NRA Boycotts, Food Deserts, and More – Chicago News
Let’s explore some of the most interesting stories that have emerged from Chicago business schools this week.
How the NRA Boycotts Force Companies to Walk a Precarious Tightrope – Kellogg Insights
In light of the recent Parkland and Great Mills school shootings, which attracted an estimated 200,000 protestors to the March For Our Lives rally in Washington DC late last month, Northwestern University Kellogg School of Management professors Brayden King and Tim Calkins discussed what companies susceptible to boycotts can do to build “strong, profitable brands.” Calkins explains the stakes of the game right now:
“The world of transparency we’re in combined with the world of social media means brands have to be very careful about what they’re doing, really scrutinize things in a way they never used to. All of a sudden, they’ve got a problem because of something they never even knew they were doing.”
“That certainly was the case with the NRA boycotts. I think if you were to ask a lot of these executives at these companies, “Do you offer special deals to the NRA?” most of them would have said, “No, we don’t have a partnership with the NRA.” It’s incredibly difficult right now to figure out how to respond. You have to move so quickly, but if you’re not careful, you’ll just make the problem bigger with a tone-deaf response.”
You can read the duo’s entire discussion here.
Nutrition Gap Between Rich and Poor is Growing, but Don’t Blame Food Deserts, Researchers Say – Chicago Booth Blog
Research from Chicago Booth professor of marketing Jean-Pierre Dubé, along with NYU’s Hung Allcott and Stanford’s Rebecca Diamond that reveals the minimal impact that food deserts have on eating habits. Dubé explains:
“One of the conclusions in our study is that opening a supermarket in a food desert has very little impact on the nutritional composition of households’ shopping baskets. People in food deserts shop in supermarkets almost as frequently as people living in higher income neighborhoods. They just travel longer distances to stores.”
The study found several variances of why these events were occurring, including vast educational differences and the willingness for upper-class consumers to pay more for vegetables and other produce.
“Food knowledge and education seem to explain a big chunk of the preferences for what people buy when they shop for groceries,” said Dubé. “If you are educated about the long-term benefits of nutrition, it could affect your shopping behavior.”
Learn more about the trio’s research here.
UIC Business Tackles “Back to College” with Target – UIC Business Blog
UIC Liautaud announced the results of its 2018 Management Leadership Association and Target Case Competition, an annual partnership between Target and the UIC Business Career Center, which invites “students to develop and present solutions to a unique challenge facing the company.”
Team Bersaglio’s “Target Move-In” proposal took first place, which attempted to eliminate the hassle for college students to “store items over the summer in preparation for college.”
The plan offered that students living on campus would “receive free shipments via specialized Target college gift registry” and could retrieve “purchases from a designated “Target Zone” on campus and receive customer service support and delivery assistance carrying packages to the dorms on move-in days.”
Read more about the competition here.
Why McKinsey & Company Loves Hiring MBAs
McKinsey & Company is considered one of the most prestigious management consultancy firms in the world, with a clientele that includes 80 percent of the world’s largest corporations, along with an extensive list of governments and non-profit organisations. The firm is also a prestigious landing spot for MBAs following graduation. Continue reading…
Chicago Booth Talks Suspect Stock Trading, and More – Chicago News
Let’s explore some of the most interesting stories that have emerged from Chicago business schools this week.
Why Do Investors Seek out Stock Swindles? – Chicago Booth Blog
The University of Chicago Booth School of Business (the new number one business school in the country according to U.S. News) recently published new research that uncovers an unfortunate gambling problem among some German investors who “buy suspect stocks for the thrill of it, even when they know better.”
Booth Professor Christian Leuz collaborated with Leibniz University of Hanover’s Steffen Meyer, Humboldt University of Berlin’s Maximilian Muhn, Harvard’s Eugene Soltes, and Goethe University of Frankfurt’s Andreas Hackehtal on a new working paper entitled, “Who Falls Prey to the Wolf of Wall Street? Investor Participation in Market Manipulation,” which examines “the German stock market, asking who invests in these schemes and how often.”
