BRUINBUSINESSREVIEW

VOLUME II ISSUE V

POST-BACHELOR
 January 20
Get JD: Preparing for and Applying to Law

January 2009
Career Fair School
Location: Ackerman Grand Ballroom Location: Career Center, Third Floor
Time: 10:00am – 3:00pm Time: 11:00am – 12:30pm
Description: Meet representatives from vari- Description: Law school admissions require-
ous companies and search for internships, ments, timeline information, completing ap-
part-time, and full-time jobs. plication materials, letter of reference ser-
vices, and developing a strong personal
Bain & Company Employer Presentation
statement.
Location: DeNeve Plaza Room A
Time: 6:00pm – 8:00pm January 22
Description: Bain & Company Associate Con-
Environmental Protection Agency Employer
sultant Internship Information Session.
Presentation
Internships for 2009 Workshop Location: Career Center, Third Floor, Conf.
Location: Career Center, Second Floor, Rm. Rm. A
200 Time: 5:00pm – 6:30pm
Time: 12:00pm – 1:00pm Description: Environmental Protection
Description: This workshop offers practical Agency (Office of Enforcement and Compli-
search advice and application tips, as well as ance Assurance) discusses jobs opportunities
a review of some standout internships ac- with agency.
cepting resumes now. RSVP on BruinView.
January 23
Sacramento and Bay Area Internships for
Business Economics Application Due
Summer '09 Workshop
Location: Bunche 2263
Location: Career Center, Second Floor, Rm.
Time: 4:00pm
200
Description: This is the due date for the Busi-
Time: 1:00pm – 1:30pm
ness Economics application for Winter Quar-
Description: This workshop offers you the
ter 2009.
tools to effectively search for Northern Cali-
fornia summer employment opportunities. January 29
RSVP on BruinView.
MillerCoors Sales Management Internship
January 21 Info Session
Location: Career Center, Third Floor, Conf.
Internship Search Strategies for International Rm. B
Students Time: 6:00pm – 7:00pm
Location: Bradley International Center Description: Stop by to learn more about the
Time: 3:00pm – 5:00pm Sales Management Internship.
Description: UCLA Career Center counselors
will share a variety of effective search strate- DaVita, Inc. Employer Presentation
gies for international students seeking in- Location: Career Center, Third Floor Conf.
ternships in Los Angeles and other markets. Rm. A
RSVP on BruinView. Time: 6:30pm – 9:00pm
Description: DaVita health company job op-
Graduate and Professional School Planning portunities.
Location: Career Center, Second Floor, Ca-
reer Lab February 2
Time: 4:00pm – 5:00pm Get JD: Preparing for and Applying to Law
Description: Are you wondering if graduate School
or professional school is right for you or do Location: Career Center, Third Floor
you have questions regarding the application Time: 4:30pm – 5:30pm
process? Attend this workshop for answers. Description: Law school admissions require-
How to Make Millions in the Stock Market ments, timeline information, completing ap-
Location: Covel North Ridge Room plication materials, letter of reference ser-
Time: 7:00pm – 9:00pm vices, and developing a strong personal
Description: Information Session about stock statement.
investing.
2
TABLE
of CONTENTS
4 Bernard Madoff and His Ponzi
Scheme

5 News Briefs

6 Why Business School?

8 Professional Certifications

10 Earning Your Joint Degree

11 How to Get Recommendations

12 Standardized Tests for Grad Schools

14 Paying for Graduate Schools

16 Stanford Graduate School of

Business

18 International Business Schools

21 Options for International Students

Post-Bachelor Degree

22 On Track for Business/Law School?

3
 BERNARD MADOFF
AND HIS PONZI SCHEME
By Jaeman Kim
Staff Writer

On December 11, 2008, Bernard Madoff was arrested and

charged with criminal securities fraud. The fraud he
committed, which has potentially spanned over three
decades, involved thousands of investors who gave their
money to Madoff, who said that losses to his clients are
about $50 billion dollars. Even worse, no one knows exactly
where all the money is.

In 1960, Bernard Madoff started the firm Bernard L. Madoff

Investment Securities LLC. The firm facilitated securities Bernard Madoff
trades by serving as the middleman for investors. The firm went on to become successful. Madoff also helped to develop
the Nasdaq stock market and once served as its chairman and helped advise the Securities and Exchange Commission
(SEC).

While Madoff was carrying out the fraud, he told his clients that he would offer them a steady source of return on their
investments through a options-trading strategy. This strategy involved buying stocks while also trading options, or the
right to buy or sell property that is exchanged for an agreed amount of money, in a way that would limit any losses on
the shares of stocks. However, it has come out since his arrest that Madoff’s firm could not have actually bought and sold
the options because the totals that Madoff claims to have had would have
Victims of the Ponzi Scheme Include… exceeded the total amount of trading occurring during those days.

International Olympic Committee,
led by Jacques Rogge
Bramdean Alternatives,
run by Nicola Horlick
Investigators now believe that Madoff initially participated in this trading
scheme but failed. He then financed the operation by taking money from new
clients and paying it out to existing clients. Due to the nature of the scheme, it
could only continue if he obtained more and more investors. However, due to
the recent economic downturn, there was an increase in the number of
redemptions, or people asking for their money back, and it is believed that
Madoff did not have enough money to sustain the Ponzi scheme.

The reason as to why Madoff was arrested was that he confessed to his sons
HSBC, the Ponzi scheme. According to the criminal complaint, Madoff has received
headed by Michael Geoghegan requests from his investors for about $7 billion in redemptions. However, given
that there was only $200 to $300 million left at the firm, this was impossible.

