INSEAD Blog by Zanat0s the INSEAD(er) @ Tokyo ! The Biggest among INSEAD MBA blogs. Insead is over, blogging not.

National Weeks @ Insead

Hey all,

You should know one thing about Insead. it i snot boring. We have the national weeks to keep us entertained.  What are those? A weeks is dedicated to a nation(or a team of Nations) and they organize events during the whole week.

For example the HOE- Heart Of Europe Week-(Germany, Austria and Switzerland) will have events with Cheese(Switzerland), Biergarten visits(Germans, Austrians), some football(although they lose) and of course yodeling.... The food will be more customised

The most funny part though is the nomination process. Coutnries vie for votes..... Votes of students determnie which countries will get the opportunity to get a "national week". In Fonty national weeks are much better because fonty is more isolated and people can actually enjoy the crazy atmosphere.

PS happy graduation to the new class

GMAT cheaters.. a step to far?

Zanat0s strikes again. 

This is a quite relevant topic for MBA applicants! The GMAT is a very difficult test that gets more and more competitive every year due to competition. Personally I only know a 800 GMAT holder. The GMAT started many many years ago(I should say decades) as a test to measure somebody’s ability to acquire business skills. I could start arguing here about the test’s merits and drawbacks but that would be futile. The Test is here to stay and nothing can change. So applicants need to do well if they want to join a good Business School.

It was to be expected that the proliferation of MBA schools and applicants has given a great amount of leverage and power to the GMAT council. In 1953, the organization now called the Graduate Management Admission Council(GMAC) began as an association of nine business schools, whose goal was to develop a standardized test to help business schools select qualified applicants. In the first year it was offered, the assessment (now known as the Graduate Management Admission Test), was taken just over 2,000 times; in recent years, it has been taken more than 200,000 times annually. Initially used in admissions by 54 schools, the test is now used by more than 1,500 schools and 1,800 programs worldwide.

The human ingenuity of course sprawled a massive new industry for services. Like every other exam a supporting artillery of experts came up willing to help the candidate “ace” the test for a fee. Publishing houses drew up complex tests and sold the books at a premium of course. GMAT prep cramp school were organized near undergraduate campuses. New technological advances helped fuel the boom for “online tutoring”. I am not here to criticize the industry or to eulogize it. Like most entrepreneurs these people show an opening, an opportunity and went for it. 

Unfortunately this system is self-feeding and it become a self-fulfilling prophecy. When people start preparing their applications they also prepare for their GMAT. It will be common for many students to start registering for GMAT courses or buying GMAT prep material (Crack the GMAT, Break the GMAT, etc). The ones outside the cycle will emulate their example when their time comes. We humans tend to copy conventional wisdom and right now spending in order to take the GMAT exam is the prevalent practice.

If one thinks he needs help to do well at the exam and he/she is willing to pay for that help then no harm is done. It is not like the guy is doing steroids or he has an unfair advantage over the other applicants. These services are offered to any interested applicant without any prejudice. I do understand the need to prepare thoroughly for the test. Not only are the questions difficult and the time limited but people are battling for a limited amount of seats in famous programs along the world’s top. They be damned if they do not prepare as good as they need. Some friends I have or some MBA professors will argue that these “helping hands” are just another camouflaged way to rob people of their discretionary income”.

On my Birthday a Scandal was unearthed. A website called Scroteto.com(do not go now it is defunct) was providing students with “live” questions. What are live questions? Questions still used in the GMAT Test. All other books or helping material use “retired” questions. The council now has a hard drive( I wonder how they found it) and will be analyzing payment information. Form snooping around I found it takes $30 to get access to those questions(the sensitive ones). The site was operated by a chinese guy(lei Shi) and I guess the issue was that he distributed copyrighted GMAT-related material.

The council dared to threaten students who used the service that their result will be void and business schools will be notified about the “cheating”. On top of that the “unlucky” students will be barred from taking the exam again so NO MBA for them! According to reporting by some online forums scoretop.com users will have access to “live” questions and users will debate which is the right answer. But GMAT is a computer adaptive format test that generates a random test for every new test-taker based on answers/feedback. The list of possible questions may number the thousands. It will be statistically improbable for a guy to cheat since there will be only 45 questions which he needs to give an answer to. The probability is virtually zero to see the same questions on the same exams.

