Tag: business school guidance

The Data for Good conference is an event for members of the business community at large. The concept of the event focuses on how businesses can move forward using data while also staying true to values that promote good in the world.

During this event, Olin’s Center for Analytics and Business Insights (CABI) shared its framework for developing data-driven strategies for the benefit of St. Louis companies looking to create their own sustainable prosperity in their communities and in the region as a whole.

The pillars of this conference are also core to the Olin MBA program. We are on a mission to discover a more values-driven approach to data and help shape the next generation of business leaders with “good data” leadership in mind. The conference asks us how we can move beyond using data for good as a concept and discover first-hand how data can be used to responsibly solve critical business, civic, and social issues.

Why has “data for good” become a call to action?

Business has reached a particular moment in history where the amount and quality of data available is unprecedented. Vast quantities of data pass through organizations every day, ready to be collected and used to their advantage.

Yet, businesses also stand at a crossroads in terms of how to best make use of data and how to maintain longevity. Corporate data responsibility is still in its formative years as leaders are realizing that not all data is created equal. Data can be used in negative ways, and misused data can expose a company to harmful attacks and breaches of privacy. What we realize is that we need leaders who are trained to understand the power and responsibility associated with the enormous amount of data available today.

In order to use data for good, businesses must become more aware of the changing landscape around the collection and utilization of data. Consumers are more educated on this issue than ever, and they have increasingly high expectations for how companies treat their information. And alongside consumer changes are public policy shifts. Regulations are being crafted all the time to outline data management ethics that protect consumers and provide guidance to businesses.

How can an online MBA program create better data leaders?

The same values-driven pillars that are guiding the Data for Good conference also guide us at Olin.

Students in Olin’s MBA program learn about social and civic goals at the same time as they practice creating positive business outcomes. They learn, from the beginning, to think of themselves as leaders of social change as well as leaders of prosperous businesses. They learn what it means to be a responsible business leader.

At the CABI research center, our research projects all have a “data for good” focus and aim to solve complex community and societal issues. For example, one of those projects was aimed at combating the opioid epidemic plaguing the United States. This is a current and demanding issue, one that surrounds many of our students’ hometowns and counties. During the project, we utilized advanced analytics and data modeling techniques very similar to those used in a business setting. The same strategies used to create growth in a business are used to create momentum for change.

The outlook we espouse is that successful leaders can take a consistent approach to very different goals, problems, and intended outcomes. That outlook involves first setting up a clearly defined objective or set of objectives. What do you want to achieve? What is the ideal scenario and the next ideal?

See the full 2023 symposium

From there, students learn to determine which key results must be achieved to realize those objectives. How will we know if we have succeeded? Then, with those core pieces of information at their disposal, leaders can establish the specific activities they can perform or initiate that are likely to enable those desired results.

What does data have to do with this methodology? Well, at each point of the strategy, data and technology can be used to help: to help guide the process, help speed things along and add insight. Most importantly, each step we take with data is guided by the objectives and values we’ve set up already; this is how we know what our priorities are.

Culture is key to the courses we teach and how we teach them. The word culture comes from the same French and Latin roots as the word cultivate; this is an action word — cultivation requires a continuous, careful force. This is how we think about crafting culture at Olin. 

We nurture a culture of leading with values. Everything — from the questions we ask to the data-driven actions we take — must be guided by values. Tools are there to help us, but we must first know how to use them for good. And we want to share the knowledge to carefully wield those tools with not just our students but also our community.

Pictured above: Olin’s Seethu Seetharaman, director of the Center for Analytics and Business Insights and W. Patrick McGinnis Professor of Marketing, outlines a data-driven process the center developed to guide economic development decisions in St. Louis. The presentation was at the March 2023 Data for Good symposium.

Congratulations to us! Olin’s Executive MBA program is about to turn 40, so we’re taking a moment to look back over this four-decade history and commemorate some of our greatest achievements. Plus, we’re taking a look into the future and considering where MBA programs, including our own, are headed.

How has the EMBA program evolved over the last 40 years?

Since the birth of our EMBA program, hundreds of leaders have come through our doors to learn, develop their business ideas, grow their networks, and build their careers.

Over that time, we have cultivated a reputation for high-quality teaching and for developing spaces and strategies where students can learn in ways that make sense for them. We are an advocate of flexible MBA programs and learning environments that adapt to the changing times as well as to the changing needs of students and educators.