Banco Santander,
led by Emilion Botin
Human Rights First,
led by Elisa Massimino
Madoff has stated that losses for his investors are about $50 million dollars.
Investigators believe that this amount includes fake profits that Madoff’s firm
reported. Therefore, it is probable that the actual amount is less. In total, the
loss may be closer to around $30 million. The biggest question that everybody
has, however, is where all the money actually went. It is possible that Madoff
has multiple off-shore accounts that have strong privacy laws. Given the size of
the scheme, it may be some time before there is an answer.

4
NEWSBRIEFS By Dmitry Shuster
Staff Writer

RUSSIA AND EUROPE COME TO TERMS OVER GAS

After a tense standoff over the supply of gas to European nations, Russian and European officials have finally signed a
deal. This will reopen gas supplies to the hundreds of thousands of homes that were left without gas in sub-zero tem-
peratures after previous negotiations with Ukraine and European nations stalled. The primary advantage of the deal is
that it stated how gas flowing from Russia to Europe will be monitored amid accusations that Ukraine has been stealing
gas for its own benefit. Representatives from the EU, Russia, and Ukraine will monitor the transit of gas at pumping and
measuring stations in Ukraine. Fortunately, more than 15 countries in central Europe will now receive gas from Russia,
who provides 40% of Europe’s gas imports.

U.S. JOB LOSSES HIT RECORD, AGAIN

The number of U.S. jobs lost in 2008 is the highest figure since after World War II. A total of 2.6 million jobs were lost
throughout the entire year. The jobless rate rose to 7.2% in the month of December, the highest it has been in the past
16 years. President-elect Barack Obama, who is to take office on January 20, has announced that the economic situa-
tion is critical and that immediate actions must be taken. With the release of this data, Boeing announced that it would
cut 4,500 jobs from its commercial airplane
division due to the global economic crisis.
There is little consolation in the fact that the
number of jobs lost in December – 524,000 –
missed analyst expectations of 550,000.

Where Jobs Were Lost

• Factories: 791,000
• Retail: 522,000
• Temporary work: 490,000
• Construction: 630,000

SOUTH KOREA’S RATE CUTS SIGNAL MORE TROUBLE

The Central Bank of South Korea cut interest rates by half a percentage point to a record low of 2.5% in the nation’s
latest attempt to fight off recession. President Lee Myung-bak has stated that the target growth rate of 3% may prove
to be beyond reach. This is the fifth interest rate cut in three months for South Korea, whose exports have decreased
significantly and whose factory output fell by 14.1% in November. The predictions of some economists are much worse
than those of South Korean officials. Some suggest that the country’s economy could actually contract by 3%, which
would be the first annual contraction since the Asian financial crisis of 1997. The South Korean government has also
established a $37 billion fund to aid small and medium-sized businesses in need of new capital. The country’s predica-
ment clearly shows that no nation is immune to the fall in global consumer demand and the weakened global economy.

5
WHY BUSINESS SCHOOL?
By Eric Park
Staff Writer

During the current economic crisis, many employers are laying off significant portions of their work force. In December
of 2008, the U.S. reached a 16-year high unemployment rate of 7.2%. Therefore, it makes sense to many current
college students to try to earn their MBA directly after completing their bachelor’s degrees. While attaining an MBA,
students will not have to worry about job hunting in a slumping economy and will tend to have advantages over other
applicants upon graduation. However, receiving an MBA includes many obstacles such as high tuition costs.

BENEFITS AND INCENTIVES

MBA job applicants are distinguished by credibility. They learn
about business management including factors such as customer
and investor satisfaction. Their degrees are specialized in a field
such as sales, marketing, risk management, accounting and more.
An MBA level education allows individuals to have greater
comprehension of specifics and nuances in their work places.

Employers place emphasis on education and are more open to

grant higher positions and salaries to MBAs. An MBA tends to
bring in more experience and knowledge than their B.A.
counterparts, and tends to have many career choices and
opportunities for advancement. Many people attend graduate
school for these reasons and there are many successful examples.
Jamie Dimon, Chairman and CEO of JP Morgan Chase, Thaddeus
Arroyo, CIO of AT&T and James McNerney, CEO of Boeing are just a
few MBAs in business.

While an MBA can provide monetary benefits, it can also provide

personal benefits. MBA programs currently exist all over the world. As such, those who possess MBAs are respected
and admired for their credentials. Therefore, possessing an MBA can garner respect from co-workers and provide
individuals with the confidence needed to lead and manage others. An MBA degree can open many doors while
providing prestige and confidence to those who possess it.

MONETARY COSTS
Despite the benefits of getting an MBA, there are also challenges with doing so.
Many traditional two year MBA programs have annual tuition costs exceeding
the $40,000 threshold.

Numerous funding options are available such as getting loans, serving as a

teaching assistant and having previous employers (for those with work previous
experience) pay for schooling.

However, there are many other expenses involved including living and personal
arrangements. Harvard Business School is one of the premier MBA programs.
On its website, school officials estimate the 2010 budget for a single student in
2010 to be $77,150!

6
 Class of 2010 Student Budget
Married/DP
Single Married/DP with One Child

Tuition $43,800 $43,800 $43,800

University Health Ser-
$1,426 $3,218 $4,010
vices Fee
Blue Cross/Blue Shield
$1,404 $3,166 $4,222
(12 months)
Program Support Fee $4,200 $4,200 $4,200
Room & Utilities (9
$14,040 $16,515 $20,700
months)
Board, Personal, Other (9
$12,280 $15,951 $20,318
months)

Total $77,150 $86,850 $97,250

COST OF TIME
A popular expression in corporate culture is “time is money.” Tradi-
tional MBA programs require two years. However, for some students,
they must also work while attending school. There are programs that
accommodate such lifestyles but the time required to receive an MBA
becomes longer. Many schools require hours of work experience
along with high GMAT scores and GPAs. For those fresh out of col-
lege, this means time must be dedicated to meeting those prerequi-
sites. When deciding students must also consider possible wages and
valuable work experience.

