UCLA Anderson Breaks Ground on New $40 Million Marion Anderson Hall
On October 19th, UCLA Anderson School of Management broke ground on a new state-of-the-art building on campus: Marion Anderson Hall. The hall was made possible thanks to an unprecedented $100 million gift from benefactress Marion Anderson in May 2015—$40 million of which was earmarked for the building. The groundbreaking ceremony was attended by Dean Judy Olian, Senior Associate Dean Al Osborne Jr., UCLA Chancellor Gene Block, and Marion Anderson Hall donors: Sam Tang (MBA ’87), Donald and Sherie Morrison, Bob Wilson (BS ’53), Luis (MBA ’02) and Lindsey Serrano, and Heather Hasso. Continue reading…
Finding the Best Laptop for Business School
Brand. Affordability. Technical specifications.
In no certain order, these principle factors are the three pillars to consider when purchasing a laptop. For prospective business school students, despite having very different priorities than your average consumer, these three factors tend to weigh above everything else. However, before starting any MBA program, there are a few more things that they may need to consider.
Finding The Right Laptop for Business School
The UCLA Anderson School of Management, one of the world’s most familiar business school institutions, gives incoming students a comprehensive guide of what kind of laptop they’ll need before starting the MBA program.
Like many business schools, most of the software required by the UCLA Anderson MBA program run on the Windows operating system. As we previously mentioned, this is primarily because business school students are expecting to utilize familiar programs like Microsoft Excel. Windows is the standard operating system for most computers, however, it can be installed on Macs for optimal use.
Technical specifications recommended for UCLA Anderson MBA students.
Many of the specifications UCLA Anderson details in their recommendations for students, such as the 4 GB of memory, come standard with most mid-level to premium-level laptops. For the unfamiliar, 6th and 7th generation processing units are also standard for any recently-purchased PC. The last 4th generation Intel processor was shipped in early 2015.
Using UCLA Anderson’s guideline as an informal rule of thumb, we’ve broken down what optimal devices you should be looking for if you’re enrolling in an MBA program, or need an immediate upgrade while you continue your studies.
Looking for Something Affordable
For those in the market for a more affordable machine or are concerned their recently purchased Chromebook isn’t up to par, there are more options than ever in the affordable laptop market. The Acer Aspire E 15, the world’s best-selling laptop, is among the most affordable bets available. Lauded by Laptop Mag, which called it the best sub-$500 laptop on the market, the Acer Aspire E 15 starts at a surprising $350, or, $429 coupled with Windows Office. The standard $350 model comes with an Intel i-3 7th generation processor and 4 GB of standard memory with numerous upgrade options available.
For a slightly larger investment, however, MBA students may be hard-pressed to look at the Lenovo ThinkPad 13.
Lenovo ThinkPad 13/Photo via CNet
The ultra-durable (military-tested, in fact) ThinkPad has become a staple model for the business community. Starting at just under $500, the ThinkPad 13 has numerous available upgrades with an astounding 12-hour battery life. For those enrolled in or joining an MBA program, the model comes with a standard 4 GB of memory, but requires an upgrade to an Intel 7th generation processor.
The Optimal Mid-Tier Option
For those looking to invest a bit more in your purchase, Dell’s mid-tier XPS and Inspiron models might be the best machine upgrades without going the bank-breaking route.
The award-winning XPS models have become the crown jewel of the laptop market for the past few years, rewarded by outlets like Laptop Mag, PC Magazine, and TechRadar as one of the best computers on the planet. The XPS 13, starting at $799, comes packed with the latest 7th generation Kaby Lake Intel processor, providing a visual performance that cannot be matched by even the best affordable options. With some welcoming but not totally necessary upgrades, the not-yet-released 2018 model will sport a slightly reduced price even with the fully-packed new specs, including the 8th generation Intel i-7 processor, 8 GB of memory and 256 GB of SSD storage. Still, for MBA students, the standard XPS 13 or slightly larger-sized XPS 15 are more than enough to start.
Dell XPS13/Photo via TechRadar.
