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留学参考:How Yale SOM Crashed The M7 Party  

2017-05-03 03:04:08|  分类: 学校与选校 |  标签: |举报 |字号 订阅

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留学参考:How Yale SOM Crashed The M7 Party
 
BY: JOHN A. BYRNE ON MAY 01, 2017

 

 

For Amy Saltzman, it really came down to three business schools: Wharton, Dartmouth Tuck, and Yale University’s School of Management. When she was mulling over those choices, at least seven out of ten people urged her to go to Wharton. After all, it was the higher ranked school with the most well-known MBA program.

“I got a lot of opinions,” recalls the 29-year-old Saltzman. “The whole process is filled with self-doubt and self-reflection, and my initial gut instinct said it had to be Wharton. Was that even a question? Besides, Yale had not been on my radar before. But I visited the program, saw how global and diverse it was. It was such an eclectic group of students that I felt it was really unique.”

She turned down both Wharton and Tuck and has never looked back. After spending four and one-half years in international development in China and two years at a nonprofit in New York, Saltzman became part of SOM’s Class of 2018. “It really came down to what kind of people did I want to shape and inform my opinions about business and the world and what kind of person I wanted to be coming out of school,” she says.

SOM HAS MORE APPLICANTS PER SEAT THAN MOST PEER SCHOOLS

It’s a sign of the times. The top three undergraduate universities have long been known by the shorthand HYP (Harvard, Yale and Princeton), while the top three business schools have gone by the acronym HSW, obviously meaning Harvard, Stanford, and Wharton. In recent years, the University of Chicago’s Booth School of Business has come on so strong that many think the W has fallen off the acronym. Given the momentum of Yale’s School of Management, however, it could very well become HSY in the not too distant future.At the very least, SOM has crashed the M7 party, the term used to describe the magnificent seven best MBA programs in the world.

True, Yale only solidly broke into the Top Ten of U.S. MBA programs a year ago when it placed ninth. But the school has formidable momentum. Regardless of the rankings–which consider a wide variety of metrics, including those that hardly measure changes in quality–all indications are that SOM has decisively turned a corner under Dean Edward ‘Ted’ Snyder. Since his arrival in July of 2011, applications to the school’s MBA program are up a whopping 46%, more than any other peer school, at a time when applications to two-year MBA programs have generally declined.

With a 13% increase in the latest admissions cycle, Yale SOM has for the first time received more than 4,000 applications, or roughly 4,114 applicants, for its 340 seats. There are now more applicants per classroom seat at Yale, 12.3 candidates for every available classroom slot, than Harvard (10.4), Columbia (9.9), Kellogg (9.6), Wharton (7.8), or Chicago Booth (7.0).

THE ACADEMIC QUALITY OF ITS LATEST INCOMING CLASS WAS JUDGED SECOND BEST

But it’s not merely a numbers game. The overall quality of Yale’s applicant pool has shown steady and remarkable improvement, from visible and less visible metrics. The average GMAT of the entire applicant pool this year exceeded 700 for the first time at 702, a 14-point improvement over the 688 five years earlier in 2012. The average undergraduate GPA for the entire pool hit 3.49 last year, up from the 3.40 in 2012. Meantime, the average GMAT for the enrolled class hit a record 725 last year, up from 720 in 2012, while the average GPA for incoming students was 3.63, better than 3.54 in 2012 (see table on next page).

“We’ve always attracted top candidates to Yale SOM, but what has struck me over the past several years is the depth of the applicant pool, which means that there really is no ‘tail’ to the class anymore,” says Bruce DelMonico, director of MBA admissions. “Deciding who to admit among this deep pool of candidates has been an increasingly difficult task, but it is certainly a good problem to have and one we take very seriously.”

When U.S. News published its latest MBA ranking earlier this year, in fact, the magazine informed the school that it ranked second (behind only Stanford) in the academic quality of its students on a composite GMAT/GRE score, which is used in U.S. News‘ ranking calculations (this data is only disclosed to the schools and not publicly available but Poets&Quants has confirmed the U.S. Newscalculation.) That’s especially significant because Yale SOM boasts among the highest percentages of enrolled students who take the GRE, 22%. That’s more than three times Columbia Business School (7%) or more than twice as many as Wharton (9%), a testament to the broader range of intellectual interests and academic backgrounds that make up SOM’s student body.

