Regional B-School or Big Name? Talking to Texas A&M

If you're thinking of applying to B-School right now -- and many more are these days, given the brutal economy -- are you considering going regional instead of opting for a big name school?
That's the topic of a show I'm working on for MBA Podcaster.com, and I'll be interviewing about ten people for the show. One of the first is Wendy Flynn, the Director of MBA Admissions for Mays Business School at Texas A&M.
Wendy sites several advantages of going to regional business schools. One is the high level of personal attention students get at the small B-school. With fewer students than the big-name brands, they can participate more and have closer relationships with faculty members. But Wendy adds that because Mays is at a large school, B-school students have the advantage of attending any of 800 student organizations and tapping into a large network of resources.

She says one-quarter of the students are international, and the school recruits around the world to emphasize its diversity.

As for companies that recruit -- hey, they're in Texas, so of course the oil and gas industry is active, that is, Exxon and Mobil. Also, there are consulting companies who recruit, as well as Dell and Microsoft.

She says Mays had 100% perfect placement in 2007 (!), and last year that had dipped to 98%. However, 2009 -- like everywhere -- is going to be different.

One of the hidden benefits of going regional? Wendy Flynn says the MBA alumni are fervent supporters of their alma matter and new grads from their school, and that can only help B-school students when they're networking and looking for jobs.

Best Business Schools: Whose graduates have the most debt? The least?

We all know US News & World Report just issued their 2010 rankings for business schools but did you know they also measured the average debt load of the graduates from top schools around the country?

This shouldn't make or a break a decision about where you go for your MBA but it is interesting to see the differences in debt, especially among the top 10 schools. One cause of significant differences in debt load has to do with how many TA'ships they offer or other jobs on campus that help pay for tuition. You should add the question of average debt load and how the school helps alleviate debt by offering teaching positions to MBA students to the list of questions you have for the schools you're considering attending, if you're in the lucky position of deciding between schools.

Top 10 With Highest Debt:
1. University of Pennsylvania (Wharton)
Philadelphia, PA
Average indebtedness of 2008 graduating class $98,668

2. Yale University
New Haven, CT
Average indebtedness of 2008 graduating class $91,800

3. Dartmouth College (Tuck)
Hanover, NH
Average indebtedness of 2008 graduating class $90,654

4. Vanderbilt University (Owen)
Nashville, TN
Average indebtedness of 2008 graduating class $85,780

5. University of Chicago (Booth)
Chicago, IL
Average indebtedness of 2008 graduating class $85,614

6. Duke University (Fuqua)
Durham, NC
Average indebtedness of 2008 graduating class $82,353

7. Harvard University
Boston, MA
Average indebtedness of 2008 graduating class $80,525

8. University of Michigan--Ann Arbor (Ross)
Ann Arbor, MI
Average indebtedness of 2008 graduating class $79,593

9. Cornell University (Johnson)
Ithaca, NY
Average indebtedness of 2008 graduating class $78,000

10. Carnegie Mellon University (Tepper)
Pittsburgh, PA
Average indebtedness of 2008 graduating class $75,240


Top 10 with Lowest Debt Load:
10. Eastern Kentucky University
Richmond, KY
Average indebtedness of 2008 graduating class $6,386

9. Seton Hall University (Stillman)
South Orange, NJ
Average indebtedness of 2008 graduating class $6,200

8. Wright State University (Soin)
Dayton, OH
Average indebtedness of 2008 graduating class $6,000

7. Texas Southern University (Jones)
Houston, TX
Average indebtedness of 2008 graduating class $4,000

6. University of Vermont
Burlington, VT
Average indebtedness of 2008 graduating class $3,900

5. Fayetteville State University
Fayetteville, NC
Average indebtedness of 2008 graduating class $3,615

4. New Mexico State University
Las Cruces, NM
Average indebtedness of 2008 graduating class $3,500

3. East Tennessee State University
Johnson City, TN
Average indebtedness of 2008 graduating class $3,000

2. University of Nevada--Reno
Reno, NV
Average indebtedness of 2008 graduating class $2,000

1. Cleveland State University (Nance)
Cleveland, OH
Average indebtedness of 2008 graduating class $0


Find the full list here:
http://grad-schools.usnews.rankingsandreviews.com/best-graduate-schools/top-business-schools/debt

5 of the Top 10 MBA Programs in the World Now Accept the GRE

Is the GMAT not working for you? Has it been too long since grade school math? Fear not, now you have options! The GRE is gaining popularity among top business schools around the world.

Which top schools? China Europe International Business School (CEIBS), Harvard, Instituto De Empresa (IE), Canada's Queen's School of Business, MIT Sloan and Stanford. To view a complete list of MBA programs that accept GRE visit www.ets.org/gre/bschools.

More than 190 business schools from across the globe - including many top-ranked MBA programs in Europe, Asia and North America - are part of a growing trend of MBA programs that are seeking to broaden and diversify their candidate pools by accepting GRE test scores.

Last month, Harvard Business School (HBS) announced that it will accept GRE scores for admission into its 2+2 program. "The HBS 2+2 program is designed to encourage college juniors - especially those in majors such as engineering, science and government - to consider business as a career path," said Deirdre Leopold, Harvard Business School's Managing Director of Admissions and Financial Aid. "Since the GRE is the test these students are most familiar with on the road to graduate school, we are pleased to offer it as an alternative option to the GMAT®." And this just in (added 5/18/09) the regular Harvard MBA program now accepts the GRE as well.

