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.

What Business School Does for Your Career 

By Jonathan Rodkin and Francesca Levy November 11, 2014
(Actual infographic can be found on the title link above.) 

Graduated, started a job, now crossing fingers for an H1B

So -- this is it.

Been working for a couple of weeks now after a melange of events that included graduation, out-of-state vacation trips with my parents and my boyfriend, relocation to another state, and lots and lots of packing. I cannot emphasize enough how stressful packing and unpacking can be -- I've been in two temporary apartments in two weeks, and it's really, really awful.

How can Americans be okay with this nomadic lifestyle?! I'm just not used to it.

I've received my first paycheck, and I still have to find a long-term apartment, buy my own car and start another checking account. Depending so much on checks (to purchase a car, to pay apartment deposits) is another thing to get used to.

I'm really proud and happy that I've finished my MBA in flying colors - academic honors, no debt, some extra money after all the vacation expenses. I spent a little more than Php2.5M of my own money; the fellowship plus the money I earned from my internship and my part-time job took care of the rest of my expenses.

I'm a living testament that, yes, it is possible to get your MBA abroad without incurring debt or relying on your family for financial support. Of course, there was a pretty steep price for me to pay - and it started way before I set foot in America, from my very first paycheck.

Now, I'm ready to move on to the next stage. Hopefully, this time next year, I'll have the good news of having an approved H1B work visa. And from there -- who knows?


Thank you very much for supporting my blog and reading my posts. I'm signing off for now,  but will be available to answer questions. Just shoot them at my email pinaymba <at> gmail <dot> com. Thank you once again, and good luck to all Filipino MBA applicants!

QS News: MBA Scholarships for Women

Here is the link to the actual article: QS Top MBA - MBA Scholarships for Women
If you go to that site, you'll be able to find links to other scholarships available (and not just for women).

If you'd rather not click to the site, below is the article in full.

Words of advice: For women, do check out the list of schools where Forté Foundation funding is available. These are grants that are exclusively available to women. I got one of these myself, though I'm not exactly sure how my school allocates them - the donor I wrote my thank-you letter to was not the Forté Foundation.


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The disproportionately small number of women in leadership roles globally is one of the major challenges for the world’s top business schools, given their essential role in producing the world’s future leaders. However, boardroom imbalance is reflected in business school cohorts, with the vast majority of the world’s business schools still a long way from achieving a 50/50 balance.

Many top schools are moving to address the issue. One key way of doing this is through the provision of merit-based MBA scholarships for women, to encourage exceptional female candidates to enroll on MBA programs and gain the leadership skills they need to advance in the world of business.
This is by no means a comprehensive list of schools offering MBA scholarships for women – indeed, it is only intended to serve a snapshot. Check school websites for details of what MBA scholarships for women are available at schools in which you are interested (see a full list of schools at which Forté Foundation funding is available).

The following schools offer need and/or merit-based scholarships to all or specific demographics of candidates that are open to male and female candidates which may also be appropriate to your needs. The following list looks only at scholarships available exclusively to women.
 
North America

Chicago Booth

At Chicago Booth a number of MBA scholarships for women are on offer: Herman Family Fellowships are intended to encourage female entrepreneurship (US$50,000), the India Trust Fellowship (two awards of US$10,000) is open to candidates living and working in India at the time of admission and Wallman Fellowships are aimed particularly at female candidates from underrepresented minority groups (full tuition for two years). Forté Foundation Fellowships are also available to female students of Chicago Booth.

Thunderbird School of Global Management

The Thunderbird School of Global Management's Women in Leadership Scholarship offers US$5,000 to female candidates.

Yale School of Management

As well as participating on the Forté Fellows program, female students of ‘particular promise’ at the Yale School of Management are eligible for the Janet "Ginger" Gelb Scholarship.

Europe

London Business School

London Business School offers a number of merit-based MBA scholarships for women. All successful female applicants are automatically considered for the London Business School Women's Scholarship (first-year fee), the Carlsson Family Scholarship (£20,000), and Forté Foundation Fellowships (two awards of £20,000). UK residents or nationals are automatically considered for the Lloyds Scholars MBA Scholarship for Women (four awards of £30,000) and may apply for the Celia Atkin Avent Scholarship (first-year fee).

INSEAD

INSEAD states a commitment to a world where 50% of managers are female. Accordingly a number MBA scholarships for women are available at the prestigious school: INSEAD Alumni Fund Women's Scholarships (up to €15,000), Forté Foundation Fellowships (two awards of €15,000), Groupe Galeries Lafayette Endowed Scholarships for Women (€10,000 with preference to those from regions in which the Groupe Galeries Lafayette operates or will operate), and Judith Connelly Delouvrier Endowed Scholarships (up to US$15,000). Scholarships are generally open to candidates at all INSEAD campuses. Candidates win the awards by writing set short essays.

