Wharton Gives Free Classes for Life | The MBA Show - Episode 13

The University of Pennsylvania Wharton School announces the biggest overhaul to its curriculum in 17 years.  Wharton will now be offering free continuing education classes to its graduates for life.  Miro explains the difference between "golden handcuffs" and a golden shower.  Tom reveals his plans to work at Goldman Sachs for 5 years and buy three swimming pools to match.


(1) Headlines: Wharton, biggest curriculum change in 17 years

• Wharton changes it’s curriculum for the first time in 17 years

1. Most interesting things: Free School For Life

• One free exec ed class to grads once every 7 years
• One week intensive class for free open to grads every 7 years for life!!

Tom: Wow, the creepy alumni problem has been solved.  We all have that weird feeling when we run into 2010’s at MBA events. This is not what i want.  I’m a banker!  I have important things to do!  What I need is an online class that I can watch on one of my bloomberg screens.

Miro: Why is that better

Tom: My time is really valuable.  I don’t have time to fly all over creation and take a week off of work to shake hands with old buddies.  This is just an alumni reunion.  What I need is some up-to-date business information that will keep me sharp, and I’d rather get that from my Hampton's house, than have to leave my family for a week.

Miro: Value of your MBA is the network

Tom:  But I know who my friends are.  I can tell because they’re all wearing Hermes.

MIro: You talk to your friends, this is netowrking of 2nd level
    And Development is here getting the donation, that’s what makes this NPV positive.  Development will be all over this like ...

2. Biggest change for students: More Flexible Core .. Kinda

• Going from a full year of everyone taking the same classes, to 4 shared classes and a choice of classes in six different areas where you have to take one class in each area

Tom: Oh, this is great.  Give the freedom to choose back to students.  Miro, you know I’m pro-choice.  I believe it’s the student’s right to choose.  It’s my education.  I should have the right to do what I want with it.  I was born wearing a suit vest.  I worked for three years at goldman.  The last thing I need, is an intro finance course.

Miro: But, Tom the value of these classes is having you in there to make these classes better. Having you in finance enhances the education of everyone. And when it comes to marketing, it’s my turn.

The reason you get an MBA is to be able to say to the world, that I have a broad range skills across every major domain in business. You hire me, you know what I will know.

Tom: you’re absolutely right Miro.  In fact, the entire point of using a cookie cutter is so that all your cookies come out exactly the same.  If anything, they should have gone even further.  A 5 class core would have been even better.

3. More coaching and experiential learning

• Mandatory two-year leadership coaching (quarterly coaching + 360-feedback)
• Classes in other countries.

• Miro, Apparently Wharton figured out that you can’t teach leadership by just talking abut it. It take experiential learning and coaching.

Wait a minute.  I feel like I’ve heard this somewhere before. [What do you mean Tom?]

Flashback!  The MBA Show, Episode 10.  Cue low budget transition!

The MBA Show, episode 10

Pull out flashback of us from episode 10:

You know what this means Miro?  I think we all know what this means Tom.  The entire faculty at Wharton...

Together: Watch The MBA Show!!!!!

You’re welcome America.

So, Wharton went the right direction three times here.  (Continuing Ed., Flexible Core, Experiential Learning)  So I’d like to give them three thumbs up. Tom: two thumbs, Miro, third thumb.  [stall]

4) Jargon: Golden Handcuffs
Before we get started.  I just want to be clear that the term golden handcuffs has nothing to do with the fuzzy kind of handcuffs or the golden kind of showers.

Golden Handcuffs a term that people use to refer to the promise of money that keeps someone from leaving their job.

For example, when I’m five years into the job at Goldman and my mansion needs another swimming pool, it’s the million dollar bonus that I’ve got coming that prevents me from doing something foolish such as leave banking to do something with social value like teach high school.

Miro: And people usually use this to refer to high paying jobs seem like they would offer more flexibility, but you see this at start-up companies too. Stock Options that vest over time are that same promise of money in the future, that keeps you working hard and prevents you from leaving.

(4) Contest Announcements:

• 2011 Rice Business Plan Competition  - Feb 4 - http://alliance.rice.edu/alliance/RBPC.asp

• The Wake Forest - 36 hour - MBA Marketing Summit Case Competition - Registration open - 4-7 full time MBA students per team - http://business.wfu.edu/default.aspx?id=608

• Hult Global Case Challenge - Early Bird Deadline: December 17, 2010 teams of up to 5 - The global clean water crisis- - http://www.hultglobalcasechallenge.com/

• The MITClean Energy Prize - Dadline due Feb 25 - Energy or energy-efficiency related business plan, at least one U.S. University student, Have not received funding - http://www.mitcep.org/

• YEi French American Entreprenurship Competition - Apply by Dec 31- French Entrepreneurship Accelerator -  www.yeifrance.com

• Purdue Global Supply Chain Management MBA Case Competition  - Early DiBird Deadline Dec 17 - up to 2 teams of 4 member from each school - $6K  in prizes  - Purdue Global Supply Chain Management MBA Case Competition  - Up to 2 teams of 4 member from each school - $6K  in prizes http://www.krannert.purdue.edu/centers/dcmme_gscmi/conferences/student_competition_S11.html

(5) Business School Tip of the Week:

PARTY

(6) We will be taking a vacation from the show for the next few weeks.  Join us at the start of next season.  In the interim, look for classic clips from The MBA Show.

We’re very exited: we went throught he archives and found some clips dating far back as the late late 1800s. It’s going to be great.

(7) What’s on your Radar?

• Miro: The holiday parties begin.
• Tom: Mystery Weekend