Grilling GMAC on the GMAT Cheating Scandal

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July 29, 2008
MBA Express

NEWS  THIS WEEK'S TOP STORY Grilling GMAC on the GMAT Cheating Scandal The Graduate Management Admission Council's Peg Jöbst fields questions about whose test scores will be canceled -Plus: Business Schools Mull Scandal Options -Plus: Poll: What Should MBA Programs Do?   MORE TOP STORIES B-SCHOOL NEWS The Spread of Specialized MBA Programs More B-schools are setting up concentrations in investment management, arts administration, real estate, biosciences, and other fields VENTURE CAPITAL Summer Camp for Startups Entrepreneurs with bright ideas but no business plan get guidance. Their sponsors get first crack at investing MANAGING Putting Products to Work When customers buy a product, they are not simply consuming--they're hiring it to perform a specific job in their life, explains the Harvard Business School professor and author  B-SCHOOL FORUMS Visit BW Online's interactive forums for wide-ranging discussions about management education. Search through over 1,359,000 posts for topics that interest you. Join in today! Here are a few samples of recent messages: Getting into B-School: Family Business From: kaush_agarBR /> To: ALL My GMAT score is 700, GPA is decent and have 3 years of work exp (1 yr in a leading consultancy firm and 2 yrs in family managed business). Does coming from a family business backgroud a negative for the top b schools? My family business is quite sizable (revenue - 250 million dollars/yr). Are there some good B-schools which encourage candidates like me? Please advise. Thanks. ------------ From: DanInVA To: kaush_agar I met two people at the Kellogg admit weekend this spring that were attending the school full-time, and returning to work at their family business. It is definitely a unique background, and you should play it off in your essays and interviews, to help you stand out. The hardest part of the application would probably be finding unbiased individuals to give you a recommendation. If there are non-family members you work with regularly, target them, otherwise, try to find a customer or client that you have a close relationship with, and be sure to explain the choice in the optional essay. ------------ From: VP_MBA_SW To: kaush_agar You can definitely leverage your experience in your family business to your advantage. Chances are you have had the opportunity to demonstrate leadership, problem solving, and strategic planning in your two years of experience. Be sure to highlight these things as well as any innovative approaches you may have taken. While in business school, I had several classmates who were returning to family businesses post-MBA and that did not put them at a disadvantage; it only served to make them more focused students. Best of luck! Scottie ---------------------------------------------------------- Getting into B-School: Economic Consulting From: TomAndJerry To: All I'm interested in a Consulting gig post-MBA. Especially as I'm more inclined towards Economics (most probably would take it as a major in my MBA along with strategy), hence I'm interested in economic consulting. I have heard of firms like NERA (and most of the TOP ones such as M,B,B, Deloitte, etc.) which have such a practice. Can some one throw me further light on what the nature of job would be when compared to regular Management Consulting assignments? What is the scope of the projects? How is the pay/growth compared to MC jobs? And which firms are the best in business (econ. consulting)? Any pointers would be really helpful and appreciated. Especially if any of you have already worked in econ. consulting, I would love to hear more about it. Thanks. ------------ From: DanInVA To: TomAndJerry I currently work at a boutique economic consulting firm (but only for 1 more week prior to starting my MBA). There is a wide variety of practices out there from antitrust work (merger approvals, antitrust litigation, etc), to general litigation, to class action cases, to intellectual property cases, to labor cases, to transfer pricing. There is a wide variety of work in the field, and people tend to specialize in an area of economic consulting. As for the type of work, it is structured similar to management consulting, but with less travel. I would say the travel is 25-50% of management consulting (read on the road 1-2 weeks per month). The hours are up and down, ranging from 40 -80+ hour weeks, depending on deadlines and the demands of the client. The majority of the work bridges business, economics, and law, so you tend to work with corporate lawyers, big law firms, and economists. I would say the pay structure is similar to management consulting, but a bit lower pay acorss the board. But, many of the principals at my firm make in the $300-500K/year range if they bring in business. Note that there are two paths into the top of the industry, an MBA, and a masters or PhD in economics. We have a blend of them at my firm at all levels. Certain types of work require