Our program has developed into an MBA leadership development program in which working professionals can continue their jobs and keep up their responsibilities while also learning intensively. It offers leadership and career coaching that helps students develop their skills while also supporting their outside lives. Many of our people know exactly what they want to achieve through the program, and others take what they learn here and pivot into new career trajectories and new business ideas.

The legacy of our program so far is a network of students who have become successful leaders in business and communities. But it is also a legacy of businesses and brands. The partnerships and friendships students have made over these forty years have created the foundations for many successful business collaborations.

What are we most proud of?

The Olin EMBA program has been ranked among the top EMBA programs in the world. It was ranked 18th globally by the Economist in 2020.

Our faculty ranked even higher—third in the list of global EMBA programs. This ranking is special because it is voted for by students on a five-point scale for teaching quality. Additionally, 100% of our professors are PhD-holders, so our faculty sits at the very top of the most-qualified list.

These are global achievements, but we’re just as proud of our local impact. The program has had great success in training students who go on to become top business leaders in St. Louis and other cities. Because we strive to nurture leaders who are social change-makers, our students often begin to make an impact in the community before they’ve graduated.

Lastly, we are incredibly proud of our students themselves. Our graduates show us every day how valuable this program is. Many are successfully running startups, others are impressing within larger companies. According to our own data, 50% of our recent cohorts were either promoted or offered a new position during their time in the EMBA, showing how quickly the lessons of the program begin to pay off.

How is the EMBA program changing in the future?

Our success doesn’t stop us from wanting to change. Part of our identity is to continue to meet students’ needs and to help them to prepare for an ever-changing business world.

For this reason, our executive MBA curriculum underwent a significant shift in 2020. The changes included developing multiple courses to further the school’s “values-based, data-driven” pillar of excellence. We also added an executive MBA leadership coaching component and a course about data-driven decision-making.

As long as the world keeps turning and changing, we will keep changing too. The business world will keep demanding more from top EMBA programs, and we need to be ready to accept the challenge. How can we adapt an executive MBA curriculum and executive MBA coaching so that we can really be there for tomorrow’s students, no matter what the world throws at them? This is the question that fuels us.

Join us for the EMBA 40 Year Celebration. Register here.

As a graduate student, you’re about to begin an exciting phase in your life by joining a new campus community. You’re opening yourself up to new student experiences, living in a different neighborhood, beginning your career, and seizing opportunities to learn and meet people who will be influential in your life.

There’s a lot to think about at this time, so to help you make sense of everything you’re learning, here’s your guide to some of the on-campus resources we have here at WashU.

Finding your way around

As you settle into campus life, you will want to find your own favorite places — your late-night haunts, your secret hideouts, your study spots. You’ll also need to find the set of locations on your schedule and create your on-campus routine.

WashU’s residential life webpage has a ton of helpful advice for you such as checklists to help you move, budgeting guidance, and information on utilities. As you get to know your way around, use Washington University campus resources to find your department and navigate St. Louis student activities.

Your student packet will come with a guide to St. Louis but you can also find useful information on the different neighborhoods around our campus at Explore St. Louis.

And to make the most of the city, you’ll want to check out local transportation and parking options, especially to make your first few days run smoothly. Whether you’re a driver or you’ll be mostly walking and using public transportation, you can check out Washington University in St. Louis Parking and Transportation Services, which will set you up with parking permits and metro passes. The campus also has a shuttle service, and you can find all the schedules, routes, and even real-time tracking of the shuttles.

What if you need help?

As you get to know the different on-campus resources available to you and adjust to this new experience, it may be helpful to know where to go if you need a helping hand or just a listening ear.

The Habif Health and Wellness Center is here for you, both in-person and through a student portal. The center’s staff can set you up with many kinds of help, from fulfilling vaccination requirements to figuring out student health insurance. All the services you might need can be located or accessed via the team here, including health services, mental health offerings, and reproductive health resources.

Thinking about your career

As you embark on a full-time MBA experience, thoughts about future goals and projects might be running through your head.

The first port of call for career interests or concerns is the Weston Career Center. Just make an appointment with one of the career advisors here and you can start making connections and learning skills that will help you achieve your career goals. Want to become a supremely prepared job candidate? Interested to learn how to gain experience in a particular industry? That’s what the career center is for.

