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What Do You Want To Do When You Graduate?

Before arriving at Kellogg last year, we were all required to take a few personality tests. One was the CareerLeader test, which made to help us assess what careers we wanted to go into. Another was the  Meyers Briggs test which gave us our personality types. Whether accurate or not, these tests helped us to not only learn about ourselves but also to think more about the things we were most interested in pursuing. To help us to answer that one question that today lingers in everyone’s mind. “What do you want to do when you graduate?”

A few weeks into the semester, just about everyone I’ve talked to was undergoing this process of self-examination.  They were examining the full spectrum of careers at their fingertips. Having discussions about industries like consulting and finance. Asking themselves if they wanted to recruit a second time. And trying to get competitive information on what classmates are doing. And this isn’t just people with jobs that weren’t considered good enough. These are also people with jobs that everyone wanted.

For example, just last night I had dinner with one of my best friends, Chris. Chris spent the summer at McKinsey and Company, which is one of the most sought after employers here on campus. And even though he enjoyed his experience, he’s undergoing the same reflection process. This was something we talked about for nearly an hour.

Similarly, I spoke with one of my JD-MBA classmates last week and asked him about his experience in the investment banking industry. He worked at one of the biggest banks in New York City and was something he had his eyes on from the first day he stepped on Kellogg’s campus.  “I don’t know what I want to do, but I know that I don’t want to do that” was his first response. He said the hours were bad, the work was not what he wanted to do, and the job didn’t seem to get better even at the highest levels.

Having spoken with a lot people this year and last year, I know that these experiences are certainly not unique.  Because at some point at the beginning of the second year, everyone starts asking themselves what they want to do. And not just upon graduation but also over the long run.  And just as we start thinking about all these things, we start getting emails and calls from recruiters.

In some cases people feel the pressure to conform. They decide to give consulting another shot and to aim for strategy and private equity jobs. Jobs that not only pay well but also have high prestige and are admired by their classmates.

On the other hand, students like the classmates I mentioned above are doing just the opposite. They learned firsthand that the grass was greener from the other side and that the career was not for them. So they decided they wouldn’t be swayed but the allure of the company on campus and the masses of students pursued them year after year.

The point is that business school (and law school), we all undergo reflection toward the end of our terms. We reflect on the things that are most important to us and think about how that fits in with our proposed career paths. Then we see what the pay and career potential looks like and are forced to make decisions about what we want to do. And for most of us, these decisions seem gigantic. Like they’ll have a huge impact on the rest of our careers.

Big impact or not, we’ll all be spending a lot of time thinking about them over the next couple of weeks. Law students will wonder if they’re choosing the right firms. MBAs about whether they are pursuing money and prestige over their passions. And JD-MBAs a combination of both.

In sum, we’ll all be asking ourselves, “What do I want to do when I graduate?”

Stay tuned to hear more about what me and some of my classmates decide.

Did You Get An Offer? Are You Recruiting Again?

Unlike the legal market, the MBA job market has finally started to make a turnaround. Not only are students starting to get more interviews but some are also graduating with more job opportunities at their fingertips.  Given the environment, there’s only one thing on everyone’s mind now, as everyone starts to return back to campus. Did their classmates get a job offer? And are they going to do recruiting again this year?

At long last, it’s finally that time of year. Time when orientation for new students is over. Second year students are starting to linger back on to campus again. And everyone is starting to think about not only about full-time recruiting but also about really enjoying the final year of school.

For some, recruiting isn’t even an option, as the students have decided to take their summer employers up on their full time job offers. Of that group, many of the students got their first choice jobs last summer, so there isn’t any need to recruit again. For others, the students may not have gotten their first choice jobs but they got a job they ended up liking and were lured into going back either by the prospects of skipping recruiting this year or being offered big signing bonuses and tuition payments in lieu of recruiting.

But for others, the students can’t wait for recruiting to actually begin. It’s the chance to try something to find something different, as they may not have loved their internship this summer, whether or not it was their first choice last year. On the other hand, for others, the prospects of recruiting sound miserable. It means practicing more cases, doing more ‘forced’ networking, competing with classmates for positions again, and buying another set of new suits to wear everyday until you land a new job.

And then there’s one final group of people that just don’t know what to do.  They like their job offers but are still considering recruiting. Maybe so they can search for higher paying jobs. Maybe to get closer to their real dream job, even though they did get their first choice summer internship. And maybe because they know this is their one last hurrah to work for that big brand name company that is coming back to campus to interview in just a few weeks. No matter which of these camps people fit into, a lot of people are talking about offers these days.

I recently saw a few stats that significantly less than 50% of students, on average,  return to their summer employer. In fact, for many schools the number was closer to 30%. So when you take into account those that are sponsored, still less than 50% of students in top MBA program tend to go back, which is significantly different than law school, where the vast majority of students go back to the firm they spent the summer at.

That means that despite nearly half the people thrilled that they got an offer, 50% still need to worry about getting an offer this year, no matter whether they got one last summer or not.

Ideally, that 50% of people that need to recruit again did get an offer for the summer. That way, if they don’t get the job they were looking for, they still have a good employer to go back to. Likewise, it also makes interviews much easier, as often times in interviews employer will ask the question “Did you get an offer from your summer employer?”

For those that did not get an offer, they should come up a good reason why they didn’t. Maybe their employer didn’t give out any offers. Maybe the employer gave out some but couldn’t accommodate everyone; and in the student’s case someone at the firm would still be willing to recommend the candidate. Though in some cases, maybe the job wasn’t the right fit or performance was the issue.