On the website’s forum users will be posting their experiences and giving their reports. Imagine their surprise when they found this message on the board…

"GMAC takes cheating very seriously, especially attempts to obtain access to live test questions in advance of an exam. We also take very seriously any unauthorized distribution of our copyrighted GMAT preparation materials. If you are caught disclosing, accessing, or using 'real' GMAT questions your GMAT score will be cancelled [and] you may be subject to a civil lawsuit or criminal prosecution."

I, personally would be intimated a bit. The power relation is all towards the council. They hold the keys to power. It's unclear how individual schools will respond. More than 4,000 graduate management programs use the test as part of the admissions process, but many of those using sites like Scoretop seek admission to the most competitive programs. So the fallout is likely to be limited to top schools.

I am not sure if the students actually cheated or even if they did whether they knew they were “bending” the rules. GMAC can behave like a tyrant and just ban all the takers whose information were found on the drive. There will still be enough candidates to fill the gaps. People won’t have an alternative so they will be forced to follow what the GMAC rules and decrees. On top of that I do not believe that this preparation gave the students an unfair advantage over other applicants. Come on lets be serious… Of course I have no access to the website so my opinion doesn’t count a lot. The most important factor is the answer to the question whether the students knew that they were breaking the rules..

Since the Scoretop site has been in operation since 2003, it's possible that students with tainted GMAT scores are in the application process, currently enrolled, or already graduated. For those in the application process, the applicants may be rejected, and for those currently enrolled, expulsion is a possibility, although a faint one.

Several years ago, when a Chinese national(what is with Chinese and cheating?) was caught taking the GMAT for dozens of prospective students. That case is completely different. The intention and knowledge about the cheating is obvious and that conferred an unfair advantage. 

TO all prospective applicants I have to say this: try to game the test but along the rules. Get as much help as you can but above all take the test yourselves.

Cheers!

Personal Recollections

 

Well since it is a time for personal recollections I would like to allocate so time and web space to some people I truly respect and serve as role models. Those are people whom I consider successful in my life in various ways. I am young(well technically I am still young) and therefore role models can help people like me to know what they want to do with their lives.

 

Having high aspirations is not a bad thing. Neither is to have a high idea of one’s abilities. The example of Jack Welch(the legendary CEO of GE) is well known. Once he was asked during an interview what position he aimed for after 10 years. His reply was a sentence, a simple yet powerful one. “I am aiming for the role of the CEO).

 

I was reminded of that story when I was for a business dinner with a successful entrepreneur who sold his company for a very high price. This entrepreneur, whom I shall call Mr. R. from now on finished a US college Cum laude(if you want to know which one the name is Harvard) he went back to his country and he applied for some jobs. During the interview he would ask the recruiter whether he could ever become the company’s CEO in the future. It seems all of them replied negatively(or so he said) and he decided to start his own company which he should after 10 years for a good price. One could criticize him for being arrogant at the interviews but I applauded his behavior.

 

            If one doesn’t have faith in himself nobody will!

 

A family friend of ours, Mr. Tzir(not his real name) is one of my role models. He studied abroad on his own came back to Greece and started a company who in my opinion satisfies all the criteria it needs to become a truly international one. Why am I saying that and why do I harbor big respect for Mr. Tzir? Well first of all although it is a family business it is run in such a way that even the best managers would be jealous. Mr. Tzir who didn’t study management at university has managed to transcend many old ideas and transform himself into a very efficient CEO/Chairman. He instilled management principles in the company and everything is done according to the latest management innovations. On top of that Mr. Tzir studied management on his own so he would be relevant to the company’s growth.

 

Well that is half the package Mr Tzir has a great work-life balance, great health a fantastic family and above all commands extreme respect among his peers. He is very open minded and he is more than happy to spend time with me and give me valuable advice. I will share the lessons he has imparted to me on this blog.

