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

By Kara Vibal Guioguio
Philippine Daily Inquirer

DateFirst Posted 22:05:00 09/04/2010

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.

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.

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.

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.


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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).

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Filipinos have to apply for an F1 study visa from the US embassy. You need an I-20 form from the school,  and 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

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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.

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.

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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.

I got in!

Yes! Of the five schools I've applied to, I have been admitted to my top choice! With a significant fellowship to boot! And even though I've applied in the second round!

School starts in fall of this year. I now have to start preparing financial documentation and such. Oh - about financial documentation - that last post I wrote? Well, it doesn't apply to all schools. There are a LOT of schools that only accept bank statements. Which is bad news for me since I have a lot of money invested outside the bank. I have to look for a guarantor...