Princeton Review’s 2023 MBA Ranking + What To Expect In A Harvard MBA Interview
Maria |
February 8, 2023

If you’ve been listening to Business Casual, you’re probably aware that our hosts are not fond of MBA rankings, but either way, who doesn’t like a little bit of drama to spice things up when things are getting serious?

There are three factors that John pointed out as to why MBA rankings have very little credibility: Either the approach is rather vague, the number of students from each institution that participated in the study is mysterious, or the findings are very bizarre.

In this episode, our hosts will talk about not only the newly released MBA ranking from Princeton Review but also the dos and don’ts when preparing for a Harvard MBA interview.

Episode Transcript

t[00:00:07.450] – John

Well, hello, everyone. This is John Byrne with Poets and Quants. You are listening to Business Casual, our weekly podcast with my co host Maria Wich Vila and Caroline Diarte Edwards. Caroline, of course, is the former director of Admissions at INSEAD and a co founder of Fortuna Admissions. Maria is the founder of Applicant Lab. Would you believe there’s yet another MBA ranking out? Came out last week? It’s one that has come out a lot of times. We tend not to pay a whole lot of attention to it because, frankly, as MBA rankings go, we tend to think this has very little credibility. But we want to mention it anyway. It’s the annual ranking of the Princeton Review, which is largely based almost entirely, in fact, on student opinion and student surveys. Reason we don’t like this ranking is because the methodology is vague and it’s kind of mysterious because you don’t even know what the sample size is of student opinion from each school, and the results are incredibly quirky. So we’re going to get into that, and we’re going to get into something else. Last week, Harvard Business School released its round two interview invites and rejections.

[00:01:27.410] – John

And we want to talk specifically about what that Harvard MBA interview is like, the do’s and don’ts, what to expect, how it differs from other schools, and how best to prepare for it. But first, let’s talk about the Princeton Review ranking. One of the interesting things about this is that Princeton Review does not rank the schools overall by their on campus MBA programs. Instead, it has 18 different categories. Some of them are kind of silly, some of them aren’t. And essentially it only ranks the tin number in each of these categories. So they do things like best professors, best Classroom experience, best Campus environment, best career prospects. That all makes sense in a way. Some of the rankings don’t make sense. For example, the best campus environment, according to Princeton Review surveys, number one is Cornell. Now, I have nothing against Cornell. I kind of like the school, and it’s a fantastic MBA experience. But living in Ithaca, New York, in the frozen ground and the dreary winters and walking through that campus with all its barren trees, how can that be number one? When Stanford, where students can stroll in their sandals and shorts and under palm trees in January and February and have first class, world class facilities that are brand new?

[00:02:59.840] – John

How can the campus environment at Stanford not rank at all in the top ten in Cornell be one? So that’s one of the issues with this ranking, but there are plenty of others. Maria, you took issue with the ranking of the most competitive MBA programs. Tell me why.

[00:03:19.470] – Maria

That’s not the only one I took issue with. As you pointed out, any ranking that is dependent entirely upon student votes is fundamentally flawed for a variety of reasons. Quickly, to summarize, that not to get all conspiracy theory and tinfoil hat on you, but one can imagine that perhaps students would band together and say, okay, team, let’s all vote to get our school into the top ten. But also because I think students because by definition, students who are currently in business school have only attended one business school. And so, of course, how are they going to be able to compare, right? So if you if like, to your point about Ithaca, like, hey, Ithaca is beautiful, right? But that person who went to Cornell, they didn’t go to school in California, they didn’t go to school in Chicago, one world class city, for example. To your point, it was just a weird way to do things. And I think of all the ones that had the weirdest results, as you commented on, they have the most competitive students. And so I think those of us, all three of us who have worked with admissions and with schools for years, we might have our own opinions on which schools have the most competitive students.

[00:04:38.010] – Maria

But this ranking had, number one, the Acton School of Business in Austin, Texas, which is a school that, honestly, I’m embarrassed to admit, act in school. I have never heard of you. It is a school with 30, 330 full time enrollment. And so when you get some of these look, the good news about this ranking is that it helps some otherwise less famous schools step into the spotlight, which I am all for, because I do think that people need to broaden their perspectives and their horizons when it comes to looking at schools. But at the same time, if you end up with these completely whackadoodle results, it completely destroys the credibility of your ranking. And so, yeah, the one of the most competitive students was a real head scratcher for me.

[00:05:29.130] – John

Was there any brand name school in the top ten for most competitive.

[00:05:36.570] – Maria

IMD in Switzerland? Which I don’t necessarily I guess competitive is perhaps an open ended term. I thought IMD was pretty collaborative. And actually the other sort of, quote unquote famous school or typical top school in that list is Darden at number nine, which again, I think of Darden University of Virginia Darden School of Being as being one of the most collaborative and supportive programs out there.

[00:06:01.910] – John

Yeah, absolutely fascinating. Caroline, your thoughts on this? I will also say, incidentally, that there is an absence in the top ten of many international programs. I think ie. In Spain makes the list somewhere obviously IMD in terms of maybe a negative sense in terms of having the most competitive students. What’s your sense of this?

