Full-time vs. Part-time MBA

Here's an easy MBA post in response to a question I got from a reader last week, written mainly from the Booth perspective.

If I had lived in or near to a city with a top program I probably would have done a part-time program. I also considered executive programs. But it definitely is a very different experience from a full-time program and I have to say I am glad that I went full-time.

At Booth, there is no academic difference between the part-time and full-time programs. It's the exact same faculty and you can take class at either campus (with some restrictions). Both programs also have a considerable amount of flexibility in how quickly or slowly they complete their studies. Both programs participate in the same graduation ceremony and get to participate in on campus recruiting. (Ask career services for the fine print on part-time participation though.) (I think they have a different admissions team?? Anyone know this for sure?)

The big difference comes in the way of the student experience. There is definitely a different feel in the Gleacher classes. Virtually all part-time students are working jobs which gives them much less time to devote to study groups and social events. (The guy who hired me for my internship came out of the part-time program and called us full-timers a bunch of slackers ... and he's right :) They are real adults with, you know, jobs and families. The part-time program has a separate set of student groups. (Some cross-registration is allowed but mostly the two programs stick to themselves on this one.) And to the extent that networking and social stuff is a huge piece of the MBA value - then it seems like they miss out. One only has so many hours in the day.

In sum, if you want the full student experience and aren't up for the work/school/life grind, I would do the full-time program. If your employer will foot the bill for a part-time program only/you can't bear to part with your paycheck/you are worried you might graduate unemployed in the worst recession in recent history/you just want the degree and some classes, then I would do the part-time program. But, at least at Booth, the line between the programs is a bit blurry, so keep that in mind.

That's my two cents.

Hot damn, it's hot around these parts. Chicago was not meant to be lived in sans A/C. By the way, just discovered the best bagels ever ... in Hyde Park! Wish I could take them with.

Life these days

Was about to pen one of my uber serious posts but don't have the brain power (lucky for you). Really, I should definitely be sleeping.

I am now a "single mom" (when my mom isn't here, that is). The good news is that Y has a job (with a real pay check and a not crazy boss). The bad news is that he doesn't live in Chicago any more.

Happy Father's Day!!

I am very much looking for a job. But also trying to enjoy the kids and summer. And the last month of Hyde Park. But really, it has become really impossible to imagine that I will ever be employed again. Sigh.

Baby Y's bday is upcoming and I just made a gorgeous double chocolate layer cake that I am planning on bedecking with June strawberries tomorrow morning. That and some delicious crustless quiches, one with and one without mushrooms, fresh fruit salad and bagels etcetera will be make for a lovely Monday. Can you believe he's almost two years old?? He's as old as my MBA ;)

Baby X is the most amazing sleeper ever but I think we deserve a good sleeper after what we went through with the first!

Happy Summer Solstice!!

I love my vacation

What a wonderful 3 weeks. I am relaxed like never before. If only I had 3 more weeks. I was thinking back on this break last year which was a miserable cover letter, interview prep, stock pitch research experience. Ugh. Not the least bit relaxing. I was so overwhelmed and stressed and then it only got worse ... for the rest of the year (farewell 2008!).

I've said this to a couple of first year GSBers already but just for the record, it doesn't pay to worry yourself too much over the internship thing in my opinion. If only I had known:

1. It's not going to make or break your career (yes, if you don't get the inbanking gig with Goldman, odds are it may be your last chance with them. but if they don't want you - who gives a shit? you've got better things to do with your life)
2. Ultimately, you're going to find what is right for you. Just because you think XYZ employer or XYZ job will fulfill your life dreams does not mean (a) that you're right or (b) that, even if you are right, that there aren't other just as great options out there
3. There is a high probability that you're going to have to/want to go through recruiting all over again in your second year - so pace yourself
4. For you IMers - getting an IM job is the most amazingly painful, arbitrary process ever (and you thought getting into a top MBA was hard ...) so just take it for what it is and make the best of it

And, if you do find yourself in your second year of the MBA sans job in the midst of a recession, I recommend you stash all job thoughts for 3 weeks and enjoy yourself for a little while.

