Archive for the ‘The MBA Degree’ Category
Tips to Ace the GMAT
Written by Ron Desi on April 10, 2008 – 3:42 am -Here are some simple tips to help you succeed and beat the GMAT!
How long should I study for the GMAT?
Spend at least 4 weeks but no more than 8 weeks studying. You need at least four weeks to get to know the test, how it’s structured, and to study and practice. However, studying for more than eight weeks diminishes your returns. Studying two or four additional weeks past eight will not significantly raise your score and will likely increase your anxiety level.
Should I self-study or take a preparation class?
Self-studying is for individuals who are disciplined enough to carve out a few hours each week to study religiously for the GMAT. Those who do well with self-study are also those who tend to “test well” and can pick up concepts by reading. They also can figure out why they got an answer wrong on a practicing question without asking for assistance from a professor.
If you go the self study route make sure you get only one test strategy manual such as the Kaplan GMAT 2008 Premier Program or the Princeton Review Cracking the GMAT with DVD, 2008 Edition . There is no need to buy both. In addition, purchase The Official Guide for GMAT Review. This book is published by the Graduate Management Admissions Council (GMAC), the makers of the GMAT test. The questions in this book are real GMAT questions! Though Kaplan and Princeton do a fine job in teaching you strategy, you need to practice on real problems so there are no surprises the day of the test.
One site that I must share with you is gmatclub.com. This site is an amazing resource for GMAT test takers. When I was studying for the GMAT I posted a problem I could not figure out and asked why the answer was ‘C’ instead of ‘A’. My questions was answered in under 10 minutes. I can’t say enough about this site!Classes, on the other hand, are great for individuals who need the interaction of a professor. A professor can explain concepts, detail strategies, clarify why you got a problem wrong or can show you how to solve a problem more effectively. A book can’t do this. A classroom professor can.
I’ve taken both the Kaplan and the Princeton Review courses and don’t prefer one over the other. They are both excellent and the instructors were amazing. The price, however, is significant (well over $1,000).Look to your local colleges and universities for classes as well. They’ll likely give you the strategies needed to succeed at half the cost of Kaplan and Princeton. Also check out your local community colleges. Sometimes they’ll have quality preparation classes at significantly lower costs.
Finally, there are many GMAT Preparation classes that are available online. Do your research to make sure the course you are looking at is legitimate and has proven methods for the best results. If you find such a class, Google the name of the course and you’ll likely find reviews from those who took the course.
Do I need to do the Analytical Writing (AWA) section?
If the MBA program to which you are applying weighs the math and verbal sections more heavily than the AWA, don’t spend a lot of time and effort on the writing section. Read the question and write what you can, then move on. Don’t stress. If you invest a lot of brainpower and effort in crafting an amazing essay, you will be mentally fatigued by the time you get to what is likely the most important part of the test, the math and verbal sections. So, go into those sections with a fresh mind by just getting through the writing section. Contact the programs to which you are applying and find out how heavily the AWA section is weighted and how it is used.
It’s all about prioritizing and spending your time and mental effort where it counts.
Take a GMAT CAT practice test.
Taking a GMAT CAT practice test is the best way to gauge your potential performance. However, take these tests in a setting similar to those in the actual test center. Go into a quiet room with no distractions. Get a timer and make sure you start and stop each section accurately. Your mental attitude should be the same as test day. Think, “This is the real thing. I need to score high.”
Be Adaptive
The GMAT is an adaptive test and you need to approach the test differently than the old model of the easy questions being in the beginning and the hard questions at the end. Here are a few links that give great strategies:
- http://www.gmathacks.com/cat-strategy/introduction-to-the-gmat-computer-adaptive-test.html
- http://www.treefoundation.gr/cat.htm
- http://www.gmathacks.com/cat-strategy/take-control-of-the-gmat-computer-adaptive-test.html
Take the test on your schedule.
Are you a morning person or do you function better in the afternoon? Tests are offered 8am – 12 noon and 1pm – 5pm. Pick the timeslot that is best for you.
Don’t study the day before and get a good night’s sleep.
Studying the day before will not help so don’t do it. Relax. Go to a movie. Read a book. Have fun with friends. Go to bed an hour earlier than normal and get a good night’s sleep.
Don’t drink a lot of liquids before the test.
Drink enough so you’re not thirsty during the test but don’t drink so much that you’ll need to go to the bathroom 10 minutes after you start the test.
