Online Business Courses Can Provide Value to Graduates Long After They Obtain MBA

On Tuesday, Harvard announced it would be rebranding its online course offerings from HBX to Harvard Business School Online in an effort to raise awareness and reach motivated learners throughout the world. Nitin Nohria, dean of Harvard Business School, says “Harvard Business School Online has allowed us to extend the reach of the School to people wherever they are in the world, …Through this innovation we have brought much of what is special about the HBS experience to life online, helping us to achieve our educational mission in an entirely new medium.”

Along with the announcement of the rebrand, Harvard Business School released the results of a recent survey of nearly 1,000 past participants of the online courses, who reported positive outcomes resulting from the online certificate programs. Over 90 percent of survey respondents said that obtaining the online certificate led to personal betterment, improved their professional life, bolstered their resume, and 90 percent said that it made them a more confident leader and increased their knowledge of business terminology.  Similarly, Northeastern University’s Center for the Future of Higher Education and Talent Strategy released survey results from 750 HR leaders, with the majority (61 percent) saying that they believe online credentials are “of generally equal quality” to those completed in-person, an increased percentage from previous years.

This online method of offering business education complements a position that Bodo Schlegelmilch, chair of AMBA and a professor of international management and marketing at the Vienna University of Economics and Business, takes regarding the key nature of continuing education for MBA graduates in a Financial Times article published last week. The professor contends that MBAs have a need to continually top-off their degrees to stay relevant in the ever-evolving business environment. He advocates for the MBA as a “rented qualification” dependent upon graduates taking courses to renew their qualification over time. While this is a more radical idea, other business schools are also making changes to support graduates. Over two years ago all University of Michigan Ross Business School alumni, including MBA graduates, were granted complimentary access to all online course offerings and the ability to audit classes on campus. To encourage participation, the school created targeted online courses for MBA graduates returning to the workplace. Though a relatively low percentage of alumni are currently taking advantage of the offering, the most engaged are those graduates with under 15 years of work experience.

The rise in the quantity and status of online courses can greatly benefit both prospective MBA candidates and graduates. A prospective MBA student may take an online course or certificate program to help overcome a perceived weakness in his/her application to business school, or to demonstrate commitment to a particular focus area. Prospective students may also want to consider future access to online or in-person offerings for alumni during the school selection process. For MBA graduates, continued online coursework exhibits a commitment to continual learning and improvement.  These courses are being taken more seriously by corporate recruiters and the business schools themselves, so prospective and former MBA students should use them to their advantage.



For First Time Since 2010, Number of First-Year Law Students Has Increased Meaningfully

New student enrollment at law schools is up 2.9 percent from 2017, according to ABA data released last Friday. The number of first-year law matriculants at 122 schools is the same or higher than last year, while only 81 reported decreased class size. Total law school enrollment is up 1.2 percent from 2017, and enrollment in J.D. related programs, such as LLM, masters, or certificate programs, also increased by 8.2 percent year-over-year.

The increased enrollment is not surprising given the increase in law school applications during the 2017 application cycle, 8 percent, which was the first significant increase in law school applications since 2010. While some schools have ended up with significantly larger numbers of admitted students, others have become more selective. Within the top 25 schools, according to the U.S. News and World Report 2019 Rankings, 24 saw an increase in applications and all but two reported lower acceptance rates for applicants compared to 2017. On average, the acceptance rate for the top 25 was 21.4 percent in 2018 compared to 24.5 percent in 2017. Despite the increased selectivity, most of the top 25 schools did have slightly larger first-year classes than they did the previous year, with increases ranging between 1 and 157 students.

A law.com article predicts, based on early indicators, that the application pool will continue to grow for the 2019 matriculating class. LSAT numbers in June and July 2018 were up 30 percent compared to 2017; a similar uptick in LSAT-takers in the summer of 2017 preceded the higher application numbers seen this year.

Find data from all ABA accredited schools here: http://www.abarequireddisclosures.org/Disclosure509.aspx

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12 New York Law Schools See Decrease in Bar Pass Rates

For first-time test takers in July 2018, the New York State Bar pass rate decreased at 12 of 15 New York law schools compared to July 2017. The decreases ranged from a minor 1.6 percentage points at Cornell to 16.2 percentage points at Touro. Nine of the programs’ pass rates fell below the statewide rate of 83 percent, which also decreased by three points from 2017. Graduates from just three New York law schools, NYU, Columbia, and Albany, increased their pass rate.

When asked about the pass rates by representatives from the New York Law Journal, law school deans spoke about the programs they are implementing to support students taking the bar, as well as interventions they’ve put in place for students perceived to be at-risk for failure.

"The faculty and I have been implementing extensive reforms involving changes in the classroom, curriculum and culture of the school. We expect these changes to be reflected favorably in future results. Some of the changes are still being implemented. We intend to accelerate their implementation effective immediately. We will be re-examining in minutest detail everything we do, in and outside of the classroom, to assure that the continued implementation of reforms, from evidence-based teaching to curricular reform, is successful." Harry Ballan, dean of Touro College Jacob D. Fuchsberg Law Center

“As dean, my leadership approach is to think in terms of a multi-year strategic plan, and one of my very highest priorities remains to increase and maintain the bar passage rate. We have also had many successes across all areas of the law school in just these last two years — job placement, building enhancements, our medical-legal partnership and veterans clinic—and I believe that we have a comprehensive Raising the Bar program and an extensive plan in place for future bar successes,” Gail Prudenti, dean of the Maurice A. Deane School of Law at Hofstra University

 "I won’t be satisfied with Cornell’s performance until we achieve a 100% pass rate.  And we have taken steps to provide academic support to law students we perceive to be at risk for failing the bar." Eduardo M. Peñalver, dean, Cornell Law School. 

Take-aways for Current and Prospective Law School Students--

For current students:

  • Speak with recent graduates of your law school to find out how prepared they felt taking the bar exam. Ask how they would have changed their preparation method and if they have recommendations to share.

  • When interviewing with firms, find out how they support associates who are taking the bar. Also, take advantage of your summer position to speak with new full-time hires who are preparing for the bar to learn from their experiences.

  • Familiarize yourself with programs your school offers and seek outside programming, if necessary, to ensure you will be prepared. The American Bar Association bar prep page includes resources and discounts for bar prep courses.

