August 2008 Archives

Just got back from a Sentosa beach party at KM8. We each had 5 drink coupons and partied from 7+pm to 1am. We got to meet our seniors from P4 who were quite nice to us. I danced, got splashed and generally had a good time.

A small confession as to why I didn’t wear a full bathing suit … erm … well I had a bikini bottom on beneath my sarong, but alas something was wrong with the top. It had somehow shrunk, because I don’t think I’ve turned into Dolly Parton over the last few years. It was such that had I sneezed or jumped into the pool, I might unwittingly set myself up for arrest (public indecency). I hadn’t swum in years, hence the suit was left ignored in the cupboard until now. To cut a long story short I just told everyone I couldn’t find my top. I need to get a new bathing suit!

Anyway. Bain is smart, because I think they have our goodwill now. First they sponsored what turned out to be a special ‘surprise’ this week. Then they let our weekend take off with a big bang at Sentosa without being around, so we could let loose and have fun. I was also glad that the P1s and P4s got a taste of Sentosa because it can feel quite different from mainland Singapore.

What I like so far about INSEAD is how you can just walk up to a group of people and join in the conversation without feeling awkward. While there are naturally some groupings forming e.g. people from the same nationality / speaking the same languages / living in the same block, it isn’t set in stone. The group dissipates slowly and we then join other groups. That’s a cool arrangement.

I also discovered through conversations that there were more classmates reading my blog than I had expected … so hello to you guys! Cheers to 10 great months ahead of us.

During Orientation my classmates were advised by an INSEAD staffer that Singaporean taxi drivers wouldn’t know where to go if you asked them to take you to “INSEAD” (pronounced IN-SEE-ADD”). You should tell them to go to “INSEED” instead. This was pretty funny, but sadly I wasn’t surprised at the lack of awareness of our school brand in my country.

When I told my peers at work that I was going to do my MBA at INSEAD, the majority of them didn’t know what it was. The rest of my time was spent explaining what it was and how it was ranked #6 by the FT, just below Harvard (which everyone recognises). The few who did know INSEAD, however, were aware that it was a top business school.

Sadly, in Singapore people are more likely to hear of lower-ranked business schools from NTU, NUS and SMU - largely because they have many different programmes, not just for business, and many Singaporeans have attended these universities before. So, while you need a higher GMAT score (we’re in the 700s, they’re in the mid-high 600s), three languages and preferably international work experience with interviews by international alumni to get into INSEAD, you are unlikely to impress the average Singaporean on the street much.

Importantly, my boss, my boss’s boss and my CEO all know about INSEAD. My CEO has an MBA and knows that if I come back, I will bring added value. So, hopefully it appears that the people who do matter in your careers are more likely to know of the good schools. If your prospective boss has never heard of INSEAD then it would be worrying and I suggest you apply for another job where it is valued! Don’t waste your €50,000.

However, more can be done about the awareness of INSEAD in Singapore. There are stories in the press of how local b-school students have taken on some initiative in a local or regional context. People read these stories and gain a good impression of these students and the schools they come from. The last INSEAD article I noticed was an interview with our new dean, Frank Brown, last year. (For those who want to read it, it’s on the notice board next to Reception.) Unless there are more such articles appearing regularly in the press and other forms of involvement to raise awareness of INSEAD, its name will continue to draw blank stares from people I know.

Not that INSEAD is short of Singaporean applicants, I’m sure. I know a few who aspire to get into INSEAD, a few who tried but didn’t make it, one who wanted it but felt he couldn’t make it and went to a mid-tier US school instead. There’s also a good number of Singaporeans in my batch (although no more than 15% of each nationality is allowed).

Also, I know that INSEAD courts top management from big local companies for morning talks by professors. My own mother was invited by INSEAD on a regular basis, and I know of another top-flight CEO from a public listed company that all Singaporeans would’ve heard of, who attends these talks readily. I’ve even seen invitations to my own senior management. There are at least 3 Singaporeans in my section who are here on Government scholarships. So INSEAD has at least focused on the people at the top, who matter.

Thus, based on my limited encounters, the hypothesis stands: The majority of Singaporeans do not know of INSEAD. However, those who do, believe it is a good school. Many in top management know of INSEAD and some may have even participated in events organised by INSEAD.

