"How to Get Hired" for MBA grads

We asked recruiters what M.B.A. graduates are doing wrong. Ignore their advice at your peril.

By RONALD ALSOP
Staff Reporter of THE WALL STREET JOURNAL
September 22, 2004; Page R8

What do recruiters really want?

More M.B.A.s who can compose a cohesive memo or letter would make investment banker Darren Whissen of Ladera Ranch, Calif., happy. "I have found that many seemingly qualified candidates are unable to write even the simplest of arguments," says Mr. Whissen, who is director of research at Waveland LLC. "No matter how strong one's financial model is, if one cannot write a logical, compelling story, then investors are going to look elsewhere. And in my business, that means death."

Like Mr. Whissen, many recruiters fret about the inferior "soft skills" of so many M.B.A. students, in particular abysmal writing and public speaking. In this year's Wall Street Journal/Harris Interactive business-school survey, we asked recruiters to tell us how M.B.A. graduates could improve their odds of being hired. Not surprisingly, the recruiters had plenty to say. Many passionately sounded off in the survey and in follow-up interviews about the shortcomings they find all too often in M.B.A. grads.

Besides students who can't write or speak clearly, recruiters' pet peeves include graduates who can't relate to lower-level employees, interviewees who are clueless about the company they are interviewing with, and job candidates short on specialized knowledge and experience. In short, recruiters want more polish, more focus and less attitude.

Far to Go

Given the buyer's market for M.B.A. talent, business schools and students would be well advised to listen up. Every recruiter has his or her own M.B.A. wish list, and students who can satisfy those desires are the ones most likely to succeed in this still challenging job market.

Mr. Whissen's comments suggest there is a lot of work to be done. As part of the interview process for M.B.A. students, he provides an executive summary of a fictitious company and asks them to write about 500 words recommending whether or not to invest in the business. At worst, he receives "sub-seventh-grade-level" responses replete with spelling and grammar errors. "More often than not," he says, "I find M.B.A. writing samples have a casual tone suitable for e-mails between friends but lacking the professionalism necessary to communicate with sophisticated investors."

Elizabeth Vandeveer, vice president for strategy delivery at BOC Gases, a supplier of specialty gases based in Murray Hill, N.J., finds herself interviewing more students of late for whom English isn't their native language. "It is harder for these students to excel in written communication without additional coaching and training," she says. "We would like to see this happen at the b-school rather than on the job."

Some schools are taking communication skills more seriously. The Kenan-Flagler Business School at the University of North Carolina is so committed to turning out more literate, polished graduates that this fall it will split its M.B.A. class into groups of just 10 students. That way they can receive more individual attention in the school's required management communication class. Professors had found that students didn't master written and oral skills well enough in groups of 30 to 60.

But some school administrators concede that they find it hard to convince M.B.A.s that it's as important to write clearly as to crunch numbers well. Seth Christensen, manager of strategic planning and financial analysis at Palco, a forest-products company in Scotia, Calif., says he is sympathetic to the schools because only now does he appreciate the training in communication and teamwork he received as an M.B.A. student at the University of Oregon.

Mr. Christensen remembers many of his fellow students grumbling about role-playing exercises at a teamwork seminar when they would rather have been figuring out how to value the multibillion-dollar merger they had to present to their finance class. He says he'll never forget the time his finance professor marked down his team's first case study because even though the technical answer was correct, the tone of the paper was so arrogant that the chances were nil that a real management team would ever implement the recommendations.

"You can't just know the right answer," Mr. Christensen says. "You also must have the tool set to persuade those who do not have your same perspective or level of education."

Getting Along

The kind of arrogance Mr. Christensen's team was penalized for is M.B.A. graduates' biggest sin by far in the eyes of recruiters -- not just in communication but also in personal interactions. "Gentler and kinder" and "more humility" have become the recruiters' annual refrain in the Journal survey. Some of the most prestigious schools clearly suffer in the ranking because their elitism rubs off on some of their students.

"I suggest that they learn what they can in business school and then check their egos at the door when they start work," says Elizabeth Bock, an information-technology manager at Hartford Financial Services Group Inc., in Connecticut. "While some M.B.A.s have expectations that their careers will skyrocket, the reality is that it takes time to build a knowledge base, garner experience and earn a reputation."

Beyond being personally offended by snobbish behavior, recruiters say students who can't relate well to other employees are a liability to their businesses. John Krotzer, a marketing manager for Colfax Corp., a Richmond, Va., maker of industrial pumps and power-transmission products, complains that many M.B.A.s can't interact effectively with lower-level manufacturing employees.

"I have seen too often," Mr. Krotzer says, "graduates coming out on the shop floor and talking down to blue-collar employees, getting upset because they don't stay late to finish things important to the M.B.A., and getting frustrated in general that the priorities of the shop-floor employee are quite different than those of the M.B.A."

