursuits by choosing one of several career paths, which guide students in elective selection and allow them to focus on the areas that are most relevant to their career plans. This aspect of the Anderson curriculum is highly valued by the school’s students, as it allows them the freedom they look for in choosing electives without depriving them of the guidance and peace of mind that come along with school-designed curriculums. While students that enroll in Anderson’s entrepreneurship and entertainment career paths are taking advantage of the school’s traditional strengths, all of the school’s students will likely come away with a fulfilling educational experience, as a school of Anderson’s caliber typically offers a solid curriculum in all areas.

Quality of Life:

 In terms of location and weather, Anderson students could hardly ask for a better situation. The school’s campus is situated close to the coastline and near famed areas of Los Angeles such as Bel Air and Beverly Hills, while the area’s weather is close to ideal throughout the year. Many students mention the fact that they are able to wear flip-flops to class in traditional winter months as one of the most enjoyable parts of their Anderson experience.

The social lives of Anderson students also plays a pivotal role in making MBA years memorable for the students thanks to the school and its student organizations reportedly host over 150 social events throughout the year. Of course, the city of Los Angeles, with its countless bars and glamorous clubs, provides additional opportunities for socialization and relaxation to students, who will certainly not run out of ways to spend their free time while at Anderson. If there is a common complaint among students of Anderson, it is that the school’s lack of on-campus and business-school specific housing deprives students of the sort of familial atmosphere enjoyed by students at other schools. Although some lucky students do live in UCLA housing, most rent apartments off campus and commute, often dealing with the parking problems typically associated with large urban campuses. The cost of living in Los Angeles, as should be expected, could also be perceived as a negative factor for Anderson students, although many would consider such costs a small price to pay for the chance to earn such a prestigious degree in such a beautiful setting.

Employment Prospects:

Thanks in large part to the efforts of Anderson’s Parker Career Management Center (CMS), the Students of the The University of California- Los Angeles (Anderson) have enjoyed tremendous job prospects in Los Angeles and throughout the state of California and will continue to enjoy the position. Alongside, the Parker CMC conducts various programs to assist students in their job search. These include one-on-one career counseling sessions, numerous career workshops, and the Career Coaches program, in which trained second-year students assist their first-year counterparts in all aspects of the job search to help them reap similar benefits. Campus recruiting sessions coordinated by the Parker CMC are also an indispensable part of students’ job searches, typically serving as the source for about one-fourth of the job offers accepted by Anderson students. In all, an impressive 95% of the school’s students have at least one job offer within 3 months of graduation and 92% of students have accepted an offer.

A very large majority of the school’s graduates, at times up to 80%, typically stay in California to begin their post-MBA careers, leaving a fairly small number of students scattered throughout the rest of the country and the world. Although some may take this to be a sign of a lack of job prospects outside of California for Anderson students, the data could also be interpreted as evidence of claim for those California students who spend time in the country would rarely choose to leave the state. A direct implication of the statistics would be that students hoping to find work outside of California will certainly be in for a tougher job search. However, given Anderson’s reputation in business circles and the size of the school’s alumni network, such students should not consider any region to be out of their reach.

In Sum:

For elite applicants hoping to find employment in the state of California and are ready to forego their two years salary for a premium amount, the UCLA Anderson School of Management should be among the top options. The school’s beautiful setting and friendly students make for an enjoyable MBA experience, while its flexible curriculum and dedicated career services office prepare students for post-MBA success and better future.

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by | January 26, 2012

India’s Top 5 Favorite Specializations

One time, while describing the different countries I’ve been to on official business, a friend asked me what India is like. Without batting an eyelash, I said, “There’s nothing quite like India.”

Yes,India is difficult to describe. How can one describe the Taj Mahal without making it mundane and ordinary, which it is not? How can one describe the strange mixture of the beautiful and the ugly, modern and ancient, splendor and squalor?

So rather than dwell on intangible and purely relative superlatives, I thought it best to talk about things which are concrete and measurable like:

-  It is the 9th largest economy in the world according to IMF 2010 figures;

-  It is the second most populous, next to China.

Since its independence from British rule in 1947, she steadfastly remained non-aligned, leaning neither to the West or the Communist bloc. In the process, it learned from both sides – the good and the bad.

The experience propelled India into an economic powerhouse to make it to the elite G9, notwithstanding the occasional sectarian violence and the sporadic artillery duels with Pakistan.

This global business growth and recognition gave rise to the proliferation of Indian business schools, some of which can give the elite a run for the money.

And what are these Indian business schools up to?

According to shiksha.com, Indian business schools have their hands full to satisfy the specialization needs of Indian business school hopefuls. These are:

 

Finance

When I was in the corporate world, I held finance guys in awe. I thought they were the guys who whittled down my budget and skimped on employee benefits.

The truth is Finance MBA can take on numerous corporate positions other than budgets and company benefits.

They can be financial analysts, investment managers, corporate controller, chief financial officers, treasurers, cash managers, among other high-paying jobs.

