Tuesday, September 10, 2019

合格 Points For フュークア・スクール・オブ・ビジネス


Duke University’s Fuqua School of Business recently revamped its application process to revise its short answer questions. Catherine Tuttle, a former associate director at Duke University’s Fuqua School of Business, recently discussed tips for applicants on how to best approach Fuqua’s application. 

25 RANDOM THINGS ABOUT YOU
Fuqua’s notorious 25 Random Things essay can be tricky if you aren’t familiar with it. Yet, Tuttle says, this prompt is simply to learn more about you beyond your professional attributes.
“This is an opportunity to have some fun and to highlight an aspect of yourself that may not shine through in traditional MBA essay questions,” Tuttle writes. “This is also an opportunity to connect on a personal level – this is a medium to be courageous. If done right, your answers will draw the committee in and lead them to advocate for you during the process.”
To answer this question, Tuttle says, applicants should reflect on their values, hobbies, and passions.
“These can and should be a combination of poignant, playful, sad, funny, striking, deep and everything that lies in between,” she writes. “Some can be a paragraph whereas others may be a declarative sentence. Remember that these things should reflect with the core values of Fuqua’s community – collaboration, diversity, respect, honesty and contributing to a cause greater than yourself.”
The Fuqua Community and You
The second Fuqua essay prompt asks you how you see yourself engaging in and contributing to the Fuqua community outside of the classroom.
Tuttle says the key aspect of this question is “outside of the classroom.”
“Applicants frequently ignore that portion of the prompt and wax poetic about how their experiences will add value in classroom discussions,” Tuttle writes. “Going deeper here is crucial. Fuqua boasts over 60 clubs, all of which were initiated and run by students. These clubs and other experiential opportunities position you to take action and flex the leadership muscle you’ll be strengthening in the program.”
It’s important, Tuttle adds, to highlight which clubs you think you’d fit into and tie in your experience.
“Consider the associations you’d enjoy being a contributor to – professional clubs but also merrier ones like the Outdoors Club or the Wine Club,” Tuttle writes. “Then, contemplate your past experiences and how they will reinforce Fuqua’s mission and goals. Connecting with club members will ensure you’re even better armed to specifically articulate how you plan to add value.”
CULTURAL COMPETENCY
Fuqua also emphasizes its diversity. Nearly 40% of its student body hails from outside the United States.
Tuttle says it’s critical that applicants demonstrate cultural competency when applying to Fuqua.
“Explore ways to emphasize your experience partnering with globally diverse teams and why an international perspective is essential to you from a personal and professional perspective,” Tuttle writes.

MBA vs. EMBA

You want to get a business degree, but you aren’t sure whether the Full-Time MBA or Executive MBA is right for you.
Brian O’Connell, of TheStreet, recently discussed the differences between the two degrees and how prospective applicants can decide which is right from them.
FULL-TIME MBA
For O’Connell, the Full-Time MBA is a flexible degree that can be applied to a variety of industries.
“While an MBA’s core disciplines are in the business arena, an MBA can also prove useful in a number of other professional categories, including law, public policy, urban planning, marketing, sales and a myriad of careers,” O’Connell writes.
Yet, as flexible as the degree is, it comes with a few pre-requisites.
“The MBA student needs to pass and complete a core academic series of subjects, including finance and economics, accounting, operations and logistics, and marketing classes,” O’Connell writes. “More recently, many colleges and universities require a technology element as well, such as financial/technology (fin-tech), logistics, data analysis and statistics, and technology product development.”
The GMAT is, traditionally, the standardized exam you’ll need to take to get into an MBA program. However, more schools are now accepting the GRE as well.
“The GMAT is considered tougher in the math department due to its data sufficiency questions, while the GRE Verbal section’s emphasis on vocabulary can make it tougher for non-native speakers and those who don’t regularly read complex literature,” according to The Economist.
EXECUTIVE MBA
The Executive MBA (EMBA) has similarities to the MBA. However, the degree is catered more to applicants who are well-established in their professional sectors.
“By and large, EMBA students have already worked in the real world, usually as a manager, executive, analyst, or other high-level position at a company, organization or government agency,” O’Connell writes. “While they’re at graduate school, EMBA candidates usually keep their full-time jobs and study in their spare hours.”
To that extent, EMBA candidates tend to be older.
“More or less, the average EMBA student is 28-years-of-age or older while the average MBA student is in the 22 to 25 age range,” O’Connell writes.
Additionally, the EMBA curriculum tends to not require electives, unlike the MBA.
“In bypassing elective courses, EMBA students can better focus on the core curriculum schools require to graduate,” O’Connell writes.
HOW TO DECIDE
O’Connell says it’s important for applicants to consider their personal situation when deciding between the two degrees.
“If you’re already in the professional sector for five or 10 years (or more) and have made progress as a manager or executive, you’ve likely bypassed the need for an MBA and can move right on to an EMBA program,” he writes. “MBA program applicants may do better if they have no or low professional work experience and are looking to add some luster to their academic record so they can land a better job in their chosen vocation.”

