Manhattan Review Blog

Monthly Archives: January 2008

As part of our commitment to helping students achieve high scores on the GMAT, we stay on top of the latest configurations of the test. We have compiled very recent reports from real test takers for today’s post. We certainly gained some insight into the latest look and feel of the GMAT.

Quantitative

Our sources reported that the Quantitative section heavily covered algebra. Even many of the more challenging questions were algebra-related. Test takers also encountered many inequalities, second-order equations, and absolute value. One person observed that many of the Problem Solving questions involved “which of the following three statements are true.” You might see a few probability questions and one or two combinatorics questions. However, there could be six or seven geometry questions. Also be prepared to tackle challenging coordinate geometry questions.

Data Sufficiency questions were prevalent (as high as 40% of 37 questions with some appearing consecutively in a string) in the tests of very high-performing candidates. 

Verbal

Like the Quantitative section, the Verbal section also seemed to be weighted in a particular area. In this case, it was Sentence Correction. One test taker counted 16 Sentence Correction questions, 12 Critical Reasoning, and 13 Reading Comprehension in total.

Sentence Correction

Sentence fragments and tangled syntax were common issues in the sentence correction questions. Some test takers were actually surprised to see such a high number of those kinds of questions. Many of the Sentence Correction questions were primarily testing idioms, including:

X grew “at twice last year’s rate” (vs. the incorrect “at twice that of last year’s rate” or simply “grew twice last year’s rate”)
“more so than”
“attested to” (vs. the incorrect “testified of”)
“such as” vs. “like”

There were a few questions in which many of the incorrect answer choices were missing main verbs.These sentences, and others as well, featured highly tangled syntax, with the main verb following a confusing clause in the subject. In one particular case, the sentence as written was incomprehensible and could only be figured out after the student looked at the answer choices. Verb tense and parallelism were other issues that came up often.

Critical Reasoning

This section did not offer as many surprises. There are some inference questions. One person reported that two questions asked to resolve a paradox.

Reading Comprehension

Most test takers saw about four Reading Comprehension passages. Most of the passages asked about the main purpose and were quite short. Some topics tested include the likes of savings rates, fossil fuels, civil rights, and dinosaurs. Each passage had three or four questions. Some questions from these sections often seemed like critical reasoning ones, in which they ask what would weaken or strengthen the passage’s reasoning or which choice best illustrated a point made in the passage.

How do you fit into the tough MBA market?

As an aspiring MBA student, you are inevitably faced with an outstanding array of variables in choosing where to apply. With more applicants sending stronger applications than ever before to the top business schools in the U.S, getting accepted at the school of your choice is becoming an increasingly daunting task. (We, of course, believe a business school education can immensely empower your hiring potential and enrich your personal and educational goals. Therefore, making all obstacles worth it!)

The Perks of Being in the Top 10

The pulling power of attending a top 10 B-School is almost alone worth the high price tag of $100,000 USD. For a student to spend that much money, the perks must be many and come often. Here are some of the reasons you may want to attend a top 10 B-School:

• These schools attract world renowned professors
• Attraction of recruiters from high powered organizations
• High percentage of employment at graduation
• High Ranking equals more global exposure for the student
• The opportunity to explore many career tracks in very little time
• These schools create a strong career platform

In summary, attendance at a high-ranking school means learning from well known, well-educated and well-connected professors. It means more exposure to real business and recognition within the global business market. Furthermore, it means valuable networking opportunities.

Is a top-tier B-School for you?

Even though ranking is important, it should not solely dictate your decisions. Think about what you personally want out of your education. Even if your list of 8 schools are all in the top 10, which one you choose should be based on some of the following criteria:

• Location and Environment: Would you perform better in the fast paced New York City or the small-town feel of Durham?
• Student Atmosphere: Do you like to work with other students, or fight your way to the top?
• Recruiters who visit: Do you want to work for a consulting firm or work in finance?
• How much is tuition? What kind of scholarships or work study opportunities are available?

Of course there are many, many more considerations to make.

Tough(er) Competition

After you have found the right schools for you, you need to remember that there are a lot of other students who have come to the same conclusion. Future MBAs like you are coming from all over the world to study at the institutions that you also wish to attend. The sheer volume of applicants and the quality of those applicants have risen: They are better qualified than last year, better prepared, and are submitting better applications. And to make this situation appear even more challenging, more applicants equal more registration for the GMAT. If you have been following closely, you know that more numbers equals higher scores. Therefore, focus on setting yourself apart from the pack. Where will your individual strengths be valued the most?