Finance MBA graduates can offer specialized knowledge that could form the basis for strategic planning, managing alliances, and day-to-day management decisions.

People who love figures and poring over balance sheets, financial reports, profit and loss statements, will do well with Finance MBA.

 

Marketing:

Marketing is always a very lucrative job anywhere in the world. And it is the single most sought after MBA specialization in India.

Like MBA Finance, MBA Marketing can offer endless opportunity options for people wanting to get on the fast lane of big bucks.

Marketing is very dynamic and competitive that requires good communication skills , resource mobilization skills, and a huge thirst to excel.

Marketing guys usually have the best perks in the organization. “We bring in the money,” they would argue. And they are given lofty titles such as Brand Manager, Project Manager, Sales Manager, Marketing Manger, etc.

MBA Marketing is good for people who are extrovert, outgoing, has no qualms in talking people into submission, who knows to live for the moment and are highly driven.

 

Operations management;

This focuses on Production or Manufacturing Management. Good for people who have no taste for figures and would rather deal with process flows, develop vendors, foster inter-departmental relationships and other ancillary management activities to ensure smooth and efficient business operations.

Operations MBA require an eye for details, efficiencies, quality performance, negotiations skills, good knowledge of the technical aspects of operations, from manufacturing to sales and customer service.

Career growth opportunities will be Operations Manager, Quality Assurance Manager, Overall Plant Manager, Materials Manager, Supply Chain Manager or CEO of Operations.

 

Information Technology:

Though India has been robbing Hong Kong of software development jobs for years, MBA in IT has just emerged as one of the most sought-after specializations in Indian business schools.

With every aspect of a business operation, world-wide, being wired, the need for IT professionals has never been this good. In fact, IT is one of the professions that know no national boundaries or ethnicity. They are simply in demand everywhere.

A degree in MBA IT can open doors among Fortune 500 companies either in India or overseas.

Juicy positions for MBA IT are Systems Analyst, Technical Systems Manager, Technical Consultant, Business Development Manager and other high-sounding jobs.

 

Human Resources:

Do you know that a human resource manager is the first to be hired and last to be fired? In boon or gloom, companies always rely on their human resource department for a lot of management decisions.

An HR MBA is a way to a career in human resource development, industrial relations, personnel management and a lot of other people-related issues.

HR departments are responsible for establishing a wholesome atmosphere for interaction between management and employees and it is normally the face the public see of the company.

If you have good communication skills, a charismatic personality and enjoy the dynamics of human interaction, an MB HR will be a great career.

 

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by | January 26, 2012

How to Get the Most from Your Business School

What do Warren Buffett, of the leading U.S. investment company, Berkshire Hathaway,  Bernard Arnault of LVMH (Louis Vuitton Moet Hennessy), the Koch Brothers (David and Charles) of Koch Industries and Google’s Larry Page and Sergey Brin have in common?

They all belong to the 50 highest paid CEOS and they all have a degree in Masters of Science (MSc).

As Matt Symonds of Forbes.com wrote, “If you do insist on graduate school, a masters in science would seem to be a good bet.”

 

MBA and MSc, what’s the difference?

An MBA (Masters of Business Administration) is a general, broad degree covering a wide variety of business issues, training students for careers in managing any business or all areas of business.

An MBA curriculum has accounting, finance, marketing, statistics, management, economics, strategy and other management-related subjects lumped into one program.

After the Occupy Wall Street Movement, business schools are now considering adding politics into their program.

This post graduate course was developed because technical people going up in the organization didn’t always have the skills to manage effectively and management guys didn’t understand the technical aspects of management.

For this very reason, an MBA program prefers students with degrees in other disciplines and a 2-4 yrs work experience behind them so that graduates can speak the language of the people they are managing.

A Masters of Science (MSc) on the other hand,  is a degree that concentrates study in a specific field, i.e., finance, operations management, accounting, electrical engineering, etc.

It’s the choice between generalization and specialization that makes the big salary difference.

Deciding what to specialize in can be very difficult because there are so many fields to choose from, i.e. from Accounting to Supply Chain Management, with more than a dozen in between.

But if you want to get the most out of your post graduate studies, you must specialize.

 

Choices for specialization:

There are several specialized programs to choose from and they are offered by most business schools. Arguably some business schools are better in some fields while others are not.

For example, Harvard Business School is tops in business and management but Massachusetts Institute of Technology (MIT) is better in Information Technology courses.

Before picking a business school to apply for, it is necessary, therefore, for you to know how they rate in the field you want to specialize in.

 

How to choose a specialization:

To do that, the following tips should help you make a good decision:

-  Make a list of specializations you are interested in and write their pros and cons;

Example:

Good marketing people are never out of work. But are your signature skills compatible with marketing? Are you extrovert or would you rather work alone, with the minimum of supervision?

Marketing commands good pay but not all are cut to be marketers. Are you?

 

-  Determine what you want to do with your business school degree after graduation:

Example:

Do you plan to go back to your old job or find another, high-paying one? Do you plan to go into business for yourself or do marketing for someone else? Are you research oriented or you prefer the manufacturing environment?