TOTAL MEDIAN PAY FOR SOM GRADS NOW EXCEEDS THOSE AT COLUMBIA, MIT & CHICAGO

Current students say they can actually see the improvement in their classmates and the responses they’re getting from potential employers. “In my two years here, people really feel that the quality of the class has consistently improved,” says Bernier Lauredan Jr., a second-year MBA who will graduate this month. Recruiters are telling us they are more and more interested in SOM talent. You feel it. Every class seems to be raising the bar.”

And even though SOM places 6% of its class into non-profit and public sector jobs where the pay is significantly lower, the total median compensation packages of $148,761 landed by SOM graduates last year was roughly equal to those achieved by graduates of Wharton where just 2.3% go into social impact jobs and more than MBAs from many other prestige schools, including Columbia, MIT Sloan, Chicago Booth, and UC-Berkeley Haas.

Some admitted SOM applicants, concedes Lauredan, will sometimes ask him why so few graduates are hired by a specific gold-plated company, not taking into account the fact that the size of Yale’s graduating 340-student class is little more than a third of Harvard (930) and less than half of Wharton (850), or Columbia (780). “Our interests are much more diverse and our class size is much smaller,” says Lauredan, who helped to organize SOM’s Welcome Weekend as admissions chair of the student government group. “I never felt like I was at a disadvantage by not being at another school. SOM is becoming a much bigger part of the success of Yale as an institution. So you can tap into Yale College and Yale Law School We’re right up there in terms of what you can achieve and what you can get.”

MBA Applications To Yale SOM Have Soared

Even not accounting for the latest 13.2% increase in MBA applications this year, SOM has seen strong growth in demand for its MBA program. From 2009 to 2016, applications were up 30.8%, compared to a 19.6% decline at Columbia Business School

School Applications For Class Entering 2009 Applications for Class Entering 2016 % Change
UC-Berkeley (Haas) 4,064 3,957 -2.6%
Chicago (Booth) 3,843 4,117 7.1%
Columbia 6,885 5,534 -19.6%
Dartmouth (Tuck) 2,804 2,623 -6.5%
Harvard 9,093 9,759 7.3%
Northwestern (Kellogg) 5,268 4,553 -13.6%
Stanford 7,536 8,116 7.7%
Penn (Wharton) 7,493 6,679 -10.9%
Yale SOM 2,790 3,649 30.8%

Source: P&Q analysis Get the data

 

WINE WITH ROSENFELD, A PEPE’S PIZZA WITH CHANOS

Even when it comes to a hard core business field such as finance, students tout the expertise and the accessibility of the SOM faculty.  Many courses, including Fixed Income, Financial Fraud, Endowment Management, and Deals—feature small classes. “These are really small classes, sometimes less than 15 people,” says Andres A. Martinez, a second-year MBA in the Class of 2017. “This allows you to develop a personal relationship with the professors.”

“When I read ‘When Genius Failed,’ I never knew that I would become good friends with Eric Rosenfeld and have a glass of his wine – called Convexity – a few months later. In the case of Jim Chanos, he invites 10 students for a pizza at Frank Pepe’s after class every Monday. Rumor has it that if you get High Honors, you are in the running for an internship at his hedge fund: Kynikos Associates.”

Martinez helped to organize the school’s private equity and venture capital symposium this year, an event that attracted more than 400 attendees, up from just 150 a year earlier. The symposium featured more than 45 speakers from all over the world, including Joshua Bekenstein, co-chairman of Bain Capital, and Hamilton James, president and COO of Blackstone. Those kind of student initiatives are exploding, despite the rather small 340 intake of students every year. Yet another MBA candidate, Russia-born Dmitry Aksakov, was the co-organizer of a student-run weeklong trip to Russia in March for some 60 SOMers who met with several of the country’s elite, including Pyotr Aven, the head of Russia’s largest private bank; Anatoly Aksakov, chairman of a Duma financial committee; and Elvira Nabiullina, the governor of the Central Bank of Russia.

