U. Chicago and Northwestern Deadlines, and More – Chicago News
Let’s explore some of the most interesting stories that have emerged from Chicago business schools this week.
University of Chicago and Northwestern University Reveal 2018-19 MBA Deadlines – MetroMBA
Both of Chicago’s top-tier business schools—Chicago Booth and Northwestern Kellogg—have announced deadlines for the upcoming MBA application season, starting this fall and extending into April of 2019.
Northwestern Kellogg MBA deadlines for 2018-19 begin Sep. 19, 2018 / Photo via northwestern.edu
How Superstition Changes the Way We Make Decisions – Kellogg Insight
Northwestern University Kellogg School of Management professors of marketing Ping Dong and Aparna Labroo recently published new research that explored the impact of superstitious actions on everyday decisions in an edition of Kellogg Insight.
According to the article, they were specifically interested in understanding how they “changed the way we calculate our odds of success or failure when deciding whether to do something risky.”
Labroo uses their study as an opportunity to suck the metaphysical life out of superstitious actions: “We can think about all kinds of good things happening and all kinds of bad things happening, but thinking about the probability and trying to compute expected value is less natural. It takes a little more effort.”
You can check out the full article here.
Could Walk-In Clinics Ease the Opioid Crisis? – Booth Chicago News
New York physician and psychiatrist Dr. Tamir Aldad was frustrated by the “boomerang” effect he experienced with the opioid addicts he treated for “substance use disorder, depression, bipolar disorder, post-traumatic stress disorder, or potential risk of self-harm,” who returned to the “ER in a couple of weeks with the same or worse problem than they came in for in the first place.”
After Dr. Aldad enrolled in Chicago Booth’s Executive MBA program, he launched the Mindful Urgent Care startup, a “walk-in psychiatric clinic designed to … increase mental health access and speed quality and affordable treatment to a population of patients with unmet needs.” Dr. Aldad and his teammates placed first in Booth’s Global New Venture Challenge this past April.
Aldad writes, “In value-based care, patient outcomes really matter. What we are seeing now is that patients in mental health are costing more and more. If a patient winds up in a hospital because they couldn’t get in to their doctor’s office or have a medication refilled, the healthcare costs escalate. We have an opioid crisis, and we have to proactively work to find ways to prevent mental illness from getting worse.”
Read more about Aldad’s experience in the Booth EMBA program here.
Quinlan Alum Leads Through Service – Quinlan School of Business Blog
The Quinlan School of Business at Chicago’s Loyola University recently interviewed alum Illiana Alvarenga BBA ’14, BA ’14 about Quinlan prepared her for a multi-faceted career path that includes a healthy dose of service and service leadership as part of her position as the Chicago chair of UNICEF’s Next Generation Initiative.
“It was at Loyola that I strengthened my love for giving back. For me, Quinlan strengthened a foundation of being strategic, but also encouraged us to always keep in mind what’s good for our communities,” Alvarenga writes.
This year Alvarenga traveled to South Africa with UNICEF to figure out how they “can leverage technology to help with programs to stop illness through increased handwashing, help girls excel in STEM-based careers, and more.”
Alvarenga also works as a competitive intelligence senior associate at JP Morgan Chase, where she focuses on “supporting the business in understanding emerging consumer behavior trends, the changing payments landscape, digital and mobile initiatives in financial services, and new developments in financial technology.”
You can read the full Quinlan interview here.
What are the Best MBA Programs by Specialty?
Each year, U.S. News and World Report looks at the top business schools around the country to decide which offer the best MBA programs. The goal is to help MBA candidates most effectively choose the best MBA degree to help them achieve their goals based on their interests and strengths. The problem is that there are hundreds of programs and it can be difficult to weed out all the noise to get to the information that you want most.
That’s why the U.S. News and World Report decided to break down all of their findings into a more easily consumable ranking. They outlined the top MBA programs by discipline to help you quickly and easily find the school you’re looking for. Each of the schools on the list was chosen based on alumni interviews, schools statistics, research data, and more.
We’ve broken down the results below along with crucial information about each school listed and where you can learn more information.
Kellogg Admissions Director Shares Insights on 2019 MBA Application
Northwestern University’s Kellogg School of Management is one of several leading business schools to release its 2019-2020 MBA application online within the last week. At Kellogg, deadlines for the upcoming admission season are as follow:
- September 19, 2018
- January 9, 2019
- April 10, 2019
To help you get started, Director of Admissions Melissa Rapp provided insight into the 2019 MBA application along with some great advice on how to prepare. We’ve shared some of the most pertinent details below.
Written Essay Questions Remain Unchanged
The Kellogg written essay questions remain the same this year as last. Applicants will need to answer the following two questions.
- Tell us about a time you have demonstrated leadership and created lasting value.
