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

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
HBS 2005

JonFrank

1.        International Experience.  For Chinese applicants especially, it is so important to show that you have international background, and an international mindset.  You need to prove that you can fit in, once you arrive in your new country!

2.        Leadership Experience.  Chinese applicants are known to western admissions committees to lack “Soft Skills,” and the most important of the soft skills is LEADERSHIP.  If you can prove that you can LEAD teams, manage and inspire people, your application will improve greatly.

3.        Extra-curricular experience.  Too many Chinese applicants have little experience to offer beyond academic background.  What ELSE do you do?  Remember, schools accept PEOPLE, not PROFILES.  Enroll in additional activities (volunteering, etc.) to prove you’re more than just a resume!

4.        Work Experience.  Beyond your grades, many grad schools are interested in seeing that you have done some work—whether it is a summer internship, or even research for a professor.  Prove that you have what it takes to get a job, and to succeed outside school!

5.        Creativity.  Prove that you have the ability to think “differently” than everyone else.  All too often, Chinese applicants cannot show they are different, or unusual.  Even if you are focusing on science, it is CRITICAL to be creative, to show you do things…differently than your peers.

6.        Standardized tests.  Sadly, since there are so many smart Chinese applicants applying for few spots in good western schools, Chinese test scores imply must be higher than those of native US applicants.  So…start preparing now!  Whether the TOEFL, GRE, GMAT…it takes time to prep!

7.        Essays.  Most schools will require a Personal Statement—and no matter where you are applying, this document will be similar from school to school.  So…you can and should start writing it now!  And you should—if you cannot figure out how to connect your past experiences to your future goals, you will not be successful in your applications.

8.        Interview Prep.  If you haven’t been speaking English regularly, even to prepare for your tests, now is the time to start.  All your interviews will be in English, and too often our friends in China submit GREAT applications but…forget to prepare for their interviews.  Start speaking English now, and get used to it before the critical interview day!

9.        School/country selection.  This is the hardest part of the process, to identify which schools and which countries are worth targeting.  Where do you want to go?  Why?  What special requirements do these places have?  Identify these now, for success in your apps.

10.        Find a team to support you.  So many of the items above simply cannot be done alone; if you are looking to go to a good program, one where it will be possible (even likely) to get a job upon graduation, making the right choices is key—get a good team behind you (whether friends, or professionals) to help you make the right choices.  You only have one chance to get this right…

Jon Frank
HBS 2005

JonFrank

You may have heard that the Master’s in Financial Economics is an incredibly popular degree program. That’s probably because you’ve been hanging around some smart people. But don’t take just anybody’s word for it. Here’s a breakdown of why getting and MFE is an awesome thing to do for your career.

It’s not a very long degree program.

You can complete your MFE in 2 semesters (full-time) or 4 semesters (part-time). Compared to many other degree programs, that’s pretty short – and flexible!

You can study at great schools like these, the top ten MFE programs:

We’re talking Wharton, Chicago (Booth), NYU (Stern), Stanford, Columbia, MIT (Sloan), Berkeley (Haas), UCLA (Anderson), Harvard, and Northwestern (Kellogg).

Cash money!

Average salary for MFE graduates is $99,350. That’s the AVERAGE, folks.

Your post-grad job has importance and relevance.

MFEs go on to work in investment firms, risk management companies, acquisition companies, and for managing money for high-profile clients.

You’ll get individual attention in your program.

Most MFE programs have class sizes of only 20-30 students!

The cost of the program isn’t terrible.

Top MFE programs run about $45-50K for the entire program. Smaller programs are around $20-25K. Now. Scroll back up to that post-grad salary, and tell us this isn’t a great idea.

Great post-grad job opportunities.

MFEs go on to work for exciting companies like Accenture, AIG, Capital Group, Catalyst Investors, Deutsche Bank, Dow Jones, and Merril Lynch.

Your peers will be the cream of the crop.

Hundreds of people apply to individual programs every year. MFE programs have to be incredibly selective. If you get in, you’re guaranteed to meet the best and the brightest and make valuable academic and professional connections.

So what are you waiting for? Time to get started on those applications!

Jon Frank
HBS 2005

JonFrank

For some of us, self-reflection comes easily. We can assess our strengths and weaknesses and think about significant life experiences that shaped who we are. For others, it can be extremely difficult to write about personal matters. Here are some common roadblocks that may come up when writing the Personal Statement:

I was taught that it isn’t good to brag about myself. Writing this feels like bragging.

You’re not bragging. You’re forming a logical argument as to why you should be pursuing this career. The evidence for your argument is your accomplishments, your passion, and your educational background.

I just don’t think I’m “above average.” I’m just as good as other people, but not better.

You never have to say that you’re “better” than others in your application. Rather than comparing yourself to other people, compare yourself to yourself. How have you grown? What have you accomplished? What have you learned that you didn’t know before? You can talk about how hard you’ve worked, how much you’ve improved, how you exceeded your own expectations. Maybe you got promoted after three months while most only get promoted after two years. Maybe you won an award – that’s great!

