Bbr Volume 2 Issue 5

BRUINBUSINESSREVIEW

VOLUME II ISSUE V

POST-BACHELOR

January 2009

January 20 Career Fair Location: Ackerman Grand Ballroom Time: 10:00am – 3:00pm Description: Meet representatives from various companies and search for internships, part-time, and full-time jobs.

Get JD: Preparing for and Applying to Law School Location: Career Center, Third Floor Time: 11:00am – 12:30pm Description: Law school admissions requirements, timeline information, completing application materials, letter of reference services, and developing a strong personal statement.

Bain & Company Employer Presentation Location: DeNeve Plaza Room A Time: 6:00pm – 8:00pm January 22 Description: Bain & Company Associate ConEnvironmental Protection Agency Employer sultant Internship Information Session. Presentation Internships for 2009 Workshop Location: Career Center, Third Floor, Conf. Location: Career Center, Second Floor, Rm. Rm. A 200 Time: 5:00pm – 6:30pm Time: 12:00pm – 1:00pm Description: Environmental Protection Description: This workshop offers practical Agency (Office of Enforcement and Complisearch advice and application tips, as well as ance Assurance) discusses jobs opportunities a review of some standout internships ac- with agency. cepting resumes now. RSVP on BruinView. January 23 Sacramento and Bay Area Internships for Business Economics Application Due Summer '09 Workshop Location: Bunche 2263 Location: Career Center, Second Floor, Rm. Time: 4:00pm 200 Description: This is the due date for the BusiTime: 1:00pm – 1:30pm ness Economics application for Winter QuarDescription: This workshop offers you the ter 2009. tools to effectively search for Northern California summer employment opportunities. January 29 RSVP on BruinView. MillerCoors Sales Management Internship Info Session January 21 Location: Career Center, Third Floor, Conf. Internship Search Strategies for International Rm. B Students Time: 6:00pm – 7:00pm Location: Bradley International Center Description: Stop by to learn more about the Time: 3:00pm – 5:00pm Sales Management Internship. Description: UCLA Career Center counselors will share a variety of effective search strate- DaVita, Inc. Employer Presentation gies for international students seeking in- Location: Career Center, Third Floor Conf. ternships in Los Angeles and other markets. Rm. A Time: 6:30pm – 9:00pm RSVP on BruinView. Description: DaVita health company job opGraduate and Professional School Planning portunities. Location: Career Center, Second Floor, CaFebruary 2 reer Lab Time: 4:00pm – 5:00pm Get JD: Preparing for and Applying to Law Description: Are you wondering if graduate School or professional school is right for you or do Location: Career Center, Third Floor you have questions regarding the application Time: 4:30pm – 5:30pm process? Attend this workshop for answers. Description: Law school admissions requirements, timeline information, completing apHow to Make Millions in the Stock Market plication materials, letter of reference serLocation: Covel North Ridge Room vices, and developing a strong personal Time: 7:00pm – 9:00pm Description: Information Session about stock statement. investing.

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TABLE of

CONTENTS 4

Bernard Madoff and His Ponzi Scheme

5

News Briefs

6

Why Business School?

8

Professional Certifications

10 Earning Your Joint Degree 11 How to Get Recommendations 12 Standardized Tests for Grad Schools 14 Paying for Graduate Schools 16 Stanford Graduate School of Business 18 International Business Schools 21 Options for International Students Post-Bachelor Degree 22 On Track for Business/Law School? 3

BERNARD MADOFF AND HIS PONZI SCHEME

By Jaeman Kim Staff Writer On December 11, 2008, Bernard Madoff was arrested and charged with criminal securities fraud. The fraud he committed, which has potentially spanned over three decades, involved thousands of investors who gave their money to Madoff, who said that losses to his clients are about $50 billion dollars. Even worse, no one knows exactly where all the money is. In 1960, Bernard Madoff started the firm Bernard L. Madoff Bernard Madoff Investment Securities LLC. The firm facilitated securities trades by serving as the middleman for investors. The firm went on to become successful. Madoff also helped to develop the Nasdaq stock market and once served as its chairman and helped advise the Securities and Exchange Commission (SEC). While Madoff was carrying out the fraud, he told his clients that he would offer them a steady source of return on their investments through a options-trading strategy. This strategy involved buying stocks while also trading options, or the right to buy or sell property that is exchanged for an agreed amount of money, in a way that would limit any losses on the shares of stocks. However, it has come out since his arrest that Madoff’s firm could not have actually bought and sold the options because the totals that Madoff claims to have had would have exceeded the total amount of trading occurring during those days. Victims of the Ponzi Scheme Include… International Olympic Committee, led by Jacques Rogge

Bramdean Alternatives, run by Nicola Horlick

HSBC, headed by Michael Geoghegan

Banco Santander, led by Emilion Botin

Human Rights First, led by Elisa Massimino

Investigators now believe that Madoff initially participated in this trading scheme but failed. He then financed the operation by taking money from new clients and paying it out to existing clients. Due to the nature of the scheme, it could only continue if he obtained more and more investors. However, due to the recent economic downturn, there was an increase in the number of redemptions, or people asking for their money back, and it is believed that Madoff did not have enough money to sustain the Ponzi scheme. The reason as to why Madoff was arrested was that he confessed to his sons the Ponzi scheme. According to the criminal complaint, Madoff has received requests from his investors for about $7 billion in redemptions. However, given that there was only $200 to $300 million left at the firm, this was impossible. Madoff has stated that losses for his investors are about $50 million dollars. Investigators believe that this amount includes fake profits that Madoff’s firm reported. Therefore, it is probable that the actual amount is less. In total, the loss may be closer to around $30 million. The biggest question that everybody has, however, is where all the money actually went. It is possible that Madoff has multiple off-shore accounts that have strong privacy laws. Given the size of the scheme, it may be some time before there is an answer.

