Tradeoffs and Compromises in the 90-Hour School Week

As he sails past midterms in the final quarter of his first year, Josh Hirschland reflects on his experience dealing with a common (and fortunate) problem at Booth:  too many opportunities for too few hours in the day. Read on to find out how he has made the most of his year.

--Matt

After you’ve been admitted to Chicago Booth (Congratulations!!), you will receive several guides detailing the ins and outs of student life. One of these handbooks will helpfully outline what a typical schedule looks like—how much time you will spend in class, on homework, on recruiting, and so forth—which, when you add it up, will account for between 79 and 105 hours per week. And upon looking at that, and you will say, “That’s crazy; that must be wrong.” And you’ll forget about it.

Until you get to school and you realize that it’s accurate.

For those incoming students who see business school as a vacation from work, the volume of requests that are made of your time as a student can be jarring. Between classes, homework, guest lectures, recruiting, extra-curricular activities, mentoring and leadership opportunities, social engagements, and the daily requirements of being an adult human being, there are literally dozens of things going on at any given moment. And with just 21 months to spend at Booth, every activity represents a trade-off—a deliberate choice that must be made.

Some of these tradeoffs are obvious: most students can only participate in one summer internship before accepting a full-time position, so it’s important to think long and hard about what experiences will help you make an informed choice about your post-MBA career. The bathroom scale is happy to remind anyone who forgets about the opportunity costs associated with going to a happy hour instead of the gym. And the rapidly diminishing balance of many students’ bank accounts is black-and-white (or, more accurately, black-and-red) proof of the positive correlation between short-term international travel and long-term Ramen consumption.

Other examples are more hidden. While Booth’s flexible curriculum and vast array of courses is part of the school’s unique draw, and the chance to take classes at other schools within the University was one of the things that sold me on Booth, with just 20 classes to take between enrollment and graduation, many students find themselves having to choose among award-winning professors in their final year. And though students are encouraged to get involved in a wide range of clubs, it is nearly impossible to take leadership positions in more than a couple without sacrificing quality and foregoing many of the rewarding experiences that come from being a co-chair.

My own experience is living proof of these tradeoffs. Last quarter, I was fortunate to have interviews at fascinating companies located in three different time zones, but each time I got a callback, I found myself having to cross plans off my calendar. As great as it was to save some money and catch up on sleep by having a low-key spring break, it was hard to see photos being posted to Facebook of my classmates sunning themselves on the beaches of Mexico or hanging out in Tel Aviv. And though I had to push marketing strategy back for a quarter, I had the great opportunity to take Building the New Venture with Professor Deutsch.

But the rewards have far outweighed the tradeoffs. I was thrilled to have the opportunity to interview at most of my top choice companies this year and am excited about my internship this summer at Groupon. While I haven’t made every Booth social event this year, I have been grateful to be able to spend a lot of time with my girlfriend. And while I would have enjoyed spending more time with the Epicurean and Marketing Clubs at Booth, being heavily involved with the Dean’s Student Admissions Committee (DSAC) has allowed me to meet some really amazing prospective and current students.

The best thing about Booth is the overwhelming number of amazing opportunities the school offers and the freedom that students have to chart their own paths. But the flip side of all that amazingness is what Booth students refer to as the Fear of Missing Out (FOMO). At a school where economics is held in high regard, it is fitting that the student experience is marked by being able to efficiently allocate your scarcest resource—time—to get the highest level of return. Booth offers so many great opportunities, but getting the most from the experience means focusing on those things that are most meaningful to you. And looking back on my first year, I am happy with the choices I have made!

At Booth, We’re Not Just About Finance (Though We Have That Too!)

In the first part of this three-part blog post, I explore the question of “Why Booth?” and focus on the diverse academic and professional opportunities for students. In the second part, I will talk about what I have gained from my own leadership positions at school. In the third-part, I will discuss the long-term professional value of leadership opportunities at Booth.

Donnie Phillips, President, Graduate Business Council

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When I was thinking about applying to Booth, I was in my third year as a private equity associate. At the time, I was undecided on whether I wanted to stay in private equity or pursue a more entrepreneurial career path. I knew Chicago Booth had a reputation for having a rigorous academic program, so I wanted to make sure that the school was right for me: if I decided to stay in PE, how would I spend my time in the classroom and if I decided to pursue the world of startups, was an analytical school a good choice? As I continued to do my research, I was able to confidently craft a story as to why Booth was a great fit.

Always a fan of data, there were three salient pieces of information that helped convince me to apply to Booth.

1) More than 80% of classes offered are outside of finance: Every year Booth offers more than 150 courses across 550 class sections. With 20 courses required (plus LEAD) for a degree, I knew that if I wanted to go the entrepreneurship (or any other) route, I had more than enough courses available at my fingertips. Plus, with a fully flexible curriculum, I could take those courses in almost any sequence I wanted.