 

-  Decide how much money you want to make and find out what specialization can pay your salary goals:

This may be difficult as salaries are determined by many factors aside from an MBA or MSc degree.

To get you closer to your goals, find out what is the latest in the job market, i.e., green technology, real estate, health care, currency trading, supply chain management, etc.

 

-  Talk to people who are in the same field you are interested in and find out what they like and don’ like about their job.

This is called benchmarking. Corporations find this a useful tool to see how they stand  against their closest competitors.

Likewise, it will give you an idea of the general sentiment of the working people in your field of interest.

Beware of some bias, though. Some accountants wish they were engineers not because they love the engineering field but because they are plain tired and bored from looking at all those figures.

 

-  Research the companies in the range of your chosen field and determine which you would you like to work with.

Corporate fit is a crucial factor in job satisfaction. It is practically impossible to bring out you’re your best in a corporate environment that does not support individual growth.

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by | January 23, 2012

The University of Michigan- Ann Arbor (Ross)

The University of Michigan Ross School of Business which has its reputation as one of the best business schools in the country has gathered tremendous momentum as a result of Stephen M. Ross’s donation to the school which is worth $100 million.

It is largely because of these funds, the institute has been able to unveil a revamped curriculum with an improved core and a greater selection of electives, and has also launched a remodeling plan that will bring greater architectural beauty and technology to the Ross campus.

With the new curriculum in place, the college encourages and promises the aspiring MBA candidates with a truly wonderful experience which will help shape up their lives in a better manner.

Admissions and Tuition:

Just like it peers, the University Of Michigan Ross School Of Business carefully selects its candidates from a vast pool of applicants. The statistics are there to prove the fact. Out of the entering class of fall 2007, only 20% of nearly 3,000 applicants were offered admission.

While selecting its deserving pool of small candidates, the institute carefully takes in account the key indicators which are as under:

The selection committee has chalked out strong selection criteria one amongst which is the strong intellectual ability, which is mainly demonstrated by the GMAT score and undergraduate GPA of the applicant.

“By Ross standards, solid numbers for future applicants would be near or above those of the entering class of 2007, whose average GMAT scores was 700, while the average undergraduate GPA was 3.3.”

Another characteristic that the school looks for is leadership, which can be demonstrated in part through an applicant’s professional achievements. The school also looks for an applicant’s rationale in pursuing an MBA, and also aims to find out how well the applicant fit in the institute’s approach to management. Applicant’s can relay these important points to the admissions committee through well-written essays, which can truly distinguish an application if they are of high-enough quality. By exhibiting strengths in these areas, students can maximize their chances of success in the admissions process of Ross, although there are no sure bets given the quality of the school’s applicant pool.

Well, a quality education like that offered by The University of Michigan- Ann Arbor (Ross) will surely have a cost attached to the institute in the form of tuition fee.

Applicants who are fortunate enough to secure a place in Ross’s entering class will pay a hefty price for their MBA, although of course, they will be glad to do so. For the 2008-2009 academic years, residents of the state of Michigan paid $38,289 to attend the school, while the tuition fees of non-residents came to $43,289.

Academics and Curriculum:

The first year at the institute is same for the all candidates entering the B-schools. Thus, fresh MBA’s in the first years are relatively spared from the task of choosing their electives. As compared to the second year students who have more demanding and rigorous life, the first year students live relatively simpler lives thanks to the team based assignments method of study.   One such team-based project takes place at the mid-point of this trying first year, when Ross students enroll in the unique Multidisciplinary Action Project, which allows them to put their semester of knowledge to use by collaborating with several of their classmates in short-term consulting projects at various companies.

Following the completion of the MAP and the rest of their core requirements, students are eligible to select from among almost 150 elective courses in their second year. Ross allows a bidding system through which it ensures that all students stand an equal chance to secure a seat in the class they most desire. According to the institutions history, recent graduates have reportedly missed out only few of the electives in which they desire to enroll. Although the school offers an impressive selection of electives in all areas of its curriculum, its strongest areas are generally said to be consulting, finance, general management, and marketing.

Quality of Life:

The surrounding areas of The University of Michigan- Ann Arbor (Ross) prove to be a feather in the cap for the first year students.  Along with enjoying a relatively less rigorous first year students (not excluding the second year students) can enjoy their cultural lives at the so called “the perfect college town”. The students can also pick for themselves plenty of outlets for relaxation and entertainment which help them ease out their stresses associated with life in larger cities.

While undergrads are known to dominate the student-friendly bars, clubs, and eateries throughout Ann Arbor, MBA students who are near to handle their responsibilities of life can also make use of such social places to distress themselves. Nevertheless, it is unlikely that Ross students will run out of enjoyable ways to spend their free time while at business school, especially when the numerous events hosted by the school and its student organizations throughout the academic year are taken into consideration.