High Rollers
No one will argue going for the affordable route, but, let’s be honest for a moment. If you’re seriously considering enrollment in an MBA program, or are already enrolled in business school, dishing out a couple hundred more bucks for a top-tier laptop model doesn’t even come close to tuition rates. Plus, if you’re looking at the new laptop as an investment, then providing some more resources might be the best choice you can make.
Beyond the $1,000 benchmark, the aforementioned Mac becomes obvious. The visually-stunning new MacBook Pro may be the most hip offering out there, even with the $1,499 starting price tag (which jumps to $1,799 with the giddy TouchBar). The 13″ MacBook Pro boasts some of the sleekest industrial design of any available model, although without any available USB ports. To make the machine slimmer than the competition, Apple, to a sea of complaints and curious convictions, eliminated much of the standard ports included in most laptops in favor of adaptable Thunderbolt C ports. For the business student, the model may not seem to be precisely necessary. But for entrepreneurs looking to expand a brand with world-class designs and presentation, there may be no better accompanying device.
The new MacBook Pro/Photo via Verge.
Still, foregoing a machine that comes complete with Windows OS isn’t recommended for MBA students. For those that prioritize sleek exterior design and slim portability, then why not go right to the source? Microsoft’s endearing Surface Pro is among the world’s most beloved models, called the “Best Laptop Right Now” earlier this year by Verge.
“Microsoft’s new Surface Laptop is the best laptop for most people because it blends power, portability, and battery life better than any other computer. It has a great keyboard and trackpad; a beautiful, high-resolution touchscreen; and comes in four different colors. It uses Intel’s latest processors and can be specced out with up to 16 GB of RAM and 1 TB of storage.”
Like the aforementioned Dell XPS 13, the Surface starts at $799, but fully modifying the machine is probably the way to go. Unlike the other models mentioned, however, Surface Pro owners have the option to immediately upgrade to Windows 10 Pro for free. This offers easily usable features welcome to any business school climate, along with the standard Intel 7th generation processing unit.
Microsoft Surface Pro/Photo via Microsoft
When Should You Buy a New Laptop?
According to Cnet, the right time to buy a laptop might not be so obvious, like Black Friday. Rick Broida writes, “Sure, you’ll see some low-end laptops priced to move, but high-end models—gaming laptops, ultraportables and the like—don’t usually see big Black Friday price cuts. Rather, history suggests that these machines sell for less in the summertime, during back-to-school sales.
For those looking to invest in a higher-end model, do not expect sales any time soon—if at all. Optimally, whichever laptop you have must be ready before the start of the MBA program. Some schools, like the aforementioned UCLA Anderson School of Management, require a laptop review months before the program begins, so a purchase is better made sooner than later.
Top MBA Programs for Producing Founders: 2017-2018 Report
Recently, PitchBook released its latest 2017-2018 Top 50 Universities Report. The ranking focused on those universities that produced the “ultimate building blocks of the venture industry: founders.”
This ranking is vastly different from rankings of top schools for entrepreneurship by U.S. News & World Report, Princeton Review, and Entrepreneur Magazine, all of which focus on factors like peer assessment surveys, curriculum, and entrepreneurial study options. Instead, PitchBook looked at a single criterion: founders of companies who received venture capital (VC) funding between January 1, 2006, and August 18, 2017, and where they went to school.
The report provides a fairly detailed breakdown of top undergraduate programs, companies (by capital raised), MBA programs, female founders, unicorns (companies that have attained the coveted $1 billion evaluation), and more. This article will focus solely on the results that relate to MBA programs, including information on female founders and unicorns.
