Video games to get you ready for b-school (seriously)

November 11th, 2010

Contrary to popular belief, video games aren’t just for killing an idle Thursday evening. In fact, a variety of recent studies have begun to demonstrate their teaching potential. Steven Johnson’s book Everything Bad is Good for You offers a good introduction to the field. Tom Chatfield’s fantastic Ted Talk is another great examination of gaming and learning.

Believe it or not, the savvy gamer can combine his virtual hobbies with his dreams of business school success. The trick is to pick the kinds of games that will exercise the right parts of your brain. As much fun as Street Fighter and Super Mario may be, they aren’t exactly going to do much for your strategic thinking or logic skills.

Though they are no substitute for online GMAT prep, video games, in moderation, can stimulate your brain in a lot of constructive ways and even inspire new ideas. Check out our suggestions below, and let us know in the comments if you have any of your own!

Casual DS Games: Phoenix Wright, Professor Layton, SimCity DS, Brain Age

Each of these games is good for a quick mental workout while riding the subway to work. Professor Layton and Brain Age are chock-full of logic games that can help you with CR inferences. Phoenix Wright and SimCity on the other hand are longer games that reward players over time with a variety of problem solving opportunities.

Sports: Madden NFL, F1 2010, MLB The Show, Football Manager 2011

Sports games provide a lot of business-flavored brain food. For starters, they tend to involve a hefty amount of arithmetic, as you’ll spend a good deal of time negotiating salaries, calculating probabilities, and fine-tuning various player or vehicle parameters. You can get a good refresher on statistics with many of the titles recommended here.

Furthermore, sports team management makes for a fantastic interactive case study. As you set in motion your long-term vision for a franchise, you will see how your ideas play out in a sophisticated simulation. Not only does it make for good cognitive exercise, but it may also be the only way to see the Cowboys win the Superbowl under Wade Phillips (note: Wade Phillips was fired shortly after I wrote this post).

Role-Playing: Fallout Series, Fable III, Civilization Series, Galactic Civilizations 2

Strategy games force players to look for multiple solutions to various problems. Galactic Civilizations is particularly good because of its competent yet fair AI. Fable and Fallout start on a much smaller scale, but similarly reward long-term planning and pattern recognition. For turn-based strategy — perfect for a little multi-national negotiation practice — it doesn’t get much better than Civilization.

Business Simulation: Capitalism II, The Movies, Monopoly Tycoon, Restaurant Empire 2

There is a wide market of business simulation games for the computer. Many are quite dry and slow for a typical gamer, but the four listed above are both fun and stimulating. Capitalism II has been around for a while, but it’s still one of the best “mogul” games on the block. The Movies is great for film buffs, and Restaurant Empire 2 is extraordinarily endearing thanks to the new café / dessert shop options.

Happy gaming!

GMAT course upgrade: A brand new CAT, improved content, and smarter progress reporting

November 10th, 2010

It’s been a busy few months here at Knewton! This week, we released several major upgrades to our GMAT course. If you’re a student, the changes are already integrated into your site experience. Here’s what we’ve added:

  • A brand new practice GMAT
  • Totally upgraded course content
  • Better tracking on all your GMAT concepts

New practice CAT

One of the most important parts of preparing for the GMAT is taking a series of full-length computer-adaptive tests (CATs), and we just added number 6 to the roster.

Creating a new CAT requires a pool of literally hundreds of questions so that the test can select appropriate items for each test-taker. After a lot of careful calibration, we’re excited for students to experience the ways this latest exam gets them in shape for test day.

With 6 practice GMATs now in the course, we recommend that students take one as a diagnostic before the course, three during the live class schedule at specific times, and then two after session 12. Those two should be followed by the GMAT Prep exams from MBA.com for a total of 8 practice exams before the real deal.

Completely updated course content

Click into the concept pages from your homework and test items and you’ll notice a few changes. We added entries for 100+ topics (more on that below), and re-worked each page of reference content to give you more tools to improve.

Now, each piece of content connects the concept you’re viewing to how you’ll see it on exam day. An “On the GMAT” section provides test-like examples for each concept, and the new content features more strategy tips to help you implement what you learn.

