Tag Archive for 'Darden'

Choosing an MBA Program–Where Can You Do Your Best Work?

Published on May 6, 2010 in 2010 Archives and Archives. 0 Comments Tags: , , , , , .

Darden is in the talent discovery and development business. We look pretty far and wide for excellent inbound talent with which to fulfill our mission, “to improve society by developing principled leaders for the world of practical affairs.” And then we work very hard to develop that talent to have a transformational impact in the world. At this moment every year, we are well into the talent discovery cycle. Letters of admission have gone out for our MBA Full-Time Program and our MBA for Executives Program. About now, the candidates’ questions focus intensely on parsing out the differences among schools. Deposit deadlines are approaching. The candidates must decide, “Which school should I attend?”

As I told a group of admitted applicants at Darden recently, I have one consideration that dominates most others. Issues such as cost, convenience, geographic location, brand, alumni network, job placement, and others all arise in the candidates’ thinking, and justifiably so—but they are dwarfed in significance by the consideration I will tell. All too often, this consideration is a stealth issue that is overlooked entirely in choosing a school and then later discovered too late and with regret. My point is that it is far better to grapple with it now.

A few years ago, I was counseling a second-year student who had received two job offers and was trying to choose between them. The dilemma was stark: on one hand, high pay at a large, well-known firm in a big city to be part of a three-year leadership development program that would rotate him through many different jobs quickly. On the other hand, there was an offer for frankly low pay, to work for an unknown rapidly-growing small firm located in a dodgy neighborhood where the student would be a general manager from day one. The realities of student loans and economic uncertainty being what they were, the student was leaning toward the high-pay job offer. He seemed to be looking for my blessing on the choice.

Instead, I asked him, “where can you do your best work?” The look of astonishment on the student’s face told me that this was a new way of thinking to him. He offered some blah blah blah about hypothetical career progression. I politely suggested that he go away and think some more about my question. Not long after, he accepted the job with the small company. A few years on, he is successful in every way: happy, well-compensated, a big cheese in a much bigger company, and doing the work he feels ready and able to do. I’m glad that he and I had the conversation when we did. But the end of an MBA program is a little late to start thinking this way.

My advice to admitted applicants is to start wrestling with the question right now. “Where can you do your best work?” It’s deceptively simple and radically challenging. You must define for yourself two words in particular:

  • Work.  What “work” do you need to do or are you ready to do in the near future?  What “work” do you feel some passion for?  Do you hear a calling of some kind?  Students who enroll at the elite business schools aren’t there simply to bash through hundreds of tools, concepts, and buzzwords.  By and large, they are trying to work through a personal transformation of some kind.  A large majority of MBA students are contemplating the possibility of a career switch.  Virtually all of them feel ready for something bigger and want the kind of preparation that will accelerate them forward.  It is safe to say that the work you want to undertake at B-school consists of a complicated agenda that, to be achieved, requires some pretty sophisticated help.  It’s not easy; but that’s why they call it “work.”
  • Best.  Truly transformational experiences almost always arise in engagement with others.  Thus, “best” usually entails some judgment about how you like to engage.  The best learning is active, not passive; creative, not rote; deep, not superficial; challenging, not easy; and collaborative and coached in various ways, not simply competitive—how you accomplish all that requires serious effort on your part and some ingenious design work on a school’s part.

Among the 12,000 schools in the world that award degrees in business, you can find an almost infinite range of choices around the definitions of “best” and “work.”  Where can you do it?  At the end of the day, you must choose. 

From my perch as Dean, I see vast differences among the top schools—differences that seem invisible to rankings and guidebooks.  For instance, at Darden, we focus on the transformation of the student and therefore we design a total learning experience to include plenty of engagement, feedback, and individual choice.  As I have said on many occasions, what distinguishes Darden are “high touch” (a highly interactive, high-engagement learning approach), “high tone” (a focus on leadership development, not just the acquisition of tools and concepts), and “high octane” (a rigorous, transformative experience that is energizing and collaborative.)  We think that there is a great deal of “best work” to be done here.

The big point is that a life decision such as accepting a job offer or admission to an MBA program shouldn’t hinge just on the obvious criteria (dollars, title, location, etc.)  You must focus importantly on the work you want to do and how this choice can help you do it.  Where can you do your best  work?

Getting to 'Yes' From an Attitude of 'No'

Published on February 11, 2010 in 2010 Archives. 0 Comments Tags: , , , , , , , , , , , , , , , , , , .

“In his remarks at last year’s commencement, in May, The New York Times reported, University of Connecticut President Michael Hogan addressed the phenomenon of students’ turning down jobs, with no alternatives, because they didn’t feel the jobs were good enough. “My first word of advice is this,” he told the graduates. “Say yes. In fact, say yes as often as you can. Saying yes begins things. Saying yes is how things grow. Saying yes leads to new experiences, and new experiences will lead to knowledge and wisdom. Yes is for young people, and an attitude of yes is how you will be able to go forward in these uncertain times.”

