At the end of the first academic year, MBA students from business schools around the country scatter like ants. We travel to near and remote companies around the globe, working for peanuts. But why?
My view is that we are out to build a pedigree, for lack of a better term. Because, let's face it, whatever we did this summer has to go on that all-important one-page document, the résumé. And, McKinsey looks a lot better in print than McDonalds. Also, you can't keep telling your classmates and employers forever that you worked in Bermuda doing M&A for a blind trust.
This summer, rather than globetrotting, I ventured an entire four miles from my house everyday to work in the investment-bank division of a Pittsburgh bank. Technically, I was an analyst in the loan-syndication group. There were, by far, more positives than negatives to the job.
First, I worked on a different pitch or transaction daily. Because this bank does not have designated industry groups, I was bouncing around industries. On Monday, I may be involved in a retail transaction and on Tuesday, be analyzing the steel-processing industry. While 10 weeks isn't really enough time to see a deal flow, I did get a feel for transaction timing. In generating client and inter-bank documentation, I scoured SEC documents and put that MBA education to good use. Some days, it was like I was right back in class discussing capital structure, Altman Z-scores, and probability of default. Finally, I saw a wide range of financial products, including weather derivatives. It was a great time and a priceless experience.
During my internship, the strengths of the Tepper program were immediately obvious. I had already had three accounting and financial-statement analysis courses, which made the SEC documents as plain as a Dr. Seuss book. My desk was lined with 10Ks and 10Qs, and on at least one occasion they worked nicely as a mop, soaking up a surprising amount of coffee. I don't know if the summer would have been nearly as enjoyable if I didn't also have those three finance courses.
As painful as the first two mini's were, it really made the internship more enjoyable. To put it differently, you pick up industry practices and standards easily on the job when you already know the underlying theories. All in all, I was well prepared for this summer.
Most importantly, I took a distinct focus away from my internship. I clearly see where I want to be come July of next year, and the rest of my time at Tepper is focused on the topics that I will face on the job. The first session features classes on negotiations, tax, and financial optimization. The next mini is almost entirely focused on finance, with one organizational-behavior class. Rest assured, you're not going to see me in the undergrad poetry class that has become popular among my classmates...for many reasons.
I am essentially coming down the home stretch. Three months from now I'll know who I'll be working for and what city I'll be working in. Nine months from now I'll be moving my family, starting a new career. One year from now I'll be full-swing into my job. If the stars are aligned, BusinessWeek Online will ask me back as an alumni writer. (I'll probably be so busy my entries will dwindle to 250 words or so!)
It also appears that BusinessWeek Online has enlisted another first-year Tepper student. He, like me, played professional football. Now, don't fret. He is a much better writer than I am. Also, if you're thinking Tepper is a school only for washed-up ex-NFLers, you are wrong. (You may need to make that kind of money, though, if you intend to pay for Tepper in cash.) Believe me, if we had too many of my former teammates, Tepper wouldn't rank quite where it does. But it can't hurt to have a few smart students over 6'4", 200 lbs. And a little intimidation never hurt the old B-school rankings. Did you hear that,
BusinessWeek?
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Editor's note: In 2004, Carnegie Mellon's Tepper School rose four spots to No. 15 in
BusinessWeek's rankings of the top 30 B-schools.]