If you want to get creative with your learning schedule and start trying out new skills and experiential learning, you’ll want to visit the Center for Experiential Learning (CEL). With a basis in business and nonprofit consulting, the CEL is a great matchmaker, pairing faculty mentors with students eager to apply what they’re learning in class in a practical format.

What should you do next?

As you await your first classes, there’s plenty you can do to get ready for campus life.

First, make sure you have all the health check-ins you need. Schedule any vaccinations you’re missing. You can find full vaccine information through the Wellness Center. And if you have any worries or concerns about mental health, make sure to browse Olin’s campus mental health resources.

Next, set yourself up with great housing so you can get excited about your campus experience. Whether you choose one of the on-campus options or an off-campus lease or sub-lease, we can help you find the right environment for you.

Lastly, keep checking your campus email as the semester gets closer. We’ll be sending you lots more on-campus resources as well as specific advice and opportunities related to the full-time MBA experience. Ask as many questions as you can — there is a whole team of people in our campus centers and organizations ready and looking forward to helping you have the best experience imaginable.

The values companies live by are becoming increasingly important for today’s consumers and employees. A recent survey from Deloitte found that both Millenials and Gen Z were willing to remain with a company for longer if they were happy with its environmental and societal impact. They were also willing to reject job offers if the companies failed to align with their values. As each new generation shows a clear favoring toward values, it will become increasingly important that companies become values-based businesses to attract and retain talent—and potentially even improve the employer and consumer experiences. 

But keeping a business in line with its declared values can be difficult. The recent collapse of FTX highlights exactly what can happen when your values become untethered from your business. Whether your company is losing track of its original values or not delivering on them as promised, this hints at an imbalance between what people want and what’s practical for business. As values-based companies become more important to people, it’s crucial that companies are able to answer the question of what a successful values-based business actually looks like. 

As an organization working to educate the next generation of entrepreneurs and business leaders, we’ve considered what it takes to do exactly that, and we believe that much of it is a matter of balance.

To succeed, values-based businesses need a more measured approach

The way to approach values-based goals and planning is to ask not only how a venture or business is adding community value but what that value-add is actually worth to customers. If it’s not worth what it’s costing to produce, then chances are good that it’s not financially viable. 

In order to be sustainable, a company’s values need to align with its performance—not drag it down. For example, environmentally friendly products often cost more than their environmentally unfriendly counterparts. So, if a startup is looking to create a product that’s better for the environment, leaders need to ask themselves if consumers are willing to pay for the extra cost that goes into making it? This is because a values-based business usually needs more than good intentions to succeed—it needs to be able to earn its keep.

While a values-based business should have its own set of values, these values should also reflect the community that the business resides in or markets to, the values of its customers, and the values of shareholders. This can be part and parcel of being financially viable. If your consumers, community, and shareholders all believe in the values of your business and the products or services you produce, they will be more likely to stay loyal customers. 

How entrepreneurs and startup leaders can successfully lead with values

Leading with values is admirable and can be immensely profitable and beneficial to the community. Research has shown that values-based brands perform 134% better than others on the stock market. But this approach needs a commitment that amounts to more than just lip service—it requires a strong belief in establishing business values and mission with a solid foundation on which they can grow. Here are a few places to start:

Be genuine

No matter how skilled business leaders may be, they can’t manufacture intrinsic value—it needs to already be there. Leaders need to truly believe in what they’re doing rather than using values as a means to gain financial independence or be their own boss. It’s got to be genuine. If it’s not genuine, then don’t do it.

Quite a bit of environmental, social, and governance (ESG) investing, for example, is done on the backs of marketing glitz and little else. In a 2022 report by The Harris Poll, 86% of executives polled believed their company’s ESG efforts were making a difference, but only 36% of executives reported having tools to measure that difference. On top of that, only 17% are using the results to optimize their efforts.  

The same is often true of social responsibility and diversity efforts. Too often, a single person is hired to head up these initiatives but given few resources to actually get the job done. The end result is that the values espoused by these positions don’t actually add up to anything beneficial for the community or for the company. Part of being genuine in the business world is making sure your efforts have the intended impact, so while you’re running your initiatives for ESG or EDI, don’t forget to check in and make sure the results are as expected.