one over the other. Our firm does mostly antitrust work, and to testify in front of the government regulators, a PhD is a virtual requirement. Working on corporate or private litigation, or other areas it is not as necessary. Let me know if you have additional questions. ------------ From: danakamp To: DanInVA DaninVA, Can you provide some names of firms that specialize in economic consulting? ------------ From: DanInVA To: danakamp The bigger names that specialize are NERA (National Economic Research Associates), CRA (Charles River Associates), Compass/Lexecon (owned by FTI), LECG (Law & Economics Consulting Group), Analysis Group. I know Deloitte has a branch in economic consulting as well, and I am sure some of the other management consulting firms are involving in it as well, though not as a specialty. There are countless boutique firms as well, most of which are 20-50 employee shops (I am at one of these). There are also firms in Europe that I am aware of (both branches of the large firms listed above, and boutique firms, mostly in London or Brussels).  B-SCHOOL BLOGS View over 4,500 blogs in our MBA Blogs community today! Share your journey, meet new friends, and expand your network. Connect with MBA students, applicants and alumni from Columbia, Kellogg, Notre Dame, and more! Become a blogger today! Here's an excerpt: Laid off: Week One By Nick Hopkins (BYU MBA Class of 2008) Comments: 0 Stars: 0 Well, it has been a week, and unfortunately I donâ?Tt have any good news. I was speaking to my wife and one of the biggest problems here in Arizona is there is not a lot of marketing jobs at all. We did not set ourselves up very well coming to Arizona, but then again how could I have foreseen myself getting laid off after only two months with a job that was supposed to be my career and having to scramble to find something. I just wish we had not bought a home now; it is keeping us here in Arizona. If I had just decided to rent my job search would be a lot more open and much easier, but we are tied down here because of the house we own and the mortgage we must pay. I guess after I got my MBA I thought that I had achieved a point in my life where I could get a home without having to worry about getting laid off, but I guess it is a lesson, always be careful, because you never know what is going to happen. The job hunt is starting to get frustrating though. Arizona is in a pretty bad recession and so jobs are hard to find. I just never imagined myself in this horrible situation: recent MBA grad moves out to take a job that is supposed to be his career and buys a home because he believes this is where he is going to settle and within two months he is laid off in a horrible job market. I guess the one thing that gives me some comfort is my boss who laid me off let me know that this is really hard because he liked me, but the facts are I am an MBA (higher salary) and I was with the company such a short period of time my severance was low. It is a rough situation. I am slowly starting to get more and more worried as my severance is about to run out, and then my family and I are going to have some real problems on my hands. I have been trying to use all my contacts but unfortunately not many of them have any pull here in Arizona. I have been all over all the career web sites and job postings but we all know that those are not ever very effective. Hopefully something will come up and I will be given the chance to prove myself and find some employment. I guess there is nothing left to do but keep trying, keep writing all those resumes and cover letters and keep on applying. You never know when something will come up, and maybe something much better than what I had in the past. I was about ready to go and try to find a job at like GameStop or somewhere fun but then I realized that would be a killer on my resume. Things may be bad now, but one must realize this is just a step in our lives, and things can still turn out great. I realize my seven month old son will never remember any of this and the struggles the summer of 08 gave his parents. I have faith, that in the future I can tell my children the story about how Daddy got laid off and was able to bounce back and find something better, and it was just a good learning experience to help him become the successful person he is now. FOR THE FULL VERSION  WORDS OF WISDOM MBAs Offer Advice on B-School ------------------------------------------- Research the schools and talk to grads. Have the right "fit" for yourself and select a few schools before you put in the hours on the application. There is little point in applying to schools that you wouldn't want to attend (ie. "safety schools," "long shots with good reputations," etc.) but people do it all the time. Honestly assess yourself and the schools, and apply to five, maximum. Focusing the application to two or three schools is preferable to doing a half-assed job on 10 applications. -Stanford '97, Hedge Fund Manager I wish I could have taken more classes. You really have to prioritize when you're