For prospective students:

  • During the school-selection process, be sure to consider the bar pass rate. Past bar pass rates are available from the Internet Legal Research Group and are included as a small component in the U.S. News and World Report Law School Rankings.

  • When you visit or communicate with program representatives, ask how they currently assist third year students and graduates in preparing for the exam and what new initiatives they may be implementing.

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Present a Polished and Compelling Social Media Presence. Business School Admissions Officers will be Looking.

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Last month, Kaplan released results from its 2018 Business School Admissions Officers Survey. The survey found that 40 percent of admissions officers review applicants’ social media pages to learn more about them, up from 35 percent in 2017. Further, 71 percent of the admissions officers said it’s “fair game” to review applicants’ social media and that they do not see it as an “invasion of privacy...” Admissions officers are typically reviewing applicants’ pages to look for red-flags, or a lack thereof, but some say that a poorly constructed social media presence can hurt an applicant’s chances. Conversely, a strong social media offering can benefit an applicant. Forty-six percent of admissions officers reported that they found something on social media that helped an applicant while 36 percent reported finding something that hurt.

Social media can be an excellent tool for demonstrating your personality and articulating your interests. Just remember that producing well-written content should not be taken lightly because of the casual nature of the platform. We believe you should consider social media an extension of your application. Thus, we have provided some important guidelines for social media writing below.

1.       Know your audience.

Review your social media pages to ensure your security settings accurately reflect your intent. Some sites, such as LinkedIn, should be more publicly accessible, while others, with more private content, should be limited to peers.

After updating your security settings so that you are clear on who your audience is, ensure that your content and tone is appropriate. Review old posts and keep your audience in mind as you post in the future, never forgetting that admissions officers may be following you. LinkedIn requires a more professional tone and industry-related content, while Instagram is a good place for sharing your extracurricular interests and hobbies.

In addition to formality and word-choice, consider how you can curate the information you write and share to your audience’s interests. Add color-commentary and your opinion where appropriate to differentiate the articles you share from other sources.

2.       Ensure that your writing is technically correct and your voice is consistent.

While your tone can, and probably should, vary across social media platforms according to your audience, your will want your voice to remain consistent. Whether writing casually or more professionally, you should always put forth the best version of yourself. It is critical that your writing is technically correct for every post. Thus, it may be beneficial to investigate tools such as Grammarly, which provides grammar and spell checks on social media content. Always read your writing aloud prior to posting, and for longer posts, give yourself an opportunity to step away, re-read, and revise prior to going live.  

Additionally, your posts should be respectful of others and opposing viewpoints. Always keep in mind that schools are looking for red flags.

3.       Stay on-brand, but don’t forget to showcase your unique attributes.

 Do not miss the opportunity to display your personality and any unique skills. For writers, consider adding more long-form blog posts. Photographers should let their pictures take center-stage and only add shorter captions or explanations. Consider also taking advantage of alternative media formats such as graphic design or video to showcase your community involvement or hobbies.

 4.       Stay current by reading widely.

One of the best ways to elevate your writing skills, while also ensuring that you have something interesting to say, is to read a variety of well-written content. Read as much as possible, and as broadly as possible, across news outlets, books, and articles. Additionally, following people that you respect on social media, including the graduate institutions to which you are applying, in order to stay abreast of their content and discussion topics may inspire you as you create and curate your own content.

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Want to Achieve Your Goals? First, Define Your Personal Brand.

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In a Forbes article, writer Greg Llopis said that people often confuse the notion of a personal brand with having a curated social media page. In truth, however, social media is just one portion of a much larger idea. Your personal brand is how you express the compilation of experiences you’ve had, what you have to offer, and your intentions going forward. While social media accounts should align with your brand, they do not define it.

Llopis says, “Every time you are in a meeting, at a conference, networking reception or other event, you should be mindful of what others are experiencing about you and what you want others to experience about you.” This awareness of others’ experience allows you the freedom to put forward your most authentic self, rather than letting nerves or other outside influences change how you respond in a situation.

Spending time defining your personal brand will pay dividends as you move forward in your career, whether that means creating an exceptional grad school application, building a compelling resume, prepping for an interview or career-fair, or working towards the next promotion. It will not only allow you to be a proactive planner and decision maker, it will also act as a filter when you evaluate various career options.

To begin defining your personal brand, consider the following:  

1.       Your past experiences

Have you ever been so engaged in a pursuit that time seemingly disappeared? What have you found most difficult?  Which experiences stand out as those which prompted an evolution in your perspective? What are you most proud of? When have you felt most fulfilled?

2.       How you engage with others and the world

What strengths have you developed over time? What are your greatest weaknesses? How have you dealt with adversity? What feedback do you consistently receive when working with others? How do think others experience you? What five adjectives would you use to describe yourself? Do you think others would use the same five adjectives? If not, which would they use?

3.       Your future goals.

What type of work do you enjoy? What type of work do you aspire to do? What would you like your professional relationships to look like? What sort of environment do you think you would thrive in? What is your ideal work-life balance? What aspects of a position are most important to you and where are you willing to compromise? What are your short- and long-term goals?

Once you’ve refined your brand, you can start to put it into action to determine which opportunities will (and will not) be a good fit for you. Just remember to express a consistent message everywhere, including on social media. Recruiters or admissions officers should never be surprised by what they see online, rather the content should provide further depth on the person they know.

The Opioid Crisis and Medical Education: Adequately Preparing Students is an Ongoing Struggle at Most Medical Schools

There are approximately 91 people per day who die from opioid overdose. And each year, an economic burden of $78.5 billion—a result of healthcare costs, lost productivity, addiction treatment, and criminal justice fees—is associated with the opioid crisis. So why aren’t medical schools adequately preparing students to deal with addiction? A recent New York Times article quotes Dr. Timothy Brennan, the director of an addiction medicine fellowship at Mt. Sinai Health System, who compares combating the opioid crisis with the current provider work force to “trying to fight World War II with only the Coast Guard.” Further, Dr. Kevin Kunz, executive vice president of the Addiction Medicine Foundation, notes that while most medical schools now offer some education about opioids, the content varies widely in terms of depth. Additionally, only about 15 of 180 American medical programs teach addiction as it relates to alcohol, tobacco, and other drugs.

Earlier this week, the AAMC put out a Key Issues statement on the opioid epidemic that linked to a January 2018 survey where AAMC researchers asked Medical School deans about their current or anticipated plans for dealing with the opioid crisis. Almost all, 97 percent of respondents, noted the challenges of teaching and/or assessing students’ knowledge of prescription drug abuse. They referred most frequently to a deficiency in faculty expertise, a lack of time within a crowded curriculum, and difficulty assessing students’ mastery.