Proponents of MBAs argue that they allow for quicker advancement in

the corporate workplace. However, others ague that work experience
is more valuable than anything taught in the classrooms. As such,
there are many individuals in business who have achieved great suc-
cess without an MBA. Such examples include Rollin Ford, CIO of Wal-
mart, Steve Jobs, CEO of Apple, as well as Stanford graduate school
dropout and current Microsoft CEO, Steve Ballmer.

Pursuing an undergraduate degree is what all of us students are here

for. There are also those who seek further education. However, it is
up to the individual to carefully analyze his/her own circumstances before pursuing a graduate education.

7
 CERTIFICATATION:
your way to a better job
By Christine Liu
Senior Staff Writer

Mr. Joe Smith, CIA. Top-secret government agent? Not likely, but he’s
probably a Certified Internal Auditor. In the business industry, you may
come across many workers with a title, such as CIA, CFE, or CIMA. But
what do these titles mean? What do they entail? Well, we’ll explain the
professional certifications in the business sector and the advantages of
having them.

First of all, there are two types of certifications, a licensure and a competence certification. Someone who holds a
license means that they have met the requirements for the license in that particular state, such as a public accountant
or attorney. Someone with a competence certification, given by non-governmental organizations, has met certain
requirements such as education level, passed test(s), and/or demonstrated competence.

HOW TO GET STARTED

 Go to the organization’s website and order the certification kit. It includes information about the certifications and
exam preparation courses.
 Enroll in review courses or buy prep books with practice exams.
 Examinations for certifications usually consist of four parts, each around two to 3.5 hours long, a total of about 10
to 14 hours. However, the separate sections can be taken separately.
 Finally, do your best to pass the test in order to get certified.

THE ADVANTAGES

 In today’s competitive job industry, distinguishing oneself from his or her peers becomes increasingly difficult.
Professional certifications allow someone to further strengthen his/her appeal to employers and has an edge over
other non-certified job applicants.
 According to the Institute of Management Accountants as well as other surveys, employees with certifications
receive a higher salary. For example, accounting professionals who are certified earned approximately $11,000 to
$18,000 more annually than non-certified accounting professionals.
 With the economy in a recession, paying or receiving sponsorship for employers for graduate school expense is not
feasible for many. Thus, certifications provide a solid alternative, especially since it can offset the disadvantage of
the lack of a graduate degree.
 Professional certifications force one to increase his/her knowledge base since the examination would most likely
include areas of unfamiliar territory. The broad base of knowledge then allows the job applicant to be more
flexible, an appealing quality to employers.

8
AREAS OF CERTIFICATION

There are many, many types of certifications spread across dozens of fields. Here, we’ll zero in on the most relevant
ones pertaining to business, accounting and finance.

ACCOUNTING:
CMA (Certified Management Accountant) – CMAs prepare an organization’s financial statements, perform financial
analysis, as well as conduct a variety of other management accounting/financial tasks.

CIA (Certified Internal Auditor) – CIAs audits financial

statements in order to identify risks, come up with plans to
controls risks, and examine the impact of alternative
solutions.

CFE (Certified Fraud Examiner) – CFEs aid in the prevention,

detection and investigation of fraud by gathering and
examining evidence.

Others:
 CPA (Certified Public Accountant)
 CCSA (Certification in Control Self Assessment)
 CCA (Chartered Cost Accountant)

FINANCE:
CFP (Certified Financial Planner) -- CFPs develop/implement financial plans for businesses, organizations, and
individuals suited to their financial situations and goals. They must be knowledgeable in many areas of finance
including income and estate tax, investments, risk-management analysis and retirement planning.

CFA (Chartered Financial Analyst) – CFAs work in the field of institutional money management and stock analysis and
provide research/ratings on various forms of investments.

CFS (Certified Fund Specialist) – CFSs advise clients on the

investment of funds.

CIMA (Certified Investment Management Analyst) –

CIMAs usually have careers in financial consulting firms,
involving the management of large amounts of money for
clients.

Others:
 CLU (Chartered Life Underwriter)
 CMT (Chartered Market Technician)
 CIC (Chartered Investment Counselor)

9
EARNING A
JOINTDEGREE By Stefanie Ju
Staff Writer

In an increasingly competitive job market, many students are doing whatever they can to distinguish themselves from
their peers in the job market. This includes bolstering their resume to include any skill or experience that the applica-
tion sitting next to theirs may not have. In the business field, having a background in two specializations can give gradu-
ates a significant advantage both while looking for work and in the office when they finally land a job. Many profession-
als seek to expand their knowledge and experience, and pursue joint degrees because they realize that having more
than one specialty will make them extremely attractive to future employers that require a combination of skills.

A joint degree program offers students the opportunity to study and obtain their masters degree in two different fields
simultaneously. The reduction in time (usually by one to two years) necessary to obtain both degrees makes such pro-
grams very attractive to students who want to pursue a career in either field, or whose career path necessitates the
background of both areas. Most schools require applications and
acceptance into both programs separately, while others require
one complete application, and added supplementary items such
as letters of intent or statements of interest.

One of the most common joint degree programs among profes-

sionals in the business field is the Juris Doctor/Masters of Business
Administration combination. It teams up a university’s business
and law programs, and usually lasts four years, saving one year
over completing the degrees separately. This multidisciplinary
program prepares students to address both the legal and business
issues they will face in their jobs within consulting, legal practice,
and other areas.

Many other programs are offered at various universities, including joint degrees in design, engineering, and govern-
ment. MBA/MArch (Master in Architecture) is one type of design and business joint degree by teaming up with a uni-
versity’s architectural department. An MBA/MSE (Master of Science in Engineering) joint degree adds a master of sci-
ence in engineering to an MBA for working engineers seeking to gain both technical and managerial experience. Joint
degrees with a master in public policy and an MBA are
sought after by leaders in government, realizing the impor-
tance of general business knowledge and the understanding
of economic development.

