US grad school app tips from Jon Frank -P7--TEST SCORES VS. ESSAY–WHICH IS MORE

JonFrank

QUESTION:
I’m going to college in the U.S. this fall and haven’t lived on my own before. Should I get a credit card?


ANSWER:
In the U.S. there’s an old saying that says, “Cash is King.” Anyone who’s ever played chess knows that while the king is the most important piece, the queen is the most powerful. If “Cash is King,” then “Credit is Queen.” Life in the States relies on credit in a big way, and a good credit score gives you access to everything from renting an apartment to buying a car to getting business and home loans at low interest rates.The only way to get a good credit score is to build a good credit history, and for the majority of people that starts in college.

With terms like APR, balance transfer, rewards programs, and fraud protection whizzing by your head, things can get confusing quickly. The basic idea behind a credit card is that a bank or credit union gives a cardholder (that’s you) a card that allows you to buy things now and pay for them later. Simple as that. If you pay off your credit balance before your monthly statement, you don’t get charged interest. If you have a balance on your credit card at the end of the month, the credit card company charges you interest on your outstanding balance (meaning that you will end up paying MORE for that money).

And that’s where it gets tricky. Most credit cards for first-time cardholders have high interest rates (sometimes over 30%), so things can get very expensive, VERY quickly. Over the years, banking regulations have made it harder for college students to have access to big lines of credit, but this is still the most common cause of bad credit amongst young people. At the same time, if you don’t start building a credit history, things are going to be MUCH tougher for you after you get out of school and start making larger purchases.

So, what do you do?

Yes, you should get a credit card. But now comes a very, very, VERY important rule to follow.

The most important thing to remember is this: don’t spend money you don’t have. But wait, isn’t that what a credit card is all about? Actually, no. If you can’t keep up with the minimum monthly payments on your credit cards, you will rack up huge interest fees and could end up actually lowering your credit score. The key here is to only charge small, everyday purchases to your card. Groceries, gas, your Netflix subscription. That way, you can easily pay those balances off every month, which will build your credit history and keep you from splurging on big-ticket items or shopping sprees.

Remember, unless it’s a REAL emergency, the card should just stand in place of money you normally have and can spend.

So, yes to a credit card. Just be careful. DON’T sign up for any old card. Do your research – you want to know exactly what you’re signing up for before you sign up!

—Jon Frank

邪恶司

Jon是怎么看懂中文的。。。

JonFrank

You’ve probably heard that you don’t NEED to get a Master’s in Accounting in order to get a job as an accountant. This is true! You don’t NEED to. There are plenty of accountants out there without one. But trust us – you want to! It can only help.

So why do it?

It’s a relatively hassle-free program.

Most Accounting Master’s programs only take 2 or 3 semesters to complete, and certain programs allow you to attend part-time, so if you already have a job you don’t have to put your life on hold.

A Masters will give you a significant salary bump. Here are the stats for different programs…

MACC: The average salary WITHOUT a Masters is $46,000 per year. The average salary WITH a Masters is $53,223.

MSA: Getting your MSA can boost your salary by about $10K, and more over time.

MAS: Salaries for grads range from $30-50K, depending on the job.

MPACC: In addition to a CPA, an MPACC can lead to a salary boost of anywhere from $5-10K. The average MPACC salary (with a CPA) is $58,500.

Accounting Masters programs are pretty affordable! Check out the numbers (we know you love those numbers!)

MACC: $40-50K at the top schools, although employers often cover the cost. That breaks down to approximately $125 per credit hour + tuition, room and board and fees.

MSA: $25-35K at the top schools, but many students often take on assistantships, fellowships, and scholarships to help with the finances. Many students also receive financial help from their employers, but only if they pay tuition up-front and sign binding documents.

MAS: Anywhere from $15-30K and credit hours range from $150-$250, depending on the school.

MPACC: Depending on the cost per credit hour, the total program cost (including tuition and fees) can range from $20-$30K.

You’re gonna get your CPA anyway…

…so why not work towards it in a program with other sharp, knowledgeable, like-minded students and professors who can be potential connections later on? Since you’re in a university setting you can concentrate on a specific field relating to Accounting and take electives that will give you specialized knowledge that your competition may lack.

At the end of the day, it’s all up to you, of course. But in this economy, it’s important to do whatever you can to make yourself more appealing to hiring managers. And a Master’s is not only going to arm you with new skills and knowledge, but it’s going to introduce you to new people and connections, and beef up your resume, set you apart from the crowd, and open more doors for you down the road.