More detailed concept reporting

Brad wrote about this last week, but we’re still pretty excited. Our Content team has been hard at work isolating the GMAT concepts you need to know in even more detail.

Instead of being defined by one main concept, questions are now marked with all the concepts that they test. More concept data gives you better progress reports — and an even more complete picture of what you need to work on.

Enjoy! If you have any questions or feedback, let us know over on the Knewton Community Page.

And if you’re not a student, now’s a great time to join :-)

Enroll Now.

MBA Admissions Tip: Interviewing the Interview

November 10th, 2010

Here’s another weekly MBA admissions tip from our friends at Clear Admit. For more advice about the b-school application process, check out their blog.

We’ve been offering a good deal of advice lately on how to conduct oneself and prepare responses to MBA interview questions.  Today we’d like to highlight the importance of thinking about what you might ask. Virtually all business school interviewers conclude their discussion by offering the applicant a chance to ask some questions about the program. While it might be tempting to claim that you’ve already learned all you need to know about the school, this is actually a great opportunity to gain additional insight, show your enthusiasm about a specific element of the curriculum or community, and demonstrate that you appreciate the opportunity to learn from your interviewer’s experiences.

Here are a few simple guidelines to keep in mind while thinking about what you might ask:

1. Focus on the positive. Now is not the time to conduct due diligence or express skepticism about a school’s academic program or career resources. You’re still marketing yourself to the adcom at this stage of the process, so you’ll want to project enthusiasm and demonstrate a desire to become more familiar with a program’s merits and your potential fit.

2. Avoid the obvious and the obscure. Because this is an opportunity to tap the interviewer’s unique knowledge and point of view (and he or she will assume that you did your basic research before applying), it’s best to avoid asking questions that could be answered by perusing the school’s website or speaking with anyone you might happen to encounter on campus. On the other hand, you don’t want to ask something so obscure or specific that your interviewer might not have an answer. Seeking the interviewer’s opinion on or impression of some element of the program often makes for a discussion that both parties will find interesting and enjoyable.

3. Mind your audience. Remember that students, alumni and admissions staff will all have a different perspective on and level of familiarity with the program, and that it’s wise to pose inquiries tailored to his or her experience with the school. For instance, alumni interviewers generally feel strongly about their schools but might not have the most current information on the academic programs and campus culture, so a good question might focus on the classes they have found most useful in their post-graduation career.

We hope that these guidelines are helpful in thinking about how you might approach the end of your discussion, and wish everyone interviewing at business schools in the coming weeks the best of luck!  For personalized interview coaching, mock interviews and school-specific advice, feel free to contact Clear Admit at info@clearadmit.com or investigate the downloadable Clear Admit Interview Guides in our online shop.

Law School Admissions Tip: Selecting a Subject for Your Personal Statement

November 10th, 2010

Every other Wednesday, our friends at Clear Admit will share one of their excellent tips for navigating the law school admissions process. For more advice, be sure to check out their blog.

As we’ve previously discussed, because most schools offer fairly broad guidelines regarding the personal statement, choosing a topic to write about for that length can seem like an insurmountable challenge.  Today we’d like to offer some advice on ways in which you can choose a topic and focus your personal statement to your advantage.

1. Consider the broad range of topics available to you. The first step in choosing a subject for the personal statement is to consider all the options, such as meaningful academic, professional, extracurricular, or personal experiences.  Within each of these categories, applicants can discuss a variety of topics, including their successes, challenges, motivations, leadership experiences, and mastery of a subject or field.  In considering your full range of options, keep in mind that it’s best to choose a topic that positions you in a positive light and shows your personal growth.

2. Think about what will make you stand out. The personal statement is the perfect opportunity for applicants to illustrate in their own words what makes them unique to the admissions committee.  Therefore the story you tell should be interesting, memorable, and demonstrate more about you than what appears in the rest of your application.  This is your opportunity to showcase yourself as an individual—so make sure that your topic portrays your most admirable personal characteristics, i.e. intellect, passion, sense of humor, ability to think across disciplines.