Top MBA Programs
For the 2017-18 academic year, the top 10 MBA programs to produce founders who received VC funding were ranked as follows:
- Harvard Business School (HBS): 1,203 entrepreneurs, 1,086 companies, and $28,495 million raised
- Stanford Graduate School of Business (GSB): 802 entrepreneurs, 716 companies, and $18,259 million raised
- University of Pennsylvania’s Wharton School: 666 entrepreneurs, 585 companies, and $16,001 million raised
- INSEAD: 455 entrepreneurs, 406 companies, and $7,795 million raised
- Northwestern’s Kellogg School of Management: 445 entrepreneurs, 417 companies, and $5,680 million raised
- Columbia Business School: 441 entrepreneurs, 410 companies, and $5,465 million raised
- MIT Sloan School of Management: 437 entrepreneurs, 384 companies, and $7,797 million raised
- University of Chicago Booth School of Business: 405 entrepreneurs, 368 companies, and $5,470 million raised
- University of California – Berkeley Haas School of Business: 344 entrepreneurs, 314 companies, and $5,191 million raised
- UCLA Anderson School of Management: 247 entrepreneurs, 232 companies, and $3,957 million raised
HBS stands out immediately for producing founders who receive VC funding. Harvard produced twice as many founders as its next closest competitor, and those founders pulled in $10M more in funding for their 1,000+ companies.
As for the reason behind Harvard’s success, there are multiple elements that contribute to its production of entrepreneurs. The school is home to the Arthur Rock Center for Entrepreneurship, which offers programs for budding entrepreneurs including curricular offerings (over a dozen courses), a New Venture Competition (which offers $300,000 in cash prizes), the Rock Accelerator, the Harvard Innovation Lab, and even a Loan Reduction program that supports graduating entrepreneurs with a one-time, need-based award of $10,000 to $20,000. HBS’s extensive alumni network also provides students with connections with managing directors, partners, and founders of top VC firms including Bain Capital Ventures, Apax Partners, and Accel Partners.
Another standout for the 2017-2018 year was INSEAD. The only non-U.S. MBA program to appear in the top 10, it also moved up a spot this year over last. INSEAD grew from 393 entrepreneurs, 348 companies, and $6,131 million in capital raised to 455, 406, and $7,794 million respectively.
INSEAD’s students are supported by the INSEAD Centre for Entrepreneurship (ICE), which was founded in 2003. The center offers MBA students a chance to participate in the INSEAD Venture Competition (IVC), Entrepreneurship Bootcamps, and the Entrepreneurship Teaching Innovation (ETI) Fund, which supports the development of the “Your First Hundred Days” elective for budding entrepreneurs.
Another MBA program of note is MIT Sloan School of Management, which was fourth in capital raised on this year’s PitchBook ranking. This could indicate more successful companies coming out of MIT or a higher percentage of VC funding available to Massachusetts’ graduates.
Some of the unique entrepreneurship opportunities available from other top programs include Stanford GSB’s Startup Garage, an intensive, hands-on project course for MBA students, as well as MIT Sloan’s Martin Trust Center for MIT Entrepreneurship, which includes an accelerator, coaching, and various events. Finally, the Penn Wharton Entrepreneurship Center offers resources, events, and courses for MBAs looking to explore, develop, launch, and scale a startup.
Top Female Founders & Unicorns
PitchBook also reviewed the top MBA programs for female founders. Once again, HBS and Stanford GSB ranked first and second, respectively, with 202 and 119 female founders. Columbia Business School ranked third with 77, Wharton ranked fourth with 71, and MIT came in at fifth with 60 female founders.
As for the unicorns, the top five MBA programs are similar to the previous lists.
- HBS: 22 entrepreneurs, 17 companies
- Stanford GSB: 14 entrepreneurs, 11 companies
- Wharton: 11 entrepreneurs, 8 companies
- INSEAD: 8 entrepreneurs, 7 companies
- MIT Sloan: 6 entrepreneurs, 6 companies
This article has been edited and republished with permissions from Clear Admit.
A Recommendation Revolution Is Underway in MBA Admissions: What You Need to Know
I’m busy, you’re busy, your boss is most definitely busy. Indeed, publications ranging from Men’s Health to the Atlantic, the Washington Post to Forbes are all reporting that “busyness“ has become the new status symbol for our times. Which is part of what makes asking someone to write you a letter of recommendation for business school so daunting. Now, try telling that person that you actually need five different letters for five different schools. Oy vey.