 

l  Most important is the ability to exercise the body and the mind. Start everyday before the office by exercising for at least one hour.  Working out improves blood flow to the brain, ability to have a clearer mind. A daily workout is essential! Well Mr. Tzir is 55+ but his physical condition is Top.

l  Put deadlines to yourself. Limits and the ability to respect them is what distinguishes people who excel from the ones who are just mediocre. He lambasts people who have to work overtime. He believes 60% of overtime work oculd be avoided if people can discipline themselves

l  Books….. I concur. Reading books improves knowledge and the ability to make critical thoughts. Critical reasoning is one ability that needs to be sharpened continuously

l  Have hobbies, meaningful hobbies. Here he is a bit strict(if I remember correctly). Going to the movies is not a hobby but an activity- passive one. Karaoke wouldn’t be one either. Sports, like Tennis or golf are more desirable

l  Delegate to others. A micro manager is a failed manager. The manager should be like the maestro, conduct the orchestra and not going around telling each member how that member should play the instrument, or even worse try to play the instrument for himself.

 

Well my advice to the readers is find people whom you respect and learn from them. Try to start low and climb the ladder. Do meaningful work. Time goes by very easily. One question which is going to be asked in the next position will be: How your current experience will help you in the next job?

 

Others whom I should thank include my manager at adidas who trusted me in a very important position early in my career. Mr. B with the infamous “no bullshit” style has been a beacon for me. His great advices and reasoning skills were always there for me when I was contemplating serious decisions ( well his advice about INSEAD proved useful). Even if I were more than 20 years his junior he would always address me Sir and taught me that one should never get too cocky and show the same respect from the CEO to the cleaning lady( and he led by example).

 

What about friends? Well like I say one person can have many acquaintances but limited friends(less than 4) otherwise something is wrong.  Jonko is a friend who has always been there for me and I for him There is nobody else with whom I share so many hobbies and activities and a common “strange” communication code. Jovanis another friend has been like a rock of support and as a true friend he has never been soft during our conversations. We have our discussions and he would like to follow my example. The “driver” an old school friend with whom I reconnected some years ago was my b.friend in elementary school and now he is one of the “inner circle”. We have stood by each by difficult times. That is friendship!

 

Well my friends kudos to you!

How consumers think...

How Customer Think a book by Gerald Zaltman. I guess everybody would like ot now how customers think. Wouldn’t it be a great if one could know how his/her opponent/date/counterpart/teammate/friend thinks? It will give an unfair advantage to the overseer. This is a very broad and sometimes frightening concept so as a business person I will only talk about issues that concern business leaders.

Gerald’s position was that purchasing decisions are not rational as most marketers(me included) tend to assume. On the contrary the unconscious and the emotions related with the thought processes

 It seems not many leaders have taken note One needs to be in sync with the world around him and become aware of his surroundings. Every executive should harmonize with his customers; A step closer to a deal. The new book called “What deep metaphors reveal about the minds of consumers” by Zaltman and son gives a better insight into the consumer’s mind. The metaphors are – quoting the book-“unconscious viewing lenses” which aid us to decode the stimuli form the external environments.

 Well I can imagine the one blog reader asking WHY SHOULD WE CARE? Well for those without any background in sales or retailing there is a crystal clear correlation between understanding one’s clients and increasing sales. Most people describe this “understanding” as “customer insight”. Based on discussions I have with many salespeople or other business executives this is insight is something that them. 

 News flash: The usual techniques of focus groups and consuming the product will probably get you so far. Talking to the customers or using the product will not lead to understanding the customers. Focus groups in my (humble) opinion are a waste of time. Customers are put in an environment where they are “forced” to talk about a product and give descriptions or reply to really irrelevant or stupid questions. Questions brought to you consciously about unconscious processes will get you nowhere. The answers may even lead to the wrong conclusion. 

