The Test Prep Guru Speaks

In honor of Thanksgiving, we’ve decided to repost one of the podcast episodes that our listeners have been most grateful for.

If you didn’t hear it the first time or you just want to review, now is the perfect time to listen to our highly informative (and super-popular) interview with Bhavin Parikh, CEO and founder of Magoosh, the leading online test prep company for the SAT, GRE, GMAT, and TOEFL. 

Click here to listen to the show!

*Theme music is courtesy of podcastthemes.com.

Related Links:

• Magoosh
• The Hansoo Lee Fellowship
• How to Put Your Best Foot Forward on Test Day
How to Get Accepted to B-School with a Low GMAT Score

Related Shows:

• The GMAT Score Preview and Application Boxes
• The GMAT, the GRE, and the Guy Who Knows them Well
• Which Graduate Schools Should You Apply To? 

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An NYU Stern Grad and Strat Consultant Helping Vets Get Into School

GusGiacomanWest Point grad. Iraq war vet. NYU Stern MBA. Engagement Manager and Senior Associate at Strategy&. Co-founder of Service to School.

Gus Giacoman, our guest this week, is a fascinating individual, dedicated to helping vets get into school of all kinds – everything from community colleges to law school, business school and diverse graduate programs.

Tune in to our conversation with the highly accomplished and tireless Gus for the low-down on how he helps vets get into school, advice for vets and other MBA applicants, as well as tips for future management consultants. Oh, and he tells some great stories.

00:02:38 – Service to School: Networking and guidance for veterans headed to college and grad school.

00:05:55 – The revenue model (you can’t charge family, right?).

00:06:55 – A breakdown of where Service to School applicants are applying.

00:10:28 – What success looks like (How about 3 Wharton/HBS admits!).

00:12:29 – Business school as the path returning vets to civilian life.

00:17:33 – The advantages and challenges of being a veteran in b-school and consulting.

00:21:41 – Why NYU Stern? And why consulting?

00:25:49 – The best skills for a future consultant to cultivate.

00:27:30 – 3 things Gus looks for in choosing a consultant for his team.

00:28:57 – What a college grad should do pre-MBA to prepare for a career in consulting.

00:33:01 – A great piece of advice for b-school applicants.

Listen to the full conversation to learn more!*Theme music is courtesy of podcastthemes.com.

Related Links:

• Service to School 
Service to School on Twitter 
Service To School: Helping Veterans Get Into Top Schools

Related Shows:

• Breaking Some HBS Stereotypes: An Interview with Ben Faw
• How to Become a Management Consultant
• Case Interview Secrets and More with Victor Cheng

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Management_Consulting_Report

PayScale: How Much Can You Earn, and How to Earn It?

lydia-frank-payscaleTrying to figure out if grad school will pay off? How much you’ll earn with your career of choice? Which graduate program will position you to for the best payoff?

If so, tune in to our conversation with Lydia Frank of PayScale to find out how to get the stats and info that you need to make an informed financial decision.

00:03:11 – PayScale: who they are and what they do.

00:04:35 – The College Salary Report (and the recent inclusion of grad school data).

00:05:53 – How PayScale collects data (and why you should complete their survey, too!).

00:09:13 – Helpful resources for folks in the research stage.

00:12:47 – What surprises people about the PayScale survey results.

00:16:46 – Different uses for the (many!) resources at PayScale.

00:24:28 – New data we’ll be seeing in the future reports.

00:29:03 – Accounting for the opportunity cost of education in the salary report. (Yes, they do.)

00:30:28 – Advice from Lydia for balancing what you love with what pays.

Listen to the full conversation to learn more!*Theme music is courtesy of podcastthemes.com.

Related Links:

• Which Grad Schools Produce the Highest Earners?
• Lifetime Earnings by Degree & Major
Social Mobility Index

Related Shows:

• Career Direction: It’s Ok to Love Your Job!
• How to Become a Management Consultant
• The Facts About Financial Services
• Is a PhD a Good Idea?
• Which Schools are Good for PE/VC and VC-Backed Entrepreneurship
• Interview with Anna Runyan of Classy Career Girl

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The Quick Guide to Admissions Resumes: Get your free copy!

What’s an MBA Really Worth?

Applying to top MBA programs? Download your free copy of Best MBA Programs: A Guide to Selecting the Right One

How much do MBAs really earn?

This is the question tackled in a recent Poets & Quants article in which John Byrne presents PayScale data provided exclusively for P&Q. In the analysis, PayScale calculates the estimated median pay and bonuses (not including stock-based compensation, retirement benefits, or non-cash benefits like healthcare) of graduates from the top 50 U.S. MBA programs from 2004 to 2014. Here are some of the highlights from the article:

Harvard, Stanford, and Wharton earn the most over a 20-year period (at $3,233,000, $3,011,000 and $2,989,000 respectively), with average income at the former nearly doubling the average income of graduates from Texas A&M’s Mays Business School (at $1,781,820.)

• Some schools “punched above their weight class” like Boston University, whose graduates earned an average of $2,329,000, making the school rank in 19th place on this list, while ranked overall (in the regular MBA full-time rankings) by P&Q in 40th.

• Another high roller from lower down on the list is UC-Irvine Merage, where MBAs earn $2,319,932 over 20 years, putting them in 21st place, though generally ranked in 47th.

• More food for thought: At HBS, the average age of graduation is 29 years old. Our 20-year payout here brings these MBAs up to 49 years old, giving them another 16 years until retirement at 65. Based on their 20-year earnings, they may earn another $3.2 million, which combined with their 20-year earnings, brings their total up to $6.5 million. (Remember, this is a conservative estimate as it doesn’t include stock and non-cash compensation.)

• Compare the above HBS figures to the $2.5 million estimated lifetime earnings (age 24 to 64) of people with a master’s degree (non-MBA). (Data from the U.S. Census Bureau.) Someone with an MBA from Harvard will earn nearly three times as much as someone with a master’s degree. And someone with an MBA from Texas A&M will still earn about $1 million more than the average MA/MS holder.

• More comparisons (based on U.S. Census Bureau data): The average high school graduate can expect to earn $1.2 million in a lifetime, compared to the $2.1 million of someone with a bachelor’s degree. PhDs earn $3.4 million on average during their working lifetime. Doctors and lawyers can expect lifetime earnings of about $4.4 million – still less than the lifetime earnings of MBAs from at least 28 business schools.

• According to PayScale data, graduates from BA programs earn a median $1,301,000 20 years post-graduation. All MBAs, on average, earned $1,771,000, with those in the top 50 earning a median $2,266,000. An MBA in general will earn you about half a million more than a BA; an MBA from a top 50 school will get you yet another half a million more.

Looking for admissions advice?
Source: PayScale for Poets&Quants

For MBA admissions tips, check out our MBA Admissions 101 Pages!
Source: Payscale Inc. for 20-year estimate, business schools reporting to U.S. News for 2013 starting pay and bonus.

Learn How to Choose the Best MBA Program for You!

Accepted.com: Helping You Write Your Best

Related Resources:

Best MBA Programs: A Guide to Selecting the Right One
• B-Schools with the Highest ROIs
• Which Graduate Schools Should You Apply To?