Six things I have learned after joining a top business school - Part One

A few months ago I arrived in London to pursue a Masters in Finance at London Business School; though my journey started a few months ahead of this when I did my research into business schools in Europe.

London Business School was always within the top five in all the rankings; and more importantly, it appeared to be one of the few European names highly regarded by American recruiters. I didn't want to limit myself to only employers in the US. Everything looked great when I got an offer letter. I booked my flights and arrived at London Business School in early August.

First Impression

To my surprise, it only took me a few days to realize that grad-school is nothing but the beginning of your career and by no means a guarantee of future success in life; at least not a guarantee of a comfortable path to it. IBD, consulting, and start-ups are still as hard to get into as they were before. The only difference is that hopefully you will end the program with a fair set of new tools, a couple of contacts and a good brand on your CV.

In spite of this rectification to my pre-grad school expectations, I have no doubt that joining the program was one of the best decisions I have made. All in all, what you learn here is invaluable.Not only because of the chance to go back into a classroom and learn something completely new but because of the people that you are surrounded by with such diverse backgrounds, interests, and expertise.

Here are a few things I have learned so far. They are my recommendations to anyone who is going to start an MBA/MiF next year.

Academics

While you will be taught by world-class academics, classrooms are not the only place at business school to learn about finance, marketing, or strategy. You will also learn some of your best lessons from what you read in the library before going to an interview, or from your preparation for a competition organized by a potential recruiter. These are skills that will follow you for a longer time after business school. In fact, lately I have started to perceive classes as the starting point where you are briefed on what you can spend your time on at the library once classes are over. Also, if you are lucky, some of your classmates will be the best source of information for an industry you are planning to target after school. Who knows, maybe you can even start considering a new career path.

Instead of fixating on memorizing your notes and making sure you get the details of every slide in class (please don’t make pictures of the slides speakers bring, it is awkward), be aware of all the comments the professors make about their research or what a speaker says about upcoming transformations in an industry. It usually relates to their interests or research and thus it can be a new hot topic affecting the economy.

Also, if you develop an appetite for a new industry you know nothing about, try to go to the summits and forums offered by the school, or get involved in a contest related to that topic. You will be able to challenge what you learned in class while getting a perspective of where that particular business is going.

Workload

The amount of work you will have to dedicate to your program is entirely up to you. If you want to stick to the minimum school requirements to obtain your degree because you aren't a career changer or you are sponsored by an employer (they paid your degree, so you have a sure job back at home), trust me, you can start a part-time job as a European travel blogger.

On the other hand, if you are looking to change careers, or to get the most out of the social and professional opportunities offered by the school, or you want to secure an internship or job after graduating, you will have to invest more, much more. To give you an idea, you can end up spending most of your time in recruitment for internships or other extracurricular activities, thus your readings will just keep accumulating like you were in a Ph.D. program instead of an MBA.

Find your balance. Unless you are trying to start a career in IBD and you are training to stand its working hours, don’t sign up for everything. Being involved in different activities is rewarding but it comes with a price. Joining competitions, social projects, going on business treks, being an officer of several clubs, plus joining all the recruitment events of IBD, PE, and AM has not helped me to be better prepared than others who focused on just a few things. In fact, it could have been harmful. Pick your battles, and win them too.

Study groups

Once classes have started you will find out that you will have to work in study groups for most assignments, if not all of them. Actually if you are not a great team player, you will probably only feel comfortable on some final exams or the upcoming interview season, seriously.

Moreover, as classes and activities start to get intense, and group meetings become more and more frequent, you will come to understand the different ways your peers approach tasks and classes. Your classmates will come from a diverse range of backgrounds, from traders, bankers, politicians to young prodigies. Each individual will have their own professional goals; while some want to develop skills in new areas, others will want to focus and develop a few specific skills. It’s about understanding what makes people tick.

Finally, when it comes to group assignments, you also have to account for potential cultural differences. In diverse classes, sometimes clashes of opinion are inevitable, especially when communicating and sharing ideas. It’s about how your team manages differences and turn them around to your advantage.

Instead of hitting your head against the wall when a new deadline approaches, as a group you will need to negotiate team commitment and cultural differences to deliver your assignments. Get to know your group and develop an understanding of the different way each of you works. Be ready for a couple of surprises and a couple of disappointments. In the end, this is what grad school is for right? Learning how to get the best outcome with the resources available.

Author's Bio: Jorge Palomeque is currently reading for a Masters in Finance at London Business School. Jorge started his career in Latin America, at an investment banking boutique as a DCM analyst. Then, he moved into M&A and Transactional Services at Pricewaterhouse Coopers covering different transactions along the Andean region. He expects to work in Investment Banking in London upon graduation. At LBS, he plays a role as an Executive Committee Officer at the Finance Club and the Latin American Club. Among his other interests are history, science, tennis, and sailing.