Attempting to overcome the named challenges, The University of Massachusetts, Tufts University, Harvard University, and Boston University have committed to using a set of ten competencies to drive their opioid education programs.  At Boston University, addiction education is incorporated into all four years of training and the school has partnered with Dr. Bradley M. Buchheit, an addiction medicine fellow, to train students in assessing and talking with patients about substance abuse.

Other schools are following suit. The University of Central Florida College of Medicine enhanced its curriculum to include both preclinical and clinical education on pain management, addiction risk mitigation, the use of prescription drug monitoring systems, naloxone training, and the CDC’s new voluntary guidelines for opioid prescribing. Martin Klapheke, MD, assistant dean for medical education and professor of psychiatry at UCF noted that “students are taught to fully engage patients and their families in discussing the risks and benefits of different pain therapies.”[i] At NYU, medical students have always received training in chronic pain and addiction, including a week-long pain management curriculum. And now the school is adding additional elements including a pain assessment and management training for all students going into residency programs, as well as a lecture on alternative pain management techniques.

Learn more about the battle against opioids:

[i] https://www.aamc.org/newsroom/newsreleases/464576/medical_schools_confront_opioid_crisis_08042016.html

QS Global MBA 2019 Rankings Place Four US Schools in the Top Five

The QS Global MBA 2019 Rankings were released this week and Stanford University’s Graduate School of Business ranked first. This is the second year that QS has released global rankings, which include over 250 MBA programs internationally. The ranking’s algorithm incorporates scores for Entrepreneurship & Alumni Outcomes, Return on Investment, Thought Leadership, Employability, and Diversity.

In both 2018 and 2019, 13 of the top 25 programs were based in the US. Also in 2019, four of the top five were based in the US, up from two in 2018. Schools in the US scored particularly well in the areas of Employability and Thought Leadership, while international programs fared better in Diversity and Return on Investment.

There was one new entrant to the top 25, CEIBS, which is based in Shanghai China.

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Rankings Indicators

As with all rankings, a closer look at the underlying components, which make up the Overall Score, can provide beneficial information for prospective MBA students. Below are charts showing the top ten ranked schools and their scores for each indicator.

The Entrepreneurship & Alumni Outcomes indicator makes up 15 percent of the overall score. Stanford not only received a perfect score within this indicator but was also about eight percentage points higher than any other program. Harvard, Penn (Wharton), and Michigan (Ross) were also included among the top ten. This indicator should be of particular interest to those keen on pursuing entrepreneurial options post-MBA.

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The Return on Investment indicator accounts for 20 percent of the overall score. Programs in the US did not fare as well in this category, though Carnegie Mellon (Tepper) and Michigan (Ross) are included within the top ten. International programs with shorter durations saw the highest scores, as shorter programs save students money, both in terms of tuition, as well as lost wages.

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The Thought Leadership indicator makes up 15 percent of the overall score.  US schools scored well in this category with MIT (Sloan) receiving a perfect score, followed closely by Penn (Wharton).

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The Employability indicator was given the heaviest weight, and accounts for 40 percent of the overall score. The top five programs, four of which are US schools, all received scores of 99 or higher.

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The Diversity indicator, which includes Class and Faculty diversity, accounts for ten percent of the overall score. For the second year in a row, no schools from the US were in the top ten in this category. And this is not expected to change significantly in the coming years as international applications to US programs continue to decrease.

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Application Volume Drops at Top MBA Programs in US

The Financial Times reported this week that four of the most prestigious business schools in the US saw a drop in MBA application volume for 2018 matriculation. Harvard, NYU Stern, Duke Fuqua, and Berkeley Haas each reported a decrease in applications from 2017 that ranged from 4 percent to 7.5 percent.

According to Graduate Management Admission Council (GMAC) data, in the US full-time two-year MBA programs’ application volumes have been in decline since 2014. However, this is not consistent across programs. In 2017, those with larger classes (201 or more students) accounted for 6 percent of MBA programs, but 55 percent of applications and 32 percent of enrollments. Larger schools were more likely to report application volume increases in 2017, while smaller were more likely to have experienced decreases. This decrease now appears to have expanded to the large, prestigious MBA programs.

While the decline in applications has not yet affected Harvard’s 11 percent acceptance rate or median GMAT score of 730, it was fairly significant at 4.5 percent. Similarly, NYU Stern reported a nearly 4 percent drop, while Duke Fuqua and Berkeley Haas were at about 6 percent and 7.5 percent respectively.

In contrast, MBA application numbers globally continue to increase. “When looked at internationally, graduate business education is a growth stock. Applications to Canadian, European, and Asian schools are increasing at an enormous rate,” said Bill Boulding, Dean of Duke Fuqua. Other admissions representatives who spoke with the Financial Times pointed out a multi-faceted cause for the lower application rates in the US:

  • Decreasing numbers of international applicants to US schools, due to a less welcoming political climate, as well as increasingly rigid immigration requirements.

  • Increasingly competitive European and Asian MBAs, offered in English, for those wanting a global experience. Some of these well-ranked programs also offer expedited timelines.

  • Increasing tuition and a robust economic climate in the US, which increases the cost of an MBA in both direct costs and wages-lost.

  • Increasing interest in part-time, online, and/or one-year MBA programs.

Take-aways for prospective MBA students

  • If you have dual-citizenship, don’t forget to note this on your application. It could be advantageous for you in the admissions process.

  • Be sure to highlight your international experiences and interests in your application. Admissions officers want to create a diverse student body and, with fewer international applicants, these experiences are likely to stand out more.

  • Consider that in strong economic climates, with low unemployment, schools are likely to receive fewer applicants. While this may not significantly change acceptance rates at all of the most prestigious programs, it can provide some benefit with regard to both admissions likelihood, as well as the possibility for substantial merit-based scholarships.

  • Choose your MBA program carefully, rather than automatically selecting a full-time, two-year program. Learn from these trends, by thinking carefully about the type of MBA that will benefit you most. International programs, one-year or expedited programs, and part-time cohort-based programs can all be worthwhile for you and your career.

Considering Public Interest Law? Lucrative Fellowships and Loan Assistance Programs Available

Public interest law can provide incredible fulfillment and satisfaction, but the cost of law school is significant and the salaries for public interest lawyers are lower than those going into private practice.

