Entrepreneurship at UCLA Anderson

Listen to our complete interview with Elaine Hagan and Angela Klein!Well before “entrepreneurship” was a household word, UCLA Anderson was one of the first b-schools to teach it. Decades later, they are still going strong.

Listen to the full recording of our podcast interview with Elaine Hagan, Executive Director of the Price Center at UCLA Anderson, and Angela Klein, ‎Program Manager at Anderson, for the scoop on entrepreneurship at UCLA.

00:01:41 – Featured Applicant Question: Should I take seriously an email from an admissions committee encouraging me to apply and even offering help?

00:05:48 – Introducing Elaine Hagan and Angela Klein.

00:07:04 – What the Price Center does for ULCA Anderson students.

00:10:10 – Changes to teaching entrepreneurship over the past 10 years.

00:11:46 – Can the “the mindset of an entrepreneur” be taught?

00:15:30 – Anderson’s approach to teaching entrepreneurship.

00:20:35 – The Knapp Venture Competition.

00:25:40 – Benefits of working for an established company first

00:28:35 – Ingredients of a successful entrepreneur.

00:30:38 – The difference between guy and gal entrepreneurs (and a word about international differences, too).

00:33:58 – What future entrepreneurs should do before arriving on campus.

00:36:46 – Will writing, “I want to study entrepreneurship” on your application convince the adcom? (And what Anderson hates more than anything else.)

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

Related Links:

UCLA Anderson Price Center 
UCLA Anderson 2015 MBA Essay Tips
• “Start-up Costs for MBA Graduates Pay Off” from the Financial Times

Related Shows:

• MBAs Across America: The Coolest HBS Internship
• Life as an HBS MBA
• SoFi: Alumni Funded Student Loans
• CommonBond’s Story: A Revolution in Student Loans
• Entrepreneurship at Stanford GSB: Carlypso Drives Down the Startup St.
• Making International Student Loans a Prime Investment

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UCLA Anderson Student Interview: Enjoying the MBA Whirlwind

Want to read  more MBA student interviews?  Click here!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 Tom Winterton, a first year student at UCLA Anderson.

Accepted: We’d like to get to know you! Where are you from? Where and what did you study as an undergrad? What was your most recent pre-MBA job?

Tom: I grew up in Nantwich, a small market town in north of England and completed my undergraduate degree in Physics with Finance at the University of Surrey. A slightly unusual combination but it stood me well in getting a job in financial services in London where I worked for a number of banks.

My last role was as a Strategy Development Analyst at Brewin Dolphin, one of the UK’s largest investment management and financial planning firms.

Accepted: Where are you currently in business school? What year?

I’m a 1st year full time MBA at the UCLA Anderson School of Management in Los Angeles.

Accepted: What’s your favorite thing about Anderson? And if you could change one thing about the program, what would it be?

Tom: My favorite thing about Anderson would have to be the school’s culture of shared success. Be it 2nd year students paying it forward through the career sessions they run, to the fact that MBAs competing for intern and full time positions regularly prep together ahead of interviewing for the same role. This supporting environment couldn’t be more different from uber competitive experience often associated with business school. While everyone is certainly pushing to land top positions at some of the most sought after companies, its important our class mates get there too and everyone’s committed to this principal of shared success.

They try to pack a lot into the MBA course and that’s especially true in your first few quarters. On top of that, UCLA operates on a quarter systems which seems to only compound this busy schedule.

If I could change one thing about the program it would be to start a bit earlier in the year and give 1st year students a little more time in the first quarter. I found this a big crunch time with recruiting and finals all in full swing. You find yourself living inside the business school bubble, neglecting friends from home as you become obsessed by informationals, GPAs, interview prep and all things MBA.

Accepted: Now that you’ve well into your first year of b-school, can you talk about your transition back to school? Is b-school what you thought it would be like? Any surprises? Any advice for next year’s incoming class?

