I have been hoping for the sterling to go down significantly for years and now it seems it might finally be happening, just in time before the first BIG chunk of tuition fees is due. The strong sterling killed me in my student years in St Andrews (ever tried to get by on a budget of £270 per month in the UK?) and now there is hope it won't hurt me another time!
According to an FT article , a list of bad news about the UK economy is pushing the sterling down:
- a record £10.96bn current account deficit in the fourth quarter of 2005, or 3.6 per cent of gross domestic product
- a decline in mortgage approvals
- US short-term rates rising above the UK's for the first time since January 2001
On the other hand, the German economy seems to be picking up, with Porsche sales rising sharply and business confidence on record highs. The reason I'm following this closely is of course the tuition fees. Over the last month, tuition fees at LBS have fallen from €61,700 to €60,200. I'm strongly hoping for the sterling to fall below the €1.40 mark to push tuition fees down even further. Looking at current currency futures this is very likely.
Obviously, I don't want the UK economy to go down too much since I want to stay in London after the MBA. But still I think the end of the strong sterling is good news for all international students at LBS, alleged to make up 91% of the class.
By now all the R2 admits have received their offers, congratulations!! It's great to see the number of admits jump up! The first thing I did was to check what countries people come from. The class is getting more and more diverse!
Some other interesting statistics
- the current female share among admits is 29%, a great improvement compared to recent years (and decades, obviously)! LBS seems to be approaching US levels. I believe it's thanks to the generous women scholarships offered by LBS and several investment banks!
- Surprisingly enough, the number of admits has only jumped by +88, while there were 140 admits initially in R1. I always thought R2 was the biggest round? What happened? Update: Apparently it took a while to include all admits into the directory. In fact, the number of admits in R2 was around 220 vs. 140 in R1.
- It seems though that about 40 admits from R1 never paid the commitment fee so the number of R1 admits as shown on the portal is down to 100. On the one hand, the yield of 71% in R1 doesn't sound good for LBS. Or is this good? I don't really have a comparison.
Work is crazy at the moment so I don't have much to write much on here, but I look forward to meeting everyone at the admits weekend in May and I'm counting down the days till August 28th!
Last year the head of my company gave a moving speech to all the newly recruited analysts and associates. He wanted to make the point that being analytical and smart won't be enough in the future. He told the story of a team that had been complaining about the client project leader. They said he was inept and slowed down the whole project. They didn't know why he was so uncooperative and unmotivated. He went there to talk to some clients and find out what was going wrong. The response he got from the client employees was that everybody in the house knew that the project leader's child had had an accident and was in intensive care - except the consultants. The point he wanted to make was that we wouldn't get anywhere in this job if we couldn't connect to our clients and show interest and empathy to everybody we worked with. I think it is terrific that he wants to change company culture and make us focus more on personal relationships. On the other hand, I don't see how it is going to work.
If you want to be a management consultant, you need to accept sleeping away from home at least 3 nights per week, usually from Monday to at least Thursday. You are likely to work 14-16h per day and have no private life during the week. The type of people who are least likely to mind this lifestyle are those who suffer the least from lack of contact with friends and family. I am supposed to work when I have the flu, when it's my mother's birthday, I only get to see my cute nephew (see picture) a couple of hours on the weekend and I have to miss my boyfriend .... and then I'm supposed to care if my client's wife has depression or his child is ill? I just think there is an inherent contradiction here. Those people who really care about relationships and friendship cannot be happy in such a job and are likely to leave after a couple of years. I still think people who don't mind being away from family and friends 5 days a week for years are complete freaks. That's why I think consultants who've been in the job for a long time are unlikely to be compassionate about other people's personal problems, as they are insensitive even to their own.
That's why I'm very eager to change jobs post-MBA. I am afraid I might turn into more of a freak if I stay (and if not I'll be unhappy most of the time). Now it's only 3-4 more months of work, which is excellent. I've also started a new project now with much much nicer people than in my last two projects so I'm very happy and know that the weeks will fly by. Soon I will enjoy the admits weekend and then pack my bags and move to London!
This weekend I have had my first encounter with some of my future classmates!
Friday night I went out in Kensington and Notting Hill, and even though I enjoyed myself very much, I started to doubt heavily if I should move to London. Everything is so expensive, rents are crazy and it really depresses me to think how poor I will be! From a short-term financial perspective, it is really crazy to go to London Business School, while INSEAD would be a financially healthy option (low living expenses in Singapore, a one-year program, probably same starting salary and bonus afterwards...) but somehow in life I have not often made those "rational" choices. In the end I want to be happy, and I think I will enjoy life more at London Business School, should I blame myself for that?
