IESE MBA+Internship Interview Process

[wsh]

(1) My Experience
到西班牙收到倫敦和新加坡兩家投資銀行的暑期實習約聘通知.
看各銀行的特質和各人的暑期表現,平均7到8成的人可於暑期實習結束後拿到正式約聘.
英國稅率比新家坡稅率高,折算下來,在英國起薪實質年薪約台幣480萬(estimate), 新家坡則近台幣600萬(estimate)

只要你有>兩年工作經驗(不用銀行), TOEFL不錯(>250), GMAT >620 (620面試时會要你重考才讓你進,底線因人而異)
我是覺得這條路還不錯.我這年只有4台灣人(2男2女),2中國人(2女),
3個要走銀行的(2 台灣人)都有暑期實習約聘.the other 2 students from Taiwan got industry offers

(2) Cost of MBA
至於MBA投資金額,約台幣59萬到332萬不等, 台幣略算如下

費用:
18個月生活費(4萬*18=72萬)
學費(260萬, including 入學訂金19萬)

可能收入/loan:
獎學金: 126萬 (台灣3人/4人, please see below)
暑期實習: 76萬(稅前,會扣稅)
學費無擔保貸款(in Spain, check web site for details):241萬(no scholarship) or 115萬(with scholarship)

如果今年9月入學(還在招生中), the best situation 收支時間表
2007/ 2月到6月入學訂金台幣19萬: (看你什麼時候合格)
2007/9月第一年學費和獎學金126萬抵銷
2007/9/1到2008/6/30生活費10個月: 每月4萬
2008/7月到9月暑期實習76萬 (暑期生活費從中扣)
2008/10第2年剩餘學費: 學費無擔保貸款115萬
2008/10月到2009/3月生活費6個月: 每月4萬

畢業前實質最低Cost
2007/ 2月到6月入學訂金台幣19萬
2007/9/1到2008/6/30生活費10個月: 每月4萬

19+40=59萬

(3) Schloarship
I checked with the fourth person; she applied in May @ the 2nd last round. International students were advised to apply before Apr/E and I am sure there were no scholarships left for her in May. It is possible that she could have got it with her high profile had she applied earlier.

From my data collection so far(many more applicants from Taiwan than I thought), unless you are
a) an outstanding candidate
or
b) Good candidate with financial needs (If you are, make sure you do everything you can to prove it)
applicants from Taiwan will be treated indifferently with respect to scholarship.

(4) IESE Unique Features
(A)Informative Interviews
One very good system of IESE is the informative interview. You can actually get a quick feed back from IESE MBA admission office on your chances of success before spending NTD5000 and the time for the actual application. Please do make use of this service from the link below.

http://www.iese.edu/aplicaciones/mba/in ... sp?lang=en

(B)Exchange programs to TOP15 US MBAs
I. Wharton(1)/Kellogg(6)/Columbia(6)/MIT(2)/Chicago(4)
II. Berkeley(4), Duke(5), Cornell(4), UCLA, Tuck(5), Michigan(4), NYU(5), Virginia(4)

Number in brackets are the spaces available for IESE students this year. 55 spaces for 216 students.
refer to http://www.formosamba.com/phpBB3/viewtopic.php?t=23996

(C) Bilingual MBA program
Although this is a feature IESE is trying to sell, I personally dont like the way of teaching here. I dropped out from the Spanish class ( about 5% of my class dropped) and I know ESADE is a much better school for business spanish.

(D) UK Work permit
全世界有五十個 MBA Program 的畢業生可以畢業後無條件獲得一年的英國工作許可，please see attachment or link below
http://www.hm-treasury.gov.uk./pre_budg ... _admba.cfm


(5) Personal comment and background
本人的經歷或許不能應用於以後的例子,但希望給大家做做參考.有興趣聊的請留言.希望今年有更多學弟妹!