Students planning to pursue their MBA with The University of Michigan Ross School of Business can either chose to live on campus or off campus. When they live chose to live off campus, they can find easily find comfortable and suitable housing for less than $1,000 per month. For its on campus students, Ross institute will doubtlessly prove an enjoyable stay with the newly built structure “that will provide an architectural presence, inside and out, befitting the Ross School’s national stature”, according to the school. The main attraction of this building is a glass-enclosed courtyard area that will allow students to enjoy outdoor elements throughout the year. Of course, this is a huge boon to Ross students given the notoriously rough winters of Ann Arbor.

 Employment Prospects:

Unlike other top business schools which offer strong employment prospects only in limited regions, Ross guarantees employment prospects throughout the year. In a typical year, roughly one-fourth of students stay in the Midwest to begin their post-MBA careers, about one-fourth accept job offers from employers in the New York area, almost one-fourth move to the West to put their MBAs to use, while the rest of the class is typically scattered throughout the country and the world. Thus, with their MBA’s done the student’s of Ross flourish all around the country creating a quality name for their institutions as well as themselves.  This proves as a testament to the national prestige of Ross, as well as to the size and strength of its alumni network and the dedication of its career services office.

Also impressive is the fact that a significant number of Ross students enter each of the marketing, finance, and consulting fields each year upon graduation. This can be interpreted as evidence of the balance and overall strength of the Ross curriculum, since many top business schools typically send a sizeable majority of graduates into one of these three fields. In terms of the timing and quantity of job offers, about 85% of Ross students seeking employment have typically secured at least one job offer at graduation, while close to 90% have done so within three months of graduation. According to the placement history of the college the average starting salary for graduates of the class of 2007, including bonuses, were $120,408.

Naturally, when scanning and joining the MBA institutes, what one scans the colleges in terms of compensation he or she is going to get?
Keeping the rigorous study schedule in mind and the hike in the salary which you will get post your degree, The University Of Michigan Ross School of Business can most likely be one of the options which the students can chose to shape up their career path which can ultimately help them to get better jobs. This not only means more money but better opportunity to meet the demands of their hectic and tough life.

In Sum:

With its tradition of excellence and its recent curricular and architectural rejuvenation, the Ross School of Business of the University of Michigan continues to maintain its place among the world’s elite business schools.

Ross offers tremendous employment prospects and remuneration benefit across the country and in various major fields, ensuring the students reap their hard work well and get to work with various companies across the country which helps them in their career and lives ahead.

Contact Information:

701 Tappan Street

Ann Arbor, Michigan 48109

Quick Reference:

2009 U.S. News Ranking: 12th

Average GMAT score: 700

Average undergraduate GPA: 3.3

Application fee:  $180

Application deadline: 3/01

Entering class size: 427

Yearly Tuition: Resident: $38,289, Non-Resident: $43,289 (2008-2009)

Percent of graduates employed 3 months after graduation: 89.5%

Average starting salary and bonus: $120,408

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by | January 23, 2012

Executive MBA and the Real World

“We celebrated the completion of an intense and incredible year, but we also started to feel sad, preparing to part ways with such remarkable people.”

The statement rings similar to Shakespeare’s famous “Parting is such a sweet sorrow,” line in his Romeo and Juliet novel.

But it was not written by a poet but by an MBA student of IMD several weeks before graduation. When parting ways has become inevitable, and bidding goodbyes were muffled with sobs and tearful eyes.

But before you get carried away, here’s the story of how that came to be.

What is IMD?

IMD is a world-famous business school having its main campus along the shores of scenic Lake Geneva, Switzerland.

Its main selling point is its collaboration with individuals, teams and organizations to resolve real business issues build capabilities and prepare for the future.

It does this through its unique Real World, Real Learning approach made possible by their ongoing partnership with leading international companies.

Operating worldwide from its Switzerland campus, it combines its top-ranking programs and services with practical experience.

It is this kind of environment that Howie Chan found himself in, a Singaporean who left his high-paying job to pursue an executive MBA degree.

Classroom and boardroom connection:

A part of IMD’s executive MBA program is the International Consulting Project (IPC), where students are assigned to large companies to work on real problems.

Mr. Chan’s group got Nespresso to work with.

But before going into that, here’s a little bit of info on Nespresso.

Nespresso is not Starbucks when talking of brewed coffee served by young and smiling waitresses. But when it comes to machine-dispensed coffee, Nespresso leads the pack.

One of Nestlé’s subsidiaries, it is the most premium coffee maker in the word and has dominated the entire coffee market throughout Europe, Asia and the entire America.

At the time of entry of Mr. Chan’s group, it was facing unique challenges and wants to set a clear direction into the future.

Like paid consultants, they did a lot of research, conducted interviews, gathered data and at the end of eight weeks, came up with a report covering industry analysis, a company analysis, their recommendations and the strategic direction the company is to take.

Their consulting was capped by the presentation of the report to top management.

Learning experience in multi- tasking;

They found their consulting assignment with Nespresso invaluable in terms of real-life experience.

They integrated everything they learned from the program in attending to a real world problem.

Of particular importance are the basic business fundamentals, group dynamics, how to organize work; interact with peers, teamwork, meeting deadlines, communicating effectively and many others.

