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.

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!)

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.)

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.

Credit Line Increase!

Even in the midst of the chaos of unpacking, I'm getting checks in the mail (tax refund and stock dividend), as well as a credit line increase from Discover!

I've been using my Discover credit card for only four months now, and I've been granted an automatic increase!

Congratulations! We're pleased to inform you that your outstanding credit management in the first year has earned you a credit line increase on your Discover® card.

The new credit line on your Discover card account is $650, of which your cash credit line is $300.

In the coming months, we will continue to evaluate your account in the first year. Make sure to make your payments on time and stay under your credit limit. We may review your account and increase your credit line automatically if you qualify. If you would prefer not to receive automatic credit line increases, simply give us a call at 1-800-347-3085.

I checked my records, and apparently my credit utilization for Discover is less than 1%. Hehe. That doesn't mean that I don't use the card or reach the credit limit of $500; it just means that I usually pay off the balance before my statement is due so that the recorded monthly balance is zero or minimal.

(Hey, even if that's only $650, it's still $650. Which is a big deal for a foreign student just starting to build her credit history. It's around Php28,650 too. Not bad.)

My credit cards will be my lifeline if I ever run out of money before I get my first paycheck at my next full-time job. So it helps if I get surprise credit increases like this in the future!


Tips:
The key ways to achieving a high credit score are simple: Pay your bills on time, avoid carrying a credit card balance, and make regular (and on-time) payments toward paying down your debts as quickly as possible.

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: 10 Things Grad Schools Won't Tell You. Marte, Jonnelle. Aug 19, 2013. http://finance.yahoo.com/news/10-things-grad-schools-won-113008623.html?page=1.

Back on campus, with a full-time offer!

Even with all the unpacking that I need to do, I can't help but be on a high as I ended my internship with an offer for a full-time job. It's really amazing how God sorts everything out.

The day before my last day in the office, my boss called me to her desk. She was really excited when she handed me the offer letter. See, there was this presentation* made to the CIO and IT directors (I worked in the IT department) by each of the MBA interns, and everyone was really impressed with mine. (I practiced a lot, and I have to say that my efforts really paid off. It also helps to make them laugh -- but in a good way.) The other interns had left the previous week, and the CIO wanted me to have my offer before I left.

My boss was so excited that she went through all the details of the offer, then asked me what I thought about it. I asked her, "What's the role going to be?" Hilarious. Anyway, the position was that of a business analyst, reporting directly to her. Since my boss is an IT director reporting to the CIO, I would be on the same level in the reporting structure as other managers reporting to my boss. I wasn't a manager, of course, which was fine by me. I don't think I'm ready to manage Americans.

The terms of the offer were, again, beyond my expectations. Beyond my wildest dreams!

High salary? Check. Sign-on bonus? Check. Fully-paid relocation expenses? Check. Bonus rent-free apartment for three months? Check. Area with relatively low cost of living? Check!

Okay. So I guess I can say that if I take the offer, I won't be living in sunny California or chic New York, but just look at that trade-off. Let's go to company specifics.

Multi-national? Check. Flexible times? Check! Great work/life balance? Check!

My previous work was highly stressful so being able to leave before 5 PM, or as I needed to, was very important. Also, it's great that there's no chance of being called on the weekend by a stressed manager. Sorry, Amazon, but working regularly until 8 PM (with a possibility of going all the way to 3 AM) isn't a job that I'd love.

Business casual office environment? Check. Good career advancement? Check!

With this company, MBAs usually rotate to another job after three years. MBAs are also given a wider scope of work, on the understanding that they are expected to perform better and be able to handle more. Women MBAs are given more attention, because of diversity needs. Sorry, guys.

Assistance with green card application? Check. Possible foreign assignment? Check!

Another thing I like about this company is that they can assign you to a role in one of their offices abroad. They take your needs into consideration too. So if I get homesick for Asia, I might just be given an opportunity to serve the company in Singapore. Maybe even Manila. Wouldn't that be nice...