講一下跟MBA申請有關的自我介紹,左是我,右是學校平均

Age: 28 : 27.5
Working Experience: 2yr : 4.3yr
(sales in electronics industry)
GPA: 3.38 : no GPA average available
TOEFL: 290 : 280
GMAT: 720 : 670
Undergrad: Tokyo Institute of Technology

Humor: 8: 10...

[陳鵬文]

Dear wsh, thanks a lot for the great sharing, I would like to know more details about the school, what is the effort that the school did in helping you find intern and apart from the great record this year, how was the situation for TWN students in past year(what's was their intern or what are the full time offers of the graduates). What was your previous working experience (were you already in the IB industry so it's not that hard for u to make a career change so u got few offers?) It's very good to know there is one more generous school that are willing to provide TWN students with scholarships!!!

[vader]

just curious...how is esade's career placement comparin to IESE's career placement? plz kindly advise

[robbiechen]

480萬 ? 哈佛畢業的都沒這麼多~

[wsh]

First I must say I dont have actual figures with me so I have to make a lot of estimates here. Processes for consulting and industry are similar but different in some ways of course.
Refer below for consulting:
http://www.formosamba.com/phpBB3/viewtopic.php?t=23935

1) Internship Process
A) Oct/Nov Banking tour in London to visit 9 to 10 top IB
banks in 2 days
B) Oct/E Career Forum where 8 to 9 banks come to IESE
C) Nov/E Application deadline
D) Dec/E List of interview offers released
E) Jan/B 1st and 2nd round interviews at IESE campus
F) Jan Some banks fly you to London for 2nd rounds
G) Offer released as fast as 1 hour after interview, for some
divisions there are 3rd round interviews which should have
ended by Jan/E
H) You are obligated to confirm within 20 days after being offered

2) Internship Recruitment Outlook
All the top 10 IB banks do their recruitments with IESE internal process. (For those who do not know, it means the bank will delegate a recruiter to recruit IESE students differently from the general application process) I dont know what is the implication but IESE is the first MBA for internship interviews for some/most banks. ( I got my first offer on 9th Jan and 2nd offer on 18th)

I also heard many times from the banks that IESE is one of the three EU MBAs that they mainly recruit from; well they may be saying this to other MBAs also...
We are offered help from all people and all area for internship application.
Investment Banks:CV review by ex-IESEs; mock interview with ex-IESEs; cocktail parties, Career forum at IESE, London Banking tour
Career Service: 1 IB seminar every week for about 3 months; free access to Vault-Guide and Wet-Feet (research documents on various industries and CV/interview techniques) ; Personal CV review; Career forum; Bloomberg terminal; coordination with banks for cocktail parties, etc
Senior: London banking tour; CV review; mock interview with ppl who did IB internships
Peer: There are people from IB so you will be surprise how much help you can get from your classmates

3) Results
For MBA 2007
40 people went to the London banking tour, about 60 applied, 44 offers and 38 people accepted (some with multiple offers and I think 25/38 were top IBs)

For MBA 2008
100 people went to London banking tour for my year. The process is not totally over yet so it is still quite sensitive to ask around; and I dont ask normally unless I am being asked first. However, I heard LB alone gave us 8 offers... about 5 to 8 also from M Bank. By the way there were 14 interns last year for M. bank (together with other US MBAs) It is highly possible that banks are taking more interns this year or I can not imagine half the interns from IESE?? Estimate is that we will have 60 offers and 45 successful applicants this year.

4) Taiwan Power
I am MBA 2008 and there was no one from Taiwan last year... IESE has little brand value in Taiwan now so I will strongly advise you to reconsider if you are only thinking about going back to Taiwan after MBA. There was a girl from MBA 2006 but we did not have the chance to meet. She is working in a bank in Taipei now.

