Most of us in the Weekend program end up spending multiple hours in and out of airport terminals. Often, we run into other Boothies, similarly crazy to undertake a 'weekend' pilgrimage.
With over 250 tickets sold and a lineup of speakers that includes the CFO of the World Bank Group and Booth’s own Raghuram Rajan, Chicago Booth’s Emerging Market Summit (EMS) on April 14 has its sights set on making a big impact on the greater University.
Should Google and Facebook be regulated asked Ran Harnevo - former President at AOL – of a Booth class. For ninety minutes, he’d explained that Google and Facebook had become too large and that their size had social implications (e.g. fake news). The class was mostly unmoved by his argument.
Such attitudes towards regulation are mirrored in broader society: since the Reagan Revolution Americans have been steadily convinced that government is a problem in and of itself. Perhaps influenced by Reagan’s comment that “the nine most terrifying words in the English language are ‘I’m from the government and I’m here to help’ ”, Americans appear to be hard wired to view all government actions with disdain.
Consequently deregulation championed across the political spectrum. This attitude ignores the potentially beneficial impact of effective regulation and the unintended consequences deregulation may create. Consider the FCC’s Fairness Doctrine (abolished under Reagan in 1987). The Fairness Doctrine required holders of broadcast licenses to present controversial and important issues in a balanced manner. It’s removal spawned partisan broadcast outlets, as broadcasters such as Fox News and MSNBC were now free to air brazenly one-sided programming. These news channels profit-maximizing strategy? Serving a daily diet of outrage and anger with stories that that cocoon viewers into an echo chamber long before Facebook emerged. Over time, Fox News exploited its viewers’ biases such that its fans have come to think of their favorite news channel as an objective news outlet.
Over time, Fox viewers have come to believe in a non-existent reality. In this reality a harmless fist-bump between the Obamas was a “terrorist fist jab”, Barack is a Kenyan-born Muslim coming for viewers’ guns, Jesus and Santa are white, climate change is a hoax, and Americans aren't "pure" like Swedes because they keep marrying "other species and other ethnics". When half the population hold beliefs that hold no basis in fact, it becomes impossible to move forward as a country. With a poisoned public discourse, two factions that occupy different spheres of truth have emerged.
Regulation is not the answer to all economic ills but done right serves a key tenet of capitalism: competitive markets. Sadly, regulatory capture in the U.S. has facilitated a wave of corporate consolidation that has restructured the American economy, concentrated industries and damaged competition in the process. Consumers are consequently confronted with reduced choice and higher prices across telecoms, pay TV, airlines, drug stores, and many other industries. Meanwhile entrepreneurship is at a forty-year low – as it’s becoming increasingly difficult to take on established corporations.
Effective regulation could stem such alarming trends. But as long as Americans remain preternaturally predisposed to think of government as incompetent, it’s hard to imagine an environment where regulators will have the mettle to take on corporate behemoths. We shouldn’t have to wait for some hotshot district attorney building his resume for a gubernatorial campaign to challenge such unfettered corporate power and return capitalism to its true competitive roots.
In real life, Liz Kammel Tilatti’s idea for Zipfit came during weekend carpools from Indianapolis to Chicago to attend Booth’s Weekend Program. Her fellow Booth travelers had a hard time finding jeans that fit them. Through her background selling jeans in high school and her work as a consultant, Liz knew she could solve the problem.
It was in her “MBA life” that she found the tools and inspiration to make it a reality. In particular, Building the New Venture, one of Booth’s prime entrepreneurship classes, inspired her to take the next steps. “I couldn’t sleep after class because I was so excited and I knew there was a way to do this,” she says. With that, Liz decided to move to Chicago and to take every entrepreneurship class Booth had to offer.
After her move, she went to Michigan Avenue to measure jeans – a lot of jeans – to compile all the data on fit, size, length, and brand. (We Boothies love our data.) With enough data, measurements, and over 100 potential customers taken on shopping trips, Liz launched ZipFit through the New Venture Challenge. From there, she opened a pop-up store in the Nordstrom mal (coincidentally not far from Gleacher), and it ultimately became what it is today: an amazing showroom in River West with tens of thousands of SKUs and Fit Experts ready to help each individual find his or her perfect fit within 15 minutes Those 100 initial customers is now thousands of customers- including some well known names like the Chicago Cubs.
That paragraph makes it read like the transition to success was seamless, but Liz and her team worked extraordinarily hard, and as she says, there was a “ton of hustle.” Being a weekend student with a day job and six hours in the car every weekend was only a preview of the hard and rewarding work to come.
Liz is already giving back to Booth. She has hired several Booth interns, including Chris Mario during Summer 2017. Consistent with Boothie tradition, Chris worked on capturing as much strategic data as possible to ensure ZipFit’s leadership had the information it needed to make key decisions.
“I took Data Driven Marketing, which I loved. It was so helpful because as I am working to track the systems, I would describe our final project as a great place for ZipFit to be – seeing analysis that would be done in an ideal future state is helpful to figure out what we need to be capturing now,” Chris explains.
Not only is Chris great at gathering and analyzing data, he’s also great at bringing referrals (including his dad!) to ZipFit. When Chris’s dad got fit, the Fit Experts recommended a slimmer fit than he was accustomed to wearing. “And he felt good,” Chris explains. “He doesn’t like feeling constricted – so the idea of slimmer jeans made him nervous, but he was completely comfortable in this pair. Everyone said, ‘You look a lot younger.’ ” ZipFit prides itself on creating this type of experience for all of its customers – a feeling of confidence in your own skin.
“We want to be the pair of jeans you raise every day,” Liz adds.
Boothies continue to apply what they learn in class to their real lives, and the same is true with the community Booth teaches us to build. Liz has worked so hard to build an amazing company and to continuously give back to the Booth community that first allowed her to start ZipFit. She has hired five Booth interns – Andrea Zechmann, Olivia, Katie, Brandon, and Chris - some of whom have stayed on as full-time hires.“Booth has been good to us. It goes both ways,” Liz shares.
