Showing posts with label plan for MBA. Show all posts
Showing posts with label plan for MBA. Show all posts

Saturday, August 13, 2022

10 Years From Starting My MBA: Definitely worth it!

This goes out to anyone from the Philippines still finding my blog after more than a decade of it being up 😊

I started my MBA in August 2012, and graduated in May 2014. Let me just say that taking my MBA abroad led to opportunities that I never would have expected when I first started applying, and I am quite happy with where my journey has taken me.

A lot has already changed since I wrote most of these blog entries, so the information here is probably not as accurate or applicable anymore. But do know that there are people and resources available if you are interested in pursuing higher education outside the Philippines. Don't be afraid to ask questions (or even negotiate scholarships if it comes to it!), and don't be afraid to ask for help! There are others like me who have taken the path before you who could help you on your way.

Sunday, November 16, 2014

Stats on the MBA Class of 2014

The Complete 2014 Business School Ranking has been released, and can be found on this link. For the first time ever, Harvard is not part of the Top 5 and Duke is No. 1! (Also check out how they were ranked.)

It's interesting to see this snapshot of the graduate class I'm part of, courtesy of Bloomberg BusinessWeek. For those of you concerned with the money you have to shell out for your MBA, the ROI of the school could be something to look at.

And, no, I didn't get that $1M signing bonus.










Thursday, March 13, 2014

Don't even think of lying on your MBA application...

Or your MBA degree might just be taken away from you when you think you're this big and successful hotshot.

Don't be like this guy:
Stanford Takes Away an MBA Degree

Re that guy: changing grades on his law school transcript to make his parents happy? Really?! Give me a break. Begs the question of whether more stringent grading in American schools should be practiced so that students really put in the hard work of earning their grades, don't get misplaced confidence due to over-inflated A's and A-'s, and be used to the idea that not getting A's and A-'s is okay.

I tell you, it's too easy to get an A in the US educational system that grades don't really serve as a benchmark of academic performance anymore. A B in the MBA program is already something to be ashamed of. And that's, what, a 3 on a 4-point scale (which, on the Philippine university scale, is an 80 out of 100)? Whatever happened to C's, D's and F's?

Hah. Just wanted to say that first-year MBA students are intense when it comes to grades. Especially in the first semester of the program.

Tuesday, March 11, 2014

CEOs when they were MBA students

I was going through No Debt MBA's entries yesterday, and found a link to this interesting article.

Fortune 100 CEOs: When They Were MBA Students

And just like No Debt MBA, I found inspiration in Pepsi CEO Indra Nooyi:

Nooyi recalled how she was virtually broke in her first year as an MBA student. “Those were very tough times.,” she said.  “At the end of the month, if I saved $5. I thought I had died and gone to heaven. I was totally and complete broke. I had no money to buy clothes. Nothing. Absolutely nothing. I worked the front desk of Hadley Hall from midnight to 5 a.m. at $3.35 an hour, the minimum wage. That money was the grocery money for the week.”

I read a case on Indra Nooyi last quarter, and her story is a definite must-read. She chose the night shift because it paid an extra 50 cents an hour. She didn't have the money to buy a well-made suit so she bought one from a discount store, and wore orange snow boots to an interview (and got rejected). A professor advised her to wear a sari for the next interview (BCG), saying, "if they can't accept you in a sari, it's their loss, not yours." She got the job.

One quote of hers that strikes me: "I am so secure in myself, I don't have to be American to play in the corporate life."

(Reference: International management: managing across borders and cultures. H. Deresky. 8th ed.)


Sunday, December 8, 2013

Former child actress in Hult

Just found it interesting.

Meet former child wonder Serena Dalrymple

Hult's Master of International Business can be an alternative for those coming out of undergrad, with no or little previous work experience.

Saturday, November 23, 2013

Inspiration for Harvard MBA Aspirants

Reading across websites and came across this article. Here's a tip:

Get on LinkedIn, connect with these people and message them from there.

Who knows, they might actually respond. People based in the US use LinkedIn more, and use it better. But, please, no stalker-ish messages or even desperate pleas. Be professional.

Even if they don't respond, then you could also just look at their profiles and measure your chances. Though the author below encourages the reader to "Dream big," I think she should have been more judicious in choosing her interviewees. These people had histories that included Ateneo de Manila, Princeton, McKinsey or a large family business -- seriously, if you add the diversity factor, there's a pretty big chance already for them to get in.  Not to discourage you or anything, but I think the author of this article could have come up with a better intro. Or chosen a Pinoy in Harvard who had a less-distinguished background to support her "Dream big" mantra.

Maybe that future inspiration could be you.


Proudly Pinoy in Harvard


Dream big. If you think you're dreaming big enough, dream even bigger because you're young
IT'S NOT every day that we hear stories of Filipinos journeying halfway around the world into the ivy halls of one of the world's most prestigious schools and doing good there.

