An Early Edge - JumpStart Advisory Group

MBA JumpStart is the brainchild of John Burt, Jr., director of diversity recruiting for North America at The Boston Consulting Group, and Elton Ndoma-

Ogar, diversity and inclusion manager for North America at BP, Inc. After graduating from Duke University’s MBA program in 2003 and embarking on careers in consulting and investment banking, respectively, they were struck by how few of their colleagues were people of color. Drawing on their entrepreneurial MBA skills, they launched the first JumpStart Diversity Forum in 2004. Since then, the program has hosted over 800 diverse MBA candidates to consulting and finance careers. It has also expanded its scope to include an undergraduate forum and a series of school-specific “mini” MBA forums, as well as an online career center and other resources. Educating diverse business talent about these highly competitive industries before they start their MBA programs is what MBA JumpStart is all about. Every summer, this targeted forum brings more than 100 selected incoming minority and female students from top-tier business schools together with representatives of leading financial services and consulting firms (see “Meet the MBA JumpStart Class of 2011” sidebar). The result is an intensive two-and-a-half-day conference designed to give the students a running start in the fall by learning what these careers involve and how to prepare for the on-campus recruiting process before it even begins. At the 2011 MBA JumpStart Diversity Forum, held this past July 14-16 at the University of Chicago’s Booth School of Business, attendees had the chance to connect with—and get a real-world, insiders’ perspective from—mid- to senior-level financial

Now in its eighth year, the MBA JumpStart Diversity Forum continues to expand its mission of putting more women and minority business students on the fast track to successful careers in consulting and financial servicesby Pam Chwedyk

LEARNING FROM LEADERS: Harold Ford Jr., Managing Director at Morgan Stanley and former five-term U.S. Congressman, advises the audience on the value of relationship building during his keynote speech over dinner.

An Early Edge

Consulting Firms• Accenture (lead sponsor)• A.T. Kearney• Booz Allen Hamilton• Booz & Company• The Boston Consulting Group• Deloitte• Ernst & Young• IBM• L.E.K. Consulting• McKinsey & Company• PwC

FinanCial serviCes Firms• J.P. Morgan (lead sponsor)• Morgan Stanley (lead sponsor)• Bank of America Merrill Lynch• Barclays Capital • Citi• Credit Suisse• Deutsche Bank• Fidelity Investments• Goldman Sachs• MFS Investment Management• UBS• Wellington Management• Wells Fargo Securities

DeDiCateD to Diversity2011 MBA JUMPSTART DIvERSITY FORUM CORPORATE PARTNERS:

John T. BurT, Jr.JumpStart, Co-Founder• Current Exp: Diversity at BCG• Prior Exp: Consultant (Booz, Lilly),

Corporate Finance (Lilly)• MBA, Fuqua- Duke University• Bachelor’s degree, Finance, Indiana

University

ElTon ndoma-ogarJumpStart, Co-Founder• Current Exp: Diversity at BP, Inc.• Prior Exp: Equity Sales Trader (Morgan

Stanley), Diversity (Morgan Stanley, Bank of America Merrill Lynch), Sales (J&J, Roche)

• MBA, Fuqua - Duke University• Bachelor’s degree, Health Sciences,

Wake Forest University

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Fo r m o r e i n f o r m a t i o n a b o u t J u m p S t a r t , v i s i t w w w. m b a j u m p s t a r t . o r g o r c o n t a c t u s a t i n f o @ m b a j u m p s t a r t . c o m .

services and consulting professionals from 24 firms, representing a wide variety of business units and job functions. (See “Dedicated to Diversity” sidebar.) And, of course, there were plenty of recruiters, who delivered the lowdown on what MBA candidates can expect during technical interviews—and even more important, what interviewers will expect from them. Students also had the opportunity to learn from success stories of JumpStart alumni such as Bryan Lattimore, a recent Wharton MBA graduate who now enjoys a rewarding career as an associate at McKinsey & Company, one of the world’s most prestigious management consulting firms. Although he has only been with the company for a little over a year, he has already worked on projects in Korea, the United Kingdom and Bermuda. Now, Lattimore is helping the MBA JumpStart Class of 2011 learn from his experience. “Three years ago, I was sitting right there where you are,” he told the JumpStart 2011 class. “I didn’t know anything about consulting or about [what company I wanted to work for].”

