Tags: Citadel, Convictions, Enron, Ethics, Galleon, George Soros, Goldman Sachs, Legal, MBA, Revolving Door, UBS
Tags: Jon Stewart, MBA, The Daily Show, Videos
The B of A move probably hits no more than 50 students, but business schools are concerned that more firms that have accepted TARP funds could also pull offers….
The recently passed $787bn stimulus bill in effect prevents financial institutions that have received money from the government’s troubled asset relief programme from applying for H1-B visas for highly skilled immigrants if they have recently made US workers redundant.
A spokesman for the bank said: “Recent changes in legislation made it necessary for Bank of America to rescind job offers it had made to students requiring H-1B sponsorship.”
BofA withdraws job offers to foreign MBAs – Financial Times
Tags: Bank of America, MBA, Politics, Revolving Door
The thrill of victory, the agony of defeat: Imagine applying to an MBA program and receiving that coveted acceptance letter. Then imagine your dream being shattered because admissions made a mistake and they actually meant to reject you. That's what happened to 50 supposed to be rejected applicants to Northwestern's Kellogg School. They said it was a "technological glitch":
Tags: Kellogg School, MBA
Mirroring what many on Wall Street are already doing, especially in these uncertain times: BusinessWeek cites the latest business school trend: MBA students are taking up yoga classes as a way to destress. Students at University of Chicago, MIT’s Sloan School, Harvard Business School and Northwestern’s Kellogg School all are seeing increased popularity of yoga classes.
With the job hunting season over, some 250 college and mba students hired by Bear Stearns suddenly and painfully have found themselves out of jobs even before they reported for their first day. For those that were promised signing bonuses — some already paid last fall when they accepted jobs early — JP Morgan will so generously let them keep them, provided they sign on the dotted line and promise not to sue. We’d speak to a lawyer before signing anything ….
They polished résumés; they sweated
interviews; they landed dream jobs. But now a small group of college and
business school students are discovering that their careers at Bear Stearns
ended before they began. JPMorgan Chase, which bought the beleaguered investment
bank last month, rescinded many of their job offers.Yashoda Khandkar, a senior at the
University of Pennsylvania, is among 250 Bear hires who now find themselves
unemployed in one of the worst financial job markets in years.“The worst part about the entire
situation is that it’s a really hard market for us to look for other jobs,”
Ms. Khandkar said. “We probably can’t get as good of jobs as we would have
had.”
Tags: Bear Stearns, JPM Chase, MBA, Recruiting, Revolving Door
The flood of LBO deals sponsored by private equity is having a direct impact on business schools, who in turn are offering more courses designed to attract and educate the next generation of private equity bsd’s:
Amid the recent flurry of deals to take
public companies private, M.B.A. programs are offering more intensive
private-equity courses and strengthening their connections with buyout firms to
help students land jobs. At the same time, schools are trying to lure junior
employees of buyout shops to their M.B.A. programs to groom them for
higher-level positions in private equity."Private equity is the sexy industry where the money is being made and
where many of our applicants want to be," says Rose Martinelli, associate
dean for student recruitment and admissions at the University of Chicago
Graduate School of Business.
Tags: Business Schools, MBA, Private equity
YouTube’s got a bunch of recent Wharton Follies’ videos up. Sadly, this batch is pretty disappointing. Here are a few of them:
Snakes at Au Bon Pain:
Tags: Entertainment, MBA
While the MBA degree is still a hot commodity, other types of master’s degrees as well as PhD’s, especially with heavy emphasis on math skills, are becoming more popular by Wall Street. While a master’s degree in financial engineering from the University of California, Berkely, might have been a tough sell a few years ago, Wall Street is now courting their grads:
Now, in a turnabout, it’s often the banks and hedge funds that are calling on Dr. Kreitzman [of Berkely's Haas School of Business] and offering her graduates six-figure compensation packages. "They have come to realize they really need students with strong skills in financial economics, math and computer modeling for more complex products like mortgage- and asset-backed securities and credit and equity derivatives," she says. This fall, all 58 financial engineering students seeking internships found spots at such companies as Citigroup, Lehman Brothers and Merrill Lynch. Their projects will include credit portfolio valuation, artificial-intelligence trading models and structured fixed-income products.
Tags: MBA
And yet another business school ranking, this one from the folks at The Economist. Their number one MBA program for the second year in a row is IESE, a Spanish business school. But the rest of the list is dominated by U.S. Schools. Dartmouth’s Tuck School is #2, Stanford #3, University of Chicago is #4, and IMD (International Institute for Management Development (Switzerland) is #5.
