Posts by Matthew Korman

Sep 8, 2017 by

New Amazon Headquarters Bidding Race Begins, with 50,000 New Jobs on the Line

amazon headquarters bidding

By October 19, bids for the newest Amazon headquarters (dubbed HQ2) will close. For the eCommerce giant, it’s another benchmark for an already historic year.

Following its outward commitment to more hiring and the landmark purchase of grocery store chain Whole Foods earlier this summer, Amazon just announced it will be establishing a new non-satellite headquarters outside of Seattle for the first time, which is expected to bring 50,000 jobs to a select city that bids for hosting duties. With the announcement, Amazon notes, “We are looking for a location with strong local and regional talent—particularly in software development and related fields—as well as a stable and business-friendly environment to continue hiring and innovating on behalf of our customers.”

In the six-page Request for Proposal form, which can be read here, Amazon notes a preference for North American cities that have the following:

  • “Metropolitan areas with more than one million people.”
  • “A stable and business-friendly environment.”
  • “Urban or suburban locations with the potential to attract and retain strong technical talent.”
  • “Communities that think big and creatively when considering locations and real estate options.”

Assuming Amazon does elect to build in a city with those population restrictions, there are only nine possible U.S. locations: New York City, Los Angeles, Chicago, Houston, Philadelphia, Phoenix, San Antonio, and Dallas. Three Canadian cities—Toronto, Montreal, and Vancouver—also hit the qualifying population figure.

In Philadelphia, Mayor Jim Kenney quickly announced the city’s intent to enter the bidding war. Chicago Mayor Rahm Emanuel also seems to be close to the effort. However, there may be reason to believe that Texas will be the eventually landing spot for HQ2, where 53-year old CEO Jeff Bezos spent much of his youth.

In a statement, Bezos said, “We expect HQ2 to be a full equal to our Seattle headquarters. Amazon HQ2 will bring billions of dollars in upfront and ongoing investments, and tens of thousands of high-paying jobs. We’re excited to find a second home.”

Local Economic Growth

Amazon notes that the host city will receive a boon beyond more lucrative job opportunities. In its announcement, the company, which employs nearly 400,000 people worldwide (not including short-term seasonal employees), detailed its financial impact in Seattle, which “resulted in an additional $38 billion to the city’s economy–every dollar invested by Amazon in Seattle generated an additional $1.40 for the city’s economy overall.”

As well, the company created more than 40,000 direct jobs in the Emerald City, and 53,000 additional jobs “as a result of Amazon’s direct investments,” according to the U.S. Bureau of Economic Analysis. In the Request for Proposal form, the company promises it “will hire as many as fifty thousand (50,000) new full-time employees with an average annual total compensation exceeding one hundred thousand dollars ($100,000) over the next ten to fifteen years, following commencement of operations.”

According to Wall Street firm Needham & Co., Amazon is expected to control 50 percent of all U.S. online sales by 2021. The ever-increasing market dominance has earned Amazon a fairly negative reputation, but has done little to deter growth.

Via Fortune

Seattle has also been witness to years of skyrocketing housing costs due to the immense economic growth. The Seattle Times notes “the median price hit $730,000, up nearly 17 percent from a year ago” for houses. Amazon and the rest of the Seattle corporate community may not be the only players responsible for the unusually high prices, but it is an inescapable part of the equation.

In a recent interview, Columbia Business School professor Rita McGrath said that Amazon may be looking for a location with less staggering housing costs.

“It’s hard to attract people if they can’t afford the housing available locally,” she said.

The Amazon MBA Impact

Last year, we highlighted Amazon’s massive effect on the MBA job market. The company creates a direct pipeline from its MBA internship program to full-time employment, which should rapidly increase with the creation of HQ2. In a previous interview with the Financial Times, Miriam Park, the Amazon Director of University Programs, highlighted the company’s recruitment strategy:

“The Amazon recruitment process is designed to ensure we hire top candidates with high-growth potential whatever their background may be. As part of this we recruit current MBA students and MBA alumni for permanent and internship opportunities worldwide and see MBAs as an important part of our leadership development. We value people who can balance long-term strategic thinking with tactical execution, and who have the ability to make data-driven decisions.”

The internship programs open opportunities for MBAs to join the company as senior product managers, operations analysts, and more. Throughout the Request for Proposal form, Amazon frequently reiterates its desire to build in a location that has a strong academic culture, writing, “a highly educated labor pool is critical and a strong university system is required.”

Amazon will formally announce where it will build HQ2 next year.

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Sep 6, 2017 by

Defining Your Career Path With a Lehigh College of Business 1-MBA

career path lehigh 1-mba

Sponsored Content

While crafty interview skills and a sharp résumé can greatly help the pursuit of a career, there’s no greater asset to future employment than a productive internship.