We have 4 people this year: I got 2 IB offers and the other guy got 1 offer. The gals got industry offers.
I had some experience with a second tier component manufacturer@China and then worked in BenQ@Taiwan for about a year. The other guy worked in the finance industry in Taiwan. I believe people from finance and non-finance backgrounds have the same opportunity. They will look at your personal experience and your FIT to they company culture.
http://news.securities-institute.efinan ... temId-6352

5) Personal Comment
Of course I admit that we benefited a lot from a good year; I still think that as long as you can get admitted to IESE, there is no reason why you can not get an internship offer. Most people who did not get an offer are those who did not prepare well or that they are still not sure if they want to do IB.
You definitely can prepare for the finance interviews which I see as an extension to the MBA admission interviews. If you do come to IESE, in additional to all the help you can get from other sources, I will personally make sure you understand how valuable the chance is and help you to prepare for the interviews.
I was chatting with Adif and realised the need to clarify this: the reason I got an internship offer for Singapore is that the interviewer(from London) happened to be someone moving to Singapore office. It was pure coincidence and I believe most if not all the IB offers will be from London.

Also, think hard on how IESE fits into your long term goals or the most important thing of your life. We do have many other options and I will not be surprised if you can find another MBA which suits your goal better. If you are not really sure what is the most important thing for you in your life, you can always come to IESE to find out about it like some of my classmates here.

6) IESE website
Attached pdf includes
1) MBA2007 profile (my senior)
2) Full time placement MBA 2006 (2 yrs my senior)
http://www.iese.edu/en/home.asp

7) 16th Feb Update
Figures are based on voluntary feed back of students and recruiters atm(real is higher), final figures are usually out by May/E.
By 12th Feb 2007
A) 26 accepted offers and 30 with offer(s) out of 217 students (MBA2008).
B) For IB, 40 successful applicants with 51 offers

For MBA2004 to MBA2007 (Yr 2003 to 2006) (I am MBA2008)
A) Each year 84% of all offers were made thruough IESE Career Service processesb and 80% of the students accepted offers through such processes.
B) 346 companies made 908 offers (thru IESE processes) and acceptance rate is 70% by IESE stucents
C) 346 break down: 35 VA Recruiters (Very Active recruiters which made 6 offers or more in 4 years), 38 A (Active recruiters which made 3 to 5 offers), 273 O (Others which made 1 or 2 offers to IESE)
D) VA offerred 446 internships (67% acceptance rate)
E) A offerred 142 internships (72% acceptance rate)
F) O offerred 320 internships (75% acceptance rate)
G) "successful" VAs: 27 companies, 370 offers, 75% acceptance rate
H) "Poor" VAs: 8 companies, 76 offers, 29% acceptance rate
I) "Successful" As: 30 companies, 113 offers, 82 acceptance
J) "Poor" As: 8 companies, 29 offers, 31% acceptance
K) Top 5 recruiters are IESE, Citigroup, Deutsche Bank, Deutsche Post and Lehman Brothers

These are some figures from the career service perspective, which may not be useful for you now but important to understand how a typical career service department functions in MBA.

2007 is the year that IESE joins the other 2 EU top MBAs to become one of the three core IB EU MBAs in terms of number of offers.

[wsh]

just curious...how is esade's career placement comparin to IESE's career placement? plz kindly advise

I know Antlai in this forum and that they are still in the process (dateline recently)

Maybe you want to ask him in Feb/E?

[wsh]

480萬 ? 哈佛畢業的都沒這麼多~

hmmm, the first year salary is not based on MBA name. Of couse I do admit that a Havard MBA can get more offers than me...

I must say again that it is just an estimate and it can be wrong...

1) I assumed a 12 month bonus. I was asking around and I heard that most banks pay between 6 months to 24 months for bonus and averaged 12 months.

2) And then minus the tax with respect to income tax rate

Please feel free to neglect this information unless you know someone who worked in IB and tell you about this. If that is the case, please tell me as I would like to know also.

[robbiechen]

480萬 ? 哈佛畢業的都沒這麼多~

hmmm, the first year salary is not based on MBA name. Of couse I do admit that a Havard MBA can get more offers than me...

I must say again that it is just an estimate and it can be wrong...

1) I assumed a 12 month bonus. I was asking around and I heard that most banks pay between 6 months to 24 months for bonus and averaged 12 months.