 Having worked briefly as a brand manager I can honestly tell you that the battle is waged not in the surface but in one’s unconscious. First step? Listen! Listening is different to asking or talking with somebody. One glorious example about understanding the customer is the great connection coke has with its consumers(something pepsi doesn’t). I have been a witness to many scenes where people will ask for a coke(instead of a generic cola). Some restaurants only serve Pepsi. Here how I helped a friend to increase the cola sales by 50% within a 6 month period. My friend’s restaurant sold only Pepsi instead of Coke . A big majority of the patrons just changed their mind when they were notified that the there was no Coke available but only Pepsi. I advised him to just accept the orders and tell them they have cola- without any brand reference. Well people drank more and more(they didn’t even understand the difference in taste). Maybe it is true that Pepsi has a better aftertaste.

 Customers are generally different and independent. I will close this post by make a reference to 2 of my classmates. During the last weeks of school(high school) we were talking about summer. The first of them said “Vacation time is finally coming” while the second also commented “I am approaching vacation time”. Actually these are the same sentences or not? Read closely… The first one reveals a passive tendency.. while the second guy had a more active stance. If I was going to sell a product to them I would create 2 different presentations. 

PS the first classmate has taken a passive stance to life and reacts to developments instead of shaping them. The second one is having a brilliant career in front of him and I hope he is reading this now!

Cheers mate! I hope you enjoy London!

Happy Bday Zanat0s

This blog post will be published on the exact time I was born It is amazing what technology can do for you. Today I have lived more than a quarter of a century(+1 year). Well yes you can guess my age but age like I tell to my colleagues and friends is just a number(which unfortunately it only goes up). It is amazing how fast time goes around. Time cannot be stopped and we can only look back while we embark on the journey called life. Last year my whole class surprised me with a special bye bye party in Singapore. It was a well kept secret which I blew away by not going to the party they scheduled and organizing my small get-together. I haven’t planned anything for Monday just in case. I am in the office now during my break and contemplating some issues. I have been moving around the last 3 years, jumping over continents and countries, opening my mind and horizons.

I have become a global citizen. I have become a stronger person and above all adapted to different situations. Life is full of challenges and opportunities abound. If people ask which was the worst decision I ever made probably I have made so many that I cannot handpick one. But I can say with buoyancy that my best one was to apply to INSEAD(even at a very young age). INSEAD and my classmates helped acquire skills that not only benefit me professionally but also equip me with the abilities to flourish in this global environment. Actually until know I had the perseverance(or luck) to follow through my personal targets. Now is the time for a new year plan and new milestones. I am not though a superhuman. Like Newton said If I have seen further than others, it is by standing upon the shoulders of giants.” I will devote this paragraph to thank all my mentors. I will exclude my family since I thank them everyday for the principles they gave me and the morals they entrusted me with. Through my life I have had many mentors, mentors who had the experience and foresight to advise me on various matters.

 I won’t name them personally here but they deserve mentioning. My love for quote should be known by know: “I am indebted to my father for living, but to my teacher for living well.” By Alexander the Great(who was Greek by the way). One of the most important lessons imparted on me was to look at the mirror when I was discussing failures and look outside the window when talking about successes. In all of my successes I have been aided by marvelous individuals whom I give credit for all their help. It is time to give some advices on how to live a successful life based on my personal lifestyle. Prior to that one might ask what is a “successful life”. Well it depends on what we consider success. There is a huge majority of our society who measures success by material wealth. I know people will disagree about the aforesaid statement but it is a reality. Others measure success by how loved they are by their friends. There are humans who assess success by achievements or difficulties overcome.

A person who I know very closely will argue that successful life is related to spirituality. Well the list can go on but there are some universal success measures and ways to quantify failure too. Look at person A; Person A works at a major bank. That person becomes ultra successful in its line of business and creates a huge personal fortune. Due to the stress and demands of the workplace that person remains single throughout his/hers life but remains active in business up to the last day before passing away. That person is alone but ultra rich? Is that person successful? I know people who will answer YES but also others who will refuse to accept that person A is successful.

 Well like a poem says it is not the destination that matters but the journey. Here is what I consider universal success factors: 1. Above all a good health. Without health it is meaningless to talk about life. Money, friends and jobs come and go. Health is a bit more eccentric. Sometimes our bodies or immune system cannot recover. Everyone should take care of themselves and have a healthy lifestyle.