“Of these investors, 6,569 individuals—nearly 6 percent of the sample—took part in pump-and-dump schemes, investing an average 11.4 percent of their portfolio’s overall value and sustaining an average loss of nearly 30 percent.”
Read more about the quintet’s stock trading research here.
2018 MBA Chile Immersion – Mendoza College of Business Blog
Students from the University of Notre Dame Mendoza College of Business recently embarked on a five-day study abroad trip to Santiago, Chile, where they “toured some of the most innovative and philanthropic local businesses.” In early March, the group paid a visit to fruit producer Vista Hermosa, based in the Central Zone of Chile (Melipilla). Vista Hermosa’s mission is to “produce good quality fruit and have control of it from its harvest until it is shipped to different markets.” The company gives “special emphasis to the care of the environment, protecting the native flora and fauna, as well as the efficient use of fertilizers and agrochemicals.” According to one student testimonial:
“Our visit consisted of a tour of both the farm and the packing plant to better understand the production and fruit export process. There is a small church on the farm grounds available for the employees who live on the farm. We were treated to fresh pears and cherries, the latter of which is one of the farms biggest exports.”
You can read more about the Mendoza’s Chilean itinerary here and watch the student’s day one diary of the trip below.
Trying to Be Persuasive? Here’s What You Are Likely Doing – Kellogg Insight
Northwestern University Kellogg School of Management professor of marketing Derek Rucker and associate professor of management and organizations Loran Nordgren recently published new research that attempts to offer a glimpse into how “people use language in persuasion.” The duo found that “participants’ language tends to become more emotional when they are motivated to persuade others to buy a product.” Rucker elaborates:
“The gravity of emotional language is hard to escape, even when you know the audience wants to hear a more cognitive appeal. We observe that people express more emotion even in categories where that might be odd and potentially less effective. When it comes to influence, emotion is arguably the earliest form of communication we have.”
Check out more of the duo’s research here.
How Can You Get a Job at Boston Consulting Group in 2018?
Boston Consulting Company—a global management consulting firm— has offices across more than 90 cities and 50 countries, advising clients in the private, public, and not-for-profit sectors, including a healthy chunk of Fortune 500 companies. Considered one of the most prestigious management consulting firms in the world, BCG was ranked fourth in Fortune’s “100 Best Companies to Work For” in 2018.
But, how can an MBA help you land a BCG job?
Working for BCG
According to Management Consulted, BCG has a demanding recruiting and hiring system. The firm hires undergrads as associates who work for two to three years before moving on or pursuing an MBA. However, it is very difficult and highly unlikely for an associate to make the leap to consultant without an MBA. If you’re hired as an MBA, you enter as a consultant with plenty of room for growth—to project team leader, principal, and then, finally, as a partner partner.
According to former BCG senior partner Lucy Brady, the company looks for a candidate’s record of academic and professional success, but also want to hire candidates who have overcome setbacks.
“We look for resiliency and adaptability, and the ability to learn from your mistakes and grow from them,” she said in a previous interview.
CNN revealed that 11.72 percent of MBAs want to work for BCG. However, BCG’s recruiting process is demanding, with Glassdoor previously ranking the firm among the most difficult companies to interview with.
The high job demand and lengthy interview process isn’t without reason: MBAs typically thrive at BCG due to the companies the emphasis on career development. BCG’s PTO (predictability, teaming, and open communication) policies allow for a healthy work-life balance for employees, which has paid numerous dividends. Internal surveys have shown that the program has led to a 74 percent increase in reported intentions to stay with the company for the long term. BCG was also among the companies that signed the 2016 White House Equal Pay Pledge.
BCG Recruiting on Campus
BCG actively recruits students on college and university campuses around the world. Campus visits are a way for students to connect with BCG, learn more about potential job opportunities, and feel out whether a career at BCG is a good fit.