[00:06:26.270] – Caroline

Yeah, I thought actually perhaps the international schools have been excluded entirely because I’ve just been looking through your article about it and in various categories, I didn’t see any of the international schools listed at all. So I’m not sure quite what’s going on here. So it is a very bizarre list, and as Maria says there’s selection bias here. So people always get reattached to well, it’s very unusual if they don’t get reattached to the school that they’ve chosen, right. And they think that that’s the best school out there because they’ve picked that particular school, and of course they’re going to say that that’s the best school. So it’s it’s a bizarre methodology, but hey, I mean, if it gives some additional visibility to some schools that are lesser known, then I think there’s some value there. And we often complain that candidates revert to, or sort of automatically drawn to, particularly the M seven schools without necessarily knowing the schools particularly well and really understanding where they have the best fit. And so in some ways, it’s refreshing to have a ranking that has some very different names at the top. And so perhaps some candidates will spend a bit more time looking at other programs that they might not otherwise have researched.

[00:07:50.790] – John

You can’t get into INSEAD, Wharton, Columbia, MIT, Kellogg, Chicago, all of whom fare poorly on this list, but you can get into some of these other schools. It’ll make you feel really good about yourself. Yeah.

[00:08:04.730] – Caroline

Well, there you go. Yeah, it’s a good day for those schools.

[00:08:10.270] – John

Now, one of the things we did as sort of a silly exercise, but I think on some level enlightening, despite the problems with this ranking, is we took the top ten of the 18 categories, the most positive and the most relevant to a student. And that would include the quality of the teaching and the classes, the classroom experience overall, the best campus environment and the best career prospect. Those actually four of the 18 categories because you could argue things like best family friendly, okay, that’s fine. Best for minority students, it’s fine. Best for women, okay. But it comes down to the quality of the teaching, what that classroom experience is like, what it’s like to be on that campus, and how helpful will the school be for your careers. And if you isolate those four categories and then you look at the ranks that are applied, here’s what you find. You find that in the top ten is UVA, Virginia Darden number one, which is kind of surprising, but at the same time, they are known for having fantastic teaching and have long been known for that. In fact, some of the research-oriented business schools have often dinged Darden for emphasizing teaching too much.

[00:09:39.370] – John

Number two is Duke. Three is Cornell. Four is Michigan. Five is UNC. Six is Stanford. Then it’s Vanderbilt, Darden, carnegie Mellon, UCLA, Rice, University of Washington, and Harvard. Not an all bad list of MBA programs, frankly. If you focus on those schools that rank in the top ten for best professors, best classroom experience, best campus environment, and best career prospects, you can you can look at this on our site just called, the 2023 Princeton Review MBA ranking. The top ten of the top ten and then we also have a more thorough article on this ranking called MBA Ranking Business School Careers, Culture, and Curriculum. So that’s enough on Princeton Review for sure. Let’s talk about Harvard Business School. Okay. In the typical year, Harvard Business School, it’s estimated interviews about 1900 candidates. That’s also out of roughly close to 10,000 applicants in any given year. So under 20% get interviewed, and then usually about half to 55 or 60% actually are invited to attend after they complete the interview. But each interview has a certain kind of format. It’s 30 minutes long. It’s done by an admissions officer who has already reviewed your application. There’s another admissions officer more often than not in the room or the zoom session who takes notes while one asks questions.

[00:11:22.250] – John

And this is obviously high stakes for the people who are invited to an interview and have made that cut and now have basically a 50 50 shot of actually going to Harvard. So you can think that there’s a fair amount of anxiety that people would walking into that parallel. What can they expect?

[00:11:47.810] – Caroline

Yes, it is a very interesting format. So, as you say, it’s quite different from the format at other schools. And it’s quite a high pressure format, I think, compared to, for example, alumni interview that you might have at some of the other schools, which is often a bit more relaxed and much longer. So with Harvard, they’ve scheduled 30 minutes. So in practice, you probably got about 28, 29 minutes of conversation, and they will get to the point very quickly. And often the interviewer is so they’re very focused. Often it’s quite a sort of poker face style interview in many cases. And the candidate needs to be very well prepared to have thought in advance about the points that they hope to get across.

[00:12:42.660] – Maria

Right.

[00:12:43.020] – Caroline

Because that time will go very quickly and be prepared to answer for some very specific questions, because unlike interviews with some other schools, they will have spent quite a bit of time pouring over your application beforehand. With other schools, it’s not necessarily the case that the interview will have spent much time reviewing your application. Often they will have just reviewed your resume. So the interviewer will have spent quite a bit of time delving through your recommendations, your essays, your resume, et cetera. So they will have some very specific questions about things that you’ve done, choices that you’ve made. And so you need to be prepared to explain things perhaps on and be challenged perhaps more than you might be in some other MBA interviews. So it’s definitely worth preparing. And I think that with interviewing for any school or any job, practice definitely helps, right. Interviewing is a skill, and practice can maybe not make perfect, but it definitely helps you to feel better prepared and more confident going into that session. So I would definitely encourage candidates, even if they’ve been through a number of job interviews, et cetera, it will be a different format.