“With Boothies, the only way to help other businesses succeed or help your classmates is to go try [items from Booth students’ businesses]. We drink Social Enjoyments here, started by Leah a Boothie. I am a big fan of Simple Mills (I eat it, I buy it), Powwful sport bras – if you’re not an entrepreneur, be an early adopter,” Liz encourages. “Try a Booth classmates’ thing instead of going to the big box. Just try it. That’s huge to me. We have to support each other.”
It’s examples like Liz that inspire Boothies to apply what Booth teaches them, to pursue their dreams, and to give back to the community that has given us so much.
by Klariza Alvaran
Going to Chicago Booth opens a world of opportunity to students right from its Chicago-based campuses. But let’s not forget that Booth also opens numerous doors for students to add a global experiences to their MBA pursuit, from full-term study abroad to weeklong industry treks.
The following are a few suggestions of how to make your Booth experience a little more global:
Full-term study abroad
Through IBEP (the International Business Exchange Program), Chicago Booth has partnered with a broad array of leading business schools in places like Chile, Israel, South Korea, and Italy (and many more) to offer semester-long study abroad experiences for students. Although much of your focus will likely be in the classroom, spending three or four months abroad for your studies is a great way to familiarize yourself with business in another country and build contacts abroad—something that is especially valuable if you see international work in your future.
There is also plenty of leisurely fun to be had on the side. If some of the Facebook statuses and GroupMe posts I’ve seen lately are any indication, our E/W weekend peers who have taken Winter 2018 quarter off to study abroad for the quarter are having a great time. Having the ability to take courses at other world-class institutions while also being able to take trips during your free time in cities and countries around your new home (like the Europe-based Boothies whole recently ventured to Portugal together) is a huge bonus for those who have the flexibility to study abroad for a full quarter.
Short-term study abroad
If taking an extended leave of absence from work or quitting your job to pursue longer-term study abroad isn’t for you, IBEP also offers short-term study abroad programs that generally run 10 or 11 days long (a few are closer to three weeks in length) that may more easily fit into your time-off limitations at work. This year’s Spring and Summer quarter offerings span South America, Europe, and Asia, and cover topics like innovation in business and doing business in the program’s home country.
Short-term study abroad offerings for 2018 are still accepting applications through Monday, Feb. 5 at noon Central.
International treks and student-organized trips
This past December, the Middle East and North Africa group at Booth led a five-day trek to Dubai where they visited regional/country offices of the likes of Google and McKinsey, to name a couple, in additional to local businesses such as Dubai-based PE and VC firms. Much like the domestic functional treks many Booth students may already be familiar with, students on international treks have the opportunity to network with contacts and local alumni in the country—not to mention, you also get to bond with fellow current students in both the full-time and part-time programs.
If something more leisurely is up your alley, country- and region-focused student groups at Chicago Booth have historically planned more “touristy” trips abroad to places such as Morocco and Japan.
Executive MBA campus visits
Chicago Booth has executive MBA programs in London and Hong Kong (with a new Hong Kong site currently under construction). In 2016 and 2017, Booth organized formal trips to London and Hong Kong, respectively. The London trip allowed students to earn credit for a 100-unit course and study inside Booth’s Woolgate Exchange facility that resides in London’s financial district. Although course credit wasn’t available to students during the school’s 2017 trip to Booth’s Hong Kong campus, currently situated in Cyberport—a tech-focused business park on the main island’s west side, formal programming was rich with company treks and opportunities to formally engage with Booth alumni in leadership roles within a variety of firms.
Announcements haven’t been made for formal group trips to either campus for 2018, but if you happen to have plans to go to London or Hong Kong this year, you may want to stop by the Evening/Weekend Program Office on the third floor before your next class to see if you schedule an appointment to swing by either executive MBA campus on your own during your travels.
IMBA degree or International Business concentration
Admittedly, these two suggestions don’t necessarily provide a direct path to going to another country (although the IMBA does require a full, quarter-long study abroad experience), but they can assist you in pinpointing specific interests you have that may emerge in the process of furthering your classroom education in doing business globally. Both the IMBA program and the International Business concentration require you to take courses at Booth (and potentially select from the University’s broader course offerings) that provide you with exposure to the idiosyncrasies and nuances of operating a business across country borders. Along the way, you may discover an academic interest that you would like to investigate further—maybe in partnership with a professor at Booth. Or maybe you find insight into a new direction to take your career.
Specifically in regard to the IMBA program, you gain entry into the smaller community of IMBA graduates from Booth, which may be beneficial to you in your introduction message as you reach out to fellow IMBA’s with whom you would like to connect.
Formal opportunities aside, nothing is stopping you from hitting up your LAUNCH cohort or asking friends from your study group to organize a trip abroad. In addition, Booth has a vast alumni community worldwide, and you may very well be a degree or two away from a warm introduction to someone in your dream job in your dream place to work.
International opportunities are certainly abounds at Booth.
In real life, private equity careers are some of the most highly sought after at Booth. Michael Sullivan successfully landed one of these coveted jobs through leveraging his past experiences, his Booth degree, and one of the hardest working personalities I’ve ever seen. (He started school and navigated a big career change with two kids and another one on the way – talk about impressive.)
“Having completed the CFA charter program, I wanted to take more aggressive classes upfront. I started with Financial Statement Analysis, Cases in Financial Management, Competitive Strategy, and Taxes and Business Strategy. Those classes helped me apply what I had learned in the CFA program to more tangible examples,” Michael explains.
In addition to the coursework, Michael dove into the Private Equity Club and Private Equity Lab, the latter of which allows students to intern with a Chicago-based private equity firm to get experience. As he says, “My path was clear: get into the Lab, get an internship, and network my way through until I could make enough connections to find a role post-graduation.”
Michael also engaged with the Polsky Center and volunteered at the 2017 Booth PE Conference as a sponsorship volunteer, which helped him build relationships with full-time students and with the team at Polsky. So, when Michael applied for a role in the PE Lab, the Polsky Center was able to advocate for Michael when Kinzie Capital Partners was interested in hiring Michael and checking on his references.