He believes business schools need to help students learn to appreciate and work well with blue-collar and clerical employees, just as they already emphasize the importance of interacting with people of different races and nationalities. He finds that schools like Northwestern University and Dartmouth College produce more open-minded graduates because of their collegial cultures and teamwork focus.

"An M.B.A. doesn't need to become a beer drinker, Nascar fan or deer hunter to interact on the shop floor," Mr. Krotzer says, "but he or she needs to appreciate the different things that drive lower-level employees, and work within those differences. The fact is that factory-shop workers and back-office administrative staff play an incredibly important role in the success of the business and are smarter than they may appear."

Focus on Ethics

Closely related to empathy and respect for others is integrity. And in the wake of so many corporate scandals, recruiters are looking more closely at M.B.A. graduates' personal values. Among the 20 attributes in the Wall Street Journal survey, ethics and integrity rank third on the priority list -- behind only communication and interpersonal skills and the ability to work well in teams -- with 85% of respondents saying they are "very important" today.

Although many M.B.A. programs have been focusing more on business ethics, some recruiters believe schools still aren't emphasizing integrity enough and aren't taking enough responsibility for having turned out so many "win-at-any-cost" graduates. They wonder whether schools are scrutinizing applicants thoroughly enough and acting often enough to publicly condemn alumni involved in high-profile cases of business fraud.

"Ethics has been, until all too recently, left out of the b-school curricula, and the pendulum needs to swing back -- and swing hard," says Kathleen Minette, vice president, human resources, at Pearson Educational Measurement, an Iowa City, Iowa, processor of student assessment tests and college entrance exams.

On a more practical level, while many M.B.A. students aspire to be generalists, with their eyes on the top layer of executive positions, they are increasingly out of step with what recruiters are seeking for entry-level management jobs. What companies really crave are specialists who can get down to work on day one with little on-the-job training.

"Today's business world is becoming more and more complex and specialized," says Yin Luo, director of quantitative equity strategy at CIBC World Markets, an investment-banking firm in Toronto. "If a b-school wants to be a leader in the next decade, it will have to redesign its curriculum and make it more career-oriented by incorporating a lot more specialized courses."

For example, he says, students interested in derivatives trading or quantitative research need more courses in computational finance, and those hoping to specialize in consulting or private equity for the health-care industry should be taking more classes and getting more practical experience in the health fields.

Some schools, including the University of Michigan, Carnegie Mellon University and Northwestern, are listening to such recruiters and permitting greater specialization earlier in the M.B.A. program. Indiana University's Kelley School of Business, for example, has condensed its core curriculum into one semester and requires students to enroll in one of its "academies" to specialize in accounting, marketing, sports and entertainment, or another major. About three-quarters of Indiana's M.B.A. students are career switchers, from high-school teachers going into corporate finance, to marketing managers aiming to be investment bankers. They face a long learning curve, so the school requires immersion in an academic area through coursework, alumni networking, guest speakers and field trips to places like Wall Street.

Interview Faults

Recruiters can clearly afford to be choosy these days about students' soft skills and specialized knowledge. They also have little patience for M.B.A.s who are shopping for the highest salary regardless of whether they and the company make for a good match. Such students cause a recruiter to question not only whether they are a good fit for the company, but also whether they possess sound decision-making skills.

"Students sometimes get caught up in the interview game and try to win the interview by becoming what they think the recruiter wants them to be," says Stephanie Souchak May, a product manager at Hewlett-Packard Co., the Palo Alto, Calif., computer maker. "I have interviewed a few students who were very skilled, aggressive candidates, but I felt they would not fit in well with the culture at H-P and that they'd be better off at a company that offers a more competitive environment where individual results are valued over the results of the team."

Even worse are the students who show up for interviews with scant knowledge of the company. They spoil their chances for a job offer and give their schools a black eye, as well.

Ken Bayne, assistant treasurer at Guidant Corp., an Indianapolis-based maker of medical devices for heart-disease patients, tells this "war story" from his recruiting trips to the Sloan School of Management at the Massachusetts Institute of Technology: During one visit, he grew increasingly frustrated as the majority of his morning interviewees seemed to be just using their Guidant interviews to practice for consulting and investment-banking interviews later in the day. (Both McKinsey & Co. and Goldman Sachs Group Inc. recruiters also happened to be at Sloan the same day.)

So during lunch, Mr. Bayne assembled a short list of questions about Guidant that students couldn't bluff their way through, but that could be answered by anyone who had browsed the corporate Web page for as little as five minutes. When he asked his afternoon interviewees the questions, followed by the query "So why do you want to work for Guidant?" he received a lot of "deer in the headlights" looks.

"We didn't invite anyone back for second-round interviews," Mr. Bayne says, "but hopefully we made an impression about the importance of taking interviews seriously."