In addition, MBA programs cite institutional competitiveness and student access to GRE test centers as practical reasons for accepting GRE test scores. But it is the current global economy and the GRE test's inherent ability to support programs' diversity goals that creates the most appeal, according to David Bach, Associate Dean of MBA programs at Instituto de Empresa (IE) Business School.

"As the financial crisis deepens, new approaches are needed to rebuild global financial systems and to uncover opportunities for creating value in business and society," says Bach. "Business schools must look to diverse participants to engage in this process, and we find the GRE test an excellent tool to help us meet this objective."

For more info on finding an MBA Program that doesn't require the GMAT check out our show on this topic.

Wharton School Announces Launch of Custom Loan Program for International MBA Students

Hopefully this is a sign of easing loan restrictions for Intl MBA Candidates at other schools as well:

The Wharton School of the University of Pennsylvania announced the launch of a custom loan program with Digital Federal Credit Union (DCU) that will provide needed assistance to international MBA students who do not have a U.S. co-signer. The program, which covers tuition and living expenses, is also available to current first-year international students for their second year of study. Highlights of the program include attractive loan terms, no origination fees and attentive customer service.

"The global economic crisis has had a negative impact on many financial institutions who have traditionally offered private student loans, which of course has direct ramifications for our students," said Anjani Jain, vice dean of Wharton's Graduate Division. "With students from more than 70 countries, Wharton offers a truly international environment and it was very important for us to find a lender that can meet the needs of these students."

With a network of 84,000 alumni in 139 countries worldwide, the Wharton School has a long established commitment to global engagement. Today 40 percent of all Wharton MBAs are international students, providing valuable insights to both faculty and classmates. Under Dean Thomas Robertson, Wharton continues to grow internationally with the recent appointment of Professor Harbir Singh as the new Vice Dean for Global Initiatives; 25th anniversary celebrations for both the Lauder Program and Global Consulting Practicum; 17 semester-long international exchange program options at 14 partner schools; and the multi-campus reach of the Wharton-INSEAD Alliance.

DCU developed the custom loan program for Wharton's international MBA students in conjunction with Credit Union Student Choice, a credit-union-owned organization that offers school-certified private student lending solutions to credit unions across the country.
"As a credit union, we have a unique business model that makes us perfectly suited to meet the private loan needs of international students at the Wharton School of the University of Pennsylvania," said James Regan, DCU President and CEO. "We are extremely excited about the value we can deliver to Wharton students."

The custom loan program created by DCU features a unique line-of-credit structure, giving international students the ability to apply once and secure financing for their complete graduate degree. Besides providing tuition financing, other key attributes of the line include low interest rates, flexible repayment options, and zero origination or pre-payment fees.

If you're interested in Wharton, check out our Day in the Life show all about life on campus:
http://www.mbapodcaster.com/DayInLife/WHARTON_DayInLife.asp

Avoiding Application Pitfalls: Booth School of Business

Rose Martinelli, the Associate Dean for Student Recruitment and Admissions at the University of Chicago's Booth School of Business, recently took time out of her busy schedule (second round admissions interviews, and her OWN graduation with an Executive MBA!) to talk with me about common mistakes MBA applicants make during the application process.

Martinelli put them in two categories: obvious mistakes and strategic mistakes.

Obvious: not following instructions, not answering questions, trying to guess what you think the admissions committee wants rather than providing an authentic picture of yourself, not choosing the right place-- school, city -- for yourself.

Strategic: writing a one-size-fits-all application for all schools.

"We see that very quickly," Martinelli said, and added that schools are looking for candidates who will truly be the right fit for that particular school and MBA program. Program sizes, styles of learning, curriculum focus -- all these factors are unique to each program.

"Schools are looking for students who truly understand who they are, and what the program they are applying to has to offer. We are looking for them to draw the lines between their educational and career goals, experience, and personal qualities and the resouces the school could afford them."

Martinelli had many other helpful hints and in-depth advice for MBA applicants. Check out her blog here. And be sure to tune in to the Avoiding Application Pitfalls show on MBA Podcaster later this month to learn more.

Landing Your Ideal Summer Internship

Our latest show is all about landing your ideal summer internship, the first step in a successful post-MBA career.

We have a stellar guest list including:

• Brett Baumoel, Staffing Manager on Microsoft's College Recruiting Team
• Al Cotrone, Director of Career Development at the University of Michigan's Ross School of Business
• Leila Johansson, MBA - Haas School of Business
• Ken Oyer, Senior Manager, Leadership Development, Vanguard
• Anjie Blindauer, MBA Staffing Consultant with Microsoft

A few days after our show came out, BusinessWeek ran an article talking about the decline in hiring for summer internships. Companies are expecting a 21% decline in hiring the summer students. Not surprisingly, financial services, manufacturing, and construction are expected to be the hardest-hit industries, while computer software and food and beverage companies have slowed the least.

If you think that's bad, prospects for graduating students are even worse this year. So be glad that you have an extra year or two before you go looking for a fulltime job and focus your efforts on landing a great internship. Settle for unpaid positions or positions a little outside your narrow career path. Just having the experience on a resume can really help come graduation time.

Listen to the show for full insight & good luck! http://www.mbapodcaster.com/MBA_MoreInfo/mbaInternship.asp?iEpisode=76