5 Insider Tips For ニューヨーク州イサカにあるコーネル大学の大学院


Johnson at Cornell has deployed many initiatives over the past few years to achieve its  #10 ranking in by Bloomberg Businessweek in 2018:
1) Are-vamp of its management curriculum
2) A new NYC campus
3) It erged the business school with its schools of Applied Economics and Hotel Administration.

Tips for the Cornell Johnson MBA application
Incoming MBA students get the best of both worlds – the small-town vibe of Cornell’s Ithaca, New York campus – nested in the academic universe of Cornell University, the largest Ivy League in the US – along with living in a local college town for a semester in NYC. 

Cornel is building a community. Class discussion, interaction, and teamwork are central to the program experience. 

HERE ARE FIVE TOP TIPS FOR POSITIONING A STANDOUT APPLICATION TO CORNELL JOHNSON:

1. Visit and know the Johnson School, its people, and its culture.

Ithaca, in the bucolic Finger Lakes region of New York state, is a unique place where you’ll spend many months, so make sure the location, culture, and community resonate with you. The best way to gauge this is to visit the campus, sit in on a class and speak with Johnson Ambassadors and faculty. When you do, be sure to speak with a few of the students in the Atrium and ask them hard questions – politely of course – what they like and don’t like, why they chose Cornell, what would they change if they could. By the end of the day, you’ll have a feeling in your gut about whether Johnson is a fit for you, or not. Trust that feeling and act accordingly. Cornell knows it isn’t for everyone and they’re ok with that (and you should be, too).

2. Be authentic, be authentic, be authentic.

Write the application in your own voice, not someone else’s. Tell the admissions committee about you and your life, career, passions and why you are interested in Johnson. Do not tell them what you think they want to hear. Be honest, forthright and professional – Johnson is looking for those people. Accept advice from others who look at your application, but don’t let them edit your work until it has lost your voice or style.

3. Be creative on the “back of the resume” essay.

This is an opportunity to be you without any boundaries. Given the leeway you have with the format of sharing – you can submit your song, video, digital portfolio, etc. – how you choose to present is as important as what you choose to convey. Be unique, tell a story, draw/take a picture, make a video, stand-out with something funny, scary, honest, vulnerable, extraordinary. For example, one applicant’s video made the difference by displaying a dazzling unique differentiator: While his application was solid, his experience was typical, but when his training as a classical pianist was revealed in a video performance, he surprised everyone on the team (no one would have guessed it). Not only did he get in, I remember the video more than a decade later. Another memorable essay was submitted by a soldier stationed in a war zone, who provided the chapter headings for a book of his life. It was written to his two daughters as if he was not returning from war. It was vulnerable, profound and creative, bringing everyone who read it on the adcom to tears, which left us eager to meet him in person. Johnson is giving you the opportunity to make this part of the application anything you want it to be. (For more tips on the essay, view my article, Writing Cornell Johnson’s “Back Of The Resume” Essay.)

4. Have a plan for your short-term and long-term goals.

Quality in and quality out is important to all business schools. At Johnson, the Admissions Office and Career Services Office want to make sure that you know where you want to go and how you are going to get there. Everyone knows that ambitions can evolve, but make sure you can draw reasonable lines from what you are doing now through where you will be once you earn your MBA. For example, it’s tough to take an IT person and make them an Investment Banker, but the MBA can take the IT person and make them a consultant working in the tech space. Be prepared to discuss this transition in the interview process and have a Plan B if Plan A does not work out.