Effects and Consequences of the MBA Boom

The lure of an MBA has created a wealth of specialized MBA programs at top business schools. There are also various flexible part-time programs for the working student. Interestingly, there are fewer applicants for management education PhDs, which implies that more students are interested in management careers and not in academic ones. A future consequence is too many management students and fewer (or less qualified) professors. How are these effects relevant to the aspiring MBA?

• If you are interested, consider a PhD!
• It may be more challenging to gain acceptance to a top tier school, but these schools will have more programs to suit your needs and interests.
• You can get your MBA without sacrificing your current career, if that is a concern for you.

Remember that while acceptance to the business school of your choice is challenging and ultra-competitive, it has many rewards. Your career and future is dependent on your hard work and perseverance. To look at the rise in competition positively, it means more options for you.

Today is a continuation of our ongoing examination of the recent changes at top business schools around the United States.

On the radar today:

MIT Sloan

Stanford Graduate School of Business

MIT Sloan Gains Fresh Perspective

MIT Sloan is actively attempting to raise its profile and become a more recognizable institution. During his recent interview with Business Week Online, Sloan’s Dean David Schmittlein discussed various unique opportunities to make the program more recognizable and to develop a tighter connection with world business leaders.

Some of the changes the school plans to make include the following:

• Customize the curriculum to the needs of learners
• Make the program more relevant to medium term career goals
• Add a number of new degree programs

Similar to many top Business Schools, Sloan is working hard to develop new engagements around the world. Sloan anticipates many announcements to surface about their updated relationships with global business leader within the next six months

Maintaining a Competitive Edge

MIT wants to become a more competitive program in the face of rising challenges and rising interest from students worldwide in getting an MBA. MIT is striving to increase its value on the “B-School Market”, with a number of key points that they believe separate them from the rest of elite B-Schools:

• Management education is not only about the MBA
• Advances in strategy and consulting
• Building on the strength of entrepreneurship and innovation
• Family based institutions

Stanford Seeks to Go Green and Turn Socially Conscious

Stanford has also launched a new curriculum. An interesting aspect of this curriculum is a new class called Critical Analytical Thinking:

• Designed to develop the student’s ability to construct a strong argument
• Learn how to take a tough topic and make an argument about it in a very short period of time.
• Done in a small group; students are instructed to mutually critique each other’s work
• The student’s teacher becomes the student’s personal advisor

New Campus, Same Values

The new campus for Stanford’s Graduate School of Business will be exclusively green and provide the comfort of California style architecture, integrating indoor and outdoor environments. The new campus will reflect the new changes within curriculum. The campus and building will also provide the students with flexibility in learning as more seminar rooms are built which facilitate working in small teams. According to the school’s website, $100,000,000 USD of Nike CEO Phil Knight’s donation will be put towards the new $275,000,000 USD campus. The project, called the Knight Management Center, breaks ground this year and the new campus will replace the old business school’s outdated infrastructure. The campus will be shared with other schools in the university via the innovative multi-disciplinary courses that Stanford Graduate School of Business are introducing into their curriculum.

These requirements for flexibility and collaborative learning come together in a course called “Innovations in Bio-Design.” The student make-up for that course, according to the dean, is 1/3 Business, 1/3 Medical School, and 1/3 engineering. The course is based on developing a Bio-Design idea and creating a business model for it. Thus, the students must work together due to the disparate nature of the disciplines involved.

Such a course reflects Stanford’s focus on business “not existing in a vacuum,” according to Dean Rovert Joss: Stanford’s new business curriculum takes social, environmental and other non-market situations seriously and considers its institution to be a center for social innovation. Stanford’s curriculum embodies the idea that business and social awareness are not mutually exclusive.

Changing Faces and Strong Values

MIT Sloan and Stanford’s updated MBA programs both reflect similar ideas about how business education fit with culture and the environment. Both programs embody the idea that business must coexist within the environment and the global landscape while business education must reflect that coexistence. Additionally, the way that an MBA fits with a student’s future must be accounted for within the education itself.

Lastly, the schools discussed both today and yesterday are making their curricula more student-focused. These programs are striving to strengthen the value of an MBA degree by exposing students to how business operates in the real world and most of all, helping students to be prepared (and employed) when graduation finally comes around.