3. Think about how you want to position yourself. Law school applicants should consider how they want to “market” themselves to law schools.  Perhaps one applicant’s personal and academic experiences consistently show that they are an effective risk-taker, whereas another applicant’s professional history and extracurriculars demonstrate his or her altruism.  Through considering how your experiences and interests reflect who you are, it will be easier for you to solidify and “sell” a cohesive image of yourself to law school admissions committees throughout your application.  Once you have determined this positioning strategy, it makes sense that your personal statement should fall in line with the image you have decided to present.

4. Don’t try to explain why you want to be a lawyer. If the admissions committee wanted to know your reasons for seeking a law degree, the application would require a Statement of Purpose rather than a Personal Statement.  The assumption in the admissions office is that you want to be a lawyer if you are applying to law school (it is a profession, after all), and admissions committee members are not usually impressed by a 0L’s knowledge of legal terms and what lawyers do.  So, it’s best to make sure that your personal statement gives the admissions committee insight into who you are, regardless of what you choose to discuss.

Good luck writing!

Q&A with Barry Silbert, CEO of SecondMarket

November 10th, 2010

Recently, we had the chance to speak with Barry Silbert, CEO of SecondMarket. Like Knewton, SecondMarket was recently selected as a World Economic Forum Technology Pioneer. Barry’s also one of our neighbors in the NYC tech scene, so we were excited to hear a bit more about his company’s mission, office culture, and plans for the upcoming year.

How would you explain your company to someone who’s never heard of it before?

Most investors are familiar with investments that trade on exchanges like equities, bonds and options. At SecondMarket, we are focused on the ‘everything else’ that exists. The amazing thing is that ‘everything else’ – assets like auction-rate securities, bankruptcy claims, and private company stock (shares of hot private companies like Facebook, Twitter and LinkedIn.) – completely dwarfs what trades on exchanges. There are trillions of dollars of these assets and holders have never had a venue where they can trade these assets in a centralized, transparent marketplace. We bring them all together to our platform – we have nearly 25,000 participants registered on SecondMarket – so the buyers and sellers on the platform can complete transactions in a variety of alternative assets.

What got you started on the idea? What need were you trying to address?

As an investment banker in the early 2000’s at Houlihan Lokey, I had the opportunity to work on the big restructuring cases of that time like Enron, WorldCom and US Airways. While working on one of these cases, I received a list of incredibly opaque and illiquid financial instruments. I was struck by the fact that there was no centralized place to buy these assets; there was no eBay for alternative financial assets. I realized there was a dire need for transparency and centralization within the process, so I decided to start the first platform that would enable buyers and sellers to come together in one centralized online location, and be able to gain all the information necessary to make intelligent investment decisions.

What’s your office environment like?

SecondMarket is located in the heart of the Financial District in Manhattan, but within our office, we bridge the two worlds of finance and technology seamlessly. We have plasmas playing CNBC, Bloomberg terminals, and market specialists on the phones, but we also have a technology area with bean bags, developers on Macs and Nerf guns. We just created a new rec room for all of our employees to have internal meetings, and it comes complete with Ping-Pong, shuffleboard and foosball tables. In fact, we just held a Halloween party for our employees in the rec room last week, and invited our employees’ children to don their costumes and trick-or-treat around the office.

Tech companies change fast. What’s the biggest difference between where you were a year ago and where you are now?

One of the biggest differences from a year ago at SecondMarket is that our team has significantly expanded. We have had many new additions to the SecondMarket family over the past year, including the company’s first CFO, HR Director, a General Counsel, a Head of Product, Director of Corporate Development, and many more valuable members of our team.

We also opened an office in Hong Kong earlier this year and recently expanded into Israel, so we are growing on a global scale as well.

What’s the #1 trait you look for in a new hire?

Passion. No matter what the position or title may be, I always look for unbridled passion in a future SecondMarket team member. I look for potential hires who are passionate about something, whether their career, an unrelated hobby, or their family.

2010, Tech Pioneer… What’s on deck for 2011?

In 2011, SecondMarket hopes to flourish as the global leader for alternative investments and as a solution provider for investors seeking liquidity. We are on a mission to create a better market for private companies and their employees, and we want to be the place all investors around the world come to for anything related to alternative assets.