2. The ability to provide for yourself and your family. Come on nobody wants to be dependent on somebody else. A responsible independent person should be able to provide for himself and his/her family. A good way to earn an income is definitely a success criterion

3. Ability to connect on a deeper level. Well with the introduction of online social communities people make “superficial” connections or have engaged in a race to “add” more friends or engage them. It is more important connection built with people who same the principles.

4. A capability to create value. Well for better or for worse it is a competitive world(I think it is for the better) so people should be able to differentiate by creating value. Value is something ethereal which is give a “price” or a number by others.

5. The capacity to help others in need. Not everybody would be able to type this blog.

I am lucky that I have 2 arms with 10 fingers and also the power to move them at will, others are not so lucky. Thanx to a special person I have learned to appreciate that and devote some time(when I can afford) to helping those who need one to take care of them. Well That was my birthday post! Happy Bday to me!

Best Marketers

The best marketers: are the employees themselves. When I used to work for fashion Company X I had a really good employee discount which I used it to my advantage. Why do you think companies offer staff discounts? There are 2 categories of these discounts: First is the discount on one own products’ and then discounts on other companies’ goods and services. What about the second one?

 Many companies give their employees a package of better prices for a variety of services and goods. Why? I met a greek guy on my way to Disneyland in January. His company had offered his a trip to Tokyo. Well one might ask isn’t that expensive? Actually it is cheaper than giving them money and on top of that money incentives may spoil employees. TO give cash is one of the worst ways to award good behavior. Money off for other services will be more valuable to the staff. The discounts can be attractive. I used to have a 50% off(which fell to 40% though) and in another company a friend of mine gets 20% of petrol(well THAT is important now). The providers of these services are more than satisfied. Increased revenue with less advertising. What happens if somebody abuses their discounts?

Buy a Dell PC cheaper and then sell it to another person for a profit? Or just “transfer” the discounts to one’s friend? Well I have no problem with that and it cannot be stopped. What if these discounts are on the companies; own products? It may a bit more complicated than the previous situation. Companies have motives for selling their staff their won goods at reduced rates. They want their employees to be “brand ambassadors”. Imagine if a friend of yours worked at Zegna but preferred to wear Armani!. But these discounts are also perks. Without them companies cannot rely on good employees. A way to recruit and retain people for the long term.

MBA poaching Nr 2

MBAs and Poaching 2!

 

Here is another subject: Poaching…. I have so many things to say about poaching. What do you do when a competitor snatches away your employees? What to do and What NOT to do? I was in a situation like that just before my MBA and although my position was challenged my previous boss confessed to me that he should have followed my advice.

 

When I left my previous job to do my MBA @ INSEAD I had notified my boss 4 months in advance(since he helped me pay for it). I found my replacement and trained him. At the same time another colleague had to leave for her pregnancy leave and her replacement got an offer to join another company. That lady was holding a crucial post whose replacement was never carefully considered and didn’t know what to do in case one person was away. That position was responsible for all the email communications between the company and its partners/suppliers. I had long argued unsuccessfully that this role should be shared by 2 people at least and use another method for going through emails.

 

My boss was under a lot of pressure during that time and he did the worst thing possible. She offered that lady a big increase in salary. A salary which she clearly didn’t deserve. Case in point offer salary increases only to people who cannot actually be replaced. A good way to do that is to cross train your employees so they can fill empty spots for a short time. What happened in the end? The girl eventually left and everybody had found out about her pay increase. Of course they demanded a higher increase in salary the next time their contract was up for renewal. My boss didn’t reveal to me all the details but probably she got her lesson. I hope it wasn’t very expensive.