Who wouldn’t want that?

Jon Frank

JonFrank

Anyone who’s ever gone to school early in the morning to hang out with their math teacher and solve complex equations that would make most people run and hide under the bed may have a dream at the back of their mind – to be a math genius for a living. Luckily, that dream is totally attainable!

However, not all masters programs in mathematics are alike, and  before you dive into one, you gotta figure out which is right for you. The two most popular masters programs are a Masters in Computer Science and a Masters of Science in Mathematics.

Which one should you pursue? Check out this little quiz we put together.

Question 1: In grad school, I want to…

A: Learn the advanced techniques of computer science and programming to go on to work in IT, software design, or organizational technology.

B: Master higher mathematics and go on to work in finance, software development, or become a professor.

Question 2: In grad school I see myself taking classes in…

A: Computer Networks, Database Management, Analytics of Algorithms, Operating Systems, Computer Language Theory, and Software Engineering.

B: Intro to Abstract Algebra, Advanced Linear Algebra, Real Variables, Computer Programming, Complex Variables, and Real Analysis.

Question 3: I want to work at a…

A: Software development firm or a computer company like HP, Microsoft, or Apple.

B: Risk Management firm, in Operations Research, a government finance/analyst job, or university.

Question 4: I want to become….

A: An IT project manager or Senior Software programmer.

B: An actuary or mathematics professor.

Question 5: I want to work for…

A: Computer designers, software developers, security companies, or businesses trying to boost their technology.

B: Universities, research firms, risk management companies, the government, or financial analytic companies.

If you answered A the most, then you should go for a Masters in Computer Science.

If you answered B the most, a Masters of Science in Mathematics is more your speed!

And now that you’ve figured out WHAT to study, it’s time to get out there and make it happen.

--Jon Frank

JonFrank

Tick-tock, tick-tock, tick-tock.

The summer’s almost over, and that means that grad school application deadlines will soon be approaching. Gulp. As a violin builder would say, “Don’t fret.” We’ve got tips to help you solider through…

7 Tips to Finishing Your Grad Apps
http://www.usnews.com/education/best-graduate-schools/articles/2012/08/10/7-tips-for-completing-grad-school-applications

Start the process early, people. We can’t stress this enough, because we’ve seen too many folks panicking at the last minute…

Integrating Integrity into Grad Research
http://www.insidehighered.com/news/2012/08/14/making-research-integrity-essential-part-graduate-education

If you’re ever even sliiiiiiiiiightly confused about what counts as research misconduct, ask your advisor. Saying you didn’t know it was wrong just won’t cut it.

Another Cut to Grad Student Aid
http://www.insidehighered.com/news/2012/08/15/federal-program-minority-graduate-students-faces-loss-funding

Great. Just what we all want to hear, right?

Auto Rebound Booms Engineer Demand
http://www.businessweek.com/news/2012-08-15/michigan-begs-for-100-000-engineers-after-auto-rebound

If you have even marginal auto engineering skills, Detroit will be looking to scoop you up. Something for the mechanical engineering hopefuls to ponder…

Jon Frank

JonFrank

People all around the world judge others to be like them—or not like them—based on stereotypes. There are many stereotypes regarding Americans, like we’re fat, loud, and cutthroat. Every stereotype is both true, and not true, since people are so different from each other regardless of their “category,” and people are different at different times. Most women are “fat” when they’re pregnant.

The same way there are stereotypes about Americans, stereotypes abound about the Chinese.

Chinese people are:

Good at math
Not good at English
Patient
Either excellent pianists or violinists
Not great communicators
Polite
Quiet
Studious
Skinny
Dedicated
However, Americans’ impressions of the Chinese spread beyond stereotypes to worldwide interaction. As an arguably fading superpower in a century that claims no single dominant power, the global eye is on countries like China, India, and Brazil. In particular, China is HUGE. It has so many people, and it’s literally buying up the US. This has led to a certain trepidation in terms of the future and Chinese supremacy.

So what does all this mean in terms of applying to schools and living in the US? In both contexts, it means you should be yourself. Show off your creativity, your uniqueness, and your sense of humor. Especially with the adcom, it’s important to make yourself memorable, both by standing out and by painting yourself as a complete person. Once you arrive at your school, regardless of state, or even country, the people you meet will want to know who YOU are, no matter your ethnicity, nationality, or favorite sports team. Even if you’re stereotypical in some ways, and Americans are stereotypical in others, you’ll be just fine.