“We have a presence at many of the top universities across the U.S., including Harvard, Stanford, the University of Pennsylvania, Northwestern, University of Michigan, Duke, and the University of Texas,” Tina Gao, BCG recruiting director, said in a previous interview. “We come to campus and hold a presentation to introduce the company and then are available for Q&A sessions. We also come back to help people train for our interviews and learn more about the company. We’ll come back to campus to interview the candidates we choose.”
You can see more upcoming BCG on campus events here. However, if your campus does not have a dedicated page, BCG encourage students to complete an online application for consulting internships.
BCG Internships
BCG’s consulting internship programs can be a great opportunity for students to get a feel for the the life of a consultant. BCG Associate and Consultant interns work with current BCG consultants, and are expected to contribute to a real client project. Interns are considered as true case team members and are tasked with everything from working on client projects to socializing with colleagues.
According to BCG, internships vary depending on the project or location. Some interns are expected to travel, but do return to their home offices at the end of each week for special events and social activities. Orientation and training sessions ease interns int their roles before being assigned to a case that aligns with their personal and professional goals, as well as the firm’s business needs.
BCG accepts online applications from exceptional business school, engineering, science, law, and humanities students who are nearing the completion of their undergraduate or graduate studies.
BCG MBA Fellows
If you’re an MBA who wants to get your foot in the door at BCG, it’s worth looking into the BCG Fellows MBA Program, which provides top applicants with monetary awards and individual mentorship by BCG consultants.
The fellow program is only available to full-time MBAs studying at the following business programs: Columbia Business School, Fuqua School of Business, Kellogg School of Management, Harvard Business School, MIT Sloan School of Management, Stanford Graduate School of Business, Stern School of Business, Tuck School of Business, Anderson School of Management, Booth School of Business, Ross School of Business, Darden School of Business, The Wharton School and Yale School of Management.
BCG MBA Salaries
If you score a job at BCG, you’ll also be earning a big paycheck—well worth the hours of MBA studies and the rigorous recruiting process. According to Management Consulted, MBAs hired a BCG make earn the following within their first year of employment:
- Signing Bonus: Up to $30,000
- Base: $147,000
- Relocation: $2,000-8,000
- Performance Bonus: up to $44,100
- Retirement: Profit-sharing into a 401k
Chicago Booth Predicts The Workplace of the Future, and More – Chicago News
Let’s explore some of the most interesting stories that have emerged from Chicago business schools this week.
What Will Your Workplace Look Like in 2028? – Chicago Booth Magazine
The University of Chicago Booth School of Business interviewed three of its own homegrown experts to help us understand the potential evolution of the office in the next 10 years. Booth assistant professor of economics Jonathan Dingel believes that place is key. He elaborates: “People are not moving to remote rural areas and using Skype to hold their office meetings. Technologies like this have been around for the last couple of decades, but in fact we are seeing people concentrating in particular cities.”
TandemSpring cofounder Tomer Yogev, ’10, writes that, “the traditional path to the top is changing” for the better.
“In the next decade, there’s going to be an even bigger shift into telecommuting and freelancing roles. Larger organizations will need to find new ways to retain talent who no longer want to have traditional desk jobs. There will be more turnover as people look for more appealing opportunities. And getting fired will not be the death sentence that it used to be,” Yogev says.
Cayse Llorens, Booth Evening MBA student and senior associate at Invest Detroit Ventures, thinks that tomorrow’s workers will grow more “adept at working with artificial intelligence–enabled tools and agents that will increase the value of human skills.”
Read more about Booth’s predictions here.
How Businesses Can Best Use Content Marketing to Generate Leads – Kellogg Insights
Northwestern University Kellogg School of Management professor of marketing Bobby Calder, along with researchers from Medill’s Spiegel Research Center, recently published new research that finds that among B2B companies, “digital offerings like webinars, white papers, and branded blogs are valuable tools that result in more leads and, ultimately, more sales than in-person content-marketing events, such as conferences, workshops, and roundtable discussions.” Calder explains:
“These kinds of digital offerings are really important, right up there with sales contacts. Not only does a digital-content-marketing effort really work in the B2B environment, it offers an opportunity for sales and marketing to come closer together and even integrate their approaches.”
