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

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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

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• Career Direction: It’s Ok to Love Your Job!
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• 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!

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Best MBA Programs: A Guide to Selecting the Right One
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How to Ace the GRE Quant Section Without (Too Much) Math

Need more GRE advice?

Don’t try to “Math” your way through the GRE!

Many people think that the GRE is designed to test your math and verbal skills. While this is true to some degree, the tests are really designed to test your critical thinking skills. Trying to “math” your way through every problem on the quantitative section is possible, but it will likely take a lot of time. Let’s take a look at a sample GRE question and see how we can solve it in different ways.

On Monday, 2/5 of a full tank of water is emptied. On Tuesday, 1/5 of what’s left is emptied out of the tank. How full is the tank on Wednesday?

A] 2/25

B] 3/25

C] 2/5

D] 12/25

E] 3/5

First, we’ll go through the math. Then we’ll talk about how to do this problem without math.

The tank is originally completed full, or 5/5 full. Then 2/5 of the tank is emptied, so 5/5 – 2/5 = 3/5. At the end of Monday, the tank is 3/5 full.

Then 1/5 of the remaining water is emptied. 1/5 of 3/5 means 1/5 x 3/5 = 3/25. So on Tuesday, 3/25 of the overall volume of the tank is drained. So 3/5 is left, then 3/25 is taken out, so we’ll need to convert the numbers into common denominators and we end up with 15/25 – 3/25 = 12/25. The tank remains 12/25 full.

There’s the math based way to solve this question. But because the GRE is actually a critical thinking test, is there another way to solve this problem what will get you to the answer more quickly?

Let’s take a look at how to do this without so much math

Take a look at the answer choices. On the first day, 2/5 of the tank is drained, leaving 3/5. No matter what, more water will be drained, so E cannot be the answer. Further, this problem is more complicated than simply doing this math: 1 – 2/5 – 1/5 = 2/5. Eliminate C.

If you simply multiply 1/5 and 2/5, you get 2/25, and we can eliminate A, as that is too easy. This leaves us with B] and D], and if you simply consider that the tank should still be around half full, after 1/5 of 3/5 is removed, only D] remains in the ballpark.

Approaching the problem in this way will save you time, if you know how to apply these methods. This is what preparing for the GRE is all about. Not just hammering at questions with direct math and being fast at it. It is about recognizing what the test is actually testing. The second method will take far less time on test day, and time management is a huge part of attaining a high score on the GRE.

Next Step Test Preparation, specializes in 1-on-1 tutoring for the GRE, GMAT, LSAT and MCAT. Contact them today to discuss your goals and to learn how they can help you achieve them.

Download our free report: GET YOUR GAME ON: Preparing for Your Grad School Application

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Get Your Game On: Prepping for Your Grad School Application
Graduate School Admissions 101