To answer this question, MBA applicants should think about a specific challenge they have faced in their career and how they overcame it. Specifically, Rapp advises applicants to think about their contribution to their organization and the lasting value they created.
- How have you grown in the past? How do you intend to grow at Kellogg?
This question is about looking at both past performance and future behavior. Remember to keep in mind the reason why you’re pursuing an MBA in your answer.
Video Essay Advice
For four years, MBA applicants have been expected to complete a video essay, and this interview season is no different. Rapp recommends using your video essay as your chance to tell your story in your voice. In the video portion, you’ll answer three questions:
- What path are you interested in pursuing? How will you get there?
- Why is this program right for you?
- Randomly generated question about overcoming obstacles.
When answering these questions, Rapp encourages applicants to speak from the heart and to avoid repeating phrases from their written essay. You’ll have a few practice questions to help you get comfortable; then, they’ll dive straight into the official questions. Think of the video portion like an interview more than an essay.
As for the technology, the Kellogg technical team is available 24/7 with questions or concerns, though Rapp says few if any candidates struggle.
Focus on Your Unique Qualities
In this most recent blog post, Rapp also underscored Kellogg’s focus on diversity and inclusion. Specifically, she explained that the school is interested in a broad range of backgrounds, experiences, perspectives, and opinions. So, be confident in telling your story and what makes you unique. That’s what the admissions team wants to hear all about.
To read the full article and learn more about the 2019 MBA application, visit the Kellogg website.
This article has been edited and republished with permissions from our sister site, Clear Admit.
Northwestern Kellogg Announces New MBA Deadlines
The newest batch of Northwestern MBA deadline dates have been announced for the Kellogg School of Management, going in to the 2018-19 academic season.
Round One
Deadlines: September 19, 2018
Notifications: December 12, 2018
Round Two
Deadlines: January 9, 2019
Notifications: March 27, 2019
Round Three
Deadlines: April 10, 2019
Notifications: May 15, 2019
Head over to the official Northwestern Kellogg website for more application information.
Northwestern Investing in Green Companies, and More – Chicago News
Let’s explore some of the most interesting stories that have emerged from Chicago business schools this week.
The Case for Investing in Green Companies – Kellogg Insight
Northwestern University Kellogg School of Management professor of finance Ravi Jagannathan recently co-authored a new paper, which found that the more companies adopted greener practices, as defined by environmental, social, and governance (ESG) criteria, the more adaptable they are to changes in environmental regulations and the higher likelihood their share prices could increase.
Jagannathan and his co-authors stressed the importance of environmental risk, “particularly in the age of social media.”
He adds, “Today’s consumers can communicate and mobilize much faster—for instance, to shame a company for its unsustainable practices. Social media has made it easy to identify violators. If you invest in companies with shady environmental practices, you may be caught by surprise.”
He also adds, “Companies that pollute more now will be adversely affected by more stringent environmental laws coming into play and by alternative technologies spurred by environmental concerns.”
“What is standing in the way of coal is not regulation. You need to worry about alternative technologies catching up in response to consumers’ concerns.”
Jagannathan advises companies to “prepare for ESG-related changes [or they] will lose out in the long run.”
Read more about Jagannathan and his team’s research here.
Is There an Expert in the House? – Chicago Booth News
Three University of Chicago Booth School of Business entrepreneurs recently participated in a lunchtime panel, “The Cross-Disciplinary Formula for a Successful Venture,” held at the Harper Center in Hyde Park as part of the Polsky Center for Entrepreneurship and Innovation’s Innovation Fest.
The panelists discussed the impact that Booth community resources had on their startups and use the talk as an opportunity to offer advice to aspiring entrepreneurs on financing, product development, marketing, and personal growth.
ExplORer Surgical CEO and co-founder Jennifer Fried, MBA ’15 whose startup functions as a “a new digital playbook for operating personnel,” wrote about the “many cross disciplinary programs [it] took advantage of,” including the Polsky Center and the UChicago Startup Investment program.
Ascent Technologies co-founder Brian Clark, MBA ’17, whose firm “helps companies build and manage regulation compliance programs,” characterized this “sense of collectivism and community, [which] allows new ventures to thrive and grow.”
Tovala co-founder David Rabie, MBA, ’15, whose food technology company “pairs a steam-based oven with a meal-kit subscription service,” unpacked the challenges of bringing a new product to market.
“We’re trying to fundamentally change the way people think about eating at home. We have customers as young as 20 and as old as 85, but our real target is young families. It’s a massive market and we’re still trying to figure out the best way to reach these customers. We haven’t cracked that nut yet.”
Glean more insights from Chicago Booth entrepreneurs here.
Business and the Cycle of Nature – Quinlan School of Business Blog
Loyola Quinlan professor of sustainable business management Nancy E. Landrum, Ph.D., recently wrote an article for the Quinlan blog that “outlines how businesses can learn from nature’s 3.8 billion years of survival.”