Tom: It fair to say I’ve found the transition back to school at bit of a shock to the system. If it were only about being back in the class room that would be one thing, but the truth is you end up having to perform a juggling act skipping between company presentation, case competitions, sorting out the administrative nightmare that comes with moving countries, informational interviews, group assignments and much more in between. Plus of course socializing with everyone in your new MBA class. Fear of Missing Out (FOMO) means for the first few months at least you’re compelled to sign up to as many things as possible. Often the academic work ends up being just one point on a long list of priorities.

My advice to incoming MBA students would be to clear the decks before your MBA. If you’ve got the time to get ahead with career research do so. Start doing informational interviews and building connections with companies you’re interested in as early as possible; it will pay dividends when it comes to recruiting.

While the MBA experience is great, be prepared, it’s a whirlwind. Don’t expect to have many evening or weekends to yourself, and let friends and family know they’re about to see a lot less of you.

Accepted: Do you plan on heading back to the UK after you receive your MBA? What are your post-MBA plans

Tom: I haven’t decided where I want to be after my MBA. Much of it will depend on how the recruiting process goes, my summer internship and the connections I’m able to make over the two years. That said studying at a US school, MBA recruiting is obviously skewed toward American companies, with a large proportion of students getting full time jobs through on campus recruiting.

California is home to so many of the world’s most innovative businesses and I’ll certainly be exploring all the opportunities it has to offer.

Accepted: What’s your favorite class so far?

Tom: I would have to say Marketing has been my favorite class so far. For the first few quarters your timetable at Anderson (like most MBA programs) is dominated by a core class – Accounting, Finance, Statistics, etc. While these were great, well taught with lively debate and new interesting content, I had some experience of them from my undergraduate degree and professional career.

While Marketing is still a core class, I came into it with almost no background whatsoever and I’m enjoying being exposed to a whole new strand of business.

I also enjoyed that fact that as opposed to my other core class there isn’t necessarily one right answer when it comes to Marketing. Different approaches, targeting different segments of the market can both be effective. There’s really room to be creative as you look for the best way to market a product. While I wouldn’t say I had a favorite assignment, it was interesting writing a “Positioning Statement” for yourself, in the context of a job market, dating market or otherwise.

Accepted: Can you share your top 3 MBA admissions tips with our applicant readers?

Tom:

• Really think about why you want an MBA and how it will help reach your future goals. Every school will ask this as one of their essay questions and you need to have a good answer that makes sense. This story becomes even more important as an MBA, when you start talking to companies and applying for internships. Recruiters need to see how your skill and experience fit together and relate to the role your applying for.

Don’t just look at the rankings when applying to programs; sure they matter but only up to until a point. Instead I’d recommend looking on where a school’s MBAs interned and accepted full time positions. Do the companies you’re interested in recruit on campus? Does the school have strong alumni connections in the industries and with the firms you wanting to work for?

A big part of the recruiting process is getting to know companies, networking and for companies to get to know you. You’re at a big advantage if your school already has those connections.

• If you’re able to, visit the school and sit in on a class or two. At a very minimum make sure you speak to alumni and current students; they’re the best source of advice when it comes to applying to a school. While I wasn’t able to visit Los Angeles before applying to Anderson, I was able to speak to a number of current alumni. I also had good friends who’d attended UCLA as undergraduates. This was invaluable when making my decision. Remember where you’re living will be a big factor in your MBA experience.

Accepted: Can you tell us about your blog? When and why did you start blogging? What have you gained from the experience?

Tom: I had to check the dates, I started my current blog some 2.5 years back now, with my first post in May 2012. I’d also experimented with a couple of other blogs and websites prior to this.

I think the initial interest came about went I was working on a project to develop online services for a bank. Working with developers I decided should really know a bit more about how to build a website, having learned little to nothing in school. The blog developed out of this curiosity, I liked the thought of creating content and sharing it online, as well as experimenting learning bits of CSS and HTML to customize the site along the way.