“Like a lot of career-changers, I had holes in my traditional skillset. As it relates to PE, I had not done investment banking and had not been exposed to deal execution. However, I had come from a very strong consulting background, and my work in the CFA program demonstrated my capabilities in valuation and financial analysis. The courses I had already taken, and still planned to take at Booth, demonstrated to Kinzie what I was capable of doing.”
Michael’s skills and aptitude, in addition to being an active member in the CFA society, being named the co-chair of the Evening/Weekend PE Club, actively contributing to the full-time PE Club, and continuing to work as an independent consultant for a client, Michael had found on his own, culminated into Michael landing an internship offer in private equity with Kinzie.
To make the offer work, Michael agreed to quit his consulting job to pursue his PE internship dream. This way, he could work full-time over the summer and develop invaluable experience with a top PE firm. (As Michael says, this was a “unicorn” of an opportunity.)
While Booth was instrumental in paving the way for Michael to achieve his goals, his wife, Shea, was another critical element. When Michael debated quitting his consulting job to be a full-time intern, Michael asked his wife (pregnant with their third child) if that would be alright. She looked over and said, “Yes.”
Michael adds, “I love that Chicago’s community is so welcoming to me and my family. How simple and obvious is it to include my spouse on everything? But the school does it without fail and with style.”
Michael is already giving back to the community. With Michael’s help, Kinzie continues to take on interns quarterly and actively supports the PE Lab. In real life, Michael landed the dream job and is already paying it forward to the next generation of Boothies.
Advice from Michael Sullivan on Changing Careers
“Another thing that really helped me through the transition – when I think about the courses at Booth – was Strategic Leadership, taught by Chris Henke. It always felt like a real misnomer. I began taking a much more strategic approach to my network after that class. If you think about your network as a sociogram, as where do you have connections with people, you can map out who you don’t know. It was an effective way to outline the people I wanted to connect with and who might be able to connect me. As I looked at my network, I knew few folks in private equity, so I went to Notre Dame alumni and Booth alumni with humility and said, here’s what I am trying to do, can I get five minutes of your time? I do contribute a lot of that thought process to Professor Henke’s class.”
“Entrepreneurial Selling was another influential class. I learned that you have to be ready to ask for something. If you don’t have a clear ask, you’re wasting the opportunity. After that class, I dramatically changed how I prepared for events. I thought hard about what is my 40 second elevator pitch and what would make them say, ‘Here’s my card, and let’s have a coffee.’ That was extremely influential as I passed through all these different networking events that I was doing in the fall.”
“What I want people to take away from this is – it’s as hard, if not harder than everybody says it is, to make a transition. But there’s a lot of resources available to you, and you’ve really have to lean into the transition process. You have to map out your goals and determine how you will leverage your resources to achieve them. You’ve got to swallow your pride and admit that you don’t know everything and that you need help. The only way you’ll learn is by starting to ask people. That was a game changer for me. I told people – I know this is what I want to do and I am not the perfect candidate, but where do you see gaps in my experience that are the most important to address?”
“A lot of career changers early on in the process are ‘open to many options’. My guidance is that’s a huge disservice to you. Be as specific as possible about what you want to do. Being specific will allow you to refine your story as you talk to those helping you. It will also help you network more efficiently. When you are unsure about your goal, you are potentially going to the wrong events and meeting the wrong people. Further, those people don’t know how to help you because you can’t articulate what you want.”
“My wife and I put a lot of effort into planning my transition. She provided us stability. Whether in business or in life, picking the right partner is so important. You need to lean on each other sometimes. She has been a constant sounding board through the CFA program, Booth, and figuring out each of my transitions.”
“I worked at four major corporations before I quit and opened up my own consulting firm. Now, I work for Kinzie. Four major firms – Accenture, JP Morgan, what was Omnium / now Northern Trust, and CNA. An important part of any career transition is learning how to tell your story. What did you learn, what did you take away, and why did you make the transition? On its own, your story may not make sense on paper, but that is the opportunity for you explain why your history is a real competitive advantage.”
“Your risk profile is usually more aggressive than you think it is. I walked away from steady income with two kids and one on the way. All I’ve done seems crazy, but then I remember that there are people out there willing to risk more. Don’t be afraid to take chances. My work history has been that much more influential on my development because of jumping around those firms – I learned a lot from major cultures in a short time frame because I took that route.”
“Take care of yourself, learn your body, stress manifests itself in very interesting ways.”
“Those weekend classes are clutch! I am fried as it is, but I get a lot out of a Saturday, because I am more awake on Saturday morning. In addition, I get to meet more people from the Weekend section. It’s great expanding your network beyond your home section when you can.”
“It always seems insurmountable until you’ve done it, and then you remind yourself, that the opportunity is going to be gone – you’ll graduate, and you’ll wonder if you got enough out of your time. For me, that’s what fuels me – the inherit loss of opportunity because I was too tired. There’s always someone who is going to try harder, to work more hours than you, and you just have to keep pushing yourself.”
“You have all the same resources the rest of us do. It’s up to you to make the most out of them. You might not know how to maximize the resources, and that’s where support from everyone else comes in. Sometimes, just being at Booth isn’t enough. How can you get the most out of the opportunity? That’s entirely up to you.”
For many years, the newest Nobel Laureate in Economics, Richard Thaler, was considered a heretic by other economists. As Roger Lowenstein wrote in The New York Times in 2001, “Thaler's own thesis adviser lamented that he had wasted a promising career on trivialities like cashews.” Today we glimpse into the passions and people that made Thaler both an economic reject and winner of the most prestigious award in the field.
A HUGE thank you to Linnea Gandhi, Adjunct Assistant Professor and Managing Partner at BehavioralSight, for the suggestions, assistance, and anecdotes she provided for this article.
In real life, my professor won a Nobel Prize.
It was a surreal experience. I was so excited, you would have thought I won a Nobel Prize (I am obviously not on the Committee’s radar – I am still trying to figure out the income and substitution effects in Hurst’s supplemental notes. Wish me luck this quarter).
Our class was not even sure if we would have class. Of course, we would have understood if Professor Thaler wanted the night off to celebrate his Nobel Prize. Nonetheless, we received an email that “class would still go on.”
