Warthon in BW' NEWS & INTERVIEWS

baobaobear

写在前面的话:
又是一年申请时, 想想过往,心中不免感慨万分. 去年在各个论坛上忙忙碌碌查阅信息的情景又浮现眼前...不成想,于不经意间,在电脑里已经慢慢积攒了许多资料.
为了后来的XDJM,我将集中推荐一些BW上关于热门学校的News和对ADCOM的采访,希望可以省去大家再一个个去寻找的时间.

(一想到下周就要去外地出长差，心里就不是滋味，不知是否会少有机会来此了，于是，于临行之前－－倾情奉献）

MAY 30, 2003 B-SCHOOL NEWS   
The Jobs Wizard of Wharton?

In some ways, Peter Degnan is an unlikely choice to direct the career services office at the University of Pennsylvania's Wharton School. He came to Wharton with no relevant academic experience, after living outside the U.S. for more than a decade. Yet the 44-year-old former investment banker has been handed one of the most important roles at Wharton: Helping find good jobs for the school's grads, who expect their high-priced education to buy them an edge in the most inhospitable MBA labor market in years.

Degnan, who earned his MBA from NYU's Stern School in 1986, got a taste of those expectations when he started work last summer: He was greeted with 110 pages of angry student comments from Wharton's annual internal review. The school's 2002 placement tally wasn't shabby: About 76% of its students had a job offer by graduation, putting Wharton in the highest quartile of the Top 30 schools in BusinessWeek's biennial rankings. But that was way down from the 92% placement rate in 2000. Moreover, Bob Bonner, Degnan's predecessor, had left to direct the MBA program at nearby Temple University in the middle of the recruiting season.

Suddenly, Wharton's old strategy -- a focus on long-term career counseling rather than on job hunting skills -- seemed inadequate. Worse, students felt, companies that made and then rescinded job offers in 2001 faced no consequences in 2002. (By contrast, rival Columbia threatened to ban recruiters who asked students to forego promised signing bonuses). "The careers office had the right skills for good times, but not for bad times," says Wharton second-year Laura Bennett. Students were so irate, they voiced their criticisms in surveys that helped determine BusinessWeek's B-school rankings, abruptly ending Wharton's 8-year reign at No. 1 and dropping it to No. 5.

Enter Degnan, who laughingly credits "divine intervention" for his arrival at the school's west Philadelphia campus. An old college buddy of his at Georgetown University, Brian Paulson, now a Jesuit priest and president of Chicago prep school St. Ignatius, had planted the education bug in Degnan's ear. "I could tell there was a part of him that seemed a little bored with what he had done before," Paulson says.

After leaving his job as chief operating officer for UBS's Asia-based operations in 2002, Degnan tried for positions at various universities, including the career services job at Georgetown's McDonough School of Business. He applied to Wharton via a want ad in The New York Times, and immediately clicked with the faculty. Wharton admissions director Rosemaria Martinelli, chair of the search committee, says Degnan's corporate background made him a perfect choice to refocus the placement office. "We knew we needed a paradigm shift," Martinelli says.

Among other qualities, she liked Degnan's insider knowledge of Wall Street. The Matteson, N.J., native had spent eight years there with Citigroup and Lehman Brothers before leaving for Tokyo in 1989 and eventually becoming Lehman's CFO in Asia. In 1998, he jumped to UBS just in time for its merger with fellow Swiss bank SBC.

Degnan compares his merger experience with his overhaul of Wharton's careers office: "Everything is being changed -- it's a complete re-engineering effort," he says. During an unprecedented economic boom, career services staffers could be "hand-holders as students made decisions," Degnan says. Now, the onus on his staff is to provide job-hunting secrets from their own experiences.

Degnan also has brought a business-style organization and discipline to the job. Upon arriving, he reorganized his staff of 17 into teams that focus on specific industries, such as banking, media and entertainment, real estate, and travel and tourism. He's in the process of adding four people, including a former health care professional, to head recruiting efforts for that industry. At the same time, "he has raised the bar in terms of professionalism," Martinelli says. "Meetings have agendas and accomplish things."