What would you tell yourself 5 years ago about the tech landscape today?

It is exciting to see how many innovative companies have emerged in the last five years and have risen to really change and revolutionize their respective industries. Five years ago, I would not have thought that New York could produce such innovative technology startups, but I am thrilled to be able to say that this city has been the birthplace for a new generation of disruptors and innovators. After all, three New York-based companies – SecondMarket, Knewton and
foursquare – were selected to be Tech Pioneers by the World Economic Forum this year, and I am confident that this is just the beginning for New York’s flourishing tech community.

MBA Expert Series: How has the admissions process changed?

November 9th, 2010

Welcome to another installment of our MBA expert series! This week, we were fortunate enough to sit down with MBA admissions expert Walter Hutchinson, founder of ApplicationAdvantage.com, the boutique international admissions advisory, and also founder of MBAdashboard.com, the admissions supersite powered by proprietary technology tools designed specifically for global business school applicants. Walter holds degrees from Columbia University and has lived in North America, Asia and Europe while advising professionals and students representing more than 20 countries.

In your view, how has the admissions process changed over the past twenty years? The past decade?

The pace of everything has sped up, become much more sophisticated, and been transformed into a hotbed of innovation by internet technology. In the ’90s, we still had paper applications. Up to 2004 or so, internet submission was still experimental. Now almost everything is done online. Yet each year, admissions committees still want to know answers to the same questions and students continue to enter the admissions process with the same concerns and in many cases, misconceptions.

The main differences between then and now are three-fold: 1) admissions committees now have a broader range of options for getting to know prospective applicants, 2) a number of admissions strategies have evolved with the availability of interactive media, and 3) the internet has turned admissions seasons into a continuous cycle.

Last year, I actually ran an assessment of popular student strategies using my 1990 admissions work as a baseline, and then compared the 2000 and 2009 evolution of those strategies against 15 admissions demographics to which students belonged. Surprisingly, a number of strategies are still current in 2010, but rapid diffusion of information has made it almost impossible for any student to gain an advantage based on gimmickry or superficiality, because even if an admissions committee hasn’t seen an approach, it can probably be found easily on the internet.

Technology, therefore, forces students to play the game by advanced rules and raises the quality of competition, because students must put more effort into genuinely differentiating themselves. Attempted shortcuts can be instantly checked or assessed in ways that were impossible back in 1990 or even as late as 2000. In fact, the need for greater preparation by students and the increase in competitive pressures at top schools, makes it essential for students to begin preparing far in advance of their target admission round. Long gone are the days when a strong application could easily be completed in less than a week.

I think the process is undergoing a shift which actually benefit students in the longer term, because technology combined with the steps required to substantively improve an admission profile, now encourage future applicants to treat the admissions process as an integral part of their ongoing development – raising odds that committees will gravitate toward them – instead of as “something they have to cram for and get over as soon as possible.”

B-School Profile: Stanford GSB

November 9th, 2010

Here at Knewton, we know that business school applications can be a lot of work. We’re eager to do everything we can to help simplify the process. While we can’t write your personal statement (keep dreaming!), we can do some of your b-school research.

In our new B-School Profiles series, we’ve compiled key deadlines, stats, and fun facts about MBA programs around the globe. We’ll be adding many more schools to the series as time goes on, so stay tuned!

Featured B-School

Stanford Graduate School of Business

When to apply

Application Deadlines 2010 – 2011:

Round 1: October 6, 2010
Round 2: January 6, 2011
Round 3: April 6, 2011

Who gets in

Mean GMAT: 726
Median GMAT: 730
Acceptance Rates: 6%

How it compares

Ranking: #6 (Businessweek); #1 (U.S News)

What it costs

Tuition: $102,642
Graduating Salary: $118,384

What the future holds

Alumni include Phil Knight (founder & CEO of Nike), Steve Ellis (worldwide Managing Director of Bain & Co), Seth Godin (Popular Business Author & Theorist), and Roy Raymond (founder of Victoria’s Secret and serial entrepreneur).