As Professor Thaler walked in to our Choice Architecture in Practice class, our fellow professors Linnea Gandhi, Rachelle Martino, and Yiwei Zhang created a slideshow of his career to the tune of Queen’s “We Are the Champions”. They shared cake with the class (with the iconic Nudge symbol) and toasted his accomplishments with champagne and cashews (a Thaler favorite). The slideshow included photos of Thaler and “Danny” (as Thaler calls Daniel Kahneman, a fellow Nobel laureate), and Thaler and Selena Gomez (who both starred in a scene together in “The Big Short”).
If it weren’t for Queen and the champagne (Selena has come up before), you almost wouldn’t have known Professor Thaler had won a Nobel Prize. Our presentations went on, we heard feedback from a Nobel Prize winner, but the excitement in the room was clear (as one student aptly posted on Facebook: “Champagne. Cake. And a Nobel. #whybooth”).
In addition to our class, the entire Booth community felt a part of Thaler’s win. That is both a testament to the University of Chicago and to Professor Thaler. A big thank you to him for making behavioral economics relatable, for helping millions save for retirement, for celebrating his win with a packed Harper Center, and for showing up to class last Monday night.
In real life, my professor won a Nobel Prize, and on the same day he won that Nobel Prize, he came to class to teach. In real life, the University of Chicago is the most special university there is.
Among those of us part-time students going through on-campus recruiting (and for whom this past Saturday’s “OCR is Not for Me” event may have felt especially appealing these days), campus interviews are well under way.
All the effort of spending your summer scheduling informational interviews that filled nearly every free 30-minute window on your calendar—maybe with cryptic event names so your manager wouldn’t get suspicious, constantly checking your Google Alerts and Twitter right up until the last possible moment to peruse any news on your target companies, and powering through hundreds of case and behavioral interview questions with your classmates (how about another mini-case during the mid-class break?), you show up to the second floor of Harper Center in the suit you should have gotten dry-cleaned 3 uses ago and everything is seemingly on the line.
Because of these interviews—the dreaded (and, at times, highly anticipated) moments of truth, you perhaps have neglected any of or all the following: an adequate amount of sleep, proper hygiene, some homework, some of your actual work, your family, your friends, your significant other, your pet, and maybe the odd bill.
Alas, it will all be worthwhile once you sign on for that package of a $300,000 salary, $100,000 signing bonus, and the 35 vacation days you negotiated so passionately for.
Nevertheless, the glimmer of the end goal that we Evening/Weekend OCR participants are chasing can overshadow the numerous successes that we have accomplished to this point, such as:
- Finishing at least 12 classes by the end of summer quarter 2017—that’s 60 percent of the non-LEAD coursework required for a degree!
- Keeping up with all the deadlines that popped up over the summer, during which GTS became your best friend (up until the layout change, then you had to start all over again)
- Responding to the accountability survey, for those who opted in, and acting on the kick in the butt you got to remind you to get moving when it became clear from the survey questions that you were a little behind
- Landing interviews, which indicate that you did, in fact, do the due diligence necessary to get past initial resume screening and get yourself in front of people further down the pipeline of making hiring decisions—congrats!
Now, we find ourselves heading into the midway point of week four this quarter (although you may feel a lot further into the quarter if you are recruiting into consulting and have been packing on the Coffee Chats since early September). It might have become just a little more salient to you that your days in business school are numbered—after all, you only have as many as eight classes to go or as few as the one last that you are wrapping up this very quarter.
Further, as OCR participants, we must not only concentrate on (and celebrate, as appropriate) our successes in the job hunt. We should also make time to maximize the finite time we have left in the broader pursuit of our MBA degrees—the core reason why we are here at Booth.
Whether you have a little more than six weeks or more than six months left at Booth, take advantage of the experiences you can only have as a student here, now. Go to the next TAC, keep your schedule open in January/February for the Winter Formal, organize a reunion happy hour for your LAUNCH group—have fun.
There’s nothing like a flight back to the U.S. from a fortnight-long sojourn to Europe to make you think. In a pressurized aluminum tube 39,000 feet in the air, I ended my self-imposed vacation-long break from Twitter to view breathless commentary on the then proposed and now dead Graham-Cassidy bill. My European sensibilities strengthened from time in London and Madrid, I began to wonder: what kind of civilized, wealthy nation cannot guarantee access to healthcare for all of its citizens? How is this still a debate? How is it that every other developed nation understands that it is a truth universally acknowledged that a single country in possession of good fortune must provide healthcare for its people?
Part of the issue in this debate has been the GOP’s guiding principle of letting free markets provision resources and determine outcomes. While a free market approach works in many instances - spoiler alert - sometimes market failure occurs. Free market incentives and a lack of consumer buying power in healthcare reward treatment more than prevention leading to outrageously high costs. For example, the Epi-Pen costs $600 in the U.S. compared to $69 in the UK. The GOP correctly recognizes that government intervention can be an appropriate solution to market failure in the case of defense but does not extend this logic to healthcare. Maybe this is because there was no universal coverage in Atlas Shrugged. Maybe this is because they dare not oppose the will of Charles and David Koch.
Either way, it's difficult to argue that universal coverage undermines the free market orientation of an economy. Not convinced? Ask The Heritage Foundation - the leading conservative think tank in Washington - whose annual Index of Economic Freedom ranks countries based on freedom from regulation and free market emphasis. In the 2017 edition, the U.S. placed seventeenth. One thing that every country that was ranked higher than the U.S. had in common: some form of universal healthcare.
There is no shortage of other, more effective approaches to learn from. Universal coverage need not entail a complete government takeover of healthcare. Find the UK’s National Health Service too socialist? Maybe you’ll like Japan where a public-private approach sees the government cover 70% of healthcare costs and individuals’ insurance plans - either employer-sponsored or privately purchased - covering the remaining 30%. This approach produces superior outcomes to the U.S. in terms of life expectancy (83.7 vs. 79.3), infant mortality (2 per thousand vs. 5.8 per thousand) and does so at lower cost (spend per capita $3,703 vs. $9,402). If 70% public funding seems too high, consider the case of Singapore, where a public-private hybrid model is divided into five classes, with varying levels of quality, and government funding ranging from 0% to 80%, depending on the plan selected by patient 80%. Such hybrid models also help ensure that healthcare firms such as Aetna do not have their livelihood completely taken over by a government sponsored solution.
