Thursday, June 30, 2011

Your Salary = GMAT * 325 - $123,000





Find out the formula for predicting your starting post-MBA salary based on your GMAT score. Test Prep company, Knewton, released their analysis that every 10 points on the GMAT translates to an additional $3K in starting salary. Also Tom and Miro talk about what to do if your colleagues at your internship or new job are trying to undermine you.

(B) We have Great Show today.
We’ll quantify your worth based on your GMAT score
And discuss what to do when your team dismisses you as ‘just another MBA”

(1) Headlines: 10 pts on the GMAT worth $3000

Knewton CEO Jose “Giant Hands” Ferreira just released a video looking at starting salaries based on your GMAT score. Knewton found, you will earn an additional $3K for every 10 points in your GMAT score.

Here at the MBA show, we have looked at Jose’s data and created a handy formula you can use to determine your self worth.

[Show formula] Your salary = 325 * GMAT - $123,000

So, how are you doing Miro?

Well, let’s say, that I’m not exactly meeting expectations.

How so?

Actually, I took my starting salary, plugged it in and figured that I should roughly have scored a 380 on the gmat.

For those of you who have already taken the GMAT, we find this is a helpful tool to figure out how much you should be making.

you know this can only serve to make most people feel terrible about themselves.

That’s what we do here at the MBA Show.

Okay, let run some of the numbers

For a 500, $40K.
If you have a GMAT score of 700 your salary should be $105K

For those of you with big eyes, you can expect to break 100-grand when you hit 690.

Another neat way to use this is to figure out whether you should go to business school at all.

For example, suppose you’re currently making $60,000. Plug that into the formula, and you’ll see that you need to score at least a 570 on the GMAT, just to make it worth it to play the game at all!

So, how did Knewton figure this out?

Apparently, there is very high correlation between GMAT score, the school you attend. There is also a strong correlation between the school you attend and average starting salary.

Interestingly, the best-fit line, notably under-predicts salaries at the high end. Basically the people at the top get more than their fair share of the pie.

Let’s face it, anything else would simply be un-american.

http://poetsandquants.com/2011/06/22/ten-gmat-points-equal-3000-in-starting-pay/

Jargon - Breaking the MBAs
Companies I’ve worked at.

Wide-eyed and busy-tailed MBA is managing a company veteran.

The MBA says: In my operations class I have this amazing piece of analysis that will help us synergize backward-overflows. All it will take from you subordinate is just three weeks of work!

What happens?

As it turns out, someone who has worked at the company longer than you has many options for discouraging you, disuading you, embarassing you, undermining you, etc.

This is what we call breaking the MBA

Which brings us to our
Business School Tip of the week: We’ll be looking at what happens someone tries to break the MBA.

I will be suggesting ways for MBA’s to fight back.

Dazzle your subordinates with powerful MBA jargon. Such as using a runge-kutte approximation instead of the newton-raphson method.
Watch how quickly you will be made to look like an idiot in front of your boss when your subordinates respond in kind with industry and company jargon.

Explain to them that YOU are the boss.
Laugh at them

Load your subordinates down with meaningless, un-fulfilling tasks until they relent.
Don’t do those task

Schedule a meeting to discuss our relationship and certain challenge that I have been facing as an MBA.
Fail to go to meeting because you are playing foosball with the CEO

Fine, fine I give up! What the hell am I supposed to do with you god damn it!
Just acknowledge that I know more than you.

Fine. You know more that me. But, my business card is embossed.

What’s on your radar this weekend
Miro: 4th of July Staycation
Tom: I’ll be watching the fireworks from the MIT sailing pavilion.

48 comments:

  1. Interesting. What I like about GMAT is that the basis is on competence where based on one's skills and certifications, the salary should be attractive.

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  2. Very nice blog to follow, I will recommended to all my students and friends.
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  4. Practice questions can help familiarize with the GMAT, but in the end, we need to be physically and mentally ready in order to answer the questions without any doubt.


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  5.  GRE exam is a requirement for admission in such programs i.e. Masters, PhD etc. But no where in the world..., they use it to grade your PhD or your working during PhD.

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  6. Really am enjoying reading this article. It looks like you spend a lot of effort and time on your blog. I appreciate your work here and it motivates all the students to perform well in exams. We are also a specialist in GMAT coaching in Chennai, so I can understand your hard work.

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  7. I am about to take the GMAT too and I know how hard the test can be. I have been preparing myself by taking an online GMAT prep course to help me get ready. It has been very beneficial to me so far, so I am hoping I can pass the real thing. Good luck to you

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