Jenn Holmes, HB Editor

Welcome to Hispanic Business LiveChat. We would like to welcome our guests, Stanford MBA Admissions Director Derrick Bolton and 2005 MBAs Carolyne Guss and Cynthia Zavalza, co-presidents of the Hispanic Business Student Association.

Hi. My question is for the students. How did you know you wanted to pursue an MBA of all graduate degrees? I am really interested in continuing my education after I graduate, but don't know if B school is really for me.

Cynthia Zavalza, Stanford HBSA

When I graduated I was torn between law and business. I took a job that combined the two and realized pretty quickly I was not interested in law and enjoyed business. For me it was important to think about what I ultimately wanted to do career-wise and knew that b-school was the way to get there.

Could you tell me what you look for when admitting students?

Derrick Bolton, Admissions Director

Hi Ernesto,
Thanks for your question. We assess three criteria for every applicant: demonstrated leadership potential, intellectual vitality, and diversity among students.
All three words matter in demonstrated leadership potential. We need to see evidence in your background that you have been a leader – whether in your college, job, or community. We also need to have confidence that you have aspirations to make a difference in the future. Both aspects of your leadership are important.

Intellectual vitality means not only the ability but also the desire to engage with your peers in the classroom. It’s not just aptitude but attitude. The MBA is an academic program, especially at Stanford, and so it’s important to take full advantage of the academic offerings.

Diversity means breadth of perspective among students. We really want 370 different points of view in our class. Diversity is especially important in management education since business is global and successful leaders need to be able to inspire and motivate many different types of people.

What are the students' favorite things about Stanford? How did they find jobs there? What did they do before Stanford? What are they doing for the summer or when they graduate? Has the experience been as good as they thought it would be?

Carolyne Guss, Stanford HBSA

Hi, Crystal.
I can't speak for all of my classmates, but what I like about Stanford is the close community that we have being at a small school. I have really enjoyed getting to know my classmates because they have such diverse interests and careers, and you really get to know each other well given Stanford's environment.
Students have a lot of ways to find jobs, through on-campus recruiting, networking with alumni and current students, attending career fairs, etc. It depends on your career interests.
In terms of summer and graduate plans, again, it really varies from traditional investment banking and consulting jobs, non-profit, marketing, private equity, etc. I would encourage you to look at the Stanford Employment Report at gsb.stanford.edu/cmc for more detailed information.
And I have loved my experience here!

Hi. For the students, what is life like at Stanford? Is it an expensive area? Is there a lot to do socially? Thanks.

Cynthia Zavalza, Stanford HBSA

I LOVE it here. It's pretty laid-back and people are pretty active. The area can be expensive depending on what you want to do: hiking and running the trails out here is obviously free and golfing is realtively cheap. Housing is more expensive that in the Midwest. Going to Napa and nice restaurants can add up. There's alot to do here in terms of social events and outdoor adventures. But, the club scene is not like NYC.

What kinds of jobs does an MBA usually lead to? In what sectors? Does getting an MBA mean you will be stuck in the business world the rest of your life, or is it something that is useful in all professional fields?

Carolyne Guss, Stanford HBSA

MBA jobs really vary. You should look at the Stanford Employment Report at www.gsb.stanford.edu/cmc/ for detailed info on where Stanford students worked post-grad.
A lot of people have gone into non-business related fields after graduation, such as non-profit, public policy, law, education, etc. It depends on your interests and how you want to use the MBA to get there, but you definitely can change careers after. I think the things you learn in an MBA, like general management and organizational behavior, are applicable to many fields.

Does Stanford offer specialized MBAs? If so, in what areas? Thanks!

Derrick Bolton, Admissions Director

Hi Erica,
Stanford offers four types of academic programs: a PhD for the next generation of faculty; a two-year, full-time MBA Program for the next generation of leader; a ten-month, full-time Sloan Management Fellows Program for high-potential managers; and executive education courses for current senior-level leaders.

The MBA Program is a general management program. We do not require - or offer - specializations. We believe that only a general management education provides the foundation to lead effectively. But within our MBA Program, we do emphasize four key elements: leadership, entrepreneurship, global awareness, and social impact. Those cornerstones of the MBA produce mindsets that are critical for successful leaders.

How long is the MBA program and how much does it usually cost to complete (including living expenses, etc)?

Carolyne Guss, Stanford HBSA

Stanford's MBA program typically takes two years to complete, unless you do a joint degree with another graduate school, like the law school or school of education. For tuition and living expenses information, please go to www.gsb.stanford.edu/finaid.

