The MBA Student Voice

Money Matters: Financing your MBA at UCLA

(Note: This post is more relevant for international students)

For a lot of international students like me, one of the major deciding factors while choosing an MBA program to apply to is the cost and availability of easy financing options. This becomes critical when you're relying on loans and fellowships to be the major contributors to your MBA funds. When I started researching the programs in the US last year, I spent many sleepless nights thinking if I should give up a 2 year US program in favour of one-year programs in Europe or Asia because of the high costs of the former. However, having worked only 3 years in the industry and with absolutely no managerial experience, I knew a 1 year program is not the right choice for me. So, I started ranking the US programs on the basis of availibility of funding options, apart from the other factors. 

My research woke me up to a harsh reality - while federal education loans were easily available for US citizens, all private loans for international students in the US now need a US co-signer (a US citizen or permanent resident with good credit history in the US). The 2009 recession took away most of the "no-cosigner" loan programs schools offered earlier. Such programs are today limited to a very few schools. The good news - UCLA Anderson is one of them! This, along with how closely the MBA curriculum here aligned with my career goals, made UCLA Anderson my top choice. 

Even if you do have sufficient savings and/education loan in your home country, do not get complacent! Funding options in dollars should be given preference. This is because your home country finances are always susceptible to the vagaries of foreign exchange fluctuations. Consider the case of India, where the Indian rupee fell 22% in less than 6 months between Oct 2011 and March 2012 - the time when most people apply to b schools. So, by the time I was done with my applications, the dollar value of my savings in Indian rupees had been eroded by a good amount and my roommate - who had an Indian loan sanctioned to cover his tuition in the US, suddenly found himself short of the needed funds.

If you're applying to UCLA Anderson, you'll have several options to hedge such risks. Consider this : In the 2011-2012 academic year, UCLA Anderson awarded over $7 million in fellowships and grants to full-time MBA students.  Financial aid in the form of fellowships, grants and loans are offered up to the cost of education for all students.

And here are the various options available to incoming international students:

1. Fellowships:

a. Merit fellowships: Merit fellowships are awarded to students based on the strength of their admission application. Awards are for a two-year period and are made by the UCLA Anderson Fellowship Committee. Most of my classmates this year have received this fellowship in varying amounts.

b. Donor fellowships: These are based on donations from alumni, corporates, individuals, etc. and are awared on selection criteria such as professional development, intended career, community involvement, and/or financial need. 

2. Need-based grants: This fellowship is awarded purely on need-basis and if you at all feel that you do not have enough savings, financial support, or fellowships, the need-based grant will atleast offset a small part of your total requirements. (You need to furnish sufficient proof in the form of bank statements, etc.)

3. Private loans:

a. No-cosigner loans: As mentioned above, UCLA Anderson gives you the option of taking a loan from the US even if you do not have a US co-signer. Anderson has tied up with Eli Lilly Credit Union, which lets you borrow to the tune of $85,000 ($42,500 per year) with convenient financing options. I and most of my international classmates are relying on this loan to fund the major share of the program. 

b. Other private loans with co-signer: If you're lucky to have a US cosigner, you can easily get a loan from a private bank and fund the remaining cost of your program. CitiAssist and Charter One True Fit are some cool options. Click here for a comprehensive list of lenders.

More options open up once you start your MBA, especially as you enter your second year:

1. Teaching Assistantship (TA): If you score good grades in a class and can prove your ability to become the TA for that course, you can get tuition remission for that course and an additional monetary compensation (upto $27/hour)! Ofcourse, if you think you have a good deal of expertise and professional experience in a subject, you might be able to get a course waiver and TA in the first year itself!!

2. Second-year donor fellowships: Based on your first-year grades in the core courses, involvement in the UCLA Anderson community and other criteria set by the donors, you can even be eligible for a fellowship in the second year!

Check out the Anderson Financing your MBA page for the complete range of options available to you. Don't hesitate to reach out to me for clarifications on any specific option and do consider these seriously while selecting which schools to apply to. In the long run, funding can make or break your whole MBA experience!

~Ayushman Jain, MBA 2014

Happy to go, sad to leave

Even though I'm eager to begin a new phase of my life at UCLA, it's hard to say goodbye not just to friends and colleagues but also to Northern California, a beautiful region that's become my home and made an indelible impact on me. 

