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Conversation with a former top 5 MBA student adcom

So with round 1 mba admissions cycle starting to get into full gear, a lot of applicants are very anxious. I recently had a chance to catch up with an old friend of mine who just graduated from a top 5 business school and was a student member of the adcom. After talking about a lot of random stuff, I asked him about mba admissions and for his thoughts on the process. Since he graduated, he was able to give more details than usual. I'm gonna paraphrase what he said in quotes regarding a few issues that I brought up.

1. Importance of the GMAT

Thoughts on Quitting

I've been thinking a lot lately about quitting my job outright, without anything lined up. I have a number of reasons behind wanting to do this, hygiene factors are a big part of this recurring daydream but what it comes down to is that I don't think this is the place in the world where I can add the most value. What it boils down to is my job admittedly is a poor fit for me. Im WAY too much of a cynic and a low level misanthrope for this line of work.

Students: Network with Associates and VPs (not MD's)

We have done some quality recruiting the past few years. We have a great intern in the group this summer; a major overachiever, picks up things on the run and is always down to...

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The Greater Recession

You think 2008 was bad, wait and see what the next economic collapse has in store for all of us. The economy, US and Global, is in a proverbial state of pissing into the wind....

Need to Fill Hedge Fund Board? Look no further than the Caymans

With the boom of hedge funds in the past few years, many funds have placed their legal residence in the Cayman Islands for tax purposes, according to an article in Dealbook...

Stephen Covey 1932-2012

I wanted to take the time to write a post about someone that isn't talked about much on this website. Stephen Covey, a management guru who died on July 16th, was one of the...

Why Not More Stimulus?

Nonfarm Payrolls grew at a paltry rate of 80,000 in June, the unemployment rate is stuck above 8%, retail sales are faltering and inflation is significantly low... It appears...

Who Is Poor?

Andy note: "Blast from the past - Best of Eddie" - This one is originally from Sep. 2010. If there's an old post from Eddie you'd like to see up again shoot me a message....

Positioning oneself for Global Macro via BB - foolish?

Hey all, posting on behalf of a friend, but am also interested.

Yes this is another grad looking at BB > HF /PE thread, but it's with the best intentions (ie. experience gained through genuine interest in the role, not just money to be made).

How foolish is it to enter finance (FICC S&T, economics research, whatever) with the intention of moving to a Global Macro Hedge Fund a few years down the line?

It's not that my friend doesn't want to do S&T (on the contrary) but he thinks in 5/10 years time he'd rather be in a hedge fund, but that the few years experience would be i) insightful and ii) enjoyable.

How Much Is Enough? Probably Less Than Before

So how much is enough? While your inner Gordon Gekko may be screaming, "It's never enough!", a survey done by Fidelity Investments of millionaires suggests that 26% of them don't feel wealthy unless they have at least $5 million in investable assets to begin feeling wealthy. Not surprisingly:

That's actually a significant difference from a year and a half ago, when 42 percent of the same group said they didn't feel wealthy, and that they would require $7.5 million to begin to feel rich. Seems like their thinking has evolved to the realities of the current financial climate.

While their expectations are lowered, their outlook suggests otherwise:

Get notice in large groups within IBD

I just signed on with a large group and am wondering how to stick out from the other analysts. Obviously it will be a team effort but I hear there are around 15 1st years being...

Has anyone broken into finance as an analyst for a reputed company with a 2.85 UG GPA?

Has anyone broken into finance as an analyst for a reputed company with a 2.85 UG GPA ? If so, how did you do it and what was your situation?

A Few Good Men: LIBOR Style

A Few Good Men: LIBOR Style
via Dan Davies

Deputy Governor, we live in a world that has interest rates . And those interest rates have to be set as the average of a panel of banks...

Who's gonna do it. You? You, Deputy Governor? I have a greater responsibility than you can possibly fathom. You weep for the financial system and you curse the rates traders. You have that luxury.

You have the luxury of not knowing what I know - that distorting the LIBOR , while tragic, probably saved banks. And my existence, while grotesque and incomprehensible to you, saves banks .

What b-school taught me about the job hunt

So in an earlier post I shared portions of what I'm calling my quarter-million-dollar notebook -- the eleven pages containing every note I ever took in b-school that I thought...

Bonus Bananas July 20, 2012

1) How Jamie Dimon hid the $6 billion loss ( CNN Money ) - It ain't easy hiding a whale, especially a whale everyone knows is there. How do you cover a $6 billion loss in a...

Guys, We Finally Made It

Not sure if anyone posted this yet but I noticed this article today on the front page of Yahoo Finance and I started laughing my ass off once I realized they were quoting a...

Any of you syndicate deals?

I am looking to get into syndicating real estate deals. Do any of you currently do this?

I would be curious to get some of your input and advice on starting to...

The only advice I have

I rarely hand out advice to people about what to do with their lives because I believe something like that is best left to self discovery; but today I'll make an exception and...

Earnings Season: What It Is and What It Is Not

As second quarter earnings season gets underway, many of us are closely following the hype surrounding each day's earnings reports. It's easy to get swept up by the wave of...

Banks are Outsourcing Jobs....To Temps

One of the things that I noticed while working at a BB during 2011-2012 is that although there were still full time hires from campus recruiting, their numbers were gradually...

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