 

Most organizations still have not grasped fully their ability to tilt pay negotiations in their favour by generating home-grown replacements. Threats to jump ship should be taken lightly. The organizations should put more effort in nurturing talent Lets look at AJAX the football club in the Netherlands. Ajax was by far the best “grocery” for football stars for the last 30 years. Every Dutch football start was an AJAX product. In World Cup 1998 most of the Dutch team were playing in foreign clubs but they all started from the same incubator: Ajax! Transfer fees from players is a good source for revenue

 

The lesson is that when someone tries to poach your best employees with a mouthwatering pay deal,  bosses should let them go. With the right approach to hirin and growing talent the organization will always have an abundance of gems. It is a lengthy process but one that organizations should start. Hey it is better to have competitors snapping away your people. It means something is getting done correctly, the problem is when they lose interest in the organization’s staff….

 

 

Poaching MBAS

MBAs and Poaching? What to do?

 

I was discussing on a forum about MBAs in general and one person made the following comment. I will post the quote unaltered.

 

“MBA holders are the worst kind of employees, they jump ships whenever the first opportunity rocks. Money is their only incentive and will sell out in a blink. They are worse than the mercenaries Medieval Kings used. I try to avoid hiring or working with MBA graduates because I know they will backstab the corporation when we turn our backs. They are good only for hedge funds or PE funds where no emotion is involved”.

 

I have to say I find the use of medieval kings and mercenaries entertaining. Medieval kings used mercenaries, who do you think went on for the crusades? Mercenaries are professional soldiers with higher skills than drafted soldiers. They are risking their life and get rewarded for that. MBAs are nothing like that. Noone can argue that they have superior skills to non-MBAs and definitely they do not put their life on the fire.

 

I like arguing and deconstructing argument using arguments. Wake up call guys. Everybody; MBA or NOT will think to “change ships” when the new captain offers a bigger reward.  But of course money is not the only incentive, but definitely the most important. One evaluates a variety of factors when choosing their job:

l  Remuneration: hey every human being has expenses, the only way to balance lifestyle is to have a disposable income….

l  Type of work: Well money is important but if one has to do either something boring or  unimaginative money loses its appeal

l  Colleagues: Have you tried to work with/for jerks? Well do not do it. You are going to spend your daily life with a bunch of people you do not like? Believe me it just doesn’t work.

l  Future opportunities: If the job itself doesn’t offer opportunities one has no reason to stay there. The current job should be an incubator for new skills. No new skills no better future. Who wants to remain stati? Everybody strives for a better future not a stable present.

 

Here is an interesting example. I know Mr. X! He is an MBA holder, many years my senior and also one of my guides. Mr. X used to work for Bank Y with a very successful record. He was established in his profession and he could achieve his targets quite easily. Mr. X has a great income, lifestyle and work life balance. 3 months ago Mr. X tells me he decided to move from Banking to Industry. He will go to Africa to develop the business. His income will be slightly reduced(I presume), he will start from zero in a new company(for him) and will face new challenges in a new environment. What drove him there? New challenges…. Humans want to challenge themselves and that is especially true for MBAs. According to him also MBAs at a point in life when they have achieved economic independence look at other factors more.

 

My advice to recruiters or managers: challenge your people with interesting work not interesting packages…. Boring is so last year. The guy in the forum got it wrong. It has nothing to do with MBAs or non-MBAs changing jobs, but with the kind of environments people operate in. If I have one prediction to make is that younger people are more prone to go to higher paying jobs since they will have families to raise.

GMAT 720 (Q 45, 77% ; V 44, 97%)

This note might be particularly useful if you have not really been a class topper, have never attempted competitive exams and have never fancied your chances on the Math Olympiad and yet wonder how to do well on the GMAT.

The beginning:

It was in 2005 when I decided to do the GMAT for the first time. At that point, I was not too clear about what I wanted to achieve. I bought the Princeton Guide and the Kaplan Guide. I wasn’t even aware of the official reviews. After two months of some very shabby studying I attempted the test and got a 580. Obviously I was disappointed, but since I wasn’t too clear about an MBA anyway, I decided to just leave the score aside.

