MBA News You Need: CBS Research Reveals Success Requires Passion, 5 Yale SOM Students Named Kerry Fellows, FT Talks U.S. Business School Application Declines, and More
Each week we collect all the MBA news that’s fit to print and provide a quick overview of the latest trending topics from top business schools around the world.
Here’s your quick MBA News You Need digest for the week of September 20, 2018.
CBS Research Reveals That Success Requires Dedication PLUS Passion
It takes more than determination to succeed. According to the latest research published by Columbia Business School (CBS) and Frankfurt School of Finance & Management, it takes grit: the combination of perseverance and passion. In fact, the key ingredient of grit is passion, which has long been undervalued. But according to researchers, perseverance without passion does not propel people forward.
“We were not surprised to find that dogged dedication to an objective—without a true passion for the goal—is mere drudgery,” said CBS Professor Adam Galinsky. “By properly incorporating passion into the grit equation, we now have evidence that people who are passionate for their goal and persevere towards it will reach higher heights.”
To come to this conclusion, the research team implemented two new field studies to clearly measure both perseverance and passion. They looked at both technology company employees and college students using Angela Duckworth’s Grit-S scale to figure out who performed the best, and it was always those with the highest levels of passion. Read more in the CBS news release.
Yale Names Five New SOM Students as Kerry Fellows
Among the 17 Yale students named as Kerry Fellows this year, five come from the Yale School of Management (SOM). These students are part of a select initiative designed to address pressing global issues. Through teaching, research, and dialogue, the Kerry Fellows collaborate on research projects and publications to combat today’s most difficult challenges. The five Yale SOM fellows are Donovan Ervin (MBA’20, FES ’20); Ned Levin (MBA’20, LAW ’20); Ellis Liang (MBA ’19, LAW ’19); Aashna Mehra (MBA ’19); and Will Ryan (MBA ’19).
On his selection as a Kerry Fellow, Ervin said he was honored. “I came to Yale to learn how to work across disciplines to contribute to a more just and sustainable world. I’m thrilled to further pursue that goal as a Kerry Fellow, and I look forward to engaging with Secretary Kerry, his team, and my colleagues.”
Mehra, for her part, said the initiative provided an excellent opportunity. “I am enthusiastic about the opportunity to collaborate with extraordinarily smart and driven peers from across Yale to promote dialogue on a number of important global challenges and especially on climate change, capacity building, and economic development.”
Learn more about the Kerry Fellows and the seminar with former Secretary of State John Kerry, YC ’66, here.
JPMorgan Launches New In-House MBA Program for U.K. Staff
For U.K. students aspiring to be bankers, JPMorgan has launched a new MBA apprenticeship program. The program, created in partnership with the University of Exeter’s business school, will deliver on-the-job training and provide new hires with the opportunity to earn their MBA degree within four years. Money for the MBA program will come from the U.K.’s apprenticeship levy.
Initially, 20 internal candidates at JPMorgan’s Bournemouth and London operations will have the opportunity to begin their MBA studies through the new program. They are slated to start this month, with graduation set for about four years later. Eventually, the program will be opened to new recruits at JPMorgan, but for now, it is limited to internal candidates at the vice president level and above. (Financial Times)
FT Reports Declining MBA Application Volume at Top U.S. Business Schools
Four of the most prestigious U.S. business schools have reported a drop in 2018 applications, according to the Financial Times. This also will be the fifth successive year where MBA applications will have declined for U.S. business schools, according to an upcoming Graduate Management Admissions Council (GMAC) report slated for publication on October 2nd. This year, even Harvard Business School has felt the decline in applicants—down 4.5 percent on the previous year.
As for the reasons behind the continued decline in MBA applicants to U.S. programs, the schools cite a range of factors, including U.S. economic conditions, fast-rising tuition rates, lack of employer funding, and more.
One piece of the puzzle is the decline in applicants from outside the United States, which typically make up about half the total application number. For NYU Stern, international applications were down by 10 percent this year thanks to U.S. immigration curbs as well as a rise in the quality of business schools in Europe and Asia.
The other struggle for U.S. schools is an inability to provide an edge for students who aspire to global careers, according to the FT article. European schools are considered by many to offer an advantage in that regard.
Data suggests that demand for placement at top U.S. schools is unlikely to fall further, but for now, it’s hard to know for sure. (Financial Times)