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

vipboa

very helpful tips!

JonFrank

Many people will tell you that a graduate degree is as valuable as the career opportunities it offers you, and the logic goes that the more opportunities you’re offered, the more valuable the degree. This is one of the reasons that an MBA remains one of the most “valuable” graduate degrees out there. People with MBAs can fill leadership positions in just about any industry. But let’s say you’re not as into the management side of things and are more interested in the capital… a numbers guy. A Masters in Finance would be right up your alley, but how valuable of a degree is it?

Well, the answer is simple: VERY valuable. There are toooooooons of diverse career options out there for folks with a passion for Finance, and we’re here to offer up three of the hotter and more diverse fields for your consideration:

CORPORATE FINANCE
The Financial Analyst is one of the most sought-after positions across the board, with openings in companies as diverse as Google, Intel, and Proctor & Gamble. If you’re looking for tons of structure in your day-to-day work (steady hours, a reliable calendar throughout the year), this is the place for you. As a Financial Analyst, you’ll be the dude responsible for keeping an eye on a company’s costs, managing the flow of financial resources to departments and product lines.

So, who usually lands these jobs? Finance or Accounting majors who have done projects and/or internships related to their prospective industries. For example, a guy looking to get a job at Apple will have some experience and familiarity with financial statements for hi-tech companies. There’s plenty of on-campus recruiting and networking when it comes to this field, so play your cards right and you could be in!

STRATEGIC CONSULTING
Oh, this is a hot field. If the repetition, stability, and lack of aggression in corporate finance doesn’t appeal to you, you might look at strategic consulting, where Merger and Acquisition Analysts run at the head of the pack. If 80+ hours a week performing valuation analysis, research, and due diligence to help clients restructure sounds like where you want to be, get in line; M&A Analyst positions with companies like Morgan Stanley, Barclays, and PWC are VERY prestigious, VERY limited, and VERY lucrative.

So, how do you become one of these superstars? This is where it gets tricky. M&A Analysts graduate at the top of their classes from the top ten MBA programs, so a straight-up Masters in Finance won’t do it here. Why’s that? Well, because these positions take leadership, assertion, confidence, and confidence in public speaking. To get these jobs, you’ve got to have SOLID networking skills and connections, yet another thing the MBA brings that a regular Finance degree might not. Don’t be mistaken, however…this is still a Finance job, through and through.

FINANCIAL INFORMATION SYSTEMS
Not all folks going into Finance are coming from traditional Finance backgrounds. Maybe you’re an IT guy looking to get into the Finance sector – what options do you have? Believe it or not, there’s a position for you: Business Analyst. When it comes to setting up, upgrading, and maintaining financial systems, somebody’s gotta have both the technological and financial background to get the job done, and that somebody could be you. The work is typically project by project, so you get that excitement of working with new clients and new problems pretty regularly.

What’s it take to become a Business Analyst? Well, first of all, you need a solid IT and finance background in grad school (knowing databases, programming, finance, and statistics). In that case, either a Masters in Information or a Masters in Finance will work for you. What matters here, though, is having some real-work project experience – working with professors, internships, etc. Companies like IBM and Oracle recruit on-campus and through alumni networks, so getting a job isn’t too tough…as long as you’re ready for the market.

Jon Frank
HBS 2005

JonFrank

With clients from all over the world, Admissionado sees essay-writing problems that are universal. And one of the most common missteps in application essays involve talking about past failures. A graduate program may ask you to write about a time when you erred severely, failed and lost. And too often, the adcom never ends up seeing the severity of the mistake made, nor the negative consequences of the applicant’s decisions and actions. Clients tend to airbrush the failure, either by skipping over the event or passing the buck:

Two weeks into the experiment, we started seeing our innovative conveyor set-up come apart at the seams…literally. The fasteners we designed melted because one of my teammates made a miscalculation. We were given low marks on that project, but by semester’s end I had righted the ship and maintained my 4.0 GPA.

In this excerpt, the applicant describes a minor setback, which he handled pretty well. His culpability, along with the consequences, are missing. That’s not a true failure essay. We suggested starting over with a stronger failure angle.

Why? Well, the purpose of these types of essays is to present a real failure. They aren’t digging for dirt, folks. No need to fear writing openly about a setback or mistake. The more spectacular and soul-crushing, the better. Really. The best essays here tend to present an ambitious project gone horribly wrong. Or a decision that destroys an entire project/initiative. Most people try to skip over the downfall, and end up cleaning up the story too much because they are afraid of looking incompetent.