N o N s to p L e a r N i N gMBA JumpStart is an incredibly intense experience. The students start early and soon they’re heading off to learn the rules of engagement in what Ndoma-Ogar calls “the huge war for talent in these two industries.” As Burt explains, “It’s not enough to say, ‘All I want to do is work for company X.’ To compete successfully, candidates must convey analytical skills, know the industry and be able to clearly demonstrate how they can create value for a firm.”

The pace is fast and the schedule is packed. The students spend virtually the entire event in back-to-back educational and networking sessions, from early morning one-on-one informational interviews with investment bankers to interactive working luncheons and evening keynote dinners. There’s very little downtime, but the payoff is well worth it. Students come out of the forum prepared to cultivate early relationships with industry contacts, which can lead to internships or even full-time job offers. “It’s important to learn about both of these industries,” Burt emphasized in his opening remarks, “because they’re very similar in many ways and distinctly different in other ways.” As the conference progressed, the students came to realize that while each field has its own jargon—pitchbook, LBO and Chinese wall vs. partnering models and enterprise

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M B a J U M p s t a r t • a N e a r L y e d g e

“I’m interested in consult-ing. MBA JumpStart gave me a much better insight into which firms I want to target, so I can be more focused and use my time more effectively during the campus recruitment

process.”

— Justin lewis Stern School of Business, Class of 2013

“My ‘aha!’ moment, was learning that you have to continue to network and brand yourself even after you get the job. Until now, I had always thought about my long-term career in terms of ‘once

you get in there, you just do your work.’”

— Janee Wilson Key Harvard Business School, Class of 2013

“My biggest takeaway was the opportunity to learn about companies I wasn’t familiar with. For example, I didn’t know that Merrill Lynch does private equity business.”

— rocio Cardenas Ross School of Business, Class of 2013

FeeDbaCK From stuDentsBiggest takeaways from participants in the 8th Annual MBA JumpStart Diversity Forum


SOLvING PROBLEMS: Amber Salley, current consultant at Accenture (Univ. of Chicago Booth alum, JumpStart alum), advises a small group of students on how to approach business case problems. Other students went thru a similar experience with A. T. Kearney, BCG, Deloitte, and McKinsey.

performance management—they both serve their clients by performing the function of a trusted advisor. In other words, consulting and financial services firms don’t just sell products. What they’re really selling is their research, knowledge and expert recommendations about which investment to buy or how to improve business results. One of MBA JumpStart’s key goals is to expose students to as many different career paths as possible, so that they are aware of all their options and are ready to begin making decisions about which roles appeal to them most. For example, would they be more comfortable making deals on a hectic trading floor or quietly crunching numbers in an investment banking office? Or as Accenture strategy consultant Tania Sanchez put it: “What’s your sweet spot? Do you like working up front with clients? Or do you enjoy

working behind the scenes and being the person who comes up with the great idea for solving the client’s problem?” The forum also provides a supportive atmosphere where students can feel empowered to take what Burt describes as “a deeper dive beyond the basics.” He encouraged the 2011 attendees to “probe, drill down to find out what you need to know, and make the most of this opportunity.” That environment prompted many students to ask tough questions about issues like work/life balance and what investment and consulting professionals don’t like about their jobs. As a result, they got a candidly realistic preview of what these careers are really like, including the downside: the long hours, the hard work, the pressure, and (in the case of consulting) the challenge of frequent travel. Yet the industry experts’ enthusiasm and passion for their work constantly shone through, as when one private wealth manager described his job as “the best-kept secret on Wall Street. It gets less attention than trading and investment banking, but it’s very rewarding.”

to B U y o r N ot to B U yIt’s one thing to simply listen to bankers and consultants talk about what they do and why they love doing it. However, MBA JumpStart takes the “day in the life” educational model one step further by including hands-on role-playing exercises that enable students to not just learn about these careers but actually try them on to see if they’re a good fit. For example, this year’s Diversity Forum featured a “stock game” designed to give students a


HANDS-ON LEARNING: Sara Selim (Yale School of Management) and Anjelica Kelly (Columbia GSB) work on analyzing the value of a company during the Stock Game hosted by Fidelity.