I’m from a country with socialized medicine and so am highly familiar with the flaws of this approach: hopelessly long waiting lists, patient neglect, complete lack of innovation, an emphasis on low cost (sometimes at the expense of quality) and society paying for the reckless actions of some poorly behaved individuals. Sadly the U.S. system offers some of the same issues but none of the advantages of universal coverage. For example, the U.S. performance in terms of wait times is average; behind countries such as Britain. This could help explain why the majority of Americans now support some form of universal coverage.
Universal healthcare ensures 100% of the population is covered 100% of the time and that your ability to pay does not affect the treatment you receive. What a beautiful thing. Still not convinced? Perhaps you’ll heed the words of a man who wrote that “we should not hear so many stories of families ruined by health care expenses. . . .we must have universal healthcare. . . we need...to re-examine the single-payer plan”. The author? Donald J. Trump. That’s the kind of Trumpcare I can get behind.
In Professor Linda Ginzel’s Negotiations class, students who contribute receive a coveted and unique Booth luggage tag that isn’t found anywhere else.
“The luggage tag became a symbol of reciprocity – we’re in this together, we’re all learning from each other,” Professor Linda Ginzel shares. “I am one component in the classroom. The students are the other component that build this community and learn from each other.”
This inspired two students (now alumni) – Wilson Sun and Ryan Bormet – to take these community-building lessons to heart. One year after their Fall 2015 Negotiations class, Wilson asked Professor Ginzel to host a class reunion. As Professor Ginzel will tell you, “You don’t get what you don’t ask for.”
Thanks to Wilson, Ryan, and Linda, 13 part-time students met for a class reunion on a weekday (“…which for working students, reflects a special level of commitment,” adds Ryan), including one student who had even graduated and returned to Gleacher for the reunion.
“I’ve been teaching here for 25 years. No one has ever asked me to do a reunion lunch. I was so honored to do this,” Professor Ginzel says.
Ryan, Wilson, and Linda’s students were honored to contribute to building the community in real life, inspired by Linda’s teachings. Even one year after the reunion, both Ryan and Wilson speak of the class and the reunion with such emphatic enthusiasm (while also making themselves available at 9:30pm on a weekday to share about it). Plus – they remember every detail of their 2015 negotiations two years later: who was Pluto, which negotiator to avoid in the class’ wedding march (partner pair up), who sat next to whom, all the laughs, and who became best friends.
In real life, these gracious students chose to build community, modeled after Linda’s example. Wilson and Ryan gave their community their own luggage tag of sorts.
The class not only enjoyed themselves so much they had a reunion, (have you ever had a specific class meet for a reunion?) – but Wilson also credits the class with changing his life. Wilson adds, “You feel very happy because you’re doing something [by building community] that people find very valuable.”
To Linda, building community is the highest reflection of a leader. These two students embraced what they learned in the classroom to build community beyond the classroom. (And you can still find the strong community these students helped build – through the multiple clubs they were apart of – including LAUNCH mentorship roles, and more.) Both Ryan and Wilson applied Linda’s community teachings to their lives and to the Booth community at large.
“If I can help you translate knowledge into action and move everyone in a more productive environment outside my classroom, that’s when I am going to really make a difference. It’s what you do outside my classroom. I have to make it memorable. I have to make it stick,” Linda says.
And stick it does.
Whether you are alumni in Helsinki recognizing each other’s luggage tags, catching up with a graduate at the Management Conference, or you’re reading this article, you know the inspirations found in Linda’s class will stay with you and take you anywhere, like your luggage tag.
Prior to starting at Booth, I had was skeptical of career coaching. Isn’t it enough that I have people who have “made it” to admire and emulate? And what could someone who doesn’t even know-know me tell me about my career and goals that I don’t already know? Despite these feelings, I decided to give the coaching at E/W Career Services a shot as part of my LEAD Debrief meeting, following up on my LAUNCH experience. From that experience, I quickly learned that I had been thinking about the benefits of coaching the wrong way. Nowadays, I’m in Career Services for coaching once or twice a quarter!
I have found coaching to be helpful in a few key ways:
1. Gaining access to assessment tools and having someone with deep knowledge on those tools to interpret and reflect on the results with you.
When I shared with my career coach that I have, at times, struggled with certain communication scenarios in the office, she recommended that I take the Forté Institute Communication Style report. My results effectively captured instances where I tend to thrive (and settings where I may become demotivated) when communicating with colleagues in the office, and the test proved to be a useful resource for me to become more self-aware of how I tend to respond to certain environments and ways to course-correct when issues arise.
This is just one of the many helpful assessments that your career coach at Booth may point you to based on the kind of coaching you are looking for.
2. Your coach can provide you with resources to structure your thoughts on your career and next steps for during and after your time at Booth.
Maybe you are trying to decide between a few different avenues to potentially take your career. Or perhaps you just have no idea what you would like to do next.
Your coach can provide you with spreadsheet trackers, organizers that provide a framework to reflect on your past experiences, and more to help guide and prioritize your thoughts. That said, your coach doesn’t do that work for you, but rather he/she can help you to tease out important considerations based on your values and objectives to think about your career plans.
3. You can add another person to your network who can keep you accountable in your pursuit of your career goals.
Sure, it’s possible that you have already enlisted your friends, family, significant other, colleague, Booth classmates, and personal mentors to make sure you stay on track. However, your career coach at Booth engages you in a different capacity than those members of your network. Since it’s your career coach’s job is to advise people on their careers, he/she has seen numerous people over an extended period that his/her pattern-finding skills have been well-honed and put your coach in a good position to have a sense of where you are tracking toward your goals.
After meeting with my coach several times already over the course of the year, I can candidly share that she has become a trusted mentor and something of a career confidant for me, especially when it comes to my feelings of uncertainty and insecurity throughout my career development journey.