Better organization has made it easier to coordinate with other B-school departments to boost revenue. For instance, following the lead of other top B-schools, Wharton has started "cross-selling" the school's services. This spring, Degnan took advantage of a campus visit from C&S Wholesale Grocers' CEO Rick Cohen, who was in town to check out Wharton's executive education courses. Later in the spring, Cohen, who has a bachelor's degree from Wharton, flew MBA job seekers to the privately held company's headquarters in Brattleboro, Vt., for interviews.

Next up on Degnan's agenda: Reshaping Wharton's bewildering campus recruiting routine. Many investment banks want first crack at Wharton's talent, and try to show up at the same time. "Having 20 investment banks come to campus on day one [of recruiting season] creates problems," says Degnan. He has seen top students cram a dozen interviews into a single day, often dashing from a downtown Philadelphia hotel back to campus in 15 minutes for another interview. This system worked itself out during the 90s boom, when job seekers were confident that they'd get job offers and could afford to miss company presentations or ditch interviews. That's no longer the case, and next year, Degnan plans to make order out of chaos.

For example, during Wharton's dedicated interview period (DIP) week next February, he'll set up a four-day schedule for investment banks, which typically like to whittle down their prospective hires through successive rounds of interviews. One set of banks will do their first round of job interviews on Monday and a second round on Thursday. Another set of banks will do first rounds on Tuesday and second rounds on Wednesday. Scheduling interviews for the school's 800 grads each spring has become so complex that Degnan has hired a game theory optimization expert to sort it all out.

Another challenge is to devise enforceable punishments for companies that rescind job offers. That's a delicate task at a time when employers can afford to be extra-choosy about where they recruit -- especially if they also send employees to Wharton for executive education courses or donate money for chair endowments. Degnan acknowledges that it's a tricky calculus. For now, he's contemplating a "three strikes and you're out" policy to bar companies from campus after three breaches of recruiting etiquette. But any sort of policy change would require approval from the university.

Peter Degnan is revamping the B-school's career center. But a tepid economy continues to make placing grads a challenge
Degnan is taking a hard line with students as well. This year, he amended an interview cancellation policy that allowed Wharton MBAs to cancel out of an interview with only 30 minutes notice. That riled recruiters, and there was "no chance to get another student into that slot," Degnan says. Now, students have to cancel by 3 p.m. the previous day. For next year, Degnan is considering fining student no-shows up to $500. "Some students aren't going to like that," he says.

Perhaps Degnan's biggest test at the moment is satisfying the expectations of the 800 or so overachievers that Wharton admits each year. He has created a chart that compares students' dream jobs with the number of positions he expects Wharton grads to be offered in each field. No less than 150 students in the first year's class chose jobs in private equity, even though Degnan's chart predicts that only about 15 of them would land there. "Most of these people never failed at anything in their lives," says Degnan. For this bunch, not landing a dream job is difficult to accept.

Hiring at Wharton this year mirrors the overall MBA market so far. The number of grads going into consulting is up slightly from a dismal 2002. Real-estate and investment management is drawing more interest, particularly from students who are still looking for jobs after the end of the traditional recruiting cycle, which is ending now. Hiring by investment banks is down, though recruiting for sales and trading operations remains reasonably robust. Once the final accounting is done, Degnan expects the share of the class who had jobs as of Wharton's May 18 graduation to be just below last year's 76%.

Degnan's efforts so far haven't gone unnoticed. According to Wharton insiders, the latest student survey shows that perceptions of the careers office are improving. But as a former CFO, Degnan knows one thing for sure: Ultimately, he's going to be judged on the numbers.

baobaobear

Making the Cut at Wharton
A chat with Alex Brown, associate director of admissions at the University of Pennsylvania's B-school, about what administrators look for in an application
Alex Brown, an associate director of admissions at the Wharton School, University of Pennsylvania, helped Wharton review over 7,000 applications this year. And he has lots of tips on making the cut at a top business school.