While they worked with Nespressso, they were also busy sending out application letters hoping to land a job while they are still, so to speak, “fresh from the oven.”

To their chagrin, they found out that landing a job not as easy as that marvellous job they did for Nespresso. Their spirit, buoyed by a certain level of confidence typical of new graduates,   was soon doused when refusals after refusals came their way.

Undeterred by the negative results of their job-hunting, they kept on knowing that it is not a matter of “if” but “when” they will land a solid job.

Wrapping up:

Towards the end of their program, the last week, they spent much time reflecting on what lays ahead, outside of the walls of IMD, their careers, their future. During this time they reflected on:

-  How to position themselves in the first 90 days in their next job;

-  How to stay in the “moment” and allow ideas to flow through the principles of improvisation;

-  Principles and applications of team dynamics;

-  Effectively using the logical left brain to draw and paint what the year meant to them.

Postscript:

Their final week was very emotionally-charged, and is best left to them to reminisce. Rather than bring you to tears, it is better to let you know of the highlights of Mr. Chan’s stay with IMD. These are:

- Nespressso was very happy with their report that it gave a bonus to IMD on top of the regular consulting fee;

-  IMD was the only business school Mr. Chan applied for admission;

-  He delivered the graduation speech on behalf of his classmates;

- Right after graduation, he went directly to the Netherlands to accept the offer of Philips Electronics, Netherlands, in their Marketing Department.

 

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by | January 23, 2012

Is an MBA a Key to Fat Salaries?

People take up graduate studies for a variety of reasons. But they all do it for one motivation – to have a higher pay. Only a few would say it outright because there is no guarantee that they will.

And they do, at least according to an article in Forbes, The MBA Link to Becoming a Megabucks CEO, which wrote that, “The reality is that business school has a far higher success rate for graduates that make the corner office.”

According to MyMBACareer.com, on the average, you can expect a 50% more than you were before receiving your MBA. And according to The National Association of Colleges and Employers, in 2006, first-year MBA graduates’ salaries range from $50,000 to $75,000, with 45% earning more than $75,000 and up.

The above range is dependent on the following factors:

-  Your school’s reputation;

-  Post-MBA role;

-  Geographic location;

-  Industry you are employed in;

-  Cost of living;

-  Pre-MBA experience;

-  Undergraduate major.

That is just for starters. If you reach the C-suite level, you salary can go higher than the floor you have your office in.

In 2011, news leaked out that Tim Cook, a Duke – Fuqua MBA graduate, was given a massive $378 million compensation package by Apple. It matters not that a huge part of his remuneration was in the form of stock options that can only be vested within 10 years. It is still a huge pay check.

He is by no means alone in the mega-bucks category of MBA degree holders. Alexei Mordashov from Russia, Harvard graduate Michael Bloomberg and John Paulson, and Susanne Klatten, of BMW Pharmaceuticals, Germany, who got her  MBA from IMD in Switzerland, are a few who made it to Forbes list of 50 highest paid CEOs.

These people have paid their dues, in a manner of speaking. They were once starting out, just like you. They also had to apply for jobs, made their names at work, rose from the ranks (making blunders along the way),  took their MBAs before things started to roll. Now they can name their price, yet large corporations are still lining up to get them on board.

You are still not in that exalted position. You still have to “pay your dues.” Brand yourself in the company you are working in, rise from the ranks and, in the process, get a little higher pay check every step of the way.

But that does not mean you cannot get the most from your potential employer, salary wise, if you play your cards right. Here’s how:

1.  Focus on your experience:

Your experience is your most important selling point. Your current or potential employer cannot debunk that. Your MBA is not going to amount much if you cannot prove that you are the perfect fit for the position. Your solid experience allows you to bargain for the salary you are looking for.

2.  Know the base rate of the position you are applying for:

You are in a position of weakness if you don’t know the base rate of the position you are applying for. Find out what employees are paid for the same job in competing companies.

Of course, you don’t use this information to rebut them in the face. But it gives you something to bargain with; accept or reject the offer.

3.  Don’t make the first offer:

Steer clear from any salary discussion until you know the position offered. When your potential employer has decided to take you in, it will be easier to negotiate for the salary you are looking for.

In companies with good salary administration, positions have hiring rates. Negotiate to get the higher limit by focusing on your potential contribution to the company.

4.  Sell yourself:

Applying for job is a marketing job, with you as the product.

To market yourself effectively, you must be 100% confident of the product you are selling. If you don’t, neither will your potential employer be.

Be careful though. Nobody likes a hard sell. Do not give the impression of cockiness or arrogance. Do make your current or potential employer feel that you are really worth the price you are asking for

5.  Know your limits:

This is one reason why it is very important to know the salary scale of the position you are applying for. You must also know what you are honestly and actually capable of.

Don’t push it by going beyond these limits. In the same way, don’t sell yourself short by going below that which you are really worth to the organization.

 

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by | January 20, 2012

Are Media Sites Fundable?

