Upcoming Michigan Ross MBA/EMBA Deadlines

University of Michigan Ross

Michigan Ross applicants – mark your calendars with the following application deadlines!

Full-Time MBA starting in Fall 2014

• Round I – October 1, 2013
• Round II – January 2, 2014
• Round III – March 3, 2014

EMBA starting in Fall 2013 (for Ann Arbor or Los Angeles)

• Standard deadline – June 1, 2013

(The Priority deadline for EMBA applicants was on April 1, 2013.)

Need help submitting excellent applications ON TIME? Check out our MBA Application Packages or EMBA Application Packages now!







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MBA Admissions: Michigan Ross & Financial Services

MIchigan Ross

“11th Place for Finance”

A quick glance at Michigan Ross currently ranks in 13th place as one of the best business schools, according to US News & World Report (March 2012). It is ranked in 11th place for finance.  

Ross’s Class of 2014

This year’s incoming class had 502 people in it. The average GMAT score was 703 and the class has an average undergraduate GPA of 3.4. The average number of years of work experience for the class of 2014 is 5 years.

26% of the class of 2014 students have undergraduate degrees in engineering; 24% in business; 21% in humanities/social sciences; 15% in economics; 5% each in math/physical sciences and computer science; and 4% in other areas.

Ross Academics Related to Finance

First-year students take required core courses during their first 3 terms (each year consists of 4 terms). (See a list of required courses here.)

A highlight of the Ross curriculum (not specific to finance students) is the Multidisciplinary Action Projects (MAP) course. This required first-year spring semester (term Winter B) course provides opportunities for students to work on collaborative projects for a global, hands-on, action-based, real-life experience.

2012 projects that would interest finance students include conducting a feasibility study for the Acumen Fund, promoting market liquidity for the Buenos Aires Stock Exchange, accessing potential candidates for a specialization initiative at JPMorgan Chase & Co., developing risk assessment at Piper Jaffray & Co., and others.

Year 2 students choose electives in their functional area and in other areas. Electives offered in the finance subject area include:

FIN 615 - Valuation
FIN 614 - International Financial Management II
FIN 624 - Private Equity Finance
FIN 637 - Finance and the Sustainable Enterprise
FIN 513 - Financial Analysis
FIN 621 - Corporate Financial Policy
FIN 630 - Corporate Control
FIN 631 - Risk Management in Banks and Financial Institutions
FIN 633 - Securitization
FIN 645 - Advanced Valuation Techniques
FIN 725 - Applied Financial Analysis and Portfolio Management
FIN 525 - Introduction to Portfolio Management
FIN 609 - Fixed Income Securities and Markets
FIN 612 - International Financial Management I
FIN 614 - International Financial Management II
FIN 618 - Derivative Instruments
FIN 640 - Financial Trading
FIN 566 - Real Estate Finance and Investment I
FIN 567 - Real Estate Finance and Investment II
FIN 623 - Venture Capital Finance
FIN 580 - Options and Futures in Corporate Decision Making
FIN 608 - Capital Markets and Investment Strategy
FIN 629 - Financing Research Commercialization
FIN 647 - Corporate Financial Strategy
FIN 565 - Real Estate Development

***

Michigan Ross Finance Clubs

Finance Hiring Stats at Michigan Ross

The chart below shows the hiring stats for 2012 MBA careers with finance functions:

Function Percent Base Salary Range ($) Median Signing Bonus ($)
Corporate Finance 8.5 60,000-130,000 20,000
Investment Banking 4.9 100,000-125,000 50,000
Sales & Trading 1.1 95,000-150,000 20,000
Other Finance 4.4 30,000-100,000 40,000

***

Job acceptances in the finance industry:

Industry Percent Base Salary Range ($) Median Signing Bonus ($)
Financial Services 7.4 82,000-125,000 40,000
Investment Banking 5.5 65,000- 150,000 40,000

***

For 2012 interns, the job function breakdown is:

Function Percent Annualized Base Salary Range ($)
Corporate Finance 7.6 30,000-114,000
Investment Banking 6 60,000-150,000
Investment Management 1.3 42,000-105,000
Other Finance (Private Client Services/Wealth Management -1.5% and Private Equity – 1.5%) 5.1 18,000-120,000

***

And for internships in the finance industry:

Industry Percent Annualized Base Salary Range ($)
Financial Services 7.8 46,152 – 125,004
Investment Banking 6.5 18,000-150,000

***

Top hirers include:

  • PricewaterhouseCoopers LLP – 10 hires/9 interns
  • Citi – 9 hires
  • Ernst & Young LLP – 8 hires
  • Goldman Sachs Group – 8 interns

Are you applying to Michigan’s Ross School of Business? Please see our Michigan Ross B-School Zone and Ross School of Business Application Packages for more information on how Accepted.com can help you get accepted.





