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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Businessweek Rankings 2014

Let’s see how full-time MBA programs in the U.S. fared this year on the BW rankings…

Check out our Zone Pages for more info about the top MBA programs!

There were some huge changes this year! Let’s take a look at some of the highlights:

• Newcomers to the top 20 this year are Yale SOM, which made a huge jump from 21st place to 10th place; Maryland Smith which went from 24th to 17th place; and Emory Goizueta which jumped from 22nd place to 18th place this year.

• There are three new schools in the top 10 this year – Yale SOM, as mentioned above; Columbia Business School (13th in 2012 and 5th this year); and CMU Tepper (which moved just one place from 11th place to 10th place).

• Beyond that, there was some major shifting in the rankings. The top 3 schools were all different this year (Wharton and Booth still there, but rearranged), with Harvard Business School falling from 2nd place to 8th place.

UVA Darden also fell significantly this year, from 10th place to 20th.

• Big jumpers further down the rankings include Rice University Jones (from 34th to 25th); UC Irvine Merage (43rd to 31st); and Rochester Simon (50th to 38th).

• The schools that fell the most in the rankings include Texas A&M Mays (26th to 42nd); University of Wisconsin-Madison (33rd to 44th); Boston University (39th to 57th); Babson Olin (from 42nd to 58th); Thunderbird (45th to 62nd); and Arizona Carey (49th to 67th).

And here’s the scoop on the best U.S. undergraduate business schools in 2014…

Do MBA rankings really matter? Click here for the 2-min answer.

Some highlights include:

• Newcomers to the top 20 are Northeastern (from 25th last year to 19th this year) and CMU Tepper (from 24th last year to 17th this year).

• The only new school in the top 10 this year is Indiana Kelley, which jumped from 13th place last year to 8th place this year.

Michigan Ross fell from the top 10, from 8th place to 12th place.

• Big jumpers include Southern Methodist Cox, which jumped from 30th to 21st place; Babson, which jumped from 36th place to 26th place; UM Amherst Isenberg, which jumped from 45th to 36th; Bryant, which jumped from 63rd to 49th; and Case Western Reserve Weatherhead which jumped from 69th to 50th.

• Big falls include Villanova, which fell from 15th place to 24th; U of Illinois Urbana-Champaign which fell from 21st to 34th; and James Madison University which fell from 29th to 40th place.

For details on how ranking methodology see:

Best Business Schools 2014: How They Were Ranked

Best Undergraduate Business Schools 2014: How We Ranked Them

Analysis of the 2014 Businessweek Rankings

Businessweek made changes to its methodology (presented here and analyzed here by John Byrne, the founder of the BW rankings) this year.

The Basics of BW’s Rankings Remain Unchanged

This year, as in the past, BW surveyed recruiters and students. The recruiter satisfaction results comprise 45% of the ranking. The student satisfaction survey results comprise another 45% and the remaining 10% is determined by “expertise of each school’s faculty” as evidenced by faculty research published in prominent academic journals AKA intellectual capital.

What’s New in BW’s Rankings Methodology?

• The employer ranking reflects this year’s data only. Previous rankings used data from the last three surveys or six years of biannual rankings data while weighting the most recent year most heavily.

BW surveyed fifteen times the recruiters this year than it did in previous years. Previously, BW surveyed major recruiters who tended to recruit at multiple business schools. This year, BW attempted to survey as many MBA recruiters as possible, including “recruiters” who recruit primarily if not exclusively at their alma mater. The increased survey size is a major methodology change. The alumni recruiters may have a certain bias towards the school they attended. BW attempted statistically to reduce the impact of that bias, but it probably helped smaller schools like Duke, Tepper, and Yale, and hurt the traditional leaders, like Harvard, Wharton, and Chicago.

Impact of the Methodology Changes

• Surprise! The results will shock many applicants. Seven programs, including Duke and Yale, rank above HBS and MIT. Indiana Kelley and Maryland Smith rank above Haas, NYU Stern, and Darden. These are unexpected results.

• Reemphasizes the importance of understanding methodology. The changes highlight the need for anyone using the rankings as indications of “quality” or even reputation and brand value (a bad idea in my book) to look at the underlying data. Smith is ranked overall at 17. It was ranked #1 for student satisfaction and #51 in the employer survey ranking. Applicants to Smith should inquire about what is changing in its career management center. Clearly there is a satisfaction gap that has to be addressed.

• Increased volatility. Since BW has removed older rankings data from the ranking and has dramatically widened the survey pool while incorporating alumni recruiters, you are guaranteed to see more changes and more radical changes than with the previous methodology.

• Cognitive Dissonance. Either BW rankings will lose credibility because they don’t conform to expectations and will be more volatile, or people’s perception of the programs will change because of the BW rankings.

My money is on the former: loss of credibility. If BW’s results become less stable and predictable (like The Economist’s), they are more likely to lose credibility than to contribute to changes in school reputation.

As always my best advice to applicants reviewing the rankings is to:

• Use specialty rankings to get a sense of what schools excel in your areas of interest.