Either way, people are thinking a lot more about offers now than they ever did before. And in the end, you realize that it’s not just important if you got a job offer last summer, but it’s more important that you got the right one this year if you decide to search again.

Best of luck to those that are starting their search. And congrats to those that are already finished.

Fall 2011 MLT Info Sessions at a Location Near You

Greetings everyone! I hope you are all having a good start to the Labor Day Weekend. Things are off to a good start here in Chicago. Not only have people been out and about in the city but also Kellogg CIM week has finally come to an end this week. Anyhow, I just wanted to pass along the word about some of the upcoming MLT and MBA Prep information sessions that are taking place in many of the major cities all across the United States.

As many of you may know, MLT is one of the premier career development organizations that equips high potential minorities in the United States. MLT has traditionally had events like these to inform people all over the country about the organization and to introduce them to alumni of the program. If you’re interesting in attending one of the events CLICK HERE to see the event calendar. If you find one that makes sense for you to attend, please CLICK HERE to RSVP.

As mentioned above, at the events, MLT national representatives and program alumni will give an overview of the program, share personal perspective, and answer your individual questions. Likewise, if you have any comments or questions in advance of attending, feel free to contact me as well.

See below for a listing of some of the upcoming events. MLT looks forward to seeing you there.

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The End of Summer Means It’s Offer Season

This is an interesting season for all business school and law school students across the US. When you step outside in the streets of Chicago, everything suggests that summer time is still here. Not only are people still wearing shorts, t-shirts, and dresses but others are still on vacations and on the beach. On the other hand, there’s also a lot of excitement in the air because the fall semester is also here. That means that fall classes are beginning to commence, current students are starting to think about what they want to do upon graduation, and last but not least, they are also starting to hear back about full-time offers from their summer employers.

Over the past two or so weeks, many of my law and business school classmates have been getting news from their summer employers. Some of them that work for typical employers that get back on the last day of work, which is a nice sigh of relief for those that received positive news. Others who have to wait a week or two before employers get back to them. And another group that won’t get responses anytime soon because their jobs are a tad less traditional. These firms don’t have typical recruiting cycles, so offers may not be given for a few more weeks, and perhaps maybe not for a few months.

Interestingly enough, as I was writing this entry, I recently heard back from one of my summer employers.  One of the firm Partners called me by phone and gave me the good news that the firm (and the group) wanted to extend me a position. The Partner noted that I was the only person that he was able to get live so far, which I suspect is because a lot of people are either still traveling or they are back in class these days.

In the legal world, most offers stay available until November 1, though in most cases it’s not ideal to make an employer wait so long. At big law firms, it’s possible the partners that really like you may start favoring other incoming associates that accepted offers more quickly.  At small law firms, that may not be the case, though it is likely that everyone at the firm would see that you waited, and in the legal world that typically means that you are thinking about other options, as law students do typically tend to go back to their summer employers.  The same thing could hold true at consulting firms.

On the business side, its a lot more typical to hold out on offers for a bit. However, in most cases, firms probably wouldn’t take it as personally as MBAs tend to switch jobs after the summer much more frequently. As a result, offers often extend past the November 1st deadline into December and January to allow students to partake in recruiting if they wish to.  In fact, just yesterday I spoke with a classmates that worked at a bigger company over the summer, and he said that he has until February to make a decision; and that his firm was completely understanding of him doing a second round of recruiting this year.

Whether or not you plan to go back to your summer, it feels pretty good to everyone to have an offer in hand. Not only does it relieve the stress in the current economic environment but it also means that you can start thinking more about what it is you want to do, rather than simply focusing on finding employment.  Because more important than just finding any job, is that you take the time to find one that you’re really passionate about.  Because only at that point,  will we be able to unlock your potential and achieve the utmost success in your role.

No matter which camp you fit into: Congratulations on your offers. And good luck in your continued search.

First Day of Classes … Again

Do you remember the last time you had a first day at school? You spent you first day touring your undergraduate university campus, buying books, and getting ready for orientation. Well what about the first day of your last year at school? The day you became a senior and you felt like you were on top of the whole world; like nothing could ever bring you down. Well, for those going to graduate school, we get to relive those moments all over again. We get one more chance at being the new kids on campus, and eventually one more chance at being the older kids on campus. And on Monday I joined my law school, business school and JD-MBA classmates as we embarked on our first day at Northwestern.

Incoming Kellogg students have long been awaiting this moment. Excited to finally have what some call a two year vacation. Thrilled not to have to go to work every single weekday morning. And pumped from heading all over the world on the Kellogg KWEST trips (CLICK HERE to see my post prior to my KWEST trip)

On the other side, Northwestern Law students have also been excited about starting law school. In large part because class, not orientation, actually started on Monday. This is finally the moment that many of them have been waiting for. Ready to prove they can excel in the classroom. Prove they have what it takes to be great lawyers and litigators. And convince the masses that they’re up to the challenge of not only getting great legal jobs, but also doing so in one of the worst economies ever.

No matter which group you belong to, classmates have been meeting up all over  Evanston and all throughout Chicago getting to know their classmates. This is especially true for those who first day comes in the final year being a student. For them, it’s the last year they won’t have to spend the great majority of their time in class but will also spend time working and meeting up with friends. So they’re excited to make the most of it.  To get to meet more of their classmates. And to help make the campus a better place.

Because this is such a big moment in one’s career as a student, the respective Deans will also be making appearances. At Kellogg, Dean Sally Blount will be making remarks next Wednesday at the OLC (Kellogg auditorium). I look forward to trying to attend that session. On the law school side, the new Dean Daniel Rodriguez will be making remarks today, in just a few hours (CLICK HERE for more information on him).