Facts and figures from the 2011 MBA JumpStart Diversity Forum:

Number of Students Participating: 102

Average GMAT Score: 700

Average Work Experience: 5 years

Gender: 58% male, 42% female

Race/Ethnicity: • 65% African-American, black or of African descent• 21% Hispanic, Latin American or of Latin descent• 7% Asian• 7% Other

• University of Chicago Booth School of Business (host)

• Columbia University Business School • Darden School of Business (University of virginia) • Fisher College of Business (Ohio State) • Fuqua School of Business (Duke) • Goizueta Business School (Emory) • Haas School of Business (University of California-

Berkeley) • Harvard Business School • Johnson Graduate School of Management

(Cornell) • Kellogg School of Management (Northwestern)

• Kenan-Flagler Business School (UNC) • McCombs School of Business (University of

Texas-Austin)• Ross School of Business (University of Michigan) • Sloan School of Management (MIT) • Stanford Graduate School of Business • Stern School of Business (NYU) • Tepper School of Business (Carnegie Mellon) • Tuck School of Business (Dartmouth) • The Wharton School (University of Pennsylvania) • Yale School of Management

meet the mba Jumpstart Class oF 201120 Business Schools Represented:

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taste of what being an investment manager is like. The students were organized into breakout groups, each of which was given a stock to analyze. Each group was told to come up with a consensus on whether or not the stock was worth buying. Next, they had to develop an investment thesis supporting their recommendation and appoint one or more team members to give a five-minute presentation, as if pitching the stock to a portfolio manager client. Guided by research analysts and portfolio managers from Fidelity Investments, the students learned to evaluate the company and the stock by asking questions like: What drives the stock? Who are the company’s competitors? What are the opportunities for growth? What are the risks? How could the company reduce its costs to improve its operating margins? Similarly, the “So You Want to Be a Consultant” workshop, facilitated by professionals from Accenture, A.T. Kearney, The Boston Consulting Group, Deloitte, and McKinsey & Company, divided the students into groups to develop and present a solution to a practice case—e.g., whether or not the client should acquire another company, or what to do about an underperforming business unit. This gave them a firsthand sample of how the consulting thought process works, how a case is structured and how to present their recommendations in a concise, persuasive way. They also learned some impromptu lessons on how to defend their case, with the MBA JumpStart staff acting the part of the client questioning the reasoning behind the students’ assumptions.

“a h a !” M o M e N t sWhile the 2011 JumpStarters agreed that it was “a little scary” to realize how much they needed to know before starting business school, they welcomed the opportunity to gain so much inside information so early on. For many, it was not only an eye-opening and preconception-busting experience but also a game-changing one. For example, Janee Wilson-Key, who has now matriculated into the MBA program at Harvard Business School, said she came to the conference “strictly wanting to learn about consulting” but came away with the revelation that asset management might be a better career fit for her. “My other ‘aha!’ moment,” she added, “was learning that you have to continue to network and brand yourself even after you get the job. Until now, I had always thought about my long-term career in terms of ‘once you get in there, you just do your work.’” For Rocio Cardenas, now a first-year MBA candidate at the University of Michigan’s Ross School of Business, the biggest takeaway was “the opportunity to learn about companies I wasn’t familiar with. For example, I didn’t know that Merrill Lynch does private equity business.” By the forum’s second day, Justin Lewis was already making plans to apply his new knowledge. “I’m interested in consulting,” said Lewis, who is now attending New York University’s Stern School of Business. “MBA JumpStart gave me a much better insight into which firms I want to target, so I can be more focused and use my time more effectively during the campus recruitment process.” Throughout the conference, students repeatedly thanked the corporate partners for their honesty and willingness to provide “just straight ‘real talk.’” And at the end of a long, exhausting but exhilarating two-and-a-half days, the Diversity Forum’s founders took time to express some gratitude of their own.