Luckily, lots of my doubts were removed on Saturday afternoon when I met some of my future classmates! What a nice bunch of people! Unfortunately we were only 5 people of the class of 2008 who got together in "The Volunteer" near the school, luckily we were also joined by Rusgirl who happened to be in London that weekend like me. Apart from seeing how nice people were and how much I would enjoy spending more time with them and meeting the other 300 classmates, I got valuable advice on how to live, where to live etc., apparently it is possible to pay less than 200 pounds per week rent! I think the rent is still the aspect that most scares me. Hard to believe that only two years ago I was agonizing over the 50 pounds I paid per week for student housing in St Andrews (true, I don't intend to live in a freezing ground floor room that is dark and 10sq meters in size anymore-20sq m and heating would be nice!)!
I am excited about the admits weekend in May, hopefully I will be able to find flatmates and meet a lot more people from my program. My first impression of my future classmates is excellent and I am very excited about meeting more people in the coming months!
The saddest news from my job are that I have hit the record this week with 8 flights within one week, though I have to admit 2 of them were private (to London and back :-) ). I guess choosing a private equity project was not the smartest decision after all ;-). The project is over now though and the next project will be more relaxed, I will only have the regular two flights per week for the next 4 months (except for a team event that seems to be planned in Milan), so I won't complain too much.
Inspired by KV's blog, I added a global visitors map on my blog a few days ago. It's great to see how many visit this blog from so many places, I didn't expect to have so many people visiting from places like Ghana, Indonesia and Egypt, amazing! Unfortunately I also feel really guilty since I have this information, I'm sure some hopeful LBS applicants come here looking for useful information and end up reading about the best shoe stores in Madrid and my holiday in Uzbekistan, sorry guys ;-)! So I think it's time again for a real "LBS application blog", especially since the R3 deadline is coming up next Friday!
Let's go through the application. I made sure to get all those things out of the way very early that usually take a long time because they're not under your control . So even though R1 deadline was in October, I already organized my official transcripts and two letters of recommendation letters in August. This was lucky because it turned out one of the letters of recommendation got lost and I had to ask my referee, a busy partner of my company, to write it again. The problem with the recommendation forms is the way they're made your referee is likely to fill them in by hand, which causes problems if it gets lost. Try to convince them to type their answers in word so they can easily access them in case something get lost. Also, the second time I asked the referees to give the letters of recommendation to me in a sealed envelope and I sent them together with my application to ensure they don't get lost again.
The next big step was taking the GMAT, in my opinion a very important part of the application, despite what schools say. I won't write much about the GMAT, as there is so much information out there. If you don't have time, I think the most important thing is to download the two sample tests from the official GMAT website and buy one of the books for revision. I bought the Princeton Review (Cracking the GMAT) and was extremely satisfied with the book, it helped me to review all the forgotten concepts of geometry and offers lots of small tricks, helpful formulas and shortcuts. After reading about how the GMAT works and reviewing formulas, I took the first of the two official practice tests to know how much more I had to study. It turned out I got 99% in verbal and only 75% in quant so from then on I studied only maths, no verbal questions, which significantly reduced what I had to study. So these diagnostic tests are very helpful to focus your efforts. About one or two weeks before the GMAT I panicked a bit and bought Kaplan's GMAT800 and visited the gmatclub website, but I think they made me more nervous than anything, so I actually think it's much better to focus on the basics and sleep well before the test. One thing I wish I had known was how many probability questions would come up (they are hardly touched upon in the practice tests and books). I read that they are reserved for the highest scorers and even then you would only get one or two of them, so I didn't bother studying probability problems very much, but it turned out I got 4 pretty complicated probability questions, most of which I was unable to solve because I didn't know the necessary formulas and they were a bit too complex for me to solve them by logic alone. There is quite a good review of probability problems on the gmatclub website. Many people also recommend using the Official Guide to the GMAT. Unfortunately I didn't know about that so I never used it, but based on the material I read afterwards I would suggest everyone to go for Princeton Review, The Official Guide and gmatclub website. Recently, a new website has been set up, it's called beat the GMAT and also looks very helpful!
Another word of advice on the GMAT (maybe this is only relevant for the overly ambitious and impatient like me :-) ) . Apart from preparation and your brain, the third very important factor is your health and fitness on the day of the test. If you don't feel well, definitely reschedule the appointment for the next available date, even if it means having to apply in R2 instead of R1. In my case, I was too stupid to do that. I had quite a serious head injury four days before the GMAT (I was overly tired after 16h of work and ran into the corner of a shelf in my office, creating a little hole in my forehead and forcing me to go to hospital for the night). Still, I was determined on taking the GMAT, since otherwise I would have had to apply for R2, and I just wanted to know if I could go to LBS before X-mas. Though I scored okay, I had a strong headache for the second part of the GMAT and in the end rushed through it to get home fast. I scored about 50 points lower than I had scored on the practice tests and than what I thought should be a realistic score for me. I'm not saying reschedule it if you have a bit of a cold, but if you have fever or feel very tired in any way or have a headache, make sure you only go if you feel your performance won't be affected. In my case, it worked out fine, but there is a big difference between a score of 690 and a score of 660 (think about the shape of the bell curve!).