• Use the data that the ranking databases provide.

• If you have any thought of actually using the overall rankings, understand what they measure, and ask yourself if those qualities are of paramount importance to you. BW has been wonderfully transparent and even shared the questions actually asked in the survey.

• Layer in reputation and brand, i.e. ranking, after determining what schools best support your goals and are most likely to accept you.

Are You Misusing the B-School Rankings?

Linda AbrahamBy Linda Abraham, 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.

 

Related Resources:

• 2014 Economist MBA Rankings
• MBA Rankings: Why Should I Care?
• U.S. News 2015 Best Colleges

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?

2014 Economist MBA Rankings

2014 Economist Full-Time Global MBA Rankings:Download your free copy of MBA Rankings: What You Need to Know

1. Chicago Booth (U.S.)

2. Dartmouth Tuck (U.S.)

3. UVA Darden (U.S.)

4. HEC Paris (France)

5. IESE Business School (Spain)

6. Harvard Business School (U.S.)

7. UC Berkeley Haas (U.S.)

8. NYU Stern (U.S.)

9. Stanford GSB (U.S.)

10. Columbia Business School (U.S.)

11. UPenn Wharton (U.S.)

12. MIT Sloan (U.S.)

13. UCLA Anderson (U.S.)

14. Northwestern Kellogg (U.S.)

15. London Business School (U.K.)

16. University of Queensland Business School (Australia)

17. Emory Goizueta (U.S.)

18. INSEAD (France)

19. Yale SOM (U.S.)

20. Michigan Ross (U.S.)

Top 10 B-Schools with the Highest GMAT Scores:

table

Top 10 MBA Programs for “Potential to Network”:

1. HEC Paris (France)

2. Vlerick Leuven Gent Management School (Belgium)

3. Thunderbird School for Global Management (U.S.)

4. NYU Stern (U.S.)

5. UC Berkeley Haas (U.S.)

6. Notre Dame Mendoza (U.S.)

7. Warwick Business School (U.K.)

8. USC Marshall (U.S.)

9. Melbourne Business School (Australia)

10. UVA Darden (U.S.)

A Poets & Quants article on the rankings states that at least 17 business schools declined to participate in this year’s rankings, many claiming that The Economist’s methodology is faulty. Some of these schools include Babson Olin, Toronto Rotman, Sauder School (British Columbia), Minnesota Carlson, McGill Desautels, Purdue Krannert, and, University of Manchester (U.K.), Imperial College Business School (U.K.), University of Illinois at Urbana-Champaign.

Regarding methodology, 80% of the data used for the rankings is derived from surveys provided by the schools themselves. The remaining 20% of information comes from current students and recent grads.

John Byrne notes that since The Economist rankings launched in 2002, Harvard, Stanford, and Wharton have never topped the charts. This year, the schools rank at 6th, 9th, and 11th place, respectively. In 2005, Harvard and Wharton weren’t included in the rankings as they declined to contribute data. (That year, those two programs also declined to participate with the Businessweek rankings.)

Matt Symonds, who wrote a critique of the rankings, “Leave no MBA ranking unquestioned,” provides these additional points:

• Booth took the #1 spot for the third year in a row, and the fifth time in the last eight years.

• There are only six European schools in the top 25; in 2008, there were 11. This year, Cambridge Judge and Oxford Saïd both dropped 15 places, to 52nd and 69th place respectively.

• The breakdown of the criteria used to rank the schools goes as follows: personal development/education experience (35%), open new career opportunities (35%), increase salary (20%), and potential to network (10%).

• This year, more than 20 schools rose or fell by double-digits (and thus the rankings have been criticized for their volatility).

• Big droppers include University of Bath School of Management which fell 23 spots from its previous 20th place; York Schulich fell to 41st place from 22nd last year.

• Big jumpers include Kellogg and Yale which both jumped 9 places up to 14th and 19th place respectively; Rochester Simon and Temple Fox both jumped 20 places to 58th and 57th place respectively.

Are You Misusing the B-School Rankings?

Accepted.com: Helping You Write Your Best

Related Resources:

• MBA Rankings: Why Should I Care?
MBA Rankings: What You Need to Know
• Top 10 B-Schools with the Most Satisfied Graduates

Defining Her Strengths, Researching Schools and Choosing NYU Stern

Click here to read more interviews with current MBA Students!

Be reflective. Make friends. Take full advantage of the opportunity.

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. And now for a chat with Lenore, a student at NYU Stern.

Accepted: We’d like to get to know you! Where are you from? Where and what did you study as an undergrad? What is your favorite ice cream flavor?

Lenore: I was born in Philadelphia and raised there and in the suburbs of the city. DC was one of my favorite places to visit growing up. Since it was just a short trip from home and my younger siblings, I was really excited to enroll at American University for my undergrad. I went in thinking I’d study international service, but switched to finance and marketing specializations after my first class in the business school.

Ice cream? Probably Ben & Jerry’s Half Baked or S’mores. But sometimes Turkey Hill Chocolate Peanut Butter. I guess it depends on the day. :)

Accepted: What did you do after finishing college?

