Forgive me for another sports-themed post, but on this weekend before Opening Day (sorry, Sox Nation, but baseball hasn't officially begun until the Detroit Tigers take the field) I got to thinking about the incredibly-entertaining and business-school-relevant book Moneyball and its teachings as they relate to the GMAT. (Note to potential test-takers: That run-on sentence wasn't a result of laziness on my part - that's the kind of monster sentence you'll need to correct on the verbal section!)
In a nutshell, Moneyball tells of the Oakland A's uniquely-effective strategy of statiscally analyzing baseball statistics to determine which attributes in a player were most cost-effective and correlated to winning. Surprisingly to some, the findings were that less-sexy stats such as On Base Percentage and Walks were actually more conducive to winning than were the oft-romanticized Home Runs and Runs Batted In; unsurprisingly, players who specialized in the former statistics commanded much lower salaries than those who hit for power and filled the stands.
The logic behind OBP and Walks and their effect on winning is that players who can work the pitch count and still get on base will not only create scoring opportunities for their teams, but also wear down the opposing pitchers and eventually create opportunities to take advantage of poor pitches and poorer pitchers serving in relief.
How does this relate to the GMAT? I see two ways you can employ Moneyball logic to help you better approach the exam:
(1) Your own Moneyball strategy - When facing difficult questions on the GMAT, your first inclination is often to 'swing for the fences', seeking a monster, one-shot equation to solve the problem-solving question, trying to solve a sentence correction question by reading through each sentence as a whole, etc. Students often find themselves overwhelmed trying to make a yeah-or-nay decision on each answer choice all at once, or brainstorm the single equation to make sense of the entire paragraph-long word problem.
While you may hit a few homers with this method, you'll also strike out more often than you'd like. If you instead try and "work the count" and "wait for your pitch", you can more patiently work through questions in a step-by-step manner:
-Don't swing at the first pitch - if you can't definitively eliminate answer choice A on a verbal question, let it pass and come back to it after you've seen a few other choices to better calibrate your tolerance for correct/incorrect answers.
-Put the ball in play - hitting a single and manufacturing a run counts the same as a solo homer, just as solving for intermediate variables and creating 2-3 smaller problems, rather than tackling the entire problem in one fell swoop, will still get you a correct answer with less risk. With sentence correction questions, you can hit singles by correcting one error at a time, rather than deciding on each question as it comes.
-Own the plate - effective batters will take ownership of the plate and the strike zone, and foul off pitches that don't fit in to their sweet spots. Similarly, effective test-takers will make each question their own by putting equations in their own terms, anticipating questions before reading passages, etc. Don't simply react to the question you're given - proactively make it your own so that you can keep it in your 'sweet spot'.
2) The GMAT uses Moneyball strategy - students typically try to determine question difficulty by looking for the GMAT's "home run" swing, and are vulnerable to the fact that the GMAT acts more like a cagey leadoff hitter than a cleanup slugger.
The test is designed to wear you down, not knock you out - beware the questions or passages that bait you in to wasting time, as making you spend 4 minutes on a correct answer isn't much worse for the test creator than having you spend 2 minutes on an incorrect one. Those extra 2 minutes mean you'll have less time for a future question.
The test is often a contact hitter - while you may be looking for the monster permutations and data sufficiency question, the test is just as likely to create a high-difficulty question that hinges on a small technicality. Does x have to be an integer or prime number? Does the conclusion feature a superlative term like "only" or "always"? These devices elicit incorrect answers, often just as easily as the horribly convoluted questions, so look out for the unassuming question in the weeds.
The test is built for the long haul - Moneyball theorists contend that wearing out a pitcher over the first 5-6 innings will produce a high-scoring few innings later in the game with a worn-out starter or less-talented reliver. Similarly, the test is designed to sap your time and energy early so that you make errors later on. Bide your time on the AWA section, take your breaks, and prepare to dig in for the entire exam so that you don't throw a no-hitter through the first 20 questions but struggle to finish.
Also relevant to the beginning of the baseball season is the timing - the work you put in during April and May on the GMAT will pay dividends as you focus on your applications through the dog days of August, and triumphantly submit your applications in the "Fall Classic" deadline season of October. Best of luck over the summer - like the 2008 Detroit Tigers, may you relax this winter as a champion!
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Friday, March 28, 2008
It's Opening Day - Play Ball! Or Take the GMAT...
Tuesday, March 18, 2008
Ace That Interview!
Part of your application to a graduate business program will be an interview. I think it goes without saying (though I'm going to say it anyways) that this interview is important. We already have a post on the proper dress for your interview, but I want to point you to another source.
