Feeling good

February 2, 2009

Yes, I have submitted my IMD application in time for Round 1. Yes, with all the recommendations. To get three relatively senior and very busy people to work for me and make it before the deadline was the hardest part of the application process. This is not to say that cracking the GMAT or writing the essays was easy. It was not, but at least that was something I could control.

Now is the time when a sensible applicant starts worrying about financing and whether the school will call for an interview. Probably I should also start re-reading my submitted application, discover a mistake and get a heart attack. Furthermore, I am hardly a clear admit at IMD, what with the uber-impressive student profiles posted on their website.

Right now though, I don’t care about any of that. I have passed one major hurdle and it feels great. The INSEAD R1 deadline is in more than a month, I have pretty advanced drafts of all essays and the two remaining recommenders are warmed up. There’s even time for a quick getaway in a five start hotel with my girl. Life, for the time being, is good.


IMD essays

January 16, 2009

Who knew that when they say 1230 characters they mean it? No, really – in the online application form you cannot physically type more than the specified number of characters, and it counts spaces and new lines. How do I explain my career progression, goals and fit in this space? Furthermore, if this strict attitude starts right from the application form, where does it end? I  remember IMD alumni telling me that the year at b-school was the most stressful and intense in their lives. Do I really want to subject myself to this kind of treatment?

The truth is, probably yes. After all, this is the top school to go to if you want to get away from the consultants and investment bankers.

I am beginning to understand that IMD is a stretch school for me. Sure I will apply but I would be lucky to get an interview invite. And why are they calling it an interview instead of being honest and calling it ‘one day of medieval torture on campus’?

By the end of the month I will hit the ’submit application’ button. Believe it or not, it feels good.


More people who make sense

January 7, 2009

In case anyone is interested, here’s some more insightful commentary about the crisis: this op-ed and the next one by Lewis and Einhorn. What they are saying is hardly new and pretty much obvious to anyone who has been paying attention to the news and has a brain. Of course, this means they are probably regarded as dangerous radicals. Have fun.

P.S. thanks to all for the encouraging comments! You will be pleased to learn that I’ve taken the next week off and sacked my laziest recommender. An old boss of mine agreed to do the the whole thing on her own. Still no IMD essay drafts though, I hope next week the inspiration comes.


Feeling low

January 4, 2009

The IMD deadline is in less than a month, I am absolutely nowhere and feeling like shit. Somehow, the INSEAD essay topics seemed easier so I have drafts for them, but that is the later deadline. Stupid, I know. All the recommenders want me to tell them what to write. Okay, I could come up with ideas for a recommendation, but for three?? They will never look like they are coming from three separate people.

And what is the point of this MBA thing anyway? To give all the money you ever had and then some more on top, with no predictable result?

The saddest thing is I am not going to give up – too much time money and effort are already gone into this and I am unable to count them as sunk costs and move on. I’ll submit something to both schools and we’ll see.


INSEAD Fontainebleau campus visit

December 13, 2008

Alright, this is the long overdue post about my visit to INSEAD. Enjoy, or not.

My first impressions: Paris is huge and the locals are not nearly as rude and arrogant as expected. Of course they will not smile to filthy foreigners who dare to approach them in English, but are helpful enough to point the way to the ticket booth or whatever. Fontainebleau is only 40 minutes or so from the city, the INSEAD campus is sleek and modern enough for a top b-school. Now on to the presentation.

Quote Jake Cohen, dean of the MBA program: “INSEAD is a general management school”. Quote some entrepreneurship professor: “INSEAD is an entrepreneurship school”. Now that’s interesting – is it what the dean usually says, or is the school trying to re-position itself because of the recession?

The admissions people said very explicitly that they are looking for at least 75th percentile quant and 70th percentile verbal. The scaled score does not matter that much, only the percentiles on both section. Also, it was a bit surprising and reassuring for me to hear them say that AWA is not important. The word limits for the application essays are kinda soft, they are not looking at the exact number of words, unless it is way off.

I heard that they are rejecting many applicants with finance backgrounds. Of course they will never admit this, but accepted students who have access to some database have confirmed that there are far fewer bankers in the class that starts in Jan 09.

I expected to hear more about how the global crisis affects the graduating students and what can be done about it, but we were given only general statements. The admissions people did talk about scholarships and it looks like they understand scholarships will be especially important for the 09/10 intakes.

Fontainebleau is a charming little town, with a huge park and a castle, many small streets, cafes, restaurants. The forest, which the town is famous for, is rather large, contains many biking trails, climbing spots and according to the students is full of deer and wild boar.  The vast majority of students live in ‘chateaus’ outside town, which I don’t understand. For a 19 year old living in a chateau (really a big farmer’s house in the middle of nowhere) with 10 other students and throwing parties every other night must be great fun. To me it would be torture. But funny enough, the average age on campus is 29 and a great many people seem to like living in those houses and even prefer them to apartments in Fontainebleau. And this is despite the fact that you need a car in order to live in a chateau – an additional strain on the already strained budget. One thing I learned from the trip, for some people 50k Euros is just not expensive enough.

