Part 9 (1/2)

Before taking out any loans, consider whether your employers have legally obligated themselves to pay for your degree. Do you have a contract? Some firms require you to sign a contract when you start your program, stating that you will remain employed with them for a certain time period after completing your degree. Read your contract carefully: Has your company committed themselves to paying for your completed degree? Consider this point when you sign the agreement at the beginning of your program.

Employment Considerations If you decide to continue your program on a part-time basis while you are out of work, you will find yourself with huge blocks of free time to job search. So where do you start?

First, if you've been laid off, check with your company to see whether they have arranged to a.s.sist you with placement services such as resume workshops or recruiter connections. Tap in to your available connections and make sure to request references letters from them early (i.e., before your last day).

Make an appointment to visit your school's career counselor. As we mentioned earlier, this is a step that should be taken at the beginning of your program. Imagine how helpful it would be-especially if you're out of work-to have an open line of communication with a career counselor who knows you and your aspirations.

Finally, do your research. Although this book was not intended as a guide to searching for employment, there are many such resources available. Investigate at your library and on the Internet to find the company that is right for you.

Taking Time Off Perhaps you can not or wish not to finance the remainder of your degree yourself. In this case, you will need to take some time off. The first step is to notify your school. Some inst.i.tutions may limit the amount of time students can take off without having to reapply to the program. The most efficient manner of informing your school is to send a formal letter indicating that you are not ”dropping out” but rather ”stopping out”-that you do intend to resume courses in the near future. If this step is not taken and your school alters its curriculum, you may be required to take a cla.s.s that you have already completed.

You should remain in contact with your school periodically and keep them apprised of your situation. Each school has its own policy regarding career counseling, and although you may no longer be an active registered student, you may be eligible to partic.i.p.ate in the career placement services offered at your school.

Weighing the AlternativeIn comparing the full- and part-time programs at your school, make sure you know the following:1. Do part-time students need to apply to the full-time program? If so, is there one admissions committee and one set of admissions standards for both programs?2. Do the same faculty members teach both full and part time?3. Is the curriculum the same? If not, is it still appropriate to your goals?

Switching to Full-Time Status Depending on the number of credits required to complete your degree, the most efficient stance to take in this situation is to finish your M.B.A. on a full-time basis.

Can it be done?

The very first question you should consider is whether you can transfer to the full-time program at your school. Again, this is something that needs to be checked out with your school. Some programs distinguish between full-time and part-time programs while others do not. You may find yourself in a position where you will be required to reapply to your school.

Cost/reward evaluation If you have the financial ability to finish off your degree in a short period of time (say, one term or semester) it may be in your best interest to concentrate your efforts on finis.h.i.+ng your studies. Searching for a new job is stressful enough without the extra burden of school considerations. In addition, you don't want to jeopardize a potential new employment by requesting tuition reimburs.e.m.e.nt from day one. Keep in mind the added bonus: When you do start your job hunt, you will be able to add ”M.B.A.” to your resume!

LESSONS LEARNED.

To recapitulate, here are the most important lessons learned and the steps you can take to ensure that there are no snags along the path to your successful completion of the M.B.A. program: 1. Keep an open mind and take the time to network while in school. You never know when connections or insights into other firms may prove useful.2. When selecting a school and program, ensure that there is the flexibility of transferring between programs without reapplying to the school.3. Visit your career counselor at the beginning of your M.B.A. program-and keep in contact. Make this an introductory meeting; don't start your part-time M.B.A. program by applying for jobs. This is premature. Additionally, some schools may consider this a conflict of interest, since your employers are paying for your degree.4. Before signing a contract for tuition reimburs.e.m.e.nt with your employer, make sure your interests are covered.5. If your employment situation changes, be sure to notify your school in writing.

But let's be optimistic, and a.s.sume you obtained your part-time M.B.A. as planned, with no major snags. Congratulations! You have achieved a terrific goal. So how will those three letters after your name affect your chances of moving up or moving on? The fact that you pursued the degree on a part-time basis speaks very highly of your motivation, stamina, intelligence, organization, and much more-and employers recognize this.

HOW EMPLOYERS VIEW THE PART-TIME STUDENT.

What employers admire in part-time students is their obvious loyalty and stick-to-it-ness. The full-time student usually uses the M.B.A. as a stepping-stone or a career changer; the part-timer uses the degree as a career booster. Many employers especially appreciate the ”experienced hire” that has become synonymous with the more seasoned part-time M.B.A. candidate.