Letting the Flaws Show

Recruiters also are dissatisfied with the responses they get when they tell students to describe how they have coped with ambiguity, adversity and conflict.

Chris Aisenbrey, director of university relations for Whirlpool Corp., the Benton Harbor, Mich., maker of home appliances, often asks students how they handled a messy conflict, and finds that they invariably relate an anecdote with a happy ending. But his recruiter's antenna goes up when he hears how the problems were easily resolved and the team members remain friends to this day. The stories simply don't ring true.

Mr. Aisenbrey urges students to be more honest about how they dealt with trials in their lives, and business schools to highlight examples of business executives who continued to prosper in their companies even after things didn't go well. "M.B.A.s should be more willing to show flaws," he says. "When students are asked about difficult situations, things always turn out great, or how they wanted them to turn out. That cannot always be the case and certainly isn't in real life."
-------------------------------

RANKING THE ATTRIBUTES
Recruiters in The Wall Street Journal/Harris Interactive survey rated each business school on these student and school attributes. Here is the percentage of recruiters who said each attribute is "very important."

89% Communication and interpersonal skills
87 Ability to work well within a team
85 Personal ethics and integrity
84 Analytical and problem-solving skills
74 Success with past hires
73 Leadership potential
72 Fit with the corporate culture
68 Strategic thinking
64 Likelihood of recruiting "stars"
54 Well-rounded
50 Willingness of the school's students to relocate
45 Student "chemistry"
36 Students' years of work experience
34 Content of the core curriculum
33 Overall value for the money invested in the recruiting effort
31 School "chemistry"
25 Faculty expertise
23 Career-services office
21 Awareness of corporate-citizenship issues
19 Students' international knowledge and experience

price waterhouse coopers view of india

http://www.pwcglobal.com/extweb/frmclp11.nsf/DocID/6993FD06DFF4940B85256F3F0057EE13?OpenDocument

German media overcome downturn

German media overcome downturn inspite of difficult advertising climate
Axel Springer, europe's largest newspaper publisher reported positive growth too. the sector improved primarily due to:

• new titles
• cutting costs
• higher sales of core books, magazines etc
• pay TV subcriber growth to 3 million

These are positive signs for the industry in a restrained economy.

AOL makes sweeping structural changes

AOL makes sweeping structural changes to eliminate bureaucracy and lackluster results from segments of a large business being overshadowed by positive results from another and create new profit centres. the four divisions are

• access: internet connections division
  
• audience: .com operations and netscape
  
• digital: digtal services like music downloads
  
• europe: aol europe
  

this would cause around 700 job losses in management alone.

Digital move alarms Brussels

Digital move alarms Brussels. the european union expressed strong anittrust sentiments on the proposed takeover of Microsft and Time Warner of contentguard a compnay which holds many patents in digital privacy and the Digital Rights Management market which is crucial to digital entertainment development.

Lehman Brothers:An Overview

The Lehman brothers is a 150 year old company went through a metamorphosis in 1993 after American Express divested Shearson and the independent firm came to be known as Lehman Brothers. Thus Lehman Brothers proclaims 1993 as its year of birth.Its area of working is categorical and is pivoted at investment banking with some focus on equity and fixed income.Its clientele spreads across the world. Though centered mainly in U.S., their clientage in Europe and Asia(10%) is significantly higher than their adversaries. Its headquarters are in New York,London and Tokyo.They serve the financial needs of various corporates, municipalities and other government institutions too.
They have partitioned their working into 2 parts:
-front office and
-mid office
Front office work can be further severed into the following sections:investment banking, salesdesk, equity and fixed income.In mid-office,that is effectively their back end,there are four main divisions:- Risk management,Operations,Finance and Information Technology. Their main stress was on the Risk management position during their presentation.
Before stressing on the desired job profile there was a statistical capitulation of their increasing capital and revenue.Upto the 3rd quarter their revenue has gone upto $8.7 million from $0.1million(when they started in 1993) which they claim to be a record in their history and expect a even higher return in the 4th quarter.
Marked accentuation was given to the gross increase in number of employees (about 43%) due to their recent acquisitions like Neuberger Berman in 2003 while other companies are cutting down their staff.Their felicity due to the Neuberger Berman acquisiton was obvious considering the significnt increase in their assets under management because of it.
Before explaining the role of a credit risk manangent research analyst, they categorized risk into four classes:
-Credit Risk
-Market
-Lquidity
-Operational
Credit risk presents the possibility the the party may be unable to pay the firm in accordnce with its contractual obligations.eg:Bankurptcy
Market Risk presents thepossiblity that the party may not be willing to pay the firm.eg:preference to other creditors.
Lquidity Risk covers the possibilty that an investment may not be sold as effectively as expected by the firm.
Then after some examples and stress on the signifance of each type of risk, the discussion was directed to the credit risk management. Credit management was further categorized into 3 sub-parts:
-Credit reporting
-Credit analysis
-Credit measurement
After breifing on the desired candidates' profile they elaborated on life at Lehman Brothers. Their main point of emphasis was on how they take care of even the minutiae concern of their employees preventing it from becoming a botheration. They substantiated htis point by explaining the role of a retention manager assigned to each unit, their approach on maternity issues, special child care plans in which employees are allowed to bring their children with them to work, etc.
Then as the discussion moved to details of Credit Risk Management Research Analyst program I opened my personal dairy...