Only a few months back, around Jan of this year I decided that I needed to get into a top B School and I knew that a 580, or for a matter of fact, a 650 might not be enough. I knew that 700 was great. I quickly did some research and built on some good study material. I added the official guide to my study material. The first 15 days of Jan was slow with a mix of quant and verbal practice from the OG. It got a little more intense towards the third week and that’s when I attempted my first GMAT PREP test. I got a 650. At that point, I was pretty satisfied and decided to take the real exam around Mid-April. This I thought would give me about 3 months to get from a 650 to a 700. Sounded simple enough. But let me tell you one thing – once you reach the 650 mark every additional 10 points takes a lot more effort. I continued with some practice with the OG (I really thought that reworking questions over and over again just got me more familiar and comfortable) and also continued taking at least one-two prep tests a week (I know there are only 2 available but more about these tests a little later). I reached the 670-690 mark by I think the middle of Feb. My verbal was stronger than my quant. I was scoring around 45 in quant and around 40 in verbal. I knew I needed some help with my quant basics especially number properties. AI decided to buy the MGMAT Number properties and SC (my SC was not too bad but had received great reviews about MGMAT so I decided to get the book myself)

Through March I also took the MGMAT tests. These are much harder than the real tests and I think these should be used for practice only. I did not time myself on these tests. Also, it might be wise to read your performance on these tests based on incorrect answers rather than the overall score. Im not too sure about the method of scoring used in these tests. I would score a 47-48 in quant with around 15 incorrect. I wonder if that’s possible in the real GMAT. But all in all, these tests are very good practice. If you manage to get less than 10 incorrect, each in quant and verbal you are doing very well indeed.

I took the GMAT prep test several times in the build up towards my exam date and started reaching 720-740 (verbal questions repeat pretty often but you will find only around 4-5 repeats in quant each time you take the test) . I realised that quant was my area of weakness and decided to get the Quant OG for additional practice. Soon, closer to my test I started scoring around 760-770 in the Prep tests with scores of about 48-50 in quant.

Test Day:

I must admit, I was pretty nervous. The AWA was fine even though I had never practiced it before. My first quant question was a ripper. I spent around 4-5 mins on this question and this I think summed up my performance. I really never recovered from here and realised towards the middle of the test that I was getting nowhere in terms of timing. I quickly hurried through the latter part of the test and knew that I had not done too well.
Verbal was better. I felt very comfortable with all the SC and the RC and CR questions were not too hard either. My comfort levels with the questions made me wonder if I was doing okay. I filled in the post test details and not reporting the score did not pass my mind (I wonder how many people actually don’t report their scores) I got a 680. More than the overall score I was really taken aback by the difference in my verbal and quant scores. I had scored 44 in verbal 97% and a 39 in Quant 57%. My quant score was identical to the score during my 580 attempt. I dint get it. All this studying for nothing? I had not scored this low in any of my practice tests. I knew I couldn’t take the GMAT again. I really couldn't go through all the studying all over again. Went through an agonizing weekend pondering over whether I should attempt the test again. I knew that I needed a better quant score, but like I said, I really couldn’t go through all the studying again.

Screw it, just do it.

After three, four days of serious pondering I decided, I need to just “screw it and just do it”
I knew it was not going to be easy as I needed to work on my first set of essays too. I got a test date a month later. I decided to spend time on my essays for about 15 days and then get down to the GMAT for the remaining 15 days. I needed a breather anyway. My verbal was good, so I decided to spend most of my time on Quant. To be honest I don’t think I did anything drastically different. I just practiced , practiced and practiced some more. It was only much closer to the test date when I got back to some verbal – dint want to loose my grip.

Test day – again

I approached this test a lot calmer. Again, my first Quant question was a bummer. What a terrible feeling. Decided not to spend too much time on this and just took a calculated guess and moved on. The second question was not too easy, but I think I figured it out. There were a few questions during the test that stumped me. But I had decided that if I could not figure out a method to get the answer within the first 30 seconds I would just move ahead with a calculated guess (you will get some terrific tips on calculated guesses on http://onwardtomba.blogspot.com/2006/08 ... egies.html) I think this strategy really helped. Completed the quant section on time. I knew I had done better than the previous attempt. Took the break and munched on a chocolate. I think the sugar helps. Got on with Verbal. Verbal felt good throughout. Not a single question made me think – what the…? I got a ripper of a RC towards the end and I knew that I was doing well. I had to guess the last two questions. But I knew I had done well. I Requested for my score. I saw a very satisfying 720 (V-44, Q-45). I had a wide smile as I went through the door and collected my score card. The sweet lady handing it out made me feel even better with a good score comment.