Somehow this fall, inspired partly by our need to be extra frugal, I have re-discovered my love of cooking after a 2+ year hiatus. Between the temporary studio apartment pre-MBA, the newborn, the cross-country move, the job search, the career-identity crisis, the temporary summer housing, general grumpiness ... my cooking brain went into deep freeze. For a couple of months now, I have been cooking almost every night and it's been a great change of pace for me. And with the whole world shut down for Xmas and New Year's the past 9 days has brought roast veg lasagna, piles of latkes, gallons of applesauce, rugalach, Mexican wedding cakes (the little cookies), pfeffernusse, candied orange peel, caramel popcorn, banana muffins, pumpkin muffins, spiced cider, fresh lemonade (I love lemonade and can't believe I haven't been making it fresh before*) and pina colada sorbet. Among other things. A good college friend who also shares the cooking love was here all week with her boyfriend. Monday was my old favorite quick dinner standby of fish tacos**. Tuesday brought the always delightful Vietnames beef noodles (which I like to do with tofu when I'm not in the mood for cow). We enjoyed an Indian feast on New Year's eve and welcomed in 2009 with a New Year's day feast of Russian fare. Nothing like a week with folk who understand the pleasures of the kitchen to top off the break. My New Year's resolution is to buy only whole spices and roast and grind all of my own spices from now on. And I bought a little window box and am going to try to grow some herbs indoors. We'll see how that goes.

So good bye 2008. I can only hope 2009 is an improvement. I hope everyone is feeling happy and relaxed as well.

*Juice two lemons into a quart of water, add sugar to taste. Beats store bought any day.

**I use pre-breaded, store bought fish fillets (the good kind ala Trader Joe's/Whole Foods), corn tortillas (wheat tortillas = yuck), refried beans, thin sliced cabbage (either fresh or you can salt and let stand for 15 minutes + a little pickle juice for extra flavor), white sauce (just mayo + fresh lime juice) and whatever condiments are on hand such as fresh tomatoes, salsas (mango is great), Cholula, avocado, cheese. Just warm and assemble.

Thanksgiving

Thanksgiving is my favorite holiday and I've been hosting it for the last 8 years. Mainly because I can't bear to turn any of the dishes over to anyone else lest we end up eating pre-made crusts or jellied cranberry sauce or stove top stuffing. Or, even worse, pineapple roast duck or some other exotic recipe excursion. I prefer the classic Thanksgiving myself.

Anyhow, this year we will be traipsing to Moline, Iowa, and I will just have to put my faith in my aunt to do justice to the annual meal. Which is probably just as well. Though the six hours in the car with a baby who can barely handle 30 minutes in the car seat (during which I desperately hope to catch up on my long overdue Financial Instruments reading or just about to be due FSA valuation project (groan)) does not bode well, I am hoping this will be a more relaxing Thanksgiving for me. I'm too pregnant to spearhead an all day cookfest. Though I will, of course, be contributing the two most critical Thanksgiving dishes: stuffing and pumpkin pie.

May you all have a delicious Thanksgiving.

On Networking

Happy Mother's Day! Watched Persepolis tonight. Loved it. I am a big fan of animated films (Spirited Away, The Triplets of Belleville) and this one is particularly interesting and lovely. Think I'll buy my mom one of her novels for Mother's Day.

I ran into a very interesting blog called Repairing the Healthcare System a while ago and emailed the author (doctor whose son, interestingly, is the founder of Mobius Venture Capital) this past week who was kind enough to email me back. The disaster that is our healthcare system is of huge interest to me (after the disaster that is our energy consumption) though I know far less about it than I do about energy (of which I don't know all that much either). But the inefficiencies kill me and seem fixing them seems so possible, it's very frustrating that it isn't already fixed. The lack of transparency is ridiculous. No one would purchase a good or service without any hint of what the price would be and then wait weeks or months to receive the bill. It's hard to reconcile this absurd system with the fantastic efficiencies we enjoy in so many parts of every day life here in the U.S. My list of complaints is endless but I'll spare you the tirade. I have been toying with a business idea of a sort of Angie's List for healthcare but since I'm not seriously interested in entrepreneurship (I prefer to just give entrepreneurs money and let them do all the hard work) the idea's not really gone anywhere.

The point of all my rambling is that it was so fun to exchange emails with someone who was passionate and informed about this subject and to think that if I ever became serious about my business plan that he might have some insights for me. I've been puzzled by how much some of my fellow GSBers seem to hate "networking", particularly last fall when we were in the throes of recruiting. Now, while the NTP of my Myers-Briggs is up for debate, the I is definitely not. I am an introvert through and through but I love exchanging ideas with thoughtful people. I love networking.

It strikes me that the folks who hate "networking" aren't taking a very sophisticated view of the process. Networking should not be a canned, miserable experience. Networking should be a sincere exchange of ideas. So whether you're finding a job, or a business partner, or a lender, or a mate ... here are some thoughts based especially on the recruiting season but that could be applied to other situations.