U.S News and World Report recently published average entry-level salary data for all ranked law schools.  Law graduates in 2016 who entered the private sector averaged just under $85,000, while those from a top 15 ranked institution averaged $180,000. Those entering the public sector, however, collected a much lower average of $53,500. Graduates from the top 15 ranked schools who accepted public sector positions averaged slightly more, at $65,000.  

Luckily, there are a plethora of scholarships, fellowships, and loan repayment assistance programs, which may be available to you. So, when evaluating specific law schools, don’t forget to fully evaluate the following: 

  • Tuition and Scholarship Opportunities: While it is advantageous to attend a top-tier school, you may want to expand your list to include those programs more likely to offer scholarships to students interested in public interest law. That is, if you feel ready to commit to that career path.
  • School Fellowships: Many top-tier law programs grant fellowships, which pay for summer and post-graduate public interest employment, to those interested in pursuing public interest law.
  • Loan Repayment Assistance Programs (LRAP) or Low Income Protection Plans (LIPP): The LRAP is more common and is generally limited to those working in public interest law, while the LIPP works more like scholarship money that is received after graduation. Over 100 law schools have an LRAP in place, and the American Bar Association has compiled a list of programs. When considering a school’s LRAP, consider if an LRAP is funded through a specific endowment or designated fund and how many applicants typically receive LRAP funding. Most schools are not able to provide funding to all applicants.
  • Public Service Loan Forgiveness (PSLF): The PSLF provides debt forgiveness to those who work for a qualifying government, non-profit, or public interest organization, and who make 120 qualifying student loan repayments while working for that organization. There is some uncertainty regarding the future of this program, however. It has been slated for elimination in two of the President’s proposed budgets.
  • Other Federal Repayment Adjustment programs: There are other existing repayment programs based on income, such as the Revised Pay As You Earn (REPAYE), Pay As You Earn (PAYE), and Income-Based Repayment (IBR). These adjust monthly payments based on your income.

While public interest law may require some additional planning in terms of selecting and paying for law school, there are many resources available for prospective law students who feel passionate about pursuing this career path. Some additional research during the school selection and application period can go a long way towards making your dream come true.

More Pre-Law Students Striving to Work for Public Interest

The “Trump Bump” theory is real. Earlier this year, Kaplan Test Prep released the results of a survey of over 500 pre-law students and found that 30 percent of respondents said the 2016 election impacted their decision to apply to law school. “We’ve seen significant jumps in both LSAT takers and law school applications over the past admissions cycle, which has fueled speculation about how much impact, if any, the 2016 election and subsequent political climate has had on this year’s law school admissions landscape. We now have an answer: It’s significant,” said Jeff Thomas, executive director of pre-law programs at Kaplan.

Survey data released by BARBRI Law Preview, which includes responses from 500 pre-law students expected to matriculate into the Class of 2021, demonstrate a similar finding. When asked to provide a primary reason for attending law school, the top two most selected options “I have always wanted to be a lawyer” and “I want to advocate for change of social policies in the United States” garnered almost identical responses at 38.2 percent and 37.6 percent, respectively. The survey also found that almost 98 percent of respondents plan to practice law after graduation, with the plurality of respondents selecting public interest (13.5 percent) as the type of law which they want to practice. The next most selected choices were business (corporate) law (12.2 percent) and criminal law (12.0 percent). Furthermore, when asked where they would like to practice law, over half of the respondents reported that they would want to practice law as an attorney working for the government (33.9 percent) or for a non-profit/non-governmental organization (22.5 percent). 39.8 percent reported wanting to work for a private firm.

Lynn Page, a pre-law advisor at Northwestern University provides anecdotal evidence supporting the BARBRI survey findings when describing the students who she advises and their goals in a recent Chicago Tribune article. “If it’s not immigration (law), it’s an interest in public interest law. Most students are interested in civic engagement (and) social justice” she said.  

As Physician Demand Will Continue to Outpace Supply, Medical School Admissions Committees are Particularly Interested in Applicants Committed to Practicing Primary Care in Underserved Locations

The AAMC recently published updated results of its physician workforce analysis, which modeled physician demand and supply to project the needs of the 2030 workforce. The analysis shows that physician demand will continue to outpace supply, which will lead to a physician shortage of between 42,600 and 121,300 full time equivalencies (FTEs) by 2030.

Within primary care, the shortage is projected to fall between 14,800 and 49,300 physicians, which incorporates various assumptions about the supply and partnership of Advanced Practice Registered Nurses and Physicians Assistants in the future, as well as the current estimated need for 13,800 physicians to reconcile the primary care shortage from currently designated shortage areas.

Projections for non-primary care specialties, including medical, surgical and other specialties, show an estimated shortage of between 33,800 and 72,700 physicians. The greatest projected gap is for surgeons, which is between 20,700 and 30,500 by 2030. While the supply of surgeons is projected to stay steady over time, the demand is expected to increase. “Other” specialties, which include emergency medicine, anesthesiology, psychiatry, radiology, and others, has a projected gap of between 18,600 and 31,800.

The main driver behind the increasing demand for physicians is the growing and aging U.S. population. Between 2016 and 2030, “the U.S. population is projected to grow about 11 percent, from about 324 million to 359 million. The population under age 18 is projected to grow by 3 percent; the population aged 65 and older is projected to grow by 50 percent; and the population aged 75 and older is projected to grow by 69 percent.”[i] Similarly, on the supply side, the aging population of physicians and their associated retirement decisions will impact the severity of the gap. “More than one-third of all currently active physicians will be 65 or older within the next decade. Physicians aged 65 and older account for 13.5 percent of the active workforce, and those between the ages of 55 and 64 make up nearly 27.2 percent of the active workforce.” [ii] Physicians’ weekly working hours are also currently trending downward across all physician age groups.

The report also modeled access to care, which is another factor that may impact demand in the future. There are currently inequities in access to care based on geographic, economic and sociodemographic factors. While projected physician shortages based on these factors was not included in the long-term projection estimates, the 2016 models show that if the country commits to improving access to care for disenfranchised groups, the demand for physicians will be drastically increased.