What have I gained from my experience blogging? Well it’s really been an ongoing learning experience for me. From picking the basics of markup languages and web styling, to finding out more about different web services by experimenting with things like Google Analytics and Adwords. I’ve used it as a public record of what I’ve been up to, from hiking in Switzerland to my sharing my MBA orientation week experience; it’s a great way to add context and tell a story with the photos you’ve taken.

If nothing else it’s fed my curiosity and added a few lines to the interests section of my resume.

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

You can read more about Tom’s journey by checking out his blog, Tom’s Blog. Thank you Tom for sharing your story with us – we wish you loads of luck!

Download our free report on choosing the best MBA program!

Accepted: The Premier Admissions Cosultancy

Related Resources:

• MBA Rankings: What You Need to Know
• UCLA Anderson 2015 MBA Questions, Deadlines, Tips

QS Global TopMBA Rankings 2014

TopMBA’s new 2014/2015 global report ranks business programs according to geographic location based on surveys completed by 5,669 actively-hiring MBA employers and 7,187 academics in the field of business and management. (See more about the methodology here.)

Top 20 B-Schools in North America

Learn how to make the business school rankings work for you, not against you!

Some highlights:

•  The top 10 remained virtually the same this year as last, with two rather large exceptions: Ross and Stern entered the top 10 scene from 12th place to 8th place for Ross and 12th place to 10th place for Stern. Losing top 10 stature this year were Duke Fuqua which fell from 10th to 13th place and Toronto Rotman which fell from 8th to 14th.

•  There were three newcomers to the top 10 this year – NYU Stern (see above), Texas McCombs (29th last year to 19th this year), and BU School of Management (24th to 20th). HEC Montreal fell from the top 20 (16th place last year to 22nd this year), as did York Schulich (13th to 28th) and Queen’s School of Business (18th to 31st).

•  Big jumpers further down in the rankings include USC Marshall (42nd to 23rd), UC Irvine Merage (51st to 33rd), UC Davis (54th to 36th), Michigan State Broad (71st to 38th), UC San Diego Rady (61st to 40th), Ohio State Fisher (60th to 42nd), UT Dallas Naveen Jindal School of Management (83rd to 45th), Washington Olin (83rd to 47th), and Minnesota Carlson (87th to 49th).

•  Big droppers include UVA Darden (28th to 37th), University of Miami School of Business Administration (32nd to 77th), Rutgers Business School (67th to 82nd), and Vanderbilt Owen (37th to 86th).

Top 20 B-Schools in Europe

Learn how to make the rankings work for you and not against you!Some highlights:

•  HEC Paris jumped from 10th place last year to 4th place this year and Cambridge Judge jumped from 13th to 10th place; otherwise, the top 10 in Europe remain pretty much the same. Copenhagen fell from the top 10, from 9th place last year to 12th place this year.

•  New to the top 20 this year are ESSEC (29th place to 16th place), Manchester Bossiness School (27th to 14th place), and European Business School (21st to 19th). Trinity MBA in Dublin fell from the top 20, from 12th place to 21st

•  UK programs dominate the 65 schools on the European list with 26 programs represented. This is followed by France (9), Spain (5), Switzerland (4), Germany (4), the Netherlands (4), Italy (3), Denmark (2), Ireland (2), Greece (2), Finland (1), Portugal (1), Turkey (1), and Belgium (1).

You can download the full report here.

Are You Misusing the B-School Rankings?

Accepted.com: Helping You Write Your Best

Related Resources:

• Businessweek Rankings 2014
• 2014 Economist MBA Rankings
• MBA Rankings: Why Should I Care?

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.

Learn How to Choose the Best MBA Program for You!

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.

Click here for the complete Poets & Quants article.

Learn How to Choose the Best MBA Program for You!

Accepted.com: Helping You Write Your Best

Related Resources:

MBA Rankings: What You Need to Know
• B-Schools with the Highest ROIs
PayScale: How Much You Can Earn, And How to Earn It