Brown's comments came during a live BusinessWeek Online chat on Apr. 26. He was responding to questions from the audience and BW Online's Jack Dierdorff and Mica Schneider. Following is an edited transcript of their discussion:

Q: Alex, a lot has been said about application volumes to business schools this year. With a rather fatigued economy, what's the impact on B-schools?
A: Our application numbers are the same as last year, but the quality appears very strong. From my peer schools, I understand that they're experiencing similar things.

Q: Was there a surge in applications in the last rounds, for instance, in February?
A: There was no application surge that I was aware of. Again, our application numbers this year look to be the same as last year.

Q: Do you have any sense of people wanting to sit out a slowdown in B-school -- or being nervous about getting jobs afterward?
A: I'm not sure that that's the character of the talent that's supplied to our school. The economy is always cyclical, and regardless of the economy, our school always provides a good reason to be here.

Q: Which schools does Wharton compete with most often for students?
A: Harvard and Stanford; and Columbia, Chicago, and MIT when you're talking a little bit more finance-focused.

(Editor's note: Alex Brown later clarified: "In general Harvard and Stanford. In specific academic areas, we also [compete with] MIT for entrepreneurship and finance; Chicago and Columbia for finance; Kellogg in marketing; and Tuck in general management.")

Q: Prospective members of Wharton's class of 2003 have some questions: What percentage of the class is filled?
A: Given that I've just returned from a 10-day trip and we've recently (i.e. today) released decisions, I cannot accurately answer. But if there's one spot left, you'll have a chance!

Q: What about people in limbo, otherwise known as the wait list? And does Wharton look more favorably upon reapplicants that have been on the wait list before?
A: The first thing reapplicants need to do is get feedback, and then they should look at that feedback as a basis for their reapplication. Clearly, those that were wait-listed perhaps had an application that was deemed stronger than those that were not successful in the first place. So one might assume that they have a reasonable chance. But don't assume that you won't get off the wait list this year.

Q: And third-time applicants? Has Wharton accepted applicants who have applied more than twice?
A: Yes, we've accepted people who have applied more than twice. I know this from anecdotal evidence, I don't know of the statistics. It is a lot of fun telling them they've been admitted! They're coming back, they're clearly motivated, they've had the perspective of [getting] feedback. And sometimes, they're not admitted [when they first apply] because we believe that they need more career development before business school. This applies to all reapplicants, not just third-timers.

Q: For those planning ahead, is there an advantage to applying earlier, during round one of admissions in November, vs. a later round, in January?
A: Given that our application rounds will be a new phenomenon for us this year, we wouldn't have any historical data on applying first round vs. second round. But as a general rule, applicants should try to apply earlier rather than later.

Q: Are dot-com applicants at a disadvantage this year?
A: This question comes up quite regularly. I don't think any applicant is at a disadvantage, assuming they present themselves as a unique individual with a unique set of experiences, and going to business school clearly makes sense for their career.

Q: How does working for a string of "dot-bombs" reflect on a candidate?
A: It depends if they created the bomb or they learned from that experience, and what they learned from [it]. In any set of experiences, we are interested in the decisions, and the reasons for those decisions, that the candidate made [while] pursuing that experience, [as well as] the takeaways of how that candidate developed.

Q: This is a popular question in our discussion boards: Do admissions committees look at other schools a prospective MBA has applied to when they consider the applicant?
A: We don't. I don't believe other schools do, but we're just interested in why you're applying to our school, not where else you apply.

Q: Are there ways for candidates to increase or decrease their chances once their application is complete. By respectfully emphasizing their candidacy, for instance?
A: We allow people to submit additional materials. However, we can never guarantee that they would be included in a review, once the application is deemed complete.

Q: What about those applicants with parental duties on the side. Does Wharton take into account parenting obligations?
A: We take into account everything that the candidate gets involved in and what's important to the applicant and what they're passionate about. Being passionate about your family should be considered a positive attribute of the applicant.