As part of their overall speeches we look forward to hearing about their plans for this year and their visions for the future. Likewise, I’m sure many of my classmates look forward to hearing about how Northwestern is doing in the current economic climate. Particularly on the law side, where things are still picking up from the recent recession.

But perhaps more interesting than all of that is that the talks will bring the student body together and hopefully inspire more collaboration than before. To come together during times of change and help new leaders be as successful as possible. Either way, the first few days should be fun for everyone.

And either way, all good things must eventually come to an end. And over the next few days/weeks we’ll all have to buckle down and get to work. For 1Ls classes will start picking up pretty quickly so they’ll be in the library for much of the day. For 3L/3Js, we’ll work harder to finish up our writing and other requirements we need to complete. For 1st years at Kellogg, orientation will come to an end and classes and networking sessions will soon pick up. And for 2nd years at Kellogg, recruiting happens in just a couple of weeks.

Best of luck no matter which camp you fit into. And best of luck if you’re applying this fall in hopes to be part of the group next year.

Stanford Alum and Dual Degree MBA Candidate, Leland Cheung, Seeks City Concil Re-election

In the past few weeks, I’ve highlighted a number of interesting professionals that come from top universities and MBA programs. In my last post, I wrote about a Stanford GSB alum who is working on bringing more women to Silicon Valley. Before that, I wrote about a friend of mine that recently launched a social network after his run for Congress. Well another person I know is named Leland Cheung. Leland is not only a dual degree student at MIT Sloan and Harvard’s Kennedy School of Government but he is also currently seeking re-election for Cambridge City Council.

Since graduating from Stanford, Leland has had a pretty interesting career.  He’s worked at organizations such as Space Adventures and Masthead Ventures (venture capital firm). He’s worked as a fellow at the Department of Energy. And he’s worked not only with the community in Boston but also with the National Association of Asian American Professionals.

In addition to these roles, Leland also recently secured the coveted position as a member of City Council in Cambridge. And after one year in office, Leland is gearing up for his second campaign.

According to Leland’s webpage, it’s shaping up to be a busy month. He’s been holding town hall meetings around the community and talking about ways we can improve our city, working with summer interns and participating in panels at the National Association of Asian American Professionals (NAAAP) career fair.

What I find most interesting about Leland is that he is demonstrating the real power of a business degree. His education has not only allowed him to have access to top jobs and networking opportunities but also to the political landscape of Cambridge and its most important policy issues.

In my view, top MBA programs need many more people just like Leland. That understand that business school is not only about careers like consulting, banking and strategy, but also about entrepreneurship and the public sector. That you don’t have to take the traditional route to be successful. And that you don’t have to follow the masses, just because you go to a certain school.

Likewise, the JD-MBA program here at Northwestern could also use more people just like this. People who are not only considering corporate law and business jobs but those who are also considering government and entrepreneurial roles.  If you fit in that category, the program would love to hear from you.

Either way, best of luck Leland on launching your new campaign.

To learn more about Leland, see http://www.electleland.org/.

Alley To The Valley and Women in the Start-Up Space

Have you ever wondered what it takes to become the next big entrepreneur in Silicon Valley? Or creating an internet company that takes off, not only locally but also all across the US? Or what about forming a social enterprise that really does have impact and change the world?  Well if you have dreamed about doing any of this, then perhaps you’ll find this organization interesting. The organization name is Alley for the Valley.

I talk a lot on my site about some of my MBA friends in the start up and non profit spaces. Well another one of my friends is taking part in a new organization. The organization name is Alley for the Valley, and one of my friends Lauren Westbrook from Stanford GSB is currently working with the organization.

Over this past summer, Lauren has been working for a company called Alley to the Valley through Stanford GSB’s Entrepreneurial Summer program. The organization is very interesting. Not only is it an exclusive (invite-only) organization for women but it’s also making a lot of headway into the Silicon Valley start-up space.  As of today, it’s been in the NY Times, it’s getting a ton of media attention and momentum, and many of its selected members are starting to get major funding opportunities, coveted jobs, media exposure, a chance to attend conferences alongisde like Rosie Rios (U.S. treasurer), Heidi Roizen (Silicon Valley investor/expert), and Sheryl Sandberg (COO of Facebook).

My friend Lauren is helping to handpicking some new members, and and reached out to me to help spread the word. As such, I wanted to post here to send out information on the group. It’s great seeing my friends use business school to not only improve their own careers but also to engage in entrepreneurial ventures and work toward changing the world.

Click here to learn more about the organization. See below for the official invitation that I received. And drop me a line if you’re interesting in hearing more.

Attend a Kellogg MBA Information Session on September 6, 2011

The Fall season is one of my favorite times of the year.  Not only because schools starts back up again but also because the MBA admissions cycle is in full swing. That means students will become visiting campus, sitting in on the classes, and contacting current students looking for a golden ticket to gain admissions into top MBA programs all over the country. Well, in addition to that, a lot of programs also hold information sessions across the country. And one of them happens to be put on by the Kellogg School of Management in early September.

At long last, the admission seasons is finally ramping up again. As such, I wanted to write a quick post to inform you about an upcoming Information Session in Chicago.  Since Chicago is a hub for people that apply to the Kellogg School, I thought I would pass along the official invitation for the event, which is put on by the Kellogg admissions team. I suspect that many of my readers might be interested in attending.

The event will be the first of two events that are held in Chicago. This one will be held on September 6, 2011 and the second will be held on a date which is still to be determined.

