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I-bank option two is sales & trading. Traders buy and sell securities and commodities. They arrive well before the market floodgates open (usually between 6:30 and 7:30 A.M.) and collapse around 4;30 P.M. If you enjoy the thrill of high-stakes poker, not to mention managing client relationships, this could be your calling. It's hands-down the best pay-to-working-hour ratio in the business, and lavish client entertainment is typically a must. This is a great option for closers who are early risers and socially inclined. For recent grads, compensation runs about $75,000 to $85,000 a year plus year-end and signing bonuses that can basically double the salary.
The field of equity research is considered more cerebral than sales & trading. Here, the goal is to become the expert on an industry or industry subsector-cars, retail, pharmaceuticals, telecom, health care, Latvian knockwurst, whatever. You start as an associate, and twelve-hour days are par for the course. After a few years, you can become a lead analyst in a particular industry, where you get direct exposure to some of the best minds in business: CFOs and other top corporate officers. The pay shoots up as well.
Money management also has its perks: Whether in private client services or portfolio management for a big mutual fund company, you research companies and make investments on behalf of your firm or clients. You might specialize in a niche (e.g., South American large-cap value) or explore whatever strikes your fancy. The work is hard and the competition tough, but strong performers get large amounts of responsibility fast, either at the firm or on their own. This is definitely a field where you can take your track record and go into business for yourself. As for pay, many B-school grads start at about $80,000 plus bonus and move up from there. Fund managers pull in seven figures and get a piece of the action. It's nice to be a fund manager.
Private equity and its subset, venture capital, are hot right now. Chances are you'll have to pay your dues in traditional I-banking first, but if you can land a job at a venture capital firm, you can play God with your classmates' business plans. Lots of travel, but the reason is more to meet company management and attend board meetings-unlike a consultant, who may be stuck somewhere for six weeks. In the VC/ private-equity world, your compensation is broken up into salary, bonus, and "carried interest." Salaries generally range from $100,000 to $200,000, and bonuses in good years can be greater than base salary. Carried interest is calculated in many ways, but basically it's the profit split of proceeds to the general partners. A ten-year industry veteran might make upward of $1 million. Oh, and if you discover the next Yahoo!, it would be considerably more. It's good to discover the next Yahoo!
The financial performance of investment banks tends to follow the market as a whole. Downturns mean smaller bonuses and possibly layoffs. Upturns tend to put you on the gravy train.
Consulting comes in just about every imaginable size and flavor. Big firms vs. boutiques, generalists vs. specialists, strategy vs. implementation. Each has its idiosyncrasies. While not every consultant spends five days a week on the road, you should be prepared for some travel. As an associate, you could spend a month in Austin helping a high-tech company launch a new product and two weeks later be in New York preparing a slide deck called "strategic insights" for a major consumergoods producer. As you move up, you do more high-level synthesis and client relationship management.
Just out of business school, you can expect to make any where from $75,000 to $150,000 in the consulting industry. Typically, you start out as an associate or a consultant, and move up to engagement manager, principal, and finally, over six to ten years, partner. What do partners pull down? There's a huge, huge range, but here are a couple of numbers to put in your back pocket: At most shops, a partner makes well into the six figures (certainly over a half mil), and at top shops, like McKinsey, you could be looking at seven figures.
For the risk averse, consulting is relatively recession-proof. Companies need expertise in good times and in bad.
If you like the sound of "mogul," don't overlook a career in real estate. Project management for a developer involves organizing the construction process from site to sale. Real estate operations in investment banking, private equity, and commercial banking deal with the money that goes into funding property development, renovation, or purchases. Be prepared for long hours with few perks; B-schoolers who enter this field are strong in quant skills and don't mind putting in their time. Expect a starting salary in the range of $80,000 to $100,000.
If you're seeking risk and commensurate reward, entrepreneurship could be your cup of tea. Taking a job with a start-up can still be a great learning opportunity for a freshly minted MBA. First it was e-commerce and wireless; now it's all about optical networking plays and interactive TV But there are also furniture stores, T-shirt manufacturers, restaurants-the possibilities are endless and ever-changing, and the salaries depend on the particular company. The upsides include increased responsibility, nontraditional job titles, really cool office interiors, an average age peaking at thirty-five, and stock options that could net you a small fortune if you and your company deliver. The downside? Job insecurity and a less-structured work environment. But if you're looking to strike out on your own, it'll help you learn not to take a paycheck for granted.
Finely honed business skills are also much sought after at nonprofits. As in for-profit companies, you may find yourself working in finance, HR, strategic planning, marketing, or general management. And nonprofits are much more than the local art center: Greenpeace, the Red Cross, or the American Cancer Society all potentially hire MBAs.
Of course, this is just a taste of what's ahead. You'll find out a great deal more about each of these careers, and others, as you go forward. You'll hear from other students who have worked in these industries, you'll attend plenty of career presentations, and you will have the chance to test-drive an industry during your in-between summer.
You will be required to choose a concentration for graduation, but don't worry, you won't have to decide right away. Since B-schoolers come from all walks of life, nearly all programs require first-years to take a group of core classes, designed to put everyone on a level playing field. They'll provide you with a basic grounding in the main areas of study, and you will be that much better prepared to focus on one (or more) for the remainder of your term. And remember: A B-school major doesn't lock you into a specific career; it's perfectly reasonable for a former consultant to round out her skill set by majoring in finance and then to go on to work for a high-tech start-up.