Eat a balanced meal.
Eat so your energy levels are high. Eat a meal that is no less than 60% carbs and no more than 30% fat. A Big Mac, large fries and a Coke is not a good decision. Eat wisely to feel and perform your best during the test.
Relax.
It’s a test not a matter of life and death. Be positive and do your best.
With these tips, I hope you can eliminate your fear of the GMAT and beat the test on your terms.
Posted in The MBA Degree | 4 Comments »
Is the MBA Worth it? Part 1
Written by Ron Desi on July 15, 2007 – 3:39 am -The Research
I enjoy asking students, “Why are you seeking an MBA?” Some standard answers are:
- “I want more money.”
- “I want a better job.”
- “I want to move up the corporate ladder.”
These are great answers, but can an MBA get you any of these things? Research indicates that it can. Here are some facts:
- In the United States, graduates who completed an MBA in 2006 earned an average base salary of $89,673. Globally, the average salary was $95,916. (TopMBA.com).
- Average MBA salaries increased by 7.5% in 2006 (TopMBA.com).
- Research has shown that executives who have an MBA are likely to have greater compensation than those who did not pursue an MBA. (Information Week, November 1, 2004).
- 60% of women who possess an MBA have a greater income than their husbands (Business Week, Jan 7, 2003).
- Employees with MBAs earn, on average, $10,736 more than their counterparts with other Master degrees. (GMAC MBA salary Survey - opens a PDF file).
- A recent Mergis Group study stated that an MBA influences promotability and screening during the hiring process (2006 Mergis Group Salary Survey).
An MBA + Experience + Personal Drive = Success
I believe that an MBA in conjunction with work experience and personal drive is the key to building a successful career. Let me explain.
The MBA
To create business solutions, you must adopt a “systems thinking” mindset. An MBA education gives you a holistic view of an organization. Effective managers must see their “domain” in view of the larger whole. The organization is like an ecosystem. Each functional area must support itself yet at the same time act in ways to support the organization. If one area is performing poorly, there is a strong likelihood the rest of the organization will feel the impact. The MBA helps you to take the blinders off, so to speak, so you can see your organization as a whole. You will lead according to what is best for you, your department and the organization.
An MBA education also hones your critical thinking skills. Case work is the cornerstone of the MBA curriculum. Analyzing cases helps you to think beyond the obvious. You must delve deep and sift through the facts to understand systemic causes of various organizational issues. Cases also present opportunities for creative thinking. Some cases have you analyze new product launches and ask you to determine the appropriate marketing strategy based on a variety of internal and external variables. Cases force you to think beyond what is on the surface. These are the skills needed to succeed in business.
The MBA will also help you to fine-tune your soft skills. Professors will require a heavy amount of group interaction, case work, a multitude of presentations, and real-world projects where you solve real problems for real companies. In addition, many MBA programs, including ours, offer a variety of events and seminars outside the classroom to help students hone their “softer skillset”.
Experience
Though the MBA prepares you well for succeeding in the workplace, nothing can take the place of experience. Experience gives you the “street smarts” and the wisdom to understand how business works. Reading about a failed marketing plan and analyzing the case cannot teach you as well as living through a failed marketing plan. Forming and leading a team through the successful completion of a project cannot be replaced by a classroom lecture on project management.
Though work experience is crucial, an MBA education combined with work experience will give you a competitive edge. Experience can build complacency. Instead of solving a business problem in a new, different and better way, you’ll likely solve it the same way you always have. An MBA education gives you new tools to solve new or old problems. You’ll solve problems more effectively and perhaps more importantly, you’ll begin to see opportunities where you thought none existed.
You don’t need work experience to begin an MBA but the two together make a powerful combination.
Personal Drive
Determining what you want to achieve, setting goals, and taking action to achieve those goals is what will ultimately make you successful. Personal drive puts you, and keeps you, on the path to success. I believe personal drive is what separates the winners from the losers. An MBA education and practical experience are utterly useless unless you plan to take action. Without action, and MBA is just a piece of paper and experience just breeds complacency.
It will likely be personal drive and determination that convinces you to earn an MBA. It will be this same drive that will keep you on track with your studies and motivate you to complete your MBA program. After you’ve earned your degree, it is up to you to apply what you learn so that you can set yourself apart, do great things, and achieve the goals you have for your career and your life.
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