[00:14:07.930] – Caroline

So do your research into the types of questions that can come up and sit down with someone or with a couple of different people and get them to put you through your paces, because it will definitely help you feel more confident and better prepared and therefore more likely to put your best foot forward in the actual interview.

[00:14:32.190] – John

Now, before starting the session, we just found out that Maria had just done a mock interview with the candidate at Harvard Business School who obviously has been invited to interview. So Maria, what kind of questions can someone assume would be asked?

[00:14:48.970] – Maria

Well, I think it’s helpful for anyone going into the Harvard interview to take a step back and realize that I think a lot of what drives the interview format is the fact that the Harvard Pedagogy is based on the case method, right? Virtually every class you take there is based on the case method. And when you think about what makes for a successful case method discussion, it’s one that is pretty lightning fast. You’re going to want to cover a lot of material in very little time. If you raise your hand in a case method class, you have to make your point quickly, yet clearly enough. If you go so quickly that you’re just touching the high level points and you don’t provide enough detail to back up what you’re saying, that’s not great. So you have to find a balance between being concise, yet also providing enough information that other people understand what your point is. Case discussions often will turn on a dime and go in completely different directions. You walk into class, okay, I think I know, I know what we’re going to do and what we’re going to cover. And then boom, five minutes in.

[00:15:48.190] – Maria

Let’s figure off on some tangent on, you know, footnote three at the bottom of page eight and that ends up being the most of the discussion, right? So, because if you think about what makes for a good, successful case discussion, that then helps us back into, well, if part of the interview is trying to get a sense of who is this candidate going to be in my classroom? That’s why, for example, the Harvard, the Harvard interview is often famous for being a bit contentious or a bit aggressive, or you getting pushback on something. Like you’ve said that you want to help these people in the Middle East, but you’ve never been to the Middle East. That’s weird, those sorts of questions. It’s not because Harvard is mean or because the interviewer is a cruel person, but because in a case discussion, it’s not a very interesting case discussion if everyone agrees from the get go, I mean, in that case class could be over in five minutes. It’s a good discussion when people debate, but that debate has to be handled in a certain way. And so part of why they will try to perhaps criticize something you’ve said or something you’ve written.

[00:16:53.900] – Maria

It’s not because they care, but it’s because they want to see. How do you respond to criticism? How do you respond to the unexpected question? How do you respond to me if you’re talking too long? And I’m like, yeah, I get it. You know what? I need to move on. Does that shake you? Do you get defensive if I’m like, yeah, your career vision doesn’t make any sense. That’s stupid. Like talking pets, whatever it is. Even if I think the talking pet business idea is a wonderful idea, it’s not about whether or not I care. It’s I want to see how you respond to someone criticizing something that you’ve said. So I think the reason I went into this is I think that this helps us think about, okay, what should I expect? I should expect lots of rapid fire questions. I should expect those questions to not necessarily follow a standard format or order. I should expect questions that try to push back on something I said, whether it’s my career goal or my explanation for something I did. And I should also expect to get because another thing that they’re looking for is leadership ability.

[00:17:55.970] – Maria

I should expect to get some questions about how did I achieve a certain thing? What specific steps did I take? You say here that you convinced the CEO to do something. How exactly? Why would the CEO listen to you? Those sorts of really delving into the nitty gritty of how you accomplish something in terms of questions that might throw you off kilter. I might be like, yeah, so you took a Women in Cinema elective your sophomore year of college. Why did you do that? Something like that to get at your motivation and how you make decisions, but also that rapid fire element of it. Anything in your written, in your application is fair game. They could even say, like, oh, you know what? Your recommender said that one of your areas for development is X. What do you think about that? Do you agree with that feedback or something? It could be literally anything or anything.

[00:18:50.570] – Caroline

You’Ve left out of your application as well, because sometimes candidates leave a little gap in their resume and hope that the school won’t notice. And you can be sure that if you do that, that’s what they will hone in on.

[00:19:03.650] – Maria

Exactly.

[00:19:07.710] – John

When you started your mock interview earlier today, what was the first question you asked a candidate?

[00:19:14.070] – Maria

I asked a motivation question around why did you choose your major? Especially because it was a major where they went to a college that had a couple of different variations of a similar major. And so I said, well, why did you choose this specific major and not this other major that also offers similar, some might argue perhaps even more relevant coursework than in your field than what you studied, right? Trying to get it, trying to get it. Like, how do you make decisions and how do you trade offs always have to be made. So how do you make trade offs when you have to make big ones?

[00:19:49.870] – John

And each interview at Harvard is different, right? According to Harvard, each interview is tailored to the individual in the room. So there’s no set standard list of questions that every single candidate gets, right?