In general, these events are always a lot of fun. Not only are they are a great chance to mingle with lots of potential business school students, some who may even end up at Kellogg but also a great chance to meet admissions officers and learn more about the school.

See below for a snapshot of the invitation for the event.

MBA Internship Final Presentations

Thousands of MBAs finished their first year of business school in this past spring and went off into the workforce to start their summer internships. Some of them went into consulting. Others into banking and finance. And another group went to marketing, operations, general  management and a variety of other positions. But no matter which industry people went into, most of them do have one thing in common. At the end of the summer, you have to make a final presentation to some level of managers regarding the work you did for the summer.

If anecdotal evidence isn’t good enough for you, then I’d suggest taking a look at Facebook immediately. See what all your MBA friends are saying about work.  I did just that this morning and saw a pretty wide variety of messages.

In one case I saw a message that said “Today I have to present my final presentation. Wish me luck.” In another example, a status message said “Working late hours to finish my presentation to my client.”  Even this morning, one of my classmates and friends working at Pepsi for the summer left a message on her wall “final presentation today!! wish me luck!”  Even at 9:49am she had 7 “likes” (including me) and 13 “comments”.  A number of comments say “Good luck.” Others say “knock em dead.” And one even says, “You will amaze them with your brilliance, I am sure :).”

So why so many responses to such a simple message? That’s a good question. It’s because most MBAs, especially those at top schools undergo the exact same experience. They have to present what they worked on at the end of the summer. And those final two weeks can be pretty difficult, depending on the employer, industry, and manager you are working with because in a lot of cases not only are the expectations high but the pressure people put on themselves is also high.

During that time, students often work harder to tie up loose ends. Put in more time to fine tune all the details. And spend more time prepping to deliver a compelling presentation to senior management. All with one goal in mind – to get an offer.

In addition to getting an offer, many students also hope to refine their presentation skills, prove they can add value to an employer (even in two months), and even just make a good impression. After all, you never know if you’ll run into some of your summer co-workers again.

Either way, no matter what the reason is, if you just finished your first year of business school and find yourself with an MBA summer job, there’s a pretty big chance you’ll be doing exactly the same thing.

In sum, for those that just finished their presentations in the last week; congratulations.  For those finishing up this week; best of luck wrapping up.   And for those entering school now waiting until summer 2012 for their summer internship experience; get ready. Your time will come next sumer.

2011 Summer Update

Two years into the JD-MBA program, we’ve all finally come to realize how busy things keep being. In our first years we were 1Ls, which in most cases speaks for itself.  The following summer we had full time course loads in addition to many other activities. In my case, I had that and a full-time job at a law firm. In our second year, we were all first year students again but this time at Kellogg, where things were faster and more competitive than ever before. And this summer, most of us looked forward to having more free time. Except in my case, I decided to split my time at two jobs, launch a new website/company, and take a class at all at the same time. And as a result, the busy-ness has not stopped.

At long last, the JD-MBA program is two years in and our last summer is coming to an end. I spent the first half of my summer working at a consulting firm. Fortunately, my project was local which was nice because I got to come home every day. On the other hand, it also meant I had more time to work more hours and it also meant my commute was longer since I still live in Evanston and not downtown Chicago. Either way, this past week was my last week at the firm, so I look forward to starting my law firm gig in just a few days.

However, there is still one thing standing in between me and my time at the law firm, and that is a final exam I have on Monday.  The exam is for my class Administrative Law, a Constitutional Law class that not only requires a lot of reading but also a lot of writing, at least for the final exam. I’m looking at old practice exams now and it looks like I still have quite a bit of studying to do before the Final Exam on Monday. The exam takes place from 6pm to 9pm, just about one hour after I finish my first day at the law firm.

I am also working a lot this weekend on the website/ company that I am launching. At the moment, I’m in the process of looking for web developers for the site. Someone who not only build the site but also help maintain it in the short run in case I need updates or fixes. It’s taking a surprisingly long time to go through all the emails and figure out who the right person is to help out.

In addition to that, I also have to start shopping for items I’ll need for my KWEST trip. As I’ve mentioned here before, we’ll all be headed to Ecuador in just a couple of weeks, and I’ll need a large array of outdoor apparel, including boots, shirts, backpacks and toiletries.

And finally, I also have to choose classes for next year, a process which is much harder than it sounds. I have to balance my units at the law school with those at Kellogg. I have to be sure I satisfy all my law school requirements – Perspectives class, Professional Skills class, Ethics class, etc. I also have to think about how much to bid for my legal classes and pick teams for my Kellogg classes. A lot more complicated than I thought it would be.

As you might suspect, it sounds like this week is going to be hectic and that August in general is going to be a crazy month just like it was last summer. But either way, I can’t complain. Because just when August ends, things pick up even more. Not only does law school start, but then KWEST happens. Then recruiting also picks up. And then Kellogg classes begin.  It will be interesting to see how everything plays out over the upcoming weeks.

But perhaps more interesting is the fact that we’re all pretty far along the way now in the JD-MBA program. I can’t wait to see where all my classmates end up. I look forward to sharing more about it in the upcoming months. Stay tuned!

Emanuel Pleitez Helps Launch the Loft Institute Social Network

I have been fortunate to get to know some incredible professionals from the Stanford and JD-MBA networks, and I’ve talked about a few of them on the site before.  Well another one of them is good friend, and up-and-coming political organizer Emanuel Pleitez.  Emanuel is one of the few people I know that has thrived both in business and also in the public sector.  Since graduating from Stanford, Emanuel has not only spent time firms like Goldman and McKinsey but he has also worked with a number of community organizations. Recently, he even teamed up with the Hispanic Heritage Institute to launch social network, named the Loft Institute.