If or when you look for a job, remember to market the skills that are highly valued in the part-time M.B.A. profile. These skills include: experience, flexibility, dedication, ability to work in teams, practical and theoretical knowledge, exposure to other companies and company practices, motivation, ability to work under pressure, and a genuine interest in learning and applying new concepts. Here's a brief sampling of industry opinion: ”When interviewing a prospective candidate who has either completed or is currently attending an M.B.A. program part time, I am impressed not so much by the knowledge acquired through the M.B.A. process, but by the personal sacrifice and commitment necessary to work full time and attend school at night. I believe this work ethic and career development transcends itself to the workplace, and more often than not result in an employee who is extremely driven, focused, and goal-oriented.”

- Director, Deutsche Bank Director, Deutsche BankHigh Market Value”Managers cannot afford to be operating on outdated information or faulty models of the business environment. Information and strategic decision-making skills are of utmost value. A superior M.B.A. program provides both. I believe a part-time degree is more marketable than a full-time M.B.A., all other factors being equal. In today's market, if you are out of the loop for a year, you are far gone.”- Pamela Curry, a.s.sistant Director of Graduate Programs, Dolan School of Business, Fairfield University ”As an employer, I appreciate candidates who have earned the part-time M.B.A. because they tend to be effective employees sooner. There is no need for them to get acclimated to the business world; they already have a keener sense of how the principles can be applied. The advantage of being in a business context is enormous.

”As an educator, I notice that students with current business experience perform very skillfully in our Simulation Program. In fact, they tend to perform better than those full-time students in the honors cla.s.s.”

- President and Chief Executive Officer, President and Chief Executive Officer, Parna.s.sus a.s.sociates, International; Parna.s.sus a.s.sociates, International;Adjunct Professor at Baruch College Remember to market these qualities when you are on your job search, either to get your foot in the door or at the interview itself!

Before jumping to the task of looking for a new job, take the time to a.s.sess the attributes that you have enjoyed in your prior work experiences. Your list may include specific tasks as well as the kinds of environments you enjoy. Once you are confident about the type of employment you want to target, you will be on your way!

USEFUL RESOURCES IN THE JOB SEARCH PROCESS.

You have many useful tools that are readily available, such as your colleagues at school and your work, the Internet, and recruiters.

Schools We cannot stress the point enough: You must develop a relations.h.i.+p with a career counselor at your school. You'll be that much better off when the time comes to ask for their a.s.sistance in the job hunt. The valuable services a school's career placement center usually provides include: * On-campus recruiting* Group workshops or one-on-one a.s.sistance with resume writing, interview skills, and general job search skills* Internet sites with job boards (listing candidate resumes and linking to other career resources)* Resume books* Resume referral services* Employer and alumni database services* Job search workshops* Career fairsTake Advantage of Advisers”I fully utilized my school's career center from the start of my M.B.A. experience. Advisers helped me build my resume, research companies, even improve my interviewing skills.”- M.B.A graduate Other Students/Alumni Because the M.B.A. experience can be so significant, many current students and alumni will feel an immediate bond with you and will be very open to talking with you, mentoring you, and a.s.sisting you with contacts. Conduct an informal poll among your cla.s.smates: Ask them about their companies, what the corporate culture is like, and if they are in a hiring mode. Many organizations post job openings in the office itself; see if you can get a copy. As you know, no matter how much research on a company you complete, getting an insider's scoop is always more insightful, especially if it is from someone you know and trust. Lastly, remember that school ties are very strong-don't forget to refer to your undergraduate and graduate school alumni directory.

Off CampusResearch your school's affiliates! Students at Loyola University in Chicago who are seeking employment outside Chicago are eligible for reciprocal career planning and placement a.s.sistance at any of the 27 other Jesuit Universities located across the United States.

Colleagues Perhaps the best referral you can obtain is from a current colleague or boss. The people who work with you are the most competent to recommend you to a new employer. Ask around; perhaps they can recommend some useful connections.

The Internet Job searching on the Internet has become commonplace. There are many useful sites, including job placement sites specifically designed for M.B.A.'s. Appendix A in the back of this book includes a listing of some of the most popular web addresses.

Referrals It's always key to maintain your relations.h.i.+ps with friends, ex-colleagues, and acquaintances, as they represent a good source of information on potential job availability. Make lunch dates to sustain your contact. One caveat: In today's tight job market many companies offer their employees a referral fee for bringing in new staff. Do not rely solely on someone else's opinion, since there may be ulterior motives, as the referral fees can be substantial. Always do your own research on a firm; what may be utopia for one person can be h.e.l.l for another.