Are students allowed to work while attending? How do they usually earn money while in school?

Cynthia Zavalza, Stanford HBSA

Your financial aid package will cover your demonstrated financial need. Although you are allowed to work I don't know very many people who do. People who do work are working on projects for companies they are interested in for a full-time job. There's so much to do as it is that it's hard to get the full business school experience if you are also devoting time to working. Personally I am having a hard time find enough time to squeeze in classwork, social events, and outside projects.

Are there any programs in place to help students find jobs after graduating? Does Stanford have relationships with certain companies or recruiters?

Carolyne Guss, Stanford HBSA

Stanford's Career Management Center has an On-Campus Recruiting program, where companies come directly to campus to interview students. However, many students get jobs through other means, such as their personal network, classmates, alumni, etc. The Career Management Center website, www.gsb.stanford.edu/cmc, has an Employment Report that lists companies that hired students or came to campus last year.

I am really interested in pursuing an MBA and am pretty sure I would qualify for entrance. The only thing is I just recieved my bachelor's and am afraid that going to school for another three years will leave me severely in debt. Does the salary for an MBA usually compensate for the expense of the degree? If I really want it should I be worrying about the expenses? Help!

Derrick Bolton, Admissions Director

Hi May,
The MBA is an big investment - money, time, and effort. But it's an investment in the very best "asset class" possible: yourself. It pays dividends in terms of your growth on a personal level, intellectually, and in terms of your professional potential.

The salaries that Stanford MBAs command upon graduation - and in the years afterwards - typically compensate for the financial investment. But when I talk to alumni, they say they'd never hesitate to pursue the Stanford MBA again because of the way it opened them up to new possibilities and created friendships that last a lifetime.

Please remember that the School offers financial aid to help you with the cost of attendance. We guarantee to meet the demonstrated financial need of any student we admit to the MBA Program, through a combination of fellowships and loans. More information is available at our Financial Aid Office's website at www.gsb.stanford.edu/finaid.

Please also note that we have a program called Partnership for Diversity in which our corporate partners will pay both years' tuition for a small group of students each year. More information is available on the MBA Admissions Office website at www.gsb.stanford.edu/mba.

Hi. I am very interested in pursuing a career that will allow me to work internationally. Are there degrees at Stanford that will help me get into those fields?

Cynthia Zavalza, Stanford HBSA

1) We have a Global Management Program (GMP)certificate that is earned through taking globally-focused classes.
2) We have a GMIX program which helps students find a international internship for half of the summer.
3) Dedicated career services staff to help you on a one-on-one basis.
4) There are study trips where you meet with top level executives which is a great networking opportunity
5) There are career treks that take you to cities like London where you'll meet with representatives from firms with offices in London for example.

There's alot.

What kind of activities does the Hispanic Business Student Association promote? Is membership open to undergrads as well?

Carolyne Guss, Stanford HBSA

We have a number of different activities from career to social events. We work with our alumni, the National Society of Hispanic MBA's and other Hispanic organizations to provide networking opportunities for students. The Jerry Porras Latino Leadership Banquet is our biggest event of the year, where we honor a prominent Latino alumnus, and we also have less formal social activities, such as dinners, nights out in San Francisco, etc. We also partner with other Latino graduate clubs on campus to have social and career events.
Membership unfortunately is not open to undergrads, but they are welcome to come to our events.

Does Stanford Business School require entrance interviews? Letters of recommendation? If so, what is a good way to prepare for the interviews (attire, questions asked, etc) and who usually writes the letters? Thanks for the help.

Derrick Bolton, Admissions Director

Hi Jason,
Yes, we do interview every applicant who is admitted; interviews are offered by invitation only. Only Stanford MBA alumni conduct the interviews. They focus on skills, behaviors, and attitudes that we believe are necessary for success at the GSB and for high-impact leadership after business school. They're behavioral event interviews, which means the questions all address your experiences and what you've learned from them. There are no trick questions.

On letters of reference, we do require three: two professional/workplace and one peer/team. Choose recommenders who know you well, and who will make time to write thoughtful, detailed letters.

I write a monthly newsletter that's available on the MBA Admissions Office website at http://www.gsb.stanford.edu/mba/connect/learn_more.html#news. One of the columns (October, I think) addressed letters of reference; another (November, I think) addressed interviews. You can find much more detailed information there on these topics.

I'm looking to move to the Bay Area for school/work. Is there a benefit of being so close to Silicon Valley? Do lots of Stanford MBAs get hired there?