at B-school. Once you complete your core courses, you don't have that many classes left to take. It would've been nice if someone would have counseled me on which classes are the best to take and are more important for a career in marketing -Michigan '98, Corporate Advertising I chose a business school with a general management focus that also had a solid reputation in marketing. After watching my classmates become disillusioned with their current positions/industries and beginning the job search again, I am glad that I attended a school where the curriculum required a variety of courses and the development of a diverse set of skills. With today's job market, people switch careers constantly. Though I am very happy with my current brand-marketing position, it is nice to know that I have other skills to fall back on. -Fuqua '98; Brand Manager This newsletter is a FREE service provided by BusinessWeek.com. To sign up for other newsletters, cancel delivery, change delivery options or change your e-mail address, please go to our Newsletter Preferences page. 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B-School Insider Dear Reader: While there are still many questions and uncertainties surrounding the Graduate Management Admission Council's probe into possible cheating on the GMAT exam, an online chat last week on BusinessWeek.com with GMAC official Peg Jöbst explored some of the issues that are worrying MBA applicants. Our lead story this week ("Grilling GMAC on the GMAT Cheating Scandal") is a transcript of the chat. Also this week, we take a look at specialized MBA programs ("The Spread of Specialized MBA Programs") and assess whether they're a good idea for MBA students. Plus, a look at an unsual summer program that 's sort of summer camp for entrepreneurs for undergrad and graduate students ("Summer Camp for Startups"). Until next week, Phil Mintz B-Schools Channel Editor E-MAIL A FRIEND  |  GET RSS  |  NEWSLETTERS B-SCHOOLS NEW ON MBA INSIDER >> Cornell Admissions Q&A Randall Sawyer, admissions director for Cornell's Johnson School, answers questions about the application process and who makes a good fit for the MBA program MBA Insider Subscribers Only Advertisement B-SCHOOLS MULTIMEDIA MBA >> Fuqua on iTunes U Fuqua on iTunes U provides access to Fuqua faculty research highlights, video of recent conferences and speakers, as well as multimedia content about Fuqua people and global events What’s Your Problem? We all have workplace problems. Share with us, and your fellow readers, the hurdles you've faced—and how you've tried to clear them.  IN YOUR FACE: IT UNDER FIRE Reader Heather Purifoy Writes: "Next time you want to complain about IT, just remember: We know your password.and how to change it!" Tell Us: Does Your Company Get 'IT'?     Tools & Features MBA Insider Check out this feature-rich area for advice and tools that will help you choose the right B-school -- and develop a strategy for getting accepted Full-Time MBA Rankings & Profiles BusinessWeek's Top 30 U.S. programs and Top 10 international programs. Plus, scan in-depth profiles of more than 300 full-time programs around the world The Best Undergraduate B-Schools Undergrad business programs are getting MBA-like respect, and competition to get into them is hotter than ever. Here's how the top schools stack up B-School Calendar BusinessWeek.com's scheduling tool will give you an idea of upcoming events at B-schools in the U.S. and around the world. You'll find information on admissions receptions, application deadlines, networking events, alumni events, conferences, and much more. EMBA Rankings & Profiles BusinessWeek's biennial Executive MBA rankings grade 25 programs worldwide. Plus, you'll find profiles of nearly 200 programs Exec Ed Rankings & Profiles Here are BusinessWeek's top 20 Executive Education programs. Plus, profiles of more than 100 programs worldwide Advertisement   FEATURED SPECIAL REPORT >> Graduating into a Recession Slide Shows Survivors' Stories Commencement Speakers It's Looking Grim for New Grads Recession-time MBAs face tough choices—and more modest earnings over their lifetimes Scant Pay Growth for Business Grads Recession Grads' Survival Tips Job Searchers Face a New Reality Job Hunting Tips Graduation Talks Accentuate the Positive READER COMMENTS > MORE SPECIAL REPORTS >  BW MALL   SPONSORED LINKS Find Online MBA Schools  Compare top ranked Online MBA programs. Flexible Options for working adults. Free information. Find Online MBA Programs  Search, compare and request information from top-ranked online MBA degree programs. Fear the GMAT? Veritas offers More of Everything  99th percentile GMAT instructors, 15 practice tests, and twice the hours of Kaplan: 42-hour evening and 36-hour weekend courses, private tutoring, free GMAT seminars, and customized MBA admissions help from HBS, Stanford, Wharton, and Kellogg grads. Notre Dame Certificates  Earn an Executive Certificate from Notre Dame - Online! Enroll Now. ExxonMobil  Taking on the world's toughest energy challenges. Buy a link now!