We should keep it going, and raise more awareness about what we’re doing in the region and in this country, which hosts our second campus. Very well, you may ask, as you think about heading back to Europe or Africa or America after your MBA. What can we get out of it? I can list a few reasons:

1. Improved job prospects for those who wish to work in Singapore or the region. Hey, when your classmates in Asia benefit, our entire network grows stronger too …
2. Given the international nature of many classmates’ work, there may be a chance in the next few decades of our careers that some of you will return to Singapore, liaise with Singaporeans, work with a Singaporean company or accept our sovereign wealth funds to prop up your ailing investment bank (partly kidding!)
3. Rankings. After improving our branding in Singapore, we can work on raising more awareness in the rest of the Asian region. At the same time our Dean is working to raise awareness in the US. Altogether this will strengthen our reputation and it may have a positive impact on various B-school rankings. Many top MBA rankings are reviewed by US publications and I believe there are other rankings by Asian publications.

When INSEAD’s rankings rise every year, we all look good - current students, alumni, faculty, deans and other staff. When we reclaim our #1 spot in the Economist as top European school (I say “will” and not “if”!) our European classmates will look very good again. Likewise for any Asian rankings. We must also hold our own in International rankings or climb up steadily just like we have for the FT.

I don’t mean to sound so self-serving but frankly, every other B-school student would wish the same for his or her school. So far the quality of lectures has been excellent and highly memorable, and the company I’m in is brilliant. This is definitely the highest level of engagement I’ve had. So why can’t we raise more awareness about what we’re doing and let the rest of this country know about it?

Outward Bound was a great opportunity to get to know my groupmates better. Overall I think we performed better than the other group, because we had more drive and were willing to take higher risks. However as our instructor noted, our energy seemed to dip towards the end of the day, although our last minute spurt at rock-climbing boosted our score.

What was important was that we improved on our processes with each try, so even though we didn’t succeed in one challenge, we knew that if we had another shot we would probably make it. We felt that we had a well-balanced mix of skills that would enable us to help each other move forward.

What can I say … I love you guys!

I think I survived the third language test … I will be happy for a 50/100 score, but if I have to go back for an oral test I’ll do it … just need to practise speaking more French.

Orientation Day 1 was close to excellent for me.

Registration

I picked up my neighbour Jonathan (UK) and off we went to INSEAD, in time for the 10am Citibank presentation - which turned out to be not about careers, but setting up an international bank account which had amazingly attractive fixed deposit rates. NZ$ for 9% p.a.?! But when I tried to sign up for it, and when Citibank learnt I was Singaporean, I was advised to stick with my local account instead as it wouldn’t make much difference. I’m not sure if they really meant well or they just wanted non-Singaporeans who would probably earn more money overseas. So that left me with a flat taste in my mouth.

Meeting my new groupmates

We were asked to register at different times, depending on where in the alphabet our last name fell under. Being in the second half as my surname began with ‘T’, I was quite early, but was able to collect my stuff immediately, including a tonne of notes which we would use for P1. I learnt that I would be in section A1 while a few other friends would be in A2. I would be in group 6 and would have to sit right in front for every lecture! Just as well, since I am not so tall plus my vision gets blurry every now and then. That also means I have to pay attention in class and arrive on time!

I am happy with my 4 group mates. I was particularly delighted to learn that Myriam from Lebanon would be in my group. We had met a couple weeks ago and got along so well that I called her my ‘sister’. She was equally elated to learn that I would be her group mate. I met the other guys, Raphael from Germany (McKinsey) who has his own photo site, Eloi from Spain (space engineer) and George from Greece (aeronautical engineer). From our backgrounds, it looks like I will be contributing the ‘soft skills’, the guys will probably be strong in quant, while Myriam (Law, Business/Finance) will be the all-rounder.

It also looks like the men will construct the catapult or whatever device we have to make during the outward bound day, while I will do the publicity and Myriam will do the financing and handle the lawsuits caused by damage to the surroundings!