Here, three recent Harvard Business School MBA graduates share their experiences studying abroad, their hopes and dreams for the country, and how it was to be a Pinoy in Harvard.
Jennifer Anne Kelly

Describe the Harvard campus.

The campus itself is stunning, and its location by the Charles River is beautiful. It?s all you can ever wish for. The library is amazing, so is the student housing. The classroom is really conducive and my favorite part is the faculty. They?re absolutely wonderful; their ability to facilitate discussions in class and their openness and willingness to talk to students who want to pop by their office to ask questions. You can go in there and talk about life; what you want in life, what inspires you.

How's the Filipino community there?

We have a very tight community and we make sure we?re in touch with a broader community like those from Harvard College, Law School, Kennedy School, etc., to make sure that all the Filipinos gather together several times a year. We either cook or order Filipino food, which is the best thing because you miss Filipino cuisine after awhile.

When Ondoy struck the Filipino community in Harvard really worked together to raise funds for the victims. We were part of the student calamity fundraising project which was able to raise $35,000 for the victims. It was really inspiring how engaged Filipino students are even abroad. You can see how much passion they have about the country.

How's your academic load? What do you do to unwind?

The coursework requires reading a lot of books, but for leisure we love to travel. Our group of Filipinos and also the South East Asian group have gone to Europe, south of France, Miami, Jamaica, Argentina. The best part of school is having free time, about a couple of days to a week off, and having a group of friends that are all happy to explore the world.

What does it take for someone to survive in this highly competitive environment?


It takes a lot of discipline, not just in your studies, but in learning both within and outside the classroom. Fifty percent of your grade is participation, so you have to be on all the time. You need confidence to convince people about your ideas. It's very useful in real life. The entire class is composed of 900 students, and we're divided into 10 sections. Harvard made sure each class is a cross section of various viewpoints, so there's someone in the group for finance, an engineer, etc., such that we can learn something new every day.

What is your advice for the Filipino youth?


Dream big. Dream as big as you can ever dream of. If you think you're dreaming big enough, dream even bigger because you're young and there are so many opportunities, and the world is in the palm of your hands. Don't let anything stop you.

Oliver Segovia

Why did you decide to go to Graduate School?

During my undergraduate years, I had 3 career paths in mind: consulting, private equity and real estate. Coming out of the Ateneo taught me about liberal arts, how to think about world, and a good appreciation of how the world works. I was always passionate about real estate growing up because it?s the family business, and also because there are only a few industries that affect people in a fundamental way.

I saw the MBA as a way of learning more about those passions, getting the skills I need to succeed in that field, and knowing people who work in those industries.

Business is a very relational social endeavor. You have to know different people, learn from different perspectives, so I applied.

How was the application process?

I submitted a resume along with essays, letters of recommendation from employer or from people who know me well, and I had an interview. The toughest part for me was the essays, because you are given limited space and a loaded question to answer. On the surface, the questions (i.e., describe your three greatest achievements in 600 words) seem simple but it's pretty hard to answer because it takes a lot of introspection.

Harvard wasn't looking for people who can easily talk about how great they are or how smart they are or how much they've already achieved, because there's a lot more people like that. But to dig really deep and figure out what really motivates you, what's your purpose in life; having that level of self-awareness to be able to talk candidly and get some lessons out of that was pretty challenging.

Now that you've graduated, what are your plans?

I'm writing a book, which started out as a project in school for the next few months. It?s about leadership and the future of business education which will be published by the Harvard Business School Press. I am planning on pursuing a full-time career in real estate.

How can you help the country given your background and training?

We had a case in a class on political economy, where we had to study the Philippines as a country and about our 10 million overseas Filipino workers and their remittances. Telling them about the OFW story was fascinating and also unbelievable for them, because they could not imagine the number of broken families there are because so many were forced to work abroad.

Perhaps, by telling the world more about the Philippines, more people would want to invest here, go as tourists and study what we've achieved. Also, by learning as much as I can from the best real estate firms, the best countries that are known for their real estate practices, the level of professionalization in those industries and by adapting it back home, I can put them all in the book.

I say to the youth, keep on learning because if there's anything I've learned, it's that I don't know anything yet. It's a very humbling experience but Harvard Business School taught me how to learn. That's the skill of being very open, being hungry for information, hungry to learn from people, places, companies, etc., in a systematic and structured way; and finally, of being able to help other people learn as well.

Paolo Campos III

How do you find studying in Harvard?