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Michigan Ross MBA Admissions Committee Interview Available Online

MIchigan Ross Chat Transcript

“We want you to be involved.”

Thank you to Jon Fuller, Senior Associate Director Admissions, and Diana Economy, Associate Director of Admissions at Michigan Ross for an outstanding Q&A!

In the following excerpt you’ll read about Ross’s strengths and what distinguishes Ross from other top MBA programs:

Linda Abraham:  ”How is Ross’ program different from other top programs? Is there anything in particular?” Now, I know that you know the Ross program best, so let me rephrase that question if I could and say “What do you think Ross is particularly strong at?”

Jon Fuller: Not that we’re a one-trick pony with the action-based learning component, but that is definitely something that I think is a big differentiating factor to our students’ experience within our program; is that, again, through MAP and a lot of other experiences, such as through our institutes and centers, through student life experience, and the clubs and organizations that our students lead and develop, there are many, many opportunities to take theory and put it into practice, and to put it in practice in a context that actually has significant impact and significant weight to it.

…Our philosophy is “Why should you wait until you graduate from your MBA program to actually try some of these things out, to try some of these learnings out and apply them to the real world?” There’s a safety net in some ways for you to test yourself, to test your boundaries, and to experiment, but at the same time, there are real stakes involved…

… I’m always struck by is the engagement of our student body in terms of actually making the Ross experience their own, and really shaping and having a significant role and actually providing direction to the school. We have over seventy different student organizations and clubs. All of them are student run. Of course, there may be a faculty advisor and there is staff support to these organizations, but the students have ultimate say in terms of what the programming is…We tell people, we want you to be involved…and if you don’t see something here that exists that is of interest to you, then make it happen.

…So students are very active. It is not a passive existence, or a passive experience that they have, and I think that’s a real distinguishing feature to the extent that that happens, at the Ross school.

Diana Economy: I think our alumni base is very much a distinguishing factor. I noticed that both as a student as well as an alum. I think to further Jon’s point about the connection that students have with one another through their experience here and co-creating this great experience that develops these very strong bonds that they continue on as alum.

I think our alumni feel very strongly about giving back. Of course, University of Michigan’s got one of the largest living alumni bases anywhere. And as a Ross graduate, you’re not just a part of the Ross school of business graduate community; you’re part of a larger University of Michigan community. You could pick up the phone anywhere in the world and call somebody who was a law school alum or an undergraduate alum or a med school alum, and you’re part of that broader network. Which of course, when you go to business school, you’re not just preparing for that first job out of business school, but essentially for your whole career. Having that strong alumni base is something that we feel is very strong here.

For the full Q&A, please view the Michigan Ross MBA transcript or listen to the audio file. You can also boost your Ross IQ by visiting our Michigan Ross B-School Zone.

To automatically receive notices about these MBA admissions chats and other MBA admissions events, please subscribe to our MBA events list. To listen to the Q&A recordings on-the-go, please subscribe to the Accepted Admissions Podcast.





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Get Ready for Ross MBA Q&A

  • Guests: Soojin Kwon Koh, Dir. MBA Admissions & Jon Fuller, Sr. Assoc. Dir. MBA Admissions
  • Date: Thurs., Nov. 1, 2012
  • Time: 5PM PT / 8PM ET / 12AM GMT (the next day)
  • Register Now

Michigan Ross MBA Q&A

Do you have questions about the Michigan Ross School of Business’s unique leadership-driven MAP program or its action-based learning methods? Do you want to find out more about the school’s flexible self-directed curriculum and cross-disciplinary electives? Join us for a question and answer session on Thursday, November 1, 2012, at 5:00 PM PT / 8:00 PM ET / 12:00 AM GMT (the next day), during which Ross’s Soojin Kwon Koh, Director of Admissions, and Jon Fuller, Senior Associate Director of Admissions, will answer your questions and teach you how to smoothly navigate the complicated admissions process.