The A2 section weren’t entirely happy with the arrangements as they’re scheduled for full-day classes on Saturday, while my section only has to attend classes in the morning. One or two classmates have considered changing their section for convenience, but I didn’t think it was advisable because INSEAD probably put them in their group and section for a reason. Changing sections means that groups will also be affected. A lot of thought has been put in to ensure that groupmates would have different nationalities and backgrounds - a key part of the learning experience at INSEAD.

Official talks

Our new MBA Dean, Jake Cohen, gave an hour-long talk to each section and assured us that beneath his serious exterior, he is a fun-loving guy. We weren’t too sure about that until he told us something he did which shall not be mentioned on this blog :P However, he sounds like he really means business - we have to take our work seriously because there will be a minimum mark to pass each topic.

Our two Deans and a Japanese INSEAD alumnus who’s now the CEO of a private equities firm, gave speeches at the end of the day. I managed to snap this shot of them all.

Meeting our INSEAD Dean, Frank Brown, was a highlight. I thought we’d have to push through the crowds to speak to him, but instead he came right up to my group and started chatting. He assured us that he was working on improving the INSEAD name in the US, and that CEOs and 20-somethings were aware of us but the trick was now to convince them to join despite the hefty price tag - not an easy task especially with a weak US economy. But I’m sure we’ll get there.

Through the day I introduced myself to people who would then say, “Your name is familiar… hey you’re the one who’s very active on Facebook!” or even better, “I read your blog! It’s vantan.org!” which is amazing. To the first comment I assure you that once school starts I will not have so much time. To the second comment … wow … I am honoured. But another reason I am blogging here is because a future employer at an MNC says he is keeping an eye on my INSEAD blog, so I must keep it up! :)

Other happenings

I managed to meet up with various members of the Mac Users @ INSEAD group which I founded on Facebook. My purpose was not to set up an elitist clique but to support each other as we endeavour to get through our 10 months doing business work on our Macs. Earlier on, there were false rumours that INSEAD’s IT department would not support Macs, but I found that staff were particularly interested in improving their Mac knowledge. Also it is nice talking to classmates who also appreciate design and the Apple brand.

All in all it was a good outing. My next focus is to pass the French language test on Wednesday. Tomorrow, orientation continues at 9am. I will sign up for the test tomorrow and will probably have a late lunch, then head home for revision!

Over the past couple of months, I’ve met people who, upon learning that I’m going to INSEAD, immediately dismiss the school by saying, “Oh, INSEAD. It’s just too expensive.”

Maybe I’m being protective of my new school, but I generally detect two types of attitudes here.

The first is that of the prospective MBA candidate who has earnestly looked for various business schools which are value for money, as he’s on a tight budget. In the end he settles for a decent B-school, even if it’s not as famous as the Ivy League and top European ones. I have no issues with this.

The second type, to me, comes across as more arrogant or in denial. This person isn’t so conscious about going to a good school, as long as he has ‘MBA’ listed on his CV. He doesn’t see the point of going to a school with a much better reputation, superior teaching quality or extensive network - or at least, pretends it doesn’t matter - and thus settles for a school which nobody’s heard of.

Every time any mention of my school is cut off, without any recognition of its merits, I feel like testing doubters with this question: “Oh? Did INSEAD make you an offer and the only reason you turned it down was because it was expensive?” They probably aimed low, and got what they asked for. It’s their choice. They shouldn’t belittle other people who’ve gotten into more reputable schools.

As I’ve mentioned earlier, it is not that easy getting into INSEAD and I still thank God for getting me here (and hopefully helping me get through the next 10 months and beyond!). It is definitely expensive and the fees have shot up 5,000 euros over the past year - but it is also what you make of it in your 10 months at school.

There are so many other factors to consider about the value of an MBA, apart from its price. Being surrounded by highly intelligent, sophisticated and dynamic people from so many parts of the world is almost priceless to me. A lot depends on how we value the degree; to me, MBAs are increasingly becoming a dime a dozen, and having a good reputation is quite important.

I’d like to believe that people who have committed themselves to the best schools in the world are in it for the long run.

The Business Foundations course at INSEAD was challenging, but I have come out stronger for it. However, in the process, I neglected another important subject which now needs drastic attention - Sleep Foundation (i.e. a mattress).