112th 1M/1M Strategy Roundtable For Entrepreneurs: Are Media Sites Fundable?

Today’s roundtable brought some core issues up for debate regarding media startups that are focusing largely on Content and Community features and expecting to get funded. So, I would like to take some time to offer a broad overview on the topic and some pointers to entrepreneurs who are making the assumption that you can raise $500,000 for such a venture. Be careful!

Empower Lounge

Misty Gibbs from Austin, Texas, presented Empower Lounge, a concept for a website that focuses on offering inspirational content along four major vectors: work, health, play and giving. In addition, the site will offer some level of professional networking. Misty is folding in a national site, Inspiration Lounge, and a local site, AustinWomen, to bring together her current 10,000-strong subscriber base under the Empower Lounge umbrella.

I probed quite hard about the specific positioning for the site and brainstormed with her on examples of other sites/organizations with related agendas: Women 2.0, ASTIA, Ladies Who Launch, etc. The first two are non-profits, and Ladies Who Launch is still a fairly small-traffic destination, far from a venture-style, high-growth business. The company that has successfully monetized in the women vertical is Glam Media, but their model is of a Vertical Ad Network.

I also pointed out that there is way too much unmonetized ad inventory online, a challenge that is putting digital publishers through serious heartburns. I have shared my thoughts on this topic over and again on my blog, as well as elsewhere on the Web. We’ve had substantive discussions on the topic with entrepreneurs such as John Ramey, CEO of iSocket, Kenny Rosenblatt, CEO of Arkadium, and Jay Samit, CEO of SocialVibe, who all attest to the downward pressure on CPM rates and the challenges of low fill-through.

In addition, ad networks taking large cuts of ad revenues put further pressure on the publishers. Vikrant Mathur, CEO of iFood.tv discusses that at length in the blog post here. Vikrant is running a bootstrapped publishing company, and is a 1M/1M premium member. In 1M/1M, we happen to have a great deal of experience dealing with such companies and their challenges.

I don’t think I got through to Misty, though. She is ‘confident’ that she can raise $500,000 for this website right away. Well, good luck, Misty! I hope you are right.

However, for other entrepreneurs who may be listening a bit more seriously to the challenges facing the industry, I would also like you to invest some time and energy in assessing the ‘fundability’ of your project before making assumptions like this. You can use the 1M/1M Self-Assessment for that purpose. Also, here is a short video on the issue of fundability, addressing some questions that we hear often from entrepreneurs.

The Other 99%

In conclusion, I would like to highlight the fact that entrepreneurs really should STOP focusing so much on funding and start worrying more about how to build a sustainable business. Less than 1% of entrepreneurs actually ever get funded. The other 99% who go out to look for financing get rejected. But there is no reason to believe that you cannot succeed even without funding. So, my advice to Misty is to focus on the business fundamentals of how to get to revenues and profits within a realistic time frame. Here is my video message to all entrepreneurs who are focused on raising money and are facing difficulty: The Other 99% (Entrepreneurs).

Themeefy
Also, Titash Neogi from Pune, India, pitched Themeefy, a publishing platform for self-publishers that helps users create, curate and publish books, magazines, etc. I happen to know a great deal about this business because of my own long involvement in publishing. So, we dialoged about the product marketing issues of what constitutes a complete product in this space. For instance, HTML books are simply not enough and all the traditional formats of e-books need to be supported. Similarly, self-publishing platforms like Amazon’s CreateSpace need to be supported; iPad apps need to be supported.

In general, when you come to the market with a solution, it needs to meet the needs of the contemporary customers. The proposed solution is an inadequate one for serious book authors to want to use. It is, however, being used for free by about 5,000 educators, travel book authors, etc., which is a good start. But people using your product for free is one thing, getting them to actually pay is quite another. And that’s where Themeefy will need to develop a product roadmap and business strategy that takes this minimum viable product and builds a sustainable business out of it. I will be happy to help him accomplish that.

You can listen to the recording of today’s roundtable here. As always, I would very much like to hear about your business, so let me invite you to come and pitch at one of our free 1M/1M public roundtables. We will be holding future roundtables on the following dates starting at 8:00 a.m. PST:

Thursday, January 26, Register Here.

Thursday, February 2, Register Here.

Thursday, February 9, Register Here.

Thursday, February 16, Register Here.

Thursday, February 23, Register Here.

Please note, next week’s roundtable will be co-hosted with Jacksonville Startup Weekend and a couple of hundred entrepreneurs are participating in this weekend’s event in Florida. On January 26, the top five will be presenting at the 1M/1M roundtable.
Continue reading →

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by | January 20, 2012

What is an Executive MBA

A very close friend of mine from my college days had the privilege of attending a company sponsored MBA course from the prestigious Asian Institute of Management (AIM). He had to take it as a pre-condition for his moving up to a higher position.

He had what is called Executive MBA.

If the example still escapes your comprehension, an Executive MBA is a program primarily designed to educate working executives, managers, entrepreneurs and other business leaders.