[00:20:06.610] – Maria

Correct. But I do think that there are different buckets of questions that you can expect. And so what I do in my in my box is I say, look, here are, like, the most common buckets that you might get, and I’ll tell you in a second what those are. And we don’t know. Some interviews will touch upon one question in each bucket. Some interviews will be 20 minutes on just one bucket. So in my mocks, I try to cover something from every bucket. But, you know, I’ve had so I had someone once who was from a European country who was, like, in the venture capital field in that in that country, and their career was like, yeah, I want to I want to go to HBS, and I want to go back into venture in my country and help grow the ecosystem. It was literally 20 of the 30 minutes was like, how big is the venture ecosystem in your country? Who are the major players? What’s the best investment you’ve made? It was all about the venture eco. It was 20 minutes in just the career bucket. Wow. But interestingly enough, they were so sad.

[00:21:01.610] – Maria

They’re like, oh, I didn’t get to talk about my leadership. And I said, look, I think the silver lining here is that if they were worried about your leadership skills, they would have asked you about that. And the fact that they didn’t probably means that the rest of your application gave them a good enough sense, and, in fact, this person was ultimately accepted. So the different buckets will be what motivates you. How do you make big decisions? The career plan that you mentioned, right, Harvard harvard does not care a ton about your career plans. In the written application, they only give you 500 characters to talk about it, and you’re not supposed to go into it in the essay, but in those 500 characters, you can really give them a lot of rope. You can really hang yourself with it. So getting questions on, like, is this a reasonable idea? Why would you do it this way? Why did you go work for this consulting firm? Because they don’t have any offices in Egypt, but this other consulting firm does. So those sorts of just kind of poking holes at things, I think is a good way to think about it.

[00:21:58.980] – John

What’s more important, the answers or the clarity with which you answer them and your professional presence?

[00:22:06.410] – Maria

I think the substance matters a little bit more, because if somebody gives a perfectly polished answer, but that answer is one in which it is revealed that maybe they really didn’t have that impact that was implied in their essay. Maybe they kind of exaggerated. And when I pressed a little more, like, how did you do that? Like, well, okay, so really it was my boss who went to the CEO and didn’t but the point, you know, I put together the email that might get sent to the boss. Like, that substance to me matters more. And the reason I say this is because HBS rightfully thinks that once you go through the case, if you come in not being super polished, we will polish you. So that’s part of what the training is about. But somebody who is super polished, but who there’s empty fluff underneath that polish. I think that person is less likely to get in.

[00:23:02.410] – John

What do you think is the advantage of being interviewed in person versus by Zoom? Is there an advantage?

[00:23:12.030] – Caroline

I think that I personally greatly prefer in person, but that’s a personal preference. And the younger generation are very used to interacting virtually, and so maybe equally comfortable having the session on Zoom. So I think that’s a personal choice. And the interviewers have to be very careful not to be biased towards candidates that they meet in person. Right. They’re very aware of that. But I don’t think that you’re at a disadvantage in how the interview will conduct the session and will perceive you. I think it’s more a case of how you feel and what environment you feel comfortable in. Perhaps you feel more comfortable sitting, be able to sit in your office or at home and do the session virtually. And some people just find it very weird talking to people on a screen and would much rather sit down with somebody in person. So I think that’s very personal. But often logistics will just decide which option you have. Right. So I wouldn’t worry about that dimension and whether that affects your chances or not. Because the interviewers are very experienced in both formats, and they will be very careful to make sure that your chances are equal, whether they’re meeting with you in person or whether they’re meeting you on Zoom.

[00:24:43.460] – John

And what should you wear? You still shouldn’t show up in a T shirt or let’s say the opposite of that suspenders. Is that right, Maria?

[00:24:54.430] – Maria

Yeah, I mean, it’s a business school interview, so you would probably wear I don’t think you have to go out and buy a three piece suit if you don’t already own one. However, I do think that you would to wear, at a minimum, what you would normally wear to a work meeting. So, yes, try to, when in doubt, go more formal. It’s always better to be more formally dressed in any situation than not formally dressed enough.

[00:25:20.950] – John

Yeah, exactly.

[00:25:21.940] – Caroline

But also be comfortable. I once had a candidate who admitted afterwards that he had put on a bit of weight during the pandemic and he couldn’t breathe in his suit and so poor guy was really struggling to breathe during his interview. So try on your outfit beforehand and make sure that you’re comfortable, because there’s nothing worse than sitting there and sort of trying to fidget with your outfit, but try not to look like you’re fidgeting with your outfit. You’ve got enough going on without worrying about what you’re wearing.

[00:25:55.830] – Maria

Wow, that’s great advice. Yeah. Try it on first. Just make sure it still fits. Yeah. I think I had someone a year or two ago say that they went to an in person interview as things were opening up again, post pandemic, and their shoes, like, something like the shoe was broken, they had meant to get the shoes repaired, they’re nice dress shoes, but they had forgotten. And then they’re on the door, on the way out the door, and like, oh, my, nice dress shoes. Like the sole need to be resold or something. So, yeah, do prepare. Try on your outfit in advance, especially if it’s been in a closet for the past several years of the pandemic.

[00:26:35.240] – John

I’ve heard of candidates who go to Boston and they make sure they have two white shirts instead of one, in case they spill coffee in the morning on one, and a brand new suit, frankly, and shoes just to make a really good impression. But if you go in there, like some of these investment bankers suspenders and cufflinks, I think that’s bad news too, don’t you think?