Don Peck recounts this in a recent article in The Atlantic in which he describes the possible long-term effects on American culture of a sustained stretch of high unemployment. One effect is the attitude change required of people with very high employment expectations—or a strong sense of entitlement. If you are highly self-confident, it is easy to say “no” to opportunities as they come along. But I think conditions are far different today than just a few years ago, and likely to remain so for years. Under these circumstances, “yes” should become a stronger part of the career vocabulary.

Exhibit A is this graph from Calculated Risk, a finance blog. Looking at all of the post-World War II recessions, the job losses in the recent recession are the worst. Judging from the slow rate of economic growth and the huge overhang of outstanding debt in the U.S., it seems likely that the growth of employment for the next few years will be slow and high unemployment will linger.

Plainly, this is an extraordinary moment in global economic history. It requires much more flexibility about career goals and job placement than would have prevailed, say, three years ago. Above all, it requires a greater capacity to say “yes” to opportunity.

President Hogan’s message brought to mind the memory of an MBA student who had declined a job offer from the leading management consulting firm in the world. [1] Mind you, this is the kind of offer that legions of MBAs would crave. Was the student afraid of the long hours and travel? No. Was there an issue with the location, say, on account of a spouse or partner who couldn’t re-locate? No, the company had graciously offered to locate him where he wanted to live. Was there a problem of culture or personalities? No, the people at the consulting firm seemed very nice. Was the financial package adequate? Yes, in fact, generous. By this point, the suspense was getting the better of me. So what was the problem?

The student was holding out for an offer in a field that hires few MBAs straight out of school and at a level of seniority consistent with several more years of work experience than the student could claim. He felt that adhering to the path toward his ideals was the courageous course.

It’s not easy to render a Dean speechless. He was courageous, perhaps; but focused to the point of self-absorption. My mind braced itself against the vision, expectations, and audacity of the student, all of them impermeable to the realities of the job market. Did the student remember Shakespeare’s words that discretion is the better part of valor? I thought of the interview slot that this student had taken despite his intentions to head into an entirely different field—what did this imply about the student’s integrity and regard for his peers? I thought of the hours he had spent in career counseling at the school: what had he learned? I reflected on the consulting firm itself: in the pursuit of the brightest, most interesting and charming hires, had they not asked sensible questions or heard the evidence that screamed the student’s disinterest?

Soon enough, I found my voice and conveyed all this to the student. And in my best coaching tones, I told him that he simply needed more seasoning before he could hope to gain the position of his dreams. With the miracle of modern medical advancements, he could look forward to a career of perhaps 50 years. He needed to pace himself and build toward his dream. From this standpoint, the consulting job would be excellent preparation.

His reply, in so many words, was “no.”

As this jobless recovery grinds on, job-seekers will need to find good words as opportunities appear: “yes,” or “let’s see how we can make this work,” or “let me consider how this offer can build toward outcomes we both want,” or “this has promising possibilities.” President Hogan was spot on: saying ‘yes’ does begin things. It is as unrealistic to expect to see the path forward with much clarity as it is to get the job of your dreams without seasoning, preparation, and a decent employment environment. Saying ‘yes’ buys you an option on the future: a chance to take a look around; a chance to learn by doing something new; a chance to launch your career. As we know, options are more valuable in times of heightened uncertainty, times like the present.

I applaud great determination and high goals. I hope that the day of abundant employment opportunities returns soon. But until then, the Darwinian grind of the job market will require more of seekers than the single-minded pursuit of a dream with the expectation of quick results.

  1. To preserve confidences, I have disguised the example. Nevertheless, the description reflects the essentials of the case. [↩]

Getting an MBA: When and Where

Published on October 17, 2009 in 2009 Archives. 1 Comment Tags: , , , , , , .

This fall, I am traveling extensively, reaching out to prospective applicants to the Darden School of Business at University of Virginia. Though my trips entail a lot of public speaking, I am listening too. The people in my audiences voice concerns about the recession—and international applicants are worried about visa problems that could affect job prospects, and capital market conditions that could affect the ability to get student loans. I respond that many observers in the U.S., including the head of the central bank, Benjamin Bernanke, declare the recession over; growth has begun. And as for visa problems, the quota of work permits in the U.S. went unfilled last spring. Finally, Darden managed to arrange special loan programs for international students—we aim to do so again this year, and will confirm such a program by early winter.

Still, these prospective applicants remain tough-minded, as they should be. They ask, is now the time to get an MBA? Where should I consider applying? These questions require careful reflection, since a considerable expenditure of time, effort, and money is at stake.

