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How many of you have thought in the past had -- gotten an MBA I might have a better job a better salary or you might think that's not really worth that we decided.
To tackle these questions in a weeklong series called masters of business.
In an effort to really give me the power to prosper we're highlighting the best business schools in the world first up.
Stanford Graduate School of Business where some of the top CEOs went.
And where the average MBA grad starts -- making nearly a 130000.
Dollars a year.
But not -- on a senior associate dean of the man behind this MBA program -- right there wasn't there and I'm sure everybody is talking about the saving about thank you for being here.
Well it's a pleasure to be a list were thrilled to have you because.
Stamford of course is one of those business schools that has famed graduates but also takes it different approach.
To getting an MBA and I I just just wanted to begin first with with sort of backing into this and asking.
How are your recent graduates doing and I know the full numbers don't come in until September -- October but.
How are your recent graduates doing what it comes to getting good jobs.
I'd send the situation for jobs is probably the best it's been in a long time.
Close to read it wasn't -- 1007 probably even better.
And the big change has been that set off companies that come and recruit is the broadest it's ever been.
So in addition to the usual Wall Street -- consulting.
And corporate management.
Students come -- big jobs and health care.
-- real estate private equity investing hedge funds.
And also the whole.
Start up and entrepreneurship ecosystem is this doing -- -- -- about.
Okay -- so I -- playoffs you have the startup ecosystem because it's it's interesting and by the way Stanford has a completely different make up when they're students leave school.
I'd love to -- -- up how many go into corporate America how many going to private equity venture capitalism or.
Jump in and start their own businesses -- Silicon Valley is your back yard.
Right so I think in the past couple of years about 15% of those students have gone directly to a stopping their own company.
And I don't mean just working in the start of these students actually -- -- owned company dragged out of -- MBA program which is.
They very high compared do just about any other schools by a huge factor.
I would say finance still gets about thirty to 35% of the students but.
The mix of finance jobs is very different now.
We have a relatively few who go into traditional banking real much more of them going to hedge funds venture capital which is huge red BR.
Asset management and private equity so I think -- sport together probably account for about 95% of -- finance jobs that we see.
Traditional consulting -- is still about 20% or so.
Which is down quite a bit from what it used to be historically -- Let me let me of kind of vigorous some sort of the famous CEOs who have attended Stanford business school.
Scott McNealy of Sun Microsystems you've got Phil Knight the Nike founder and and former CEO Steve Wesley former eBay C a -- to eBay people -- here -- new day.
Charles Schwab went there it's amazing I'd -- let's see this Jeff Bewkes of Time Warner.
Now today -- 6716.
Applicants a year hopefuls.
Get accepted what is and I know many qualities are important but what is the number one quality.
Every one of the applicants really must have before they'll get consider.
First the numbers are slightly higher at a thinking this year we had about 7200.
Sought acceptance status is even lower than -- the one you mentioned.
I think the main thing is that we look for people who are distinctive and people that we think will really create change.
We don't necessarily mean people who go on to make a lot of money it's about people who will -- change agents.
Our motto is change lives changed organizations change the world.
And we look for people that we think we'll will have a tremendous impact in whatever they end up doing.
So be bring in students who have backgrounds in the military.
In the non profit who -- -- for automatic car.
As well as people who -- do you know did undergrad at Princeton on what that Goldman Sachs Soviet we tried to get past -- address possible.
Given the limits that we we have about 400 students and that's something that's a core part of our strategy it's something that I don't think -- -- change you know beyond the most selective school by far.
And we want to remain small because.
Our focus is that we do what do we residential MBA and that's all we do.
And so we want to give every student who shot and the most transformative to -- -- that they can have.
-- wanted to and knowing that -- just talked losses one of the things that you guys are now doing is offering you know it's very classic for people to get an MBA and JD and -- for law right you now you guys are doing an MBA and computer -- that's classic -- I I applaud you for.
Molding yourself to the times but I just want to finish by saying.
Is it worth it because it is not cheap all land with housing and and student textbooks -- -- it's about ninety grand.
Out of college what makes being a Stanford MBA worth it.
Right so I would -- the nine.
And not just loans we literally give fellowship so.
About 60% of the students -- come in get a fellowship.
The -- it's fellowship is about 26000 a year.
So the actual price people are -- is it's much lower than those numbers.
And all their statistics are that we've been about to what CEOs -- our governor I have made up all the money they spend including Demi just that they give up by coming to stand for it.
And so if you think about it from the podium on words -- that essentially.
Making money on now on the MBA degrees so.
We Serbia and alarms are our business model is entirely built on -- -- Coming here.
And and looking back and saying that they had a great time that it added value.
So something like 55 to 60% of what I annual budget actually comes from all of -- giving one way or the other so it's really not interest -- make sure of that.
But providing an expedient stocks more valuable and it also makes them on activities -- a better -- by coming to Stanford.
-- fresh on Stanford Graduate School of Business we so appreciate you being here you know how hard it was for me because I'm a Berkeley graduates a year or is he served -- I know that I get out.
You're big -- -- But Berkeley's Thursday the hospice fiscal if -- this up -- -- thank you so much it's great to -- -- -- the Stanford business school and by the.
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