MBA Podcaster did a podcast recently (as they have been known to do) called "Acing the MBA Interview". It's just under 18 minutes long, and well worth the listen. The post (link is below) also has a list of 34 topics to consider prior to your interview, and a transcript of the podcast, if you'd rather just read it.
Oh, and as a cool bonus? One of the guests on the podcast is none other than Veritas Prep's own Chad Troutwine (one of our co-founders!). So give it a listen!
MBA Podcaster: "Acing the MBA Interview"
Tuesday, March 11, 2008
March Madness B-School Rankings
Brian recently posted up a nice article comparing the NCAA Tournament Season to the MBA application season, with some very sound advice. I, however, am going to take the onset of March Madness in another direction.
Everybody loves to look at school rankings. It's how we determine the top business schools in the country. Every ranking uses its own criteria to determine the best schools, and these criteria can be quite complicated. But today, I offer you a much simpler ranking. These are the Top 25 business schools, based on their current AP Men's Basketball Ranking. I tried to add the actual name of each business school in parentheses, but as many of these schools rarely grace the upper echelons of other, more "traditional" business school rankings, I couldn't find them all. Also, some just don't have them.
NCAA's Top 25 Business Schools
1. North Carolina (Kenan-Flagler)
2. Memphis (Fogelman)
3. UCLA (Anderson)
4. Tennessee
5. Kansas
6. Texas (McCombs)
7. Duke (Fuqua)
8. Wisconsin
9. Georgetown (McDonough)
10. Xavier
11. Stanford
12. Butler
13. Louisville
14. Notre Dame (Mendoza)
15. Connecticut
16. Drake
17. Purdue (Krannert)
18. Vanderbilt
19. Michigan St. (Broad)
20. Gonzaga
21. Washington St.
22. Indiana (Kelley)
23. Davidson
24. BYU (Marriott)
25. Marquette
Should you decide to use my rankings in your search for a business school*, I do hope they prove useful. And if not, consider yourself well-informed for the start of the NCAA Tournament, which is rapidly approaching.
*Please note that while college basketball is extremely exciting, most experts would probably agree that you shouldn't base your decision to attend a given MBA program on the success of the school's basketball team.
Friday, March 7, 2008
March Madness, GMAT Style
'Tis the season: all eyes are on the elite college campuses across the nation, with highly-scrutinized and much-anticipated decisions being made in Durham, Chapel Hill, Palo Alto, Austin, Boston, and Bel Air. MBA Admissions season? Well, yes, but it's also NCAA Tournament time, with the teams representing some of the world's elite b-school universities preparing for one of the highest-stakes activities a young person can experience.
March is a time of great pressure for hoopsters and gamblers alike, but for prospective MBA applicants it also creates an opportunity to relax. If you're thinking about applying in the fall, you're in a terrific position to take your time (employing Dean Smith's patented four-corners offense, perhaps?) and strategically approach the process without much pressure.
In my experience as a GMAT instructor, I've found that the single-greatest disadvantage test-takers face is pressure - the kind of win-and-you're-in, lose-and-go-home pressure you'll see on display this spring in college basketball. Miss a clutch free throw (or botch a Data Sufficiency problem) and you may not have a chance to recover - and as the clock ticks down, even the greatest of performers feel the need to rush.
The best way to avoid the crunch? Take a lesson from the pros and make it a best-of-seven series, so to speak. Those who take the GMAT with an opportunity to recover from a poor score simply don't feel that kind of all-or-nothing pressure. Accordingly, plan to take the GMAT at least a month before you'll need the score for your application. If you hit 700+, you win; if you don't, you live to fight another day. Remember: your GMAT score is good for five years, and you can take it again (if necessary) after waiting just one month (with a chance to review your mental 'game film' to strategize for the next occasion). Simply knowing that you have another chance waiting for you will allow you to sufficiently relax, taking that pressure off and allowing you to perform to your potential.
Therefore, for the GMAT-taker, March Madness can be replaceed with March Mellow - begin studying for the GMAT in the spring, plan to take it before your summer officially begins so that you can enjoy it (and make campus visits to schools seemingly outside your reach before test day), and reap the benefits of being able to remain cool in the clutch!
One more basketball-related note - great coaches never let their teams practice free throws at the beginning of a workout, noting that players take the most meaningful foul shots when their legs are worn down and their lungs are heaving - at the end of the game, not the beginning. Similarly, you'll never face a Reading Comprehension passage on a leisurely Sunday morning with a fresh cup of coffee, but you will find a dense, uninteresting passage toward the end of a 3.5 hour exam. Accordingly, you may want to practice your mental focus with Reading Comprehension passages at the end of each 2-hour-plus study session, so that you can experience the mental drain that leads to re-reading and burnout.