Jon Frank

JonFrank

Internships are pretty much short-term jobs available to college students. There’s no shortage of internship opportunities out there, you just need to know how to find them. Luckily, I’m here to teach you how to do just that!

Step One: Start looking for ideas early.

This is not something you want to procrastinate on. If you wait too long to start looking for opportunities, all the other college students will have already snagged the good ones. Some summer internships even have deadlines as early as December or January.

If you really want to make sure you find a worthwhile opportunity, you should start looking for different opportunities that interest you as soon as the school year starts. You probably won’t be able to start applying at that point, but you can get an idea of what is out there and what the application deadlines are.

Then, you can start applying 3-4 months before you plan on working. That will give you enough time to cast a wide net and find a cool internship. Bottom line – start early if you don’t want to get passed over, because at times the internship search can be as rough as the job one.

Step Two: Get your stuff together.

Before you start your search and begin to apply for internships, you will need a few things. A solid cover letter and resume are essential.

If you’ve never put a resume together before, go to a career counselor at your school for help. Give some serious thought as to how the skills you use at your current or former job relate to those you will need to be successful at the internship you are applying for. For example, your student job at the library probably requires you to have great attention to detail and to be comfortable working alone. Those skills can certainly apply to a wide range of internship opportunities! It’s also a good idea to load your resume with volunteer work, demonstrated skills, and certifications.

You’re applying for an internship, so employers don’t expect you to have a hefty resume. But, you can certainly fill yours with some evidence that you are capable of being their intern and accomplishing the tasks they’ll send your way.

When it’s all said and done, personalize each cover letter and go over your resume with a fine-tooth comb for any mistakes. Also, depending on the position, you may need letters of recommendation and an example of your work, like a writing sample. Just submit a term paper you aced and go to your favorite professor or volunteer coordinator for a letter.

Step Three: Begin your search.

Basically, there are two types of internships: traditional and innovative.

A traditional internship is an existing position at an established program and can usually be found online. If you are looking for an opportunity that you can’t seem to find, you can create one better tailored to your interests – an innovative one.

The search for traditional and innovative internships starts the same … with the people you know.

Ask around and find out what internships are available or simply get ideas for internships. Your classmates are a great resource, because they can let you know where they or their friends have interned and give their honest opinion about the job. But don’t stop with classmates. You should also reach out to professors and your alumni community. Of course, you can also turn to your college’s career services office for internship opportunities.

Gotten in touch with everyone you know? Like with just about every other question you have, you can find help online, too. Start by checking out: www.internships.com – this website has a listing of thousands of intern jobs.

Still can’t find what you’re looking for? You can develop it yourself! Find an organization or company that you would like to work with and find out if they can use your help. Try getting a professor or other contact connected to the organization to see if they can help you get a place at the organization.

Finding an internship can be a nerve-racking experience. These tips will spare you a bit of stress and give you a kick-start to your intern job search.


-Jon Frank

JonFrank

So, you’re thinking about applying for an Accounting Master’s program, specifically a Master’s in Accountancy. Awesome, absolutely awesome. This is a STELLAR choice, because it will help prepare you for your CPA exam and open up tons of job opportunities in the future by giving you a competitive edge. Here’s some more info to help you get started on your application.

What are some of the best programs out there?

UNC Chapel Hill, University of Wisconsin, USC Marshall, BYU Marriot, Michigan Ross, Ohio State, University of Florida, Arizona State, Iowa Tippie, and Gonzaga.

What are the key factors that will impact my application?

These schools are big on numbers, as you’d expect. They like applicants who have high GMAT scores and impressive letters of recommendation.

What GMAT scores do these schools want me to get?

On your GMAT, you want to at least shoot for a 680.

Can I just take the GRE instead?

No, very rarely will Master’s of Accountancy programs accept the GRE in place of the GMAT.

Is this a very difficult program to get into?

Well, yes and no. You should have high scores and a great academic record, but compared to other Accounting degree programs, it’s the least competitive. Depending on the school, between 70 and 300 students are accepted.

How long is the program?

This program usually runs just one year in length. Not bad if you’re excited to get out into the job market soon…

What about the admissions interview? I’m nervous.

Don’t be. Schools don’t always interview applicants. And if you’re an international applicant, you’d be interviewed over the phone and not in person. That takes a little edge off, eh?

This all sounds so difficult. Why should I do this?

Because this degree will be a huge advantage if you want to get a job in the accounting field. This degree is fast, relatively easy (compared to other Master’s in Accounting degrees), is a major resume booster, and is generally available at all business schools. You’ll gain 30+ hours of credit in order to work up to a CPA. Also, the average salary WITHOUT a Masters is $46,000 per year. The average salary WITH a Masters is $53,223.