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NEWSBRIEFS By Dmitry Shuster Staff Writer

RUSSIA AND EUROPE COME TO TERMS OVER GAS After a tense standoff over the supply of gas to European nations, Russian and European officials have finally signed a deal. This will reopen gas supplies to the hundreds of thousands of homes that were left without gas in sub-zero temperatures after previous negotiations with Ukraine and European nations stalled. The primary advantage of the deal is that it stated how gas flowing from Russia to Europe will be monitored amid accusations that Ukraine has been stealing gas for its own benefit. Representatives from the EU, Russia, and Ukraine will monitor the transit of gas at pumping and measuring stations in Ukraine. Fortunately, more than 15 countries in central Europe will now receive gas from Russia, who provides 40% of Europe’s gas imports.

U.S. JOB LOSSES HIT RECORD, AGAIN The number of U.S. jobs lost in 2008 is the highest figure since after World War II. A total of 2.6 million jobs were lost throughout the entire year. The jobless rate rose to 7.2% in the month of December, the highest it has been in the past 16 years. President-elect Barack Obama, who is to take office on January 20, has announced that the economic situation is critical and that immediate actions must be taken. With the release of this data, Boeing announced that it would cut 4,500 jobs from its commercial airplane division due to the global economic crisis. There is little consolation in the fact that the number of jobs lost in December – 524,000 – missed analyst expectations of 550,000. Where Jobs Were Lost • Factories: 791,000 • Retail: 522,000 • Temporary work: 490,000 • Construction: 630,000

SOUTH KOREA’S RATE CUTS SIGNAL MORE TROUBLE The Central Bank of South Korea cut interest rates by half a percentage point to a record low of 2.5% in the nation’s latest attempt to fight off recession. President Lee Myung-bak has stated that the target growth rate of 3% may prove to be beyond reach. This is the fifth interest rate cut in three months for South Korea, whose exports have decreased significantly and whose factory output fell by 14.1% in November. The predictions of some economists are much worse than those of South Korean officials. Some suggest that the country’s economy could actually contract by 3%, which would be the first annual contraction since the Asian financial crisis of 1997. The South Korean government has also established a $37 billion fund to aid small and medium-sized businesses in need of new capital. The country’s predicament clearly shows that no nation is immune to the fall in global consumer demand and the weakened global economy.

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WHY BUSINESS SCHOOL? By Eric Park Staff Writer During the current economic crisis, many employers are laying off significant portions of their work force. In December of 2008, the U.S. reached a 16-year high unemployment rate of 7.2%. Therefore, it makes sense to many current college students to try to earn their MBA directly after completing their bachelor’s degrees. While attaining an MBA, students will not have to worry about job hunting in a slumping economy and will tend to have advantages over other applicants upon graduation. However, receiving an MBA includes many obstacles such as high tuition costs.

BENEFITS AND INCENTIVES MBA job applicants are distinguished by credibility. They learn about business management including factors such as customer and investor satisfaction. Their degrees are specialized in a field such as sales, marketing, risk management, accounting and more. An MBA level education allows individuals to have greater comprehension of specifics and nuances in their work places. Employers place emphasis on education and are more open to grant higher positions and salaries to MBAs. An MBA tends to bring in more experience and knowledge than their B.A. counterparts, and tends to have many career choices and opportunities for advancement. Many people attend graduate school for these reasons and there are many successful examples. Jamie Dimon, Chairman and CEO of JP Morgan Chase, Thaddeus Arroyo, CIO of AT&T and James McNerney, CEO of Boeing are just a few MBAs in business. While an MBA can provide monetary benefits, it can also provide personal benefits. MBA programs currently exist all over the world. As such, those who possess MBAs are respected and admired for their credentials. Therefore, possessing an MBA can garner respect from co-workers and provide individuals with the confidence needed to lead and manage others. An MBA degree can open many doors while providing prestige and confidence to those who possess it.

MONETARY COSTS Despite the benefits of getting an MBA, there are also challenges with doing so. Many traditional two year MBA programs have annual tuition costs exceeding the $40,000 threshold. Numerous funding options are available such as getting loans, serving as a teaching assistant and having previous employers (for those with work previous experience) pay for schooling. However, there are many other expenses involved including living and personal arrangements. Harvard Business School is one of the premier MBA programs. On its website, school officials estimate the 2010 budget for a single student in 2010 to be $77,150!

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Class of 2010 Student Budget Single

Married/DP

Married/DP with One Child

$43,800

$43,800

$43,800

$1,426

$3,218

$4,010

$1,404

$3,166

$4,222

$4,200

$4,200

$4,200

$14,040

$16,515

$20,700

Board, Personal, Other (9 months)

$12,280

$15,951

$20,318

Total

$77,150

$86,850

$97,250

Tuition University Health Services Fee Blue Cross/Blue Shield (12 months) Program Support Fee Room & Utilities (9 months)

COST OF TIME A popular expression in corporate culture is “time is money.” Traditional MBA programs require two years. However, for some students, they must also work while attending school. There are programs that accommodate such lifestyles but the time required to receive an MBA becomes longer. Many schools require hours of work experience along with high GMAT scores and GPAs. For those fresh out of college, this means time must be dedicated to meeting those prerequisites. When deciding students must also consider possible wages and valuable work experience. Proponents of MBAs argue that they allow for quicker advancement in the corporate workplace. However, others ague that work experience is more valuable than anything taught in the classrooms. As such, there are many individuals in business who have achieved great success without an MBA. Such examples include Rollin Ford, CIO of Walmart, Steve Jobs, CEO of Apple, as well as Stanford graduate school dropout and current Microsoft CEO, Steve Ballmer. Pursuing an undergraduate degree is what all of us students are here for. There are also those who seek further education. However, it is up to the individual to carefully analyze his/her own circumstances before pursuing a graduate education.