I was an undergrad in Princeton before enrolling at the Harvard MBA program, so I had a foretaste of what to expect since I had to do a lot of adjusting being the only Pinoy at Princeton at that time. Studying abroad and virtually on my own forced me outside of my comfort zone, which allowed me to grow as a person. It heightened my sense of being a Filipino, and the experience convinced me to come home and reinforce the fact that this is my country. I do have a responsibility to do what I can to make things better.

What were the difficulties you encountered?

There's definitely being home sick (sic) and missing my family and friends. As much as I was able to learn from other people from elsewhere, at the end of the day you?re all alone at home. That was the challenge, having to live independently without your security blanket.

But it was also very fulfilling to meet such amazing people from all over the world. [School was] very tough academically, but Filipinos are very well equipped to be very competitive in an academic setting. We are a very global people; generally speaking, we have a variety of cultural influences as a nation. Filipinos can hold their own academically or otherwise, despite the challenges.

Who is your favorite world leader?

Barack Obama. We were there when he got elected, we had just started school. I think he's coming up against the challenges of a chief executive. He was a masterful campaigner, and really got people to rally around his vision. Words are one thing, actions are another but just being in the States I really saw a shift from people being apolitical and not caring about politics during the Bush years, and then Obama came along and people started to care-whether for him or against him.

President Noynoy Aquino is a transformative figure in the same mould as Obama, and he got people to rally around his vision, too. The challenge for him now, like Obama, is to make the shift from the candidate of hope to being an effective administrator.

If you were to send P-Noy a message, what would it be?

Focus on the private sector to be the engine of growth. Fulfill your promise to stamp out corruption. Because it inhibits investments when there's a lot of red tape. As a foreign or local investor, you won't have much confidence in the government that allows graft to flourish.

Also, look for ways to expand public-private partnerships. That's the way to go. Take advantage of the renewed interest in the Philippines because as fiscally constrained as we are on the government side of things, there's just so much potential from the private sector to really play the role.

Also, we need to leverage OFW/ Filipinos overseas because they have so much skillm (sic) and by encouraging them to come home and set up businesses here, we can turn that into a positive force for change in the country.

What advice can you give to the youth?

Believe that the world is your oyster. You're only limited by how expansive your thinking is, how expansive your hopes and dreams are. Have a goal that you really believe in, and everything comes from that. Talk to people with the same career path, learn from those who've come before you. Don't be afraid to pursue that idea which will change the world. When you do that, everything else will fall into place.

Don't get discouraged by the fact that schools in the US are very expensive. Look for full scholarships, because for those that can qualify and may lack the means, they give out grants.

Friday, August 23, 2013

What (MBA) Grad Schools Won't Tell You

So I found a recent article on this topic on Yahoo! Finance, and thought that some of the points raised will be useful to you guys. I'll mention those with corresponding comments.

(For the full article, please click here.)

Expect empty seats, but you'll still be competing with the whole world to get in.

Now, this article is addressed to Americans, and states that fewer Americans are going to grad school. International students take the place of domestic students, but there have been reports that even international student enrollment - especially in MBA courses - is declining.

According to a BusinessWeek article, this could be attributed to better local educational options (such as the universities in India), currency exchange rates, and visa issues, among others.

So, if you're interested in applying to the US, there seems to be a lot less competition these days.

Grades alone won't get you in.

Work experience matters. A lot.

Sure, you can graduate at the top of your class from the Ateneo and jump straight to grad school, but if you want to apply for jobs in corporate America, they'll be wondering what you can bring to the table. Also, you'll be overwhelmed with all the class discussions where everyone else is mentioning how this or that happened at their previous job. And what can you say to that?

If you've had any volunteer experience that could be construed as work experience of some sort, then better mention it in your application.

Our second-tier status may hamper your career -- and your pay.

I liked how the article put it:

"People considering graduate school who don’t want to attend or can’t get into or afford a brand-name school should look for schools with notable alumni in their industry, says Bardaro. Such alumni might bring cachet to a school that isn’t necessarily Ivy League, says Bardaro. And if the program has a strong track record of placing people in a certain industry, that could also boost the student’s chances of finding a well-paying job, she says."

It's the power of the (alumni) network.

That said, consider location. If you want a job in California after graduation, better look at schools in - or close to - California. Not saying that you can't get a job there if you go to Harvard or Darden, but the proximity just makes it easier come recruitment season.


It isn't our job to get you a job...

I think that's pretty clear enough.

Your coaches can give you as much advice as they think you need, but everything is still up to you. Don't blame your coach if you make the wrong decision with regards to the internship or full-time job you ended up with. Don't lay all the blame on career services if you couldn't find an internship or job. Hey, if you see red flags in the performance of your school's career office, then act accordingly. Be responsible for your decisions. Be responsible for your actions. (e.g. If landing a job in investment banking is that important to you, why didn't you choose a school that could help you do that?)

...And we fudge the stats on students who get jobs.

Ah, yes. This was pretty annoying to me too.