Evaluate your own accomplishments on their own terms. And allow yourself some pride for your own achievements, your own unique value, and tell yourself that you would be a fantastic addition to this school, dammit! Then you write about that, in a confident, not cocky way, that convinces the school that you would LOGICALLY be an excellent fit and add value to the academic environment.

My life hasn’t been all that interesting. My personal statement won’t be all that interesting.

Au contraire! You just need to sit down and think hard before you write. So fret not, and check out the next set of questions to get unstuck.

This last part is the hardest part of all – the part where you have to think about yourself. Here are some questions to start thinking about before the personal statement questions overwhelm you:

When did you become interested in this field? Why? What motivates you to pursue this field?
What experience have you gained in this field that has further motivated you to continue?
Have you had any obstacles in your life that either made it harder for you to pursue this field, or motivated you to keep pursuing it?
What are some of your personal qualities that you feel make you suited to this field, or make this field suited to you? Why?
What are some of your personal qualities that you feel would make you a good (doctor/lawyer/investment banker/etc) and why?
What do you already know about the field? (From work, classes, friends, colleagues, etc.) Have you had any unique experiences in the field already?
Are there any people in your life or events from your past that have influenced your professional goals?
What you want to accomplish in your career?
Have there been any significant obstacles in your life that you’ve had to overcome? (Economic, physical, social, etc?)
After you sit down and do some serious brainstorming, you’re ready to attack those personal statements!

Jon Frank
HBS 2005

JonFrank

According to the U.S. Bureau of Labor Statistics, the median salary of accountants and auditors is about $59,430 per year and the top 10 percent of accountants earn over than $100,000 per year.

Accounting Salary Comparison Chart

Accounting Career           Median Annual Salary*

Financial Reporting Accountant II         $61,286
Cost Accountant II                         $57,527
Revenue Management Accountant         $92,372
Forensic Accountants                         $61,390
Tax Accountant II                         $58,907
*Sources:  U.S. Bureau of Labor Statistics wage data published March 27, 2012; Accountants and Auditors; Salary.com; Financial Reporting Accountant II; Cost Accountant II; Revenue Accounting Manager; Tax Accountant II.

The cost of the program isn’t terrible.

Depending on the cost per credit hour, the total program cost (including tuition and fees) can range from $20-$30K. That’s relatively low compared to other degree programs out there, and you’ll earn that back quickly when you’ve gotten a job.

Great post-grad job opportunities.

MPACCs go on to work for the big four in accounting: PWC, Deloitte, E&Y, and KPMG.

You’ll get a good amount of attention in your program.

MPACC programs accept between 50-80 students depending on the size of the school or program. Usually schools that offer all the popular accounting degrees accept less, while schools that ONLY offer the MPACC accept a larger class. So in general, you’ll get more face time with your professors, meaning a more enriching academic experience and better opportunities at networking for post-grad school jobs!


Jon Frank
HBS 2005

JonFrank

So, you’re thinking about becoming a Master of Finance. But you’re flipping through the application packet or scrolling through websites and everything’s starting to become one big blur. Take a deep breath, and don’t freak out. We’ve got your questions covered.

What are some of the best programs out there?

Ready to be dazzled? Here goes: Wharton, Chicago (Booth), NYU (Stern), Stanford, Columbia, MIT (Sloan), Berkeley (Haas), UCLA (Anderson), Harvard, and Northwestern (Kellogg). Yeah, pretty much the best programs in the world. And you could be studying at one of ‘em.

But there are a ton of smaller schools out there, too, with top-notch academics and great post-grad opportunities.

What are the key factors that will impact my application?

These schools like applicants who already have a lot of work or internship experience, who communicate well, and exhibit stellar language skills.

How high should my GPA be?

AS HIGH AS POSSIBLE. But really concentrate on your test scores.

What test scores do these schools want me to get?

On your GMAT you want anything over 700. On your GRE you should aim for 590 verbal, 790 quantitative. If you’re taking TOEFL, top schools look for at least 100. Smaller schools look for around 75-85.

How many letters of recommendation do I need, and what should they say?

Two to three, depending on the program. They should be from people who can evaluate your skills in this field, and at least one should be from a direct employer or supervisor. In general, you should pick people who know you very well and want you to succeed. Start building those relationships now!

What about the interview? I’m nervous.

Don’t be! Usually schools only conduct a 15-20 minute phone interview by invitation only – very few applicants actually get interviewed!

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

Because this degree will be a huge advantage if you want to get you a job in the financial analytics field. Plus, it will only take about a year to complete! Since no previous coursework in finance is required, the courses aren’t too challenging, and financial aid isn’t hard to get. Also, the average salary WITHOUT a Masters is $44,080. The average salary WITH a Masters is $79,143.

Sounds like a win/win to us.

Jon Frank
HBS 2005

眼花石头

JonFrank 发表于 2013-7-24 16:30
So, you’re thinking about becoming a Master of Finance. But you’re flipping through the applicatio ...

Hi, I noticed that you put schools like Stern and Kellogg on the list. but do they have programs for applicants without work experience? I didnt find MSA program on NYU website, only MBA or dual-degree ones.