We have posted a few times before on general trends and changes in curriculum at top B-schools. We also discussed recent program changes at Yale’s School of Management. Today we will focus on Columbia Business School.

According to a recent BusinessWeek Online article, Columbia Business School is making changes that will cut down the length and number of required courses while making changes to its electives system. Such adjustments will allow students to take courses that are based on their career interests. Some highlights include “Power and Influence” as well as “Strategy, Structure and Incentives.”

Columbia’s reason for making these changes is threefold:

• Columbia continually updates its curriculum every few years to stay up to date with current trends.

• The school wants to provide flexibility for students. Since many students after their first year get a summer internship, those students may want to tailor some of their foundational knowledge to what they plan on doing in their internship.

• Columbia wants to ensure that the knowledge students have from business school is practically relevant to the business community after graduation.

An important aspect of the experience at Columbia is the “Cluster” system. A cluster is a group of about 60 students that take their foundational courses together. One of the changes Columbia has in store for the incoming class is that there will be 2.5 fewer core courses, meaning somewhat less time being spent in one’s cluster. Such is an example of the many considerations a school has to make when updating a curriculum: How can Columbia introduce new flexibility while retaining the bonding experience that is offered by the cluster?

Much of these changes come in the face of some criticism of the relevance of the MBA degree. While the relevance is undergoing questioning from critics and journalists, the overwhelming number of MBA applicants around the world shows that the degree is still in high demand. The challenge for Columbia and some other schools we plan on covering is how to make the degree academically rigorous while being overtly applicable to real world business challenges students will face in their careers.

Trends in Curricula

So far a few the institutions we have looked at have similar emphases in their curriculum updating activities:

- Striving for increased “relevance” of a degree

- Offering a more practical approach to learning management

- Making their programs more globally sound, and

- More flexibility in their programs.

We will most likely see these trends crop up in our continued examination of curricula changes at top MBA programs.

Today we will cover a small yet focused and ambitious MBA program – Miami University’s Farmer School of Business.

Dean Roger L. Jenkins at Miami University’s Farmer School of Business has made significant changes to the MBA curriculum with far reaching effects.

Dean Jenkins chose 12 trusted faculty members to re-evaluate and restructure the curriculum. Jenkins did so with unique specifications:

• Base a new program off some top European B-school programs.

• Instead of the somewhat typical 2 year MBA program, Dean Jenkins switched to a fast paced 14-month program focused on efficiency.

• Add a required global component with an emphasis on studying and collaborating with the pan-Asian business community.

• Rather than the standard summer internship, Miami will institute a corporate internship that spans the entire 14 months. This internship is done in groups. The group is assigned a strategic problem that they are to work with.

A Long-Term Success Story

So far, after two graduating classes, Dean Jenkins and Farmer are pleased with the results. They are able to boast a 100% placement record for both classes. To further qualify the figure, Dean says they are “strong” placements, both in terms of salary and the organizations to which the students move.

The program, although still small with 20-25 students per graduating class, has been completely reinvented. The medium term goal is to have 125 students per class in the next 7-8 years. Over the next 20 years, they hope to grow to about 200 hundred students, remaining on the smaller end of the top 25 MBA programs. This is an interesting contrast to Miami’s very large undergraduate program.

Miami has also developed a strong new way for students to interface with their learning. Rather than having a traditional question and answer lecture format, they hope to have most of their curriculum based on video taped, online lectures. These lectures can be downloaded and viewed at the students’ convenience worldwide. This is in keeping with Miami’s desire to emphasize global study.

The Listening section of the TOEFL can be one of the most difficult sections on the test. Of course, the best way to improve one’s listening is to practice over time. Most people find that watching television shows or movies in English or listening to songs in English are great ways to improve. If you are fortunate enough to have friends who are native speakers of English, or if you live in a country in which the predominant language is English, then you also have a great advantage.

The Listening section requires you to sort through lectures and conversations that are purposefully filled with distracting pauses and brief digressions such as “um” and “uh”. Although this section may be frustrating, you can conquer it by learning to find certain patterns.

There are two different kinds of speech to listen to in this section:

1.) Lectures

2.) Conversations

Lecture Analysis

This section will simulate an academic setting where a professor lectures to a group of students. In a similar fashion as the reading section, you are asked to answer questions based on the information provided. Although you cannot see the paragraphs in front of you, the speaker will provide an introduction, supporting reasons and examples, and some sort of conclusion.