The most popular B-school concentrations are: management, finance, and marketing. Other oft-chosen majors include strategy, operations, public policy, real estate, insurance/ risk management, and organizational behavior. Newer programs that are showing up in more and more schools' rosters include e-business management, entrepreneurship, technology/innovation, media/entertainment, and international busi ness. Diehard number crunchers gravitate toward the everuseful-if not always sexy-accounting, statistics, tax, or economics.
Keep in mind that most schools offer alternatives to the traditional major. So, for example, you may major in finance but have a concentration in a newer area, like entrepreneurship or media/entertainment. This allows you to focus on multiple areas. Some schools will let you minor in such fields as trans portation, arts administration, environmental management, and legal studies.
Even within a major, some schools have subspecialties. So, for example, within a management major, you might focus on health-care administration, hotel administration, human resources administration, multinational business management, or industrial management. In short, you can go as broad or as specific as you want.
|MBA Jungle Contributors||ix|
|1||The Art of Success||1|
|2||To B-School or Not to B-School (A Diagnostic Quiz)||5|
|To B or Not to B?||5|
|What Will You Be Studying?||18|
|Top MBA Recruiters||20|
|3||Choosing the Right School||23|
|Part-Time Versus Full-Time: How Do You Take Your MBA?||24|
|The Dual Degree--Two-for-One Special||26|
|Seven Tips to Make Part-Time Work for You||27|
|Paying for the MBA||31|
|An International Perspective||38|
|Women on the Verge||42|
|Getting into Top-Choice Schools||47|
|Where to Apply: How to Pick the Right School for You||48|
|Understanding the GMAT||59|
|The Man Behind the GMAT: Interview with a Test-Writer||69|
|What Does It Take to Get In?||73|
|5||Are You Ready for B-School? Are You Sure?||75|
|Calm Before the Storm||75|
|Eight Books You Gotta Read Before B-School||78|
|Ready to Talk the Talk?||79|
|What to Bring to the Party--The Tools, the Gear, the Attitude||86|
|Six Things You Can Leave at Home||89|
|6||B2C--Back to the Classroom||93|
|Start Smart, Start Strong||93|
|Class in the Classroom||97|
|A Week in the Life of an MBA||100|
|Choosing the Curriculum: Electives Versus the Core||104|
|How to Spot a Top Prof||105|
|7||The Learning Team--Like Survivor, but with Graph Paper||109|
|Ten Ways to Annoy Your Teammates||120|
|How to Deal with Troubled Teammates||121|
|8||The Recruiting Game--Building the Network||123|
|Networking: Winning Strategies||123|
|Network with Professors--Without Kissing Up||130|
|Six Ways Not to Impress a Prof||134|
|Why Your Resume Got Tossed--And What You Could Have Done to Prevent It||135|
|Leaving the Perfect Voice-Mail Message||137|
|9||Mastering the Interview||141|
|Four Killer Questions||148|
|Five Things Not to Do in an Interview||152|
|Disaster Relief: Survival Strategies for Recruiting Calamities||153|
|Interviews Gone Bad||160|
|Job Hunters from Hell||162|
|10||Advanced Recruiting Tactics||165|
|Twenty-Eight Tips for Getting the Job You Want||165|
|Dining for Dollars||172|
|B-School Entrepreneurs: Six Things to Do While Still in School||178|
|Taking the Job Hunt Overseas||183|
|The Long Way Home||188|
|12||Getting Back to Business||197|
|13||Lessons from B-School's Best Minds||205|
|Eight Things that Are Not Quite as Important to Remember||212|
|Epilogue: How to Blow Off Steam--A Primer||213|
|Appendix A||Business School Rankings||219|
|Appendix B||Industry Guides||231|
Posted October 1, 2001
I read a complementary copy of the MBA Jungle, B-School Survival Guide and found it to be an excellent resource. If I was reading this with the eyes of a prospective student, this book would have accurately addressed what I'd need to know. As an administrator/educator who works with the MBA program at our institution, I can say the information I read was right on target! You did a great job. It was easy and fun to read and I plan to recommend this book to prospective students.Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.
Posted October 1, 2001
Immensely useful, this book has lessons that you should keep to heart far beyond business school, and even if you never go, in how to conduct yourself and work with people. It's very insidery and knowing but eager to include you and your diverse experience in its club of well-equipped new businesspeople.Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.
Posted September 10, 2001
The B-School Survival Guide was a real life saver. I took the 'To B or Not To B' quiz in Barnes and Nobels and i was sold! This book answers all of the questions you ever thought of and even the ones you thought were too silly to ask. Its savey one-liners made it really fun to read, and all the information makes it a great piece of reference material.Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.
Posted August 30, 2001
A friend sent this book to me, I am about to start my first year at a top 10 MBA program. Planned on just skimming it, but I have to say it was a very enjoyable read. I felt very connected to the writer and material the whole way through, the chapters and issues raised are the things going through my mind right now. The advice and tips are useful to my situation, and again, it is fun not boring to read. Would definitely recommend to other MBA students / applicants.Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.
Posted September 10, 2001
Posted September 19, 2001
As an MBA, I felt that this book provided only surface level information and in my opinion was not worth the time or money to bu y it or read it. The attempted 'comedy' got annoying and I stopped reading half way through. Perhaps I had high expectations that were not met.Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.
Posted September 13, 2001
This book hits on each point of the MBA experience in an insightful, helpful and humorous way. I have found it to be an invaluable tool and would highly recommend it to all prospective and current MBA students.Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.
Posted January 28, 2010
No text was provided for this review.