more on software companies of the west...

vmware is a fast growing comapny. it is tripling in revenues every year. it is a platform on which one can run every operating system. this is useful on a dektop surely but even more useful on a server machine since vmware memory overhead is not significant comapred to the actual allocation to the operating systems. and it allows the same istallation to have strengths of linux and m$ server market. a new product called vmotion actually facilitates moving a running server from a server to another. but the minus point is obviously that the work is very technical and apart from the design team which is reasonably unapproachable without a PhD, the work does noit have muchy perspective and the submodules are difficult but very technical.

oracle is of course the industry leader in databases. the subgroup that is hiring is also involved in very good work. specifically it has projects like maintaining concurent distributed transations across processors. again the work is technical and the rewards are not short term and are not really too apparent to the guys making the submodule either.

amazon is also a very ambitious company and is a rage at the stock market. it has really high paying jobs in the IT sector and since they are essentially in a very lucrative paret of IT sector it is a great lace to be right now. long term job satisfaction is not guaranteed though.

google stands out of the crowd. at the moment. It is a company with the best salaries, flattest governance architectures, and tons of very exciting and diverse projects. the only minus point is the sustainability of emoployee enthusiasm. it is hiring at a precocious pace and with unchallenged salaries. all these will creep up to ask profitability questions once they enter a glitch in one of their core competencies or some player divides up their core competency and eats into a few parts of it. after it's ipo the flatness of its architectures is disappearing fast. all in al it is a risk as well as an opportunity.

finance versus silicon valley

this post pertains to job selection.
a friend of mine is just graduating from grad school and he is looking at job offers and the following is a precis of what we discussed about this choice.
financial services sector has it requirements which they choose to cater to themsleves and not through franchising traditional software companies like oracle and mircrosoft although these companies have long tried to make a foray into this sector. the it divisions of new york companies vary in size from 10000 (goldman sachs) to 100 (KBC) . they are located in downtown manhattan or uptown connecticut. susqehanna is actually located in a wonderful suburb of philadelphia and is also a great option. a prticularly stellar company my friend did not get an offer from is bridgewater, located in connecticut. morgan stanley located in white plains NYC is great because it has such a young it sector with such young and fresh people and such stellar success that the prospects of vertical and lateral growth seem promising. also as far as a guy planning a startup it is a very fertile ground since the ideas and the technologies and the algorithms that one can generate here can be taken with a small suitable team to fledgling markets like south asia and south america something like four to five years from now and it would be tremensously rewarding because the institutional support needed for these to work need this time to grow in such companies and even we need this time to gerner this experience and knowledge and contacts. as far as the west coast is concerned google, amazon, microsoft, vmware and oracle all have their plus points. more in the next post...

Market Makers

Market Maker

A "market maker" is a firm that stands ready to buy and sell a particular stock on a regular and continuous basis at a publicly quoted price. You'll most often hear about market makers in the context of the Nasdaq or other "over the counter" (OTC) markets. Market makers that stand ready to buy and sell stocks listed on an exchange, such as the New York Stock Exchange, are called "third market makers." Many OTC stocks have more than one market-maker.

Market-makers generally must be ready to buy and sell at least 100 shares of a stock they make a market in. As a result, a large order from an investor may have to be filled by a number of market-makers at potentially different prices.

Bonds

In finance and economics, a bond or debenture is a debt instrument that obligates the issuer to pay to the bondholder the principal (the original amount of the loan) plus interest. Thus, a bond is essentially an I.O.U. (I owe you contract) issued by a private or governmental corporation. The corporation "borrows" the face amount of the bond from its buyer, pays interest on that debt while it is outstanding, and then "redeems" the bond by paying back the debt. A mortgage is a bond secured by real estate.

Bonds are securities but differ from shares of stock in that stock is an ownership interest (termed "equity"), but bonds are merely "debt": Therefore a shareholder is an owner, but a bond-holder is merely a creditor.

Each country sets its own rules for issuing and redeeming short and long-term debt and stock. In the U.S. (for example):

• Bonds are long-term loans secured by property rather than short-term loans secured merely by the debtor's promise to pay.

• Interest paid to bondholders receives preferential tax treatment compared to dividends paid to shareholders.

• In bankruptcy, bondholders are paid before short term creditors (including workers who are owed wages) and all creditors must be paid in full before owners receive anything.