So… you in?

Jon Frank

JonFrank

It’s hard to crack the application code and figure out why some people get accepted to Master’s programs in Finance and why others get rejected. Graduate school admissions is not an exact science, and every case is different. But, there ARE some things every applicant can do to make their application as strong as possible and be the candidate the adcoms are looking for.

And here we’re breaking it all down by program. Jot down some notes, friends – this should help as you get started shaping your application.

THE MOST ATTRACTIVE THING ABOUT YOU

Master of Finance: LOTS of work experience, good communication skills, and top-notch language skills.

Master of Financial Economics: High GPA, and previous quantitative skills coursework.

Master of Quantitative Finance: High GMAT scores and demonstrated enthusiasm for the subject matter in your essays/interview.

Master of Economics: Outstanding recommendations. If you’ve taken extra finance electives, that will make your transcript stand out, too.

WHO THESE SCHOOLS LOOK FOR

Master of Finance: Someone who doesn’t necessarily have a bachelor’s in accounting/finance, but has lots of internships and work experience in the field.

Master of Financial Economics: Someone who has a bachelor’s in finance, a high GPA and who has great math skills. This degree is also for someone who is interested in doing financial research work after graduation.

Master of Quantitative Finance: Someone who may not have experience or a bachelor’s in the field, but is ready to take on an intensive, competitive math-based program and who has interest in becoming a quant guy. This degree is also best for people who have high GMAT scores and who are comfortable writing a thesis.

Master of Economics: Someone who is planning on getting their PhD, but wants a long, part-time program to balance with work. This person is also someone who excels at every part of the application and who doesn’t mind taking extra math prerequisites to get more acquainted with the program.

MAGIC NUMBERS

Master of Finance: GMAT score should be around 625-675

Master of Financial Economics: GMAT score should be around 660-680

Master of Quantitative Finance: Shoot for a GMAT score around 700

Master of Economics: GMAT score around 650

RECOMMENDATIONS MEAN THE MOST COMING FROM…

Master of Finance: a direct supervisor or employer.

Master of Financial Economics: an academic advisor or professor.

Master of Quantitative Finance: people who can comment meaningfully on the applicant’s readiness for graduate programs. (Letters should focus on academic skills – NOT character traits.)

Master of Economics: math and science professors who hold a higher degree than you.

--Jon Frank

JonFrank

Considering a career in corporate treasury, retail banking, or consumer finance? Finance is the right track for you. Getting your Masters in Finance also prepares you for a successful career in investment banking, investment management, hedge funds, and private equity. Graduates of Finance programs become leaders in the industry. So… why wait to apply? Check out the Top Five Programs in Finance in the U.S:

1. Wharton (UPenn)

The #1 program of its kind in the country, Finance is Wharton’s most popular program. Wharton’s Finance program itself is pretty broad, and there are just two core requirements, but you can add depth and specificity to your academic path by majoring in one or two specific business areas. Many students who pursue Finance at Wharton also study fields like Strategic Management, Marketing, and Operations and Information Management.

2. Booth (U Chicago)

Booth boasts a highly flexible curriculum with only one required course. The MBA takes two years of full time study. Booth’s International Business Exchange Program makes it possible for MBA students to study abroad and learn about global markets firsthand.

3. Stern (NYU)

Studying Finance at NYU is an exciting prospect since it’s so close to heart of the financial center of Wall Street. All students who study Finance at Stern graduate with an MBA in General Management. You have the choice of narrowing down your classes to three specific areas of study, or you can pick and choose from over 150 elective courses to get a taste of many different areas.

4. Columbia

Finance and Economics is the largest division of the Columbia Business School, offering nearly half the courses at the school. Like NYU, Columbia’s close proximity to Wall Street enables them to offer a plethora of courses with distinguished faculty who are leaders in the field. Columbia offers the full time MBA, the Executive MBA, and the PhD program in Finance and Economics. MBA students don’t have to declare a specialization during their time at Columbia, either, so you get a wide variety of experience in the field.

5. Sloan (MIT)

MIT Sloan’s Master of Finance (MFin) is a rigorous one-year program. MIT Sloan’s MFin program is far-reaching, drawing on the connections between finance, mathematics, statistics, operations research, computer science, and engineering. The program begins in the summer session with core courses that will prepare you for the rest of your academic career.

Well, there it is, folks. Now, get out there and apply!

Jon Frank