The Value of B-School: An MBA Profile

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Ivan Burov speaks with TopMBA.com about his MBA experience at the Univeristy of Virginia and the difference a degree from a top business school makes.

A desire to study in an international environment, coupled with superior future job prospects were Burov’s main reasons for applying to business school. “Also, I considered the MBA a great way to find out more about foreign business culture and to become more marketable for the global job market,” the Russian MBA student says.

A former investment analyst in the Global Finance Markets Department at the International Finance Corporation/World Bank Group in Moscow, Burov has left his home country to seek his business school qualification abroad.

Studying abroad

While his decision to study in the US is an indication of the strength of US business schools, he acknowledges this value won’t be immediately recognized by employers back home in Russia. “I believe that the value of an MBA from top business schools is significantly undervalued in Russia. Companies do not understand, or do not want to understand, that the key idea why the MBA graduate should be well paid is hidden in the overall concept of the business education and MBA program.

“Unfortunately, the poor quality of some Russian MBA programs has contributed to the negative image of all MBAs. Employers may not know that an MBA degree from a top school means an absolutely different thing than a poorly structured and poorly executed MBA from a Russian university or fourth tiered European business school.”

For Burov, the value an MBA alumnus brings to a company is clear. “An MBA graduate should stimulate the sustainable growth and development of the enterprise by eliminating or improving the redundant processes. They should look for new growth opportunities crafting a new development strategy and become a mentor for a lot of colleagues, thus giving back to the company significantly more than the company pays her or him.”

Getting into B-school

Burov is the first to admit he is not the best person when it comes to sitting tests, but he still managed to get through the GMAT. “It [the GMAT] is much more serious than it looks and is extremely objective in terms of the time and effort invested in test preparation.” He scored less than 700, which immediately eliminated a number of business schools to which he could apply.

However, Burov also had other criteria to consider during his application. “I looked at the friendliness of the learning environment, the community, [and placed a] high emphasis on practice and constant good performance both in the academic sense and career development sense.

“When I was submitting my application I knew significantly less than I know now!” he says.

Part of Burov’s MBA research and application included a visit to the QS World MBA Tour in Moscow in 2007. “I would say this is a great event that really helps students to learn more about different schools and programs in a very short period of time. I am really thankful to the organizers of the QS MBA Tour as it was the place where I first learnt about Ross. I would definitely recommend everybody who considers going to B-school to visit this great event.”

Burov was admitted to both Ross and Darden Business School at the University of Virginia. After careful consideration of both opportunities, he decided to go to Ross. “In my opinion it had a better fit to my aims and expectations, and is considered a top school in strategy. I can sincerely say that after Ross you would definitely have a much more strategic view on many problems and business challenges.”

MBA funding

As an international student, Ross School of Business provided Burov with a loan without a co-signer at very attractive terms, Burov explains, “which was extremely nice last year with the credit crunch!” It was also one of the reasons why he decided to apply to US business schools and not to European ones.

“My key recommendation would be to apply to schools where you know how to finance your studies. Yes, I mean calculations are necessary and please do not underestimate the level of expense,” says Burov. “Otherwise it can be extremely tough to [withdraw your application] if the university does not provide any funding and you do not have enough money for the tuition fees.

“Be pragmatic and think ahead on how to finance your expenses to live, not a luxurious, but an extremely nice student life during your MBA program.”

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