When you get into an MBA program, and it's peak recruiting season, you would see how many of your class would apply to just about any opening, as long as you get one. It's a symptom of despair and mounting panic.

So, yes, just keep in mind that when you look at stats - especially international student stats - those people might have just taken that internship or job because it was the best one available. For instance, I had a Chinese classmate who previously worked in GE Supply Chain, wanted to shift into Corporate Finance and had even taken CFA certification exams. He interned in Google. Google Supply Chain. Was that a bad decision? (Hello, it's Google.) He still wants to shift into a finance position, so I'll let you know what happens.

That's a clear example on the value of work experience, by the way. If all else fails, that's all you have to fall back on.


UPDATE (July 1, 2014): So what happened to my classmate who interned in Google? Google kept him hanging all throughout the year. They said he was in line for receiving an offer, and he never got a formal rejection notice from them. Yep, that sucks. He ended up interning for a VC firm after graduation, and accepting an offer for a supply-chain role with a manufacturing company. So... I guess he's still keeping the Finance dream alive?






Reference:

Friday, June 28, 2013

Negotiate your MBA offer!!!!

I cannot stress that enough.

I wish someone told me that back when I was considering accepting my offer. I mean, there's nothing to lose, right? If your school gives you that offer letter, along with the partial fellowship amount, and you really, really need breathing room, then ask for a higher offer. (I'm telling you right now that if you'll be asking for a full ride, you'll be rejected. Dream on, dude!)

But you can ask for $5k more. And maybe get $3k more. Something like that.

It doesn't hurt to ask.

It also doesn't hurt to say that you're considering this other school who gave you a better offer. 

Of course, state the reason why you're asking for the higher amount. And thank them, even if they cannot give you a raise. Hopefully, you're being honest -- and not just duping the school (and a more deserving classmate) of fellowship money.

Why I am giving this advice? Because I had a classmate who bragged about how he was able to raise his fellowship amount this way. I, on the other hand, was too giddy about landing the fellowship that I didn't bother to ask for more.

Thursday, March 7, 2013

Top B-Schools for Scholarships

In case you missed it, here's the link to Bloomberg BusinessWeek's MBA rankings on scholarships:

Top B-Schools for Scholarships

As you probably know by now, when business schools tell you about their financial aid package, they don't necessarily mean free money. Loans usually form a large part of the (if not the entire) financial aid package. But the above link lists top schools that dole out fellowships and scholarships to their students.

A shortlist:
1. University of Notre Dame - Mendoza
2. Indiana University - Kelley
3. Stanford
4. Harvard
5. Cornell
6. UNC Chapel Hill - Kenan-Flagler
7. University of Virginia - Darden
8. UCLA - Anderson
9. University of Michigan - Ross 
10. MIT

In the University of Notre Dame, 65% of students receive scholarships, with an average amount of  $25K. That's a really good deal, considering that it covers nearly 60% of the tuition fee.

Saturday, September 1, 2012

Which MBA? Online Fair on September 5th-6th

Register at the below link and get a chance to win an iPad when you "visit" 5 or more schools!

http://registermbafair.whichmba.com/


You could win a FREE iPad* when you log in and visit 5 or more schools.
 Which MBA? Online Fair

Participating schools include:

North America
Alliant International UniversityBabson CollegeClarkson University School of BusinessGraves School of Business and Management - Morgan StateHult International Business School ILLINOIS MBA at Urbana-Champaign (UIUC)Isenberg School of Management, University of Massachusetts, AmherstThe University of TampaUniversity of California RiversideUniversity of Denver, Daniels College of Business University of North CarolinaUniversity of Oregon Lundquist College of Business University of Southern CaliforniaUniversity of WashingtonUVA Darden School of Business Virginia Tech MBAW. P. Carey School of Business - Arizona State UniversityXavier University
 Europe Aston Business SchoolAudencia Nantes School of ManagementBirmingham Business SchoolBusiness School Netherlands
Copenhagen Business School
Leeds Business SchoolMIP Politecnico di MilanoMoscow School of Management SKOLKOVOUniversity of East Anglia
Australia
Australian Graduate School of Management
Melbourne Business School
Asia / Middle East
Chinese University of Hong Kong
Tel Aviv University, Sofaer International MBA

Tuesday, May 29, 2012

Five Years to B-School

I've been an avid BusinessWeek reader ever since I started researching on b-schools for my MBA. I've found BusinessWeek to be a great resource for MBA information on schools, rankings, career prospects, the admission process, etc. There are really interesting features every now and then, among them the MBA Journal, which chronicles the MBA journey of a few students from admission to graduation, and the Five Years to B-School series, which I've found very useful when I started planning for my MBA. This is a general guide on what you should have "in the bag" when applying to schools.