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CERTIFICATATION: your way to a better job By Christine Liu Senior Staff Writer Mr. Joe Smith, CIA. Top-secret government agent? Not likely, but he’s probably a Certified Internal Auditor. In the business industry, you may come across many workers with a title, such as CIA, CFE, or CIMA. But what do these titles mean? What do they entail? Well, we’ll explain the professional certifications in the business sector and the advantages of having them. First of all, there are two types of certifications, a licensure and a competence certification. Someone who holds a license means that they have met the requirements for the license in that particular state, such as a public accountant or attorney. Someone with a competence certification, given by non-governmental organizations, has met certain requirements such as education level, passed test(s), and/or demonstrated competence.

HOW TO GET STARTED    

Go to the organization’s website and order the certification kit. It includes information about the certifications and exam preparation courses. Enroll in review courses or buy prep books with practice exams. Examinations for certifications usually consist of four parts, each around two to 3.5 hours long, a total of about 10 to 14 hours. However, the separate sections can be taken separately. Finally, do your best to pass the test in order to get certified.

THE ADVANTAGES 







In today’s competitive job industry, distinguishing oneself from his or her peers becomes increasingly difficult. Professional certifications allow someone to further strengthen his/her appeal to employers and has an edge over other non-certified job applicants. According to the Institute of Management Accountants as well as other surveys, employees with certifications receive a higher salary. For example, accounting professionals who are certified earned approximately $11,000 to $18,000 more annually than non-certified accounting professionals. With the economy in a recession, paying or receiving sponsorship for employers for graduate school expense is not feasible for many. Thus, certifications provide a solid alternative, especially since it can offset the disadvantage of the lack of a graduate degree. Professional certifications force one to increase his/her knowledge base since the examination would most likely include areas of unfamiliar territory. The broad base of knowledge then allows the job applicant to be more flexible, an appealing quality to employers.

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AREAS OF CERTIFICATION There are many, many types of certifications spread across dozens of fields. Here, we’ll zero in on the most relevant ones pertaining to business, accounting and finance.

ACCOUNTING: CMA (Certified Management Accountant) – CMAs prepare an organization’s financial statements, perform financial analysis, as well as conduct a variety of other management accounting/financial tasks. CIA (Certified Internal Auditor) – CIAs audits financial statements in order to identify risks, come up with plans to controls risks, and examine the impact of alternative solutions. CFE (Certified Fraud Examiner) – CFEs aid in the prevention, detection and investigation of fraud by gathering and examining evidence. Others:  CPA (Certified Public Accountant)  CCSA (Certification in Control Self Assessment)  CCA (Chartered Cost Accountant)

FINANCE: CFP (Certified Financial Planner) -- CFPs develop/implement financial plans for businesses, organizations, and individuals suited to their financial situations and goals. They must be knowledgeable in many areas of finance including income and estate tax, investments, risk-management analysis and retirement planning. CFA (Chartered Financial Analyst) – CFAs work in the field of institutional money management and stock analysis and provide research/ratings on various forms of investments. CFS (Certified Fund Specialist) – CFSs advise clients on the investment of funds. CIMA (Certified Investment Management Analyst) – CIMAs usually have careers in financial consulting firms, involving the management of large amounts of money for clients. Others:  CLU (Chartered Life Underwriter)  CMT (Chartered Market Technician)  CIC (Chartered Investment Counselor)

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EARNING A

JOINTDEGREE

By Stefanie Ju Staff Writer

In an increasingly competitive job market, many students are doing whatever they can to distinguish themselves from their peers in the job market. This includes bolstering their resume to include any skill or experience that the application sitting next to theirs may not have. In the business field, having a background in two specializations can give graduates a significant advantage both while looking for work and in the office when they finally land a job. Many professionals seek to expand their knowledge and experience, and pursue joint degrees because they realize that having more than one specialty will make them extremely attractive to future employers that require a combination of skills. A joint degree program offers students the opportunity to study and obtain their masters degree in two different fields simultaneously. The reduction in time (usually by one to two years) necessary to obtain both degrees makes such programs very attractive to students who want to pursue a career in either field, or whose career path necessitates the background of both areas. Most schools require applications and acceptance into both programs separately, while others require one complete application, and added supplementary items such as letters of intent or statements of interest. One of the most common joint degree programs among professionals in the business field is the Juris Doctor/Masters of Business Administration combination. It teams up a university’s business and law programs, and usually lasts four years, saving one year over completing the degrees separately. This multidisciplinary program prepares students to address both the legal and business issues they will face in their jobs within consulting, legal practice, and other areas. Many other programs are offered at various universities, including joint degrees in design, engineering, and government. MBA/MArch (Master in Architecture) is one type of design and business joint degree by teaming up with a university’s architectural department. An MBA/MSE (Master of Science in Engineering) joint degree adds a master of science in engineering to an MBA for working engineers seeking to gain both technical and managerial experience. Joint degrees with a master in public policy and an MBA are sought after by leaders in government, realizing the importance of general business knowledge and the understanding of economic development. In general, joint degree program specifications depend greatly on the university. It is extremely important to research all potential programs in order to choose the best and most fitting for you. So when you are deciding to pursue an MBA, take a look into the world of joint degrees as well. It just may give you that leg up on your opponent, and will definitely give you a more well-rounded background for any future endeavors.