Register now to reserve your spot for Get Ready for Ross MBA Q&A.

What time is that for me? Click on the link to find out the exact time for your location.

For more information, please e-mail your questions to webinar@accepted.com.

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Michigan Ross MBA Student Interview

Anna Marie with children in Vietnam.

Anna Marie Cruz, pictured here with children in Vietnam.

Here’s a talk with Anna Marie Cruz, a graduate from Michigan Ross who is passionate about social justice and other global social problems. Thank you Anna Marie for sharing your thoughts and experiences with us!

This interview is the latest in an Accepted.com blog series featuring interviews with current MBA students, offering readers a behind-the-scenes look at top MBA programs. We hope to offer you a candid picture of student life, and what you should consider as you prepare your MBA application.

Accepted: First, can you tell us a little about yourself – where are you from, where did you go to college, when did you graduate, and what prior degrees do you hold?

Anna Marie: I’m originally from the Philippines. I moved to Southern California when I was 10, and attended California State University, Long Beach to pursue a degree in Sociology and explore my interest in human rights and social justice issues.

Accepted: How many years of work experience did you have before heading off to b-school? What helped you decide that an MBA would be the best next step?

Anna Marie: I supported myself financially during undergrad and worked 12 years prior to going back for my Master’s. Ultimately, I decided to get an MBA because I wanted to shift my career focus to integrate both my professional experience and my personal passion to address social problems, particularly at a global level. Up to that point I had worked in sales, marketing, and grassroots advocacy in multiple industries, and I wanted an MBA to round out my practical experience with a perspective grounded in fundamentals of business.

Accepted: Why did you choose Ross? Which other programs were you considering?

Anna Marie: Ross was suggested to me very early in the process because of their reputation and my mutual interest in social impact and marketing. I also applied to Cornell and Yale for their leadership in base-of-the-pyramid and/or CSR initiatives, as well as Kelley for their top-notch brand management program.

Accepted: What was your favorite thing about Ross? 

Anna Marie: This may sound generic, but my favorite aspect of Ross is the community. Initially, I worried that a class of 500 would not foster close friendships I could find in a smaller program, but in fact, Ann Arbor, Ross and its diverse student body creates the perfect environment to engage in dynamic interactions, stimulating discussions, and lasting memories. Additionally, Ross naturally attracts students who are doers and collaborators. When it came time to execute on a good idea, there were always classmates to turn to for support, including for constructive criticism when necessary.

Accepted: If you could change one thing about Ross, what would it be?

Anna Marie: During my last term, I participated in discussion series, a pilot program to facilitate reflection about the last 2 years. It was an incredible opportunity to connect with like-minded people and talk about topics such as the transition to post b-school life, lessons from the last two years, and new perspectives. I look forward to seeing this program implemented permanently and more formally in the curriculum. I also hope that something similar could be included in the summer between 1st and 2nd year.

Accepted: What have you done since receiving your MBA?

Anna Marie: I’m currently a Marketing Consultant for the International Labour Organization (UN agency) in a sector development project in Vietnam. I wanted to explore Emerging Markets, particularly at the intersection of business, society, and government. In this project, I have the opportunity to bring products to market and provide technical assistance to local government, as well as assist entrepreneurs with their small business.

Accepted: Do you have any MBA application tips you can share with our readers?

Anna Marie: Do not be distracted by the b-school application hype, and instead focus on your story. Whether through Accepted or people who know you well, get feedback on how well you’re conveying your authentic self.

Accepted: And last but not least…was it worth it — spending the time and money to get an MBA?

Anna Marie: While I cannot definitively answer in terms of return on investment, I have no regrets about getting an MBA. I sought to change careers and this degree has already opened doors to otherwise distant opportunities. More importantly, this has been an incredible personal journey. It’s not often we can put life “on hold” to pursue other interests and for this, I feel extremely privileged. There were certainly other ways to arrive at this same destination, but this was the right path for me.

For one-on-one guidance on the Ross application, please see our Michigan Ross Essay Packages. For specific advice on how to create the best application for Ross see Linda’s Michigan Ross 2013 Essay Questions, Deadlines, and Tips.