I have not been spending enough time on this subject, and require remedial lessons. Already, the lack of focus on Sleep Foundation has resulted in numerous Breakout Sessions on my face. I hope they will not grow to become serious Group Discussions. If they do, I may need to apply pressure to force a conclusion.

It’s time for bed.

It’s Friday and we just finished our final class for Business Foundations. We had the same 3 professors the whole week. For accounting we were taught by Benjamin Segal (Israeli); for Finance, Professor Pekka Hietala (Finnish, former INSEAD Dean); for Quantitative Methods, Ilia Tsetlin (Russian). I understand that one or two of them will be flying to Fonty to teach the same course next week.

For all 3 topics, I came out knowing a lot more than I did a week ago - even after doing some of the pre-readings. They throw in, conversationally, a lot of insight that you wouldn’t get out of the textbooks or notes.

I think many of us appreciated that Ilia would appear during our post-class group discussions to offer help if needed. He would spend as much time answering our group’s questions before moving on to the next group, so that was wonderful. Prof Hietala also made himself available on some days and gave us pretty good advice on what to expect in Finance 1 and 2, our two compulsory modules. I understand the big picture but need to work on the application of the right formulas. For accounting, things were hectic but once we were taken through different cases methodically, it started getting clearer to me.

For those in Fonty who are taking the Business Foundations course, it is still advisable to do your pre-readings first. The pace of the teaching is so fast that if you’re unsure about a basic concept, you won’t have time to go back and check on it, because by then the professor would have moved on to the next step. Of course, you can ask a question at any point in time, or speak to the professor after class. But you’ll be so busy learning new things that you shouldn’t be spending too much time figuring out the bare basics.

Group discussions were disheartening at first because I felt I was surrounded by super smart people who understood more things than me - and more quickly. After the halfway point, however, I realised it was also a blessing because it raised my own standards and expectations of myself. Also, the learning environment here is progressive. People try to help each other out as we’re stronger and weaker in different areas. You also bond with a smaller group of people. Overall, I am glad to have taken the course, even if it cost €1,500.

Just one week was enough to give me a different perspective on how financial markets work. Now, based on what we were just taught, I figure that INSEAD probably calculated the maximum profit and optimal price to make sure the course was worth running, financially ;-) If it was free, almost everybody would show up early and logistically that would mean getting lots more professors and other staff back to work earlier. When priced at this rate it helped to sift out those who didn’t really need it, from those who felt they needed it. I also have some new insight regarding my personal stock investments, but I think I won’t meddle with them until I have a deeper understanding of Finance in the periods to come ;-)

During the week we also got to meet our new Dean, Prof Jake Cohen, who was formerly from Harvard Business School. Incidentally, he appeared in this funny video by Italian students promoting their culture as himself. However, he told me he isn’t Italian but American :)

Re-assessing myself at the end of the week, I need to stay positive even if the workload is heavy and difficult. I also need more sleep, because I tend to be careless when I’m tired. My usual pattern is to burn the midnight oil until I’m too tired to be productive, then go to sleep. My new plan is to work faster and smarter during the day, exercise more and sleep early. One classmate has a practical plan of working on the questions first and referring to the reading when required, because it isn’t possible to finish all the reading we’re given every day.

Next week it will be back to French classes for me, and preparing for P1. Tonight we are having a Business Foundations survival BBQ party (OK, any excuse for a party).

Onward and upward!

Wow. Day 1 was mind-blowing. While I’m learning a lot, I’m also realising that things will be moving even faster tomorrow and in the weeks/months to come.

We’re all figuring things out at different paces. Those who’ve done their readings obviously give better answers than those who haven’t and can ask more thoughtful questions, which leads to a more meaningful class discussion. There is such a huge volume of readings and exercises to do, however, that it feels intimidating.

The mood among classmates, which was still pretty much ‘party’ up to last weekend, has become more subdued now as we all split into groups at school or go home to figure things out.

I am not sure if I can update this blog again until the end of the Business Foundations course. Seriously. Back to homework for me…

The Business Foundations course starts tomorrow. This is meant for students who have no/little finance, accounting or quantitative background. I fit nicely into this category, being a law graduate, former dotcommer and social media practitioner.