 

I moved to Berkeley, CA to attend UC Berkeley after having lived in Orange County, CA my entire life. After graduating in 2008 with a degree in Industrial Engineering & Operations Research, I moved to Oakland, CA where I've lived ever since.

 

In many ways, I still consider myself a Southern California transplant (for example, I think Northern California's too cold and rainy), and I'm happy at the prospect of returning home. Furthermore, I'm sure that when the school year begins I'll love the student life. For now though, I can't help but feel conflicted. As Shakespeare wrote, "Parting is such sweet sorrow."

 

It's hard to move because I'm reminiscing as I pack and there are so many memories to sift through it's almost unfathomable.

 

As I pack up my bike, I remember training for the San Francisco Triathlon at Treasure Island for my one (and perhaps only) triathlon.

 

As I pack up my camping gear, I remember hiking to the top of Yosemite's Half Dome in 2010 after failing to reach the top in 2009 because my legs were cramping up.

The view from the top of Half Dome is awe-inspring.

 

As I pack up my rock climbing gear, I remember the first time I climbed outdoors and I wonder if I'll be able to continue rock climbing. I've heard that there's a gym in Santa Monica but I haven't had time to research.

Bouldering at Stinson Beach!

 

As I pack up my grilling utensils, I remember how I became a grilling enthusiast and I wonder if my new apartment will allow me to continue grilling.

My specialty is Asian-style grilled salmon. MMM!!

 

As I throw away the Cheeseboard Pizza box, I remember all the great eateries we have up here and I wonder what small eateries I'll find in LA.

 

The list of memories goes on and on…I've experienced and matured a lot in the past 4 years professionally and personally, and I can't wait to see what the next couple of years will bring.

 

~Dwight Asuncion '14

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Summer Reading List: Pre-MBA Version

As a kid, I looked forward to summer for many reasons: no school, unlimited Popsicles, and best of all, the local library's summer reading program. Yep, I couldn't wait to get my list of books to read so I could diligently pore over each one. The prize for completing the list? A coupon for a free kid-sized cone at Baskin-Robbins.

5-year old Ann liked to read in bed, in her underwear. Some things never change.

As an adult, I've continued to use books to prepare myself for life's transitions. Before I deployed to Iraq, I read We Were Soldiers Once...And Young. When I found out I would be assigned to West Point, I read The Long Gray Line.  My transition to UCLA Anderson is no different, so I have prepared a pre-MBA summer reading list to share with you. 

1. Case Studies and Cocktails by Carrie Shuchart and Chris Ryan. Status: Complete. This hefty volume combines a very practical guide to MBA student life (what to wear, how to choose a roommate, even how to prepare your partner for the MBA experience) with an overview of all the topics you'll study during the first year. I met Carrie Shuchart at the Forte Foundation Conference in June; she is a fabulous author and speaker who really knows her stuff.

2. Ahead of the Curve: Two Years at Harvard Business School by Philip Delves Broughton. Status: Completed. The author, a 2006 HBS graduate, chronicles the ups and downs of his journey through his MBA program. His narrative style and description of his fellow students and classes reminded me of Scott Turow's One L, considered a "must-read" for incoming law students.

3. More Than Money by Mark Albion. Status: In Progress. Laden with thought-provoking questions, this book challenges MBA students to re-define success in pursuit of personal fulfillment and a service-based career.

4. The Start-Up of You by Reid Hoffman and Ben Casnocha. Status: In Progress. I purchased this for my Kindle before the Parker Career Management Center put this out as required reading for all incoming students. This recently-published book advocates using an entrepreneurial mindset to manage your career, even if you're not planning to be an entrepreneur. 

5. The Four Agreements by Don Miguel Ruiz. Status: Completed; plan to re-read. The author outlines a code of personal conduct based on Toltec traditions. Having read this two years ago, I believe the guidance in this book will prove useful during the next two years.

The Four Agreements. Credit: Don Miguel Ruiz

6. 50 Shades of Corporate Grey by Anonymous. Status: Okay, just kidding. But I do believe a steamy beach read about MBA students could be a runaway best-seller. 

Do you have any suggestions for the list? Please share in the comments below!

