Meeting Warren Buffett

For the last four out of five years, BYU has been invited to send a small group of students to attend a Q&A session and lunch with Warren Buffett. A good friend of mine encouraged me to apply for the trip, and I was selected to attend. Prior to leaving, the group met with Bill Child, a businessman who owned RC Willey prior to its acquisition by Berkshire Hathaway. He shared with us his experience with selling his business to Warren Buffett and explained to us how our visit would go.

The next evening, we flew to Omaha, Nebraska for our visit. Omaha just happened to be in the middle of a snowstorm, so after circling the airport, we finally landed and made our way to our hotel.

I have to interject a quick thought here - while the primary reason for this trip was to meet with Mr. Buffett, I have to emphasize the value of trips such as this in terms of getting to know fellow classmates. While this was a quick trip, it was a great opportunity to build stronger relationships with those who I see on a regular basis, but haven't had a chance to really get to know.

Friday morning we arose early and our entire group met to review again the format for the meeting (six total universities in attendance, Mr. Buffett rotates through the schools and they each ask a question in turn) and to prepare our questions. We left early so that we could get a good seat up close, which was totally worth it. I was sitting one row away from Mr. Buffett. When he arrived, he let us know that we could ask him questions about anything except which investments he was considering. Questions ranged from how he judges character to ethics to concerns about the economy to his heroes. I was impressed by Warren Buffett's wit and humor, along with his sincere passion for what he does. Several times he mentioned that he wakes up every morning and is excited to jump out of bed to go to work. It was also apparent that Mr. Buffett values integrity. One quote that I particularly liked was "Lose money for the firm and I will be understanding. Lose reputation and I will be ruthless."

Following the two hour question and answer session, we all drove to Piccolo Pete's, a local restaurant and were treated to lunch and root beer floats. After we ate, Mr. Buffett took the time to take pictures with everyone individually (about 200 people). These aren't just ordinary pictures either - Mr. Buffett likes to make it fun by getting down on his knee and "proposing" to the women, letting you hold his wallet, or pretty much any other fun pose you can think of.

Once we wrapped up the photo shoot, we headed back to the airport to head back to Provo. While it was a quick trip, it was a unique opportunity to meet with and learn from a legendary businessman.

—Malorie Lewis, OB/HR, Class of 2011

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BYU Tech Trek

On January 21-26, 2010, about 45 first-year MBA students got their nerd on during the annual BYU Tech Trek and visited some of the biggest technology companies located in the heart of Silicon Valley including Google, Apple, Adobe, Cisco, Symantec and HP.

Companies gave the students a tour of their facilities, presentations about the company as a whole and a chance to network with recruiters and BYU alumni who were current employees. Additionally, students had the chance to network exclusively with BYU alumni at a casual dinner held by local church members.

But it wasn’t strictly business for the entire trip - many students said it was great to get a first-hand experience of what it’s like to live, work and play in the Bay Area. Some went to downtown San Francisco to experience the “bushman” at Fisherman’s Wharf while others ventured to China Town for authentic Chinese cuisine. Students also said the Tech Trek was a good opportunity to really see the face and culture of each company and decide if they would be a good fit.

To date, more than 10 students have secured interviews with some of the companies they visited and others have made strong contacts with recruiters and alumni that could potentially pay off in getting internships or full-time offers in the near future. In a nutshell, it was just a great time to form a bond with classmates and represent the program to well-respected technology companies.

—Brandon Wells, Marketing, Class of 2011

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How to Succeed on the GMAT?

I took the GMAT twice, once just days after graduating with my undergraduate degree and again two years later. While I earned a respectable score the first time I took the test, I had put little time and effort into preparing and knew I could do better. Two years (and a different study approach) later, I improved my score by 100 points, earning a 750 (98th percentile).

While I can’t guarantee you’ll earn a 750, I can offer a few insights into how you can prepare for the GMAT effectively based on my own experience. This approach may not work for everyone, but I believe these are sound principles that will help you succeed or at least improve your score substantially.

When should you begin studying? I recommend beginning your GMAT preparation at least three or four months prior to taking the test. If you have been out of school for a while, you may want to allow extra time.

How much should you study? I studied every day of the week except for Sunday. Monday through Friday, I spent at least a couple of hours each night working problems and studying concepts. In addition, I often used my lunch breaks at work to work additional practice problems. Every Saturday morning, I took a full-length practice test (including the essays – this is important to build your test-day stamina). I followed this regimen for about three months prior to taking the test.

What materials should you use to study? If you purchase only one item for your test preparation, get the Official Guide for GMAT Review. I worked nearly every problem in this book! It really paid off – the more problems I worked, the better I got. I also used a Princeton Review book, a Barron’s book, and a Kaplan book (a couple of these came with CD’s or DVD’s, which I also used). However, the majority of my study time was spent with the Official Guide. I found the problems in this book to be much more similar to the actual test problems (because they are actual test problems – just older ones) than were the problems in the other books I used. However, I did find some of the concept reviews in the other three books to be more useful than some of the concept reviews in the Official Guide.

But what if my practice-test scores aren’t very good? I don’t recall ever scoring as high on a practice test as I did on the actual test, and the score on my first practice test was shockingly low. Kaplan practice test results in particular are notoriously low compared to actual GMAT test scores. While taking practice tests is an important component of an effective study regimen, don’t panic if your practice test scores are not as high as you would like.