She writes:
“Businesses generally use resources in a more linear fashion: we take resources from nature—water, plants, animals, minerals—and we transform them into products to sell. The products are then used and discarded. This has led to a depletion of resources and an abundance of waste.”
“But it can be quite simple if approached from the lessons of the cycles of nature: renewable, without waste, and conducive to life. If every company’s actions followed these simple guidelines learned from nature’s 3.8 billion years of survival, then it becomes clear that the company is creating conditions for its own survival.”
Read Dr. Landrum’s entire article here.
Where Can I Get My Summer Internship?
In part one of our primer on MBA internships—”What is a Summer Internship and Why Should I be Interested?“—we took a closer look into the benefits of having a summer internship and where to start to look for one. Today, we’ll start to dive deeper into what types of opportunities are available, which companies offer them, and the potential salaries interns can make.
Where Can I Find a summer Internship?
You might already be sold on the idea of getting a summer internship, but if you’re going to reap the benefits of an internship, you’ll have to find one first.
A look at summer interns at business schools throughout the country reveals some common trends. While students find and get internships in a variety of ways, the most common method by far as through university resources. At the Booth School of Business at the University of Chicago, for example, 86.7 percent of students had their internships facilitated by the school, whether through campus interviews, connections made through networking, or other sources like faculty and student groups. For the much smaller percentage who found summer internships on their own, it was a fairly even split between students with personal connections and those who applied directly through a company’s website or job board.
If you’re looking for the perfect summer internship, making use of your school’s Career Services department can be crucial part. A quick look at the Booth School’s Career Services can help make sense of that 86.7 percent number: the office provides students with help in networking, interviewing, negotiating and more. These skills might be gained through workshops, one-on-one coaching, and other techniques to help steer students through their internship experiences and onto careers.
What Will I Be Doing?
The types of opportunities available for MBA summer internships are just as varied as the students themselves. At the University of Pennsylvania’s Wharton School, two functions emerged as the most popular (marketing and education, with 17.2 percent of Wharton interns and 15.4 percent, respectively), but overall revealed a huge variety of industry and fields. From hospitality to insurance to real estate, Wharton student interns spent their summers doing a little bit of everything. Students also did not seem to be restricted in their internship by location. While 28 students did stay in the state of Pennsylvania to complete their internship, a nearly even number took on internships in New York City, and many more spread throughout the country in states like California, Massachusetts, and the District of Columbia. Over 22.5 percent of students even completed internships outside of the United States.
Nearly a quarter of Wharton MBAs complete their summer internships outside of the United States.
The type of work performed by interns each summer can also vary heavily, depending on the company, the position, and even a students own career goals and abilities. There is also a lot of variety as far as the scope of each internship: while some interns work full-time hours over the course of a summer, other roles may require less of an extended time commitment. For Wharton interns working full-time over the summer, internship length had a huge range and might run anywhere from three to seventeen weeks.
Most major companies that hire and recruit MBAs will have some type of internship program already in place, but looking at past internship and employment reports at your university can provide a good snapshot of what types of companies students typically intern with. At Northwestern University’s Kellogg School of Management, there were a number of companies hiring more than three students, while some hired more than 25 Kellogg students. Companies like Amazon, McKinsey & Company, and the Boston Consulting Group emerged among the top hiring companies of MBA interns from Kellogg.
In a tech company like Amazon, the type of internships offered to students can also vary widely. Students interested in working for the company might find internships available in the Finance Leadership Development Program, the Retail Leadership Development Program, the AWS CloudPath Program manager and more.
How Much Will I Make?
With the length of every internship and the hours required varying so significantly, how can students be sure their internship can support them through the summer?
A look at MBA internships and the salaries they offer from month to month reveal a general trend of well-paid internships even in industries on the lower end of the payment range. Far from the typical unpaid internship that so often springs to mind when students search for summer gigs, payment for these MBA internships can range from $1,000 per month to more than $14,000. The tremendous range in these numbers is mostly the result of differences in industry and function for each internship. At the Anderson School of Management at UCLA, for instance, student interns in consulting reported salaries ranging from $4,333 to $14,083 per month. Even the industries with the lowest salaries overall still boast pay that can generally support a student’s cost of living for the summer. For job function, the highest paid internships were in management/strategy ($500-$14,083), while the lowest were in human resources ($520-5,600).
With the possibility of high salaries, networking opportunities, and even the chance to turn an internship into a full-time career, it’s no surprise that so many MBAs participate in summer internship programs. At UCLA Anderson, 227 students of 238 sought internships for the summer—and 227 found them.
Your internship goals also might help you pick the right MBA program if you are still undecided. Looking into the success rate of internship placements at each school, as well as where students typically intern and the range of salaries they earn, might make the difference between two otherwise equal programs.