5. Let your application age and hit submit.

When you are finished with the application, don’t think about it for a few days. Let it age – get away from it and clear your mind. Go back to it when you are well-rested and review it with a critical eye. Make the necessary changes and let it rest again. You will know when it’s the best effort you can provide to convey who you are, who you want to be, and how Cornell is going to influence the rest of your career and life. Ask one or two friends to give it a look and then submit. Relax and wait for the Johnson School interview email to arrive!

Friday, August 16, 2019

2019-2020 Round 1 MBA Deadlines

MBA Application Deadlines – Round 1 / Early Action


School Deadline Decision Essay(s) Released? Application Live?
UVA / Darden (Early Action) 9/3/2019 10/9/2019 Yes Yes
IESE (Early Decision) 9/3/2019 10/18/2019 Yes Yes
Harvard Business School (R1) 9/4/2019 12/10/2019 Yes Yes
Oxford / Saïd (R1) 9/6/2019 10/18/2019 Yes Yes
Cambridge / Judge (R1) 9/9/2019 11/11/2019 Yes Yes
Yale SOM (R1) 9/10/2019 12/4/2019 Yes Yes
Stanford GSB (R1) 9/12/2019 12/12/2019 Yes Yes
London Business School (R1) 9/13/2019 11/20/2019 Yes Yes
Indian School of Business (R1) 9/15/2019
Yes Yes
UPenn / Wharton (R1) 9/17/2019 12/18/2019 Yes Yes
Notre Dame / Mendoza (Early Decision) 9/17/2019 11/1/2019 Yes Yes
Northwestern / Kellogg (R1) 9/18/2019 12/11/2019 Yes Yes
INSEAD (R1) 9/18/2019 11/22/2019 Yes Yes
Duke / Fuqua (Early Action) 9/19/2019 10/28/2019 Yes Yes
Berkeley / Haas (R1) 9/26/2019 12/12/2019 Yes Yes
U. Chicago  Booth (R1) 9/26/2019 12/5/2019 Yes Yes
Michigan / Ross (R1) 9/30/2019 12/18/2019 Yes Yes
Georgetown / McDonough (R1) 9/30/2019 12/13/2019 Yes Yes
UCLA / Anderson (R1) 10/2/2019 12/18/2019 Yes Yes
Emory / Goizueta (R1) 10/4/2019 11/29/2019 Yes Yes
Columbia Business School (Early Decision) 10/4/2019 11/29/2019 Yes Yes
UVA / Darden (R1) 10/4/2019 12/11/2019 Yes Yes
CMU / Tepper (R1) 10/6/2019 12/11/2019 Yes No
Dartmouth / Tuck (R1) 10/7/2019 12/12/2019 Yes Yes
Cornell / Johnson (R1) 10/8/2019 12/11/2019 Yes Yes
UT  Austin / McCombs (R1) 10/8/2019 12/17/2019 Yes Yes
IESE (R1) 10/10/2019 12/5/2019 Yes Yes
Rice / Jones (R1) 10/11/2019 12/6/2019 Yes Yes
Duke / Fuqua (R1) 10/14/2019 12/18/2019 Yes Yes
UNC / Kenan-Flagler (R1) 10/14/2019 12/9/2019 Yes Yes
Vanderbilt / Owen (R1) 10/14/2019 12/13/2019 Yes Yes
NYU / Stern (R1) 10/15/2019 1/1/2020 Yes Yes
Notre Dame / Mendoza (R1) 10/15/2019 12/13/2019 Yes

レナード・N・スターン・スクール・オブ・ビジネス Class of 2021

NYU Stern got a jump start on introducing their Full-Time MBA Class of 2021. This week, they released their preliminary class profile on their admissions website.
Of the 3,518 applicants hoping to join the NYU Stern Class of 2021, only 919 were admitted and 359 enrolled, for a 26 percent admission rate. Those students are, on average, 28 years old and have 5.2 years of professional experience. A few of them were also fresh graduates, with 3 percent having no work experience.

Dramatic Jumps in Academic Performance

One of the major highlights from the Stern Class of 2021 is the improved academic performance of the candidates.
  • The average GMAT score rose 5 points, from 716 to 721
  • Average GPAs increased from 3.45 to 3.52
There was also quite a difference regarding undergraduate majors. While a quarter of the Class of 2020 majored in business, that percentage increased to 30 for the new group.  Meanwhile, the choice of engineering, math, or science as a major matched last year’s candidates at 22 percent. The third most popular major for the Class of 2021 was social sciences (19 percent) followed by economics (15 percent). This is a reverse of last year when a fifth of the class were economics majors.