Why do they want to hear about that failure stuff? Because it takes maturity to admit failure and it takes leadership to own it. Only someone who has learned a lesson can describe the experience, make it interesting, and even make it entertaining. That’s called wisdom. You will earn points for that. Let’s try that again:

Two weeks into the experiment, I started noticing my innovative conveyor set-up come apart at the seams…literally. The fasteners I created melted and caused a small fire. It turned out my calculations were full of errors, and as such the wrong materials were ordered. No engineering student had ever before made such a dangerous miscalculation on this core project. I received low marks and barely passed the class. Still, I learned an invaluable lesson about how rushing can compromise safety.

The story didn’t end there. He went on to right the ship and graduate with honors. But the point is this: when he took us into the failure section, he didn’t hold back. He owned every ounce of the mistake and openly discussed the consequences.

This gentleman ended up getting into his school of choice.

Jon Frank
HBS 2005

JonFrank

There’s an old saying in the business world – “You’ve got to spend money to make money.” This doesn’t just apply to the ambitious entrepreneur looking for startup capital for a new company – it’s just as true for the rising engineer aspiring to a graduate degree. If you want to get ahead professionally and financially in your given field, a Masters degree is a great (and pricey) way to go. So, how do you pay for it?

Sure, you could dig deep into your savings and/or take out a student loan, and for many people, that’s going to be the case. Unfortunately (and this is a BIG whammy when it comes to engineering), there isn’t financial aid available for these programs. The great thing for engineers? You won’t need it. There are other things you can do to minimize… maybe even wipe out the entire cost of grad school. What’re we talking about here? We’re talking about funding.

Funding is exactly what it sounds like – your school pays for your education in its entirety, not only covering tuition but providing a stipend, which is basically a grant for your living expenses. Two options when it comes to funding: research assistantships and teaching assistantships. In both cases, you’re working at the university in some capacity while you study, and the department or school (in turn) funds your education. So, let’s lay out the big differences between research and teaching assistantships:

RESEARCH ASSISTANT

RA programs are built around the idea that you’re doing research for a specific sponsor – in this case, a professor – in exchange for funding. The professor is working on their own research, and if their field of study interests you, you can apply for an RA position to work about 20 hours a week on their research with/for them. The continuance of your funding depends upon the progress you make with the research project. So, no progress, no funding.  That said, the amount an RA gets paid depends on the professor’s research budget and the level of involvement/importance the RA has in the research process.

TEACHING ASSISTANT

In the case of TA programs, on the other hand, you’re working for the academic department rather than a specific sponsor. You’ll be working with a specific professor, but rather than working in the lab or the library, you’ll be teaching courses, grading quizzes, writing answer keys, fielding student questions, etc. In this case, your funding is fixed and non-negotiable, as long as you keep doing what you’re supposed to be doing.

So, is one better than the other? Well, it depends on who you ask, but here are some important things to consider.

1. As an RA,  the research you do can directly contribute to your own thesis/dissertation work, and it’s already being overseen by your professor, who will likely also serve as your thesis advisor.

2. RA positions are paid year-round, as the research can be conducted over the regular school breaks. TA positions, on the other hand, typically only pay for nine months, which means finding summer work.

3. RA programs are not always open to incoming first-year students, but most TA positions are open to new students.

So, how do you get into one of these programs? The key is to contact the departments and professors EARLY in the process. Research all of the options and research opportunities at your prospective schools. Don’t wait until you’ve been admitted to a program, or even until you’ve sent in your application. Reach out early and find out what will be available to you. If you play your cards right, you might just save yourself a TON of money in the long run.

--Jon Frank

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JonFrank

If you are applying to graduate school this year, you may have several school choices lined up (a good strategy). But are you prepared to answer the following question for each school?

What attracts you most to the institution/ program and why are you a good match?

Even if a school doesn’t ask this directly, you can bet they are hoping to read something that sounds like an answer to this question. That’s why we encourage all applicants to do some serious research and prove your match potential with the school. It could take weeks of digging: perusing the website, interviewing current students and alumni, and identifying the professors that can help you excel on your unique mission. The better the match, the better the chance of getting admitted.