Klariza Alvaran is works in marketing at Tempus, while doing marketing on the side. She enjoys writing sci-fi, crocheting hats, and making music.
Saturday, May 6, 11:30-2:30 pm or 4:30-7:30 pm
Join Chicago’s biggest beer aficionados for the area’s largest beer festival. For five years running, the Beer Classic has offered frosty beverage lovers the chance to sample hundreds of beers from a hundred breweries all in one place, learn from the best brewmasters, and even take tours of Soldier Stadium (well, if you get a VIP ticket). You can even make a pretzel necklace to take home to mum!
The Cabana Club at Robey Hotel
Saturday, May 13, 1:00-10:00 pm
The brand new Robey Hotel opens this month and they’re celebrating with a pool party open to the public. Grab your friends and your swimsuit and kick off Chicago spring with poolside beverages.
Lincoln Park Zoo
Saturday, May 13, 6:30-9:30 pm
Frustrated by the fact that your favorite food trucks are always parked on different streets? The Zoo is fixing that with their food truck social, which brings all your favorites together. Enjoy the zoo and Chicago’s best meals on wheels after hours. Grab yourself a VIP ticket if you want private restrooms, two free drinks, and four free samples (including exclusive VIP food items).
Tuesday, May 16, 7:30 pm
Everyone’s favorite astrophysicist returns to Chicago for one night only for his “Astrophysics for People in a Hurry” show — perfectly suited for Booth students.
May 20, 9 am – 5 pm.
For one day only, get exclusive access to four private Wright homes in Oak Park in addition to the normal tour homes (which, honestly, does not at all take long to get to via the Green line) in honor of the man, the myth, the legend’s 150th birthday. This is not your normal home and garden tour — FLW was known for the meticulous detail put into his living spaces, down to the built-in furniture.
May 19-21, Friday 5-10pm, Saturday & Sunday 12-10 pm
Kick off festival season with Lakeview’s Mayfest, celebrating its 22 year. For $10, get access to a large-scale block party with live music under a big-top tent, beer garden, and lots and lots of food.
Lake Shore Drive
Sunday, May 28
Always wanted to ride your bike in the street but too scared of traffic? Bike the Drive’s gotchu. For 5 hours, bikers are getting guaranteed right of way as Lake Shore Drive is shut down. Bikers of all skill levels are welcome and proceeds go towards the Active Transportation Alliance, a group working to make walking, biking, and transit better and safer in Chicago.
The xx, deadmau5, Neil Diamond, Father John Misty, Bonobo, Ty Segall, Hudson Mohawke, Zara Larsson, Ben UFO, Wild Belle, Jimmy Eat World, Flux Pavilion, Mac DeMarco, Norah Jones, Classixx, Hinds, Broods, Wale, Wavves, and The Weeknd all play Chicago this month, not to mention the year’s final Booth Vibes on May 6.
Rachael works in litigation consulting at Epsilon Economics. In her spare time she enjoys yoga, forming emotional connections to TV show characters, and cooking/eating/talking about/writing about food
As business school students and working professionals, we often hear how important it is to have a mentor. Whether the mentorship comes from a longtime employee at your firm or a peer you met in undergrad, you can get plenty of value out of having a mentor when it comes to steering the course of your personal and/or professional life.
However, having just one person advise you can be a disadvantage (dealing with the biases of one, being bound by their limited availability, etc.). During my intern days, a wise executive posed having a personal Board of Directors—a group of people with whom you would meet altogether once every few years (or separately on a more frequent basis if that’s easier) to benefit from the vast perspectives of a sounding board of diverse people that you respect and admire.
Here are a few of the kinds of folks may you consider adding to your personal board:
The Person Who has “Made It”: Maybe you always dreamed of rising up the ranks at your job before taking the leap to start your own business while also do some peppy public speaking engagements on the side. Someone else has probably accomplished the same, and they could very well be within reach of your existing network whether it’s through an introduction by mutual friends, exploring the Booth alumni community, or a mere “cold email” away. This is someone whose brain you would want to pick one-on-one, but you could also gain a lot of value hearing what this person has to say in conversation with your other board members.
The #PersonalLifeGoals One: This person has seemingly mastered the art of achieving and sustaining career success while also nurturing personal life ambitions. Planning a wedding the same year as opening an art collection at a local gallery just a week before a massive product launch at work seems like little to no problem for this person. In all likelihood, they have mastered the art of setting boundaries in various aspects of their life to allow for fulfilling levels of participation in personal and professional goals. Any of us could learn a thing or two from this person!
The MacGyver: MacGyver is the lead character of the eponymous television series from the 80’s—a scientist/spy who often called upon his vast knowledge to come up with resourceful solutions to get out of perilous situations. This person always seems to find a way work through obstacles, whether it’s finding a key person on the client to salvage a contract that has all but fallen through or never failing to find a legal means to purchase reasonably priced textbooks.
The Conflicting Viewpoint: This person is a naysayer to a core value or two that you hold. Now, I’m not saying you should add someone to the board who doesn’t like you because that could be more counterproductive than helpful. To use an example of how this person would interact, you may be a firm believer that work should never exceed 50 hours per week more than three weeks in a two because beyond that threshold, work-life balance diminishes; the Conflicting Viewpoint may say that “balance” is a myth and that work should seemingly integrate into one’s lifestyle and not simply boil down to an arbitrary number of hours. Overall, this person can help you put decisions into perspective before taking a firm stance.
Klariza Alvaran is works in marketing at Tempus, while doing marketing on the side. She enjoys writing sci-fi, crocheting hats, and making music.
Having recently been a part of a focus group aimed at assessing our “Booth experience” after completing a few quarters, I came to the realization that career exploration is just as important to part-timers as it is to those in the full time program. Despite entering the program with full-time jobs, part-time students too exhibit a curiosity about “what else is out there?”