1. Ask questions, good questions, and listen: Perhaps one of the most useful things gained from a lifetime of NPR is the art of the "interview". As we all know, there is such a thing as a dumb question, so do your research (if applicable, for example, before emailing someone) and try to put yourself in the other person's shoes. Empathy is the best connector but it's impossible to empathize with someone if you don't have a basic sense of what they are about. And how are you going to know what they are about without asking some questions? And if you're going to ask a question, then you should listen to the answer. Really listen.
2. Suspend judgement: I've lived in 8 states and countless cities and made friends with folk from all walks of life and, while I'm still learning to avoid judging the book by it's cover myself, I've learned that pre-qualifying those worthy of conversation based on physical attributes or credentials or accent rules out a number of very interesting folks. But if the conversation is clearly not going anywhere, move on.
3. Be sincere: Recruiters, admissions officers, employers ... they're people too. Don't ask questions that you're not interested in hearing an answer to. Don't spew needless flattery. Don't talk too much about your accomplishments. Don't appear to be reading from some internal script. Don't expect/force a particular outcome. Just relax and let the conversation flow where it may.
4. It's ok to be direct ... but mostly be sincere: There are differing opinions one whether one should cold-call or cold-email, whether to follow-up with handwritten or emailed thank yous, when to proffer a business card, whether to state flat out that you're looking for work or just mention the desire for an "informational interview" (ha, yeah right), etcetera. In reality, these are all viable options. I prefer prefer email to phone cold-contact, never send hand-written thank yous anymore and don't care to beat around the bush if if my informational interview request is really job prospecting. But ultimately, while guidance and wisdom is nice, in the end, if you are sincere (see #3) and reasoned in your approach, you will attract the people who prefer your style and repel the people who don't get you and may not be the best person for you to network with anyway. I prefer fast, direct, to the point communication myself, but there are individuals (and even entire industries) for which this style is inappropriate and, more importantly, it makes no sense to act in a manner that makes you uncomfortable.
5. Enjoy yourself: Relationships are what make life worth living and make the individual greater than the sum of her own efforts. There's no right way to "network" - create interactions that feel meaningful for you and leave you feeling enthusiastic about the future. Disregard the others.

But, more importantly, be kind to your mother!! ;) G'night.

On Free-riding

Well hello there.

As you may have guessed, the last post was inspired by some challenging team dynamics. Ironically, this week two of my teams have stepped up and pulled their weight magnificently, so I am finally having a chance to breathe. It's nice when team karma comes back my way now and then.

I'm in the midst of a long post on the value of women in biz groups but it feels awfully serious and I'm not sure that I want to post it ... we shall see. I'm a woman of many half-written posts.

Just watched The Diving Bell and the Butterfly while attempting to do my Comp Strat homework. Business school this term is feeling awfully business-ey. I was working on helping my folks get a website going for their business which felt so much more interesting than homework. I feel restless and lazy.

Half way through the quarter and I'm glad. Ready for summer.

Most of the time I feel like I might explode

:)

I dream about dropping one of my classes and taking the summer off.

Baby Y's incoming teeth seem to be bothering him a lot this week. Poor little guy.

Y is watching There Will be Blood. Watched No Country for Old Men recently. Both excellent.

Pizza

In the city of pizza, Y and I have rediscovered the joy of homemade pizza. Y got a pizza stone several years ago for his bday but it's been largely neglected ... until this week. We've made 6 pizzas in less than a week. Mmmm good.

• Empty a pack of yeast into 1/2 cup of warm water and let stand for 5 minutes.
• Meanwhile, pulse 4 cups of bread flour (King Arther is my favorite) and 1.5 tspn salt in the bowl of a food processor (or wisk together in a bowl if you aren't a kitchen gadget queen).
• Add 1 1/4 cups of room temperature water to the yeast + 2 tbspn of olive oil and mix together to dissolve the yeast.
• Pour water/yeast mix into food processor while running and continue to pulse until the dough pulls together into a large ball. Process for about 30 seconds until the dough looks sort of satiny. (Some rough approximation thereof is just fine.)
• Turn the dough out onto a lightly floured counter and give it some good hard kneading until it forms a nice ball.
• Stick in an oiled bowl, covered with saran wrap (best for keeping in the moisture) or a towel and let rise for 1.5 to 2.0 hours until doubled.
• Meanwhile prep your toppings (oiling the cheese grater before grating makes the job much easier and the grater easier to clean afterwards - my favorite new trick of 2007).
• You can make a great sauce by frying some crushed garlic in a pan with some olive oil (just until fragrant, don't burn it). Add 28 oz. of crushed tomatoes (run them through the food processor if whole or diced) and cook down for 10-15 minutes. I love to add red pepper, fennel and oregano but it's not necessary.
• Once the dough is done rising - heat your oven to 500 degrees. If you have a stone in there, it's good to keep it at this temperature for 30 minutes so that the stone can warm up fully.
• Divide your dough into 3 pieces (for 3 medium size pizzas) and let rest for at least 10 minutes but not more than 30 minutes. Getting your dough into a crust shape is the hardest part, just don't let it be too thick, but you'll figure it out and the wonky handmade look is sort of endearing and it all tastes great in the end.
• Brush the crust with olive oil (to keep the crust from getting soggy) and top with your favorites. (My favorite is green peppers, onions, oil cured olives, fresh basil, pepperoni and mozzerella.) A pizza peel makes getting it into and out of the oven easiest but I'm sure you could innovate a good trick in its absence.
• Bake until the cheese and crust look done ... at least 10 minutes in my experience.

