Breaking Down the 2018 Financial Times Top Finance MBAs List
Big technology companies might be attracting top MBA talent, but they’re not the only ones in the running. Though the finance sector hasn’t seemed as popular in recent years, MBA employment is still holding its own in the industry. The difference is the types of jobs that the finance and banking sector are offering.
The finance industry offers a range of options when it comes to jobs. MBA students have the opportunity to work as part of in-house teams developing new digital strategies, working for fintech companies, and more. Finance and banking are still critical employers of MBA graduates. On average, 30 percent of graduates from top business schools around the world went into a career in finance. Continue reading…
Wharton Partners with Morgan State’s Graves School for Education
Last month, The Wharton School announced a new collaboration with Morgan State University’s Earl G. Graves School of Business and Management. The partnership, which will allow both schools to share faculty and student conferences, curricular development, and research, marks the first time Wharton has collaborated with a Historically Black College or University (HBCU).
Wharton Dean Geoffrey Garrett, Morgan State President David Wilson, Provost Wendell Pritchett — Photo courtesy of Shira Yudkoff for the Wharton School
The arrangement is designed to enhance the faculty and student academic programs at both schools. In addition, the collaboration embodies both schools’ missions: to build academic excellence through diversity and to address the most pressing challenges facing global society today.
In a press release, Wharton Dean Geoff Garrett spoke about the partnership and expressed his excitement for the steps to come. “We are proud to collaborate with the Graves School at Morgan State University, one of the country’s leading HBCUs,” he said. “I’m excited at the potential for this relationship to create numerous curricular and research learning opportunities for Wharton faculty, students, and our entire community.”
Each school brings unique perspectives and opportunities to the partnership. Graves is housed in a $79-million state-of-the-art building called the Morgan Business Center. It was founded in 1937 and formed into a school in 1975. It offers accredited undergraduate, masters, and doctoral programs, and has conferred more degrees upon African-American business students than any other Maryland school. Wharton was founded in 1881 as the nation’s first collegiate business school. With 5,000 undergraduate, masters, and doctoral students, as well as 9,000 executive education program participants, Wharton is recognized as one of the top schools in the world.
“This unique collaboration between an Ivy League institution and a Historically Black College and/or University will serve as a blueprint, creating innovative educational opportunities for students and faculty, spurring academic research,” David Wilson, president of Morgan State University, said in the press release. “We look forward to growing this relationship and seeing it remain fruitful in the years to come.”
Dr. Omar Khan, Deputy Dean Michael Gibbons, Provost Wendell Pritchett, President David Wilson, Dr. Marybeth Gasman, Dean Geoffrey Garrett, Dr. Gregory Ramsey, and Dr. Erica Anthony —Photo courtesy of Shira Yudkoff for the Wharton School
Wharton Professor Talks About the Major Hurdles in Marijuana Legalization
The marijuana industry is on the top of the minds of policymakers across the United States. There are so many things to consider, one of the most critical policies being banking regulation. And with former Republican Speaker of the United States House of Representatives, John Boehner, as a confounding new pro-marijuana spokesman, it seems as if there’s never been a more apt time to discuss marijuana legalization and policy.
That’s why University of Pennsylvania Wharton School professor Peter Conti-Brown dove deep into the marijuana industry to discuss the many policy barriers that are causing issues. In particular, he looked how the government’s current stance on marijuana is causing more trouble than it’s solving when it comes to banking. Continue reading…
Harvard Business, Wharton NYU Stern Commencement Speakers Announced
As spring fully arrives, so do the business school announcements for commencement day. Clear Admit has already discussed the graduation speakers you can expect at Michigan Ross and Stanford GSB. Now, Harvard Business School, Wharton, and NYU Stern have also announced their graduation speakers.
Harvard Commencement
At Harvard Business School, Carla Harris, vice chairman of Morgan Stanley, will deliver the MBA Class Day address. Harris (MBA ’87) has worked for three decades at Morgan Stanley, holding influential positions in mergers and acquisitions as well as equity capital markets. She’s also active at the university as a member of the Harvard University Board of Overseers. In addition, Harris is the focus of an HBS case study about emerging female and minority asset managers.