Cynthia Zavalza, Stanford HBSA

Depends on what you want to pursue. Obviously if you interested in certain companies that have offices here or certain industries (i.e. high-tech) it's a great benefit. It's also amazing because we can get high-level executives from the area to come and speak at our events or visit classes. For example, the CEOs of Google and GAP have both come to speak on campus because of their proximity. We also have many Silicon Valley companies that recruit here as well as from all over the country. People in my class will work all over the world after graduation. Wherever you want to work Stanford can help you get there.

How diverse is the campus? Are there a lot of Hispanic students? What sort of a background do most students have?

Carolyne Guss, Stanford HBSA

I think the campus is very diverse in a lot of areas, background, education, career interests, etc. Their backgrounds really range so it's hard to generalize here, but that is one of the great things about Stanford. In terms of Hispanic students, there are fifty members of the Hispanic Business Student Association.

What are Stanford's policies with regards to older applicants? For example, is it easier to get in with say 15 years of real world business experience?

Derrick Bolton, Admissions Director

Hi Walter,
We don't take into account an applicant's age in the admission process at all! We assess what applicants have achieved relative to their opportunities. So I wouldn't say it's easier/harder to get in with 15 years of experience, just like it's not easier/harder to get in straight from undergrad. We look at each applicant holistically, on a case-by-case basis, and determine how he/she can contribute and grow at Stanford.

Just FYI, besides the two-year, full-time MBA Program, Stanford also offers a ten-month, full-time Sloan Masters Program (I think I mentioned this in an earlier response). However, the Sloan requires at least eight years of full-time work experience to be considered. But that's an additional option at Stanford for applicants who have at least eight years of work experience.

What is the course work load like? Is it pretty intense?

Cynthia Zavalza, Stanford HBSA

I can only answer from personal experience. The first quarter was like drinking from a fire hose. There was so much to do, so many people to meet and alot of coursework. But as I got used to being back in school things calmed down and my second quarter was much more manageable. I also took alot of courses out of personal interest. So - it depends on how you want to balance your coursework, I am taking four courses now (one is drawing) whereas I took five last quarter. I am doing less coursework now but working more on projects and club events. Also - some courses have more work than others and so you have to take that into account as well.

Hi. You mentioned an emphasis on entrepreneurship, is b-school appropriate for those wanting to start their own businesses?

Carolyne Guss, Stanford HBSA

We have a Center for Entrepreneurial Studies specifically for students interested in this area. There are also several classes in the curriculum that address entrepreneurship, and some students in their second year take a business planning class where they work with faculty to test their ideas. However, the focus at Stanford is academic, and only about 5% of students actually start their own businesses right after graduation. Getting work experience afterwards is highly encouraged to get relevant training.

I've read that job opportunities for MBAs are slowly increasing as hiring picks up overall. What advantage is there by having a Stanford degree over other MBAs?

Derrick Bolton, Admissions Director

Hi Allen,
Yes, the MBA job market has improved over the past couple of years. For the Stanford MBA Class of 2004, I believe 95% were employed three months after graduation. But we're pretty fortunate at Stanford to have an incredibly strong Career Management Center to help our students whether the economy is strong or other. We have the highest ratio of career staff to students in our peer group, so each MBA student is assigned a dedicated career advisor who knows him/her and his/her interests. That makes a big difference.

Also, we try to teach a philosophy of career self-reliance: teaching students how to manage their careers, not just look for the first job after business school. That's similar to our academic philosophy in that we're focused on enduring skills and knowledge.

On the second part of your question, there are great MBA programs all over the US and all over the world. The advantages of each will depend on what you're looking for in a program. I encourage you to think carefully about what type of educational environment and resources you need to grow; if Stanford is a good fit, I encourage you to learn more about us.

Does Stanford offer opportunities to tour the campus or sit in on a class to see what the school is like?

Cynthia Zavalza, Stanford HBSA

Yes on both counts and I think doing those two things really helped me decide on where I "fit in" with when going through the application process. You can sign up by visiting the following URL: www.gsb.stanford.edu/mba/connect/visit.html

Why doesn't Stanford belong to the Consortium for Graduate Study in Management?

Carolyne Guss, Stanford HBSA

Stanford definitely supports the goals of the Consortium. However, our admissions office feels that there are other ways, such as through financial aid, Project for Diversity, the Charles Bonini Fellowships, among others, to achieve Stanford's diversity goals.

Does Stanford offer any programs for Financial Planning?

Carolyne Guss, Stanford HBSA

Richard,
Are you interested in a course on financial planning, or an actual degree or certificate?