So you’re probably wondering, what is the Loft Institute?  Well a number of themes emerge.  It’s a network of hispanic professionals. A database of job and networking opportunities. And more broadly a way to bring fast track professionals together. The name Loft means “Latinos on the Fast Track.” And the mission of Loft is to reestablish the American workforce as a global competitor by investing in the youngest and fastest growing segment of the population – the Latino community.

Emanuel has some lofty goals for Loft. He’s using it to create leadership summits in big cities around the country. As a way to get Latino leaders in the same place at the same time. And as a venue to get young professionals and students from around the country to network with each other. In fact, Loft even came out with a new list of Loft Fellows to help do that just days ago.

Fortunately, it sounds like these goals are not far-fetched, as Loft has long been making an impact, even before the launch of the new website. Over the last six years LOFT Institute has had member all over the country. they work in government and private sector firms, as well as in Fortune 500 companies. They also in industries including engineering & technology, healthcare, retail, sales, business, finance, construction management, public service, public policy, and entertainment.

In addition to going to the Loft website Emanuel also maintains a blog and a Twitter Account, where he actively write updates about Loft. Likewise, in the future, you’ll probably also be able to find more information about Loft here on my website, as I’ll be helping as a new media advisor to the site.

In sum, if you’re have an idea that you think can change the world, be proactive and go for it. And even if you have a job that demands most of your time, figure out how to do it anyways. Because the best business leaders know, that its not just about doing well but it’s also about doing good. And that life is not only about making money and negotiating deals, but it’s also about helping others along the way.  And in the end, leaders will do whatever they can to make that happen.

Best of luck with Loft Emanuel.

Apply to Work in Venture Capital as a 2012 Springworks Scholar

Venture capital has long been most of the most alluring industries in America.  Not only are the payouts high and the work satisfying but you also get to work with some of the most innovative clients on the planet.  So people spend months, sometimes years, looking for ways to break into the industry. Some network with every firm they can possibly get in touch with. And others submit applications year after year hoping for that one shot. Well, as of this year, another way you can break into the industry is by participating in the Springworks Scholars program.

Springworks is a San-Francisco based non-profit focused on increasing diversity in the venture community. Just recently, the firm has launched a scholars program for incoming MBA students to give them access to the venture community.  Founded by Kellogg alum, Jorge Calderon, this program looks to be a groundbreaking opportunity.

As I mentioned in a recent post about the Morgan Stanley Insights program (CLICK HERE to read that post) I love these programs that seek to improve the diversity in the labor force. They provide students and young professionals with access to new channels and resources. They give opportunities to people who might otherwise not have a chance. And they give hope that we can all pursue the American dream.

But there’s only one catch. You have to finish the application right away, as it is due in just a few days on July 15. See below for a blurb on the program and for the link to the application:

Our first initiative, the Scholars program, is designed to identify, develop & support ‘under-targeted’ (currently defined as minority or female) business school students interested in either venture capital management or start-up management.  This two-year program is intended to augment the resources provided to students at their respective universities with additional coaching, mentorship, peer support, curriculum and experiential learning.

For the online application, click here.

For the summary PDF, click here.

Deep Dive

Ever heard of the terms “bucket,” “scope”, “T-shirt size” and “baseball cards”?  These are all words that are not only used in the consulting industry but often overused.  Incoming consultants are expected to learn them quickly. Even summer MBA consultants are expected to pick them up right away when having discussions with project teams. That’s definitely been my experience this summer, and one term that has specifically stuck out is the phrase “deep dive.”

One word that I’ve heard of a lot this summer is the term “deep dive.” Doing a “deep dive” means doing an in-depth exploration of a particular topic. Sometimes it’s learning more about the specific industry your client is in. Other times it’s learning about a particular function or business model that you don’t know much about. And sometimes it’s learning about a really technical topic.

Learning about all of these can be pretty challenging on their own. It’s even more challenging to do deep dives in more than one, such as a new industry and a new function. From experience this summer, I am actually working in all three areas. Not only am I working in an industry I don’t have experience in but I’m also working in a new functional area and it’s a topic that enormously technical. So in some ways, it’s a really really deep dive.

As a result, I’ve spent a lot of time reading up on the industry and its issues. Writing and rewriting slides where I didn’t have enough technical understanding. Sitting in on meetings and phone calls trying to figure out exactly how everything works at the company.

In some ways it’s fun to learn and in other ways it’s frustrating. But in some ways that’s the life of a consultant. Always learning. Often changing industries and functions, some of which you enjoy and others that you may not. And working through new business models.

In sum, consulting is filled with deep dives.

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For your reference, CLICK HERE for a list of other words that are used in consulting.

McCormick Scholars Program and Northwestern

Hey Everyone,  I hope you are having a good summer and fourth of July weekend. My summer has been busy. That’s because summer is in full swing, so business and law students are working hard at their summer jobs. That means that we’re getting up early everyday, making long commutes into the city from Evanston, and working long hours to meet deadlines, and perform well. Sounds like an enormous task, right? I think so too. But despite that, I’m also working on another project.  As the 2012 McCormick Scholar, I’m also working on a pretty large media project that I just kicked off this summer.

Just a few weeks ago, I found out that I was selected by the McCormick Foundation as 2012 scholar. The McCormick foundation was program was established to educate a new generation of leaders in the media industry and continue the foundation’s support for journalism at Northwestern. The website says that the awards “bring to almost $32 million the amount the foundation has awarded to these programs in the 50 years since the foundation was created in 1955” and that “twenty full-tuition merit scholarships will be awarded over the next ten years to business students and they will be awarded based on leadership potential and commitment to a career in the news media.”