The AAMC is currently advocating for a multipronged approach to address the physician shortage including the improved use of technology, team-based care, and delivery innovations, as well as the increase of federal funding for additional residency positions. The AAMC is clear that the U.S. government needs to act in the short-term to expand graduate medical education to address the long-term physician demand identified in the report, as physician training is a ten-year process. Federal funding for residency positions has not been expanded since the 1997 Balanced Budget Act. While there have been two pieces of legislation recently introduced (explained below), which would provide funding for additional residency spots,[iii] neither have gained much traction since introduction.

  • The Resident Physician Shortage Reduction Act of 2017 provides comprehensive reform to federal funding for graduate medical education.
  • Lifts the funding cap placed on the number of residents and fellows funded by Medicare
  • Adds an additional 3,000 federally-supported residency positions each year for the next five years
  • The Opioid Workforce Act of 2018 specifically targets and funds residency training for areas of critical need.
  • Adds an additional 1,000 federally-supported resident positions over the next five years in hospitals that have, or are establishing, programs in addiction medicine, addiction psychiatry, or pain management

Prospective and current medical students should familiarize themselves with this report, especially when considering their future fields of study.  Many medical schools are echoing the demand for students interested in primary care, as well as those committed to working in rural or otherwise underserved locations; In 2017, the AAMC reports that nearly 30% of those entering medical school plan to work in an underserved area. Additionally, these topics are likely to come up in interviews and at networking events.  

The AAMC has committed to updating the projections on an annual basis and makes the report available online.

The final report for 2018 created by IHS Markit Ltd for the AAMC is available here: https://aamc-black.global.ssl.fastly.net/production/media/filer_public/85/d7/85d7b689-f417-4ef0-97fb-ecc129836829/aamc_2018_workforce_projections_update_april_11_2018.pdf

 

[i] https://aamc-black.global.ssl.fastly.net/production/media/filer_public/85/d7/85d7b689-f417-4ef0-97fb-ecc129836829/aamc_2018_workforce_projections_update_april_11_2018.pdf

[ii] https://aamc-black.global.ssl.fastly.net/production/media/filer_public/85/d7/85d7b689-f417-4ef0-97fb-ecc129836829/aamc_2018_workforce_projections_update_april_11_2018.pdf

[iii] https://www.forbes.com/sites/brucejapsen/2018/05/17/congressional-bill-would-add-1000-doctors-to-fight-opioid-addiction/#60926102684a

 

What are Corporate Recruiters Really Looking for in the 2018 MBA Graduate?

The Graduate Management Admission Council (GMAC) recently released its 2018 Corporate Recruiters Survey results, providing insight into current employer hiring demand for MBA graduates.

In 2018, nearly three-fourths of corporate recruiters globally project to hire MBA graduates to fill business development roles. Functions also in high demand world-wide are data analytics (71 percent), marketing (70 percent), and finance (69 percent). The chart below shows the job function recruitment projections for recent MBA hires, globally and in the U.S.

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As one would expect, the job functions MBA hires are placed into vary by both region and industry. Below, are a few key industries with the job functions companies plan to fill with MBA hires in 2018.

-          Consulting: consulting, business development, data analytics

-          Finance: finance, investment banking, accounting

-          Health Care: marketing, business development, finance

-          Technology: marketing, business development, data analytics

-          Products: marketing, business development, finance

Globally, recruiters are more likely to hire MBAs into specialist, rather than generalist roles (52 percent and 48 percent, respectively) and into strategic over operational positions (also 52 percent and 48 percent, respectively). In the U.S., recruiters are equally likely to hire MBA students to fill specialist and generalist jobs and just slightly more likely to place an MBA into a strategic role over an operational one (51 percent and 49 percent, respectively).

Delving more deeply into the specific skill-sets recruiters are looking for when hiring MBAs, a Financial Times survey published in late 2017 asked 48 leading employers what skills they want in MBA graduates, and what skills they have a hard time finding.

The most important skills named by these employers included both soft-skills and strategy. Three of the most important skills, however, were also listed among the least difficult to recruit for: networking, solving complex problems, and working with a wide variety of people. The least important skills were function-specific. And the most difficult to recruit for skills were not listed among the most important, but included a cross-section of disciplines.

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Key Take-Aways

Both the GMAC and Financial Times surveys provide telling information on how recruiters classify and evaluate MBA candidates. Begin to think like a recruiter. It will be immensely helpful to you as you embark on your management studies.

1.       When considering your career prospects, you should first define your desired role in terms of:

a.       Specialist or Generalist;

b.       Strategic or Operational; and

c.       Job function

Having clear insight into your desired role will help you to find companies and jobs that offer the best fit for your goals. Additionally, knowing precisely what you want in your post-MBA role will help you to develop your elevator pitch and articulate your career vision clearly as you network and interview.  

2.       Staying abreast of recruiting trends by function, as well as highly coveted and/or difficult to recruit for skills can provide insight on areas where additional experience can help you to differentiate yourself. For example, data analytics is not only a function where hiring is very active for MBA recruiters, but also a skill that has been named as difficult to recruit for. Gaining some experience in this area may help to set you apart in interviews, even if this is not the primary function for which you want to be hired.

3.       Consider how you are highlighting not only the most important skills, but also those that are named as difficult to recruit for in your resume, elevator pitch, and interview responses. While your resume should list your specialized skills, this data suggests that highlighting soft and strategic thinking skills may better serve you in those precious networking and interview minutes with potential employers.

4.       Finally, think through your differentiating factors and experiences. Recognize that some skills are easier to recruit for than others, and make sure that you’re aware of and highlighting experiences, coursework, and skills that make you unique among the general MBA population.

The MBA Tour US: MBA & Business Master's Conferences

Meet Columbia, MIT Sloan, UCLA, Chicago Booth, Kellogg, Stanford, and more top business programs!

Join us in a city near you:

Seattle: Thursday, July 12
Los Angeles: Saturday, July 14
San Francisco: Sunday, July 15
Houston: Tuesday, July 17
Atlanta: Thursday, July 19
NYC: Saturday, July 21
Chicago: Monday, July 23
DC: Wednesday, July 25
Boston: Thursday, July 2

Why should I attend The MBA Tour?

The world's top business schools, all in one place.

Stand out from the competition and meet with Admissions Directors from top domestic and international business schools. Connect in-person to ask your MBA questions, learn about program offerings, and discover how a graduate business degree can help you boost your career.

  • Small group meetings
  • Admissions panels
  • GMAT strategy sessions
  • School presentations
  • Networking fair
  • & much more!