Kinda confused here...

JonFrank

眼花石头 发表于 2013-7-24 16:39
Hi, I noticed that you put schools like Stern and Kellogg on the list. but do they have programs f ...

Hi there, and thanks for your question. You are correct! Some of the top business schools require full-time work experience, even for non-MBA programs. To be honest, I’d encourage you to first work and gain experience in the industry before applying to finance programs. If you don’t do this, there will be a limited list of programs you can select from.These no-work-experience programs are at good schools, but not top-tier ones like you often hear about. For students who don’t have any work experience but are still interested in applying to finance programs, Vanderbilt, Rochester, and WUSTL are the best options.

Jon Frank
HBS 2005

JonFrank

When push comes to shove, the goal of every Accounting master’s program is to better prepare you for your career in Accounting and for your CPA. But a Master of Professional Accounting (MPACC) is a slightly different animal than other popular Accounting degree programs. Doing an MPACC will give you a broader skill set once you’re out of the program and in the real, exciting world of work. You’ll be able to take on a wider range of careers because you’ll have effectively studied more than just accounting.

The demand for skilled accountants is strong and as a result companies offer attractive staring salaries that can exceed six figures. There are also strong opportunities for accountants to advance to upper management or CEO of a corporation. If you prefer to be your own boss, you can start your own accounting firm and provide accounting services for businesses or individuals.

Masters in Accounting Educational Prerequisites

Typically an undergraduate degree in accounting is not required but if your degree was outside of business there may be prerequisites that may need to be completed before starting. Prerequisite coursework may include basic accounting, pre-calculus, and statistics. A satisfactory score on the GRE or GMAT is usually required for admission as well as some prior work experience. Schools may also require a satisfactory grade point average in undergraduate

And if that’s not a good enough reason to pursue an MPACC, here’s a breakdown of what makes it a great choice for you.

Career Outlook for Accounting Graduates

Accounting offers an exceptional outlook with projections of much faster job growth than other professions over the next decade according to the Bureau of Labor Statistics. The BLS projects that employment for accountants and auditors will grow 22 percent from 2008 to 2018 with about 279,400 new jobs during this period. Compliance with increased financial regulation is one factor driving demand for skilled accounting professionals.

You’ll be well prepared for Accounting…or Finance!

MPACC is different from other Accounting programs because it includes an even balance of accounting AND business classes to give students an alternative option if they decide they want to branch out. Some students choose to do their MPACC rather than their MBA because it takes less time and is less demanding, but prepares you for some similar job options.

It’s not a very long degree program.

You can complete your MPACC in just 2 semesters (full-time), sometimes three, depending on how the school spreads out credit hours. That means less time without income, which can make a huge difference in many people’s plans! Plus, compared to many other degree programs, that’s no time at all.

You can study at great schools like these, the top MPACC programs:

US News ranked the following schools as having the top 10 accounting graduate programs in the country based on factors such as recruiter assessment, mean starting salary, employment rates, and student selectivity.

1. University of Texas-Austin (McCombs)

2. University of Pennsylvania (Wharton)

3. University of Chicago (Booth)

4. University of Illinois – Urbana

5. University of Michigan – Ann Arbor (Ross)

6. Stanford University

7. Brigham Young (Marriott)

8. University of Southern California (Marshall)

9. New York University (Stern)

10. University of North Carolina-Chapel Hill (Kenan-Flagler)

Salary bump!!!

In addition to helping you earn your CPA, an MPACC can lead to a salary boost of anywhere from $5-10K. The average MPACC salary WITH a CPA is $58,500!

Jon Frank
HBS 2005

JonFrank

According to the U.S. Bureau of Labor Statistics, the median salary of accountants and auditors is about $59,430 per year and the top 10 percent of accountants earn over than $100,000 per year.

Accounting Salary Comparison Chart

Accounting Career                        Median Annual Salary*

Financial Reporting Accountant II            $61,286
Cost Accountant II                                 $57,527
Revenue Management Accountant         $92,372
Forensic Accountants                              $61,390
Tax Accountant II                                   $58,907
Sources:  U.S. Bureau of Labor Statistics wage data published March 27, 2012; Accountants and Auditors; Salary.com; Financial Reporting Accountant II; Cost Accountant II; Revenue Accounting Manager; Tax Accountant II.

The cost of the program isn’t terrible.

Depending on the cost per credit hour, the total program cost (including tuition and fees) can range from $20-$30K. That’s relatively low compared to other degree programs out there, and you’ll earn that back quickly when you’ve gotten a job.

Great post-grad job opportunities.

MPACCs go on to work for the big four in accounting: PWC, Deloitte, E&Y, and KPMG.

You’ll get a good amount of attention in your program.

MPACC programs accept between 50-80 students depending on the size of the school or program. Usually schools that offer all the popular accounting degrees accept less, while schools that ONLY offer the MPACC accept a larger class. So in general, you’ll get more face time with your professors, meaning a more enriching academic experience and better opportunities at networking for post-grad school jobs!

So what are you waiting for? Time to get started!

Jon Frank
HBS 2005