investment banking recruiters look For:• Strong knowledge of the financial markets.• Real passion for investments and the

financial services industry.• Ability to make quick decisions in a fast-

paced environment.• A high level of intellectual curiosity.• Courage and integrity, backed by strong

analytical skills.

Consulting recruiters look For Candidates Who:• Can think fast on their feet.• Demonstrate the ability to develop and

present plausible solutions to complex problems.

• Are able to think both conceptually and analytically.

• Have strong communication, leadership and teamwork skills.

• Show potential to bring innovative new ideas to the table.


What reCruiters looK For

According to MBA JumpStart founders Elton Ndoma-Ogar and John Burt, Jr., one of

the biggest obstacles for many MBA students who want to get jobs in investment banking or consulting is that they don’t understand how they’re being evaluated in an interview. Corporate panelists at the 8th Annual MBA JumpStart Diversity Forum shared these insights about how they assess candidates:

ACCESS TO EXECUTIvES: Students were on the edge of their seat during the Executive Roundtable. Partner level representatives from Accenture, A. T. Kearney, Booz Allen Hamilton, BCG, Deloitte, and McKinsey discussed the value proposition of consulting as a viable career option.

This session included Jim Lowry, Senior Advisor at BCG, and Reggie Van Lee, Senior Vice President at Booz Allen Hamilton, both recipients of the JumpStart Diversity Trailblazer Award.

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NEW MEMBERS OF THE JUMPSTART NETWORK: The 100 incoming MBA students join the other 5,000 members of the JumpStart Network.


“i ask every candidate to give

me a 30-second history of our

company,” Morgan stanley sales

trading executive george Van amson

told students at the 2011

MBa Jumpstart diversity Forum.

“if you can’t do that, i stop being

a recruiter and turn into a funeral

director.”

MBA recruiting experts from J.P. Morgan, Bank of America Merrill Lynch, The Boston Consulting Group, Deloitte, Accenture and other top financial services and consulting firms also offered this advice for acing the on-campus interview process and avoiding common pitfalls:

• DO start early. The campus recruiting cycle begins in July and ends in December, so you can’t wait until September to start building relationships with recruiters.

• DON’T underestimate the power of the on-campus recruiter. Many students make the mistake of not using these professionals as a resource, but they’re actually your gateway into the firm.

• DO your homework and prepare for the interview in advance. Going into the interview as prepared as possible makes a good impression.

• DO ask the best questions you can. Demonstrate your knowledge of the industry, the markets and the firm. Show that you did good due diligence.

• For consulting case interviews, DON’T wait until the start of the recruiting cycle to learn how to structure and present a case. DO start practicing cases ASAP. Take advantage of mock interviews and case-preparation workshops offered by firms.

• DO understand that you can be fairly informal with a campus recruiter, but not with a hiring manager. E.g., DON’T invite a senior manager to friend you on Facebook.

• If you want to work in a specific location, DO let the recruiter know up front, so he or she can introduce you to the right people in that city.

• DO be honest with your recruiters. DON’T give them last-minute surprises. Remember, it’s all about cultivating relationships, so integrity and good judgment are essential.

Do’s anD Don’ts oF on-Campus Job intervieWing

“What impresses me the most is your intellectual curiosity,” Ndoma-Ogar told the students. “That thirst to learn is what will differentiate you from the competition when you begin your career search. Thank you for being so engaged.”

Pam Chwedyk is a Chicago-based freelance writer specializing in diversity and healthcare topics.

Photography done by Ana Miyares PhotographyDesign done by Azalea Graphics

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An Early Edge - JumpStart Advisory Group