-Ann Ching, '14

Follow me on Twitter: @annibbler

When food strikes

One of my favorite aspects about MBAs is the many opportunities to meet interesting people. It starts from the moment you attend your first MBA talk or fair and continues all your life as long as you remain involved. A few weeks ago I had one of such opportunities; I was invited to a barbecue with other Mexicans going to MBAs this year.

 

(2014 MBAs from Monterrey)

I had so much fun meeting them and listening to their experiences. The highlight of the evening was when one of them told us about the time when he was on his way to one of his MBA interviews and there was an earthquake. As he calmly made his way to a safe area, a woman running in panic spilled coffee all over his suit. He had to run back to his hotel room, while the building was being evacuated and hotel security tried to stop him, so he could change to a clean suit (the things we do to get admitted!). After finally arriving to the interview location he spent two hours waiting for his interviewer to show up until he realized she had been sitting next to him all along! We could not stop laughing at his misfortune.

I thought my story about the waffle machine that broke and showered me and my only dress with waffle mix right before my interview was hilarious but he outshined me. A tip for all those applying to MBAs this year: Keep a change of clothes handy before any MBA interview. You never know when food will attack you!

 

-Alejandra Rodriguez '14
Follow UCLA Anderson at @UCLAMBA

Airplanes, Apartments & Anderson

Can you spot the UCLA campus?

I am fascinated by air travel. In addtion to my little-kid-type awe of airplanes, I find commuter airline operations beyond impressive. Until something like the following happens:

1. Board airplane #1
2. Sit on airplane #1 thirty mintues past departure time
3. Deplane airplane #1 due to maintenance issues
4. Board airplane #2
5. Sit on airplane #2 thirty minutes past delayed departure time
6. Deplane airplane #2 due to maintenance issues
7. Board airplane #3 and arrive at destination 3.5 hours late

Because, yep, that's exactly what transpired during my return trip from Seattle to LA. Now don't get me wrong, I'd much rather experience delays than be 30,000 feet in the air in a faulty aircraft. And any worries that I had about my future Anderson roommates, Mike and Reggie, were put to rest when those guys napped in a rental car in the airport garage waiting for me to arrive. Thanks, y'all.

Lease signed. First thought: Housewarming party?

By the next day, I had forgotten all about my travel drama because our housing search couldn't have gone more smoothly. We had identified a promising three-bedroom apartment near the intersection of Wilshire and Bundy via Westside Rentals. Upon visiting the property, we were excited to see that the unit was even nicer and more spacious than expected. We immediately submitted our applications for approval and signed the lease the following day.

Now that I've secured a roof over my head for the next year, I'm beginning to get really excited about my upcoming trip to Japan. In the meantime, Anderson is doing its best to keep me busy. I recently completed the Academic Readiness Quiz, which is designed to highlight the quantitative areas in which I should brush up my skills before class begins. Despite my limited quant experience since college (high school, really), I scored surprisingly well on the quiz. Except for that calculus section... that might as well have been an alien language. But I'll soon be starting my MBA Math lessons to ensure I'm better prepared.

Before I sign off, a couple miscellaneous items:

The UCLA athletics site has conveniently listed out all of the Bruin athletes participating in the London Olympics. Be sure to cheer them on.

UCLA Anderson's admissions team has gone paperless, thanks to the Matchbox iPad app. I love to see the school embrace technology while saving a few trees. This video summarizes the benefits and (shameless plug alert) includes some awesome clips of our amazing campus.

Thanks for reading!

- Gregory Paige
  (Follow me on Twitter: @gregorypaige)

Class of 14' insider summer scoop - PART 1 - "Can't wait to get started"

With the summer well on its way, the Anderson 14' bloggers decided you could benefit from our very different perspectives on common topics. This is intended to give you insight on topics we believe are relevant to any student starting an MBA in the fall. Please feel free to let us know if there is a theme you want to hear us talk about!

Can't wait to get started - Feeling anxious, happy, sad, depressed? We all deal with departing for our MBAs in different ways. Here is some insight as to what we are feeling pre-departure and how we are dealing with it.

Chris Varin: "I've just had almost 10 months travelling and I can't wait to become active and productive again. I'm restless and excited about starting although with a touch of nervousness. I'm trying to keep myself as busy as possible until I leave but my parents are telling me to relax as I'm sure to be kept occupied in LA as well."