As uncomfortable a spot as it puts applicants in—it’s no better for recommenders. Even your most vociferous supporter is going to wonder what in the world she’s gotten herself into when she realizes that helping you in your pursuit of acceptance to business school means taking time away from work or play or family or whatever else to labor over leadership assessment grids, each a little different from the one before, and write 10 slightly different answers to 10 slightly different questions. Here’s hoping that your top-choice school doesn’t happen to be the last one she gets around to…
Good news. The graduate management education industry recognizes the strain that letters of recommendation put on applicants and recommenders alike and has been wrestling with ways to make the process easier for everyone involved. To this end, the Graduate Management Admission Council (GMAC) established a committee made up of admissions representatives from dozens of leading business schools to brainstorm about ways to lessen the burden while still collecting the third-party assessments of candidates that are so critical to the MBA application process.
GMAC Pilots Common MBA Letter of Recommendation
As an outgrowth of that committee’s work, GMAC last year piloted a common MBA letter of recommendation (LOR) that schools can choose to incorporate into their applications to reduce the burden placed on applicants and recommenders alike.
“The Common Letter of Recommendation (LOR) effort is intended to save you and recommenders valuable time by providing a single set of recommendation questions for each participating school,” reads the GMAC website. “This allows your recommenders to use the same answers for multiple letter submissions, alleviating the workload of having to answer different questions for each school multiple times. You benefit because it makes the ask for several different letters to be written on your behalf much easier.”
Cornell’s Johnson Graduate School of Management, NYU Stern School of Business, and Michigan’s Ross School of Business were among the first schools to pilot the Common LOR last year. In addition to a single set of open-ended essay questions, the pilot Common LOR also included a leadership assessment grid inviting recommenders to rate applicants on 16 “competencies and character traits” grouped into four main categories of achievement, influence, personal qualities and academic ability.
“At Johnson, we saw the Common LoR as a clear opportunity to improve the admissions process for candidates and their recommenders in a way that would also add value to our own assessment of applicants,” Judi Byers, Johnson executive director of admissions & financial aid, told Clear Admit. “A thorough and consistent review is important to us and the grid provides a straightforward base of insights that can be assessed and compared reliably while the accompanying letter adds meaningful detail and context,” she added.
Soojin Kwon, managing director of full-time MBA admissions and program at Ross, sees applicants and recommenders as the main beneficiaries of the Common LOR and is pleased that more schools are coming on board. “As more schools adopt it, applicants won’t have to feel like they’re burdening their recommender with completing multiple rec letters with different questions and ratings grids,” she told Clear Admit. “This year, more than a dozen of the top 20 schools are using it.”
Ross was also among the schools to first pilot the Common LOR last year, and Kwon served as part of the GMAC committee that helped craft it.
Common Questions Easy to Agree on, Common Leadership Grid Not
“What we found in using the Common LOR this year past year was that the questions gave us helpful insights into applicants, particularly on the important area of constructive feedback. The questions, however, were fairly similar to what we and other schools were using before, so it was easy for the AdCom to use it,” she notes.
Those questions are as follow:
- Please provide a brief description of your interaction with the applicant and, if applicable, the applicant’s role in your organization. (50 words)
- How does the performance of the applicant compare to that of other well-qualified individuals in similar roles? (E.g. what are the applicant’s principal strengths?) (500 words)
- Describe the most important piece of constructive feedback you have given the applicant. Please detail the circumstances and the applicant’s response. (500 words)
- Is there anything else we should know? (Optional)
“The rating grid was quite different from what we’d used in the past,” Kwon continued. “It was also the most difficult part for the GMAC advisory group to develop and get agreement upon. The group worked this past year to revise and simplify the grid so that AdComs could get more meaningful insights from it.”
This year, the 16 competencies and character traits from the original grid have been distilled to 12, with specific questions about analytical thinking and information seeking omitted. Johnson and Ross have both incorporated the revised leadership grid into the LOR distributed to applicants as part of their applications, as have most other schools that have this year decided to incorporate both the grid and open-ended essay question portions of the form. UT’s McCombs School of Business and Rice University’s Jones Graduate School of Business, notably, still seem to feature the earlier version of the leadership grid in their application, the one that calls on recommenders to assesses applicants on 16 competencies and traits.