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how to ask for

A Letter of Recommendation By Shannon Kung Senior Staff Writer Getting a letter of recommendation is one of the hardest parts of the graduate school application process. Graduate admissions committees look at hundreds of applicants who have similar grades and extra-curricular activities. A letter of recommendation is a way for the committees to learn more about you as a candidate. Thus, getting an excellent letter of recommendation is crucial. Most graduate schools ask for three letters and they, just like the rest of your application, should be dealt with thoughtfully and carefully.

STARTING OUT If you are going to professional school straight from college, you will most likely be turning to faculty for letters or recommendation. When first starting out, consider how well you know the professor and your performance in his or her class. If you never went to his office hours and slept through most of lecture, it might be best to skip over him. To increase your chances of getting a good letter, it might be helpful to start thinking about building a relationship with professors so they will know you better and not only be willing to write the letter but write a strong one. When approaching professors, remember that you are asking them for a favor. Thus, don’t ask by e-mail or spring the question on them before class starts. Instead, it is better to arrange an appointment with them and give them advanced notice that you want to talk about graduate school.

THE MEETING Be prepared for the meeting with your professor. You want to impart on the professor that this letter is important to you, so discuss the type of degree you want to get, the school you’re applying for, your goals and motivations, and why you chose them. Writing the letter of recommendation is not an easy task and the professors are taking time out of their schedule to write it. Make sure you ask at least a month before the due date and that you give them all the necessary documentation- any instructions from the graduate school, forms, your transcript, etc. Be neat and make sure that you give all your documentation at once so certain important papers are not lost. Being organized with all your paperwork will only serve to give them a more favorable impression of you and thus write a better letter.

Letter of Recommendation Checklist:

FOLLOW UP



Did you ask your professor early?

Follow up with your professor. They are busy with research,  Have you done your research? classes, and students and are always dealing with huge piles of Did you prepare appropriate documents? papers. This means that it is important to follow up periodically to  make sure they turn it in on time and to see if they need any addi-  Did you make sure to tell him the deadline? tional information. However, be careful not to become a nuisance,  Did you follow up? as this will reflect poorly on you. After the recommendation has been sent out, show the professor that you appreciate his effort. Many websites recommend writing a thank you note or a card. Also, be sure to tell the professor the status of your application- if he helped you get accepted into your dream school, he would definitely want to know!

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The Lowdown on the

GMAT, SAT, and GRE By Joanne Hou Senior Staff Writer So you know you want to get to a graduate or professional school. The next step is making sure you have taken the proper standardized test that is required for admission into the program of your choice. For business schools, the test is the GMAT (Graduate Management Admission Test); for law school it is the LSAT (Law School Admission Test); and for most graduate school programs like a masters or Ph.D., that test is the GRE (Graduate Record Examinations). Here are the essentials for each test.

GMAT

The GMAT is a test of general verbal, quantitative, and analytical writing skills and not a test of actual business or management knowledge. It is predominantly multiple choice with two 30-minute essays one focusing on analyzing an issue and the other on analyzing an argument. For the verbal section, reading and critical analytical skills are tested, along with language skills in the form of sentence completion. For the quantitative portion of the test, the questions deal with mathematical problem solving and data analysis. The GMAT is given electronically and the questions are chosen by the computer program in what is called computeradaptive format. This means that the computer picks problems based on your answers to previous questions so the difficulty level adjusts as you go along. Thus, different test takers may face different questions and have variable proportions of easy and difficult questions. This also means that as you choose an answer, the response is immediately scored and you cannot go back to previous questions. Scoring for the GMAT is based on 1) the number of questions answered; 2) the number answered correctly; and 3) the difficulty of those questions. The test is given at test centers around the year all over the world. It costs $250 to take the test and $50 to reschedule an appointment. The scores range from 200-800 and are valid for five years.

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GMAT at a Glance Test Length

3.5 hours (210 minutes)

Test Breakdown

2 essays (30 min. each) 37 MC quantitative questions (75 min.) 41 MC verbal questions (75 min.)

Testing Method

By computer using computer -adaptive format

Score Range

200-800

Test Score Valid Period

5 years

Cost

$250

Retest Policy

Once every 31 days but no more than 5 times in any 12 months www.mba.com

Information

LSAT The LSAT is an important test for law school admission in that it is not only required by all law schools approved by the American Bar Association, but also weighted heavily for admission considerations. It contains five 35-minute multiple choice sections that tests reading comprehension, analytical skills, and logic reasoning. There is no quantitative component to the LSAT. The analytical skills section is also informally known as the “logic game” in which the test taker finds answers based on logical analysis of a set of facts, rules, or conditions. The logical reasoning section, on the other hand, focuses on analyzing written arguments and not on logic puzzles. At the end of the exam, there is a 35-minute writing section that is not scored but is sent to law schools along with the LSAT score. In the multiple choice sections, only four of the five sections are actually scored. The fifth section, which can be put anywhere in the test, is called the variable section and is used to try out new questions. However, test takers are not told which section is unscored.