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Interview with Anne Perigo, UM Master in Entrepreneurship

Anne Perigo

The University of Michigan will soon open its doors to the inaugural class in its innovative MS in Entrepreneurship program, a program devoted to radically reducing the time entrepreneurs spend in the “school of hard knocks.”

My curiosity about this program led to an informative interview with Anne Perigo, Associate Program Director at the University of Michigan’s new Master of Entrepreneurship Program.

Listen to the full audio of our lively conversation — the sixth for Accepted’s Admissions Straight Talk podcast — with Anne Perigo to learn more about this fascinating one-year program designed for entrepreneurs:

00:24:50  –  Meet Anne Perigo, Associate Program Director at University of Michigan’s new Master of Entrepreneurship Program.

01:27:00  –  An overview of the Entrepreneurship Masters: the program, the students, the faculty and the learning style.

03:04:50   –  Quantity of student work experience: Wow, that’s a range!

03:37:50  –  Anticipated career path of graduates.

09:05:50  –  Is it all about engineering and high-tech, or is the program applicable to other STEM and business fields?

10:34:00  –  Compare the MsE versus a more traditional MBA with a focus on entrepreneurship: Its not just tweedle-dee, tweedle-dum.

19:50:00  –  The entrepreneurial ecosystem for graduates. This is cool!

25:03:00  –  A bit about the “distinctive” admissions process.

28:43:00  –  The personal essays section of the application — an opportunity to share who you are.

31:03:50  –  Anne’s insider advice for future applicants.

32:47:50  –  Michigan — hidden gem of entrepreneurship?

Visit http://entrepreneurship.umich.edu/ for more info and to contact Anne.

Admissions Straight Talk Subscribe to Admissions Straight Talk in iTunes so you don’t miss any segments! Stay in the admissions know. (And while you’re there, feel free to leave us a review.)

*Theme music is courtesy of podcastthemes.com.

Michigan Ross 2013 MBA Application Questions, Deadlines, Tips

University of Michigan

University of Michigan

Michigan Ross has released its 2013 application essays. Unlike most programs this year, it has not shortened its essays or reduced the number of required essays. It has removed options from its fourth essay and focused the question for Essay 2. 

Essays

Essay 1: Introduce yourself to your future Ross classmates in 100 words or less.

What’s your elevator pitch? What do you want them to know first about you? That’s not what do you think they want to read, but what do you want your classmates (and yes the admissions committee readers too) to know?

Essay 2: Describe your career goals. How will an MBA from Ross help you to achieve those goals?  (300 word maximum)

How is Ross going to help you achieve your  MBA goals? First of all, relate them in terms of industry and function. What aspects of the Ross program convinced you to attend? How will they help you achieve your career goals.  You need to do your homework about Ross before you answer this question.

Essay 3: Describe a time in your career when you were frustrated or disappointed. What advice would you give to a colleague who was dealing with a similar situation? (500 word maximum)

Choose one professional experience where you revealed resilience and growth in response to disappointment or frustration. Please note: Ross is not requesting a general discourse on frustration or disappointment. It wants a specific example showing how you respond to challenges and hurdles.

Then (off the page) think about it. What did you do right? How could you have handled the situation more effectively. Also possibly think about another time when you applied the lessons learned in the first situation and had a better outcome.

Now, what would you tell your colleague? Let’s call her Jane. You would probably tell Jane what happened and that you can relate to her experience because you once stood in her shoes. Then you would encourage her based on your experience. You might share that you too felt disappointed (or ?) and then tell her the effective part of your reaction and how you have used these lesson personally later on.

Essay 4: What are you most passionate about and why? How will this passion positively impact Ross? (300 word maximum)

If you are passionate about something, you must have acted on that passion and shown commitment to it. Passive passion is an oxymoron. Tell a story illustrating your enthusiasm and commitment for whatever it is. It does not have to be professional. This could be an excellent essay to reveal a non-professional side of you.

Optional question:

Is there anything else you think the Admissions Committee should know about you to evaluate your candidacy? (500 word maximum)

Optional questions aren’t junk drawers or shoe boxes in which to jam “stuff.” Focus on one facet of your life or an experience that is important to you, reveals the human being you are, and isn’t described in other parts of the application. 

Of course, you can also use this essay to provide context for a weakness, but I prefer not to end your application on that note if possible. So weigh your options. If you have something to explain, do so. If you can slip in the explanation somewhere else (perhaps #4?), great. If the best place for the explanation is this last essay, so be it.