Mmmm mmmmm good!

Since I don't celebrate Christmas, this is sort of a strange time of year for us. I'm really glad that Baby Y is too young to know what's going on but that won't last forever ...

Abandoned When Genius Fails, decided that reading aobut the demise of an overleveraged, computer model driven hedge fund wasn't all that useful or interesting. Just finished Value Investing Today by Brandes and am slowly working on Money Masters of Our Time. Sort of silly but oh so appealing. Ironic to read after Taleb disparaging our lust for anecdotes of success all the while ignoring reasonable accounts of failure. I felt like I wasted so much time last week. Working at home is distracting. But I have gads of cover letters pending and so much stock pick work to do.

I love Thanksgiving

Thanksgiving is my favorite holiday. I love to eat. I like to cook. And I hate shopping (for anything besides food.) And since I'm a control freak when it comes to major meals, I'm hosting as usual. The fun thing is that because we're in Chicago now, some friends and relatives whom I've never had Thanksgiving with are coming, which will be a lot of fun. And my sister is here for the week. Unfortunately, we're doing Thanksgiving on Saturday though. (I hate doing it on any other day besides Thursday.) But since I don't have to fly or drive anywhere, I won't complain. My Thanksgiving menu is virtually unchanged over the last 7 years or so:

• Turkey, free-range/organic of course, and gravy (courtesy of my mom)
• Stuffing - fresh herbs make all the difference
• Cranberry sauce (the second best thing about Thanksgiving) - never from the can!
• Mashed potatoes with lots of butter
• Corn (always from a can ;)
• Green beans - in whatever style suits me that year
• Brussel sprouts - I don't know how this got on the menu but it sticks
• Pumpkin pie (the whole point of the meal)

But while the food is great, the chance to retreat from the madness of classes and recruiting and lunch and learns is the real joy this year. Seeing a calm descend upon ye olde Harper Center was a great relief. My goal is to hole up in the apartment for the next several days working feverishly on my stock pitch, business plan, and neglected homework, emerging only to baste the turkey and throw a pie together as needed. Amazingly, next week is the last week of classes. Then comes finals, winter break trips (which I'm thinking I may forgo so that Y and I can take a baby free, GSB free trip ourselves), and eventually interview prep (if I don't decide to go full throttle on the entrepreneur route.)

And I've been meaning to say good luck to those in round one this year. May your interviews go brilliantly and may you hear happy happy news in the coming months.

The best tomato soup

In the spirit of thinking of something other than babies or MBAs I wanted to share a tomato soup recipe based largely on one from the good folks at Cook's Illustrated. I love tomato soup but haven't had much luck finding a good recipe/pre-made product.

1. Pre-heat oven to 400 degrees.
2. Strain and seed 2 28 oz. cans of whole tomatoes (Muir Glen are the best), reserving the juice and seeds.
3. Lay the seeded tomatoes in a single layer on a baking sheet lined with foil.
4. Sprinkle with a layer of brown sugar and put in the oven until liquid has evaporated, about 30 minutes.
5. Toward the end of the 30 minutes cook 2 very large shallots minced, 1 tbsp tomato paste, and a pinch of allspice in 4 tbsp of olive oil on medium low heat, covered, stirring occasionally, until softened, about 8-10 minutes. (They called for 4 large shallots but just 2 of mine looked like plenty. They also used butter but I preferred the clean taste of olive oil.)
6. Turn heat to high, stir in 2 cups of chicken broth, the reserved tomato juice and bits from the seeding process, and the roasted tomato pieces.
7. Bring to a boil, then simmer for about 10 minutes or so, allowing the flavors to blend.
8. Turn heat off, use a slotted spoon to pull out tomato pieces and put them through a blender with a little of the soup broth and add back to pot.
9. At this point you can add cream and sherry but because I prefer my vegetable soups uncreamy I didn't.
10. I served this with quiche, green salad and baguette. Delicious!

I also made a Vietnamese beef and noodle dish this week found on The Splendid Table website that was especially tasty. Lots of preparation but really fantastic flavors. Will share another day.