Recruiters Recruiting firms can also be a very useful for the prospective employee. Although it is imperative to research a company thoroughly, many recruiters will have additional insights into the workings of a firm. A recruiter's allegiance is twofold: to the corporation, who needs the position filled, and to the candidate searching for a new position. Their expertise lies in their ability to make the perfect match and satisfy all concerned.

We asked a top recruiter, Evan Lee, President at Accent International (), a recruiting firm in New York that has serviced financial inst.i.tutions and Fortune 500 companies over the last 12 years, a few questions about the idiosyncrasies of job search.

When is a good time to start looking for a new job?

If you are about to complete an M.B.A., it would be prudent to give yourself three months to start looking for a new position. Obviously, it depends on the level and nature of the position you are looking for; a very specialized type of job, for instance, may take longer to fill. We work with a great many universities via job fairs and on-campus recruiting. These are wonderful tools for candidates looking for a new position, so be sure to use them.

Do most of the firms you service offer the tuition reimburs.e.m.e.nt benefit?

Most of our financial services firms do offer tuition reimburs.e.m.e.nt benefits. I would add that while many of these firms are aggressive about financing an M.B.A., it does depend on which position you are applying for. Does the company need you to receive the degree? How it will complement the skills that you are already bringing to the table? It really depends on the fit.

What would you suggest to the candidate who wants the tuition reimburs.e.m.e.nt benefit from Day One (i.e., for those who are enrolled in a program and find themselves out of work or wanting an immediate change)?

It is important to be flexible. Research the company and see if the fit is right. For example, if the perfect match is there, you may be in a position in which the prospective employer woos you, perhaps even offering a signing bonus (usually only offered to candidates who are currently employed). The bonus can carry you financially until you are eligible for the tuition reimburs.e.m.e.nt benefits. Remember that it is the fit that is crucial. If the prospective employer really wants you, they may be able to find ways to accommodate your requirements and circ.u.mvent their current policy. Most importantly, remember not to walk into an interview demanding tuition reimburs.e.m.e.nt benefits. No one reacts well to ultimatums, and it is premature to discuss these issues until you are convinced the position is right for you and you are in the negotiations stage.

Have you noticed any trends vis-a-vis the M.B.A. candidate? Are they more or less in demand than they used to be?

I believe the M.B.A. is much more in demand in terms of the work that I do. In fact, I would say that for many positions, the M.B.A. is now a prerequisite. Most financial a.n.a.lysts either have the degree or are in the process of pursuing it, and the companies I work with have indicated a strong preference for all a.n.a.lysts to have the degree-and these are mostly entry-level positions. Let's say you are a vice president position in charge of credit. It's important for you to possess the M.B.A. for the additional incentive of compet.i.tiveness. In your next job, the candidates who you'll go up against will certainly have the degree, so you need to stay compet.i.tive. I have worked with many people who have tremendous amounts of responsibility in their current position, but if they were out in the job market today they would need an M.B.A. to complete their experience and have the type of resume that employers want to see.

What skills do you and your clients appreciate in the part-time M.B.A. candidate?

Employers really appreciate the balance between the a.n.a.lytic skills and business development skills that the M.B.A. with work experience can bring to the table. Employers will always value the amount of work that went into obtaining the degree. They recognize the motivation and focus of the candidate. They may have many employees with managerial talent or top quant.i.tative skills, but they really appreciate the candidate that possesses both. Overall, I would say that the dedication required of an M.B.A. student is the attribute my clients seem to rate the highest. This never goes overlooked and is always respected.

Can you provide any advice to M.B.A. candidates who are contemplating a job change?

The best advice I could give is to do your research. I believe that the company you choose to work for is oftentimes even more important than the actual position you are filling. Look what the company can offer you down the line. Most importantly, make sure that the chemistry is right.

A FINAL THOUGHT . . . OR IS IT?.

Although you can only get one M.B.A., many schools are offering add-ons! For instance, Syracuse University offers an M.B.A. Upgrade, an executive education program designed for experienced managers and executives who have earned an M.B.A. five or more years ago. So if you have already earned your M.B.A. but fear you may be getting a little stale, check with your school about auditing cla.s.ses or updating your degree.

PART SIX.

The Online Experience