Alejandra Rodriguez: "I am simply dying to move to Los Angeles! It has been so long since I took my first steps to do an MBA (about a year and a half ago) that excitement has built up immensely and I am boring everyone here with my “My classmates are so awesome” stories. I have already sent five bags full of my clothes and shoes to a relative who lives close to L.A. so half my life is already there but I’m stuck in Mexico with crappy leftover outfits! I have also had the fortune to connect with a lot of our classmates online and it feels odd to have so many online only friends.  I’m looking forward to meeting them in person! My only sad feeling is that I will have to leave my mother, who I am so close with, and my two best friends who have been with me at every important moment in my life since I met them in college."

Dwight Asuncion: "Getting into business school (and public health school) has made me focus more. I’m focused on enjoying life as much as possible. I went to Israel for 1.5 weeks and Europe for 3 weeks. I’m planning some camping trips in August and I’m hoping to do a road trip before school starts. I’m also pursuing hobbies that I may not have as much time to devote to while I’m in school - grilling, cooking, and rock climbing. I’m also focused on preparing for school by saving money, reviewing for the course waiver exams, contacting professors I can do research with, moving, etc. School will start in a couple of weeks and all in all, I’m happy but a touch nervous."

Kyle Forrest: "The first thing I couldn’t wait to get started - summer vacation for the first time in years! MBA Student Affairs does a great job of spacing out the various things we need to take care of during the summer, so I’m focusing on some trips I have planned (Costa Rica, Pre-Orientation Rafting, family time, etc.) and getting excited for my move to LA in August and beginning to meet everyone!"

Ann Ching: "I’m really happy to be reuniting in LA with my Sig-O and our dogs (he has been living there the whole time I’ve been in Hawaii). I’m a bit anxious about meeting a lot of new people, and about fitting in, given that I’m from a nontraditional background for business school. However, so far everyone seems very friendly! It’s a little sad to leave my Hawaii friends and my co-workers, but I’m seeing as much of the islands as I can before school starts and I hope to visit again soon."

Ayushman Jain: I can’t really put my excitement into words here, but you might get a sense of it when I say my heart skips a beat everytime I see an email from UCLA Anderson or Parker CMC. We’ve received a bunch of very useful info as a series of weekly mails to help us get through the summer more productively by motivating us to analyze our strengths and weeknesses academically (since most of us have been out of school for years now) as well as getting our resumes and career stories ready by the time we reach LA. Phew, so much to do and so little time. Yet, I’ll only call myself happy busy! Can’t wait to be “crazy happy busy” already! :D

Ashley Mallinson: With all that has been going on from wrapping up my major projects at work (I still have one week of work left), the fantastic Anderson happy hours, engagement parties (I got engaged in April) and going away parties, I have barely had time to book my movers.  I am at once, excited and sanded. beyond thrilled to be moving to Los Angeles. I have heart-wrenching pangs of sadness every time I think about leaving New York behind along with the job that I love and the friends that are like a 2nd family to me. That said, I know that the best is yet to come. I can't wait for the next 2 years at Anderson to become the best yet!

-Anderson 14' bloggers

Follow UCLA on Twitter @UCLAMBA

Hola Amigos!

I´ve been in Spain for six days, and I can honestly say this vacation thing is pretty great. I´ve been spending my time lazily on the beach, lounging by the Mediterranean, and perfecting my paella recipe (Yes, I throw a mean Spanish-themed dinner party for future reference).

I´m lucky enough to have a beautiful place to stay in Moraira, which is a small town on the Costa Blanca, about an hour and a half south of Valencia. I´ve been coming here my whole life, but it´s been years since I´ve been here. Working a full time job has really prevented me from enjoying this, so I figured why not take advantage of it before school starts?  

This first leg of my trip is really about relaxation. I´ve had lots of great hammock time, with - wait for it - pleasure reading. Pretty amazing. 

Yesterday, I went with my friend Domingos to Ibiza. I was a little nervous, because Ibiza is notoriously the party capital of the world (according to Wild On!E circa 1998 at least), and I actually would have to stay awake past my typical bedtime of 10:00. We took a beautiful ferry across the Mediterranean, and when we got there we realized we were crazy to land in Ibiza on a Friday night with no hotel reservation and no idea what to do. But we made friends fast, finding a great hotel on the beach, and we went to Privilege, which is by far the craziest, biggest club I´ve ever been to. Domingos and I danced for literally 6 hours and it was incredible. 