Lest you think that I'm working for the ideal company of all time, let me say here that the position offered to me isn't that exciting of a role. I mean, how exciting can a business analyst position be? (As exciting as you make it, says my inner voice.) It's not that challenging or hair-raising as a product manager or consultant position, but at least it gives me time to have me time. Personal time. I like having personal time to do whatever I want. Who knows what amazing scheme I could come up with when I have enough time on my hands?

My career coach told me that it would be a good idea to compare offers first, before making a decision. So as great as this offer is, I haven't signed anything yet, and will be going back to the hunt. I'm just happy and grateful and thankful that I have one great offer in hand.



*Internship presentation - Typically, MBA interns present the results/recommendations of their summer projects, and answer the questions thrown at them by the executives, managers, peers who attend the presentation. Think you'll just be staring at the laptop screen during internship? Well, actually, that still happens.

**Note: I hope you don't think that I got the offer just because of my outstanding presentation. According to my boss, she (and the rest of the team) really liked how I was able to step up to the job and contribute immediately. I wouldn't have been able to "contribute immediately" if I didn't have the work experience that I have had. So to those who are asking, yes, it's really important to have that work experience component down before applying to your dream school. Really helps with landing an internship and getting through the internship.

Useful advice for Pinoy students in the US, Part 2

Useful advice if you're a Pinoy student going to the US, Part 1

Here are some more tips that I think would be useful for other students who have just arrived in the land of the free (check out the above link for numbers 1-5):

6. When it comes to buying textbooks, check out the sell-it-back price on Amazon first. It may be cheaper to buy a book and sell it back when your class is done. You will really benefit from this when it comes to newly released books -- for instance, there's this Accounting book (released last January) that I'll be needing later this year. It now costs $170, but I can sell it back to Amazon for $152. End result? I'll be able to use the book for only $18.

7. Compare textbook prices across different websites through Slugbooks.com.

8. Those really cheap textbooks on AbeBooks.com may be international editions with different section questions than the US editions. Just be aware of this if ever you decide to buy via that route.

9. Renting textbooks may turn out to be more expensive. If ever you're reduced to desperate measures, you may want to try a rental site I've used before: CampusBookRentals. What I like about this company is that they provide excellent customer service, free shipping and discounts during certain times of the year (usually before classes start in the fall or spring). And they usually have cheaper prices than Chegg.

10. Well, it always pays to ask around -- second-years may be selling their first-year books, or some of your classmates may have taken that elective in a previous term. Your library may also have electronic or print copies of the book you're looking for.


As you might have noticed, this post is very much textbook-related.

I think it has something to do with the fact that I've gone through the list of textbooks I might need this fall semester, and have been thinking of ways not to spend so much on them. If you're from the Philippines, you will definitely experience sticker shock when you find out how much the textbooks over here cost.

I'll be wrapping up my internship this week, and heading back to campus. Good news: my internship savings will be enough to pay off my second year's tuition fees! Yes! Hopefully, my part-time job in the library will help to cover living expenses.

First Year Spending

The chart, as promised:

Now, I have a partial fellowship and have low living expenses. With the fellowship, I was able to nearly halve the school's projected budget. Tuition took up 41% of my budget, while room and board took up 22%. (When I say room and board, I mean rent and food expenses.) I even ended up with a significant amount of savings that automatically go towards initial expenses for internship relocation, and the next schoolyear's budget.


If I didn't have the fellowship:

Without the fellowship, tuition would've taken up 70% of the school's projected budget. And I couldn't afford that at all, so I wouldn't even be here writing this.


So if your MBA school's budget for the year is around 100,000 and it's halved because of the fellowship (for easier estimation), the tuition I paid for my first year would amount to $23,000. With a Php 43 exchange rate, that's nearly Php 1 million. Php 989,000 to be exact.

That's a lot of money to come up with on your own, but could be attainable if you have a high-paying job where you've worked for several years. But that's just your tuition. You still need money for the basic stuff -- remember food, clothing and shelter?