To be considered, I had to submit a pretty extensive application this past spring. The application mirrored an MBA application, and included submitting things like a resume, data sheet, essays, and recommendations. I personally spent a good part of my time crafting the essays, partially because I really wanted to win but also because the essays were related to things I was really interested in. The challenging part was that the application deadline fell right in the middle of the on-campus interview season at Kellogg, so it took a lot of effort to work on both. But all the work was worth it in the end when I found out that I had been selected.

In addition to the money and prestige of the program, the best part of the scholarship is that it offers funding for a media project I’m working on.  I spent a lot of time refining my idea, formulating a plan, and figuring out who else to get involved. Over the course of a few weeks, I’ve refined some of the details and found other similar initiatives to see what made those successful. For now the project is in stealth mode, but once it’s up and running I will plan to share more about this project.

Either way, thanks to the McCormick Foundation for the funding. Thanks to Kellogg School of Management and The Medill School of Journalism for the opportunity. And thanks to the faculty and former scholars for selecting me. I appreciate your support and look forward to being part of the community.

Stay tuned for more details about the project. And be sure to apply to the program, if you come to Northwestern and media is something that your interested in pursuing.

Tags: internet, Kellogg, Mccormick, media

When Do People Come Up With Ideas for Companies?

I’ve often wondered about that moment when the light bulb goes off for entrepreneurs. The minute when they first come up with their “big idea” that they thought could make them millions. The second they feel so compelled to take the “leap of faith” that they have no other choice but to do it. That instant when they realize they have an idea that just might change the world. Not surprisingly, those moments are quite different for everyone.  As a result, I wanted to take a few minutes to brainstorm a list of times when people come up with ideas for companies.

Below is  list of times when you might possibly come up with an idea for your next company.

1. When you spot something on the job that doesn’t work well and come up with find a way to fix it
2. You find something that frustrates you, that’s hard to use, and that could be better. So you make it better
3. When you’re laying down at night and can’t sleep, so you dream about your company
4. When you don’t have a job and have extra time, so you figure out how to start a company
5. In business school you see your classmates coming up wit ideas, so you come up with a similar one
6. Before business school so you can use the next two years to successfully launch a company at graduation
7. When they are tired of the corporate world so spend every night thinking about ideas so they can escape it
8. As an entrepeneur-in-residence at a VC firm, in business school, or any other organization
9. When you are painting, drawing, or doing anything else that lets your mind wander and be creative
10. When you set aside an hour of brainstorming time every day and one day everything comes together
11. Bouncing ideas around with friends or colleagues who are also in the entrepreneurship community
12. After spending years in an industry and getting a sense for the future
13. Technology changes and creates new opportunities for innovation in your field
14. During economic booms when people have more money to spend, so you create a place for them to spend it

Deadlines

One thing I’ve learned about business school is that there are a a lot of deadlines. Not only do you have to get a lot of things done but you also have to do them on a very specific schedule – two days to finish this, five days to finish that, three hours to finish something else. That concept also holds true in the business world. Especially for MBA-level jobs, where you’re given multiple workstreams, multiple emails, and multiple priorities, but just one job: to finish all of it on time.

I’ve written about how busy business school is before. In one of my favorite posts, I compared “business” school to “busy-ness” school (CLICK HERE) and how becoming too busy is actually bad for you. Well, in some ways that analogy also translates to the job you have. Not only do you feel just as busy as you are in class but you also put more pressure on yourself to do well because the stakes feel a little higher. You want to produce a quality work product. Make a good impression on your team. Ensure you do good work and your manager gives you a good review. And in the end get an offer, even if you don’t plan to accept the job.

But the real question then is at what cost? For some, they get it by doing exactly what they expected. But for others, that cost is running around scrambling to please everyone even if that’s not your personality type. For others, working more hours than you ever expected or wanted. Taking on more and more work from more and more people. And ultimately taking on more deliverables with quickly-approaching deadlines that would seem unreasonable to anyone not in business school.

Here’s the schedule. Follow it! Here’s the email documents for tomorrow. Read them all by 9am! I just sent you ten calendar invites. Accept them! And be on time!

And because you have multiple deadlines, everything becomes more important, so you speed up. Working like a machine, for a machine (boss), in a machine (company), with other machines (coworkers) who are all doing the same thing.

And eventually, the goal isn’t to produce a great work product. But instead to take on more workstreams than before, to work more efficiently than last time and to make better powerpoint slides and excel models. And once you finish that, then you can do more.

So in some ways, the MBA has become the new assembly line.  You move things forward as fast as you can. The  work becomes more specialized to help you speed up, so you only take part in a small part of the process. And things more automated.

Likewise, the work also never stops. Just like Toyota “never stops the line” a company’s project flow doesn’t stop either. They find more people to do more small parts. Buy new systems to increase their efficiency. And leverage operations technicues, such as optimal batch sizes, flexible resources, and critical path times, to keep the line moving as fast as possible.

But what if your company stopped the line on purpose tomorrow. And instead of figuring out more deadlines to give you, instead allowed you to spend all of tomorrow thinking about mind-blowing innovations for the company.  And what if your job wasn’t simply to hit twenty deadlines but instead to submit 20 game changing ideas that could change the company.

Not only would you be better off but I’m guessing the company would be better off. And if you had thousands of smart people doing this at the same time all over the world, then maybe the world would be better off too.

Just a thought. Maybe something to think more about when you become CEO of your company.