Women on the Rise, Veterans Hold Steady

The Stern Class of 2021 is expected to arrive on campus with more women than last year—female enrollment rose from 35 percent to 36 percent. However, international diversity decreased slightly. Only 33 percent of the Class of 2021 maintains international citizenship in 37 different countries, compared to 39 percent last year.
There was also a slight decrease in the number of minorities represented in the student body. In the Class of 2021, around a quarter of students (24 percent) identify as minorities, 9 percent of whom are underrepresented minorities. That’s down from 29 percent and 13 percent from last year. However, 7 percent of students are still U.S. Military veterans or on active duty, which is owed in part to the Fertitta Veterans Program.

Work Experience and Industry Background

Students entering the NYU Stern Class of 2021 come from a wide range of industries and backgrounds, the most popular being financial services (28 percent). After that, prior industries are widely mixed with no other industry breaching 12 percent of the class. They include:
  • Consulting, 11 percent
  • Technology, 9 percent
  • Consumer, Products, Retail, 7 percent
  • Nonprofit, Arts, Education, 7 percent
To see the full profile as of July 31, 2019, visit the Stern Full-Time MBA admissions website.

ケナン・フラグラー・ビジネス・スクール UNC / Kenan-Flagler MBA Deadlines 2019-2020

The Kenan-Flagler School of Business has announced the UNC MBA deadlines for the 2019-2020 admissions season.

UNC is conducting its MBA application review process in four rounds this season. The Early Action deadline is intended for prospective students who are sure that the Kenan-Flagler MBA is their first choice. Early Action admits are required to submit a $3,000 deposit to secure their place in the class enrolling in Fall 2020; this deposit amount is twice that of the regular decision deadline rounds.
International applicants should note that UNC encourages them to apply in Round 3 or earlier.
Applicants should note that all submissions are due by 11:59pm ET on the date of each deadline.
UNC Kenan-Flagler’s 2019-2020 MBA application deadlines are as follows:

2019-2020 UNC / Kenan-Flagler MBA Deadlines

Round Application Deadline Decision Notification Deposit Due
Early Action Ocotober 14, 2019 December 9, 2019 January 10, 2020
Round 2 January 6, 2020 March 2, 2020 April 6, 2020
Round 3 March 2, 2020 April 14, 2020 May 8, 2020
Round 4 April 6, 2020 May 18, 2020 June 1, 2020

Saturday, July 27, 2019

The Most Selective MBAs: 2018 vs. 2015 Applications Per Seat

School 2018 Apps Per Seat 2015 Apps Per Seat Difference
Stanford GSB18.619.4-0.8
MIT (Sloan)13.610.63.0
UC-Berkeley (Haas)13.114.3-1.2
Yale SOM10.910.60.3
Harvard Business School10.610.30.3
New York University (Stern)10.210.9-0.7
Rochester (Simon)9.99.20.7
UCLA (Anderson)9.59.50.0
Northwestern (Kellogg)9.48.70.7
USC (Marshall)9.18.01.1
Dartmouth (Tuck)9.19.00.1
Arizona State (W. P. Carey)8.55.23.3
Washington University (Olin)8.311.2-2.9
Duke (Fuqua)8.17.60.5
Penn State (Smeal)8.19.5-1.4
Columbia8.07.60.4
Florida (Hough)8.010.4-2.4
Maryland (Smith7.89.3-1.5
UC-Irvine (Merage)7.79.4-1.7
Rutgers7.6NANA
Michigan (Ross)7.57.9-0.4
Washington (Foster)7.58.2-0.7
Chicago (Booth)7.37.30.0
Texas (McCombs)7.38.6-1.3
Penn (Wharton)7.27.7-0.5
Carnegie Mellon (Tepper)6.98.2-1.3
Emory (Goizueta)6.88.3-1.5
Virginia (Darden)6.77.7-1.0
Pittsburgh (Katz)6.6NANA
U.C.-Davis6.68.0-1.4
Boston College (Carroll)6.56.8-0.3
Ohio State (Fisher)6.35.31.0
North Carolina (Kenan-Flagler)6.38.5-2.2
Boston University (Questrom)5.97.3-1.4
Indiana (Kelley)5.97.9-2.0
Wisconsin5.98.1-2.2
Minnesota (Carlson)5.86.9-1.1
Georgia Tech (Scheller)5.88.4-2.6
Cornell (Johnson)5.76.2-0.5
Texas-Dallas (Jindal)5.58.6-3.1
Georgetown (McDonough)5.46.9-1.5
Texas A&M (Mays)5.47.5-2.1
SMU (Cox)5.25.00.2
Rice (Jones)5.06.7-1.7
Purdue (Krannert)4.89.2-4.4
Notre Dame (Mendoza)4.75.7-1.0
Georgia (Terry)4.4NANA
Vanderbilt (Owen)3.95.1-1.2
Michigan State (Broad)3.96.3-2.4
BYU (Marriott)2.42.6-0.2