[00:26:59.030] – Maria

You don’t want to come across like a Gordon Gecko jerk.

[00:27:02.590] – John

Exactly.

[00:27:03.670] – Maria

Yeah. I don’t think you’re going to impress anyone. Like, oh, well, wow, this person, we were sort of on the fence about them, but then they came in with these really expensive shoes or this brand new suit. So up. That’s the thing that changes it. It’s not really going to have the impact if you’re going to spend an hour shopping for a new suit, I’d rather have you spend that hour reflecting on the choices you’ve made and how you’ve accomplished the things you’ve accomplished. Yeah.

[00:27:29.570] – John

And I would imagine, in terms of dress, the goal is not to stand out.

[00:27:34.110] – Maria

I don’t think there’s a goal one way or the other. I don’t think it’s about standing out or fitting. I think it’s just about wearing something that I’m taking this seriously, you guys. But you also want to Caroline’s point, you want to be comfortable. I don’t think the dress matters as much as perhaps people think it does. Yeah.

[00:27:47.450] – Caroline

You don’t want them to notice your dress particularly. That’s right. It should just blend in. And what you want them to notice is you and what you have to say. So it’s perhaps better not to wear something that’s too eye catching. Right. Like something that is particularly unusual or particularly loud, because you want them to remember you and not what you’re wearing.

[00:28:12.110] – John

Right. Yes. Are there trick questions?

[00:28:16.030] – Maria

I think one of the goals is to try to find a trick question at the end of a mock interview. Someone will often say like, wow, that you really got me out of left field on that one. And I’m like, good. I consider that to be a successful mock then, because if somebody comes in and they’re too polished and they’re too prepared look, if the case method involved memorizing your answers to what the conversation was going to be the next day, then memorized answers in an interview wouldn’t be a problem. But if I get the sense that someone has really scripted their answers like, oh, I know she’s asking me the weakness question, I’m ready for that. And it’s a scripted, perfect answer, I’m going to try it. The more they are like that, the more I’m going to aim for more left field trick types of questions because I want to see how do they react in a more real world discussion environment.

[00:29:05.150] – John

Yes, totally makes sense.

[00:29:06.910] – Caroline

And that’s something I think that particularly nonnative English speakers need to be careful of, because I’ve seen candidates where the temptation is to memorize answers because they’re nervous about their grammar and their language and being speaking English perfectly. And so they spend so much time practicing and rehearsing that when you do a mock interview or an interview with them, then you can tell that they’re regurgitating the response that they have memorized word for word. And it’s never a good idea, as Maria said. And so it’s better to know your points, but don’t memorize like blocks of text. And don’t worry if you’re a non native English speaker and you make a grammatical mistake here or there, that’s absolutely fine, right? That’s okay. They’re really focusing on the content of your message, but they will be thrown a bit if it sounds like you’re just regurgitating content that you have memorized. Worse the word and that will make you sound very wooden, unfortunately.

[00:30:13.090] – Maria

And even worse is if somebody memorizes an answer and the variation of the question asked is slightly different because then you’ve gone off. I have in the past sometimes had to be like, look, I’m sorry, that’s not the question I asked. The question I asked was blah blah, blah, blah. It’s a little bit irritating, honestly.

[00:30:35.130] – Caroline

I have a colleague who used to interview for Harvard and she said that once they had a candidate who actually said in the interview, well, actually the question that you should have asked is.

[00:30:44.110] – Maria

This.

[00:30:47.070] – Caroline

Don’T do that either.

[00:30:48.510] – Maria

Don’t patronize your interview words, golden words of wisdom. Do you know if that person they didn’t get in.

[00:31:04.950] – John

You raised an interesting issue here because do you notice the difference between the people who actually pass what is ultimately a test, an interview test, and those who don’t? What’s the difference? Or can you not make observation on that?

[00:31:22.760] – Maria

So after I do my mocks, I. Keep a little secret thing where I sort of write down, like, what did I think they did? Well, what did I think they didn’t do, and what do I think their chances are? Or if they don’t get in, what’s going to be the reason? And I think for me, again, it goes more to substance as opposed to style. So, for example, some people really do exaggerate on their resumes. Some people flat out lie on their resumes. And those things, as Caroline said, if you think they’re not going to notice that you’re telling, you’re making a pretty bold claim on your resume for a 24 year old, they’re going to notice and they’re going to hone in on it. And there have been times when I’ve asked some pretty probing and direct questions, and it’s become clear that, oh, well, when I said that, it was 1000% profit. And then you’re like, okay, so you were lying, right? You were lying. And so that is an immediate way of knowing that they’re not going to get in. So for me, it is more about the substance and getting to the story of, okay, you had this accomplishment, but did you accomplish it because you were simply a good little worker bee who was following instructions?