In general, joint degree program specifications depend

greatly on the university. It is extremely important to re-
search all potential programs in order to choose the best
and most fitting for you. So when you are deciding to pursue
an MBA, take a look into the world of joint degrees as well.
It just may give you that leg up on your opponent, and will
definitely give you a more well-rounded background for any
future endeavors.

10
 how to ask for
A Letter of Recommendation
By Shannon Kung
Senior Staff Writer
Getting a letter of recommendation is one of the hardest parts of the graduate school application process. Graduate
admissions committees look at hundreds of applicants who have similar grades and extra-curricular activities. A letter
of recommendation is a way for the committees to learn more about you as a candidate. Thus, getting an excellent
letter of recommendation is crucial. Most graduate schools ask for three letters and they, just like the rest of your ap-
plication, should be dealt with thoughtfully and carefully.

STARTING OUT
If you are going to professional school straight from college, you will most likely be turning to
faculty for letters or recommendation. When first starting out, consider how well you know
the professor and your performance in his or her class. If you never went to his office hours
and slept through most of lecture, it might be best to skip over him. To increase your chances
of getting a good letter, it might be helpful to start thinking about building a relationship with
professors so they will know you better and not only be willing to write the letter but write a
strong one. When approaching professors, remember that you are asking them for a favor.
Thus, don’t ask by e-mail or spring the question on them before class starts. Instead, it is bet-
ter to arrange an appointment with them and give them advanced notice that you want to talk
about graduate school.

THE MEETING
Be prepared for the meeting with your professor. You want to
impart on the professor that this letter is important to you, so
discuss the type of degree you want to get, the school you’re
applying for, your goals and motivations, and why you chose
them. Writing the letter of recommendation is not an easy task
and the professors are taking time out of their schedule to write
it. Make sure you ask at least a month before the due date and
that you give them all the necessary documentation- any in-
structions from the graduate school, forms, your transcript, etc.
Be neat and make sure that you give all your documentation at
once so certain important papers are not lost. Being organized with all your paperwork will only serve to give them a
more favorable impression of you and thus write a better letter.
Letter of Recommendation Checklist:
FOLLOW UP  Did you ask your professor early?
Follow up with your professor. They are busy with research,
 Have you done your research?
classes, and students and are always dealing with huge piles of
papers. This means that it is important to follow up periodically to  Did you prepare appropriate documents?
make sure they turn it in on time and to see if they need any addi-  Did you make sure to tell him the deadline?
tional information. However, be careful not to become a nuisance,
as this will reflect poorly on you. After the recommendation has  Did you follow up?
been sent out, show the professor that you appreciate his effort.
Many websites recommend writing a thank you note or a card. Also, be sure to tell the professor the status of your
application- if he helped you get accepted into your dream school, he would definitely want to know!

11
 The Lowdown on the
GMAT, SAT, and GRE
By Joanne Hou
Senior Staff Writer

So you know you want to get to a graduate or professional school. The

next step is making sure you have taken the proper standardized test that
is required for admission into the program of your choice. For business
schools, the test is the GMAT (Graduate Management Admission Test); for
law school it is the LSAT (Law School Admission Test); and for most gradu-
ate school programs like a masters or Ph.D., that test is the GRE (Graduate
Record Examinations). Here are the essentials for each test.

GMAT

The GMAT is a test of general verbal, quantitative, and ana- GMAT at a Glance
lytical writing skills and not a test of actual business or man-
agement knowledge. It is predominantly multiple choice Test Length 3.5 hours (210 minutes)
with two 30-minute essays one focusing on analyzing an is-
sue and the other on analyzing an argument. For the verbal
Test Breakdown 2 essays (30 min. each)
section, reading and critical analytical skills are tested, along
37 MC quantitative ques-
with language skills in the form of sentence completion. For
tions (75 min.)
the quantitative portion of the test, the questions deal with 41 MC verbal questions (75
mathematical problem solving and data analysis. min.)

The GMAT is given electronically and the questions are cho-

Testing Method By computer using computer
sen by the computer program in what is called computer-
-adaptive format
adaptive format. This means that the computer picks prob-
lems based on your answers to previous questions so the Score Range 200-800
difficulty level adjusts as you go along. Thus, different test
takers may face different questions and have variable pro-
portions of easy and difficult questions. This also means that Test Score Valid 5 years
as you choose an answer, the response is immediately Period
scored and you cannot go back to previous questions. Scor-
ing for the GMAT is based on 1) the number of questions Cost $250
answered; 2) the number answered correctly; and 3) the dif-
ficulty of those questions.
Retest Policy Once every 31 days but no
more than 5 times in any 12
The test is given at test centers around the year all over the months
world. It costs $250 to take the test and $50 to reschedule Information www.mba.com
an appointment. The scores range from 200-800 and are
valid for five years.

12
 LSAT
The LSAT is an important test for law school admission in
that it is not only required by all law schools approved by LSAT at a Glance
the American Bar Association, but also weighted heavily Test Length 3.5 hours (210 minutes)
for admission considerations. It contains five 35-minute
multiple choice sections that tests reading comprehension,
Test Breakdown 1 essays (35 min.)
analytical skills, and logic reasoning. There is no quantita- 5 MC sections (35 minutes
tive component to the LSAT. The analytical skills section is each)
also informally known as the “logic game” in which the One MC section unscored
test taker finds answers based on logical analysis of a set
of facts, rules, or conditions. The logical reasoning section,
Testing Method Paper and pencil
on the other hand, focuses on analyzing written arguments
and not on logic puzzles.
Score Range 120-180
At the end of the exam, there is a 35-minute writing sec-
tion that is not scored but is sent to law schools along with Test Score Valid Up to 5 years, but law
the LSAT score. In the multiple choice sections, only four of Period schools can differ
the five sections are actually scored. The fifth section,
which can be put anywhere in the test, is called the vari- Cost $127
able section and is used to try out new questions. How-
ever, test takers are not told which section is unscored. Information www.lsat.org

The LSAT test is administered only four times a year at uni-

versity sites throughout the country and use paper and
pencil. The test scores can be good for up to five years,
though individual law schools can adjust this policy.