The students I met were all friendly and smart. None were arrogant d-bags, although they must have kept those types out of sight. Many of those present were truly international – when asked about where they come from the answer goes like “Well, I was born in country X but I live in Y, however my dad is from Z…”. Not all are like that, however, there were also a couple of ‘normal’ people who were simply from country X, but everyone had interesting stories to tell. The other applicants were not a very diverse crowd, mostly Brits and Indians, with the occasional Asian or American, or French dude. My nationality and region was definitely underrepresented. I hope this means I have less competition and not that I am the only moron in my part of the world willing to cough up the money for the plane ticket.

All in all, I am glad I made this trip. As expected, it did not really give me any exceptional insight into the school but I made contacts that may prove to be useful. If admitted, now I know how to choose where to live and how to budget for living costs in Fontainebleau (note to self: set aside enough budget for drinks). I also established beyond doubt that I would fit into the social life at INSEAD. Now the question is how to say this in the essays.


People who make sense

December 4, 2008

Anyone who has been following this blog (hi mom!) is aware that I am a Taleb fan. I just recently discovered that another sane person exists and that is Peter Schiff. Actually he’s been rather famous for some time now, but I just got around to reading what he has to say. Just watch this and read this editorial that he wrote. It is nothing less that plain old common sense – yes, pretty much unique among economists.

Another person, or should I say book, that makes sense is Eric Beinhocker. I finished The Origin of Wealth some weeks ago and it was an eye opener. No, this is not one of those books that “saw it coming”, it is a very general economics book about how traditional theory is wrong and what could be done about it. Very respectful in tone and extremely well-researched, this is worth reading by serious people who think Taleb is a media clown. (Beinhocker never quotes Taleb and vice versa, but their ideas have a lot in common) The first half of the book, where Beinhocker first summarises and then demolishes established economic theory is where he is strongest.  Next he goes on to propose something called “complexity economics” and kind of makes his point, but openly admits that it’s not really a complete theory.

Another book I got these days is Warren Buffet’s biography but I won’t be finishing that brick soon. So far, the first couple of chapters are interesting, but the whole thing seems like Buffet worship for its own sake.

As mentioned before, we live in interesting times now and I’m running out of ideas how to spend all the time I have. If I still have any readers, give me some reading recommendations!

P.S. Taleb strikes again. I like this guy.


Back from France

December 1, 2008

Guys and girls, this is just to let you know that I’m back from the trip to France and (obviously) not dead yet.

In short, Fontainebleau (yes, I can spell it now and even pronounce it) is a great place and the INSEAD campus is great too, full of smart and friendly people from all over the world. Paris is freaking enormous and expensive, big surprise there. France in general is a nice place, though you’re screwed if you don’t speak French. I promise to write a detailed and insightful post about my visit to the campus, sometime this week.


Travel arrangements, applications, work…

November 3, 2008

This month I’ll visit the INSEAD campus in Fontainebleau; plane ticket and hotel reservation are in place. I am still not sure if a visit to Lausanne is worth it, after all if IMD gives me an interview invite I’ll have to go there anyway. Besides, travel costs money (surprise!) and I’m not exactly rich. Nevertheless, the alumni are recommending a visit. We’ll see.

In the meantime my first essay drafts for INSEAD are almost ready and God they are awful. The IMD ones I have not started yet, but I hope to be able to use themes and examples across different applications. It’s going real slow, but then again if it’s not urgent I cannot bring myself to spend the entire weekend writing.

In the office the situation is not improving, if anything it’s getting worse. How can my job be boring and stressful at the same time? One of life’s impenetrable mysteries.


Interesting times are not for everyone

October 23, 2008

We live in interesting times. The whole world’s financial system and the ’science’ of economics are being re-written, major players in the market are disappearing overnight, it’s madness. Surely this is exciting? Well, guess what. It’s not.

Not doing new deals and sitting the whole day in the office is no fun. I am running out of interesting people to go to lunch with, but it doesn’t matter because it’s always the same conversation with everyone. Even the clients are now beginning to understand that maybe something is going on and have stopped requesting meetings to introduce the next greatest project. News sites cannot provide half the entertainment value of an over-enthusiastic real estate developer, it seems. Hell, I am not even going to get fired, at least this year.

What is worse, it is not just me. Speaking with financial people all over Europe, I get the feeling they are bored to death as well. They just pretend to be scared and excited. They also follow the same pattern of lunch meetings and reading the news. Probably a certain elite minority in the major financial centers are going for days without sleep and brainstorming clever solutions to the world’s problems, but we on the fringes are not so (un)lucky.

So this is how history gets written. A long period of deadly boredom occasionally interrupted by fits of panic. Great. I can’t wait for the uninteresting times to return.


To all of you essay writers – get Q10

October 16, 2008

I just finished the first draft of one of the INSEAD essays, in 10 minutes, between meetings. It is too early to be writing essays of course, I am going to apply for the Jan 2010 intake, but the temptation of Q10 was too much.

Yes, it is that great. If you have essays to write, you need this program or something similar. Notepad is good, but not this flexible. Word can be tweaked to look more writer-friendly, but only so much. So, click on that link already!