This is a good time to get an MBA degree. It would be easy to say this on the basis of exploiting the economic recovery that is just getting underway. Presumably the recovery will create a demand for MBAs that in two years will buoy job prospects. But betting on the economic cycle is always risky, as MBA graduates in the Class of 2009 discovered.

I think that the stronger argument is based on the long-term view: we are in the midst of a great industrial revolution, fueled by growth in global trade, productivity, innovation in information technology, social liberalization in civil and political rights, and the rise of a middle class in emerging countries. I’m not alone in this view. A couple of weeks ago, I hosted visits by George David, Chairman of the Board of United Technologies Corporation, and Paul Laudicina, Managing Partner and Chairman of A.T. Kearney—both of these leaders are bullish on the long-term future of the U.S. and global economies. This cycle of advance seems likely to take the better part of this century to run its course. And it will require new supplies of trained administrative talent to sustain the path of growth. Getting an MBA degree now prepares one to participate proactively in this industrial revolution: inventing new products and services, founding companies, solving problems, and leading large and small enterprises. From the perspective of the long term, this is an excellent time to get an MBA.

The decision about where to apply would be best informed by the answers to four questions:

1. In what theatre are you ambitious to work? Local? Regional? National? Global? My advice is to pick the broadest scope possible, since the competitive trends of the past and future suggest that the traditional geographic barriers of operation are dwindling. The most consequential problems and opportunities in business will transcend borders.

2. What do you need to learn to operate on the stage to which you aspire? Certainly, there is the canon of business ideas—the core knowledge of tools and concepts. Thanks to the diaspora of Ph.D. graduates from leading schools, the teaching of this core curriculum is by now widespread. Among the best schools, one’s choice doesn’t depend very much on differences in the content of the core curriculum. But schools do differ widely in the sense they make of the core tools and concepts: are these interpreted in a purely local light? Or are they considered for application more broadly? Do the schools focus on deep theory or best practice for application of the tools? Who are the exemplars in their application—are they local firms or global leaders? Significant differences in business practice persist across regions: the world of business is not perfectly “flat” or global; rather, it is at best curved. The chief implication of this is that business students need to understand how to apply business tools and concepts across many different localities. MBA aspirants must get out of their comfort zone. Go where you encounter a diverse student body and faculty; go where you can broaden what you know; go where you will be challenged rigorously.

3. How do you need to learn? Part of our comfort zone consists of familiar styles of classroom teaching, typically lectures combined with problem sets and the occasional test. Unfortunately, the real world of business isn’t so forgiving in the way it serves up challenges. Recognizing this, a number of business schools are adopting the use of case studies, simulations, and team-based projects to better mirror the processes of discovery, analysis, and resolution that occur at the best firms. But learning by these methods isn’t for everyone; you must be ready for it. Generally, my advice is to choose the approach that best fits how you need to grow. When in doubt, get out of your comfort zone. My take on the buoyant interest in the Darden MBA as I travel around the world is that talented young people are looking beyond their borders for promising new ideas around which to make a meaningful contribution with their lives.

4. How do you define “best”? With over 11,000 institutions in the world that grant degrees in business, an applicant has plenty of choice. My strong advice is not to settle for what is easy, cheap, or convenient. Reach for the best school you can attend—not just out of attraction for that glittering notion of a brand. Rather you should reach for the best schools because as the saying goes, eagles flock together: talented teachers and students tend to go to those schools where they are likely to find each other, challenge each other, grow together, and form a lifetime bond as the important basis for a personal network. You must define “best” in your terms and not just settle for the opinion of an impersonal ranking. Factors such as size, location, teaching style, diversity, culture, and special strengths of the school should figure into what’s “best” for you.

My message is that MBA applicants have a lot of choice and must do their homework before making a decision. I advise applicants today as follows: go anywhere in the world to study with the best and then apply your knowledge where your impact is likely to be greatest.

Why Blog? Why Twitter?

Published on September 22, 2009 in 2009 Archives and Archives. 1 Comment Tags: , , , , , , , , , , , , , .

“I don’t want to look like a fool,” replied my friend, the CEO, when asked why he didn’t blog or Twitter—he saw plenty of fools in the blogosphere. Another friend, a professor of law, stared at me wide-eyed and with no hint of self-mockery said, “you mean you write it yourself? You don’t have a lawyer review it?” Ever the risk manager, he had read reports of Courtney Love being sued for defamation and of Dallas Mavericks owner, Mark Cuban, who was fined by the National Basketball Association for criticizing another owner via Twitter.