LSAT at a Glance Test Length

3.5 hours (210 minutes)

Test Breakdown

1 essays (35 min.) 5 MC sections (35 minutes each) One MC section unscored

Testing Method

Paper and pencil

Score Range

120-180

Test Score Valid Period

Up to 5 years, but law schools can differ

Cost

$127

Information

www.lsat.org

The LSAT test is administered only four times a year at university sites throughout the country and use paper and pencil. The test scores can be good for up to five years, though individual law schools can adjust this policy.

GRE The GRE General Test measures a test taker’s ability in verbal and quantitative reasoning, as well as analytical skills. It is used as part of admission to graduate programs. In the U.S., the test is computer-based and can be taken year round. The analytical skills portion, always given first, asks the test taker to write two essays, one about forming an argument to an issue and one analyzing an argument. The verbal section tests reading comprehension, synonyms/ antonyms, and analogies, and sentence completion. The quantitative section contains materials such as geometry, algebra, arithmetic, etc. There is one unannounced unscored section. At the end there is an optional research section that is not scored but sent to schools along with the GRE score. For the computer-based tests, the format is computeradaptive, which means that the computer picks questions based on the skill level demonstrated by the test taker on the previous question. The scores range from 200 to 800 for both the verbal and quantitative sections and 0 to 6 for the essays.

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GRE at a Glance Test Length

3 hours

Test Breakdown

2 essays Verbal section Quantitative section

Testing Method

By computer using computer -adaptive format

Score Range

200-800 for both verbal and quantitative and 0 to 6 for writing 5 years

Test Score Valid Period Cost

$140

Information

www.gre.org

HOW TO PAY FOR AN MBA: A GUIDE TO MBA FINANCING By Julie Chen Staff Writer You finally finished paying off your college loans. You got into your dream business school. Now how in the world are you going to pay for it? Getting an MBA is a costly investment. The recommended annual budget in 2008 for the MBA program at Wharton is $80,000 dollars. While financial aid is available, funding for graduate students is limited and the grants and scholarships offered are generally small in size. Paying for your new education, however, can be made more manageable once you understand your options.

FULL-TIME OR PART-TIME The first thing you must decide is whether you will attend school as a full-time or part-time student. Approximately 2/3 of business students pursue their degrees as part-time students while continuing to work full-time. Although it will take longer to earn a degree, the costs are more manageable and the amount of money you’ll need to borrow can be drastically reduced. Another consideration is if you work for a company that offers either full or partial tuition compensation to its employees. If you can get your employer to reimburse you for all or part of your MBA education, you can avoid going into debt altogether. Every employer handles sponsorships differently, so it is important for you to do some research first. Some graduate-level business programs are only available to full-time students. If you attend one of these schools, it will not be practical for you to work full-time. You will need to consider other alternatives to fund your educational expenses. Since an MBA is a long-term investment, most students rely on loans to cover some or all of their education or living costs. Before you take out any loans, however, it is important that you first check your credit report. Obtain a copy and make sure there are no errors before you apply for loans.

FUNDS YOU NEED TO PAY BACK Federal Loans If you need to borrow money to pay for an MBA, federal loans are usually the best option. Other than having lower interest rates, most federal loans have a deferred payment option. Examples of federal loans include Stafford Loans and Perkins Loans. Of course, not everyone is eligible for government funded loans. Many loan programs are need-based. Eligibility will be determined by the financial aid office of your chosen business school.

Private Loans Because federal funding for graduate students is limited, federal loans will only get you so far. The rest of the money must come from private loans, which have higher interest rates and usually don’t have deferred payment. Eligibility requirements for private loans vary depending on the bank, corporation, or foundation that is issuing the loan. The best way to determine eligibility is to shop around and research as many different private loan resources as you can.

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FUNDS YOU DON’T NEED TO PAY BACK Unlike loans, scholarships and graduate fellowships do not have to be repaid. This type of funding is usually reserved for students with special qualifications including: merit, financial need, ethnic background, gender, or students who will pursue studies of a specific industry. A great resource for scholarship search is FastWeb, which provides a free scholarship search engine. Some other databases that you may want to investigate are: Sallie Mae’s Online Scholarship Service, College Board’s Fund Finder, and CollegeNET MACH25.

5 Financial Aid Don’ts: 1. Don’t be afraid to ask for help. 2. Don’t forget to budget exactly how much you need. 3. Don’t borrow until you’ve done your research. 4. Don’t fall for scholarship scams. 5. Don’t abandon the college student’s lifestyle .

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MBA Class Profile 2010

By Sunny Wong Senior Staff Writer

Years of Work Experience:

Since its inception in 1925, the Stanford Graduate School of Business has established itself as one of the leading business schools in the world. Located in the heart of Silicon Valley, the school has close ties with nearby venture capital and high tech firms and has produced a considerable number of successful business leaders.

Range

0-11

Median

3.9

Prior Industry Work Experience: Investment Management* 30% Consumer Products

24%

Consulting

17%

Non-Profit/Gov’t

11%

High Tech

9%

GMAT Scores: Range

530-790

Median

730

TOEFL Scores: Range

253-297

Median

280

Undergraduate Majors: Humanities/Social Science 46% Engineering/Mathematics/ Natural Sciences

35%

Business

19%

Acceptance Rate: 6% Total Applications: Total Accepted:

5,741 362

Stanford’s MBA programs have consistently ranked near the top. In 2008, the School was ranked #1 by the U.S News and World Report, #3 by the Financial Times, and #2 in the 2007 business school rankings by The Economist magazine. Besides its MBA programs, the Graduate School of Business also offers joint and dual degrees in a variety of areas including a Juris Doctor (JD) and MBA, a Masters of Arts in Education (MA) and MBA and a Doctor of Medicine (MD) and MBA

MBA PROGRAM This is the standard two-year program that helps students develop their management and leadership skills. Class sizes are small and students have the opportunities to work closely with faculty.