 

Who will I meet?

Connect with admissions decision makers.

  • You'll have the unique opportunity to meet with admissions decision makers to increase your chances of acceptance.
  • Learn in-depth program information and ask your MBA questions during MeetUp discussions (invite only, small group meetings).
  • Discover admissions tips from industry leaders.
  • Network with the people that matter when it comes to getting accepted to your dream school.

 

How should I prepare?

Complete your online profile to be matched with top schools.

  • Provide helpful information during registration to let schools learn about you and your goals and have them invite you to meet with them during MeetUps or School Presentations.
  • Use The MBA Tour's Research Schools platform to learn more about program offerings and options.
  • Log into The MBA Tour's online portal to easily confirm MeetUps and build your schedule to make the most of your event.

 

Great, sign me up!

Register free today to reserve your spot. Space is limited!

Business Schools Attending

*Schools vary by city; check event pages for individual listings. More schools to come.

Insights from Last Year’s Applicants: The 2018 AIGAC (Association of International Graduate Admissions Consultants) MBA Applicant Survey

The 2018 AIGAC (Association of International Graduate Admissions Consultants) MBA Applicant Survey emphasized the “great expectations” last year’s applicants had during the admissions process. The survey data includes 1,979 interviews with 1,377 respondents who applied to at least one school. Data was collected during the Spring of 2018.

Like the 2017 responses, this wave of applicants relied heavily on online and technology-based resources to learn about MBA programs, but mentioned the importance of combining these resources with a personalized experience with school representatives.

Students used both school supplied resources, as well as information from independent sources. Over 80 percent of last year’s applicants used school websites for gathering program information. And over 50 percent relied on online information sessions hosted by schools and interactions with current students. When asked about the most valuable school specific resource, the most common response was school website, followed by current student referrals, and on-campus information sessions.

While most applicants, 86 percent, used MBA rankings for school research, responses on the value of the rankings were mixed. Twenty-two percent of respondents selected MBA rankings as the most valuable independent resource, yet it was also the most commonly selected response for least valuable resource at 24 percent. Respondents named online communities/forums as the most valuable independent resource (24 percent), though only 59 percent of survey respondents used this resource in their research.

The majority reported an expectation schools would proactively get to know them through various initiatives, including formal visit programs, diversity and women’s events, and interviews. Respondents spoke to the importance of these face-to-face interactions, noting instances where a positive or negative encounter changed their personal ranking of the program.

The following schools were rated in the top and bottom quartiles for how well they got to know applicants:

AIGAC.jpg

 

Furthermore, when it came to finalizing their school lists, over 60 percent of prospective students named reputation (66 percent) and ranking (61 percent) as top factors to consider, followed by school culture (53 percent).  Others, however, named geographic proximity to their desired work as the predominant concern as networking is critical, particularly in finding employment with small firms and start-ups.

Take-aways for current applicants

The survey emphasized the critical and personal nature of the school selection and application process. While school and independent online resources can provide comprehensive and useful information, nothing can replace interpersonal interactions. Ideally, applicants will be able to visit the schools they are most interested in, but if not, they should look for opportunities to attend school-hosted events in the city where they live.

MBAs Looking Away from Financial Services and Towards Companies that Offer Better Work-Life Balance

The Wall Street Journal recently published an article examining the “battle for MBA talent,” which looked at current trends in MBA graduate employer preferences. Authors, Laurence Fletcher and Pat Minczeski found that Wall Street is no longer as appealing to MBAs as consulting and technology firms, despite banks’ increasing starting salaries. “The share of full-time M.B.A. graduates from the top 10 business schools accepting jobs at financial-services firms dropped between 2012 and 2017 from 36 percent to 26 percent, based on a weighted average calculated by the Journal. The share accepting jobs in technology rose from 13 percent to 20 percent in the same period. Consulting edged out financial services as the top draw in 2017, as the choice of 29 percent of grads, up from 27 percent in 2012.”

The same article quotes Jean Ann Schulte, director of employer relations and recruiting services at MIT Sloan, who said “Over the last ten years we’ve had an almost complete flip between finance and technology.” In pointing to the working hours typical in the banking industry, she went on to say, “You can have a lucrative career without those lifestyle costs.”

An analysis published in Forbes by John Byrne earlier this year, which examined the average working hours for MBA graduates in various industries, supported the theory that MBAs are increasingly drawn to companies that offer better work-life balance. He found that, while overall, the median work week for MBA graduates is 54 hours per week, financial firms made up six of the top ten companies with the longest working hours. MBA graduates working at Goldman Sachs averaged 86 hours per week, followed by Barclays (73 hours), J.P. Morgan (72), Morgan Stanley (70), Credit Suisse (70), and Fidelity Investments (68).  Consulting firms round out the top ten, with average hours worked ranging from number three, McKinsey & Co. with an average of 72, to A.T. Kearney and Boston Consulting Group with averages of 63[1]. Bryne goes on to highlight that the MBA jobs with the lowest average working hours are at technology firms and large corporations. “MBAs who work for Microsoft average just 44 hours a week, while those who toil for Apple put in 52-hour weeks, a couple of hours below the median. Facebook MBAs average just an hour a week more at 53 hours, while Amazon MBAs hit the 54-hour a week median working for the e-commerce giant.” Those working for IBM, PepsiCo, and 3M company worked just under 45 hours per week.

Byrne then calculated hourly wages for various sub-industries and his analysis revealed that hedge fund and mutual fund employees earn the highest hourly rate at $129.46/hour. The average MBA makes about $75/hour. As an industry, high-tech placed third and fifth for e-commerce and software respectively, validating the supposition that technology companies may appeal to MBA graduates who value work-life balance, in addition to high pay and interesting work.

Some corporations need to do a better job addressing quality of life concerns if they want to recruit top MBA talent. And current MBAs considering various industries, corporations, or even offers should compare compensation alongside workload expectations in order to achieve both their career and lifestyle goals.  

[1] See full list here: https://poetsandquants.com/2016/06/17/mba-envy-not-know-hard-work/2/

MBA Employment Trends and Projections

Demand is high for recent MBA graduates. In 2017 in the U.S. and Canada, technology firms increased year-over-year MBA hiring by 22 percent and consulting and financial services firms increased hiring by 7 percent and 4 percent respectively. The same report (QS Top MBA Jobs & Salary Trends Report 2018)  projects that overall MBA recruiting in the U.S. and Canada will continue to demonstrate robust growth in 2018 (7 percent) and marginal growth in 2019 (2 percent).   