I guess when you're doing your research on the schools, you can come up with scenarios with regards to your fellowship. What if you get a $20,000 fellowship? What if it's half the tuition fees? What if it's 75% of the tuition fees? Can you afford what's left? What fellowship amount will enable you to accept a school's offer? If you don't get that (partial) amount, then flex your negotiation skills and ask. What if a lower-ranked school gives you a full ride?

Just don't think that it will be easy for you to land a full scholarship on account of your nationality. Save early and invest your money wisely. Know what level of debt you're comfortable with. (I have low debt tolerance myself.) Ask the MBA students of the schools you're interested in how they handled their finances. (There usually are links on the school's website; if not, then ask the admissions officer if you can correspond with a student.) Make sure that you run through best-case and worst-case scenarios in your mind before making financial commitments.

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.

Winter Chills

It's holiday season, and we don't have any more classes the rest of the year! We finally have our long-awaited break -- and I'll spend it in winter.

Coming from a tropical country, I have zero first-hand knowledge about winter. Oh, I read about snow angels, snowflakes and snowmen, but experiencing snow for the very first time is sure to be an interesting, new experience.

Photo by Nati Harnik, Associated Press. Deseretnews.com.

Anyway, what I learned so far --

1. Winter Jackets/Coats
In the Philippines, there's this Surplus Shop in all the SM malls, which sells imported overruns. If you run across a fleece, down or wool jacket in that shop, buy it! I have a fleece sweatshirt which I got from Surplus, and I am so happy that I bought it since most sweatshirts I've come across here are too large, quite expensive, or plain (ie. unfashionable -- seriously!). The cheapest sweatshirt I ever saw was $20 pre-tax and that was on sale.

Fleece and wool jackets work in fall or early winter weather. Now that there's actual snow on the ground, I don't trust anything but my down jacket! Apparently, L.L. Bean jackets are among the most reliable (and most expensive), but I got mine (with thermal insulation) from Columbia. They say summer is the best time to buy winter stuff, but I didn't have a chance to do that so I can't really confirm. You can also combine a fleece jacket with a windbreaker for snowy, winter weather. Ladies might find it useful to buy jackets that reach mid-thigh or your knees. I bought from the Youth section (because it was cheaper) and my jacket reaches my hips. You can also try searching for puffer jackets which I also came across in my "research."

Hoods are important. Those Baguio knitted caps can also really come handy. Again, if you come across a fleece, down or wool hooded jacket in the Surplus Shop, buy it! And just find a way to wear it or something in your flight to the US -- because winter jackets/coats are pretty heavy.

Oh, and when it comes to wool jackets/coats -- at least 60% wool would do it. That's what my "research" says. (I have a 60% wool coat and it works fine for me.) My Youth down jacket cost $60; a typical ladies' winter jacket costs twice as much.

When it gets really cold, I pair up the down jacket with a fleece sweatshirt or fleece jacket inside to guarantee utmost warmth.

2. Shoes
You need waterproof shoes which can grip the slippery roads, and which reach past your ankle. I've seen some in Sears for less than $40. Some winter boots have tags which guarantee warmth at -15F.

3.Thermals
People say it's better to shop for thermals in Marks & Spencer or Debenhams (in Manila) since it's cheaper. I don't know about that, but I know it usually costs around Php1,600 to Php1,800 to get two thermal camisoles or long-sleeved shirts. I found Duofold thermals that cost me $14 each for the long-sleeved shirt and the leggings. They're available on Amazon and in Champion stores.

4. Layers
Maong pants that I brought with me from the Philippines turned out to be pretty thin, especially when I faced strong winds. I had to layer (and layer and layer) underneath it. I really found it hard to search for jeans here since the sizes are long and large! It's hard to find thick, reliable ones too.

I layer on top as well. Two shirts just won't cut it! The wind (always) finds a way through those cotton layers so better put on thermals and a fleece sweatshirt underneath that coat. You can always remove layers and hang them in your locker. I even wear two pairs of socks if it gets really cold! Better warm than sorry.