Where it is

View Larger Map

How to follow

Blog
Twitter

GMAT Study Group with Knewton GMAT – Join Us…Virtually!

November 8th, 2010

At Knewton, we’re always looking for ways to make studying for the GMAT easier and more effective. Our new Virtual GMAT Study Group allows you to join from anywhere, free! Every Tuesday night at 8 pm EST, jump into a live session with your fellow b-school hopefuls and our Knewton GMAT experts.

Just click here to enter your name and email address and we’ll email you the link to the live interactive video classroom.
Knewton GMAT Virtual Study Group

So why join a virtual study group?

Studying solo is an important part of the GMAT prep experience (word to the wise: taking a practice CAT with a group is not a good idea), but studying with others can also be extremely helpful. And while in-person study groups are great, they often become logistical nightmares: finding enough people nearby can be tough, as can securing a location and arranging transportation.

Our Virtual GMAT Study Group erases these concerns. Whether you’re in Birmingham, Boston, or Bangkok, you can log into our virtual classroom, learn from expert Knewton GMAT teachers, and chat (or commiserate!) with fellow b-school aspirants.

See you in class!

Knewton Challenge Discussion – GMAT Critical Reasoning (Kangaroo Joeys)

November 8th, 2010

Here’s a tough Critical Reasoning question from CR2, Extra Practice HW1 (Assumptions). So far, 67.6% of students have missed it. How would you solve it?

Give it a shot, then share your answers, questions, and thought processes in the comments below. Remember, if you’re in our GMAT class now, add your teacher name and session to your comment (e.g., Zwelling, MW 1:30).

Update: When you’re ready to see the answer, check out Rich’s video explanation below!

A newborn kangaroo, or joey, is born after a short gestation period of only 39 days. At this stage, the joey’s hind limbs are not well developed, but its forelimbs are well developed, so that it can can climb from the cloaca into its mother’s pouch for further development. The recent discovery that ancient marsupial lions were also born with only their forelimbs developed supports the hypothesis that newborn marsupial lions must also have needed to climb into their mothers’ pouches.

The argument in this passage relies on which of the following assumptions?

[A] All animals that are born after a short gestation period are born with some parts of their bodies underdeveloped.
[B] Well developed forelimbs would have been more advantageous to ancient marsupial lions than well developed hind limbs would have been.
[C] If the newborn marsupial lion did not climb into its mother’s pouch, then paleontologists would be able to find evidence of this fact.
[D] Newborn marsupial lions that crawled into their mothers’ pouches could not have done so had they not had only their forelimbs developed at birth.
[E] Newborn marsupial lions would not have had only their forelimbs developed if this development were of no use to the marsupial lions.

Good luck! And don’t forget to try the rest of our GMAT Challenge Discussions once you give this one a shot. Got your answer? Check out the video to see how you did:

MBA News Roundup: Top 5 Green MBAs, Int’l Applicants, and Integrated Reasoning

November 8th, 2010

Take a break from your GMAT prep to read up on some of this week’s top business school news! This week’s MBA news roundup covers a variety of topics, from international b-school applicants to Integrated Reasoning sample problems to knowing when you’re ready for that MBA.

1. The Top 5 Green MBA Programs in America (Probably the World)

Interested in sustainability and business?  The Huffington Post profiles the schools across the globe that provide the “greenest” MBA degrees.

2. B-Schools Redouble Efforts Overseas

If you’re an international student looking to earn your MBA at an American university, this year may be the best time to apply.  Many schools have reported a decrease in international applications and are actively recruiting students from abroad.  The Wall Street Journal has more details.

3. Admissions Q&A: Columbia University

Are you considering Columbia Business School?  Be sure to check out this Businessweek interview with an assistant dean of admissions to find out her application recommendations.

4. GMAC Unveils Sample Questions for New GMAT

The new Integrated Reasoning section on the GMAT will debut in 2012. If you’re planning on taking the exam then, GMAC is giving students an opportunity to familiarize themselves with the new section before test-day.

5. Are You Ready to Do an MBA?

The Globe and Mail highlights questions that everyone considering business school should be able to answer before preparing their applications.

Remember to follow KnewtonGMAT on Twitter for more b-school news!