FLOORED AT HOW GENUINELY HELPFUL, DOWN-TO-EARTH & CARING STUDENTS WERE

The school’s emergence, moreover, has not come at the expense of its highly inclusive culture of collaboration, compassion and interest in doing right in the world. “We’re not as much a culture of entitlement or hubris here,” insists Jain. “It’s more of a culture of hard work, humility and a recogition of the extraordinary privilege we all have to be at this institution. If students begin to think that just getting in is all the credential they need, then it’s a very corrosive influence on the school’s culture. That attitude hasn’t occurred here at all.”

That view is confirmed by both applicants and current students. Weili Wang, who works for a biotech firm in San Diego and boasts a master’s in molecular microbiology from USC, remembers attending a winter social to meet current first-year SOM students in San Francisco in December. “I recall walking away from the event absolutely floored at how genuinely helpful, down-to-earth, and caring the students were,” he says. ” I sensed that SOM’s mission truly mattered to them based on their past experiences as well as future post-MBA goals.  One student even went as far as helping me with applications for other schools because she remembers being in my shoes as an anxious applicant.  When I received the interview invite, she also coached and offered to host me in her house so I could save on travel costs.”

Wang says he noted research done by a current SOM professor in his application essay. Once accepted, he received a warm welcome email from her stating that it was “touching, inspiring, and encouraging” that his experiences resonated with her work. Admitted to SOM in round two, Wang has already put down his deposit to be in SOM’s Class of 2019. He has no doubts. “I apologize if I sound like a SOM cheerleader, but I think a quote by a current student best sums up my decision process: ‘I wouldn’t say I picked Yale, I was very fortunate to have been picked by Yale.'”

‘IT WAS A CLEAR SIGNAL TO ME’

Lauredan, 29, who will be going to work for Bain & Co. after graduation, agrees. “SOM is a real community and it’s very diverse, not only in terms of academic backgrounds and companies, but in the thought process of the students,” he says. “When I came to Welcome Weekend (the event SOM holds to get admitted students to commit to the school), I  was definitely leaning SOM.  But it was seeing the mission resonate with the students and seeing how close the community is that really sold me on the school. There are fewer silos here than I saw at other programs. And people here have a broad-minded view of the world in general and are willing to connect with people who are very different from them. We are a very different program from Wharton or Booth. Besides the smaller size of our program, it’s pretty clear there is a different kind of feeling there. It’s a place I knew I could have impact. You can leave your own mark here.”

Saltzman, for one, has no regrets about her decision. She recalls the moment that helped her decide she would go to SOM. It was soon after a phone call with her cousin-in-law who intended to apply to business school a year later. At the time, Saltzman was still undecided. “I had been going back and forth and even my husband was making fun of me,” she says. “I was on the phone with my cousin and she said that if she got into SOM, it would make her so happy. I felt genuinely happy that SOM was her first choice, and I realized that I already had that choice. It was a clear signal to me.”

One of her most memorable experiences at SOM centers around a Monday evening event called Voices. Every Monday, three to four classmates give 15-minute presentations about their lives. “It is really personal,” she says. “We just sit there and listen to our classmates speak about their personal struggles or and successes. It’s very powerful. People are being really vulnerable in front of each other. I have gotten to know and have so much more respect for my classmates, knowing what they had to overcome and what they have achieved.”

As in everything in life, however, perceptions still matter, especially to the less informed. It’s a reality grasped by Jain, for sure. “The lag that always exists between reputation and reality has shrunk a little bit as our graduates have gone into the world and lived the mission,” says Jain. “We’re a young school so it takes some time for the reputation to fully reflect the substnace of what we’re doing. But if we stay true to this path, we will continue to close the gap between reputation and reality. Yale will still be a different kind of a place.”

 

‘THE WORLD IS COMING AROUND TO THE SCHOOL’S ORIGINAL MISSION’

The increasing stature of the school is reflected in what the win-loss rate against its peers, a relatively invisible measure that is closely tracked by the school. “Our win-to-lose ratios are virtually improving with every other peer institution,” says Anjani Jain, senior associate dean for MBA programs. “We are not there yet with Harvard and Stanford. It’s hard for a student to turn down those offers. But our win-to-lose rations are improving against Wharton, Booth, Kellogg, MIT, and Columbia. For those schools, the ratio is still slightly in their favor, although the trend is in our direction. And with respect to all other schools, the ratio is in our favor. We are now in the consideration set for the most competitive applicants.”