Of course, when I read this years ago, I didn't expect to spend five years doing exactly what's written in the guide. I just used this guide to measure myself -- my accomplishments, my to-do's -- to help me decide whether I was ready for the grueling application process. I had intended to apply after two years at my first job, and this guide was one of the factors that convinced me that later on would be a better time to apply. Reflecting on what I've accomplished and how I've grown while waiting, I was really glad that I did.

The Five Years to B-School Series:

The First Year
The Second Year
The Third Year
The Fourth Year
The Fifth Year



Note: I have not been paid by BusinessWeek to write this entry. I wish I was.

Saturday, May 12, 2012

USA Study Guide

I found a site that gives a great overview on studying in the US:

STUDY IN THE USA

It has state guides, links to financial aid sources, a suggested application guide and pages on "The USA Way of Life," which are useful if you're an international student. (I found the videos on Culture Shock really interesting.) Just keep in mind that the advice offered here applies to undergrad and graduate students.

Thursday, May 10, 2012

Getting a US Study Visa

Preparing the study visa application is a pretty easy thing to accomplish, but what with work and procrastination, it took me nearly two weeks.

A study visa falls under the category of non-immigrant visas so this procedure applies:
PROCEDURE FOR NON-IMMIGRANT US VISAS

Once you receive the I-20 from your school, you have to pay the visa fee (see my post on payment thru BPI), fill in the online DS-160 form, prepare your pictures and pay the SEVIS fee before you can schedule your interview. Visa payments are valid for a year so you can do this ahead of time, along with the pictures. You also have to upload a copy of your picture on the online form -- I highly recommend you to use the photo tool available on the DS-160 website so that you are assured that the photo you're uploading will be accepted by the system.

These links were pretty useful for the parts of the DS-160 form that I found confusing:
GUIDE FOR FILLING DS-160 FORM
AVOIDING DS-160 PITFALLS


I had noticed that the embassy procedure emphasizes that applications should state the Mother's Complete Maiden Name but the DS-160 form merely asks for the Mother's Complete Name. I was confused by this so I called up the Embassy to ask. The rep who answered my inquiry told me to just answer the form directly (!!!) -- if it wasn't asking for my mother's maiden name, I can just use her "married" surname.

For the SEVIS, you just have to fill in the online I-901 form and pay the SEVIS fee ($200). You can pay via credit card; just print out the online receipt to bring on the day of your visa interview. This is the link to the SEVIS Main Page:

SEVIS MAIN PAGE

After this, you will then be ready to schedule your visa interview. I had finished my online application last April 26 (I think) and the earliest slot available was on May 3. I had dreaded that there would be a long wait before I'd have my interview, but it wasn't actually a problem. I guess they have a number of slots specially reserved for study visa applicants on each day. I went the online route to schedule my visa interview (way easier than via phone).

========================================================

On the day of my interview, I arrived two hours earlier than my appointment. The interview location is actually at the US Embassy Annex, which is located by the footbridge near the UN Avenue-Roxas Boulevard intersection. Bring fans, umbrellas, a black ballpen, and a book to help you pass the time. Cellphones and other electronic devices aren't allowed inside.

Look for a guard and ask him what batch of applicants are already being asked to line up. (The batch refers to the time of appointment -- eg. 8:30, 9:00, etc.) Those whose batch has been called will already be in orderly lines in the grassy area in front of the annex. The embassy personnel will then check your passport and DS-160 confirmation form, and will review the list of applicants scheduled for that batch to see whether your name is there. They will give you a pink piece of paper that you have to fill in. Then, your batch will go through a security check and go to a counter where you will be assigned individual numbers. After this, the waiting begins.

Once your number is called (by a greeter shouting out batches of numbers), you enter the building proper, go through another security check and fall in line for a preliminary review. After this, you will have to wait for your number to be flashed on the board before you undergo the fingerprint-capture. After yet another wait, your number will again be flashed on the board to direct you to the window of the consular officer who'll be interviewing you. What could make the waiting time quite long is the fact that the numbers flashed on the board are in no particular order. (The "randomness" occurs within a group of around 30-40 consecutive numbers -- from what I observed -- so you can somehow estimate how long you still have to wait.)

My interview was pretty quick (less than 5 minutes, I think). What I didn't bring to the interview that the consul asked for? My undergrad transcripts. The consular officer didn't even check my financial documents.

All in all, I took 2.5 hours to finish the application process. I heard a greeter tell an applicant that the passport will be delivered in 3-5 days. I haven't received mine yet; hopefully, it's on its way.


NOTE: Even if your visa is granted, it does not guarantee your entry into the US. This is ultimately up to the INS [The immigration and Naturalization service]. It is also the job of the INS to determine how long you may remain in the United States.