Focus on doing one thing of value well

For those who truly have values as their central mission, the next step is to ensure there’s a viable enterprise to support it. This doesn’t mean figuring out how to turn a 50% profit or becoming the next Facebook; it means being able to do one thing well. This selectivity of the mission is the foundation of efficiency, and it helps to determine the fundamentals of performance for a startup.

An excellent example of this in action comes from Aravind Hospital in India. The late Dr. Govindappa Venkataswamy was one of the best cataract surgeons in the country. He brought people dealing with cataracts to the hospital and helped to restore their vision for free. In order to sustain this practice, he created a system where wealthy patients would receive this same treatment but could pay to have a private room rather than lying on a mat on the floor with others.

As a result, he managed to turn a 51% profit, making it possible to continue to help others and put money back into the community. If he had tried to do this for every single ailment in the hospital, the whole thing would have likely collapsed. But by focusing on one thing he did well, he could excel and make a real difference in people’s lives.

Don’t ignore the importance of performance

A popular approach for Silicon Valley startups is to endure losses for as long as possible in the hopes of being able to monetize later. While this has worked in some cases, it doesn’t change the fact that it’s bad business. Entrepreneurs should focus on profitability, not creating short-lived buzz.

Simply put, your business must be profitable to produce results. If you want to sell innovative products, create a workplace that benefits the employees that work there, or donate your profits to charity, it must be successfully funded to graduate from a dream to a reality.

A model centered on performance still holds true in a values-based company. To perform and make a difference, a values-based company makes decisions that will benefit the company, its employees, and its clients/customers to be financially stable for the long haul. If you want to become the entrepreneur or business leader that you aspire to be, remember that your values can and should go hand-in-hand with financial success.

As a prospective student, you probably know that entry into an MBA program is a competitive endeavor. How many ways can you set yourself apart from the crowd? What do you need to apply for an MBA? What education, experience and skills can determine success in the MBA program?

What are Olin’s MBA application requirements?

A defining quality of Olin’s admissions process is its balance of objectivity and subjectivity. While there are checkboxes and must-haves, the committee also looks at applicants as human beings, and each one will require unique consideration; there is no surefire formula that committee members use to make their decisions.

Another point to remember is that class sizes at Olin are small. They are purposely designed that way to create an intimate cohort in which every student is important and can shape the experience of the course. To recruit this cohort, the admissions team thinks carefully about creating a diverse group with different backgrounds, skills and goals.

Aside from these more holistic measures, what key items are admissions officers looking for in your application? In no particular order:

• A resume: On the online application, you will need to upload your resume for review; this gives the committee some insight into your foundation in business knowledge and work experiences, as well as a sense of your career trajectory.
• An essay: Two essay prompts are presented in the online application, giving you an opportunity to expansively share your thoughts on your values, strengths and weaknesses. The essay is the time to give the committee a narrative, not to mention show your creativity and the impact you hope to have on those around you. Use this opportunity to tell your story so the committee can see the person you are—and hope to be.
• Standardized test scores: Depending on who you are and how you’re applying, test scores may be required. For instance, international applicants will need to show a TOEFL or IELTS score if English is not their first language or complete a waiver upon meeting the criteria. For Olin’s full-time MBA program, we recommend that applicants submit scores from a GMAT or GRE test, but test scores are not required. There are also some scenarios (depending on academic and/or professional background) in which an applicant may choose not to submit a score. Please connect with an MBA recruiter if you have any questions about whether or not you should submit a test score for consideration.
• An interview video: The admissions committee will invite you to submit a video as one of the MBA admission requirements. This video is one answer to the question of how to stand out in an MBA application and gives you the opportunity to present your own voice and personality. The interview video is a great space to articulate and expand upon your interest in Olin and how you imagine being successful here.
• Academic transcripts: Unofficial transcripts show the committee that you have completed enough foundational coursework to have earned a degree from a recognized US institution or a non-US institution that can be similarly verified.
• A professional recommendation: This recommender should be someone who knows you from a professional setting (whether a supervisor, manager, etc.)—someone who has been prepped on your decision to apply to Olin and can describe a little of why you would be a good fit for the MBA program.

How can Olin applicants make the most of their admission materials?

Meeting the MBA degree requirements is one thing; being able to stand out at admissions time is another. So how should you, a prospective student, prepare your application? You might also be wondering if there is anything extra you can do?