Listen for the following:

1.) Topic – This should appear early in the lecture, after the greeting.

-Identify what the topic is.

-Figure out why the topic is being addressed

2.) Purpose – Soon after the topic is introduced, the purpose of the lecture will be stated.

3.) Examples – The majority of the lecture will be examples and details. Don’t try to write down or memorize every single one.

4.) Conclusion – Note any final points or summaries

Conversation Analysis

In this section, you will usually listen to conversations between two students. When listening to a conversation, pay attention to the following:

1.) Purpose – What do the people in the conversation hope to achieve? Why are they having this conversation?

2.) Details – What specific information is offered? How do these examples and details relate back to the purpose?

3.) Conclusion – Is there any resolution? Do the people achieve their purpose?

Use these tips when practicing with sample drills in TOEFL listening books or by listening to American news reports.

On Wednesday we discussed various loan and scholarship options for funding a B-school education. But what happens after you graduate and you must begin to repay those debts? Today we offer a few insights into managing your debts once you have earned your degree.

Loan Payment Plans

Schedule your loan payments around your budget. You can be in control of your repayment plan.

Debt management is an intractable issue associated with financing one’s education. Most loan providers are flexible in that a payment schedule can be worked out based on the graduate’s income; different providers will have different options and it is vital that these be understood. In some cases payment can be extended to 25-30 years after graduation. Sallie Mae, a major loan provider, requires on average a 10-year payment schedule with principal and interest fees due every month.

Tax Breaks

In some cases, an MBA can be tax deductible. This must be understood on a case-by-case basis, but typically if the student can prove that their MBA education supplements the career that they are currently engaged in, then their education can be tax deductible. For example, if a non-profit executive pursues and MBA in non-profit management, they could write off their fees. If a software engineer does the same they will not be able to prove that their MBA will enhance their ability in their current position, and they will not be able to write off their fees.

On January 5 and 6, 2008 we were busy at our 2-day course MBA Boot Camp – Communication and Culture held in conjuction with Columbia University’s Chazen Institute International Orientation. Manhattan Review instructors John Beer and Susan Civale taught a diverse group of non-native English speaking Columbia MBA students. The course covered an array of what we call Smart Business Talk topics, such as:

· Accent Reduction · Grammar Specifics · Effective Writing · Cultural Etiquette· Useful Common Idioms· Sports-Related Expressions· Presentational Skills

Coffee and breakfast were provided in the mornings, which jump-started full days of learning and interaction. The classroom was a good size, tiered, and half-circle shaped, which facilitated interaction between instructor and students. Each student received personalized instruction especially on the accent reduction sections. They enjoyed the interaction and enthusiasm from our instructors.

Students were intrigued by the lessons covering sports-related expressions. They learned about phrases such as “the ball’s in one’s court” and when to appropriately use them. They also learned origins of idioms and common uses. For example, Winston Churchill coined the phrase “blood, sweat and tears” in his first speech as prime minister.

One of the favorite components of the seminar was when students could work together on group presentations. During this section, students were put into small groups and given a topic that needed to be applied to their various cultures. For example, one group had to present on common practices, regulations, and codes in high schools from their own cultures. Students were eager to learn about each other’s cultural practices and norms.

Students found the individual presentation section to be the most challenging yet rewarding experience. Unlike the group presentations, this section involved no preparation time. Each student was given a topic and then had to address the audience with a short presentation. Prior to the students’ performances, they reviewed presentational skills about both verbal and non-verbal communication. Impromptu presentations, although challenging, are common in both B-school classes and the work place. These kinds of presentation skills are essential for the field.

We work hard to ensure that students who seek to attend B-school can achieve their goals whether they wish to pursue their degree in their native country or travel aboard. This is why we offer TOEFL, Career Training, and Advanced English courses in addition to GMAT courses. We take pride in the positive feedback received from students and in our relationships with various highly regarded B-schools.

Today’s post is dedicated to US students looking to finance their MBA studies or non-US students looking for ways to fund a program of study in the US.  The process of finding aid, whether it be need or merit based, can be trying although not impossible for students everywhere. In the end, you will need to decide if financing a business education is a good investment for you.

Your Options

• Need-based Loans in the US

Both US and non-US students have the opportunity to apply for need-based loans. The process and loan providers are different for each group, however. One of the first places to look is a federal loan such as the Stafford loan, which has an 18,500 USD limit. The Stafford is available to US and non-US students but for the latter is more challenging: A non-US student must have a cosigner that is either a permanent resident or a US citizen. Some schools, such as MIT Sloan, will even commit themselves as a student’s cosigner.