At the US port of entry, an INS official validates Form I-94 (Record of Arrival-Departure), which states the length of stay permitted. This will be a small white card issued by the INS upon your entry to the U.S. The form I-94 is your permit to stay in the U.S.

Saturday, April 21, 2012

For Filipinos: A Rundown of MBA Expenses Before Arriving on Campus

I keep a rundown of the MBA-related expenses I've had so far. If someone were to ask me how much he/she would have to budget for MBA applications to five US schools, I'd give the following estimates:

Php 5,000 = TOEFL and GMAT reviewers (around 3)
       8,000 = TOEFL (with 4 score reports)
          750 = additional TOEFL score report
      11,000 = GMAT (with 5 score reports)
      50,000 = application fees (five US schools, around $230/app.)
 Note: At this time of writing, ultra-elite schools charge as much as $265 for an MBA application. But there are still reputable, highly-ranked US schools out there that charge less than $200.

The total would be Php74,750.00 (dollar exchange rate in the Php43 range).

This total assumes that you don't avail of GMAT reviewer courses from Kaplan, etc, nor receive any exam waiver. It assumes that you are satisfied with the 3 reviewers you've picked. It also assumes that you don't change your mind about schools mid-way during the application process, 'coz if you do, then that entails additional TOEFL and GMAT score reports (Php 750 and Php 1200, respectively). This estimate assumes that you are satisfied with your test scores and wouldn't need any retakes. It also assumes that the schools you've applied to don't require any hardcopy documents from you prior to admission.

Some schools provide waivers, of course, but don't pin your hopes on that. From last I heard (March this year), the PAEF office has no budget yet for opportunity grants. So, you're on your own.


==============================================================


Once you've been accepted to a school, you would need to pay a confirmation fee to save your seat. You are typically given a month to decide whether or not to pay the fee. High-ranked schools usually charge $1,000 - $2,000 for this. So that's:

  Php 43,000 = confirmation fee for a high-ranked school (dollar exchange rate in the Php43 range)

Running total: Php117,750.00

Applicants usually submit all their school applications in one round (Round 1/Round 2/Round 3) because submitting your applications in different rounds could end up very expensive as you save seats in different schools. Getting offers from all the schools you've applied to is a very nice problem to have, but it's definitely wise to have an idea of what the deciding factor will be in such a case (eg. fellowships, location, etc).

===============================================================
 
Filipinos have to apply for an F1 study visa from the US embassy. You need an I-20 form from the schooland financial documents to prove that you have enough money for the entire course of study. In my case, I had my bank issue bank certificates and asked my financial sponsor to sign a guarantee letter. 

   Php 200 = notary public (for the sponsor guarantee letter)
          200 = bank certificates for 2 accounts
          1,300 = delivery of financial documents to my school via LBC
         
 Running total: Php119,450.00

===============================================================

Once you receive the I-20 form, you can now apply for the study visa. Before anything else, you have to pay the visa application fee, which you can do once you receive your acceptance letter. (Visa application payments are valid for one year.) As a student, you also have to pay the SEVIS fee (Student and Exchange Visitor Information System managed by the US Department of Homeland Security).

Php 6,880 = visa application fee
        9,000 = SEVIS fee
         

 Running total: Php135,280.00


So far, those are the expenses on my list. I still have to book a flight to my school and pay orientation fees. I hope this gives you an idea (in Philippine pesos) of how much to prepare in case you plan to take your MBA in the US. I hope this didn't make your blood pressure rise in shock. (I paid for all of these on my own, but I prepared years for this.)

Wow, a pretty long post! Any questions? Just email or reply in the comments below.

Monday, April 16, 2012

US Study Visa Payment via BPI

I finally got the I-20 from my school over the weekend, and I went to BPI this morning to pay the visa application fee. For those of you who will be paying for the visa using the BPI option, don't forget to bring your passport to BPI! As of today (April 16, 2012), the fee for non-immigrant visas is Php 6880.

For the benefit of people like me who don't have BPI accounts: you go to one of the kiosks in any BPI branch, and punch in an entry for the US visa payment. You have to choose the visa category you want to pay for (non-immigrant, immigrant, etc) and type in your passport number. Then you just have to wait for your turn and pay the corresponding fee.



EDIT: Ahh, the US embassy has increased its non-immigrant visa app fees last April 13, 2012! The non-immigrant visa fee is now $160. BPI actually charged me at an exchange rate of Php 43: $1 so --- I'm really sorry for the previous statements, BPI. Thank you very much for this easy payment service.

Thursday, April 5, 2012

Have you taken your GMAT?

If not, then there are less than three weeks left for Beat the GMAT's 2012 scholarships! Why not take a shot at it?