Technology: The growth in technology firms’ MBA hiring corresponds with reports that Amazon is hiring about 1,000 MBA graduates per year, almost double that of the next largest MBA employer, consulting firm McKinsey[i]. And the growth isn’t expected to slow in 2018. The QS Top MBA Salary Trends Report projects that recruiting in the U.S. and Canada by technology firms will continue growing in 2018 (15 percent) with more marginal growth predicted for 2019 (two percent).

In addition to Amazon, Microsoft and Google also recruit consistently within MBA programs, but with lower overall hiring. It is worthy of note that, among the Top 10 programs (US News and World Report), the largest percentage of 2017 graduates who accepted positions in the technology industry came from Berkeley Haas. 

tech.png

Consulting: Consulting firms recruit a large percentage of MBA graduates (approximately a quarter to a third of each class at Top 10 MBA Programs) and this is expected to continue. The QS Top MBA Salary Trends Report projects that recruiting in the U.S. and Canada by consulting firms will increase by 15 percent in 2018 with a slight dip to 7 percent in 2019.

McKinsey, the second largest employer of MBAs, is the top employer of MBA graduates at Northwestern Kellogg, Chicago Booth, and Columbia Business School. Following McKinsey in MBA recruiting are Bain and Company, The Boston Consulting Group, and Deloitte.

At Stanford, the percentage of graduates securing roles in consulting is lower but trending upwards.

consulting.png

Finance: Developments in technology, political uncertainty, and greater competition from technology and other firms, has negatively impacted MBA recruiting by financial services firms. Wharton, as well as Chicago Booth, and Columbia Business School have experienced recent employment dips in the sector. According to a 2017 MBA Employment Survey by Training the Street, students reported lower interest in working for Wall Street and expressed wanting to explore options with companies, such as boutique banks, that may offer a higher quality of life.[ii]

The Salary Trends Report projects another year of modest growth for the industry in 2018 (4 percent) with a slight decline predicted for 2019 (-1 percent). 

Finserv.png

[i] https://poetsandquants.com/2017/10/04/amazon-now-hiring-1000-mbas-a-year/

[ii] https://www.bloomberg.com/news/articles/2017-08-09/record-percentage-of-mbas-don-t-want-to-work-on-wall-street

MBA Application Resource Roundup

For prospective business school students, we’ve created a short list of resources, including Apply Point blogs and information from external organizations, that will help guide you through the application process.

Apply Point Blog Posts

·       Deciding where to apply

o   MBA School Selection: Important Considerations When Building Your School List

o   MBA School Selection: What are the Alumni Saying?

o   Want a Career Abroad? Consider a European MBA.

·       Application

o   MBA Application Submission: Is There an Optimal Deadline?

o   The GMAT V. The GRE: Which Test is Best for You?

o   MBA Application Essays: Prompts Designed to Get Beyond Applicants’ Professional Experiences to Gauge Creativity and Assess Values

o   IQ is Important, but Don’t Forget About EQ

o    Using Recommendations to Strategically Enhance Your MBA Application

·       Interview preparation and tips

o   Top Ten Tips for the MBA Behavioral Interview

o   The Wharton Interview: Excel in the Team Based Discussion

o   MBA Interviews: When the Interview Requires More than an Interview

·       Use Social Media to Enhance Your Graduate School Application  

·       Unemployed and Considering Graduate School? Ensure This Time is Meaningful and Productive

·       Unconventional Applicants to MBA Programs Must Consider Abilities in Innovation, Leadership, and Teamwork

Online resources and social networks for prospective and current MBA students

·       Poets and Quants

·       Beat the GMAT

Organizations and Resources

·       The MBA Tour is an independent and high-quality information source regarding MBA admissions. Events emphasize personal interaction between prospective MBA students, business school admissions representatives, alumni, and other like-minded education enthusiasts.

·       The Consortium for Graduate Study in Management is a continually growing and evolving alliance of some of the world’s leading graduate business schools and business organizations, supported by the strength of an extended network of students and alumni.

·       The National Black MBA Association is the premier business organization serving black professionals.  

·       Prospanica, formerly the National Society of Hispanic MBAs (NSHMBA), emphasizes educational and professional development programs to improve the Hispanic community as a whole.

·       The Forte Foundation is a non-profit consortium of leading companies and top business schools working together to launch women into fulfilling, significant careers through access to business education, opportunities, and a community of successful women.

The Latest Law School Employment Rates from The American Bar Association

A helpful resource for prospective law students, The American Bar Association Section of Legal Education and Admission to the Bar published a report detailing the employment of 2016 law school graduates based on different employment classifications, including Bar Passage Required and JD Advantage (without bar passage).

For the graduating class of 2016, 64.5 percent of law school graduates were hired into Bar Passage Required employment, an increase of two percentage points from 2015 (62.4 percent). Additionally, 14.1 percent were hired into JD Advantage positions and only 8.8 percent were described as Unemployed/Seeking, both statistics slightly improved from 2015.

We have compiled the list of Top 20 Schools based on the percentage of graduates who reported having a full-time, long-term position in a Bar Passage Required role for the class of 2016. The graph also shows the percentage of students who held full-time, long-term JD Advantage Positions as well as the percent of students who are classified as Unemployed (Seeking). This chart shows that there are many law schools with excellent job placement, which may help to inform and broaden your search. 

 

Additionally, the ABA report includes information on what types of employment graduates are obtaining. The graph below shows the same schools, but with the percentages of full-time, long-term employees in various legal industries. If you are confident in the career path you are seeking after law school, it is worthwhile to see where previous graduating classes have found employment. It can provide valuable insight into the existing alumni network you will have access to.

Additionally, the ABA report includes information on what types of employment graduates are obtaining. The graph below shows the same schools, but with the percentages of full-time, long-term employees in various legal industries. If you are confident in the career path you are seeking after law school, it is worthwhile to see where previous graduating classes have found employment. It can provide valuable insight into the existing alumni network you will have access to.

Use the links provided below to find additional school-level and detailed information on employment for the class of 2016. Individual School Summary Reports (Includes information on the size of law firms where graduates are employed): http://employmentsummary.abaquestionnaire.org/ Summary Class of 2016 Employment: https://www.americanbar.org/content/dam/aba/administrative/legal_education_and_admissions_to_the_bar/statistics/2016_law_graduate_employment_data.authcheckdam.pdf

Use the links provided below to find additional school-level and detailed information on employment for the class of 2016.