[00:32:27.610] – Maria

Or did you accomplish it by taking a risk, by winning someone over, by coming up with an innovative idea that no one had had before, right? So two people can have the exact same bullet point on the resume, right? Increased profits by $5 million. But one person did it by simply showing up and doing the bare minimum because the project had been laid out in such a way where the $5 million is inevitable. Or someone else might have done it by literally moving mountains, convincing CEOs, convincing investors, like doing incredible things, interpersonally motivating a team that was about to quit, whatever it is. So it’s the devil’s in the details of how you made it happen. And so for me, that’s what ultimately, ultimately tells the difference coming into the interview. Two people might have the same resume or the same rough accomplishments, but then at the end, I tend to judge them based on, okay, was it really at the end of the day, wasn’t it your boss? Oh, your company has this is a template that your company uses for all of its clients. So cool, but also not as impressive as someone who invented a new template.

[00:33:32.210] – John

Yes, very good. So don’t come off as arrogant. Don’t claim things that really you weren’t entirely responsible for. Don’t appear scripted. Don’t go on and belabor an answer and take up so much time. Answer the question and shut up. Those are all good things to do, right?

[00:33:57.130] – Caroline

Absolutely.

[00:34:00.570] – John

All right, so if you’re one of the lucky ones and you’ve been invited to interview at Harvard, now you have a basic idea of what you can and should do. And I think practicing even though you don’t want to be scripted, but you want to just go through it with someone. It could be a friend, it could be Caroline, or it could be Maria, or it could be someone else. I think that’s a helpful exercise, as long as you make sure you’re not essentially rehearsing or scripting, but just getting good advice as to when to stop talking, what not to say, and how to put your best foot forward overall. So good luck to you if in fact, you are going to go for a Harvard Business School interview over the next few weeks. Meantime, if you want to be entertained, take a look at that Princeton Review ranking. It’s plenty entertaining. This is John Byrne with Poets and Quants. You’ve been listening to Business Casual. Thank you.

The Economist Dis on MBAs: Is the Degree Still Worth It?
Princeton Review’s 2023 MBA Ranking + What To Expect In A Harvard MBA Interview
Maria |
February 8, 2023

Episode Transcript

[00:00:00] John Byrne: Hello, everyone. This is John Byrne with Poets& Quants. We have a really cool story to relate to you today. Me and my co host, Maria Wich-Vila and Caroline Diarte Edwards, are going to talk about the most disruptive MBA startups of the year. Every year, Poets& Quants invites the top schools all over the world.

To submit nominations for ventures with what we call the greatest potential for lasting beyond business school. So what we want to do is acknowledge MBAs who have launched really cool companies that are paving the way for the future. And this year, we have 41 student startups that we have honored in what is the sixth annual list of the most disruptive MBA startups.

And they come from all over. We got nominations from Stanford, Wharton, Kellogg, MIT, INSEAD, London Business School and others. And, uh, I think what the basic list shows is that entrepreneurship is alive and well in business schools are a lot of great ideas. A lot of them are powered by AI. No surprise there.

They involve every imaginable industry. There’s a good number of these in the business of health as well as in beverages, consumer products and things like that. And I wonder, Caroline, if you have a favorite among this group, and I bet you it’s going to be an INSEAD startup.

[00:01:30] Caroline Diarte Edwards: Yeah, I have a few favorites, and definitely INSEAD is on my list, although I’m going to start with a London Business School one.

Um, and there were a few international ones that I thought were really interesting. I like the story from kiro, which is a fintech startup, coming out of London Business School, founded by LBS student Alicia Chowdhury. she secured 200, 000 in funding, and it’s the first AI powered financial coach, which is designed to help,

Gen Zed, as I would say, or Gen Z, as you would say. and young adults, get personalized financial guidance. So that’s something that jumped out to me, given that I now have a young adult among my children and trying to teach her financial literacy is somewhat challenging, so I can definitely see the need for that. And she tells a really interesting story about how financial literacy was something that she had struggled with and realized that there was a gap in the market, right? There’s a lot of great financial information out there, but it’s not necessarily tailored and communicated well to young people. And she ended up working in finance before business school.

she doesn’t have a tech background, but she did. Teach herself the fundamentals of AI and machine learning, and she assembled a technical team to work with her. And I thought it was really interesting as well, how she leveraged the LBS resources. And I think a lot of the stories that you have in this article really tell a great deal about the power of business school experience in helping people launch a company. And of course, there’s often a lot of criticism about the value of going to business school. And if you want to be an entrepreneur, there’s no point going to business school. And I think that this article really debunks that. so for example, this is how she benefited from LBS.

She was a finalist in the LBS Launchpad. She completed the LBS Entrepreneurship Summer School. She joined the LBS Incubator. She led the LBS Entrepreneurship Club. And then, of course, she benefited greatly from a lot of the courses that she took at LBS. I got a lot of great advice from LBS faculty, as well as the Institute of Entrepreneurship and Private Capital.

I think a wonderful story about how a student had a vision of something that she wanted to do and saw a gap in the market and really went after it, leveraging that wonderful ecosystem that you get at business school and she’s got a VC group backing her. So that’s one of her investors and Aviva Group is a huge financial company.

I think it sounds very promising. So congratulations to Alicia.