Metro News & Notes: Stanford Wants You in the Midwest, MBA Essays and More
Good morning and happy Friday!
Here are a few stories you may have missed from the week that was …
Stanford Will Pay MBAs $160,000 to Work in the U.S. Midwest | CNBC
Earlier this week, the Stanford Graduates School of Business announced three winners of its first-ever Stanford USA MBA Fellowship, which will reportedly pay each student upwards of $160,000 for two years of tuition. CNBC writer Catherine Clifford explains:
“To be eligible for the scholarship, you have to have a connection to the Midwest. You can be a current resident of a Midwestern state, which Stanford defines as Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota or Wisconsin. Alternatively, you could have lived for three consecutive years in one of those states, have graduated high school in one of those states or have ‘experiences that demonstrate a strong commitment to, and interest in, the development of the region.'”
There is a stipulation with the lucrative scholarship, however. Those students must agree to work in the Midwest within two years of graduation. Clifford notes that by the times grads have been out of Stanford GSB for four years, at least two of those years will have to have been working in the Midwest.
“The winners of the first Stanford USA MBA Fellowship are Adam Verhasselt, Amanda Donohue-Hansen and Taylor Seabaugh,” Clifford writes. “Verhasselt was raised on a dairy farm owned by his family in Wisconsin and is the first in his family to graduate from college. Donohue-Hansen is from California but graduated from University of Minnesota and lived and work there for 10 years. Seabaugh grew up in St. Louis, Missouri, and returned after graduating from college to work at 3M and volunteer at local public schools.”
Read more about the Stanford USA MBA Fellowship here.
High School Students Dream Big – with Help of MBA Mentors | The Globe & Mail
Three Toronto metro high school students recently earned some valuable hands-on help from second-year Schulich School of Business MBA candidate Cortney Mills. The partnership came to fruition from the semester-long case competition Summit Leaders, founded last year by MBA students from the Rotman School of Management at the University of Toronto, writes the Globe & Mail. The goal of the nonprofit summit is to help underprivileged high schoolers from the community, giving them in-person lessons about business and entrepreneurship.
“’A lot of students don’t realize this [business] is an avenue they can take and they are often the brightest people,’ says David St. Bernard, a Co-Founder of Summit Leaders who graduated this spring with combined degrees in business and law at U of T.”
“’Sometimes they need that little push,’ he says of the younger students in the program. ‘Our idea is to give them the avenue to open up their ideas and create more connections within the community.’ Students do not have to choose a business career, he adds, ‘but at least we give them the opportunity to choose.’”
Find out more about the Summit Leaders nonprofit program here.
Your MBA Application Essay Mastered | Financial Times
Admissions teams know that essays are where students have to individually shine. Work experience, grades and GMAT score tell a lot about a student, of course, but the essay is a chance for them to stick out beyond traditional parameters.
In a recent piece with the Financial Times, Yuan Ding, Dean of the China Europe International Business School, says, “[The essay] is where we learn about applicants’ career aspiration, understanding of China, and writing skills.”
Rob Weiler, UCLA Anderson School of Management MBA Program Associate Dean, also notes how students need to be pretty concise with their words. “If an applicant attempts to add too much supplemental information, chances are they are trying too hard,” he says in the piece. Applicants to the UCLA Anderson MBA program all have a 500-world limit on their essays.
In contrast, institutions like the IESE Business School in Spain do not limit applicants to any standards on essays, offering immensely flexible entry capabilities. Dean Franz Heukamp says, “The ones that grab our attention do so not because they say something we have never heard before, are wild or outrageous. What makes a cover letter special is when it is very clear that the candidate knows what he or she wants to achieve professionally.”
Read more about what school’s may or may not expect from your application essay here.
Forté Foundation Power Pitch Competition Winner
Women-led businesses were once relatively rare, but that is no longer the case. According to the 2016 Kauffman Index of Startup Activity, women make up 40 percent of new entrepreneurs in the United States: a nearly 30 percent increase from 2007.