MBA Class of 2018: Overall Admissions Data

School 2018 Acceptance Rate 2018 Applications 2018 Admits 2018 Enrolled 2018 Yield 2018 Apps Per Seat
Penn (Wharton)216,2451,29486266.6%7.2
Harvard Business School119,8861,03193090.2%10.6
Stanford GSB67,79747341988.5%18.6
Chicago (Booth)234,28998359160.1%7.3
Northwestern (Kellogg)224,47197847848.9%9.4
MIT (Sloan)135,56072740956.3%13.6
Dartmouth (Tuck)232,62161228746.9%9.1
Columbia176,0291,02875673.9%8.0
UC-Berkeley (Haas)153,82258929149.4%13.1
Yale SOM203,78577134745.0%10.9
Michigan (Ross)273,18886442349.0%7.5
Duke (Fuqua)223,55779844055.1%8.1
Virginia (Darden)332,24673933545.3%6.7
Cornell (Johnson)331,60052928052.9%5.7
UCLA (Anderson)243,42483135943.2%9.5
New York University (Stern)233,78187637042.2%10.2
Carnegie Mellon (Tepper)351,62857623641.0%6.9
Texas (McCombs)342,07669728440.7%7.3
North Carolina (Kenan-Flagler)471,73580927634.1%6.3
Emory (Goizueta)411,22750118136.1%6.8
Indiana (Kelley)381,08441518443.3%5.9
Washington (Foster)3593432812538.1%7.5
Georgetown (McDonough)551,45980627033.5%5.4
Notre Dame (Mendoza)4857927712344.4%4.7
Rice (Jones)4058723311838.8%5.0
USC (Marshall)282,01756922138.8%9.1
Vanderbilt (Owen)6270443517941.1%3.9
Georgia Tech (Scheller)354951718650.2%5.8
Washington University (Olin)331,11537213536.3%8.3
Minnesota (Carlson)395292089244.2%5.8
Arizona State (W. P. Carey)207641549058.4%8.5
Penn State (Smeal)18467825870.7%8.1
Wisconsin334651557951.0%5.9
BYU (Marriott)5331516613178.9%2.4
Michigan State (Broad)443231438358.0%3.9
Ohio State (Fisher)365882129444.3%6.3
UC-Irvine (Merage)275491507147.3%7.7
Purdue (Krannert)492311144842.1%4.8
Rochester (Simon)328292678431.5%9.9
Maryland (Smith364751716135.7%7.8
SMU (Cox)464692169041.7%5.2
Boston University (Questrom)5193247215733.3%5.9
Georgia (Terry)32227735271.2%4.4
Pittsburgh (Katz)344231446444.4%6.6
Texas-Dallas (Jindal)35276975051.5%5.5
Texas A&M (Mays)423751586943.7%5.4
Florida (Hough)19272513466.7%8.0
Boston College (Carroll)445022237734.5%6.5
U.C.-Davis392901134438.9%6.6
Rutgers364111485436.5%7.6

The Most Selective MBA Programs



HAAS AND SLOAN MAKE THE MEDAL STAND
Despite Stanford’s appeal – which includes a Mediterranean climate and a 10-minute drive to Silicon Valley – it isn’t the only MBA program that attracts top talent. MIT Sloan has traditionally ranked among the top programs in terms of applications-to-seats. Over the past three years, that ratio has jumped from 10.6 to 13.6. The quality of candidates has risen too, with Sloan enjoying a 15 point rise in average GMATs over the past five years (with an increase in women and international students as well).