Lenore: By the time I finished college I had worked in business communications, marketing for a start-up, and nonprofit business development. I didn’t yet understand how I could bring together what I thought were disparate interests in leadership, social impact, and business, so I would take a job and then keep freelancing or consulting or volunteering on the side, always trying to weave together those passions. I would throw myself into projects or jobs, but had a hard time feeling totally satisfied by any one of them. For example: a friend and I were hired to overhaul a local restaurant’s operations; then I was assistant director of an education nonprofit during a strategic redirection. In 2010 I moved to Haiti and worked as a project manager on a program for small businesses and social enterprises. Each of those experiences was enriching and educational for me, and helped me define my strengths and interests.

Accepted: What made you decide to pursue an MBA?

Lenore: Even though I went back and forth on how I would use it, I was always sure I would pursue an MBA. I love solving business problems, and believe that business plays an integral role, potentially a hugely positive one, in our communities and society.

My MBA application journey was an opportunity to identify patterns and common successes in the pieces of my professional background. Specifically, I started to recognize that the moments I was most proud of were those when I partnered with leaders to help shape their work and achieve success in their organizations. Through the admissions process and my own self-discovery, I recognized that working as a business and executive coach would allow me to combine each of the things I was passionate about.

Accepted: How will your MBA help you pursue your entrepreneur goals?

Lenore: An MBA deepens my business acumen, allowing me to support leaders more effectively. It also allows me the time to focus solely on my own professional development, which will make me a much better coach.

Accepted: How did you go about researching schools? Did you participate in any MBA fairs or events?

Lenore: I was first drawn to Stern when, during undergrad, I was looking for MBA programs with real-world opportunities to work in social enterprise. But I kept an open mind, and went to Forte Forums in Washington DC, listened to Forte webinars featuring admissions professionals from several schools, and visited as many of my target programs as I could. I also made a complicated spreadsheet and rating system to track the merits of each school! It was a long process, but I had a great roadmap as a member of the Forte Foundation and the Consortium for Graduate Study in Management.

Accepted: I’m sure MBA applicants reading your interview would be interested in seeing your spreadsheet. Could you share it with us?

Lenore: Unfortunately I no longer have the computer on which I created the spreadsheets, but here’s my suggestion if someone were to want to create one:

Create a spreadsheet to keep track of important details on each program. My rows were school names, and columns were titled with the features I valued most. I was looking for a program with robust social enterprise and entrepreneurship programs, an urban location, opportunities to travel, and flexibility in the curriculum (but of course these will be different for each applicant). I also took business school rankings into account, and I made a column for notes as well. In as many cases as possible, I went to the school and visited the campus. In some cases, I resorted to reading everything I could find online, and then supplemented that with conversations with current students and alum. Each time I learned more about a program, I tracked the information in my spreadsheet–I probably added to it over the course of two years and looked at 12 schools in total. The final addition to my spreadsheet was a column for my own personal rating of each school based all that I had learned. My personal ratings were also reflective of the intangibles, such as how well I connected with students during campus visits, as I think those are just as important.

All things considered, NYU Stern came out on top, validating the assumption I had made even before doing any research. Despite that I came up with the same result, the spreadsheet process was helpful in that I kept an open mind and it supported me in making an informed decision.

Accepted: Can you talk about your experience with the Forte Foundation? How have they helped you in your MBA admissions journey?

Lenore: I visited the Forte Foundation website quite regularly throughout my admissions process. The practical resources and webinars were especially helpful. I also valued the offline community that Forte creates; I met a GMAT study buddy and many friends at Forte events. Maybe most importantly, I draw inspiration from the Forte community, which is comprised of so many women living such full lives, pursuing and accomplishing their dreams.

Accepted: Which other schools did you apply to? Why did you choose NYU Stern?

Lenore: I ultimately applied to only two schools: NYU Stern and Georgetown, and was accepted to both. As I mentioned, I was interested in NYU even during undergrad, as the program offered an ideal match for my values and goals. NYU Stern provides an “education in possible,” and encourages broad and disruptive thinking. That is just the type of approach I planned to take with my degree and in my work.

Accepted: What are your 3 top tips for MBA applicants?

Lenore:

1. Be reflective. Your essays and interviews will be stronger if you know yourself and your goals. This process will give you the opportunity to tell your story often, so take the time reflect on what you would like to say.

2. Make friends. There are SO many resources out there for aspiring MBAs that you won’t be able to keep up with all of them yourself. Find buddies (through Forte and other networks) who are going through the process as well and can encourage and support you.

3. Take full advantage of the opportunity. You are making a significant investment, so get all that you can out of the process and the experience. Ask questions, make connections, visit schools, attend webinars: whatever you need to do to be informed and excited about pursuing your degree.

For one-on-one guidance on your b-school application, please see our MBA Application Packages

Thank you Lenore for sharing your story with us!

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Related Resources:

• NYU Stern 2015 MBA Questions, Tips, and Deadlines
Forte Helps Women in Business Thrive: Interview with Elissa Sangster
• Interviews with current MBA students