5. Scarves and Gloves
I just learned how to tie a scarf properly around my neck. Haha. My pashmina scarf works so far, but a thick, fluffy scarf would be better. And gloves are what you need, not mittens -- mittens prevent you from using your four, non-thumb fingers. Choose gloves that will help you grip and preferably have an insulation layer. You can also layer gloves and mittens if you wish.


I wish I had a balaclava for all those times the wind rushed towards my face. It's really not funny, I'm telling you. If you feel your fingers and feet getting cold, you probably didn't cover your head, which generates the most heat in your body. All the heat in your body is rushing toward the brain and leaving your digits to fend for themselves. If your head is covered and you still feel cold, then you haven't layered properly or layered enough. Keep as much of your body covered (zip all those zippers and close those snaps) so that the wind couldn't get in. It's not really the snow or the cold that's your enemy -- it's the WIND. I can stand subzero temperatures in the cold, but can't stand 10 degrees Celsius in the wind. I hate it when it turns out to be a cold, windy day. Unless I spend it indoors, of course.

Useful advice if you're a Pinoy student going to the US

*I will add to this list from time to time.

1. Bring a tabo.
This was the advice of my friend when he heard that I was leaving for the US. I looked at him in disbelief, and he shook his head, saying that I will certainly need one and that it was almost impossible to find one, especially if you're headed for states that have a very small Asian population. (He had studied before in Virginia.) He told me that he was able to find one in an Asian store. Now, I have been to an Asian store here and haven't found anything resembling a tabo (water dipper). I had taken his advice, and stuffed the tabo in my suitcase, filling it with socks so as not to waste space.

2. Buy your brooms from the Asian store.
This was the second piece of advice of my said friend, and I think he's right, if you're looking for a reliable walis tambo. I haven't bought a broom (I can borrow a vacuum cleaner from my neighbor), but I've seen the "brooms" in stores, and I trust the cleaning skills of the old walis more. You can decide against this of course; it doesn't help that the only walis I've seen around here had coarse, dark stalks.

3. Buy a water filtration system for your apartment.
This doesn't sound as complicated or expensive as it sounds, and I'm not sure whether it depends on what part of the US you're in. But we bought a Brita water dispenser for our apartment because the tap water is hard water (high mineral content) and frankly tastes bad. So just remember to ask other students about the water quality in the area you'll be staying in.

4. Don't trust Americans when they say a place is "within walking distance."
Walking distances are very relative and subjective, so remember to ask a Filipino (or other international students) for his opinion! "Walking distance" to an American may be a 20- to 30- minute walk for us. So think about this before renting an apartment that you haven't seen for yourself that's within "walking distance to campus", or when budgeting transportation costs.

5. If you have a driver's license, get an international permit.
This way, you can have the option of driving your own car when the distances between establishments are farther than what you've expected, and you find public transportation such a hassle. You don't even have to buy a car; you can check out other alternatives, such as ZipCars (http://www.zipcar.com/). ZipCars are vehicles that can be rented by the hour or by the day for a very good price, and are usually located in university parking lots.

Pinoy Food Online!

It's such a relief to know that Filipinos in the USA who are suffering from homesickness can be comforted by the knowledge that Lucky Me pancit canton, Milo, Knorr soups, Alaska evap and tuyo can be delivered right to their doorstep!

http://www.philamfood.com/

I found the above link the other night and was amazed at the inventory. Sunsilk shampoo, chicharon, Fita biscuits, La-La fish crackers, Vcut/Oishi/Piattos chips and Eng Bee Tin hopia can be found here! There are other Filipino sellers on Amazon and other online groceries, but I think this store has the most variety and the cheapest prices outside of shipping.

I haven't actually ordered yet as the prices are more expensive than local brands, but if I suddenly crave for a taste of champorado or Fibisco chocolate mallows, I know that I can have them delivered straight to my door.