Two MBA students at the Lehigh University College of Business and Economics are learning the exceptionally valuable lessons of the intern experience, although the pathways to their current roles are certainly unalike. Richard London, a former law enforcement member from Lehigh Valley, Pennsylvania, and Suzanne Zar, a Central New Jersey native who spent the majority of her career in the healthcare industry, will both officially earn their MBA degrees before the end of 2017.

London was eligible to retire from law enforcement in 2015, but he wasn’t simply going to settle without a career moving forward. In a recent interview with MetroMBA, London revealed his ultimate decision to join the business school after viewing a 1-MBA presentation at a local community college.

“I immediately saw the advantages of obtaining an MBA for myself and I explored the differences between the Flex MBA and 1-MBA programs,” he says. “Given my age and my proximity to retirement, I determined the 1-MBA program was the best option for me.”

Zar, on the other hand, followed the more traditional MBA path. After earning a Bachelor’s degree in Sports Medicine/Human Physiology from the University of Delaware, Zar’s career has been centrally focused in global pharmaceuticals. However, Zar felt her career in the competitive industry could only go so far without an MBA.

“I had a long career in different facets of marketing and my clients were in the healthcare/pharmaceutical space,” she says. “I wanted to continue that work but as the decision maker working for a top pharma company ideally in oncology. To do so I needed to up my game! The level of positions I was looking at required an MBA and I wanted to keep a competitive advantage to ensure my success.”

The Lehigh 1-MBA program offered both London and Zar a direct chance to work in their desired fields. Zar earned a position with German chemical, pharmaceutical, and life sciences giant Bayer, which has its North American headquarters in Whippany, New Jersey. London’s role lead back to working side-by-side with law enforcement, through Montreal technology company Genetec Inc.

“Part of my responsibility before I retired from law enforcement was to manage the technology projects for the agency I worked for,” London notes. “ We have all seen the strained relationships between law enforcement and the public over the past few years. Part of the solution to easing that tension has been the development of technology products for law enforcement; particularly Body Worn Cameras (BWC) for officers.”

“I offered them [Genetec Inc.] some domain knowledge they did not have access to, and they offered me the opportunity to explore the law enforcement market to determine if my experiences were similar to other agencies across the country,” he continues. “I spent the summer traveling around the U.S. talking with law enforcement executives about their views and challenges with the new technology that is being thrust upon the industry and created a business and marketing strategy for the new group.”

Forging the directions in both London and Zar’s career trajectories relied both on an immeasurable internal work ethic and the significant hands-on approach Lehigh provides its students.

“What I would recommend about Lehigh is the personal connection students receive from the faculty and department heads,” Zar says. “The curriculum covers all of the bases in a traditional MBA as well as staying relevant with classes that tackle current business trends such as big data, technology and innovation.”

“It is the experience itself that has made this journey worth every minute,” London adds. “Real life is deadlines, commitments, relationships, time management; all things that can’t be learned in a classroom or by reading a book. From the moment you start the 1-MBA program, you are part of something; just like you would be in the real world; it’s like going to work for a small corporation. You are learning something new; but, you are learning it along side others in your cohort and you have to learn to rely on yourself, your classmates and the 1-MBA staff. If any part were missing, the experience would be different. For me, these are the real lessons from the 1-MBA program.

“The 1-MBA program stands apart from many of the programs out there by offering the highest level of education with professors that go above and beyond to help their students,” Zar concludes. “The size and diversity of the students in the program lends itself to great collaboration and experience sharing.”

For more information about the Lehigh University College of Business and Economics 1-MBA, visit the official school website here.

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Aug 11, 2017 by

Metro News & Notes: The Business of Improv, Souring on Wall Street, and More

Business Improv

Good morning and happy Friday!

Here are a few stories you may have missed from the week that was …

How Improv Methods from Comedy Can Lift Business Performance | Knowledge@Wharton

There aren’t many part-time comedians and business school professors, but Bob Kulhan doesn’t fit the norm. An adjunct professor at both Duke University and the Columbia Business School, Kulhan is the founder and CEO of Business Improv and co-author of the new book “Yes And”: The Art of Business Improvisation. Speaking on the Knowledge@Wharton podcast about his new work, Kulhan talks about his improv-upbringing in the Chicago comedy scene and how it can be applied in a business setting.

When discussing those in business who struggle to think on the fly, Kulhan notes, “There are all sorts of biases that keep us from just communicating with people and keeping an open mind. What we look for in improvisation is a postponement in judgment and the critical thinking to another side so that we can take in and absorb the offers and opportunities that are being presented to us.”

The concept of “Yes And” (the building block of improv comedy structure), Kulhan notes, can help build individual development, which then helps build team development. “When great minds and intelligent people are sharing thoughts … the collective consciousness of the group will outweigh that of any individual,” he says.

Check out the Knowledge@Wharton podcast today.