Perhaps the most important way to elevate your materials during the MBA application timeline is to focus on why an MBA program can help you achieve your goals and how Olin specifically can help you make the impact you’re aiming to make on the world. As an applicant, look to build your qualifications, use this time to deeply reflect on what you hope to get out of an MBA degree, and determine what factors are most important to the program you intend to pursue.

Another key way you can prepare is to do your research. Admissions officers can tell when you’ve done your homework about what the Olin MBA program involves. They also know when you have been proactive about engaging and doing your research with the Olin community to learn more.

One way to proactively prepare is to connect with the people at Olin. Our recruiters, current students, alumni and faculty are an approachable bunch and can provide valuable insight into the application process. What’s more, they know the MBA program better than anyone, and they can see whether an applicant has a good program fit and whether Olin would be a good home for the next stage of your life.

If you have questions about the application process or about our MBA programs, reach out to the admissions team at OlinGradAdmissions@wustl.edu or 314-935-7301.

Almost every role in a team setting can be enriched by the kinds of learning gained from an MBA degree. Leadership positions and MBA training go hand in hand. In fact, 84% of MBA degree holders report that their MBA leadership skills have helped them achieve their professional goals.

Do your homework, and you’ll find that major firms and hiring companies adore identifying candidates with MBAs. Consulting firms like McKinsey and Bain are some of the biggest MBA employers because they know how the benefits of an MBA degree show up in their workplace.

Which leadership roles can MBA skills prepare you for?

The benefits of an MBA degree are wide-ranging and far-reaching enough that almost any leadership role will be improved by a degree holder’s knowledge. But there are some specific roles that are especially enhanced by MBA leadership skills.

The first to note is right at the top of the ladder. C-suite members—from CEOs to CMOs and CIOs—are the ones making final decisions and leading the team from the top. They’re the people who must see the forest from the trees, and many companies actually insist on an MBA degree when they vet potential C-suite candidates.

Other leadership positions that an MBA degree can open up include those in human resources. An MBA helps you to develop the skills for people-based strategy and communication, a perfect cocktail for an HR role. A great additional route for MBA holders is financial analysis. The foundational and context-driven financial skills that come with an MBA provide a great grounding for a financial career, and many companies seek MBA graduates to become their decision-makers.

The roles in which MBA graduates soar are roles of leadership—whether that’s brand leadership, data analytics, financial analysis, or chief of staff.

How does MBA skills development lend itself to leadership?

The skill sets and experiences gained during MBA coursework prepare leaders for the responsibilities inherent in today’s leadership roles. Some of the features of an MBA program that allow future leaders to tap into its benefits are:

A team setting

In MBA learning, degree candidates work within a team. This team-based setting uniquely prepares them to enter corporate life, where responsibility and collaboration are the bread and butter of daily success.

Olin’s program is intimate and global in scope. Students get to know their cohorts and professors, much like members of a corporate team. They help one another after they leave Olin’s walls. The team environment is a precursor to a business setting and helps students learn how to apply their expertise in real situations.

Global immersion

The international focus on an MBA empowers individuals to witness and understand global leadership trends in business and to collect a diverse set of experiences on the ground of business environments. This understanding gives people the ability to face business challenges.

Olin’s global immersion program provides globally focused courses and chances to work with international companies. From here, students come to understand how culture impacts success. They learn how to work within a team of people from different backgrounds and connect deeply with a cohort of like-minded but vastly different candidates who can enrich their professional careers.

A mind for evolution

The challenges of today’s business world cannot be kept at bay, even in an MBA program. Students must learn how to combat challenges and how to pivot and adapt to opportunities as they arise. The adaptability learned in an MBA program can prepare an individual to meet the future of business leadership.

The MBA is not a set of lectures delivered in a vacuum; students are connected to real-world problems and trends so that they can learn how to overcome them. This is also why so many students come to an MBA from other careers, to make a change in their lives and refocus on their development.

When exploring the different types of MBA specialization, you may be asking, “What type of MBA is right for me?” Well, knowing how MBA program features line up with future employment opportunities can help. How will the MBA help you in developing your skills? Which future leadership positions could it unlock for you?

Reach out to Olin’s admissions team by emailing OlinGradAdmissions@wustl.edu or calling 314-935-7301 to find the answers to your questions.