Does the Stanford MBA have a Diversity Recruitment weekend? If so, what is the application process?

Cynthia Zavalza, Stanford HBSA

Yes we do, it's called Many Voices. To be a part of the weekend you need to register at: gsb.stanford.edu/mba/connect/learn_more.html
Once you are registered you should get an e-mail about the process around September 2005. It's basically a 250 word statement of interest rather than a full-blown application process.

Derrick, did you graduate from Stanford? Looking back, what have you gained professionally from the experience? Would you do it again? Thanks.

Derrick Bolton, Admissions Director

Hi Ed,
Yes, I did earn my MBA and an MA in education from Stanford waaaaay back in the last millennium. :) I graduated in '98. And yes, I would do it again with no hesitation. In fact, I took this job because I thought I could readmit myself to the MBA Program as a student. But our dean said no. :) Carolyne and Cynthia are sitting right next to me, and they asked if they can make the MBA a three-year program instead of two. It's really an extraordinary, life-changing experience.

I worked on Wall Street for a few years after graduation and did merger work. I relied on the accounting courses - and accounting faculty, who were incredibly kind to help me with things as arcane as German GAAP, write-offs in biotech R&D, etc. - on a daily basis. I also used my finance courses regularly. As I got more senior, I started using more of the things I'd learned in organizational behavior, leadership, and that kind of thing. And I found myself relying more on the Stanford community for knowledge about specific industries, transactions, etc.

Now that I work at Stanford and manage a team of people, more and more courses come back to me. In fact, the comfort with taking risks and self-knowledge that I learned at Stanford is a reason that I accepted this position! So I think I've gained a lot professionally from the experience.

Thanks for the input on my earlier question. For Carolyne and Cynthia...you're graduating this year? How is Stanford helping you prepare to move into the business world in these last few months?

Cynthia Zavalza, Stanford HBSA

Yes, sadly I do graduate soon. In terms of preparing for the business world, I have my job offer which I got through on-campus recruiting. Otherwise, I am taking classes that I think will best prepare me for my post-MBA work. At the end of this year, Stanford also has sessions on settling into a new city, finding housing, etc.

I've taken the GMAT twice but can't seem to break a score of 610. If I take it a third time, will that reflect badly on my application? I am mostly having trouble with the quantitative portion, but I've completed calculus with an A.

Carolyne Guss, Stanford HBSA

I would think about your entire background and how the GMAT fits into your application. If you have a strong quantitative background already in your career or undergrad work (i.e. you're an engineer), then it probably would not be as necessary. However, if you do not use quant a lot (i.e., you're an English major and work in PR) you might want to strengthen this part of your application. It just depends on what your background is.

How big are the admitted classes, on average? Does Stanford wait-list people, or allow deferrment of admission?

Cynthia Zavalza, Stanford HBSA

They are 370 on average in each admitted class.
Stanford does wait-list.
In terms of deferrals you should apply for the year that you are planning on coming. Deferrals have been allowed in only very special circumstances such as being called in for military duty - but it does NOT happen regularly.

How do you compare your MBA program and more importantly, degree in terms of worth as compared to the recent influx of convenience driven institutions such as the University of Phoenix?

Derrick Bolton, Admissions Director

Hi Richard,
Stanford offers a transformative experience through the MBA Program. We dedicate all our resources to helping you better understand yourself, grow intellectually, and achieve your full potential. We don't believe you can be a full-time student, taking advantage of all the resources that the Stanford community offers, and a full-time worker.

Personally, I think it's great that there are different types of programs catering to different needs. Stanford produces only 370 MBAs of the 100,000+ MBAs granted each year. So we will continue to offer the programs that best suit Stanford's philosophy, while other institutions will do the same.

What do students do, aside from coursework, to prepare them for the business world? Are they encouraged to intern? Does Stanford hold networking functions?

Carolyne Guss, Stanford HBSA

There are a lot of ways outside of the classroom to prepare. We have many career-related clubs, such as Consulting, Finance, Private Equity, Marketing, etc. that hold networking events and offer career advice. Stanford also has career panels with guest speakers from various companies and industries which offer great networking opportunities. Companies also come to campus to present information about their companies for formal on-campus recruiting.
Most students pursue an internship over the summer, and some do spring break internships as well.
The alumni network is also a great way to find out information on different careers.

How does on campus recruitment work with regards to interviews. Is there a bidding process?

Cynthia Zavalza, Stanford HBSA

So you would "drop" your resume for companies that you are interested in and you will either be chosen for an interview or if you are not chosen, then you bid for it. You have a set number of bid points for the year and once you use them up, they are not replenished until the next year.