[00:04:11] John Byrne: Yeah, you’re right. One of the things that comes through here is the support that students get from the schools. And their classmates and their professors, it’s a real terrific thing.

As you said before, a lot of people say, hey, if you want to start a company, instead of paying a school tuition, just use that as your seed capital and you’re going to be better off, but the truth is that a business school you’re surrounded by really smart colleagues and people who’ve been through this before and mentorship from professors and seed money from the many venture challenges that occur at different schools can make a very big difference and shift the odds in your favor of success. Maria, do you have a favorite?

[00:04:53] Maria Wich-Vila: Yeah, my favorite.

startup was Cell Mind, which is out of the Johns Hopkins business school. This one really hit home for me personally. What they are trying to do is they are trying to maximize access to a type of cancer therapy called “Car T”. And I have indirectly lived this. We have a good friend from business school who has been battling cancer for several years, and last year there was a complete rollercoaster around  this car T therapy. And I apologize to any doctors if I’m butchering this. But basically, my understanding is that if it works for you, it essentially can cure your cancer or cause it to go into remission. But, if for whatever reason, if your body is too weak at the time that you receive it, it can actually kill you. Unfortunately, it can cause something called a cytokine storm, I think.

And so, the decision of whether to go or no go is obviously one that is very fraught with a lot of, emotion and risk. And so, we actually had a friend who last year was approved for CAR T. But then in the weeks right before they were going to give it to her, they then disapproved her because she had gotten weaker … it was this whole roller coaster.

And so any sort of startup that is doing something to figure out, which patients actually are likely to do well with this therapy? Can we expand our doctors being perhaps understandably a little too cautious because they’re concerned about the negative side effects, perhaps being worse than the.than the cancer itself.

Anything that can help expand access to this is why they were number one in my book. And as you guys were just talking about. Because Johns Hopkins is one of the best, if not the best medical school in the world, this is a great example of a business school student or group of business school students leveraging the resources and the expertise at that overarching institution, trying to find ways to commercialize it, and just make the most of those resources.

I really loved that story.

[00:06:40] John Byrne: Yeah, and that’s what you increasingly find. it’s not a bunch of MBA students doing their thing. It’s reaching out and having these really entrepreneurial collisions with students from other departments, other schools where they have deep expertise in computer science or engineering or medicine or law or public policy or environmental sciences teaming up with MBAs to launch things. which really give them extra power.

One of my favorites comes out of, uh, Chicago Booth. And, it’s sort

a really interesting idea where, first off, it’s called Encore, and it’s a marketplace for high end collectibles. Now, you think, how could that really be a cool thing? What they’ve done is they’ve combined TikTok style videos. With the traditional eBay auction format, to create a really engaging experience for people who want to shop for these collectibles. But what’scool is the MBA who’s behind this. His name is Will Enema, at first thought he shouldn’t apply to Chicago Booth, new venture challenge, because he had already raised a pre seed round and thought that Encore might not be good for that traditional, giving money out kind of program. But, he entered it after he was urged to by a number of professors at Booth. The idea placed second in the competition. He won $350, 000 to help launch his company, but here’s the real kicker:

Within two weeks of that competition, a venture capitalist who participated in the judging agreed to lead their seed round. So it just shows you how, incredible things can happen, in the environment of a business school.

Now, Caroline, I’m sure you have others that you really thought were really cool. Name another one.

[00:08:29] Caroline Diarte Edwards: Yeah. So my second one is of course, an INSEAD startup and it’s called faceflow. ai. And I really liked this one because it’s an AI powered skincare platform. So again, relating it to my personal experience of having four daughters who are constantly clamoring for the. latest ridiculous beauty product that they’ve seen on Instagram.

I think this is a fantastic idea.

What it does is it actually gives you scientifically based product recommendations, right? So they have for the two founders, Daniel Patel and Simon Zhang, Patel had previously founded a marketplace for international skincare brands. So he knew the skin, the beauty industry, skincare products.

And then his partner, Simon, is an experienced AI engineer, and so they’ve combined their expertise to bring AI to skincare recommendations. And it’s underway. I checked out their website. I have signed up already. The product is not yet available, but I’m looking forward to when it comes through.

And they won the INSEAD French competition and, talk about how they’ve benefited from the very entrepreneurial environment at INSEAD,

I really enjoyed reading about their experience and I’m excited to learn more about their products.

[00:09:49] John Byrne: Yeah, absolutely. And now

Maria, I know there are 2 Harvard startups on the list from your alma mater. did you pick 1 of them as your 2nd choice?

[00:10:00] Maria Wich-Vila: It was not necessarily my 2nd choice, but there was 1 called Vulcan Investments. This is a little bit out of my, Wheelhouse. So I think we all tend to gravitate towards something we know or something we have experience with, but it’s trying to figure out how to solve the rare earth magnet problem. Right now. A lot of these rare earth materials that are powering modern technologies are coming from China, which poses several challenges, especially should relations with that country not go well in the future. So this is trying to solve for that issue. I think that was a really interesting one.