A Record Percentage of MBAs Don’t Want to Work on Wall Street | Bloomberg

Training the Street, a New York City-based finance training firm, affirmed what many had already begun to suspect: Wall Street jobs are becoming less appealing.

The new survey data found that MBA graduates would like to work at the largest “bulge bracket banks” at the lowest rates in eight years—right after the peak of the economic recession. Scott Rostan, Founder and CEO of Training The Street, said in a release, “Banks are still a dominant hiring force for MBAs and continue to attract top talent, but working for larger, established companies off of Wall Street is becoming more attractive to MBAs as they offer a different type of lifestyle.”

Bloomberg writer Julie Verhage notes that interest in finance is not necessarily disappearing, however. “Other employment options hit record levels of preference this year,” Verhage notes. “Top choices included consulting firms at 20 percent, corporate development at a Fortune 2000 company at 13 percent and boutique banks at 12 percent.”

Find out more about the survey here.

AI Creeps Into the Work of MBA Career Advisers | Financial Times

The AI revolution may be a little less Terminator 2 (so far) than people might have expected, but it’s still changing the MBA game. In a new piece from the Financial Times, writer Jonathan Moules examines several of the world’s top business schools utilizing AI advantages for students, including Vmock, a helpful student résumé assistant created by grads from the Chicago Booth School of Business and Northwestern Kellogg School of Management.

“More than 100 higher education institutions, including 17 of the top 20 business schools on the FT MBA ranking list, pay an annual subscription for Vmock’s software,” Moules writes. The cost to use the program is a modest fee of $19.95, with over one million résumés already uploaded.

Like Vmock, much of the AI-infused technology used in business schools was “born out of a frustration the founders felt as MBA students themselves.” Moules’ sources insist that the infusion of tech will not replace the hands-on help of career advisers, but I doubt many of them are ready for Terminator 2 world either.

Check out how AI is helping business schools today.

Posted in: Featured Home, MetroMBA Roundup, News | 0 comments

Aug 9, 2017 by

Lehigh Business Heading To Forté Foundation Forums

Forté Foundation Forums

From mid-August and into the fall, the Forté MBA Forums will be held across 12 cities in the U.S., Canada and UK. Representatives from dozens of highly-reputable business schools will be in attendance for the 12-city event, including the Lehigh University College of Business and Economics.

Michael Tarantino, Director of Recruitment and Admission​s​, will be attending the August 14 event in Washington DC as well as the August 29 Forté MBA Forum in New York City. There, prospective MBA applicants will have a one-on-one chance to learn about the school and its advantageous MBA programs. Lehigh currently offers a full-time One Year MBA and the award-winning part-time Flex MBA, along with multiple dual MBA opportunities.

Forte has offered a more richly detailed account of the upcoming events:

”The format for these events is highly interactive. Each event will consist of two panels, the Alumnae Panel and the Admissions Panel. The Alumnae Panel will include a moderator and four to five panelists from various industries and career stages. The Admissions Panel will include a moderator and three to four senior admissions officers to discuss the MBA application process. Women will have the opportunity to network with school representatives during the entire program.”

On the event, former attendee Madeline Keulen notes, “The Forté Forum event provided the exact insights we were looking for. Most of the schools I was interested in had representatives at the event who could speak to the specifics of their programs, and panels of alumni enhanced the richness of the experience through their personal stories of why they chose to pursue an MBA. I have a much better sense of where I’d fit best.”

The August 14 event will be held at the Renaissance DC Downtown Hotel at 999 9th Street NW, Washington, DC 20001 and the August 29 forum will be held at New York I, Goldman, Sachs & Co., 200 West Street, New York, NY 10282.

For more information on the events and the many other upcoming Forté MBA Forums, visit the official Forté website.

Check out more of Lehigh University’s upcoming events here.

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Aug 4, 2017 by

Metro News & Notes: Stanford Wants You in the Midwest, MBA Essays and More

Stanford Midwest MBA

Good morning and happy Friday!

Here are a few stories you may have missed from the week that was …

Stanford Will Pay MBAs $160,000 to Work in the U.S. Midwest | CNBC

Earlier this week, the Stanford Graduates School of Business announced three winners of its first-ever Stanford USA MBA Fellowship, which will reportedly pay each student upwards of $160,000 for two years of tuition. CNBC writer Catherine Clifford explains:

“To be eligible for the scholarship, you have to have a connection to the Midwest. You can be a current resident of a Midwestern state, which Stanford defines as Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota or Wisconsin. Alternatively, you could have lived for three consecutive years in one of those states, have graduated high school in one of those states or have ‘experiences that demonstrate a strong commitment to, and interest in, the development of the region.'”

There is a stipulation with the lucrative scholarship, however. Those students must agree to work in the Midwest within two years of graduation. Clifford notes that by the times grads have been out of Stanford GSB for four years, at least two of those years will have to have been working in the Midwest.