There will be six winners -- each winner will receive One GMAT Course + One Admissions Consulting Package + $250 GMAT Voucher! This is open to international applicants, so Filipino MBA applicants -- give it a try! I have to say, this is something that will definitely help you in the very crucial stage of MBA applications.

Just look at the full list of prizes:

GMAT Courses

Admissions Consulting Packages

How Beat the GMAT will distribute prizes
There is only one GMAT course and one Admissions Consulting package available from each company listed above. In your application, you will be asked to rank in order the courses you wish to attend and the consulting packages you are interested in.

The first-place winner will win his/her top preference GMAT course from the total pool of six packages available; next, the second-place winner will win his/her top preference based on the remaining pool of five course packages; next, the third-place winner will win his/her top preference based on the remaining pool of four packages; and so forth. The same process applies for the consulting packages: the first-place winner will receive his/her top choice; next, the second-place winner will receive his/her top choice of the remaining five consulting packages; and so on.

Friday, March 30, 2012

Financial Docs? Check!

Okay, now I can breathe a little bit easier. I've just sent off my financial docs to my school for the I-20 form. The I-20 form is required for those of us getting an F-1 study visa.

What my packet contained:
1.Proof of financial documentation form from my school
- There's a table in this form that outlines the sources of my tuition and living expenses for the years I'll be studying. Sources as in scholarships, external grants, personal savings, etc. I was so happy to note that the fellowship I got slashes the funds I needed to come up with by half.

2. Bank certificate on my personal savings account
- Ok, I won't pretend here. When I read that I had to provide an official statement from my bank, I thought it meant bank statement. Well, what do you know, it doesn't. An official statement on the bank's stationery translates to a bank certificate, with the bank letterhead and logo. I got mine from BDO, where a bank certificate costs a cool Php 100. For a piece of paper? Yes. It's an official piece of paper, after all. Good thing that copies/reprints of the bank certificate, that are also on bank stationery, are free.
 - Oh -- and for those who want to borrow money to pad their accounts? I advise you to place that money there at least two days before you request for a bank certificate. The bank certificate I got considered my balance from the day before.

3. Bank certificate from my guarantor 
- I have my parents to thank for their amazing network, which contains quite a few potential guarantors. I'm a very lucky, lucky girl indeed to have someone act as my guarantor for a year's worth of expenses. (I'm a 75%-tuition scholar, by the way.) Anyway, schools need this from your parents/sponsor as proof that they have the money to back you up in school.

4. Notarized sponsorship letter
- My school originally said that they needed the sponsor to include the amount of funds he/she was going to make available to me. When I was able to persuade my sponsor to place the amount and the letter was notarized, the school then said that they would accept letters without a specific amount. Why is this such a big deal? Because notarizing that letter would mean that someone else knows that this specific person lives in this specific address and can afford to give this specific amount of money. Who knows what can happen if that piece of paper falls in the wrong hands? I shudder to think of that. I sure pray that nothing bad would happen to my sponsor for helping me. I hope the notary didn't read the letter at all.


I sent the packet off by LBC. According to LBC, it will get to its destination in 3-4 working days. I hope it arrives earlier since it cost me Php 1270. For a measly envelope with four pieces of paper inside.

-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-

I can't stress this enough, but it's really, really, really wise not to depend too much on scholarships or loans. When I told a PAEF adviser that I was considering getting a loan, she almost had a hard attack. Kidding. She was all, "No, No, NO, don't get a loan" that she was practically saying that I shouldn't study in the US if I would rely on loans. Quite a pessimist, but I guess she's met a lot of Filipinos who are too optimistic in terms of school and work prospects in the US. I didn't like her though. But she forced me to think of ways to come up with the money (and scared me off the elite, too-expensive schools in the process).

I think it would have been better if she gave other, more viable options like -- if you lack a (relatively) small amount of money that you think you'd find easy to pay off in the future -- $15K maybe -- you could consider loaning from other people, not lending companies. You could borrow from relatives, friends, classmates or even alumni who are based in the US. As I write this, I know of a school with a lending program funded by alumni, which I think is a genius idea. Of course, this is a good idea if you are a trustworthy, reliable person yourself who wouldn't dream of duping a relative/friend/classmate/schoolmate.

Or, you could probably get a personal or multi-purpose loan in the Philippines (I am relying on the assumption that the interest rates over here are lower) and find a way to send the money to the US. In India, they have a lot of banks and lending companies offering educational loans to graduate students. Here, I can't think of any with attractive terms.

Those are just two crazy ideas I've come up with on my own. It might not work, but it's at least a creative exercise. It's hard to rely on someone offering you free money out of the blue. Maybe you'll come up with another idea. If you do, please share in the comments below.

Sunday, January 29, 2012

On Financial Documentation

There are schools who ask you to submit financial documentation as part of your application. This is something that you have to prepare anyway when applying for a study visa, so it helps to start early.