- Date: Wednesday, May 23, 2018
- Location: Baker Lawn
Wharton Graduation
Hamdi Ulukaya, the founder, chairman, and CEO of Chobani, LCC, will speak at the Wharton MBA graduation ceremony. Raised in eastern Turkey, Ulukaya launched Chobani in 2007 with the goal of making good food more accessible. Within five years, Chobani had become the number one best-selling Greek yogurt brand in the United States. Beyond his business success, Ulukaya has also had a positive impact on communities through donations to charities, innovative profit-sharing, and paid parental leave.
- Date: Sunday, May 13, 2018
- Location: The Palestra
NYU Stern Commencement
At NYU Stern, graduates can expect to hear from keynote speaker Sallie Krawcheck, the CEO and co-founder of Ellevest, a newly launched digital investment platform for women. Beyond her entrepreneurial work at Ellevest, Krawcheck is the chair of Ellevate Network, a global professional women’s network, and Pax Ellevate Global Women’s Index Fund, which invests in companies that advance women. She’s also a best-selling author and previously served as CEO of Merrill Lynch Wealth Management, Smith Barney, and Sanford Bernstein.
- Date: Friday, May 18, 2018
- Location: Theater at Madison Square Garden
This article has been edited and republished with permissions from our sister site, Clear Admit.
What They’re Saying: Zuckerberg Testifies Amid Facebook Scandal
Earlier this week, ultra-rich and seemingly malnourished social media monolith Mark Zuckerberg testified before a continually befuddled U.S. Congress about the Facebook scandal regarding the private information of its unwary users.
However, despite getting turned into a plethora of memes during his time in Washington DC, it’s patently unclear what, if anything, will come as a result of the testimony, in which Zuckerberg said that data was even coming from users who didn’t actually have their own Facebook accounts.
Zuckerberg’s appearance before Congress came within the short window of time in which Cambridge Analytica—the other company embroiled in ongoing Facebook scandal—watched as its CEO Alexander Nix stepped down from his role. Check out how business schools are reacting to the recent news below.
In the first of two Congressional hearings this week, @finkd made no promises to support new legislation or to change how @Facebook does business, despite recent data breaches and controversy. https://t.co/72Xuv4DUge @ReutersBiz.
— MIT Sloan Experts (@mitsloanexperts) April 12, 2018
When I opened my file, it was like opening Pandora’s box. (Via @nytimes) https://t.co/VQl9Diu3pM
— MIT Tech Review (@techreview) April 12, 2018
Marketing and Strategy Professor Tim Derdenger talks with @Marketplace @Erika_Beras about the fallout from Facebook’s mishandling of user data and impact on other advertising revenue business models, like Google #TepperFaculty https://t.co/C30HJNX69T pic.twitter.com/74lOiPxOWH
— Tepper CMU (@teppercmu) April 11, 2018
.@profgalloway discusses the controversy surrounding #Facebook via @bsurveillance. Listen here: https://t.co/Yy9i9NQNKv
— NYU Stern (@NYUStern) April 11, 2018
Why was protecting data not a top priority at Facebook before the Cambridge Analytica scandal blew up? “This probably reflects on managerial experience” suggests @Wharton’s David Hsu https://t.co/vBXafqKdGW
— Knowledge@Wharton (@whartonknows) April 7, 2018
Top MBA Recruiters: Starbucks
American coffee behemoth and casual status symbol Starbucks has become one of the most well-known companies in the world with over 27,000 stores and a massive headquarters located in Seattle, Washington. The company is known its quality service, customizable drinks, and pre-packaged items. As it continues to grow, so does the appeal for a Starbucks corporate career.
The company got its start in 1971 when the first store was opened in the Pacific Northwest. However, it wouldn’t be until 1987, when Howard Schultz took over and re-branded the company that they would open their first location outside of Seattle. By 1989, it had 46 stores and were roasting over two million pounds of coffee.
In 1992, Starbucks released its initial public offering (IPO) with a revenue of $73.5 million and a market value of $271 million. By the end of the year, the share price had risen over 100 times the earnings per share of the previous year. Now, the company earns more than $22.3 billion per year and employs over 238,000 people worldwide.