But until then, I need to go check my calendar to see what deadlines I have for work today.

Reasons a JD-MBA Might Choose Law Over Business

The number of students interested in JD-MBA programs is increasing faster than ever before. Not only is the degree combination becoming more popular, but more and more schools are also offering programs increasing the overall number of students.  But despite that rise in popularity, JD-MBAs will always have to face one tricky dilemma – they will eventually have to choose whether to enter law or business upon graduation. For some the answer is obvious. But for most, choosing the right move is more difficult … like picking your next move in a game of chess. Not only do students have to determine what career is the best fit, but they also think about which pays the right salary, aligns most with their skill set, and sets them up to reach their career goals, not only in the short run but also in the long run.

The number of JD-MBAs that go into law versus business typically differs by school. That’s because some schools are located in regions where law firms are more centrally located, while other schools may have a better law school or business school in terms of ranking or recruiting. Further, the number also changes with the economic times, as the job opportunities ebb and flow in the respective industries.

Historically, many JD-MBAs have gone into business. That’s because in the long run, many JD-MBAs see business as a more lucrative path and think that a business career offers more work life balance. Likewise, many JD-MBAs also enjoy the MBA portion of the JD-MBA program because that portion is usually more social and less combative.

But not all JD-MBAs go into business. In fact, at Northwestern the split has historically been closer to 50/50, where about half go into law and the other half into business, and sometimes more than that the summer.  As such, I’ve decided to come up with a list of some of the possible reasons a JD-MBA student might make this decision.

Note that the list is not comprehensive.  Further, the bullets on the list also may not represent prevalent reasons that students choose. Instead it’s simply a list of some of the things that came to mind as I was writing the post.

1. Law firms pay a higher average base pay out of graduate school
2. You’re going to be an associate anyways and you prefer writing and reading to doing math
3. Your background and/or skills are more aligned with the legal profession
4. The law firms wined and dined you during recruiting and you couldn’t resist (this could apply to anyone)
5. You know that you can always move to business fairly easily if you don’t like law
6. You have an interest in government or politics and think law seems like a logical first step
7. You want to learn deal-making but don’t want to be an investment banker or work in private equity
8. You’re used to working long hours so you were up to that challenge
9. You watched Law and Order growing up and always wanted to see what it felt like to be a lawyer
10. You want to try it out for the summer and plan to recruit again next year if that doesn’t work out
11. Many of your JD-MBA classmates decided to try out law so you didn’t want to miss out (FOMO)
12. Your parents were lawyers so you want to be one too
13. Law school recruiting happens first. So once you got an offer you decided to take it and stop recruiting.
14. You have a good business network and could make a lot of money if they eventually became clients
15. You go to a school that offers a lot of good business-law classes and want to see how it works in practice
16. You are interested in business but want to distinguish yourself first

Feel free to comment if you have any additional reasons.

And good luck with whatever route you decide to take!

Summer is Finally Here

At long last, after nearly a full year taking classes at Kellogg, the summer is finally here. After months of taking core classes, fighting to stay at the top (or sometimes middle) of the curve, attending as many social events as possible, and battling through the recruiting season, we all finally finally made it to the summer and get to enjoy a break from all the hustle and bustle of business school.

For JD-MBAs, this summer is specifically exciting, as we didn’t get a traditional summer last year. With me being the exception, none of the JD-MBAs worked full time last summer but instead spent more time focusing on classes, both at the law school and at Kellogg. So this summer, it’s finally a chance to go out and make a difference in the workforce.

Likewise, my Kellogg classmates are also quite thrilled to be working. To have the chance to test there interests and see what new things they are actually interested in. And in some cases work on changing careers. It’s also a chance to make money again, probably more than many students made before coming here.

In general, a lot of classmates will be going into marketing and consulting. Others will be pulling long hours in the investment banking industry. And others will test their leadership skills in general management positions, start-ups and nonprofits.

Geographically speaking, Chicago is always a popular summer choice. The Facebook group that I administer currently has about 135 people in it, which is the highest of any geography for summers. As you might suspect, New York and the Bay are also very popular choices for summer internships for Kellogg students. Though as you might not expect, places like Los Angeles, Minneapolis, and Boston are also fairly popular choices.

Personally, I am staying in Chicago, and I just started one of my summer jobs this past Monday 13th, which was a pretty popular start date for my classmates. Like many of them, I’ll also be working in the consulting industry, and fortunately I recently found out that I won’t be traveling all that much for the summer. For the second half of the summer, I’ll head back to the legal industry again, not only to get more legal experience but also as a way to keep both options on the table for next year.

But perhaps more important for me is the fact that I’ve got a few big picture things on my mind too.  As a 2012 McCormick Scholar, I have the opportunity to do a research project for both Kellogg and Medill. And the idea I have in mind is quite big. Furthermore, I also have an idea that I might undertake related to the JD-MBA program, so check back periodically to see how that idea play out.

Either way, it looks like for me, as well as for a lot of other Kellogg students, the work doesn’t end with finals week last week but instead continues throughout the summer. Stay tuned to hear how the summer turns out.

Top Kellogg Employers From 2000 – 2010

Just a few weeks ago I wrote a blog post that discussed where students from Kellogg went to work for the summer and upon graduation.  As a follow up to that analysis, I thought I’d also do a bigger one. This time measuring where alumni have gone not only for the past year but also for the past ten years. While some of the results might be surprising, on the whole most of them are probably things I could have anticipated.

I’ve always suspected that a lot of Kellogg grads go into consulting. But after running the numbers, it turns out that a great majority of alumni do. McKinsey, Bain, BCG, and Deloitte are at the top of that list.