Read more about their research here.
CEOs Gather at Loyola to Discuss Leading for Good – Quinlan School of Business
The Loyola University’s Quinlan School of Business Baumhart Center for Social Enterprise and Responsibility recently hosted the Leading for Good conference in which 45 CEOs and top executives from Colombia, UK, and the U.S. “discussed how to integrate business strategy and social purpose to advance the greater good.
According to the article, “three key themes dominated the conference’s three plenary panels and six breakout sessions.”
- The boundaries are blurring
- Cross-sectorial partnerships are vital to accomplishing large-scale goals; and
- “Social business” is on its way to becoming simply ‘business.’”
You can watch highlights and read more about the insights these business leaders shared here.
Northwestern Explores Healthcare Costs, and More – Chicago News
Let’s explore some of the most interesting stories that have emerged from Chicago business schools this week.
When Healthcare Providers Consolidate, Medical Bills Rise – Kellogg Insight
Despite the claim that hospitals make in terms of cost savings when, say, a GP is acquired by a local hospital, Northwestern Kellogg professor of strategy David Dranove, along with research assistant professor strategy Christopher Ody and Bates White Economics Consulting’s Cory Capps sought to research the real financial impacts of integration for instance among healthcare providers.
The researchers found that from 2007 to 2013, almost 10 percent of physician practices in the data were acquired by a hospital. Once acquired, prices for the services provided by those physicians rose an average of 14 percent. “The rising prices are partly due to ‘mechanical elements’ of how prices are set in contracts,” with insurers, Dranove says. For example, insurers often write contracts that allow hospitals to bill more for a procedure than a physician group can. Additionally, Dranove says, “when a hospital owns a physician practice, they gain market power.”
You can learn more about the trio’s research here.
Economics Professor Studies Monetary History of Ecuador – Loyola Quinlan School of Business Blog
Julián P. Díaz, Ph.D., Quinlan School of Business assistant professor of economics, recently presented research on the financial history of Ecuador between 1950-2015 as part of a conference that explored the macroeconomic crises of the 11 largest Latin American countries.
“The Latin American Debt Crisis of the 1980s made this strategy unsustainable since international creditors stopped lending to Ecuador, and the rest of the region. This should have prompted a significant fiscal adjustment, which, however, never really took place in a significant manner. Instead, the government resorted to seigniorage—printing money—to finance a large portion of its spending. This in turn led to a lengthy period—almost three decades— of persistently high inflation, which averaged nearly 30 percent between 1972 and 1999.” – Julián P. Díaz, Ph.D.
“Businesses operate in environments influenced by governments’ actions,” he notes. “Identifying fiscal and monetary policies that lead to undesirable outcomes and hurt the ability of businesses to thrive is of critical importance. For our students, many of the tools used to analyze the countries’ performances in this project are taught in a number of economics classes at Quinlan. This highlights the fact that the topics we cover in class are not just theoretical exercises. They are being used to understand why some countries fail, and what can be done so that such costly experiences are not repeated in the future.
You can check out the full interview with professor Diaz here.
Investing for Social Impact – Chicago Booth Magazine
The University of Chicago Booth School of Business’ Rustandy Center for Social Sector Innovation has become a frontline for investing “with the intention to generate social and environmental impact alongside a financial return” or what has become more commonly known as “impact investing.” Impact investors are a growing segment of managers, consultants, and professionals who seek to blend their financial acumen with “their commitment to improving people’s lives and the health of the planet.”
“Impact investing is just increasing at a faster and faster pace,” Rogers said. “I think it’s a very promising career, and I think the industry will continue to grow as millennials become more socially conscious about how they’re investing their money.”
Read more about the future of impact investing here.