SOM administrators attribute the school’s momentum to a confluence of factors, from a more clearly defined mission to be the most global U.S. business school and increasing the business school’s outreach to the wider university, to significant improvement in rankings, a new world-class facility and its adherence to training leaders for both the public and private sectors. That latter goal, established when the school accepted its first class of 46 students in 1976, to set it apart from rivals, seems to be more appealing now than ever with millennials eager to embrace a higher purpose for business.

“Since Ted’s arrival, there has been a clear articulation of the school’s mission and strategy,” believes Jain, who with David Bach from IE Business School in Spain, has helped to lead the changes. “The world is also coming around to the mission more. Our aspiration to create leaders who have elevated lines of sight and have a sense of purpose tends to resonate more with aspiring MBA students and the generation now entering business schools. They identify with this larger purpose of business as being a good for society. It has helped the school become more prominent.”

LOW STUDENT-TO-FACULTY RATIO OF UNDER EIGHT-TO-ONE

But there are other, more subtle, distinctions that favor the school, from an exceptionally low student-to-faculty ratio to the unusually high level of university support for the average MBA student. At slightly less than eight students to every faculty member, SOM’s student-to-faculty ratio is among the lowest of any rival schools. In fact, it’s roughly half or even a third of what it is at peer institutions.

A rarely disclosed number but one that provides much insight into the investments being made in an MBA program is the percentage of a school’s operating budget covered by tuition and fees. At SOM, less than 35% of the school’s budget is accounted for by tuition, while at many peer schools it is often more than half. The remaining 65% of the school’s operating costs are shouldered by SOM’s endowment and annual gift giving. Translation: SOM students are getting more bang for their buck than MBA candidates at many other schools.

“The school has devoted its faculty resources to student education in a way that is truly remarkable,” believes Jain. “That makes the student experience unique.” It’s one reason why SOM’s redesigned core curriculum in 2008 led to integrated perspectives across the business disciplines. “An integrated core curriculum is hard to replicate in other business schools because it requires more faculty resources per student,” adds Jain.

YALE SOM IS NOW BEHIND ONLY DARTMOUTH TUCK IN ALUMNI ANNUAL GIVING

This plays out in other ways throughout the two-year experience. One small example is that SOM picks up the tab–roughly $6,000 per student–to send MBA students on a required global immersion. At Wharton, the global immersion program is an additional undisclosed cost to students. The same is true at Stanford where the cost of a global study trip is estimated to cost up to an extra $4,000.

And here’s another crucial sign of momentum: alumni support. Though the school’s alumni network is much smaller than rivals, the loyalty of that network is noteworthy. In 2015-2016, for only the second time in the school’s 40-year history, the alumni giving rate topped 50%, with some 51.9% of SOM alumni giving back to the school through its Alumni Fund, up from 51.5% the previous year. That’s significantly better than any peer school with one exception: Dartmouth’s Tuck School of Business, with its 70% participation rate. SOM’s numbers are more than double the typical rates of peer schools. Alumni giving at Columbia, MIT Sloan and Chicago Booth, for example, are routinely below 20%. It helped that SOM smartly used students in a Mastering Influence and Persuasion course at the phonathon for the Yale SOM Alumni Fund.

SOM is also attracting superior faculty and providing open doors to them because of the school’s small size and location in New Haven, CT. “In all disciplines of management, our faculty has grown their impact on the world of practice,” believes Jain. “Their visibility on the world of practice has consistently become better.” One of most recent prized hires is Tobias J. Moskowitz, an acclaimed scholar previously at the University of Chicago Booth School of Business, It also never hurts to have a Nobel Prize winner on the faculty. Robert Shiller, who has a joint appointment with SOM’s finance faculty and Yale’s economics department, won the Nobel in 2013.

 

 

以上内容摘自:

http://poetsandquants.com/2017/05/01/yale-som-crashed-m7-party/

 

 

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