Regardless if these students ever plan on switching careers, answering that curiosity is easily achievable at Booth. However, it’s important to realize the broad spectrum of possibilities you can explore. Too often we find ourselves relying on courses in addressing that curiosity with outside discussions heavily focused on only a few industries such as private equity, investment banking, and management consulting. However student groups, too, offer a great way of addressing that curiosity. As such, this article will shine a spotlight on one of the little known groups, hopefully inspiring you to further explore all the options available to you.
The Real Estate Group is the perfect example of a smaller student group that Boothies might not have heard of, but one that can surely benefit anyone looking to better understand all the options available to them. Understanding that not all its members are in the real estate industry, the group strives to showcase the breadth of opportunities via the diversity of its events. Events span panel discussions with real estate private equity funds and investment banks, networking events, all the way to the highly specialized ARGUS training sessions.
Ultimately, the broad array of events makes such a group perfect for anyone looking to further their understanding of all that Booth has to offer. The benefits of joining a smaller group however go beyond simply satisfying one’s curiosity; when asked what she thinks the biggest benefit of joining the Real Estate Group is, Julie Zeng— one of the Real Estate Group co-chairs said, “Unlike some of the larger groups, when companies in our industry (real estate) are looking to hire, they often aren’t going through GTS. These companies are going directly through the Real Estate Group. So our members get access to job positions that others may not have…and at times we get as many as 3 job postings per day.”
The Real Estate Group held its official spring kick-off event on Thursday April 13th , the event highlighted the fact that it offers benefits to members of all backgrounds. Attendees included Boothies in real estate private equity and banking as well as those simply looking to learn more about how their unique non-real estate experiences could be applied within a real estate context. Ultimately, the fact remains: the key to satisfying your curiosity about “what else is out there” may not lie solely in different classes and classroom interactions, but in the little-known student groups that bring multiple fields together in one.
Ardi Baftiri is currently a Booth evening student and works in real estate development. He is an avid traveler and has visited over 35 countries.
Leaving Gleacher at 9:30pm, to get home by 10, to maybe get up at 5am for a workout (shelling out $30 for SoulCycle seems to be the only thing to get me out of bed), to return to Gleacher at 6pm the next day, to coming to Gleacher another day for a meeting, to bringing my A game to work, to managing my grandpa’s transition to hospice while studying for finals, to squeezing in date night to celebrate my boyfriend’s win in a competition (he’s pretty cute and is a #FellowBoothie), to trying to make lifelong friends at school (√check), to figuring out career next steps (can Career Services be added to my speed dial? Shout out to Kelly O’Brien), trying to fit it all in – and doing it all in the most cost effective way (note: making my own dinner wasn’t included in any of that). Sometimes, it’s easy to think, wow, look at my schedule.
True – we are busy at Booth. If Booth teaches us something quickly, though – it’s that it isn’t just me, it isn’t just you. I think that is one of the coolest lessons we learn at Booth.
Here is what busy means to Boothies:
Samantha Darnell welcomed a baby boy last fall, while being a student. Anyone who can carry a baby while being a student deserves immense credit. In the middle of her pregnancy, she also landed a new, great job. She balances motherhood and school.
Amado, a Gleacher cashier who always wears a smile, works at Gleacher from 2pm-9pm and is home by 11pm every night. He gets up at 5am to drive Ubers until 12pm. He takes a quick nap when he gets home before heading back to Gleacher. Amazing.
Kevin Bendle works at the Gleacher bookstore. He worked to effortlessly give Booth students a discount on Booth gear if they were signed up for an SAC athletic event. He also shares that he has completed over 60 quarter starts. While most bookstore managers only deal with two semester starts per year, he deals with four quarter starts! He is the reason all your books are available.
Naved Siddiqui is enrolled in four classes this quarter on top of his full time job. He is working to complete 12 classes by August so he can participate in OCR. He is working to achieve his dream career.
Lindsay Badeaux constantly balances a ton of work travel to recruit the best future Boothies, which means she also works a lot of nights and weekends to make that happen. She also ensures she has fun in her busy life – including adding guitar lessons at the Old Town School of Folk Music to her schedule, caring for her two pups, and enjoying time with her husband. #workhardplayhard
Bryan Scherer landed an investment banking summer internship while working a full time job, planning a wedding, and taking M&A Strategy and Financial Statement Analysis in the fall quarter (both classes are known as some of the toughest at Booth).
I hope this inspires every Boothie. Sometimes, it’s easy to be worn down with everything on our plates, but the entire Booth community is in this experience together. Whether you’re a student or you’re supporting us students succeed, you are not alone. It isn’t just you on this journey. We are all in this together. It is a beautiful thing.
Catherine works at Northern Trust in wealth management, loves yoga, creating content on www.cfndaily.com, and the peanuts at the Midway.
With so many things to do in Chicago, it’s easy to miss something. It’s also easy to stay home and watch Netflix. Get out of house and off campus and head to one of these hot (or cool, but under the radar) events happening over the next two weeks.
April 1-30, 2017, Various Locations
All month long, celebrate Chicago’s dance community with discounted or free events, classes, and performances of every genre, including ballet, African dance, circus arts, tap, modern, musical theater, and even fitness.
Price: Varies (Free & Paid)
April 2-3, 2017, Logan Theater, Logan Square
Take your experience with cocktails beyond drinking them and learn everything there is to know about the concoctions (which, fun fact, were invented right here in Chicago during Prohibition).
Price: $100 for the weekend, $50 per day, or buy individual sessions for $15 each
April 8, 2017, Logan Square Auditorium, Logan Square
Try over 50 different types of rum, sip cocktails, and take Master Classes all afternoon. ChiBus Tip (CBT): Go to http://clktr4ck.com/2ow7 and use promo code “TASTINGS” for 50% off.
Price: $35 for one ticket, $65 for two with link (so bring a friend!)
April 8, 2017, Empty Bottle, Ukrainian Village
Before it closes for the summer, stop by, grab a mimosa, and browse the handmade work of over 30 artists, including jewelry, clothing, candles, and paper goods. It’s the perfect place to pick up a special gift for a loved one or for yourself (after all, you got through another Chicago winter!)