GRE
The GRE General Test measures a test taker’s ability in ver- GRE at a Glance
bal and quantitative reasoning, as well as analytical skills. Test Length 3 hours
It is used as part of admission to graduate programs. In the
U.S., the test is computer-based and can be taken year
round. The analytical skills portion, always given first, asks Test Breakdown 2 essays
the test taker to write two essays, one about forming an Verbal section
argument to an issue and one analyzing an argument. The Quantitative section
verbal section tests reading comprehension, synonyms/
antonyms, and analogies, and sentence completion. The Testing Method By computer using computer
quantitative section contains materials such as geometry, -adaptive format
algebra, arithmetic, etc. There is one unannounced un- Score Range 200-800 for both verbal and
scored section. At the end there is an optional research quantitative and 0 to 6 for
section that is not scored but sent to schools along with writing
the GRE score. Test Score Valid 5 years
Period
For the computer-based tests, the format is computer- Cost $140
adaptive, which means that the computer picks questions
based on the skill level demonstrated by the test taker on
the previous question. The scores range from 200 to 800 Information www.gre.org
for both the verbal and quantitative sections and 0 to 6 for
the essays.

13
 HOW TO PAY FOR AN MBA:
A GUIDE TO MBA FINANCING
By Julie Chen
Staff Writer

You finally finished paying off your college loans. You got into your dream business school. Now how in the world are
you going to pay for it? Getting an MBA is a costly investment. The recommended annual budget in 2008 for the MBA
program at Wharton is $80,000 dollars. While financial aid is available, funding for graduate students is limited and the
grants and scholarships offered are generally small in size. Paying for your new education, however, can be made more
manageable once you understand your options.

FULL-TIME OR PART-TIME

The first thing you must decide is whether you will attend school as a full-time or part-time student. Approximately 2/3
of business students pursue their degrees as part-time students while continuing to work full-time. Although it will take
longer to earn a degree, the costs are more manageable and the amount of money you’ll need to borrow can be drasti-
cally reduced. Another consideration is if you work for a company that offers either full or partial tuition compensation
to its employees. If you can get your employer to reimburse you for all or part of your MBA education, you can avoid
going into debt altogether. Every employer handles sponsorships differently, so it is important for you to do some re-
search first. Some graduate-level business programs are only available to full-time students. If you attend one of these
schools, it will not be practical for you to work full-time. You will need to consider other alternatives to fund your edu-
cational expenses.

Since an MBA is a long-term investment, most students rely on loans to cover some or all of their education or living
costs. Before you take out any loans, however, it is important that you first check your credit report. Obtain a copy and
make sure there are no errors before you apply for loans.

FUNDS YOU NEED TO PAY BACK

Federal Loans
If you need to borrow money to pay for an MBA, federal loans are usually the best option. Other than having lower in-
terest rates, most federal loans have a deferred payment option. Examples of federal loans include Stafford Loans and
Perkins Loans. Of course, not everyone is eligible for government funded loans. Many loan programs are need-based.
Eligibility will be determined by the financial aid office of your chosen business school.

Private Loans
Because federal funding for graduate students is limited, federal loans will only get you so far. The rest of the money
must come from private loans, which have higher interest rates and usually don’t have deferred payment. Eligibility
requirements for private loans vary depending on the bank, corporation, or foundation that is issuing the loan. The
best way to determine eligibility is to shop around and research as many different private loan resources as you can.

14
 FUNDS YOU DON’T NEED TO PAY BACK
Unlike loans, scholarships and graduate fellowships do not have to be
repaid. This type of funding is usually reserved for students with special
qualifications including: merit, financial need, ethnic background, gender,
or students who will pursue studies of a specific industry.

A great resource for scholarship search is FastWeb, which provides a free

scholarship search engine. Some other databases that you may want to
investigate are: Sallie Mae’s Online Scholarship Service, College Board’s
Fund Finder, and CollegeNET MACH25.

5 Financial Aid Don’ts:

1. Don’t be afraid to ask
for help.
2. Don’t forget to budget
exactly how much you
need.
3. Don’t borrow until
you’ve done your re-
search.
4. Don’t fall for scholar-
ship scams.
5. Don’t abandon the col-
lege student’s lifestyle .

15
MBA By Sunny Wong
Class Profile 2010 Senior Staff Writer

Years of Work Experience: Since its inception in 1925, the Stanford Graduate School of Business has estab-
Range 0-11 lished itself as one of the leading business schools in the world. Located in the
heart of Silicon Valley, the school has close ties with nearby venture capital and
Median 3.9
high tech firms and has produced a considerable number of successful business
Prior Industry Work Experience: leaders.
Investment Management* 30%
Consumer Products 24%
Consulting 17%
Non-Profit/Gov’t 11%
High Tech 9%
GMAT Scores:
Range 530-790
Median 730
TOEFL Scores:
Range 253-297
Median 280
Undergraduate Majors:
Humanities/Social Science 46%
Engineering/Mathematics/
Natural Sciences 35%
Business 19%
Acceptance Rate: 6% Stanford’s MBA programs have consistently ranked near the top. In 2008, the
Total Applications: 5,741 School was ranked #1 by the U.S News and World Report, #3 by the Financial
Total Accepted: 362 Times, and #2 in the 2007 business school rankings by The Economist magazine.

Besides its MBA programs, the Graduate School of Business also offers joint and
dual degrees in a variety of areas including a Juris Doctor (JD) and MBA, a Mas-
ters of Arts in Education (MA) and MBA and a Doctor of Medicine (MD) and MBA

MBA PROGRAM
This is the standard two-year program that helps students develop their manage-
ment and leadership skills. Class sizes are small and students have the opportuni-
ties to work closely with faculty.