“The winners of the first Stanford USA MBA Fellowship are Adam Verhasselt, Amanda Donohue-Hansen and Taylor Seabaugh,” Clifford writes. “Verhasselt was raised on a dairy farm owned by his family in Wisconsin and is the first in his family to graduate from college. Donohue-Hansen is from California but graduated from University of Minnesota and lived and work there for 10 years. Seabaugh grew up in St. Louis, Missouri, and returned after graduating from college to work at 3M and volunteer at local public schools.”

Read more about the Stanford USA MBA Fellowship here.

High School Students Dream Big – with Help of MBA Mentors | The Globe & Mail

Three Toronto metro high school students recently earned some valuable hands-on help from second-year Schulich School of Business MBA candidate Cortney Mills. The partnership came to fruition from the semester-long case competition Summit Leaders, founded last year by MBA students from the Rotman School of Management at the University of Toronto, writes the Globe & Mail. The goal of the nonprofit summit is to help underprivileged high schoolers from the community, giving them in-person lessons about business and entrepreneurship.

“’A lot of students don’t realize this [business] is an avenue they can take and they are often the brightest people,’ says David St. Bernard, a Co-Founder of Summit Leaders who graduated this spring with combined degrees in business and law at U of T.”

“’Sometimes they need that little push,’ he says of the younger students in the program. ‘Our idea is to give them the avenue to open up their ideas and create more connections within the community.’ Students do not have to choose a business career, he adds, ‘but at least we give them the opportunity to choose.’”

Find out more about the Summit Leaders nonprofit program here.

Your MBA Application Essay Mastered | Financial Times

Admissions teams know that essays are where students have to individually shine. Work experience, grades and GMAT score tell a lot about a student, of course, but the essay is a chance for them to stick out beyond traditional parameters.

In a recent piece with the Financial Times, Yuan Ding, Dean of the China Europe International Business School, says, “[The essay] is where we learn about applicants’ career aspiration, understanding of China, and writing skills.”

Rob Weiler, UCLA Anderson School of Management MBA Program Associate Dean, also notes how students need to be pretty concise with their words. “If an applicant attempts to add too much supplemental information, chances are they are trying too hard,” he says in the piece. Applicants to the UCLA Anderson MBA program all have a 500-world limit on their essays.

In contrast, institutions like the IESE Business School in Spain do not limit applicants to any standards on essays, offering immensely flexible entry capabilities. Dean Franz Heukamp says, “The ones that grab our attention do so not because they say something we have never heard before, are wild or outrageous. What makes a cover letter special is when it is very clear that the candidate knows what he or she wants to achieve professionally.”

Read more about what school’s may or may not expect from your application essay here.

Posted in: Admissions Tips, Featured Home, MetroMBA Roundup, News | 0 comments

Aug 3, 2017 by

Female Enrollment, GMAT Scores Rise for NYU Stern Class of 2019

NYU Stern female enrollment

Applications are up and acceptance rates are down, according to new statistics from the New York University Stern School of Business Class of 2019.

A total of 3,927 applicants applied to join the NYU Stern Class of 2019, increasing around 4 percent from last year’s figure of 3,773. Despite the growing pool of applications, enrollment actually got tighter, dropping from 871 admissions last year to 822 for the Class of 2019.

Figures via NYU Stern

From the 822 admitted students, a total of 402 elected to join the NYU Stern Class of 2019—up slightly from the 392 enrolled students in the Class of 2018. While the difference in the number of incoming students is minimal, the demographics that make up those students, however, differ from last year’s figures. The percentage of incoming students who are female jumped modestly from 35 percent to 38 percent. The percentage of admitted international students also slightly increased, moving up from 35 percent to 37 percent for the Class of 2019, representing 35 countries overall.

Figures via NYU Stern

The average GPA for NYU Stern Class of 2019 slipped from 3.51 to 3.48, but GMAT scores actually drifted upwards, improving from an average score of 710 for the Class of 2018 to 714. The median GMAT score, however, saw a larger increase, moving up to 720 from 710 last year.

Figures via NYU Stern

A slight majority of incoming Stern School of Business students join with previous experience in the financial services industry, totaling 29 percent. Following in second is consulting, with roughly 12 percent, followed by students with government and/or military backgrounds at 7 percent. Stern has been fairly active in recruiting applicants with military backgrounds and aspirations, implementing the Fertitta Veterans Program less than a year ago. The program will assist 20 full-time MBA students with military experience drastically reduce tuition yearly tuition fees, falling to a flat rate of $30,000 per year.

For more information regarding the NYU Stern School of Business Class of 2019, MBA program details, scholarships and more, please visit the school website.

This article has been edited and republished with permissions from Clear Admit.

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