Q: A lot of people ask about admissions consultants in our forums: What are Wharton's thoughts on people spending $5,000 to hire an application consultant?
A: What is important [for an applicant] is to present who you are, what's important to you, and how that makes sense in terms of going to business school and what you can contribute. If you're better able to communicate that by paying for a professional service, then the service may be useful to you. But you cannot expect a service to write your essays. They can critique your essays and help you with them, but you can't just have someone write your essays. We always encourage our candidates to have other people read their essays, whether they're a professional service, friends and colleagues, candidates, or peers, and have them evaluate the content.

Q: Really, how important is the GMAT? Are one's chances of getting into a top school significantly better with a score over 700, as opposed to 650?
A: We're going to be looking at your GMAT and your undergraduate record, as well as any other academics, to determine whether you would be successful here academically. If you're struggling academically, you won't get involved in our community. Once we have a comfort level with your academic potential, as understood by your GMAT and academic record, it would no longer become a differentiating factor of your application. Getting a GMAT close to the average of the school you're applying to will be important. Getting a GMAT considerably in excess of the average would not guarantee admission.

Q: What's the average GMAT at Wharton?
A: It's about 705.

Q: This next question relates to the crucial area of work experience -- what kind and how much? What can recently minted undergrads do now to get accepted to grad school in a few years?
A: There's no specific type of work experience. But gaining experience that gives you exposure to take initiative, to get out of your comfort zone, to make a difference, to challenge the status quo, and making sure that work experience is interesting and is related to your potential career path [is important]. Clearly, though, we also look at your interests and your involvement in your community. And it is that passion and interest that may in fact be the differentiating characteristic of your application, and may be how you make Wharton a better place -- and your communities as you go forward.

Q: How much does having an Master's of Science degree help in gaining admission? In general, how does Wharton view candidates with graduate degrees?
A: I don't think it can necessarily replace the value of work experience. Having an MS degree would clearly support your academic potential, in terms of assessing your GMAT, your undergraduate degree, and so on. Beyond that, the differentiating parts are going to be leadership, teamwork, experience in the community, being a good person, goals, and being well-rounded. Now, if your Master's can help develop some of these other issues, then it can help support some of the rest of your application, too.

Q: Are the MBA/JD joint business and law programs a good idea compared to regular MBA programs?
A: MBA/JD is probably a good idea for the right person. Unfortunately, it's not a question of saying one program is better than another, it's a question of what is the best program to fit the individual's needs.

Q: Are people with green cards considered international applicants?
A: They're considered permanent residents. One thing to recognize is that we as schools don't have quotas by geography or by any of the metrics that one might consider. Each candidate, regardless of citizenship, gender, ethnicity, and industry experience, will be a unique individual. By the way, I have a green card.

Q: When most admissions officers speak of diversity, they often mention Asia, Latin America, and other regions. How about applicants from the former Soviet Union?
A: We see a number of applicants from the former Soviet Union, much as we do from the other parts of the world you mention. And much like candidates from all around the world, some are extraordinary and some are not. It's important, regardless of where you're from, to tell your story and be passionate about it. About 40% of our students are international, which is high among our peer schools.

Q: Has Wharton noticed a change in the percentage of women applicants this year, and do they have an advantage?
A: No one has an advantage in the admissions process based on diversity issues. As business schools, we do try to recruit a very diverse class. Our challenge is to focus our diversity at the recruiting end -- not when we make decisions. This means, if we want more women enrolled in our programs, we need to attract more women to apply to our programs. And we can do this by hosting special recruiting events for women.

Q: We've had a few questions about the alliance between Wharton and INSEAD. How does it influence admissions? And how will it change the experience that future MBAs have at Wharton?
A: I can't really comment on its influence on admissions, in terms of evaluation. But I'm sure it will attract some people to apply to our school that may not have applied before.

Our students will have access to INSEAD's campuses in Fontainebleau and Singapore, and by association, we will have additional access to networks in both Europe and Asia. I assume INSEAD sees the same advantage with this connection with the U.S.