2) And then minus the tax with respect to income tax rate

Please feel free to neglect this fact unless you know someone who worked in IB and tell you about this. If that is the case, please tell me as I would like to know also.

只是很訝異,請不要介意,沒有其他意思,真是恭喜你~~

[modern]

恭喜賀喜~ 又一牛人!

[MarkHsu]

Just want to reply to the Harvard comment. (I am assuming we are talking about investment banking within an investment bank)

--If you are in an IB position, it doesn't matter which school you are from. Harvard does not get you a premium nor does it get you more offers.

--For Class of 2006, avg global IB pay for Associates was US$220,000.

--The way the industry works is that as a first-year associate, you get a guaranteed package. Bonus only takes effect in year 2.

--Re: bonus
--less than 12 months is usually bad at an Associate level.
--European banks pay less than Americans banks
--you are underestimating the high end. In 1999, Morgan Stanely supposedly paid out 60 months.

[wsh]

Just want to reply to the Harvard comment. (I am assuming we are talking about investment banking within an investment bank)

--If you are in an IB position, it doesn't matter which school you are from. Harvard does not get you a premium nor does it get you more offers.

--For Class of 2006, avg global IB pay for Associates was US$220,000.

--The way the industry works is that as a first-year associate, you get a guaranteed package. Bonus only takes effect in year 2.

--Re: bonus
--less than 12 months is usually bad at an Associate level.
--European banks pay less than Americans banks
--you are underestimating the high end. In 1999, Morgan Stanely supposedly paid out 60 months.

Thank you Mark for your timely comment. Please tell us if you know

1) USD220,000 is the 1st year guaranteed package before tax?
2) If US IB pays 100 by average, EU IB pays about?
3) I am doing my internship @ sales and trading, please comment on anything you know about the compensation.

Thank you in advance and I look forward to your reply.

[MarkHsu]

Re:
1) all salary is Gross
2) I believe IB pay is usually global (unfortunately the only exception being some banks in Tw). I am not familiar with all of the EU, but from my understanding London will get you a higher gross for base, but you pay for housing. HK will get a lower base, but you will get housing.
3) Not too familiar with the exact details of S&T, but I'd imagine it is comparable to IB. From my understanding, there is less of a "honeymoon" period in S&T. You are expected to perform immediately and performance is measured by short-term results. Also, you have an opportunity to be on a steeper career trajectory. According to a friend who works in S&T, it's very realistic to make US$1 million four years after b school in S&T if you are good, whereas it would take ~8 years to do that in IB.

The story is that the highest paid Goldman guy in 2005 was a trader. His bonus for the year, 60 million pounds. (Crazy world, we live in).

[wsh]

Re:
1) all salary is Gross
2) I believe IB pay is usually global (unfortunately the only exception being some banks in Tw). I am not familiar with all of the EU, but from my understanding London will get you a higher gross for base, but you pay for housing. HK will get a lower base, but you will get housing.
3) Not too familiar with the exact details of S&T, but I'd imagine it is comparable to IB. From my understanding, there is less of a "honeymoon" period in S&T. You are expected to perform immediately and performance is measured by short-term results. Also, you have an opportunity to be on a steeper career trajectory. According to a friend who works in S&T, it's very realistic to make US$1 million four years after b school in S&T if you are good, whereas it would take ~8 years to do that in IB.

The story is that the highest paid Goldman guy in 2005 was a trader. His bonus for the year, 60 million pounds. (Crazy world, we live in).

Thank you for much for sharing, I will make sure I give my best for this rare opportunity.

[wsh]

There will be a presentation of our internship results on 14th Feb. I will update again.

[wsh]

I was talking to Adif yesterday and we are having the same problem with the low brand value of IESE in Taiwan...

想到去年我媽一直很不想讓我匯保證金19萬;她一直問我我怎麼知道那不是詐騙集團,問到我也一時也怕了起來...台灣人的悲哀 ORZ
不過現在想來實在好笑^^