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MBA Admissions The Stanford Graduate School of Business is the most selective business school in the United States. For the entering class of 2007, the acceptance rate was a mere 6%. Although many factors are considered, the admissions committee primarily evaluates candidates in three areas.   

Intellectual Vitality Leadership Potential Personal Qualities and Contributions

For the Class of 2011, there are three essay questions.  “What matters to you the most and why?”  “What are your career aspirations? How will your education at Stanford help you achieve them?”  Choose two of the following four:  Option 1: Tell us about a time when you built or developed a team.  Option 2: Tell us about a time when you felt most effective as a leader.  Option 3: Tell us about a time when you tried to reach a goal or complete a task that was challenging, difficult, or frustrating.  Option 4: Tell us about a time when you went beyond what was defined, established, or expected

OTHER PROGRAMS Stanford Sloan Master’s Program Unlike the standard MBA Program, the Stanford Sloan Master’s Program is tailored more towards professionals with 8 or more years of management experience and is full-time, so classes are only offered during the day, from 8AM to 5PM. The program is also shorter by one year and has a much higher concentration of international students. Upon completion, graduates will earn a Master of Science in Management degree. Ph.D. Program For those interested in academic research and management education, the Ph.D. Program offers a Doctor of Philosophy degree. Students can choose to concentrate in one of the seven areas of study, ranging from finance to marketing to political economics. Many graduates of this program go on to become professors while others work for the large economic institutions such as the International Monetary Fund. Executive Education Stanford also offers a set of programs for experienced executives who desire to enhance their skills in a particular field. There are programs falling under financial management, marketing, and leadership and strategy and are usually a few months long. After the program, participants head back into their workplace with a new set of friendships from around the world and an enhanced skill set in management. Summer Institutes Stanford also offers two summer institute programs for undergraduates and graduates.  The Summer Institute for General Management  The Summer institute for Entrepreneurship

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INTERNATIONAL BUSINESS SCHOOLS By Sonia Bhasin Staff Writer For students looking to earn a graduate degree at a business school outside of the United States, there are a number of options available at schools whose programs are recognized worldwide. These top notch schools are found in countries all over the world, from Canada to China and everywhere in between. Below we will briefly profile a few of the schools that consistently appear in rankings of top international business schools.

QUEEN’S SCHOOL OF BUSINESS, KINGSTON, CANADA Queen’s School of Business, located in Ontario, Canada, offers a wide range of programs. The most popular program at this school, known as the Queen’s full-time MBA, has a duration of 12 months. This particular program has been ranked #1 in the world, outside of the United States, by BusinessWeek magazine. This school is also home to Canada's most respected Executive MBA program, delivered nationally via videoconference to cities across Canada and also available through the school's Ottawa classroom. The Cornell - Queen's Executive MBA program provides an international perspective to students from both sides of the border who earn both a Queen's MBA and a Cornell MBA. Queen's Accelerated MBA for Business Graduates is the first program of its kind designed specifically for people with an undergraduate degree in business. Queen's Masters of Global Management is a comprehensive program of international business content, international experience, and crosscultural learning that allows students to earn a world-class degree in 12 months. http://business.queensu.ca/index.php

IE BUSINESS SCHOOL, MADRID, SPAIN IE Business School, founded in 1973, is located in the vibrant urban city of Madrid. This school boasts a variety of graduate programs such as the Masters in Management, MBA, Executive MBA, Master of Laws, specialized masters, and various doctoral and executive education programs. The wide range of programs available allows students to select their own path in the business world. IE Business School students use innovative online and presentation based learning methods, which provide students with a unique learning experience. This is done by having classes take place both online and in the classroom; in fact, IE Business School offers the opportunity to earn a world-class MBA solely online. IE Business School also boasts over 53 exchange programs with international universities. Entrepreneurship is a prime focus of the MBA degree program. http://www.ie.edu/business/

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CHINA EUROPE INTERNATIONAL BUSINESS SCHOOL (CEIBS), SHANGHAI, CHINA CEIBS was established in 1994, but already has a prominent position among the top business schools in the world. CEIBS unique bridge between Europe and China gives the school an international touch along with its strategic partnership with the University of Michigan at Ann Arbor in the United States, among other schools in Germany, France, and Spain. CEIBS offers MBA, Executive MBA, and various executive education programs. The Executive MBA program is the largest in the world, with over 700 enrolled students, and is ranked third worldwide. Within one decade, CEIBS has become the go to school for students in China, in addition to students from around the globe. http://www.ceibs.edu/

INSEAD, FONTAINEBLEAU, FRANCE, AND SINGAPORE INSEAD is one of the world’s largest graduate schools in business. This business school touts itself as a truly global business school; indeed, the motto of the school is “The Business School for the World.” This truly differentiates the school from other business schools across the globe. INSEAD has two physical campus locations, with campuses in both France and Singapore, along with centers in Israel and Abu Dhabi. MBA students have the option of moving between the two campuses. INSEAD also has a strategic alliance with the prestigious Wharton School of Business at the University of Pennsylvania. INSEAD offers MBA, Executive MBA, and PhD programs. http://www.insead.edu/