You have to know first how much the first year of your studies will cost you -- tuition, fees and living expenses. Schools usually have an estimate of these already so you can ask them or check out the schools' websites. You have to follow the estimate; the school or the US embassy doesn't care if you'll be spending less on housing or personal expenses when you get there. You just have to show that you have funds available to cover your stay there, regardless of your actual expenses. Employment - even part-time employment - should not be viewed as a means of support; after all, you'll be spending most of your time as a student!

(Taken from Indiana University, Bloomington)
All documentation should be less than 12 months old from the time you intend to enroll.
Acceptable evidence of financial support
  • Bank statements indicating required currency amount in liquid asset form (cash deposits, certificates of deposit, savings accounts)
  • Investment statements indicating liquid assets
  • Scholarship letters
  • Lines of credit
  • Governmental funding
Unacceptable financial documents
  • Chartered accountant statements
  • Payroll reports/expected income
  • Tax statements
  • Property assessments
  • Statements regarding property, jewelry, cars and other non-liquid assets
  • Credit cards
  • Bank statements lacking currency amounts
  • Insurance policies
  • Other statements of non-liquid assets



Some schools ask for financial documentation before making an admission decision. Some schools ask for this once they've admitted you. So even if you are banking on a school fellowship to absorb most of your expenses, it's still wise to have enough cash, stocks and liquid assets at hand in case the school you want to get into falls in the first category. Schools usually give fellowship announcements along with the acceptance letter.

EDIT:
The financial documentation stated here doesn't apply to all schools. There are a LOT of schools that only accept bank statements. These bank statements should typically be in US $ currency.

Suspense!

By now, most applicants to the Fall 2012 batch have already submitted their applications and are just waiting for their interviews and/or results. The US schools typically have one last round for would-be applicants, but some say that grants and fellowships are not as available as in the earlier rounds. From what I know, the availability of fellowships on the final round depends on the school. There are schools that offer rolling admissions (you can apply throughout the year) so those who suddenly decide to pursue an MBA need not move heaven and earth just to apply now. Anyway, my best advice would be for you to apply when you're ready. If time is not a pressing matter, then it is probably best to prepare your application for Fall 2013 (ie. study for GMAT; take the TOEFL; save, save and save money, etc.).

Wednesday, November 23, 2011

Hult Master Class in Manila

I wonder whether you've already heard of Hult International Business School. This is one of a few US schools offering a one-year MBA regardless of your undergraduate course. (Most top-ranked one-year courses require a business undergrad degree.) I had considered applying here before because I have a friend who graduated from Hult's MBA and, hey, who doesn't want to have only 1 year of MBA expenses? Hult has top-notch faculty -- that much I can say. The teachers also teach at top-ranked schools such as Harvard and Insead, and, as Hult's website claims, "80% have real-world experience."

Anyway, I received the following invite from Hult yesterday. I honestly think that this is a very good chance to know what transpires during an MBA class. Since there are very few top schools who offer a chance to sit-in and attend a "sample class" in Manila, I suggest those of you out there who are thinking of taking an MBA grab this chance. As for me, I might go if my work schedule permits me.

Experience Hult in Asia
Master Classes. Alumni Network. Admissions Advice.
We are pleased to invite you to attend a Hult International Business School Experience session on our Experience Hult tour in Asia this year.

This is your chance to mingle with Alumni who will be attending the Master Class, immerse yourself in a Master Class just the way you would at Hult, and to network with your peers.
  • Experience Hult in Beijing, Seoul, Tokyo and Taipei presents a Master Class with Professor Merywn Strate . He is the Associate Dean for Academics in Dubai as well as the Professor of Management at Hult International Business School. Professor Strate brings over 20 years of experience covering many top management positiosn, including being the Financial Controller for Goodyear PLC.
  • Experience Hult in Manila, Jakarta and Bangkok presents a Master Class with Professor Julie Yao Cooper . She holds an MBA from Harvard Business School, has studied piano at the Juilliard School of Music, and speaks fluent Mandarin. She brings over 20 years of consulting experience with American Express, BBDO, Merck and now teaches marketing, consulting, case methodology and quantitative methods at Hult International Business School.
Our Admissions Directors will also be available to inform you about our programs, admission requirements and upcoming scholarship opportunities for international students. We value your attendance but if you are unable to make the Experience Hult session, we would be delighted to organize an individual meeting with you upon your request.

Please see below to RSVP for an Experience Hult Session in your city or go here to request an individual meeting

 

This, by the way, is the Manila schedule (gosh, they can't spell Philippines right):
Saturday

December 3, 2011
2:00pm to 6:00pm
Manila

Philippines
New World Makati City

Esperanza Street corner Makati Ave, Ayala Center Makati City, 1228 Philipines

RSVP at this link.