U.C.-Berkeley Haas ranks as the 3rd-most selective MBA program at 13.1 applications for a seat in the Class of 2020. The 14th-largest full-time MBA program, Haas has experienced a point drop in applications-to-seats over the past three years. This reflects a larger trend, as Haas has enjoyed a healthy 1.1% increase in applications during the same period. In other words, more applicants became aware of the Haas brand. This increased popularity resulted in a slight decrease in selectivity. Then again, an increase in applications doesn’t always equate to a surge in truly committed candidates. In the past two years, for example, Haas’ yield has fallen from 53.1% to 49.4%. Translation: the drop was driven by tourists not devotees. 
SELECTIVITY AIDED BY CLASS SIZE
Yale SOM (10.9) and Harvard Business School (10.6) round out the five most exclusive programs, trailed closely by New York University Stern at 10.2 – a 0.7 of a point slide in the past three years. Overall, the top five programs share a similarity: they are all based on the coasts near tech epicenters. Excluding Northwestern Kellogg and Rochester Simon, the ten most selective MBA programs fit this description. Even there, Rochester Simon defies an easy explanation. Located in northwestern New York – a six-hour drive to the Long Island Sound – the Simon School averaged 9.9 applications for every one of its 84 seats. That number will only increase now that it has become STEM certified, potentially adding 36 months to an OPT work visa for international applicants.

Rochester Simon’s selectivity punches well above its ranking. The same can be said for Arizona State’s W. P. Carey Business School. However, the school’s 8.5-to-1 applicant-to-student ratio is part and parcel of its admissions policy, which had given full-ride scholarship to every accepted applicant three years (a policy that has since shifted to providing financial aid to students). Washington University’s Olin School, a traditional Top 20 outlier, also ranked as the 13th-most selective MBA program. That said, the school’s 11.2-to-1 ratio in 2015 placed it in the Top 3 – ahead of MIT Sloan and Harvard Business School, no less. That ratio has since dwindled to 8.3-to-1, thanks to a 29% decline in applications.
UC Irvine Merage School of Business

Second-tier programs like Penn State (8.1), Florida Hough (8.0), Maryland Smith (7.9), and U.C. Irvine Merage (7.8) also perform well with selectivity in contrast to their ranking. That said, each of these programs houses less than 100 students, meaning a rise in applications produces a bigger swing in the applicant-to-student ratio than larger programs. That’s one reason why, for example, Penn State tops Wharton and Rutgers edges out Chicago Booth in this measure. Aside from Harvard, scale simply undermines prestige.

Every measure has its downsides. For example, applications-to-seats isn’t necessarily a barometer of school health. Exhibit A: Brigham Young University’s Marriott School of Business. It attracts 2.4 applications for every student it enrolls – the worst conversion among the Top 50 MBA programs. That said, the school converted 131 of the 166 accepted applicants into actual students, ranking below just Harvard and Stanford in terms of yield. In other words, Marriott sealed the deal with 75% of its targeted candidates – a healthy sign indeed.

Shifting class sizes also impacts selectivity…but not as much as one might expect. When luxury companies boost inventory, they risk watering down their distinction. That isn’t necessarily the case in graduate business education. At Berkeley Haas, for example, the school has added 45 seats since 2015 thanks to increasing physical capacity. Without this bump, Haas’ applicants-to-seats ratio would stand at 15.5 instead of 13.1. That’s hardly a downfall considering the extra $2.5 million dollars in annual tuition revenue the school generated without any discernible decline in student quality.

Overall, 25 of the top 50 American full-time MBA programs lost ground over the past three years when it comes to exclusivity. This number, however, has been influenced by 32 of these schools attracting fewer applications during this period. What’s more, 10 programs have increased class sizes by 10 or more students, with another 11 schools trimming classes by the same amount.

Like any data point, selectivity is a flawed metric that doesn’t always follow expectations. What’s more, global prestige doesn’t necessarily equate to a local program’s deep roots with local industries and employers – where the right alum or opportunity can fast-track any MBA’s career. Still, prestige matters. Many people associate a personal brand with an MBA. Earning that degree from a household name confers credibility and latitude. The sum of thousands of acceptances and rejections can make a program selective or exclusive. Over time, it is the learning, experiences, and network that ultimately determines its prestige.