LONDON BUSINESS SCHOOL, LONDON, UNITED KINGDOM London Business School is consistently ranked as one of the top business schools in the world. The university is indeed a global one as well, with the student body at any given time representing over 121 countries, world-renowned faculty from more than 30 countries, and alumni based in over 120 countries. The location of the school, in London, also offers students a unique opportunity to live and study in a truly global city. London Business School offers a rich portfolio of degree and non-degree programs to suit students and executives at every stage of their career. The following degree programs are offered through the school: MBA, Executive MBA, EMBA-Global, DubaiLondon Executive MBA, Sloan Fellowship MSc, Masters in Finance, and PhD. http://www.london.edu/

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INDIAN INSTITUTE OF MANAGEMENT (IIMA), AHMEDABAD, INDIA In just over 40 years, IIMA has grown from being India’s premier business school to one recognized internationally. Through collaborations with universities around the world, including Harvard University, IIMA offers students a unique blend of Eastern and Western values. In addition to the traditional MBA program, IIMA also offers an MBA with an Agri-Business emphasis, a one year executive MBA program, and a doctoral program involving research training with students choosing from ten unique areas of specialization. http://www.iima.ac.in/

FINANCIAL TIMES MBA RANKINGS 1. University of Pennsylvania— Wharton, U.S. 2. London School of Business, U.K. 3. Columbia BS, U.S. 4. Stanford GSB, U.S. 5. Harvard BS, U.S. 6. INSEAD, France/Singapore 7. MIT— Sloan SM, U.S. 8. IE Business School, Spain 9. University of Chicago GSB, U.S. 10. University of Cambridge— Judge BS, U.K.

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INTERNATIONAL STUDENTS

POST-BACHELOR DEGREE:

NOW WHAT? By Erika K. Solanki Staff Writer College students struggle with deciding their future, whether it is starting a career or continuing their education at a higher level. Luckily for American students, they have the choice of staying local, going across the country, or even leaving the country. For international students, it is not that easy. International students have to decipher a complicated process in order to study in America and then have to decipher an even more complicated process once again if they want to stay in America for more than just school. International students, restricted by visas and immigration laws, have to jump through loops and holes to stay in the United States. Below are explanations of some of these loops and holes to give international students a head start.

OPTIONAL PRACTICAL TRAINING An international student has the opportunity to apply for employment directly related to the student’s major area of study if granted permission for optional practical training. Before students complete their bachelor’s degree, they should apply for practical training through the United States Citizenship and Immigration Services (USCIS) because the application can take two to three months or longer to process. Students can apply as early as 120 days prior to their graduation for optional practical training. Students do not need a specific job offer to apply for OPT employment authorization. If the student is granted authorization for temporary employment, the international student will be able to stay in the U.S. for an additional fourteen months after the completion of their bachelor’s degree, twelve of which are authorized for employment. Students can choose their starting date for their OPT no later than 60 days after their bachelor’s degree graduation date. Once the OPT application is approved, the student will be issued an Employment Authorization Document card, similar to a work permit. Although the process of issuing an EAD may take longer than expected, students may not begin work prior to the employment date state on their EAD cards. For examples of forms and detailed application checklist visit: http://www.immihelp.com/immigration/employmentauthorization-document.html

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After fourteen months, students have three options: 1. Return to their countries of origin. Depending on the student’s country of origin, employers in almost all countries view degrees obtained in the United States as equivalent or perhaps more prestigious than the degrees obtained in their own country. 2. If hired by the employer, the employer can sponsor the student on an H1B visa. An H-1B visa is a non-immigrant visa that allows U.S. employers to employ foreign guest workers in specialty occupations. The U.S. limits the number of H-1B visas granted each year, so approval of a student’s H-1B visa is never guaranteed. If the student’s request for an H-1B is granted, the student can also have the intent to immigrate permanently to America. 3. Apply and attend graduate or professional school. Students are eligible for twelve months of optional practice training for each level of higher education (masters, Ph.D., etc.); however, if a student is completing a second degree in the same level of education (i.e. a second bachelor’s degree) then the student is not eligible to apply for OPT at the completion of the student’s second bachelor’s degree.

H-1B VISA The H-1B visa allows American companies and universities to temporarily employ foreign workers who have the equivalent of a U.S. bachelor’s degree. Students can secure a sponsorship by an employer a few months prior to the completion of their degree. Students could do Optional Practical Training before trying to secure an H-1B visa or students can try to directly secure an H-1B visa. An H-1B visa is more difficult to secure because students need to have employer that are willing to sponsor them. Employers are more likely to sponsor students after they have worked with them for a year through Optional Practical Training.

APPLYING TO GRADUATE AND PROFESSIONAL SCHOOLS International students must follow application guidelines and apply to the graduate and professional programs of their choice; however, students must submit financial certification that demonstrates adequate funding for one year of study. Upon acceptance into a program, the university will sponsor the student on a student visa. The two types of student visas are F or J visas. F visa students must be totally funded by personal or family funds whereas J visa students must be substantially funded by institutional or governmental sources. The F visa does not carry a health insurance requirement, whereas the J visa does carry a health insurance requirement. J visa students must leave the U.S. in thirty days after the completion of their program, whereas F visa students must leave within sixty days after the completion of their program. A major difference between the two visas is that J visa students, who are financed fully or partially by the U.S. government or their own government must return to their country of origin for two years before returning to the United States in immigrant or worker status. F visa students have more options such as applying for Optional Practical Training or H-1B visa status after graduation. Students should aim for F visa status if their financial situation allows them to because it will give them more future flexibility once they obtain their degree.