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MBA Admissions

The Stanford Graduate School of Business is the most selective business school in the United States. For the entering
class of 2007, the acceptance rate was a mere 6%. Although many factors are considered, the admissions committee
primarily evaluates candidates in three areas.

 Intellectual Vitality
 Leadership Potential
 Personal Qualities and Contributions

For the Class of 2011, there are three essay questions.

 “What matters to you the most and why?”
 “What are your career aspirations? How will your education at Stanford help you achieve them?”
 Choose two of the following four:
 Option 1: Tell us about a time when you built or developed a team.
 Option 2: Tell us about a time when you felt most effective as a leader.
 Option 3: Tell us about a time when you tried to reach a goal or complete a task that was challenging,
difficult, or frustrating.
 Option 4: Tell us about a time when you went beyond what was defined, established, or expected

OTHER PROGRAMS
Stanford Sloan Master’s Program
Unlike the standard MBA Program, the Stanford
Sloan Master’s Program is tailored more towards
professionals with 8 or more years of management
experience and is full-time, so classes are only of-
fered during the day, from 8AM to 5PM. The pro-
gram is also shorter by one year and has a much
higher concentration of international students.
Upon completion, graduates will earn a Master of
Science in Management degree.

Ph.D. Program
For those interested in academic research and
management education, the Ph.D. Program offers a Doctor of Philosophy degree. Students can choose to concen-
trate in one of the seven areas of study, ranging from finance to marketing to political economics. Many graduates of
this program go on to become professors while others work for the large economic institutions such as the Interna-
tional Monetary Fund.

Executive Education
Stanford also offers a set of programs for experienced executives who desire to enhance their skills in a particular
field. There are programs falling under financial management, marketing, and leadership and strategy and are usually
a few months long. After the program, participants head back into their workplace with a new set of friendships from
around the world and an enhanced skill set in management.

Summer Institutes
Stanford also offers two summer institute programs for undergraduates and graduates.
 The Summer Institute for General Management
 The Summer institute for Entrepreneurship

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INTERNATIONAL BUSINESS SCHOOLS
By Sonia Bhasin
Staff Writer

For students looking to earn a graduate degree at a business school outside of the United States, there are a number
of options available at schools whose programs are recognized worldwide. These top notch schools are found in
countries all over the world, from Canada to China and everywhere in between. Below we will briefly profile a few of
the schools that consistently appear in rankings of top international business schools.

QUEEN’S SCHOOL OF BUSINESS, KINGSTON, CANADA

Queen’s School of Business, located in Ontario, Canada, offers a wide range of programs. The most popular program
at this school, known as the Queen’s full-time MBA, has a duration of 12 months. This particular program has been
ranked #1 in the world, outside of the United States, by BusinessWeek magazine. This school is also home to Can-
ada's most respected Executive MBA program, delivered
nationally via videoconference to cities across Canada and
also available through the school's Ottawa classroom. The
Cornell - Queen's Executive MBA program provides an inter-
national perspective to students from both sides of the bor-
der who earn both a Queen's MBA and a Cornell MBA.
Queen's Accelerated MBA for Business Graduates is the first
program of its kind designed specifically for people with an
undergraduate degree in business. Queen's Masters of
Global Management is a comprehensive program of interna-
tional business content, international experience, and cross-
cultural learning that allows students to earn a world-class
degree in 12 months.

http://business.queensu.ca/index.php

IE BUSINESS SCHOOL, MADRID, SPAIN

IE Business School, founded in 1973, is located in the vibrant urban city of Madrid. This school boasts a variety of
graduate programs such as the Masters in Management, MBA, Executive MBA, Master of Laws, specialized masters,
and various doctoral and executive education pro-
grams. The wide range of programs available allows
students to select their own path in the business
world. IE Business School students use innovative
online and presentation based learning methods,
which provide students with a unique learning experi-
ence. This is done by having classes take place both
online and in the classroom; in fact, IE Business School
offers the opportunity to earn a world-class MBA
solely online. IE Business School also boasts over 53
exchange programs with international universities.
Entrepreneurship is a prime focus of the MBA degree
program.

http://www.ie.edu/business/

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CHINA EUROPE INTERNATIONAL BUSINESS SCHOOL (CEIBS), SHANGHAI, CHINA
CEIBS was established in 1994, but already has a prominent po-
sition among the top business schools in the world. CEIBS
unique bridge between Europe and China gives the school an
international touch along with its strategic partnership with the
University of Michigan at Ann Arbor in the United States, among
other schools in Germany, France, and Spain. CEIBS offers MBA,
Executive MBA, and various executive education programs. The
Executive MBA program is the largest in the world, with over
700 enrolled students, and is ranked third worldwide. Within
one decade, CEIBS has become the go to school for students in
China, in addition to students from around the globe.

http://www.ceibs.edu/

INSEAD, FONTAINEBLEAU, FRANCE, AND SINGAPORE

INSEAD is one of the world’s largest graduate schools in busi-

ness. This business school touts itself as a truly global business
school; indeed, the motto of the school is “The Business School
for the World.” This truly differentiates the school from other
business schools across the globe. INSEAD has two physical cam-
pus locations, with campuses in both France and Singapore,
along with centers in Israel and Abu Dhabi. MBA students have
the option of moving between the two campuses. INSEAD also
has a strategic alliance with the prestigious Wharton School of
Business at the University of Pennsylvania. INSEAD offers MBA,
Executive MBA, and PhD programs.