It’s important to keep in mind that this analysis doesn’t take into account where alumni began after school. But instead it measure where they were as of the date of the survey, in 2010. Likewise, it also only captures data from those who provided responses to the survey from the career center. Understanding that sometimes we all get busy, there will certainly be a number of alum that were not able to fill out the survey.

With that said, below is the data collected on alum from the past ten years.

A few points of analysis:

1. First, one interesting observation is that the top ten employers account for 28% of all people that have graduated from Kellogg in the past ten years. That is to say, the biggest employers are hiring a lot of students.

2. Second, the consulting industry is far and away the largest hirer of Kellogg students over the past ten years. Of all the students that went to top ten employers, 81% of them went to consulting firms. Not that this comes as a surprise given Kellogg has long been known as one of the strongest schools for those that want to recruit for the consulting industry.

3. Third, of all those that went to consulting firms 73% went to the Big Three consulting firms – Bain, BCG and McKinsey. From an absolute standpoint, that means that about 17% of all the population went to big three consulting firms.  And of those, nearly double went to McKinsey versus the next closest firm, which was BCG.

4. Fourth, it is quite surprising that neither high-tech firms nor marketing firms played a large role in the top ten list, as only Microsoft and Johnson & Johnson represent those functions.  On the other hand, it’s probably likely that the next ten employers are dominated by marketing and tech.

5. Fifth, financial services firms, e.g. Investment Banks also didn’t play a very large role. Two banks made the top ten list – Goldman Sachs and Merrill Lynch – but combined they have less than 10% of those that went to top ten employers. Perhaps on the surface that’s not surprising because many people don’t consider Kellogg to be a “finance” school. But on the other hand, the finance major is the most popular major at Kellogg.

6. FINALLY – services firms generally, generally accounted for 90% of the top ten employment stats (81% consulting + 9% banking).  This is not a large a surprise.  Top MBAs have flocked toward these careers for year, as these firms not only pay more but they are also seen as being launching pads into other careers.

Operations Management

How many people should be answering the phone at an American Express call center on Friday night? How many people should be working the Apple Genius Bar in downtown San Francisco on a Saturday afternoon in July?  And how many lines should be open at any given time in Whole Foods in Manhattan on Sunday night when everyone is grocery shopping for the week? All tough questions, right? Well, while I can’t tell you the actual answer to any of these questions, I can tell you that these are all things we thought about during my Kellogg Operations Management class this past quarter.

Just two days ago, I finished my last core course at Kellogg. While on one hand it was it a sigh of relief to be done with my core class, on the other hand it was also a bit sad, as many of the core courses (and professors) have also been good. This is definitely true of my Operations Management course taught by Professor Shin.

Now I know what you’re thinking! How can Operations be one of the most interesting classes? After all, at Kellogg, most people leave business school to work in Marketing, Finance, or Strategy; not operations. Further, if you had Professor Hennesey for Marketing, and Professor Mazzeo for Strategy you probably have a pretty high bar for the intro Operations class in the spring.

Fine. On the surface good question. But one thing I’ve learned at Kellogg is that there are a lot of great parts of the experience that you might not have thought about until you were exposed to them. For example, there are a lot of great jobs out there that many of us didn’t think about before getting more exposure to them at Kellogg. And likewise, there are also lots of great classes and professors that may not be at the top of the bid list.

Far too often at business school, we get caught up in the flare of certain things. Certain classes. Certain majors. People flock in large numbers to the strategy courses. They bid enormously high for to best marketing classes. And they organize their schedules to that they can fit many of the finances classes into their schedules.

But there are definitely concrete examples that perhaps this isn’t always the best strategy. That other functions, specifically operations, in some cases might be even more important to business success.

But don’t take it from me. Take it from some of the best companies on the planet that focus on having impeccable operations systems.

Apple maintains a world-class operations department to execute on its innovation strategy. For example the company’s introduction of iPhone and other new products show us why inventory management and quality management are important, especially during new product introductions.

Dell also spends a lot of resources managing its inventory. Dell was one of the first companies to keep its inventory at minimal levels and instead use the mass customization strategy to suit the needs of the mass market. That is, they pool as many resources together as they can, and then they wait to put your computer together until after you’ve order your model.

Walmart Mart maintains a world-class supply chain system. And so at every second of the day, the company knows exactly what its inventory levels are, not only inside thousands of different stores but also for thousands of different products inside those stores. Using this just-in-time distribution system, this ensures that the company has the right amount of inventory so that every customer can come and buy what they want.

Toyota is also known for its world-class production system and is often credited with having started the just in time production process.   And because of it, the company  has a great process that not only works faster than other companies, but also produces higher quality vehicles with less mistakes in the process.

Together these companies do things like managing their supply chain and inventory. The optimize throughput and flow time. They calculate things like reorder point (ROP) and service levels (SL). And they pay close attention not only to their specification limits (customer limits) but also to control limits (process limits).  And these are also some of the things we did in the class.

Don’t get me wrong. I’m not saying that everyone should work in operations. Likewise, I am also not suggesting that Operations will be everyone’s favorite class. Like any other course, it had its ups and downs. And it was also very much a math-heavy class, which surprised us all.

But in many ways Operations was also a really good class. It combined being interesting while also being useful. It was a mix of the qualitative and quantitative. We got to talk about many of the top companies in the world today. And in my case, I just so happened to have a professor that I liked a lot.

Hopefully I’ll be able to take a couple of interesting classes at Kellogg next year, once I head back down to the law school.