--------

We have nearly finished three weeks of orientation (yes, THREE weeks!) and have readings and homework all piled up. School hasn't even started!

Already, we've had two mock interviews per student. Career nights, career fairs and career development sessions have also filled up our schedules. You can just feel the pressure and the stress. We have been given two books that will be useful in our career hunt. Two books! I haven't finished one yet.

We've had communication skills workshops and math workshops. We've toured the campus and spent our breaks listening to notable speakers. We've had impromptu gatherings and socials. Our inboxes have been flooded with emails from various departments, reminding us to order business cards, pay our accounts, buy our books, answer surveys, look at possible internships and submit that resume to the career website.

All this, while the sun sets at 9 PM and each day grows colder. It's nearly the end of summer. It's nearly the start of school!

MBA Alternative: MS Engineering Management

So... are you an engineer looking for some formal management training to complement your technical background? Thinking of taking an MBA? Thinking whether an MBA will be right for you? Well, lucky you, I just found out a few days ago about this grad course which you can consider alongside the MBA: the MS Engineering Management degree.

I've heard rumors that no Filipino has yet earned an MS Engineering Management degree from the US. Why is this significant? Well, I think that such a course taken abroad will give a student much more exposure to industry, not to mention the golden opportunity to interact with foreign faculty, students and institutions. The foreign curriculum could also be much more advanced -- example, is decision science being taught locally?

The business training is similar to what you receive in an MBA course, but is adjusted for those with engineering or science backgrounds (read: heavier focus on quantitative courses). If you want a technical management role in a business or a management role in a technology company, then, who knows, this might be what you're looking for. As a prominent local IT practitioner told me, MS EM applies engineering methodology in solving business problems.

I did some digging around and found that there are a lot of schools offering this degree in the US, and that there are six top schools that have formed a consortium to promote this fledgling course. They are (in no particular order):

• Cornell University (MBA school: Johnson)
• Dartmouth College (MBA school: Tuck)
• Duke University (MBA school: Fuqua)
• Massachussett's Institute of Technology (MBA school: Sloan)
• Northwestern University (MBA school: Kellogg)
• Stanford University

(Click the link of each school to go straight to their engineering management graduate program page.)

This course doesn't have the fame and prestige of the MBA yet, but I think it's picking up. In the Philippines, UP offers a similar course (Masters in Technology Management). I believe the Pamantasan ng Lungsod ng Maynila also has an engineering management curriculum. But, no, this is not equivalent to Ateneo's BS Management Engineering course. I'm talking about a Master's course for those with a college degree in engineering.

If you're flip-flopping between taking this course or an MBA, then I suggest that you take the GRE instead of the GMAT. (Hardly any schools accept the GMAT. There are schools that don't require any test though.) Some schools have similar requirements as those of the MBA: recommendation letters, essay, TOEFL, etc. The application fee is much, much lower though.

Apply real early for the MS EM because fellowships are not that abundant as in the case of the MBA. (There are several possible explanations for this: graduates find it very easy to repay the loans, relatively fewer alumni translates to fewer alumni donations/sponsorships, etc.)

A definite advantage of the MS EM over the MBA is that it only takes one year to earn the degree. A definite disadvantage is that it can be as expensive as a one-year MBA.

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.

Financing Your MBA: Other Options

Click this link to go to Financing Your MBA: Scholarships

So, aside from scholarships, how else can you pay for the MBA without asking for a dole-out from your parents?


Well, of course, you have got to have a lot of personal savings. I cannot stress this enough. Save as much as you can. Live like a student and save as much as you can. Think of ways to grow your savings (consult a financial planner about this!). In my case, I turned to the stock market, which has its own risks.


There's this article on BusinessWeek that suggests working while studying for the MBA: search for work or make work for yourself. You might not receive as much as the income you're giving up but at least it could give you something to live on while studying. International students are usually restricted to working within campus so don't think of working part-time in a corporate setting (besides, you need a work visa for that). Also, you have to think of whether you can still work part-time with your studies, social events, extra-curriculars and career-related activities to juggle. Internship, of course, is a different matter -- it could be a source of income!