Do you recommend taking a test-prep class? I did not take a GMAT test-prep class; based on my own experience raising my score 100 points without taking a test-prep class, I know that you can score very high or improve your score considerably without taking a class. If you are highly motivated, you may do just as well studying on your own. However, if you need additional motivation to study regularly or follow a study schedule, a preparation class may be a good option for you.

What test-day tips can you share? I did not study at all the day before or the day of the test, as I knew that I was as prepared as I was going to be and I did not want to make myself overly nervous. I recommend taking the test earlier in the day, when you are well rested, and on a full stomach. Take a snack and take advantage of the brief breaks you are offered during the test to recompose and refocus yourself. And most importantly, relax and pace yourself!

Being well-prepared will give you confidence on test-day, as you will know what to expect and you will be ready to tackle whatever the test throws at you.

—Charlotte Larson, General Management, Class 2011

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Do I need to know exactly what I want to do before starting the MBA program?

While it is easier to know exactly what you want to do before you start the MBA program, it is not completely necessary. You will feel like everyone knows what they want and how they are going to get there, but as time progresses you will realize that there are many of you who are exploring your options.

The first semester gives you exposure to all tracks: finance, marketing, OBHR, and supply chain. A few people switch emphasis during orientation and after first semester based on new information. Others, like me, explore a few different options. I knew I wanted to come back to school and change my career path completely, but didn't know what I wanted to do exactly. I knew eventually I would like to teach college.

In the middle of the first semester I decided to go on for a PhD in business. I explored that option and decided it isn't for me. I would still like to teach at the college level one day, but it will be as an adjunct or professional track professor. Others in my class started out focused on big business, but after completing an internship have since decided to pursue a PhD in business.

Every person's path is a bit different, but there are lots of options and you won't know what they are if you don't try them. So, don't let not knowing what you want to do long-term stop you from applying to the MBA program.

Jessica Sorenson, OB/HR, Class of 2010

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How do you balance your MBA with the rest of your life?

During orientation, Craig Merrill, the MBA Director said that if you feel like you’re not giving enough in every area of your life (be it family, social, school, church, etc.) then you’re probably as close to balance as you’re going to get. Personally, I can echo that statement. Being a straight-A student typically comes at a big cost in time. That said, you can do just fine and have a decent lifestyle while you’re at it, but you have to prioritize.

For me, prioritizing has meant getting a 3.5 gpa instead of the 3.9 I was accustomed to during my undergrad. But, I get to campus at 8am and leave at 5pm most days and I’ve only gone back to campus at night a handful of times so far during the program. I have a family so I usually spend 2-3 hours each day with them. When the kids are in bed, I typically work until turning in for the night. I sleep just under 8 hours a night. I’ve played intramurals, been involved in a club, done a few competitions, gone on a few trips, and managed to avoid homework most Sundays. I’m not saying this is typical, but if you’ve heard horror stories about the time demands during b-school, don’t think it has to be that way either.

-Merritt Aho, Marketing, Class of 2011

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What’s the best way to prepare for the MBA program?

Start career planning now. Most students in my class were surprised that, even during orientation, much of our time was spent on career development activities. What are those, you might fairly ask? Preparing for interviews, work-shopping your resume, preparing an elevator pitch, researching companies and positions, identifying career fields and jobs that most interest you, etc. The best way to get a great internship or job is to understand exactly how they’re had. The process is a skill which most of us are not born with. The opportunities are there before the first class even begins and if you’re first to the table, you won’t regret it.

The best way to get started on this is to speak with current students and find out what works and what doesn’t. Find someone in the program who’s willing to coach you a little bit. They’ll help you get oriented in the MBA job market and key you into the big opportunities and how to take advantage of them.

-Merritt Aho, Marketing, Class of 2011

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Is it easy to find an internship/job coming from BYU?

I mentioned in another post that the one thing I think incoming students can do to prepare for their MBA, is to begin the career search now. The first semester of school is a huge refining process for most MBA’s in terms of their job-finding skills, and gaining an understanding of the process early on, as well as answering some fundamental questions about personal career goals, can make a big difference and give you a leg up.

Is it tough to get hired out of BYU? It really depends. You’ll hear from our recruiting teams that these are hard times, that employers have cut back, that even students at top 10 schools are having a more difficult time finding internships due to economic pressures. Though true that may be, I really get the sense that BYU has always had a challenge approaching top-tier employers. Now, that’s more true for some tracks than others – tracks = fields of business study such as finance or marketing – but generally speaking, top employers tend to skim from the top around here (if you catch my meaning). A lot of students seriously struggle to find work in the areas and at the companies they’re after. Now, typically if they’re willing to adjust their goals, they’ll find a world of opportunity before them. It may really just depend on how ambitious you are, how prepared you are, and (admittedly) how gifted you are.

That was the not-so-great news. Here’s the good news: many top companies take BYU very seriously, and we always seem to place people in some of the most coveted jobs year in and year out. If you’re prepared, have the right experience, and generally fit the bill, you’ll have a solid shot at just about anywhere you want to go from here. It may take a lot of work. I can guarantee you’ll need some solid networking (relationship-building) skills and maybe a little luck. But students do it every year. And just remember this when you get your dream job: your co-workers likely paid multiples of the cost of your MBA, and you’re getting the same pay as they are!

-Merritt Aho, Marketing, Class of 2011

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