http://www.insead.edu/

LONDON BUSINESS SCHOOL, LONDON, UNITED KINGDOM

London Business School is consistently ranked as one of the top busi-
ness schools in the world. The university is indeed a global one as well,
with the student body at any given time representing over 121 coun-
tries, world-renowned faculty from more than 30 countries, and
alumni based in over 120 countries. The location of the school, in Lon-
don, also offers students a unique opportunity to live and study in a
truly global city. London Business School offers a rich portfolio of de-
gree and non-degree programs to suit students and executives at
every stage of their career. The following degree programs are of-
fered through the school: MBA, Executive MBA, EMBA-Global, Dubai-
London Executive MBA, Sloan Fellowship MSc, Masters in Finance, and
PhD.

http://www.london.edu/

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 INDIAN INSTITUTE OF MANAGEMENT (IIMA), AHMEDABAD, INDIA
In just over 40 years, IIMA has
grown from being India’s premier
business school to one recognized
internationally. Through
collaborations with universities
around the world, including
Harvard University, IIMA offers
students a unique blend of
Eastern and Western values. In
addition to the traditional MBA
program, IIMA also offers an MBA
with an Agri-Business emphasis, a
one year executive MBA program,
and a doctoral program involving
research training with students
choosing from ten unique areas of
specialization.

http://www.iima.ac.in/

FINANCIAL TIMES MBA RANKINGS

1. University of Pennsylvania—
Wharton, U.S.
2. London School of Business, U.K.
3. Columbia BS, U.S.
4. Stanford GSB, U.S.
5. Harvard BS, U.S.
6. INSEAD, France/Singapore
7. MIT— Sloan SM, U.S.
8. IE Business School, Spain
9. University of Chicago GSB, U.S.
10. University of Cambridge— Judge BS, U.K.

20
INTERNATIONAL STUDENTS
POST-BACHELOR DEGREE:
NOW WHAT?
By Erika K. Solanki
Staff Writer

College students struggle with deciding their future, whether it is start-

ing a career or continuing their education at a higher level. Luckily for
American students, they have the choice of staying local, going across
the country, or even leaving the country. For international students, it is
not that easy. International students have to decipher a complicated
process in order to study in America and then have to decipher an even
more complicated process once again if they want to stay in America for
more than just school. International students, restricted by visas and
immigration laws, have to jump through loops and holes to stay in the
United States. Below are explanations of some of these loops and holes
to give international students a head start.

OPTIONAL PRACTICAL TRAINING

An international student has the opportunity to apply for em-
ployment directly related to the student’s major area of study if
granted permission for optional practical training. Before stu-
dents complete their bachelor’s degree, they should apply for
practical training through the United States Citizenship and Im-
migration Services (USCIS) because the application can take
two to three months or longer to process. Students can apply
as early as 120 days prior to their graduation for optional prac-
tical training. Students do not need a specific job offer to apply
for OPT employment authorization. If the student is granted
authorization for temporary employment, the international
student will be able to stay in the U.S. for an additional four-
teen months after the completion of their bachelor’s degree,
twelve of which are authorized for employment. Students can
choose their starting date for their OPT no later than 60 days
after their bachelor’s degree graduation date. Once the OPT
application is approved, the student will be issued an Employ-
ment Authorization Document card, similar to a work permit.
Although the process of issuing an EAD may take longer than
expected, students may not begin work prior to the employ-
ment date state on their EAD cards.

For examples of forms and detailed application checklist visit: http://www.immihelp.com/immigration/employment-

authorization-document.html

21
 After fourteen months, students have three options:

1. Return to their countries of origin. Depending on the student’s country

of origin, employers in almost all countries view degrees obtained in the
United States as equivalent or perhaps more prestigious than the degrees
obtained in their own country.

2. If hired by the employer, the employer can sponsor the student on an H-

1B visa. An H-1B visa is a non-immigrant visa that allows U.S. employers to
employ foreign guest workers in specialty occupations. The U.S. limits the
number of H-1B visas granted each year, so approval of a student’s H-1B visa
is never guaranteed. If the student’s request for an H-1B is granted, the stu-
dent can also have the intent to immigrate permanently to America.

3. Apply and attend graduate or professional school. Students are eligible

for twelve months of optional practice training for each level of higher edu-
cation (masters, Ph.D., etc.); however, if a student is completing a second
degree in the same level of education (i.e. a second bachelor’s degree) then
the student is not eligible to apply for OPT at the completion of the student’s second bachelor’s degree.

H-1B VISA

The H-1B visa allows American companies and universities to

temporarily employ foreign workers who have the equivalent
of a U.S. bachelor’s degree. Students can secure a sponsorship
by an employer a few months prior to the completion of their
degree. Students could do Optional Practical Training before
trying to secure an H-1B visa or students can try to directly
secure an H-1B visa. An H-1B visa is more difficult to secure
because students need to have employer that are willing to
sponsor them. Employers are more likely to sponsor students
after they have worked with them for a year through Optional
Practical Training.

APPLYING TO GRADUATE AND PROFESSIONAL SCHOOLS

International students must follow application guidelines and apply to the graduate and professional programs of their
choice; however, students must submit financial certification that demonstrates adequate funding for one year of
study. Upon acceptance into a program, the university will sponsor the student on a student visa. The two types of stu-
dent visas are F or J visas. F visa students must be totally funded by personal or family funds whereas J visa students
must be substantially funded by institutional or governmental sources. The F visa does not carry a health insurance re-
quirement, whereas the J visa does carry a health insurance requirement. J visa students must leave the U.S. in thirty
days after the completion of their program, whereas F visa students must leave within sixty days after the completion
of their program. A major difference between the two visas is that J visa students, who are financed fully or partially by
the U.S. government or their own government must return to their country of origin for two years before returning to
the United States in immigrant or worker status. F visa students have more options such as applying for Optional Prac-
tical Training or H-1B visa status after graduation. Students should aim for F visa status if their financial situation allows
them to because it will give them more future flexibility once they obtain their degree.