American schools still hold some big advantages over their European counterparts, particularly in terms of finance. One reason for this is that American institutions are benefiting from the generosity of wealthy alumni. Stanford, for example, recently announced that Nike’s founder, Philip Knight, had pledged the school $105m, which will be put towards building a new campus. At Harvard last year, endowments and gifts were a greater source of revenue than its MBA tuition fees. American schools also make more money due to their sheer size. The average full-time MBA intake at the top North American schools is 217; in Europe it is a mere 88.
More money means better teachers, improved research opportunities and ultimately superior students. But it is not only in terms of finance that American schools lead their European counterparts. They also draw strength from being the pioneers of business education. Dartmouth’s Tuck school, which opened in 1900, claims to be the world’s oldest graduate business school. In contrast IESE, one of Europe’s oldest, was founded in 1958—with Harvard’s assistance. History cements a school’s reputation, but also has a more measurable effect: a rich history means a bigger, older (and thus often more successful) alumni network for a school’s careers office and fundraisers to tap.
Another day, another list of business school rankings, this one from Business Week, measuring student and recruiter satisfaction. The University of Chicago was their #1, with Wharton, Northwestern, Harvard and Michigan rounding out the rest of the top 5.
If you’re an MBA with an offer that came with a signing bonus, the clock just might be ticking on it. Some companies are offering bonuses — as high as $45,000 — that decline in value the longer you take to decide, or that disappear altogether if you miss the deadline.
Think of it as early admissions in the corporate recruitment world. The declining bonuses are a tactic this year largely in the finance and consulting industries, although other companies are using it as well.
“Given how competitive the recruiting environment is right now, we are seeing more of it than we saw three years ago,” said Sheryle Dirks, assistant dean and director of career management at the Fuqua School of Business at Duke University, where the number of companies signed up to recruit on campus is up 25 percent this fall. “It’s a good time to be looking for a job as an M.B.A.”
This morning’s USA Today focuses on Harvard Business School, the bad bahavior of some of its alums, and on its ethics courses that are now offerred as a result of the many huge corporate scandals of the past several years. It points to such naughty alums as Enron’s Jeff Skilling and former Cendant Vice Chairman E. Kirk Shelton who was found guilty last year of cooking the books. Harvard serves as the article’s poster child for bad MBA behavior, although clearly other schools also have their share of grads who may have benefitted from ethics classes, which have been offerred at Harvard since the 80’s but only became mandatory a few years ago.
If there’s any lesson to be learned from the accounting scandals of recent years, it’s that no one — not even executives trained at some of the nation’s most prestigious institutions of higher learning — is immune from the temptations of the executive compensation bonanza, where subtle manipulations of accounting entries can translate into bonuses and stock options worth tens of millions of dollars.
As a result of the wave of accounting frauds exposed at Enron, WorldCom, HealthSouth and other companies a few years ago, business schools across the USA have beefed up their offerings on ethics education.
And so, as this year’s estimated crop of 43,000 MBA students begin taking accounting and finance courses this fall, most of them can expect to receive some form of ethics education in the classroom, either as a stand-alone course or woven into the existing curriculum.
The Harvard Crimson, Harvard’s student newspaper, suggests that Harvard Business School "may want to consider adding a case study in humility" after the school placed only a disappointing 14th in the Wall Street Journal’s business school rankings that were published yesterday.
But many HBS students said they were shocked by the Journal’s assertion that they do not work well together.
“I never noted any deficiencies among interpersonal skills among people here,” said Keith A. Melker, a second year MBA student and president of the HBS Student Association. “I would think that is the strongest quality of people over here.”
Even though they may be among the biggest graduate school cheaters, recruiters still love MBAs. This morning’s Wall Street Journal has a special section: "The Top Business School: Recruiter’ MBA Picks. And the ranking isn’t what you’d normall expect it to be. At the top of the recruiters’ lists: The University of Michgan. #2: Dartmouth (Tuck). #3: Carnegie Mellon’s Tepper School of Business (as in Dave Tepper at Appaloosa). #4: Columbia. #5: University of California, Berkeley. Conspicuously absent from the top 10: Harvard (#14), Stanford (#18), and University of Chicago (#11).
Tags: MBA
Who’s most likely to cheat in graduate school? MBAs.
A survey of 5,331 students at 32 graduate schools in the United States and Canada found an "alarming" amount of cheating across disciplines, but more among the nation’s future business leaders. Fifty-six percent of graduate business students admitted they had cheated at least once in the last year, compared with 47 percent of non-business students.
Tags: MBA
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