Michigan Ross 2013 Deadlines:

Round I:        October 10, 2012

Round II:       January 3, 2013

Round III:      March 4, 2013

*Please note that all deadlines are 11:59 PM Eastern Standard Time.

If you would like help with your Michigan Ross MBA application, please consider Accepted’s MBA essay editing and MBA admissions consulting or our Michigan Ross MBA Packages.  

Linda Abraham

By , president and founder of Accepted.com and co-author of the new, definitive book on MBA admissions, MBA Admission for Smarties: The No-Nonsense Guide to Acceptance at Top Business Schools.

University of Michigan Ross 2012 Executive MBA Essay Questions & Tips

Michigan Ross School of Business

Michigan Ross School of Business

This set of essay questions covers broad ground, eliciting information that will allow the adcom to get to know you professionally and personally and hence to determine your fit with the Michigan Ross EMBA program.  The straightforward, down-to-earth nature of the questions reflects the program’s practical slant, and you should reflect that quality back in your answers – indeed, with 500-word limits, you will have to be succinct and make good decisions about what content to include and what to leave out. 

Essay 1:  What has been your most significant professional achievement?  What has been your toughest professional challenge and how did you address it?  (500 word maximum)

Try to make this essay do “double duty”—while you present an impressive accomplishment and also your effective handling of a tough challenge, through the story you select also try to showcase some differentiating aspect of your profile, such as unique industry or role, important issue engaged, etc.  The accomplishment and challenge should be relatively recent.  It’s possible to use one experience and show how you turned the challenge into the significant achievement, but discussing two separate experiences allows you to broaden your picture.  Answer the question straightforwardly, telling the stories and adding a sentence or two afterward about why you consider the achievement significant and how you grew through the challenge.  Also, select an achievement that had a strong external impact – it should not just be about your own growth or development.

Essay 2:  What are your long-term professional goals?  How will a Ross Executive MBA help you achieve your goals?  (500 word maximum)

Notice the focus on long-term.  Respect that focus.  You can and probably should mention short-term goals and possibly pivotal aspects of your career to date, but only briefly, to create a relevant context for your long-term goals.  Then detail those goals – include what you’ll do, what motivates those goals, what you want to accomplish and what impact you want to have, and some practical aspects of how you’ll achieve them.  You might want to include some discussion of related points about the target industry and/or challenges you anticipate.   Your discussion of how the Ross Executive MBA will support your goals should be concrete and specific; avoid generalities and stock phrases (e.g., “renowned professors”).  One way to shape this part of the essay and keep the focus practical is to identify your more important learning needs and then discuss how the program addresses those needs.

Essay 3:  Describe how your professional and personal experiences will contribute to the Executive MBA class and teams.  (500 word maximum)

Selecting excellent topics is the key to taking full advantage of the opportunity this essay presents.  With 500 words, you have to be selective; you have to choose representative points. I suggest limiting the number of experiences described to three in order to have sufficient space to give a brief anecdote and some detail on each.  Therefore, select topics that (a) are relevant to future classmates and the program, (b) complement the preceding essays, (c) round out your profile, and/or (d) portray a relevant and differentiating or impressive aspect of your experience.  Convey the points through anecdote and story (succinctly, obviously). A discussion about something as common as playing tennis can become a memorable statement with an engaging, illuminating anecdote.  Do try to discuss a mix of personal and professional topics.

Essay 4:  Optional question:  Is there anything else you think the Admissions Committee should know about you to evaluate your candidacy?  (500 word maximum)

This question’s wording indicates that you can use it not just to explain a problem (low GMAT, employment gap) but also to present new material that you think will enhance your application.  However, if you are making the adcom read more than is required, there better be a darn good reason; not just that something is nice to know. First, succinctly explain any points that need explaining.  Then, if there is something you feel is important that you haven’t had a chance to discuss elsewhere, write about it, noting why it’s important for the adcom to know. 

Application deadline:  June 1, 2012

Classes start:  August 2012

If you would like help with these Ross EMBA essays, please consider Accepted.com’s EMBA admissions consulting and EMBA essay editing services.