Why the need for a Business Foundations course, on top of the existing course? INSEAD’s MBA programme is intense and accelerated. What other schools teach in 2 years, INSEAD teaches in 10 months. So it is particularly difficult for those who have no business backgrounds to hit the ground running.

The decision to take the extra course has been pretty subjective, at least for my batch. Some in Fonty have organised their own course package at a much cheaper price, because the official course costs €1,500. When you’re already paying €50,000 in fees, any additional cost must hurt.

We met up this Sunday evening for a short talk by our incoming Dean of the MBA Programme, Jake Cohen who was one of the top-rated professors at Harvard Business School. We learnt he was also the one who came up with the Business Foundations Course, as he empathised that it can be difficult to grasp concepts initially.

So from this Monday to Friday, lessons begin at 9am and end at 3pm. However there will be 5 hours of homework per day, which is an official estimation based on our seniors’ own experience.

It may be a little scary plunging into graphs, statistics, spreadsheets and piles of readings, but it’s exciting as well. I hope that my groupmates and I will work well together and don’t take more than 5 hours per day to resolve issues ;-)

We haven’t even started classes yet, but already we are working well together.

Some of us met up for drinks at Brussel Sprouts this evening. However after a while it got pretty noisy and warm, especially for those who had just come over from more temperate climes. So we thought of moving to another watering hole.

Earlier, I spoke to a local waiter and he promised to reserve the bar counter for me. However by the time we paid up at Brussel Sprouts, another waiter had given it away to a couple of groups. We were standing around looking for tables and wondering whether to move on.

Melissa then noticed another waiter was Filipino, and started speaking to him in Filipino. He moved us to a table at the bistro, which was air-conditioned and much quieter so we could hear ourselves talk.

So that was taken care of :)

Then it was time to order wine. That responsibility fell, of course, upon the French and the French-speaking. After some discussion between our lone Frenchman Guillaume and Algerian Amel, we went with Amel’s choice and the wine was amazing!

So see, we are already using our new network to get us places :)

Santé!

A classmate from our July 2009 batch asked our seniors to recommend the best Financial Calculator for our MBA course. Alas, nobody has answered his forum post so far. I was hoping for a recommendation too.

I need to get a financial calculator soon as the Business Foundations course is starting this weekend! So I just asked one of the staff at the Singapore campus and she listed 3 models: Texas Instrument BAII plus, HP 10B or HP 12.

To quote, “As long as the financial calculator allows you to calculate powers, present values, internal rate of returns (IRR) and other finance formulas, it should be fine.”

Last week I went to Bras Basah Complex - a budget haven for textbooks, stationery, gadgets and other things - and found a shop, Heng Wah (unit #01-49), selling all sorts of calculators. These are their prices:

1. Texas Instruments BA II Plus - S$60 (the price tag says $65 but they offered me a ‘best price’)
2. HP 10BII - S$65
3. HP 12C - S$149
4. HP 17bII - S$180 (sounds like overkill!)
5. Casio FC 100V S$42

THe HP 12C is unusual in that it’s sideways. I am not sure if I can get used to a sideways calculator, even if the 12 series has enjoyed a strong reputation. I also prefer the HP brand to Texas Instruments but don’t think it will make a difference to my grades!

So if common sense prevails, I will get the Texas Instruments model.

The next deadline to pay our fees just passed this week. I had personally delivered the check to INSEAD (Singapore campus). However, as I arrived at lunch time, the staff in charge was not at her desk. The receptionist called someone else from the Finance office to collect my cheque. Just to be safe, I asked what her name was.

2 days after the deadline had lapsed, I received an email from the staff in charge, saying she was concerned that I had not made my payment yet!!!

That shocked me, as I knew that officially INSEAD stated that if payment was not received in time, my place would be given away!

I quickly replied to clarify that it was given to one of her colleagues, and cited her name. It was already after hours and I was concerned that another day might lapse before they investigated the matter.

Fortunately, the staff in charge was still at work and she quickly emailed her colleague, who confirmed that she had receive the cheque. Most likely, due to the timing, I had given my cheque straight to the people processing the money, and the person keeping tabs on which students had paid had been out of the loop.

So I am relieved that this was just a minor scare and all’s well now :)