Yes, executives and managers need to be educated. In fact, they need more education than ordinary working people. It comes with the added responsibilities and higher pay. Apparently, the higher they rise, they dumber they become, at least from the point of view of the rank-and-file.

 

Difference between an MBA and Executive MBA:

In a lot of respects, a regular MBA and an executive MBA (EMBA) are similar except that the latter is designed for managers, executives and entrepreneurs.

Since they are intended for working professionals, they are more flexible, allowing students to take evening classes or on weekends.

Some requirements in the regular MBA, like the GPA and the GMAT are waived in the EMBA program.

The average EMBA program lasts for a year or two. Some students who can manage their schedules well get to finish it in less time.

Students of an EMBA are in the mid-stage of their careers. They are going into it to increase their career options, update their knowledge or brush up on the skills they already have. It is part of their continuing education.

They are never in the beginning stages of their careers, like those enrolled in a regular MBA program.

My friend was already well into in his 40s when he took it.

 

How much does an EMBA cost?

The cost of an executive MBA depends on the school you are enrolled in. Generally, probably because managers and executives are difficult students to handle, it is slightly higher than a regular MBA.

Whereas a lot of the EMBA students are company-sponsored, you may not enjoy the same privilege. In which case, you have to explore some fund sources.

One possible source is to ask your employer to pay for your tuition. There are companies which encourage their employees to get higher education. Some of these are soft loans while others are bundled into their employee benefits.

I know of a company which reimburses their employees getting an EMBA, provided they pass all subjects.

Should your company have none of these, then you may be forced to make a loan at conditions that may not be very wholesome to you.

 

Choosing an EMBA:

Choosing an EMBA program is something that needs a lot of thought.

Among other things, you would want a program that is accredited and offers good academic opportunities; that is pertinent to your current situation. You may also need to have it nearby so it won’t disrupt your work schedules.

Accreditation is the term used to describe the review process educational institutions to voluntarily undergo to prove their commitment to quality education and continuous improvement.

It is important for three reasons:

-  It ensures quality education;

-  Scholarships and grants are only given to accredited institutions;

-  Employers prefer MBA degrees from accredited institutions.

 

What then?

After earning their EMBA degrees, managers and executives go back to their respective organizations facing one of these options: continue to work at their current jobs, moved sideways or upwards.

The worst fate is to be given more responsibilities but with the same salary. Sucks!

The entrepreneurs will view their business with a new vigor and vision. They either fine-tune their existing business models or adopt new ones. They could go into partnerships or joint ventures, or apply for incorporation. Whatever the case, they would find good application of their newly-acquired business and strategic planning skills.

An EMBA is an advanced business degree that people take to improve their business or get higher salaries. There is no guarantee that they will. But a Bloomberg Businessweek study shows that executives with EMBA degrees tend to have higher salaries than those who don’t.

In a separate report, Forbes magazine shows 40 of the 100 highest paid CEOs in corporate America have an executive MBA degree.

The debate on the importance of an EMBA in getting mega buck salaries may never be settled. So far, however, figures show that those who took the time and effort and spent a fortune in getting it have desks-with-a-view in their corporate offices.

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by | January 19, 2012

What MBA Program Suits You Best

One day you went through the latest news on the company bulletin board. And there, prominently standing out from the usual company titbits is an announcement for a vacant position a couple of levels higher than yours.

The qualifications fit your employment profile to a Tee, except for one thing. At the bottom of the long list of qualifications is written – “An MBA degree is required.”

OR

For the past couple of years, younger guys have been passing you by faster than Formula One race cars. The reason? They were riding on sparkling new MBA wheels.

If these circumstances, or something similar, are too familiar with you, and are getting on your nerves, it is probably time to sweeten your Resume’ a little bit, don’t you think so?

So getting an MBA has crossed your mind several times. But with the college loan still unpaid, or you are just starting a family, or you are working your butt off to meet other obligations, and so many other reasons, getting one seems an impossible dream.

Well, a dream remains impossible if you allow it to, and you don’t know how to fit an MBA program into your schedule and, probably, your budget. Here’s how:

Online MBA programs:

This is perfect for people in the work force or those who don’t like the commute too much.

Online MBA is becoming increasingly popular among people wanting to get ahead with their careers but are constrained to do it on campus. Top-ranked business schools like the University of North Carolina’s Kenan –Flaglar Business School, are offering online MBA programs to attract executives, world-wide.

Stanford has introduced an online program that allows students to indicate the fields and companies they are interested in so that it can provide the necessary connections with those firms.

In a comment to the Wall Street Journal, Pulin Sanghvi, director of Stanford’s career management centre said, “We are almost able to act like an eHarmony between students, alumni and companies.”

In an online program, students attend classes and meetings online, in real-time, or via forums.

One of the great things about an online MBA, with the advent of the latest technologies, is the convenience and practical way for one to improve his/her skills and knowledge.

When applying for this program, be sure to check the course structure and eligibility restrictions. Some programs focus more on a particular area while others on something else. Check which one is best suited for you.

Part-time MBA programs:

If an online program is not for you, but are still limited in time, go for a part-time MBA.

