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AUGUST 2003
MBA JOURNAL: B-SCHOOL REVIEW Lyon Hardgrave: Reflections on the Overall MBA Experience "Suffice it to say, that business school gives you the opportunity to devote time to arranging your life in preparation for your entry into a dedicated career." It's a worthy endeavor, but in some ways it's nothing more than a defensible reason to spend the summer alternately traveling the countryside, basking in the cool Baltic sun, belatedly catching up on Wharton reading assignments, and sitting in outdoor cafes perusing the Web. (Estonia prides itself on its wireless infrastructure, which has curiously led some of its more exuberant citizens to seriously suggest the country be renamed "e-stonia".) While some of my less generous friends, usually those tethered to office chairs, have characterized this adventure as "goofing off," I consider it an integral part of the Wharton experience. With full-time positions typically scheduled to commence early in the autumn, graduates have a good three months to spend as they wish, and from what I can tell, most of us are traveling. August will usher in our new careers, and with them the normal host of time constraints and responsibilities. We respond by rushing out to see the bits of the planet we have previously overlooked and savoring our last gasps of unbridled freedom. Taking a breather seems particularly appropriate because a recent inspection of my student loan reports has caused some hyperventilation. My, oh my, how the bulkpacks, club fees, and afternoon cappuccinos add up. It seems I could have traded my Wharton education for a nice three-bedroom in the country. That observation inevitably leads to the oft-repeated question, was it worth it? Any regrets, after two years, a lot of sweat and stress, and more Ben Franklins than you can fit in a carry-on bag? While I won't be able to fully answer this question for several more years, my initial response, stated without hesitation, is that by any metric – time, money, hangovers - Wharton was worth it. The most direct benefit is that I am now embarking on a dream career with a wonderful employer, one who likely would have filed any previous resume submissions from me in the circular file. Save a remarkable stroke of luck, there is no way I could have landed this position without an MBA. With an undergraduate engineering degree and a technical background, the pigeonhole was simply too deep. An MBA was one of the few reliable routes to a career change. In addition, the education itself was excellent. While the first year was built around necessary, if not thrilling, core courses, the second year allowed me to chew on some remarkably challenging subjects. Two classes that demonstrate Wharton's finance leadership dominated my spring semester. The first, "Financial Engineering," required students to come to terms with the strengths and limitations of the mathematics buttressing the dominant financial models. Any pretensions I had about the rigors of my undergraduate engineering experience were quickly discarded. By the end of the semester, it rarely took more than fifteen minutes for my eyes to glaze over, as my bedazzled brain did somersaults trying to make sense of that day's motley crew of Greek symbols. If you love spreadsheets and convoluted conversations with teammates about the minutia of market behavior, which, pathetically, I do, then this class is for you. The second class was a seminar on trading and investment management. Frankly, I didn't get too much out of the lectures, but the workshops every Wednesday afternoon were the highlight of my week. For ninety minutes, my classmates and I took over a computer lab, rearranging machines as we felt necessary in preparation for a trading game that was reasonably educational and spectacularly fun. Seated in front of a window on a virtual electronic market, each student was given an initial portfolio and different clues to the true values of the traded products. The market was turned on, and trading mania ensued. The specifications of the market, its products, and its behavior changed from week to week, which meant each Wednesday was different and Tuesday evenings were reserved for building models. While some people demonstrated success through their pure instincts for trading. But, in most cases, a superior model led to superior performance, especially in contrast to the occasions when someone realized halfway through a market cycle that their model was flawed. This discovery was normally accompanied by a growl and a muttered curse. At least, on two inglorious occasions, that was my response. While classes were not as satisfying as these two, every class benefited from the diversity of backgrounds that Wharton works so hard to cultivate. I didn't appreciate the value of Wharton's devotion to diversity until I was immersed in the school's culture, and I would recommend that anyone shopping for the "right" business school incorporate this attribute into their considerations. No matter what the subject, it was rare to find a classroom discussion untouched by a member of the class with pertinent and enlightening experience. Diversity was even more valuable outside the classroom. Formulate an esoteric question about some aspect of business, be it the intricacies of the auto industry in Brazil or the strength of the economy in Croatia, and there was someone who could help you. More remarkably, perhaps, they were almost always willing. Despite a busy schedule, students were generous with their time and experiences. Which leads us to one of the oft-stated strengths of the MBA experience, networking. In my mind, there are two types of networks developed at a business school. The first, and arguably the more important, is the circle of friends one builds. Now, I could go into a tear-evoking monologue about the virtues of those in my ring, but I'll mercifully spare you. Safe to say, you'll make lifetime friends during the two years.
BW MALL
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