The website advises, “Applications are reviewed as they are received, and admissions decisions are made on a rolling basis. Decisions are typically made within six to eight weeks after a completed application has been received. Admission into the Michigan Ross EMBA Program is highly competitive. If you are interested in pursuing your EMBA this fall, we encourage you to apply early.”

You can see the rest of our EMBA admissions essay tips here.

 Cindy TokumitsuBy , co-author of The EMBA Edge, and author of the free special report, Ace the EMBA.”

Create a winning application to top EMBA programs with our FREE special report, Ace the EMBA!

MBA Interviews: Startling Stats

Poets and Quants published a revealing interview with Michigan Ross’s “gatekeeper,” Admissions Director Soojin Kwon Koh last week. Ms. Koh revealed in that interview a key piece of information for all Ross applicants especially but also for all MBA applicants in general: We’re “weighting the interviews …more heavily.” Ms. Koh asserts that “the interview will be a more helpful indicator [than the written application] of what will be useful for a business school experience.”

Take this as a warning, applicants. It isn’t good enough to submit strong essays revealing a pattern of success in your career and community. These will earn you an interview, but the interview is not just a conversation to weed out non-fluent, shy, or aggressive applicants: it is one of the most heavily weighted elements of the application.

Many applicants think that they interview well and do not believe that they need to conduct much interview preparation. Think again…

Just check out the statistics: BusinessWeek reports that 50% of Ross applicants were interviewed last year, but only 32% were accepted. Crunching the numbers using the total 2929 applications that Ross received shows that a full 36% of those interviewed were rejected.

And how do these numbers compare to other top programs? At MIT, 38% of those interviewed were rejected. McCombs dinged a full 51% of those interviewed. Duke decided against a whopping 53% of those it interviewed. And Carnegie Mellon rejected 62% of the students it interviewed!

Don’t make the mistake of assuming that you interview well: job interviews and admissions interviews are separate species. Take these numbers seriously and conduct a mock interview with an experienced admissions consultant who can guide you in demonstrating the interpersonal qualities that Ms. Koh and her fellow gatekeepers seek in their students.

Jennifer BloomJennifer Bloom has been conducting mock interviews with applicants since 1998 to help them prepare for this overlooked but essential element of every application.  

MBA Admissions News Roundup

  • The New GMAT Is Coming!- The Wall Street Journal looks at the struggle future b-school applicants will face with the new “integrated reasoning” section of the GMAT.  While the Graduate Management Admissions Council (GMAC) announced the new section a year and a half ago, with registration for the test opening this month the details about the changes have only come out recently. According to many test-prep experts applicants are rushing to take the GMAT before June to avoid the new section.
  • Industries Fighting Over Harvard Students- Poets and Quants reports that for only 708 MBA students, 1,549 recruiters came to Harvard Business School this year (more than two companies for every one student, if you do the math). Although Harvard rarely shares information about which recruiters come to campus, P&Q lists all 1,549 alphabetically.  The 170 companies under the letter C alone beat out the number of companies that recruit at some other business schools.  To learn more about who is recruiting Harvard students, check out the full list here.
  • Need A Conscience for an MBA- The New York Times reports the story of Jeremy Bedzow, a graduate of the IE University’s MBA program, who chose to be part of a social enterprise after completing business school. Bedzow is from Saudi Arabia where “there’s an incredible discrepancy between capabilities and opportunities.” So he began working for Microsoft, helping them build a model program that provides information technology training to young people for private sector jobs. While this may seem like an unusual path, Bedzow is one of many MBA graduates who are now putting social values at the forefront of their careers.
  • Ross Takes EMBA to the West Coast- Michigan Ross School of Business announced that it is offering its 20-month Executive MBA program in Los Angeles, starting in August 2012. The school has been getting a lot of applicants from the West Coast and decided that many executives may be too busy to travel for their education so it makes sense to set up a program in LA. The program will follow a once-a-month format with programming from Friday morning through Saturday afternoon. Ross will start accepting applications for the program in January.
  • Base Salaries on the Rise- Poets and Quants announced that a Columbia Business School grad was offered $300,000-a-year starting salary at a hedge fund with a guaranteed a bonus of $235,000. While this does not beat the Stanford MBA grad who was offered an annual compensation of $675,000, it’s not too bad either.  However, more important than the exception is the norm:  the average Columbia graduate working at a fund earns $125,000 a year, and the median base salary for Columbia’s graduating class is $110,000.

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