A week ago, I gave an interview in which the journalist seemed keen to discuss my blog. Her main question was, “Why don’t more deans do this?” Certainly precious few do. My peer at UVA, Meredith Woo, Dean of the College of Arts and Sciences, has started to blog and Twitter. I told the journalist that blogging is time-consuming and that most deans are swamped with stuff. Sure, she said, but a number of CEOs manage to blog. I averred that most CEO blogs are to blogging what military music is to music: lots of oompah, less subtlety, and absolutely no improvisation. [1] A leader must want to blog in order to do it consistently and well. Given the obvious risks and demands of time, why blog? Why Twitter?

“Blog” is short for “web log,” a stream of postings by a writer to the general public. Today, millions of blogs fill the blogosphere. “Twitter is a microblogging service that allows members to report on what they’re seeing, thinking, and feeling by posting comments that are limited to just 140 characters each. You can subscribe to someone’s Twitter feed and receive what are called “tweets”—brief bits of information,” wrote Melissa Hart [2] Twitter has over 8 million users and is growing rapidly. It belongs to that elite club of companies whose names are ubiquitous and have become a verb, like Google and Xerox. A typical Twitter user contributes very rarely, says a poll conducted by Harvard Business Review. The top 10% of Twitter users account for 90% of tweets. It seems that Twitter is about a few people talking to lots of people rather than a lot of people talking to each other.

So, why should a leader participate in this? The answer: to engage a social network– these media help to build connectivity with one’s community. I find that it works. I’ve been blogging [3] for about 3 years and Twittering [4] for about a year. All of this has generated a steady stream of conversation and comment from the wider Darden community and groups outside. In contrast, email just doesn’t seem to cut it anymore. Emails from leaders to a community are treated by the recipients as just so much spam. But blogs and tweets get a different reception—as long as they deal with subjects on which the leader is knowledgeable and cares enough to write. A leader should consider blogging and Twittering for reasons including:

  • Frame an agenda. As the Proverb says, “without a vision, the people will wander.” An important role of leaders is to frame the mission and vision of the enterprise—or, at the very least, to ask the kind of questions that will kick-start the work of the community in framing a vision. In addition, the leader needs to help the enterprise look ahead, typically by identifying opportunities and challenges to be addressed. Blog postings of 1,000-1,500 words are ideal for this.
  • Reaffirm values. For instance, diversity and ethics are two values espoused by many corporations. But unless these values are articulated by the leader, messages about them begin to look like spam. Last winter, an applicant asked me whether Darden has an ethics problem, since I write about it so frequently; I answered that Darden doesn’t have an ethics problem, precisely because I write about it so frequently. See, for instance, my message on Darden as a community of ethics, which I send at the start of the calendar year, or my message on diversity, which I send on Martin Luther King day.
  • Participate in a conversation; learn from others. You can choose to be part of a conversation or be silent. But willful silence imposes a huge opportunity cost. Obviously, you must pick your fields of conversation prudently. I opine on the issues that I know something about and that cross my desk with regularity: problems of leadership in business, the ongoing economic crisis, coaching for students and executives, etc. The learning is tangible: among a circle of people you care to follow, you can gain a sense of changing priorities and interests. Jeffrey Pulver, an investor in Twitter, believes that “Twitter has forever changed the way people interact with the Web, making it possible for everyone to live online in what he calls the “state of now.” An application, Tweetdeck, gives you a real-time feed of the top subjects that are the current focus of discussion (called “Twitscoop.”) Twitter is a medium for conversation among like-minded people. Noam Cohen wrote, “Social networking, a distinctly 21st-century phenomenon, has already been credited with aiding protests from the Republic of Georgia to Egypt to Iceland. And Twitter, the newest social-networking tool, has been identified with two mass protests in a matter of months — in Moldova in April and in Iran last week, when hundreds of thousands of people took to the streets to oppose the official results of the presidential election.” [5]

My experience with the rising generation of MBA students and graduates is that they are adept at using these digital media to express ideas, and increasingly, they expect it of their leaders. I don’t think leaders have much choice—you cannot lead from behind. The conversations with my friends, the CEO, the law professor, and the journalist reinforce in my mind that the chief rule for blogging and Twittering is to write what you care about and what you know about. The time demand can be considerable, though I believe that the benefits probably outweigh the costs.

  1. Help me raise the standards here. I’d like to identify the best CEO blogs—for that purpose I ask my readers to hit the comment section with their nominees for the best. [↩]
  2. Melissa Hart, “The Trouble with Twitter”, The Chronicle Review July 27, 2009. [↩]
  3. My early blog postings can be found among my papers and case studies at ssrn.com—the postings mostly consider the trials and tribulations of teaching. [↩]
  4. Twitter at http://Twitter.com/Bob_Bruner. [↩]
  5. The New York Times, Sunday, June 21, 2009, “Twitter on the Barricades in Iran: Six Lessons Learned,” By Noam Cohen. [↩]