The financial adviser at PAEF warned me over and over against relying on private student loans to finance my studies (and in doing so, curbed my desire to apply only at ultra-elite schools). Private student loans in the US (especially for those with no US co-signer) have high interest rates and may take you years to pay back. This is why it's important for you to know the ROI of your intended MBA program. BusinessWeek has a great table on this, but it's the 2010 version. I think one should try loaning from friends/relatives first before resorting to a private lender. I believe that a private student loan should be a last resort.

Anyway, here are some links I've found on international student loans (disclaimer: I haven't tried applying for a student loan yet):

• The International Education Financial Aid Website - http://www.iefa.org/
  The International Education Financial Aid Website provides college scholarship and loan information for international students wishing to study abroad There are many scholarships available on this website. 
• International Student Loans
• Graduate School Loans
• Erika Loan

 In India, there are institutions offering loans to students who want to pursue graduate studies abroad. I'm not sure if there are any such institutions in the Philippines; the nearest I've found were the local banks offering personal loans.

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 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

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

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.

MBA Alternative: MIS degree (for IT folks)

For those of you in IT and who are aiming to advance your IT careers, this might be worth checking out. I know that an MBA isn't for everybody, and it's not practical to invest time, effort and money in a degree that isn't what you need. So I'll let you in on a little secret: an MIS degree costs much, much less than an MBA, can be finished in a shorter timeframe than the usual 2 years, has good career prospects even in the US and has management courses as part of the curriculum. There are even schools that offer MBA courses as MIS electives! So what do you think?

Here are some schools offering the MIS degree:

1. Carnegie Mellon University's Heinz College - MISM degree
Carnegie Mellon is one of the leading US schools in the field of IT (usually ranked after MIT). There's a one-year track for applicants with at least three years of work experience, a 16-month track for those with less than three years of work experience, and a 21-month global track that includes a period of study in Carnegie's Australia campus. If you think the US is too far for you, you can check out the IT graduate courses available in the Australia campus. I know someone who got a 50%-tuition MISM fellowship to the US campus so getting grants isn't impossible. There are a lot of Asians (read: Indians and Chinese) taking this course so being Filipino would set you apart. Plus, the job placement and salary stats are impressive.

2. Indiana University (Bloomington)'s Kelley School of Business - MSIS degree
Again, a top-ranked, reputable school with impressive job placement and salary stats. International students can finish the course in three semesters. Among the schools, this has the earliest application deadline for international applicants: around November before the year you plan to start. If you plan to enter on Fall 2013, you have to apply by the November deadline this 2012. I think this course leans more toward business than IT.

3. University of Arizona's Eller College of Management - MIS degree
Eller has a strong reputation in the field of IT. Their MIS degree is also less expensive than those offered by Heinz and Kelley, and can be finished in 16 months. The placement stats are pretty good, but I don't think the salary stats are as high as the above two schools. There are a lot of Asians taking this course as well. If you want to check this out, you should keep in mind that the climate in Arizona can be hotter and drier than the tropical climes we are accustomed to in the Philippines.

4. University of Washington's Foster School of Business - MSIS degree
This is a relatively young course compared to the others. The MSIS degree can be finished in a year, and the courses take place during evenings and weekends. This means this course is ideal for those with full-time work; or, if you're an international student, this course will enable you to take a part-time campus job during the day. This is the least inexpensive of those listed here; no placement and salary stats released as of this time.

I chose to list these four because they require taking the GMAT exam. There are a lot of other schools offering the MIS degree (such as NYU Stern) but require taking the GRE. Be sure to check the admission requirements and program courses when choosing schools.

I checked the application fees for these MIS degrees, and they were way, way lower than MBA app fees! (MIS: app $75, MBA: app $200) So that alone shows you how much of a financial investment you need with an MBA. Anyway, hope this post helps you in some way -- good luck with your decision!

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.).