Here’s what NOT to write:

A Ph.D. can take my career to the next level, and that’s why I can’t wait to begin my post-graduate journey at Yale. This prestigious doctorate is a perfect fit for me. The unmatched, in-depth economics education will surely boost my credibility during my job search. The flexible curriculum will allow me to pick and choose the classes that suit me the best. Working closely with its world-renowned faculty, I’ll be that much closer to my dream.

So what’s missing? How about…everything! So far, she’s saying she chose Yale only for the advantages the school brand name can bring her. She doesn’t mention ANYTHING specific about the Ph.D. track, and ends up generalizing about the program, stating the obvious about flexibility, and paying a few hollow compliments. How’s the old saying go? Flattery will get you nowhere? Adcoms will immediately notice you have no true reason for selecting them if you don’t prepare. Your desire to attend will seem arbitrary.

The best way to prove to an adcom that you really want to attend their program is to learn about the professors there and what they’ve accomplished. It also means reading about program history, brushing up on local culture, and examining all program offerings and relevant clubs with a fine-toothed comb. Let’s try again, flexing some preparedness this time:

At Yale, I can develop my thesis with theorist Dr. Anthony Nefia, whose second book on post-Katrina economic downturn, “Losing Power After A Storm,” inspired my first New Orleans economic recovery project in 2006. I also look forward to a valuable exchange with colleagues when I represent Yale at the National Economics Conference, fortuitously being held in New Haven in 2013: there, I plan to organize my own panel on disaster recovery strategies.

Jon Frank
HBS 2005

JonFrank

Thinking about grad school? Well, it’s never too early to think about it… or to get a good plan in place. Even if you’re only halfway through your undergrad years, you can start taking steps to make sure you get a good spot in the graduate program of your choice. So, what do you have to do, and when?

Assemble Your Major Course Curriculum

If you’ve got your eye on grad school, that means that there’s a VERY good chance that you know your major and what you want to do for your career. So, run with that confidence and build up your curriculum around your career goals. Interested in a particular field of study or area of focus in your discipline? Start getting into classes that are going to give you the knowledge, research, and internship opportunities to crush it in your specialization.

Maintain Your Core GPA

We cannot stress this enough, really. TONS of programs will be looking not just at your overall GPA, but at your performance in your given major. So, if you’re going into Electrical Engineering, make sure that your EE GPA doesn’t slip. Just because you’ve declared a major doesn’t mean that you’re somehow more competitive with others in that major. Even in your last semester of your last year of undergrad, DO NOT SLIP.

Start Your Value-Added Extracurricular Activities

This is the time to start looking at what you can do to add value to your grad applications in terms of activities outside of the classroom. Grad programs are looking for people, not just profiles, so having a great GPA and test scores aren’t enough. Are there research activities, academic conferences, or student clubs that focus on your field? Get involved NOW. Not only will it improve you as a candidate, but you’ll just be smarter and better connected all-around. No harm there, right?

Network With Professors

These folks are so much more than the ones who teach you in the classroom. These are your potential letter of recommendation writers and points of contact into your professional network, so start making those connections. Find points of common interest, particularly when it comes to your professor’s research activities. If they are working on the stuff you want to work on, why not get involved? You’ll be making a much better connection that will not only help you when you’re applying, but when you’re out in the field post-grad. It’s a win-win, people.

Prep For Your GRE/GMAT/TOEFL

The standardized tests are one of those things that many people start studying for – and taking – WAAAAY too late in the process. Why get such an early start? Well, what if it takes you two or three times to get the scores you need for your target schools? How often are the tests being given in your area? Gotta take all of this into account early on, and start the proper test prep early. Resource guides, practice tests, even formal test prep classes. Don’t let the tests be the part that trip you up in the process.

Research Your Prospective Programs

You probably started looking at undergrad programs in your third year of high school, right? So why not do the same thing for grad programs while in college? Is it too early to start filling out applications? Absolutely. Is it too early to start making phone calls and sending emails to alumni, professors, and students at programs you’re interested in to learn more? Absolutely not. You’ve started doing all of this grad school prep, may as well figure out what programs you’ll apply to, right?

There’s a solid foundation for you to build on over the next year until you get hot and heavy into the application process your last year of college. Get on this early enough and you won’t go crazy during the application process… well, not as crazy, anyway.