Asia
Many top Asian schools have scholarships to promote female leadership. These include the Women Leadership Scholarship at CEIBS, the Scholarship for Women with Impact at HKUST (up to five merit-based awards for 25% of tuition), the Women-In-Business Scholarship at NUS.

QS Scholarships
QS also offers a number of scholarships, both independently as part of its business mission and in conjunction with top schools around the world. Two schools offer MBA scholarships for women through TopMBA.com:

EDHEC Business School

The EDHEC Scholarship for Women offers €19,000 to three women who attend QS Women in Leadership Events in New York or Toronto. To win, applicants must write a short essay about the challenges they face as a woman in the workplace, or whether they are in favor of quotas in the workplace. The deadline is May 14.

IE Business School

The IE Business School Scholarship for Women, is worth €22,500 to the two winners. To win, applicants must write an essay on technological initiatives that can promote female leadership. The deadline is May 31.

Graduation Pics

www.flickr.com

In the Philippines, it's practically a tradition to take graduation portraits before you graduate. Students give wallet-sized portraits away to their friends, writing dedications at the back, and put up larger-sized pictures in frames at home. In the US, I found out that it wasn't as much of a big deal. (At least for grad students.) Why? Because the portraits are so expensive!

The portrait booth was tucked away into a corner during the grad fair. I had to go around twice before I found it. Unlike in the Philippines, there were no make-up artists or hair stylists to assist you. I had asked the photographer how much the portraits would cost, and he was sort of dodging the question. He just told me to let my parents pay for it. Since there was hardly anyone lining up at the hard-to-find booth, I was able to take my time with my portraits. I waited for the link that he said would come, which would take me to the ordering website.

I was really surprised with how much the portraits cost! Since I only had this experience with one provider, I am giving out a disclaimer. But here is a sample of the listed packages:

• Set of 8 wallets - starting at $29.95
• 1 8x 10 photo - starting at $29.95
• 1 5x7 with a presentation folder - starting at $14.95
• 2 5x7s with folders and a jpg of your image - starting at $64.95 (Value Package)
• 1 8x10, 2 5x7s, 8 wallets, folders and a jpg of your image - starting at $79.95 (Standard Package)
• 2 8x10s, 2 5x7s, 4 3x5s, 8 wallets, folders and a jpg of your image - starting at $94.95 (Premium Package)
• 2 8x10s, 4 5x7s, and 8 Wallets - starting at $89.95 (Mix & Match Value Package)
• 1 10x14; 3 8x10s; 10 5x7s; 24 Wallets - starting at $179.95 (Mix & Match Premium Package)
• Single image download (with $10 to spend at an online photo site) - $59.95

The Mix & Match packages mean that you can order different portrait poses from the set you had taken. The rest are only for a single portrait pose. Again, these are only a sample of the packages available; there are more options to choose from.

I was trying to decide whether to content myself with a 5x7 photo (the cheapest option), which I could then scan, but my sister persuaded me to order the 8x10 photo. The prices above are labeled "Starting at..." because you had to shell out more for glossy pictures, for retouched pictures, etc. I chose the matte, non-retouched photo. But I didn't account for shipping (around $6) and taxes!

I procrastinated on ordering because I couldn't get over the price (the gown, cap and hood had sticker shock too). When I finally did (I got the 8x10 photo), I received a coupon code for free shipping! Gah. But I had made a mistake in my order, so I had a valid reason to cancel it. Then I reordered with the free shipping code.

When I got the picture by mail, I saw that they didn't follow the instructions in my order. So I complained, and they sent me another photo for free. A few days later, I had two more photos in my mailbox! I didn't realize that they had sent me the first one by mistake (they had confirmed that they cancelled it anyway). Needless to say - with three portraits for around $30 - I was a very satisfied customer.

On Li Ka-Shing's advice

 

I came across this article a long while back, and it set me reflecting.

Li Ka-Shing teaches you how to buy a car & house in 5 years

He gives you advice on how to divide your salary into proportions:

• 30% goes to living expenses
• 20% goes to "making friends"
• 15% goes to learning
• 10% goes to vacations
• 25% goes to investments

The last net salary from my library job was around $245, the equivalent of 22.5 hours of work. If I were to look at the two weeks that this period covered, I did spend:

• 30% on living expenses (i.e. food)
• 5% on miscellaneous expenses (i.e. passport photos for my OPT application)

The rest of the money went into my bank account for savings and future expenses.