Tomorrow we´ll be headed to Valencia for some exploration and more adventures. Domingos heads home in a few days (he still has a job to get back to!) but I´ll be traveling solo in France next week. Any suggestions for where to go? I´m thinking Cannes, maybe Nice, and ending up in Paris. When it comes to school and work, I´m a huge planner, but right now I have no idea where I´ll be the next day. And that feels so very very cool :) 

I´m working on uploading some pictures to this post, but as of now I´m having some connectivity issues, but there will certainly be lots of great shots to come. 

Over and out! xoxo Kate 

@k8eddie on Twitter

What's making this so special?

A little over a year ago when I first visited Anderson they told me that the community culture at the school was unparalleled. Now all MBA programs are excellent marketers and it’s always hard to distinguish what is true but embellished and what is really transcendental. Without having started my MBA yet, I can tell you one thing – Anderson has gone beyond meeting my high expectations on its culture of togetherness.

Travelling the world can actually get lonely at times and I was blessed to have been in touch with several of my future classmates way before school started and even meet some of them along my way.

Nhung and I under a downpour in Hanoi

Nhung kindly took me out for some fantastic traditional Vietnamese Pho (and conversation) in Hanoi when I dropped by unexpectedly. Daniel travelled with me through China after we realized that our pre-MBA trips coincided (we’ll even be sharing a house in the fall along with Ayushman and Ashutosh). Erika took me out for some of the best sushi in my life in Osaka, although we’ve actually been good friends for years now and our going to Anderson together is just an added benefit (she still demonstrates all the amazing Anderson qualities)!

Dan and I at Repulse Bay in Hong Kong

From the constant happy hours that are organized all over the world via our Facebook group, to the find-a-roommate survey (carefully crafted by our lovely Alejandra) to the open offer by future classmates currently living in LA to pick up students coming from afar at the airport, the feeling of involvement from everyone in the class is pretty special and we’re all really eager to get started.

No good pics with Erika so this is an embarrassing one of me taken by her at a Ryokan near Osaka

This is the stuff they can’t really show you during college fairs, alumni meet and greets or even class visits. This gut feeling is the one you get when you meet your classmates for the first time and you realize that you’re going to be spending the next two years with an amazing group of individuals who all chose this school because they believed in no small part in the culture that permeates at Anderson.

-Chris Varin, 14'

Follow UCLA on Twitter @UCLAMBA

The Housing Search That Wasn't (Thanks to Social Media)

For those of you who have moved past the casual MBA program search into more in-depth research, you may have been as surprised as I was at how active most programs are on various social media platforms.

I'm a pretty active Facebook user due to being at Rice University when Facebook was only available at a select number of colleges. Through work, I've become an active LinkedIn user (it was a life saver during the interview process at UCLA, story to come later) as a means of connecting with professionals. Until this summer, my Twitter use was limited to obtaining Rice college baseball scores and... that's it. 

I was stunned to start the research process and, using UCLA as an exmaple, see a presence on Facebook, Twitter, YouTube, Blogs (Admissions and Student Voice), and iTunes U. 

 

Summer Seattle Anderson Mixer: Students, Alumni & New Admits

I'm loving living in Seattle for my summer internship working in Marketing and Operations at Microsoft. I see a good deal of my Anderson peers and last week, attend attended our super-fun Anderson Seattle Mixer! Over 25 students and alumni working in technology in the Seattle area gathered at A Terrible Beauty for a beautiful evening on Lake Union. Claude Brun of Microsoft and former head of the Seattle Alumni Chapter, gave his last speech to the group and thanked student interns and alumni employees from companies like Microsoft, Amazon, T-Mobile, Nordstrom, Boeing and Goldman Sachs for attending. David Cooley of Parker Career Center attended in high spirits and thanked the HTBA and other sponsoring organizations that make these summer mixers possible. Students have a great opportunity to attend to attend these mixer in cities like LA, San Francisoco, New York, Seattle, Orange County and more to meet alumni, hang out with other interns in their city (Andersonians stick together!) and network the heck out of the summer during our internship! 

xo from Anderson,

Ashley

Ashley Mallinson, Class of 2014  - @ashleymal - Follow @HTBAAnderson !

 

Seattle is beautiful in the summer!