MBA Admissions News Round Up

  • According to a Haas School Newsroom press release, UC Berkeley Haas will be offering ten scholarships this fall that will be matched by the U.S. Department of Veterans Affairs Yellow Ribbon Program in an effort to attract more veterans to its top MBA program. The scholarships will be up to $10,000 each per year. To qualify, veterans must have Post 9/11 GI Bill veterans’ benefits and have served a minimum of 36 month of active duty.
  • The Consortium announced last week that UCLA’s Anderson School of Management had joined its network of top MBA programs with the unified goal of promoting inclusion and diversity in American business enterprises. UCLA dean Judy D. Olian says, “We’ll be enriching the learning experiences of our students through a student body that reflects a diverse set of perspectives, backgrounds, and life experiences, and that’s a strategic priority for our students.” (The Consortium Press Release)
  • In the BusinessWeek article, “Building a Wharton for Emerging Economies,” Bruce Einhorn discusses the leaps and bounds the Indian School of Business (ISB) is taking to become a big league business school in an emerging economy. The b-school, which opened only nine years ago, has already moved up to the number one slot in Indian b-school rankings. ISB has become so popular in fact, that it will be expanding to a second $50 million new campus which will focus on manufacturing, infrastructure management, and other subjects pertinent to emerging economies. ISB has teamed up with MIT Sloan, UPenn Wharton, and Northwestern Kellogg to further their academic reputation—MIT Sloan and ISB, for example, have agreed on a faculty rotation plan between the two top MBA programs.
  • Who knew that frats would become an essential ingredient to job networking in the business world? At Wharton, as the economy started shifting downward, the popularity of fraternities among business students moved upward. Business fraternities like Phi Gamma Nu, Alpha Kappa Psi, and Delta Sigma Pi provide Wharton students with mentors, career support, and a large, strong, family-like alumni network. “Getting to know more of the business world helps you decide what you want to do,” says Nancy Zhang, president of Phi Gamma Nu and Wharton sophomore. (The Daily Pennsylvanian)

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Are Universities Getting Too Expensive to Run and Too Expensive to Attend?

Two recent Chronicle articles discuss the challenges faced by both universities and students.

The first article reflects on the negative financial outlook for private and public universities. Both sectors face pressures, although of a slightly different nature. Private universities rely heavily on gifts and tuition—gifts have significantly decreased and tuition is creeping up to heights that students are no longer able or willing to pay. Public universities must deal with cuts in state support.

The solution? Well, other than restructuring their business plans, schools are going to continue making cuts and struggling until the economy picks up.

The second article examines the situation from the students’ perspective. How do college freshman feel about the costs of their future education? According to a recent survey, they’re worried. Very worried. Most students pay for their first year of college (at least) with family resources. With 4.5% of freshmen reporting that their fathers are out of work and 7.9% have unemployed mothers, students are at a loss for how they’ll make ends meet.

Other findings from the survey include:

  • Fewer students are pursuing undergraduate degrees in business.
  • Fewer students are planning on pursuing business careers upon graduation.
  • One in five students needs some form of tutoring (an additional expense) while they’re in college. Military veterans express this need the most.

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