I don't know where Li Ka-Shing gets his budget for other kinds of expenses. The article says to "try to buy minimal clothes and shoes," but I don't think that applies to international students from the tropics who suddenly find themselves caught in the US polar vortex.


Anyway, looking at my expenses for this schoolyear, I see that:

• 63% went to tuition and school fees
• 18% went to room and board (of which 1% was food expense)
• 8% went to health insurance (!!!)
• 6% went to personal expense (OPT application, movie tickets, etc)
• 4% went to travel expense (bookings for this summer)
• 1% went to textbooks

And that makes 100% of my expenses for SY 2013-14 so far.

I'm amazed at how much I spent on health insurance. If only I could reimburse any "unused, unclaimed" portion in some way.

From phdcomics.com (I'm not a PHD, but I can definitely relate!)

Evolution of an MBA

Brought to you by Wharton Follies 2011

So here's a video to break my blog's text monotony! Of course, it has to be MBA-related. 

Comments:
Ooh, Case in Point - our textbook for case interviews.
Au Bon Pain for group meeting snacks? Check. Those group meetings could take hours.
MBAs love costume parties.
Professional attire? Yup, you learn to leave a suit and shoes in your locker.
Jaunts to exotic destinations are not for money-saving me.
Eating out of the bin? Ugh, no.


Seriously, the changes you absorb as you go through the MBA wringer - all that business jargon of ROI, tax returns, marketing promotions and Lean operations suddenly make sense; networking in professional attire while drinking cocktails becomes part of your routine; negotiating and debating with teammates are learned skills, etc - won't necessarily make a superstar out of you once you graduate, and it's important to remember that. (MBAs have this reputation of being know-it-alls, especially MBAs from particular elite schools.)

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.

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.)

10 weeks 'til graduation

Random thoughts today:

> Monday morning, and it's our spring break!! Break started last Friday for me.

> Met an MBA alum on my way to the library. He's an international student who's switching jobs after not-even-a-year. He's going to join a startup after working at a small financial consulting firm. He says he "likes small companies." I wished him good luck!

> It's break, yes, but I am working in the library. It's nice, however, to be working in the library -- getting paid and getting fed (lots of extra food from dissertation camp) -- when most students are away.

> Must remember to get my new I-20 from the International office and mail my OPT application today!

> Need packaging tape to mail a textbook rental back. Ebay in the US is a blessing. There's stuff there that's cheaper than Amazon, Walmart or the dollar store.

> Spending more than I usually do on food with friends, and stuff like ski pants. Trading money for (affordable more-value-for-your-money) memories.

> I need a US driver's license!!! Aaaahhhhhh. Parallel parking, I'll beat you today!

> Double points for Bing Rewards today! Followed it up with Swagbucks! (for more info, follow this link.) I think I've earned around $50 so far with these two sites. Not bad!

> Wondering what to eat for mid-afternoon "lunch."

> Can't wait to know how much my tax refund will be; my tax appointment's next week.

> Wonder what ever happened to No Debt MBA? She stopped writing on her blog since she started her internship. I had been reading it before I came to the US back in 2012. Did she accumulate debt during her second year? Hmm.

> Yes, I'm graduating soon, and I'm feeling lazy, like the stereotypical second-year MBA. Cannot wait to start earning again!

Final stretch!

Happy New Year to everyone!

Now that it's 2014, I'm facing the final stretch -- one semester left before graduation! I'm patting myself on the back for doing well so far, especially on my finances.

It hasn't been easy working while taking my MBA, but I'm nearly done. I've just gone through a highly stressful quarter of academics - with 12 hours of work a week thrown in - and am highly gratified to earn a near flat 4.0. (Yes, I do look at my grades as a way of challenging myself; anyway, I paid good money for my education! As long as I have actually learned something, I'm fine with an A-. Conversely, I feel bad earning an A on a very easy subject where I learned nothing at all.)

I've spent more than Php 2.3 million of my own money so far on my MBA; it amazes me to have spent so much money! (Imagine if I got my MBA in AIM or Ateneo instead!) I am truly grateful for my scholarship, my part-time library job and my internship; without these, I would be drowning in debt right now or probably not be taking my MBA abroad at all.

I'm spending the holidays with my family in the Philippines, and it has been really good to be back. I was able to score a round-trip ticket for the very low price of $1,330-something, in exchange for arriving home on Christmas Day. Not that I mind that much. After all, I still get to go home. (It's just too bad that winter break this year is so much shorter!)

Enjoy the rest of the holidays, and email me at pinaymba@gmail.com for any questions! (And no, I'm still not saying what school I'm in right now.)