Jon Frank
HBS 2005

JonFrank

It’s not a bad idea. This is a BOOMING sector in the finance industry, mostly because you can work… well, just about anywhere. Every big company needs a finance department because, at any given point, they should be able to figure out whether or not they’re spending too much for what they produce and get back. All the major companies, in a wide variety of fields, are need to know if they’ll hit their profit goals, how much capital they’ll need for given projects and departments, and the ROI (Return on Investment). That’s where the corporate financial analyst comes in.

Got some questions? Let’s dig right in…

Who Goes Into Corporate Finance?

If we were to compile a profile of what a corporate finance guy typically looks like, here’s what you’d see:

Finance or Accounting major who knows about financial statements.
Someone familiar with their target industry (e.g. hi-tech, consumer goods, healthcare, etc.).
Someone looking for reliability, predictability, and structure on a day-to-day basis at work.
Someone looking for steady hours and a predictable cycle throughout the year.
What Does a Corporate Finance Person Do?

We touched a bit on this before, but essentially you’re tracking, reporting, analyzing, and forecasting the costs for a department or product line at a given company. So, let’s say Apple wants to release a new personal media device, let’s call it the iBox. They want to know how much it will cost for R&D, production, advertising, etc etc. That’s where YOU come in. You crunch the numbers and give a projection of what the company will spend on it and what they can expect to see back on it.

How Hard Is It To Get a Job?

Here’s the great thing about this field right now; getting a job is NOT that hard right now. There’s a BIG need for corporate financial analysts out there because of how this position can exist in almost any company. Even if you’re thinking about grad school in a year or two, the job market should have plenty of opportunities waiting for you when you’re ready to get a job.

How Do I Get Into This Field?

So, let’s crunch this info into something really useful: a game plan. What do you need to go to get into one of these jobs?

1.Get into a MFin, MAcc, MBA, or other finance-related grad program.
2.While in grad school, figure out what industry you want to work in and focus your project work on that industry. So, if pharma’s the direction you’re heading, make sure to incorporate that into your grad school work.
3.Get to networking your first year in. Make connections with professors, fellow students, and prospective companies via on-campus recruiting and reaching out on your own.
4.Start looking for work BEFORE you graduate. Many companies will take expected graduates on for positions after they graduate.
5.Work and be happy with your career choice!

Jon Frank
HBS 2005

chaulong

现在说这些 都晚了。。。

JonFrank

No, this article is not about time machines or hot tubs (sorry). Sure, Admissionado’s company car is a time-traveling DeLorean, but we aren’t suggesting you need anything other than an imagination to enjoy this handy writing tip.

If you’re applying to graduate programs this year, you may be expected to explain what you will contribute to your new community, both personally and professionally. This seems to stump many, resulting in a lot of half-formed, paltry ideas. For example:

At Dartmouth, I will contribute to my graduate community in a variety of ways. First, the experience I’ll bring from my internship will be of immense value, as I can share my lessons in software design. I’m also an avid golfer, and can’t wait to share my passion with others in my cohort. This, along with my interpersonal skills, will contribute to the overall experience of the grad community.

Without any specifics, this passage comes off as a bunch of fluffy lip service.

How do we take it further? Present some BOLD ideas. Make an actual proposal (or three). Get creative and thorough. Research what professional and social clubs are already in place, and determine what your niche is. And when all else fails to produce details, travel through time…

Imagine you’ve been accepted already, and are about to start your new graduate program tomorrow. Your first order of business will be to spell out your proposals to the adcom, who is waiting for you in a conference room. They expect you to get started … immediately! So what would you do? What would you say?

Our clients find this to be a helpful exercise: many quickly realize they never actually articulated anything concrete. They intend to start clubs, organize trips, or have specific lessons to share. The details start to materialize. Proposals become believable and intriguing. Everybody is excited: the imaginary future adcom is impressed. You are pumped to be attending Dartmouth. All this happened because you wrote something like this back in that old application essay:

Given that my interests lie at the intersection of information technology and education, in addition to scheduling a monthly public power point series on contemporary teaching software, I will also found the Dartmouth Dash “Board.” I intend for all board members to master the best methods for building information management systems. I cannot imagine better forums to discuss the most relevant trends affecting educational IT.

Moreover, with an unbridled passion for golf, I plan to initiate the first-ever Dartmouth Golfers Club Voyage, where members will travel together for an extended weekend golf tour in my home state of Florida. Seven teammates sharing trade secrets on the back nine: this is the kind of community cohesion I have always striven for and it will be no different when I arrive at Dartmouth.

Jon Frank
HBS 2005