The Finance Whisperer

When Applying to Business School, Speak to Your Audience

You’ve taken your GMATs and now it is time to choose your MBA program.  When applying to business school, it is important to sell yourself and cater your abilities to each individual school.  Each school is looking for something slightly different and each school has a completely different audience that you will have to market yourself to.  Who your audience is, determines what you will present about yourself and how you will present it.  In a recent Forbes article, Betsy Massar, informs you how to evaluate your audience so that you can best showcase your knowledge and personality.

1. Learn More about the School

It is important to read up on each school to learn how each school markets itself and what its goals are.  Go to the Web site, attend school events, join chats, and speak to an admissions representative.  Taking these steps allows you to learn what the school takes pride in; therefore, learning what the admissions representatives would value from their students.

2. Connect with Your Audience

The admissions representatives seek students who have researched and who have carefully considered their MBA program.  They want to make sure you would truly be a good fit for the school, its academics, and its traditions.  Discuss your experiences that allow you to identify with the school’s beliefs and culture.

3. Display Your Business Knowledge

As an applicant for business school, it is important to show you have business savvy when applying.  In your application, use business language, correct grammar, and pay attention to detail.  By displaying your current business knowledge and on the job skills, you show that you have the capability and desire to learn more about the intricacies of the business world.

4. Don’t Forget Academics

You are applying to school and admission representatives want to make sure you have what it takes.  They want a well-rounded individual, but they will also look at your academic background including grades, test scores, writing capabilities, quantitative skills, and your GMAT score.

By taking these steps, you will be well on your way to applying for your MBA.  Best of luck!

 

Finding a New Job after Being Laid Off

Faced with a highly fluctuating economy, job layoffs are becoming more prevalent and many finance professionals who are normally working, suddenly find themselves without a job.  Unfortunately, hard workers are becoming a product of economic conditions.  However, you should not feel defeated.  You are a desirable candidate for another company.  In a recent Forbes article, Margie Warrell reminds us to bounce back, begin the job hunt, and find that other company:

1. Focus on Your Future

It is important to keep your head up and focus your energies towards your future.  With this is mind, budget your money, create a to-do list, and figure out what you want for your future.  Maybe you’ve always wanted to take a class to refine your accounting skills or maybe you’ve always wanted to switch careers?  This is the perfect opportunity to do so.

2. Use Your Network

Over the years you have developed a network of professionals.  Be proactive.  This is the perfect time to reach out to them and ask for introductions to people that can assist you in finding a new job.  Since some jobs openings are not publicized, “word of mouth” is a great way to make new connections and use the resources you have available to you.

3. Know That Finding a Job is a Job

Once you have taken a few days to yourself, it is important to create a plan in finding a new job.  Define practical steps to reach your goal, such as updating your resume, calling your connections, signing up for job sites (i.e OneWire), and attending networking events.   Just as you do in a workplace, it is beneficial to organize your day with the end goal of interviewing and finding a new job.

Use these steps as a guide in your job search.  Best of luck in your job hunt!

Money Lessons for the College Grad

After graduating college, you enter a world of rent, loans, paychecks, and money management.  It is more important than ever to have a keen understanding of your personal finances.  A greater understanding will lead to a more fluid transition into the adult world.  In a recent article found in Forbes, Mary Morrison, Director of Funds Management at Stanford University, provides a few tips to get you started:

1. Don’t Let Salary Be the Deciding Factor for your Career Choice

Salary, although important, must be considered from all angles.  Evaluate your career goals before zeroing in on the dollar amount.  Remember that $50,000 in Los Angeles can go a lot farther in a smaller city.  Also take into consideration what is offered in terms of health insurance benefits, savings options, and overall perks.

2. Evaluate Up-Front Expenses

Moving to a new city is costly.  Figure out how much money you will need before you make the move.  Some companies issue the first paycheck up to 4 weeks after you begin and up-front expenses can include: an apartment rental deposit, rent, utilities, and overall moving costs.

3. Know Your Net Salary

Money will be deducted from your overall gross salary for items such as income taxes and insurance, leaving you with your net salary or “take-home pay.”  Make sure that you know your net salary so that you can create an accurate budget.

4. Be Practical About Your Budget

When creating your budget, consider the essentials such as transportation, insurance, food, entertainment, and an emergency fund.  Remain realistic about the costs; it’s often more than you think.

5. Know Your Paycheck Cycle

It is important to know when and how much you’ll be paid.  This will help you to pay your bills in full and on time.

6. Create an Emergency Fund

Always be prepared for the unexpected.  By setting money aside, you will be more prepared for whatever opportunity, illness, or misfortune comes your way.

7. Have a Credit Card and Debit Card

Credit cards are a great way to learn how to manage money and build your credit history.  It is also more resistant to theft than a debit card.  However, debit cards are good for common expenses such as meals out and gas. This will help you to avoid continuously swiping your credit card and unknowingly spending too much.

8. Set Up Your Savings

Begin to put money into a 401(k) or an IRA account.  By setting aside a small part of your paycheck each month, your savings will build, and lead to a more comfortable financial situation later in life.

9. Invest

You are not too young to begin investing.  Your savings account will always be affected by inflation but by investing in diversified options, the growth of invested money will be more likely to surpass inflation rates.