Individual School Summary Reports (Includes information on the size of law firms where graduates are employed): http://employmentsummary.abaquestionnaire.org/

Summary Class of 2016 Employment: https://www.americanbar.org/content/dam/aba/administrative/legal_education_and_admissions_to_the_bar/statistics/2016_law_graduate_employment_data.authcheckdam.pdf

Make the Most of The MBA Tour: Create a Targeted School List

The MBA Tour presents an incredible opportunity for you, as a prospective MBA student, to gather information, make contacts, and advance yourself in the admissions process. But to make the most of the event, you will need to consider it a targeted mission rather than merely time to explore. The MBA Tour will have many booths distributing information, including school tables with admissions representatives expounding on their latest and greatest offerings. It is an easy environment in which to get distracted. As such, prior to the event, you should carefully consider your preliminary school list, the programs that are most compelling to you, and information you’d like to collect at the tour to help you finalize a sound school selection strategy. This preparation will help you to stay focused on your own priorities, rather than ending up overwhelmed with extraneous information.

We recommend utilizing the following three criteria to compile a list of ten schools’ tables that you want to visit at the event, and to prioritize your top choice schools (3-5), which you will likely want to spend additional time researching and networking with while there.

1.       Rankings/Prestige: While we would discourage you from judging schools on rankings alone, US News & World Report’s list of Best Business Schools, for example, is still important to consider when gaining an in-depth understanding of how potential employers will view your investment. Many rankings are also based on algorithms that incorporate various factors of interest to students such as quality assessments, placement success, and student selectivity. As such, you might want to research various rankings and find the one that most closely suits your interests.

2.       Geography/Network. The second, and perhaps somewhat surprising aspect to consider when putting together a school list is geography. Place will play a crucial role in your ability to network. Thus, we often encourage students who know they want to end up in a certain location to consider the top MBA programs in that city, or within the geographic region. Similarly, if your goals are related to a certain industry, it can be invaluable to attend a school near one of the industry’s hubs.

3.       Career Placement. The last, but perhaps most critical component, is to develop a thorough understanding of which companies are recruiting and hiring employees from the MBA programs you are interested in. We suggest prospective students gain a thorough knowledge of the information contained in each school’s career placement report and engage with the school’s counselors in the career center to learn more. It can also be helpful to look for student clubs or associations within a business school relevant to your goals (e.g., Finance Club, Luxury Goods Club, Marketing Club), as they will often host events connecting potential employers with interested students, as well as providing other resources.

Enjoy The MBA Tour!  If you’ve thought through your goals and school selection priorities, it will likely be a memorable experience.

Alternatives to Allopathic Medical Programs in the United States

For the 2017-2018 school year, over 51,600 students submitted an average of 16 applications each for placement into a U.S. Allopathic Medical School. With a resulting, 43 percent admittance rate and 41 percent matriculation rate, almost three out of every five applicants found themselves without a spot. While re-applicants made up just under 30 percent of the applicant pool in 2017 – 2018, and schools look favorably on re-applicants, there are some medical career alternatives worth considering.

1.       Osteopathic medicine. According to the American Association of Colleges of Osteopathic Medicine (AACOM), more than 20 percent of current medical students in the United States are training to be osteopathic physicians. These physicians or surgeons, who receive a D.O. rather than an M.D. degree, are doctors licensed to practice in the United States. While the education and certification paths are similar, differences exist in both the training curriculum and philosophy of patient care. AACOM says, “Osteopathic physicians use all of the tools and technology available to modern medicine with the added benefits of a holistic philosophy and a system of hands-on diagnosis and treatment known as osteopathic manipulative medicine. Doctors of osteopathic medicine emphasize helping each person achieve a high level of wellness by focusing on health education, injury prevention, and disease prevention.”

Osteopathic residency is currently in a transition to a single accreditation system for those pursuing both osteopathic and allopathic degrees. By 2020, all medical internship, fellowship, and residency programs will be accredited by the Accreditation Council on Graduate Medical Education (ACGME), whereas previously the ACGME accredited allopathic programs and the American Osteopathic Association (AOA) accredited all osteopathic. The changes are very much underway, and according to National Resident Matching Program 2017 data, 3,590 D.O. candidates submitted rank order lists of programs with a match rate of 81.7 percent. Both the number of candidates and match rates were all time highs.

2.       International Medical Programs. While the U.S. is home to many excellent medical schools, there are also compelling programs in Israel and the Caribbean, which tend to be less competitive from an admissions standpoint. Caribbean schools often have the benefit of rolling admissions, and allow for students to start in January. In Israel you can attend an American Medical Program where classes are facilitated in English, though you may need to acquire some Hebrew for matriculation at The Technion and the Sackler School of Medicine at Tel Aviv University.

In 2017, according to the National Resident Matching Program, the number of U.S. citizen graduates of international medical schools who registered for the match and submitted rank order lists of programs declined. However, for the 5,069 who submitted rank order lists of programs, the match rate was the highest since 2004 at 54.8 percent. Match rates tend to be higher among those attending American medical programs in Israel, as compared to graduates of Caribbean programs.

3.       Podiatry School. Doctors of Podiatric Medicine are certified physicians or surgeons who specialize in diagnosing and treating conditions affecting the foot, ankle and related structures of the leg. These Physicians receive a DPM, rather than an MD, and undergo a similar education, residency, and certification process. 

The Bureau of Labor Statistics projects faster than average growth in the employment of podiatrists, with projected growth of 10 percent from 2016 to 2026. This is due to the aging population and the likely increase in demand for medical and surgical care of the foot and ankle, as well as for treatment of issues associated with chronic conditions, such as diabetes and obesity, that impact patients’ feet and ankles.

4.       Physician’s Assistant. A Physician’s Assistant works closely with a licensed physician or surgeon as a part of a collaborative medical team and can examine, diagnose, and treat patients under supervision. While certification requirements vary by state, most PAs graduate with a master’s degree from a Physician Assistant degree program and then need to complete a set number of clinical work hours before sitting for the National Certification exam.

The Bureau of Labor Statistics projects much faster than average growth in the employment of PAs, with projected growth of 37 percent from 2016 to 2026. This is due to the growing and aging population and a projected increase in the demand for healthcare services.

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