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ON TRACK FOR BUSINESS/LAW? By Gloria Ho Staff Writer With the current job market shrinking, many of us will be delaying entering the workforce and, instead, staying a few more years in school. Though undoubtedly a sound option, there are a few factors to consider before applying. Have you taken the required tests? When is the deadline to apply? Even for those who will become an associate come September, these things should be taken into account if you do decide to return to school. For students who are considering business school or law school as an option, see below for a timeline that will keep you on track.

BUSINESS SCHOOL: 1st Year

nd

2 Year

3rd Year

4th Year

▪ Think about what sort of career you would like to pursue after graduation and if business school is a suitable path for you ▪ Talk with upperclassmen and MBA students to gain perspective ▪ Start gaining experience, either through an internship, part-time work, or volunteering, in the business related profession that you are interested in ▪ Begin thinking about when to take the GMAT ▪ Plan a visit to a career counselor ▪ Determine which area of business you would like to pursue and gain experience in ▪ Find a summer internship related to a field you consider working in after graduation

LAW SCHOOL: 2nd Year

▪ Familiarize yourself with the rigors of law school ▪ Determine whether or not law school is the route you wish to pursue right after undergrad

3rd Year September

▪ Research different law schools and the law school application process ▪ Keep a lookout for potential writers of letters of recommendation ▪ Start studying for the June LSAT ▪ See what it’s like to work in law by gaining experience at a law firm or non-profit organization

March

▪ Register for the June LSAT ▪ Start talking with a pre-law advisor ▪ Start thinking of who could write your letters of recommendation

▪ Consider taking the GMAT early ▪ Land a full-time job for after graduation

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BUSINESS SCHOOL CONTINUTED:

LAW SCHOOL CONTINUED:

After graduation: year before you would like to attend business school: January

▪ Begin researching business schools and what programs they offer ▪ Review last year’s application

February

▪ If you have not yet taken the GMAT, be gin preparing ▪ Take a free GMAT practice test

March

▪ Consider enrolling in a GMAT prep course

April

▪ Register for the GMAT ▪ Contact potential writers for your letters of recommendation

May

▪ Continue studying for the GMAT ▪ Decide upon which schools you will be applying to ▪ Consider visiting the campus

June

▪ Take the GMAT ▪ Request all undergraduate transcripts ▪ Register for the GMAT (for retakes)

July

▪ If you are applying to more than five schools, submit a GMAC Additional Score Report ▪ Retake the GMAT if necessary

August

September

June

▪ Take the LSAT ▪ Write a draft of your personal statement and have it looked over by your pre-law advisor ▪ Tailor your resume for law school ▪ Finalize the list of law schools you plan on applying to ▪ Finish the final drafts of your essays

July – August

▪ Register with the Law School Data Assembly Service (LSDAS) ▪ Send all your transcripts after high school to LSDAS ▪ Familiarize yourself with the law schools you will be applying to and, if possible, visit the campus ▪ If necessary, register and prepare for the October LSAT

4th Year

▪ Register for business schools’ online applications ▪ Familiarize yourself with the application processes and requirements of the schools you are applying to ▪ For schools with different rounds of accepting applications, decide which round you will be applying ▪ Begin the first draft of your essays ▪ Follow up with the writers of your letters of recommendation ▪ Sign up for interviews for schools that conduct open interviews ▪ Update resume ▪ Revise and polish your essays ▪ Fill out applications

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September

▪ Finish writing your personal statement ▪ Ask your professors for a letter of recommendation ▪ Update your resume ▪ Request financial aid information if necessary ▪ Begin filling out applications on LSAC

October

▪ If needed, take the October LSAT ▪ Finalize your personal statement and letters of recommendation ▪ Make sure all documents needed to complete your LSDAS report have been submitted ▪ Double-check your completed applications

November

▪ Send out your applications ▪ If needed, obtain applications for financial aid

December

▪ Contact law schools to confirm that your applications were received and are complete

January

▪ Send an updated transcript to the law schools you applied to and to LSDAS ▪ Submit completed financial aid forms ▪ Begin preparing for law school interviews (some law schools may not conduct interviews)

BUSINESS SCHOOL CONTINUTED: October

LAW SCHOOL CONTINUED:

▪ Send in your completed Round I applications ▪ Send thank-you notes to the writers of your letters of recommendation

November

▪ Prepare for Round I interviews ▪ Start planning for Round II deadlines

December

▪ Begin receiving Round I decisions ▪ Begin Round II applications and materials if necessary

January

▪ Continue to receive Round I decisions ▪ File for financial aid if necessary ▪ Submit Round II applications

March

▪ Submit Round III applications if necessary

April

▪ Receive decisions for Round II

May

▪ Receive decisions for Round III

February

▪ Receive law school decisions

April

▪ Evaluate acceptances and financial aid offers ▪ Decide which school to attend ▪ Submit your acceptance letter and notify the other schools

BBR Questions, Comments, Concerns? About Us Bruin Business Review is a student-run online publication established in 2007 for the purpose of providing the UCLA student body with a convenient source of business news and career information. We publish every two weeks on the Internet, allowing our content to be accessible to everyone. Our goal is to enrich our readers’ knowledge of the business world and the career options within it by presenting a wide range of business-related topics in a nontechnical style. Our broad range of topics

encompasses current business news, resume tips, employer and MBA program profiles, industry insight, and others. For more information about BBR, visit www.bruinbusinessreview.com. E-mail: [email protected] Mailing address: Bruin Business Review 118 Kerckhoff Hall 308 Westwood Plaza Los Angeles, CA 90024-1641

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