22
ON TRACK FOR
BUSINESS/LAW?
By Gloria Ho
Staff Writer

With the current job market shrinking, many of us will be delaying entering the workforce and, instead, staying a few
more years in school. Though undoubtedly a sound option, there are a few factors to consider before applying.
Have you taken the required tests? When is the deadline to apply? Even for those who will become an associate
come September, these things should be taken into account if you do decide to return to school. For students who
are considering business school or law school as an option, see below for a timeline that will keep you on track.

BUSINESS SCHOOL: LAW SCHOOL:

1st Year ▪ Think about what sort of career you
would like to pursue after graduation
and if business school is a suitable
path for you
▪ Talk with upperclassmen and MBA
students to gain perspective
nd
2 Year ▪ Start gaining experience, either
through an internship, part-time
work, or volunteering, in the business
related profession that you are inter-
ested in
▪ Begin thinking about when to take
the GMAT
▪ Plan a visit to a career counselor
3rd Year ▪ Determine which area of business
you would like to pursue and gain
experience in
▪ Find a summer internship related to
a field you consider working in after
graduation
2nd Year ▪ Familiarize yourself with the rigors of law
school
▪ Determine whether or not law school is the
route you wish to pursue right after undergrad
3rd Year
September ▪ Research different law schools and the law
school application process
▪ Keep a lookout for potential writers of let-
ters of recommendation
▪ Start studying for the June LSAT
▪ See what it’s like to work in law by gaining
experience at a law firm or non-profit organi-
zation
March ▪ Register for the June LSAT
▪ Start talking with a pre-law advisor
▪ Start thinking of who could write your
letters of recommendation

4th Year ▪ Consider taking the GMAT early

▪ Land a full-time job for after
graduation

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 BUSINESS SCHOOL CONTINUTED: LAW SCHOOL CONTINUED:

After graduation: year before you would like to attend
business school:
January ▪ Begin researching business schools and
what programs they offer
▪ Review last year’s application
February ▪ If you have not yet taken the GMAT, be
gin preparing
▪ Take a free GMAT practice test
March ▪ Consider enrolling in a GMAT prep course
April ▪ Register for the GMAT
▪ Contact potential writers for your letters
of recommendation
May ▪ Continue studying for the GMAT
▪ Decide upon which schools you will be
applying to
▪ Consider visiting the campus
June ▪ Take the GMAT
▪ Request all undergraduate transcripts
▪ Register for the GMAT (for retakes)
July ▪ If you are applying to more than five
schools, submit a GMAC Additional Score
Report
▪ Retake the GMAT if necessary
August ▪ Register for business schools’ online
applications
▪ Familiarize yourself with the application
processes and requirements of the schools
you are applying to
▪ For schools with different rounds of ac-
cepting applications, decide which round
you will be applying
▪ Begin the first draft of your essays
▪ Follow up with the writers of your letters
of recommendation
▪ Sign up for interviews for schools that
conduct open interviews
▪ Update resume
September ▪ Revise and polish your essays
▪ Fill out applications
June ▪ Take the LSAT
▪ Write a draft of your personal state-
ment and have it looked over by your
pre-law advisor
▪ Tailor your resume for law school
▪ Finalize the list of law schools you plan
on applying to
▪ Finish the final drafts of your essays
July – August ▪ Register with the Law School Data As-
sembly Service (LSDAS)
▪ Send all your transcripts after high
school to LSDAS
▪ Familiarize yourself with the law
schools you will be applying to and, if
possible, visit the campus
▪ If necessary, register and prepare for
the October LSAT
4th Year
September ▪ Finish writing your personal statement
▪ Ask your professors for a letter of rec-
ommendation
▪ Update your resume
▪ Request financial aid information if nec-
essary
▪ Begin filling out applications on LSAC
October ▪ If needed, take the October LSAT
▪ Finalize your personal statement and
letters of recommendation
▪ Make sure all documents needed to
complete your LSDAS report have been
submitted
▪ Double-check your completed applica-
tions
November ▪ Send out your applications
▪ If needed, obtain applications for fi-
nancial aid
December ▪ Contact law schools to confirm that
your applications were received and are
complete
January ▪ Send an updated transcript to the law
schools you applied to and to LSDAS
▪ Submit completed financial aid forms
▪ Begin preparing for law school inter-
views (some law schools may not con-
duct interviews)

24
 BUSINESS SCHOOL CONTINUTED:
October ▪ Send in your completed Round I appli-
cations
▪ Send thank-you notes to the writers of
your letters of recommendation
November ▪ Prepare for Round I interviews
▪ Start planning for Round II deadlines
LAW SCHOOL CONTINUED:
February ▪ Receive law school decisions
April ▪ Evaluate acceptances and financial aid offers
▪ Decide which school to attend
▪ Submit your acceptance letter and notify the
other schools

December ▪ Begin receiving Round I decisions

▪ Begin Round II applications and
materials if necessary

January ▪ Continue to receive Round I decisions

▪ File for financial aid if necessary
▪ Submit Round II applications

March ▪ Submit Round III applications if

necessary

April ▪ Receive decisions for Round II

May ▪ Receive decisions for Round III

BBR Questions, Comments, Concerns?

About Us
Bruin Business Review is a student-run
online publication established in 2007 for
the purpose of providing the UCLA student
body with a convenient source of business
news and career information. We publish
every two weeks on the Internet, allowing
our content to be accessible to everyone.
Our goal is to enrich our readers’ knowl-
edge of the business world and the career
options within it by presenting a wide
range of business-related topics in a non-
technical style. Our broad range of topics
encompasses current business news, re-
sume tips, employer and MBA program
profiles, industry insight, and others. For
more information about BBR, visit
www.bruinbusinessreview.com.
E-mail: bruinbusinessreview@gmail.com
Mailing address:
Bruin Business Review
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308 Westwood Plaza
Los Angeles, CA 90024-1641

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