2) Private Equity / Venture Capital represents 7% of incoming students: As a big believer in diversity of thought, I knew that I would have different professional experiences than 90% of my classmates. Whether it was in study groups or case competitions, I knew my colleagues would bring a diverse set of opinions and perspectives to the table.

3) The school is rapidly expanding its foothold in entrepreneurship: The annual report from The Polsky Center – Booth’s hub for entrepreneurship – details some of the 75+ events put on each year. And the thirst for entrepreneurship at Booth is growing with more than half of students opting for entrepreneurship as one of their concentrations.

Collectively, these three pieces of information allowed me to dig behind stereotypes about Booth and helped me decide that Chicago was the best place for me to spend two years. With only two of six quarters remaining, the experience has exceeded expectations. Some examples:

1) Here are just two non-finance courses I have taken at Booth: The Ethics of Business, a course that builds a philosophical case for capitalism, starting with Adam Smith and going all the way to the likes of Ayn Rand and Milton Friedman, and Managerial Decision Making, a course about the dozens of psychological biases managers make and how to avoid them. This course in particular contained important concepts I would not have learned on the job or, if I did, it would have been the “hard way.”

2) On my student government executive team is a U.S. diplomat, real estate development analyst, private equity investor, commercial strategy manager for a soccer team, a consultant to domestic for-profits, and a consultant for USAID-funded projects abroad. The diversity of our pre-Booth backgrounds helps us immensely when it comes to prioritizing, marketing, and executing on programs and initiatives to enhance the student experience.

3) Last January, I attended the Entrepreneurship and Venture Capital Club’s New York City Trek where we visited 12 startups and VC firms in two days. It was on that trip that I met one of the founders of General Assembly (http://generalassemb.ly/) and started a conversation that ultimately led to my internship with GA this past summer.

Whenever I speak to prospective students I encourage them to go through a similar thought exercise about how their learning style, social preferences, and professional objectives fit with Booth. For example, if they have more “traditional” career interests such as consulting, investment banking, or investment management Booth certainly fits with the bill, with more than 50% of our graduates pursuing such career paths. Or, if they are interested in marketing, social enterprise, or entrepreneurship, they should explore Booth’s Kilts Center for Marketing, The Social Enterprise Initiative, or The Polsky Center.

This story – from my private equity experience before school to my pursuit of more entrepreneurial environments after graduation – is certainly my own. So why is Booth right for you?

Questions to Ask Before Spending $177,366

As the Round 2 application deadline draws closer, it's important to reflect on your motivations for wanting an MBA and why Chicago Booth is the right school for you. This week, Josh Hirschland, a first-year student and member of the DSAC Communications team, gives us an honest perspective on such a life-changing undertaking.

Dana
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My name is Josh Hirschland. I am a first-year student here at Booth, I am a member of the Dean’s Student Admissions Committee, I am pursuing a concentration in strategic management, and I play a mean game of Settlers of Catan.

When leading information sessions with prospective students, one of the questions I am asked most is “How did I decide to come to Booth?” Every person has a different set of criteria that are most important to them. For some, it’s location and cost; for others, it’s prestige and career opportunities; and for others still, it’s size and networking opportunities. There is no one right or wrong answer, just as there is no single “best” school. But as you consider where to send applications or enroll, here are some things you may want to consider.


Do I want an MBA?

Are you sure? Are you really sure?

There’s a reason that every application asks you why you want to attend. Beyond the obvious—you should have a good reason before taking two years and spending upwards of $180,000 on a master’s —knowing why you want an MBA is essential because once you arrive, you will have precious little time to waste. Given Booth’s flexible curriculum, you have to choose your first semester courses less than two weeks after you arrive on campus, and recruiters for summer internships arrive within six weeks. If you don’t know what you want to do when you arrive, you could end up floundering or getting pushed in whichever direction is most popular.

Will this help me get the job I want?

While people get MBAs for many reasons, one near-constant is the desire for a new / better / different job. As such, one key criterion should be whether any particular MBA program is better aligned than another to secure your dream position. For me, one of Booth’s big differentiators was the list of major employers of Booth graduates and the fact that 93% of students had job offers within three months of graduation. Investing some time to determine which recruiters go to which campuses, job placement statistics, general reputations of different programs, and which departments are particularly respected within a given field are all ways to ensure that you find a place that’s a good fit for you.

What classes would I take if I attended here?