Stanford requires every company that recruits on campus to leave slots open on their interview schedules for students to bid on. This really helps people who are career-switchers. It's a great process and I am not sure how many other schools do that.

Hi all. I'm in my 30s, working as a director of licensing for a company here, and have thought about getting my MBA for various reasons. For someone who is already along in their career, are there additional benefits to getting a degree, versus someone who may just be starting out?

Derrick Bolton, Admissions Director

Hi Anna,
The MBA is an incredibly flexible education, so there are benefits to the MBA whether you earn it straight after undergrad or after many years of work experience.

We have students who have 20+ years of work experience in the MBA Program, and they are learning and contributing - just as the folk who enroll direct from college are doing.

I encourage you to think carefully about what your goals are and how an MBA can help you achieve them. I think the answer depends largely on the type of experience you've had and on your aspirations.

Does Stanford offer an Executive MBA program, for people who can't go full-time? If so, on average how long does that take? Is there a benefit to going full-time instead? Thanks!

Carolyne Guss, Stanford HBSA

Stanford does not offer a part-time MBA program. We have two other types of programs besides the full-time MBA including:
1) Sloan Management Fellows Program, which is a 10-month program for high-potential managers that have at least 8 years work experience. Sloan Fellows can be sponsored by a company or choose to go on their own.
2) an Executive Education program, which is for senior level managers.
Stanford feels that it is very difficult to be a full-time student and a full-time employee. The Stanford MBA is a transformational program where you're learning to grow your career in different ways, and that is extremely hard to achieve on a part-time basis.

I am interested in pursuing an MBA degree now having completed my undergraduate degree in finance, my educational requirements for the CFP(r) exam at UCLA, and current career experience. Can any of your programs enhance my field of expertise?

Cynthia Zavalza, Stanford HBSA

We don't have any majors in the traditional sense of the word. But people interested in enhancing their knowledge in the realm of finance take alot of courses offered through the finance department. I have many classmates who have been investment bankers, private equity analysts, etc. and take finance courses here and get alot of learning out of them.

Do any students go on to pursue the Phd?

Cynthia Zavalza, Stanford HBSA

A handful, but the MBA isn't a step in the progression towards a Phd.

How do GMAT scores, work experience, and letters of recommendation weigh into the admissions process? How have GMAT at Stanford scores changed over the years? What makes up a successful application essay?

Derrick Bolton, Admissions Director

Hi Tomas,
There is no formula for admission, so we look at all the things you mention as we try to form an understanding of each applicant.

The GMAT scores have fluctuated over the past decade, as the applicant pool's GMAT scores have fluctuated. The MBA Class of 2006 had a range of 530-790, I believe, with an average of ~710. The GMAT is only one factor that we consider - remember, we're assessing not only intellectual vitality, but also demonstrated leadership potential and diversity among students - in evaluating candidates.

Mr. Bolton, what would you advise for a student with an undergraduate gpa of 2.3 to do if interested in your MBA program? Re-take courses to raise gpa? Achieve a high score on the GMAT? Outstanding recommendations? Grease a couple of palms?

Cynthia Zavalza, Stanford HBSA

Your academic record is what it is. You should focus on your strengths and work on what you can still control (i.e., GMAT, your application essays).

Derrick, you just mentioned that more than 100K MBA degrees were given each year. Wow! Do you think the sheer number of people that have the degree will basically force those of us without it to get one, in order to stay competitive?

Derrick Bolton, Admissions Director

Hi Allen,
I hope our society will not become so credential-driven that people pursue education just for the degree and not for the knowledge.

I really believe you should pursue an MBA only if you have a passion for management - that is, if you feel this is your calling and you want to prepare for the responsibilities that you'll take on in your life.

So perhaps I'm naïve, but I hope those factors will be the primary drivers of MBAs granted.

Derrick Bolton, Admissions Director

Thank you to Carolyne Guss and Cynthia Zavalza, MBAs '05, for volunteering their time for the chat. We really appreciate the interest in Stanford and hope that prospects will feel free to contact us at 650.723.2766 or mba@gsb.stanford.edu

Jenn Holmes, HB Editor

A big thanks to Derrick Bolton, Stanford MBA Admissions Director, as well as Cynthia Zavalza and Carolyne Guss from Stanford HBSA. This concludes our LiveChat, but for more information on the school, admissions questions or requirements, please visit their Web site: http://www.gsb.stanford.edu.