You can’t talk about Starbucks without talking about the location of its headquarters in Seattle. Located in the city’s SoDo neighborhood, Starbucks can be found in the largest multi-tenant building in the city with over 2,200,000 square feet of space. But while the building is impressive, it’s the city that really stands out.
Washington was ranked as “America’s Top State for Business in 2017,” by CNBC, and Seattle is the city to be in. According to Outside Magazine, Seattle is one “America’s Best Towns Ever,” and a PWC survey considers it one of the nation’s most innovative cities. There’s much to love about Seattle from its opportunities for adventure, laid-back culture, and strong economy, which grew 3.7 percent last year—almost 2.5 times the national average.
MBA Recruiting at Starbucks
Starbucks is a major MBA recruiter. It looks for MBA students who understand who Starbucks is as a company. As well, it recommends reading former CEO Howard Schultz’s book, Onward: How Starbucks Fought for Its Life without Losing Its Soul and following the company on social media including LinkedIn, Twitter, YouTube, and Instagram. The company wants to know why you want to be a part of it and how you fit in with the Starbucks Mission Statement.
Other required qualities include:
- Strong analytical and technical skills
- Ability to analyze business trends
- A strong team player who can collaborate cross-functionally
- Strong interpersonal skills
- Great communication skills orally and in writing
- Strong organizational and problem-solving abilities
- Ability to balance priorities and meet deadlines
You may also be required to have a deep understanding of financial planning, forecasting, and inventory management. You should also have a strong understanding of marketing fundamentals and be able to understand sales, return on investments, and profit and loss.
As for where Starbucks recruits, many MBA programs feed into the company including:
- The University of Washington Foster School of Business
- Dartmouth College’s Tuck School of Business
- The Wharton School at the University of Pennsylvania
- Arizona State University’s W. P. Carey School of Business
- The University of Michigan Ross School of Business
Salary & Benefits of Starbucks Employment
According to PayScale, MBAs hired at Starbucks are paid well:
- Master of Business Administration (MBA), Business Administration – $128,500
- Master of Business Administration (MBA), Accounting – $65,111
- Master of Business Administration (MBA), Marketing – $109,823
- Master of Business Administration (MBA), General Business – $89,000
- Master of Business Administration (MBA), Global Management – $77,419
As for benefits, Starbucks offers a tailored benefits package that’s called “Your Special Blend,” which includes Medical, Dental and Vision coverage as well as life insurance, disability, adoption assistance, paid vacation, a 401(k) Savings Plan, stock investment, one free pound of coffee per week, and more. There are also perks that include in-store merchandise discounts, matching gifts programs, etc.
Interning at Starbucks
Every year, Starbucks offers an exclusive ten-week internship program in Seattle that is designed to provide a robust and meaningful experience. MBA students who are chosen to participate can expect to participate in high-impact, business relevant projects that have well-defined goals and expectations. Interns also have access to mentorship and leadership opportunities. Graduate internship applications open from January to February each year for the summer program.
According to Peter Kazarian, a ’16 UW Foster MBA graduate who interned at Starbucks, the intern program is very deliberate and well laid out.
“With part MBAs and the rest technical and undergrad interns, there was a formal on-boarding program, weekly meetings with SVP/C-suite leadership, and great experiences like a Sounders game or fancy catered dinners at museums,” Kazarian explained in a blog. “My department was under the Channel Development arm of Starbucks, which included consumer packaged goods and anything else not in a Starbucks retail store, like grocery bottled fB2brappuccinos, licensed stores, and in my case, bulk B2B customers like airlines, hotel chains, restaurants, and campus cafes. As part of the Digital and Loyalty team, my main project involved e-commerce enhancements to our B2B team’s website, and forecasting new sales revenue and cost savings from these changes.”
As for what Kazarian enjoyed most about his experience, he enjoyed the free pound of coffee each week. He also loved getting to know his fellow MBAs who are now good friends of his. “I had a great experience … and I’ll be returning to Starbucks … as a Product Manager,” he said.