This type of program, now offered by prominent business schools, is gaining acceptance as it offers the best of both worlds:

-  People can still keep their jobs while interacting with other students in similar situations;

- They offer flexibility and convenience for people who want to improve their education and skills set, but are limited in time and budget.

 A One – Year Full Time MBA:

This is ideal for those who have a stash of money somewhere and can afford to have a year-long sabbatical.

As the name suggests, this lasts for a year and is very intensive and fast paced compared to a regular MBA. A typical one-year full time program may combine theory and practical work experience which is good in giving you a more well-rounded education in a short span of time.

By its very nature, a one-year full time MBA offers very limited slots, and you have to meet criteria to be eligible for enrolment.

Several top-ranked business schools are offering this type of MBA program but the eligibility requirements, course content and structure may vary from one to the other. It is recommended that you do your homework in choosing which institution to apply for to get the most out of the program.

A one-year full-time MBA is a great way to improve your career prospects without having to spend too much time away from work.

A Two – Year Full Time MBA:

If you have very specific long-term goals and are not in a hurry to roll up your sleeves and dig in to work, this type of program would suit you best.

This program, spread out over two academic years, may offer several months of internship enabling the students to relate classroom theories with the practical realities of the work place.

Though the emphasis is on gaining knowledge rather than practical experience, these two-year full-time programs are designed to prepare the students for the cutting-edge and highly pressured business environment by giving them the skills to survive therein.

Of course, this is a full time program where total dedication and commitment is a must to get the most out of your investment.

 

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by | January 18, 2012

Is an MBA Worth It

This question confounds a lot of people wanting to get ahead in the corporate world or those who prefer to improve their entrepreneurial skills. And it has no easy answer.

Will there be a pot of gold at the end, should I take it? Or I can get by without it? These are some of the questions that need good answers.

A cursory survey was done on a controlled group of young men and women on their thoughts of going into business schools. Their answers generally fall into the following:

-  Yes, to improve my job prospects, pay or career satisfaction;

-  No, I’ll get by with on-the-job training and networking;

-  It’s a good idea, but there are now too many people with an MBA.

Far from giving a clear answer for people lost in their thoughts, the above further murk the issue of the importance of an MBA to get ahead with one’s professional and personal aspirations in life.

Some people, hoping to make better sense of the question, paraphrase it into:

“What do I want to gain from an MBA?”

 

It is not for everyone:

MBAs are particularly designed for professionals with long-term career goals and are willing to work on it. It is a deliberate decision to carve out one’s destiny. It is not for those who “hope” that a three-letter prefix with their names will open doors of opportunities as if they are royalties.

It requires considerable expense, time and study – things not many people are capable or willing to spend. The rewards are long-term, if there be any. There is no guarantee of success, only a promise.

That being said, one must put in a lot of thought and time to weigh the pros and cons before coming to a decision. A full-time MBA is no laughing matter.

By the way, the moment you decide to get into a business school, be prepared to start working on it immediately. You have lots of ground to cover just to apply for admission.

 

Why take an MBA?

Taking an MBA is purely an individual and personal decision. Understanding the motivation behind the decision is as difficult for a non-better to understand why people bet on the lotto.

I have had numerous encounters with people who took it with no clear reason but to say “for a better future.” Well, the future ain’t ever going to be better except for those who create it themselves.

Thus it was a breath of fresh air to meet one whose reasons for taking an MBA are:


Get more education:

People go through several transitions in their careers. For example I graduated with a degree in mechanical engineering and retired as an engineering manager for, Far East operations. What we are right after college will definitely not be the same us, a few years down the road. This transition cannot happen without the acquisition of knowledge through experience, self-study, and seminars or through post graduate courses.

Whereas experience and other modes of learning can get most people by, but they lack the focus, the structure and specialization of a business school curriculum.

We are currently operating in what is called a knowledge economy. This is a nerdy way of saying that the brains have taken over the brawns in a lot of things we do. And harnessing this new source of power cannot be left to experience or self-study.

 

Learn soft management skills:

Ask any manager and they will all agree that the most difficult aspect in management is the management of people. I would rather spend an entire day pondering over a technical problem than deal with one related to people

Although it is possible to learn people-handling skills in the workplace, but discussing them in an MBA working group provides instantaneous and honest feedback.

Most business curricula are loaded with organizational dynamics and behavioral subjects on top the regular mainstays of decision making, negotiating, communications and many other management soft skills that are difficult to get hold of in the workplace

 

Network building:

Ever heard of the term Ivy League? Never mind what it is, but what it connotes. It connotes a network of people graduating from any of the eight most prestigious universities in the U.S., which, incidentally, are also among the leading business schools in the country.

Can you imagine being a part of that network? Pretty cool isn’t it?

Ivy League or not, network building is one of the most important results of an MBA degree. It provides a very strong influence on your career.

Your classmates will be from all over the world giving you an unlimited horizon of career opportunities, their annual reunions a gathering of unlimited possibilities.

Is an MBA worth it? Yes, it is, if used properly

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