While it’s certainly not necessary to plot out six quarters’ worth of education before orientation begins, understanding the kinds of classes that different programs offer can help you better understand what your day-to-day will entail and how the school will (or won’t) prepare you for your career. Knowing that I could take Managerial Decision Modeling , Applied Regression Analysis, and Austan Goolsbee’s class on Economics and Policy in Telecomm, Media, and Technology was a big reason that I was so excited to apply to Booth.

Do I like the people?

One of the most important factors impacting your MBA experience is the students who surround you. Not only will your classmates play a crucial role during your time at school—joining you in classes, study groups, clubs, and happy hours—but they will also comprise your professional network after you graduate. As such, it’s important to find a program where you both like and respect the other students. Be sure to visit the schools you are considering applying to and soak up the culture. I figured out that Booth was for me the day that I came for my interview, during which I was able to attend a class, talk to students, and really getting a feel for the community. By immersing yourself, you can get a strong sense for whether you fit in.

Do I want to be here?

Entering an MBA program can mean moving thousands of miles and spending hundreds of dollars each month on plane tickets to see loved ones. Understanding how a move will affect your short- and long-term plans is an important part of preparing for business school. For me—a native Michigander who majored in Urban Studies—Chicago seemed like a great place to explore and to learn.

Beyond regional considerations, it’s also good to think about whether you like the campus itself. While facilities shouldn’t be the top priority for any MBA student, it’s not uncommon for MBA students to spend 50 or 60 hours a week in a single campus building. It’s important to feel comfortable on campus knowing that it may be the host to many future late nights.

How am I going to pay for this?

With interest rates low, federal loans readily available, and high average salaries for alumni, many incoming students brush off concerns about paying for business school until the invoice arrives. But even with all of the resources available to students, it’s important to understand how personal finances, loans, and expected future salary come together in meeting tuition payments. Talk to on- and off-campus financial advisors, create a budget, and begin plotting out your repayment cycle before you arrive, or your second-year diet may consist solely of ramen and boxed lunches from recruiting events.


These are just a few of the issues you may want to consider before applying to and selecting an MBA program. The key to finding a good fit is doing your research and visiting the schools you are considering so that you can make an informed decision.

Academics at Booth

Hi everyone!

In this week’s blog and WIWG video, we’re going to talk a bit about the academics at Booth. In our WIWG video, we ask students what their favorite class and/or professor has been so far. And in our blog today, Dana Fortini shares her thoughts on classes and Booth’s class bidding system. Read on to learn more!

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I can’t believe that midterms are over and that it’s time to start selecting courses for the winter quarter; time sure passes quickly!

Here at Booth, we use a system called iBid to bid for and enroll in courses. iBid is a Dutch-auction system where students are given bid points (new full-time students start with 8000 points and accrue 2000 points for each additional course they complete). There are 6 phases of bidding during a bidding cycle, so if you would like to make adjustments to your schedule during the first few rounds, you still have time!

In order to help students better understand how to spend our bid points, there are Course Price History spreadsheets that detail closing prices on a section-by-section basis for past courses. You’ll also hear many students talking about their “Bid Strategy” during the week leading up to the first phase of bidding.

Strategic bidding aside, I feel as though it is important to select a combination of courses that will best prepare me for summer internship opportunities and have a quantitative-qualitative balance. From previous experience, I know that I can feel overwhelmed with three or four very quantitative courses, so I like to add “balance” to my course load by taking at least one management-oriented, people-driven course each quarter.

So now I’ve gotten through the tough part: narrowing down the list of courses I would like to take during winter quarter from 7 to 3. I am dying to take “Building the New Venture”! The course is great for students who would like to start their own businesses. The class focuses on both strategic and tactical issues that arise from entrepreneurial endeavors. Because I would like to enter the New Venture Challenge competition this spring, I believe that Building the New Venture would be great preparation because of the course’s emphasis on building teams and identifying customers. After reviewing the Course Price History spreadsheet, it looks like I’ll have to be a big spender – this course is one of the most expensive at Booth!

I would also like to take my first course to apply towards my International Business concentration, “Managing the Firm in the Global Economy.” If given the opportunity, I would love to have an internship with a wine exporter or distributor in Spain. The course focuses on legal implications and export decision making, amongst other issues that global firms face. If I do end up working abroad, having a working knowledge of how firms make decisions to enter specific markets will be a very useful skill to have.

And last, but certainly not least, my Excel skills could definitely be refined. No matter what functional area of an organization or industry you’re in, strong Excel skills are crucial. I plan to take “Managerial Decision Modeling” in order to better utilize Excel’s analytical tools and to get plenty of hands-on practice before my summer internship.

As you can see, Booth’s academic flexibility definitely helps each student create an individualized program of study that will ultimately allow us to realize our goals. I can’t wait to take my first entrepreneurship class (fingers crossed my bidding strategy proves successful!). Happy bidding!