April 9, 2017, The Chop Shop & 1st Ward, Wicker Park
All you can eat pizza, 5 beer tickets, and a commemorative Old Style pizza-shaped plate all for $35? Count us in. Attend one of two sessions (starting at either 2:00 and 5:00 pm) and join 1,000 other pizza aficionados for hours of pizza bliss while live DJs play in the background. CBT: If sold out, check the Facebook event page for people selling tickets.
April 12, 2017, Harris Theater, Millennium Park
The Pop Culture Happy Hour podcast is hitting the road with it’s first live show in the Midwest. Hosted by Linda Holmes, the show will include panelists Stephen Thompson and Glen Weldon, along with VIP guests Sam Sanders, and W. Kamau Bell, discussing all the hot gossip relating to books, movies, music, television, and anything else that gets people riled up.
Rachael works in litigation consulting at Epsilon Economics. In her spare time she enjoys yoga, forming emotional connections to TV show characters, and cooking/eating/talking about/writing about food.
Fortunately for MBA candidates, the podcast world is also full of useful content for us business-minded people.
23% of Booth students have advanced degrees before starting Booth. Not only is weekend student Phil Giglio one of those impressive students, he’s also back at the University of Chicago for round two.
Phil always knew he wanted to go to law school, and landed at – where else – the University of Chicago to pursue that dream. He has been practicing law for four years working with private equity clients (and working 60 hours per week on average). He assists clients in forming their funds, ensuring their compliance with regulations, working on M&A, and much more.
While in law school, Phil enrolled in Booth’s renowned Negotiations class. The lessons learned in Negotiations regularly apply in Phil’s everyday life.
“Given that my job is essentially predicated on negotiating, that class has been hugely valuable. I use those skills in everyday practice,” Phil shares.
“We learned that when you negotiate, people don’t like silence. If you put silence on someone, they’ve a tendency to talk to break that silence. And when people talk, they give away information, and information is the most valuable asset in a negotiation,” he says.
While others might feel awkward, Phil appreciates the valuable silence in negotiations, thanks to his lessons at Booth. He applies this lesson every time he negotiates on the phone – which is 99% of the time.
As a current Booth student, Phil participated in the annual Oxford Chicago Global Private Equity Challenge between Booth and Oxford. Students form a team, create an LBO model, and pitch a company as if they’re pitching to an investment committee at a private equity firm. Given Phil’s legal specialty, this gave him the perfect opportunity to learn more about the investments side.
“I sit on the other side of the private equity landscape,” he explains. “Making the pitch to a hypothetical client was a great change of perspective. It gave me great color as to what my clients go through on a daily basis.”
Further, Phil and his team worked to create a group with a great deal of diverse perspectives – including bankers, consultants, and a lawyer.
“We all brought a different skill set to the table. We had a really great team dynamic based on the fact that we all came from a different background.”
Phil’s latest team project involved applying to this year’s New Venture Challenge with another impressive group – a full time student, a part time student, a partner at a law firm, and a Booth professor.
“For the past two months, we’ve been working on proposing a new legal software solution and hoping that we get accepted into the program. That will kick up the amount of schoolwork I’ve got,” he adds.
Phil is clearly not a stranger to hard work – he balances an impressive legal career (including billing 100 hour weeks at times) and being a Booth weekend student. To Phil, Booth is absolutely worth it.
“Booth changes the way that you approach problems. Lawyers are trained to think a specific way and to think about all the possibilities of what could go wrong, almost to the point of inertia, and Booth teaches you what to focus on and how to sift through what doesn’t matter. It’s a very different way of thinking. The framework with which we’re taught to think at Booth really complements the legal training and education that I’ve had.”
Catherine works at Northern Trust in wealth management, loves yoga, creating content on www.cfndaily.com, and the peanuts at the Midway.
At the core of the Booth experience is The Chicago Approach— three words summing an idea with as many interpretations as people who experience it. Despite its interpretative malleability however, with enough probing common themes emerge: data, analytics, and results. Equipped with analytic tools, students strut off campus quietly summoning the world before them, “give me your problems, I will give you a data-driven solution.” Then they see, “Trump signs Muslim ban” on their phones and the power of data-driven solutions suddenly comes into question. If empirically substantiated solutions aren’t relevant for winning the most powerful office in the world, we must question what we’ve been preached to. We must question The Chicago Approach.
Now this isn’t an anti/pro-Trump article, but it does use the political arena as an example for evaluating the appropriateness of placing as much importance on data as Chicago Booth does. Continuing with the Trump example, we see the triumph of anecdotes over data in the illegal immigration debate as well. Data shows that immigrants are less likely to commit crime, with illegal immigrants not expected to commit a disproportionate share of crime. However, Trump repeatedly points out illegal immigrants have murdered citizens and he wants to reduce these senseless murders; he then relays the story of the illegal immigrant who killed a natural-born citizen. The story is factual. The argument is anecdotal. The solution is fantasy-land. Yet, the presidency was won! If data is seemingly irrelevant at the most important policy decisions, should Chicago Booth begin teaching “Impressive story-telling” rather than Applied Regression Analysis? Is the cost of a Booth MBA better spent elsewhere?
Despite the seeming insignificance of data-driven solutions at garnering success, the reality is that the argument above is anecdotal as well. We use an anomaly— the political success of Trumpian solutions— to suggest that Booth’s emphasis on data-driven solutions is flawed. In fact, data analysis has never before been seen as important a competitive advantage as now. Businesses across industries are relying on data to drive strategies, and according to research by the Economist Intelligence Unit 83% of professionals surveyed said data is making even existing products more profitable. Ironically, it is also data that made Trump successful, not anecdotes. Decades of data analysis into how our psychological biases could be used in negotiations revealed the importance of storytelling in circumventing the brain systems responsible for critical analysis— what I would argue was Trump’s actual source of success. Nevertheless, the reality remains: data is the future, and Booth is our conduit to it. So as you contemplate classes in coming quarters, consider these: Big Data, Data Driven Marketing, Applied Regression Analysis, and Machine Learning.
Ardi Baftiri is currently a Booth evening student and works in real estate development. He is an avid traveler and has visited over 35 countries.