But actually, my second choice was one that again, I have indirect personal experience with, albeit in a different way. It was called Yogger. What they’re trying to do is, I believe it’s taking your phone to watch you as you perform exercise then give you feedback on, your gait, your form, et cetera.

And this was really interesting to me, not so much because of exercise, although I wish it were (ha ha) (though: side note, my dad was a track and cross country coach for decades and I totally forgot about that in the moment, but I should have mentioned that!!! D’oh!!!), but who knows, maybe this will motivate me to jog more (har har har).

In the interview with the entrepreneur. he talked about how you can do things like a gait analysis right now, in other words, tracking how your legs move when you are running or jogging, and then providing an analysis, but these sorts of things are very difficult to get to. It’s expensive. You need to be set up with, they put a whole bunch of sensors on all of your joints. and I have a friend who has a child with cerebral palsy and they’ve had to do these, go to actually Hopkins (this is not a Hopkins based startup, it’s from Tuck, Dartmouth Tuck), but they’ve (my friends, I mean) had to go to Hopkins and actually have these, it’s a day long thing to set up your child with the different sensors. And so the thought of using something as simple as an iPhone app, perhaps, machine learning, et cetera. all that good stuff to analyze your gait and make this accessible. It’s not only I think useful for casual exercise enthusiasts, but I think it could also have ramifications and uses even in other areas. For example, kids with special needs. So I was really excited about this one.

John Byrne:

MIT Sloan has three startups on our list this year.

That’s more than any other school. And one of the really cool ones is called Vertical Horizons. This is an incredibly ambitious startup. It’s all about commercializing high density, high efficiency power supplies for AI computing. Essentially, it’s a semiconductor company. and you might not think that an MBA would be involved in actually creating a semiconductor company.

But it’s founded by Cynthia Allen, an MBA in the class of 2024 at Sloan and one of her professors. So it’s a good example of where university develop some sort of new technology or new insights. And then needs to commercialize it. And in this case, you have an MBA coming along, who has a great interest in this, and is helping to commercialize it. The actual idea of it has 4 million in research grant funding to develop the technology. So there’s a good amount of money behind this very ambitious idea.

I think, stepping away from the individual startups, what I think this says about, the ability of people who want to go to business school and use that experience as an incubator to launch a startup, it’s alive and well, it’s a great way to launch a company because it does take a lot of risk off the table and these startups, these 41 startups that these different business schools really give you a great insight into what different people are doing.

Caroline, I’m sure, and Maria as well, you probably meet a number of people in your practices, that want to use an MBA to do a startup. Do you think they’re ready to take full advantage of these experiences?

Caroline Diarte Edwards:

Yeah, I certainly hear from a lot of candidates who are hoping to launch a venture. Some of them want to do it as soon as they graduate and for some of them it’s more of a longer term ambition because of course financing can be a challenge.

Especially if you’ve invested a lot in taking on a lot of debt with your MBA and a lot of the themes that I hear, candidates are interested in come through in your article as well. So it’s noticeable that there are quite a few startups in your list that address, healthcare issues as Maria highlighted, also education, environmental challenges. And I think those are three areas that I hear a lot about from candidates in terms of where they would really like to have an impact.

And I think, something else that is noticeable is that a lot of them are really trying to have a positive impact on the world as well. They’re really trying to address,  fundamental societal challenges, many of them, which I think is wonderful from health care, mental health issues, pollution. et cetera. There’s a lot of really interesting, and important issues that are being addressed by some of these startups. and, I think it’s wonderful that we have this young generation, going through business school who are ready tackle these challenges that that they have inherited from our generation.

John Byrne:

Yeah. And these ideas are going way beyond, some of the earlier ideas of five, 10 years ago, hookup apps and match.com, uh, wannabes and things like that. some of these ideas are remarkably sophisticated and elegant as well.

Maria, last words.

Maria Wich-Vila:

I think that this article not only is very optimistic in terms of these amazing ideas that are out there, but I also like that it shows that there are so many different paths to entrepreneurship through the MBA that first of all, number one, the NBA is valuable for entrepreneurship, which, as you noted a second ago, is often a stereotype that that exists that, oh, I don’t need this. but also there are so many different MBA programs out there. Look at the range of schools that are creating these amazing startups. Look at the fact, one of the, Stanford ones, the student was not an MBA student. They were an MSx student.

Sometimes I’ll meet people who are a little bit on the older side who are applying and they’re like, I have to do the two year program and I’m like, no, you can… you just need to get your foot in the door and even if it’s that MSxs program, it’s one year versus two years. For example, you can, you just need to get to a university that’s going to teach you the things you need and give you the resources and then you can take it from there.

So I, the other thing I really appreciate about this article is showing the breadth of programs and the breadth of students and the breadth of backgrounds of these students who are creating incredible new companies.

[00:16:37] John Byrne: Yeah, check it out. It’s called most disruptive MBA startups of 2025, and it’s on the Poets& Quants website.

If you are interested in doing a startup, I think you’ll learn a lot about how business school can help you make it a reality. This is John Byrne with Poets& Quants. You’ve been listening to Business Casual, our weekly podcast.

Maria

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