Q: Surely you've seen some interesting attempts to grab the attention of the admissions committee. What's the weirdest? And does trying too hard to stand out from the pack help or hurt an applicant?
A: Absolutely, but we keep that confidential! There is a limit to how far you should push someone in admissions. Clearly, you don't want to overstep that limit. Different schools, perhaps, set different limits.

Q: How specific does one have to be about their future professional goals?
A: It's important to outline a clear reason [for] going to business school, what you expect to get out of business school, and how that connects with what you've done. One would assume that is going to relate to your future professional goals, so establishing that path forward is somewhat necessary.

However, we do understand that when people come to our business schools, they will perhaps get exposed to things that were not on their radar screen coming in, and therefore change their future plans. Given that they've thought long and hard about their future, they will think long and hard about how they change that direction, given the additional exposure to opportunities they've received. The other issue, to be quite frank, is that the breadth of resources that our business school offers can be overwhelming. If you come here without a focus, you could get lost.

Q: Would an applicant with over 10 years of experience and currently a manager be at a disadvantage for admissions?
A: There's always an ideal time for somebody to get an MBA. Whether you have two years, five years, seven, 10, you need to establish in your application why now is the right time. You need to consider what your experiences, both professional and personal, will contribute to our learning community, and simultaneously what you will draw from this learning community and how that connects with your goals.

Q: On the subject of grade point averages: Does a four-year college varsity athlete with community-service experience, a GMAT score over 700, and seven years of biotech experience have a shot even if he/she has a weak GPA?
A: It's important that, if there is a potential weakness in the application, you establish the context for the weakness and allow us to understand that it is no longer relevant or applicable. Be short, succinct, and address it in an optional essay.

Q: How important is the pedigree of an applicant's undergraduate college (i.e. Ivy vs. non-Ivy)?
A: We value performance over pedigree. That's part of the Wharton culture. We admit people from more than 200 institutions every year. There are not that many Ivies or Ivy-equivalents in the world. We are interested in why you chose to attend the school you chose and how you took advantage of that four- or three-year experience.

Q: Is it true that business schools do not like to admit alumni from their undergraduate institutions?
A: No.

Q: Wharton will be attempting to market itself in new ways to candidates. Can you comment on this, and also outline any such initiatives?
A: We're in the process of developing a CD which we hope will allow us to do a better job of dispelling many of the myths of business school, and more particularly Wharton. In fact, today we've been shooting video for the CD, and it's going to totally rock! The notion of a CD is not new, and we'll launch it in July.

Q: With your allusion to myths about B-schools, what are some of them?
A: There are certain populations in more nontraditional industries that would not only benefit from [an MBA], but would contribute greatly to our community. Do I have that population clearly defined? No, but we're going to have a lot of fun trying to find them.

Q: Why should anyone get an MBA? Some people say that the MBA is, or will soon be, obsolete.
A: Who says that? The value proposition provided by an MBA program like Wharton is actually undervalued. We provide a knowledge platform to leverage from [for] the rest of a career, as well as a knowledge network that our students have access to throughout their careers. So, while each graduate may have a small domain of expertise, they have access to expertise across all industries and all business cultures. In our networked economy, I can only see that that advantage or value proposition will become more powerful.

Q: Can you sum up what prospective MBAs should be doing at this point in the admissions cycle? What about MBA hopefuls that were dinged this season?
A: If someone was not successful this year and they're considering reapplying, they should get feedback. To do so, they need to call our main admissions office after May 1 to schedule a 15-minute telephone conversation with an admissions officer in June.

Q: What does Wharton anticipate for the next admissions season for the class of 2003?
A: As we continue to innovate and reinvent ourselves, we can maintain our value propositions and serve the MBA candidates well. At this stage of this year, I'm not even thinking about next year. Summer = vacation!

lewis

Thank you baobaobear bro.!
What a terrific job!

tsljz

thank you baobaobear. Please take care of yourself and have a wonderful trip. Whenever you have time, just log in CD.