A very small part of the application is adding your CV, and I think this is the most underrated part. I don't think it's about how you present yourself so much as what you have done in your life. People always worry so much about the essays and what they should write and how and when they should call the adcom, while I believe the most important thing is what grades you got at school and what you did in your life in terms of internships, extracurriculars and work experience. Especially at LBS I think it is important to show you have international experience, so don't forget about your CV while worrying about essays. This always makes me think about very good networking advice I once read on the web. It was buy a networking guru who complained about friends who would call him saying "I just lost my job and need to start networking now, how do I do that?" - his answer would be "networking is what you should have been doing for the last two years while you still had a job!". Basically, what I want to say that essay writing and CV compiling is not really the activity that decides if you get into business school or not. What matters most is what you have done for the last 5 years, and if you have done well, writing the essays and compiling a convincing CV will be much easier.
The essay questions are all pretty straightforward, such as why do you want to do an MBA, what do you want to do afterwards and so on. I didn't really have a great strategy there but just answered them very honestly. One thing that helped me a lot though was having the essays checked by an alumna who had just joined my company a month earlier. She was happy to help me to promote LBS, so she reviewed my essays, corrected a bit of grammar and gave me very useful hints on how to make my answers more concrete. The only essay I had a big problem with was the one about "which social event do you see yourself initiating"? Browsing the LBS website, it seems like every club already existed, every event already existed, and I could hardly say "I think the women in business club is a great thing and I want to participate", that wouldn't be original! So I actually had the whole application done, the GMAT out of the way etc. but couldn't send my application because I was so uninspired. I was trying to think of something very meaningful or impressive, which made it even harder to even start. In the end, a colleague rescued me. We were going back home on the plane on a Friday night, all tired and foolish, and I was telling him about my drama with this essay questions. He said he would just write something completely absurd and exaggerated, making the adcom think I was either really funny or really stupid. So in the end I just forgot everything about rescuing the world and thought of an event that would be really fun and make people laugh, and from then on it was very easy to write the essay. In fact, I would really like to set up this event at the beginning of the school year, let's see!
I think among all those four items I had to list responding to the tag, there was one important category missing.
Four things I want to do over the next 5 years
- Learn Karate. Karate has fascinated me for the last 15 years. Somehow I never got to do it because I was doing lots of other sports. I tried Taek Won Do for half a year but had to join an advanced course (it was the only one offered at my university) and it was too tough, I became frustrated. I still really want to learn Karate but I wonder am I too old to start at 27? I know I'll never be a blackbelt or karate star, but as long as I can defend myself I would be very happy
- Get a driver's license. This is pretty embarassing. I just never took one. At the beginning, I just found it too expensive and I didn't really need one. Then I didn't have time. Then I was moving a lot, then I lived in the UK and didn't want to learn to drive "on the wrong side of the road" and now I'm away from home from Monday to Friday for my job and I REALLY don't want to spend my precious spare time on weekends taking driving lessons. But when I move to London I definitely need to get a driver's license
- Start having children. This is something I cannot compromise on. I would reallly love to have children already but I know it will be difficult during the MBA and also straight after that. I don't thing starting an investment banking career just when you're about to have a child is good, neither for the baby nor for your career. So I have to wait a few years but I definitely won't wait more than 5 years so that's the most important thing I'll do, no matter what (FYI: I have already found the perfect future father so that's not going to be a problem ;-) ).
- Play the guitar. Another thing I hope to be picking up at business school. As a child, I played the piano for 9 years. Then I played the guitar for five years. I even had a Fender electrical guitar. Unfortunately I was too lazy to practice and ended up giving the guitar to my cousin when I was 20 or so. This Christmas, my mother gave me an acoustic guitar so I could start playing again on the weekends to relax. A month has passed and I still haven't played the guitar even once. It's embarrassing. I really hope I'll start playing soon. It would be great to have a flatmate who plays the guitar so he/she could teach me some thing and we could play together, maybe I would overcome my lazyness.
Those are my wishes for today, over the next days I have to give more application advice as it seems that R2 applicants have been invited for interviews and R3 deadline is coming up soon. Regarding the R2 applicants I am quite sad today. I have a very good friend and colleague who applied in R2 and I really wished she would be my classmate but she hasn't been invited for an interview and has been asked to reapply. She has the most impressive profile ever but only 1 year of work experience. It's sad the work experience requirements are so strict. I can understand you can be sceptical about someone's leadership skills when they are 20, but in the interest of diversity why not take one person like that into your class, because she is not going to reapply, she'll just end up going to another business school this year. So that's very sad.
I have been hoping for the sterling to go down significantly for years and now it seems it might finally be happening, just in time before the first BIG chunk of tuition fees is due. The strong sterling killed me in my student years in St Andrews (ever tried to get by on a budget of £270 per month in the UK?) and now there is hope it won't hurt me another time!