The Stafford loan is a good first step because of the generally low interest rates associated with a federal loan vs. a private loan. In fact under a subsidized federal loan, the student pays no interest accrued while in school.

• Merit-based Scholarships

Research other opportunities that your MBA program of choice offers. Merit based scholarships are a possibility and should be researched despite the difficulty and competition associated with scholarships. In many cases, non-US applicants will be placed in the same pool as US students, which increases the competition. This should not be a deterrent because if a student is not granted the scholarship they may be put into an applicant pool for a different scholarship by the organization that will be granting them the aid.

• Alternatives

Many programs also offer Teaching Assistant positions or fellowships. Each school is different, so again, check with your programs of choice.

Some MBA program have impressive financing options. For example,Wharton has a daunting price tag at 40,000 USD per year, but students typically secure summer internships at where they can make between 10,000 and 40,000 USD. Wharton also allows the student, either US based or international, to borrow up to 130,000 USD with varying interest rates to finance the student’s education and living expenses for the two years that they will be studying. Thomas Caleel, director of MBA admissions and financial aid at Wharton describes the school as “need-blind.” Their admission is based on merit exclusively yet the school guarantees financing for any student.

• Special Opportunities for non-US students

For non-US students, the International Education Financial Aid website offers a robust database for research financial aid and scholarship opportunities. The Institute for International Education has a similar database. Additionally, one can investigate via the US State Department’s Bureau of Education and Cultural affairs program called Education USA. This program is a network that provides information on studying in the US and importantly, includes information of getting aid.

Summary

• Acquiring financial aid takes persistence, focus, and organization. Look at the website of the school you are interested in and get detailed information on the financial aid services they offer.
• Remember: First look into a federal loan, and then do research on private loans to receive more aid. If you are not based in the US and require financial aid, research opportunities listed in the sites above.
• Be organized in your debt management. If it is possible, go visit the school’s financial aid offices.
• Realize that an MBA is an investment. The average salary of a MBA holder after graduation is 88,600 USD per year. It is difficult to put a price tag on the friendships, knowledge, and networks you will develop in B-School. Is this an investment you want to make?

It’s a new year. There’s lots of opportunity to break out of the old boundaries and expand your circle of influence. Tips to Create Instant Chemistry

• Put yourself in the other person’s shoes and try to see things from their perspective
• Adopt a “What can I do for you?” mindset
• Be positive and enthusiastic
• Make them feel good about themselves

Networking with Phone CallsBy improving your telephone efficiency, you can turn phone calls into networking  opportunities. Simply treat business calls as if they were meetings. Set at least one clear and specific objective and list the steps to achieving it. Before you make the call, write down your main goal and key points you want to cover.Also, schedule your calls together. Making all your calls in a row will make you more productive. Most of us lose efficiency when flipping back and forth from one task to another. Some calls, of course, may have to be made separately, such as if they involve different time zones.Practice Makes Perfect Start  by calling the “least important” person. By the time you get to your most important calls, you’ll be pitch-perfect.Decide ahead of time whether you prefer to give a message, go to voice mail, or call back later

• If you leave a message, it must reflect confidence, clarity, and credibility
• Give your phone number twice, and repeat it slowly and distinctly so the recipient has a chance of getting it right without having to replay the message
• When you are connected with the person, always ask “Is this a good time for you?”
• If the person say they are busy, ask when would be a good time to schedule a call. Give them a choice of yeses (Monday or Tuesday?) rather than a yes or no choice (Are you free Monday?)

In ConversationOnce you are on the phone with the other person, listen to what they’re saying and to what’s going on in the background. If you hear the other line ring, ask them if they need to answer it, and assure them it’s all right with you.Paraphrase and make sure you understand what the other is saying throughout the conversation to ensure efficiency. Take a few seconds to recap whatever has been agree upon. This simple trick can save you from many misunderstandings.Answering Calls Greet callers courteously and identify yourself and your organization.To make caller feel special:

• Answer the call unemotionally and professionally

• As soon as the callers have identified themselves, let a smile flood your face and warmth pour out of your voice. If the caller is a complete stranger, just direct your enthusiasm to the subject of their call instead

Looking forward to all the connections in 2008!