Yeah, a 45 in Quant is not the best you can get, but I was happy with my improvement. I drove back a very satisfied man

Study Material:

OG – you can’t do without this. It might be a good idea to get the additional Quant and Verbal guides (depending on your area of weakness)

Princeton

Review : I think this is must for a start. Overall a very good guide to the test and some very good verbal tips. This is the best way to start.
Kaplan : Oh nevermind. Don’t bother. Won’t say more.
MGMAT : I used the number properties and the SC. The SC is very good and a must have. The number properties material was just okay. The key to sentence correction is familiarity. While working on the sentences from the OG, don’t stop at the right answer. Identify why each sentence is wrong. That’s the only way to get familiar with the different types of errors.
GMAT Prep Tests: One of the most important study tools if not the most important. This is closest to the real test. You can do this over and over gain. I repeat – you can do this over and over again. Do not stop at 4-5-6 attempts. The quant is mostly always different although the verbal keeps repeating in increasing proportions.
MGMAT Tests: Good practice. Introduces you to the harder problems. I dint time myself on these tests and averaged around 700-710.

Its all in the mind

The GMAT is as much a test of temperament as it is of intellectual capacity. It’s important to build confidence before moving into the test and it’s even more important to remain calm and composed. Do not spend more than 3 mins a question. Treat every question as just that – one question. Don’t get too ruffled by your previous question. You do not have to answer everything right to get a good score. Anyone, with some good preparation, some sacrifice, and dedication can get a good score. There are times when you feel you are getting no where but don’t worry too much – screw it, just do it.

malliesguide@gmail.com

The rising importance of Education... By Zanat0s

 

The case for more open-liberal markets

 

Many Europeans(especially Greeks-unfortunately) believe liberal economic reforms are incompatible with social justice. The Anglo saxon countries, they purport, have more liberal(deregulated) markets which result in higher levels of poverty and inequality. There are 2 choices: Free their economies(anathema to the left) and accept the downsides or they can resist the only way to go forward. They call this model the Anglo-American neo-liberalism(can’t they come up with something simpler?).

 

I would like to quote Mr. Churchill here : The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of misery.

 

Before I continue let me say that inequality will always exist. You cannot have rich people otherwise. The issue is how to let people get more opportunities? One way is to letting the ones at the bottom of the pyramid with a viable way to the top, not by keeping everybody down.

 

There is no evidence whatsoever that liberalization contributes to social inequalities. The link between amount of liberalization and social outcomes is weak at its best. This pattern should be the same across the EU and not within a select group of countries.

 

Can this pattern be detected. The answer is crystal clear; NO! Well let me go throught the data. Which is the country with the lowest income inequality and at the same highest employment? Look north and you shall see; Denmark. Denmark offers a mix with quite liberal employment laws and open competition. On the other hand who are the champions of the worst social outcomes? Look South and you shall see! The dynamic(or should I say sclerotic) trio: Greece, Italy and Portugal. All three of them offer a complex web of arrangements and protected jobs. Try to fire somebody at Greece and probably you will find yourself at the court trying to justify his dismissal. One rational(rational means having the mental capacity to think and to be articulate) human being may discern that Liberalisation of an economy, bring ,instead of impairing social justice. Regulation is the real culprit.

 

If that is the case then what is the magic pill that boost countries and their economies? If I was in a classroom, a leftie would probably raise his/her hand and argue that high social spending/taxes is a must. Well the left’s instincts have never proved correct before(look at communism). TO be honest social spending is high in the egalitarian countries(Nordic) but it is more or less the same in countries like France and Greece. The Netherlands too have a big state. The UK the “European bastion of liberalism” is a place where the state is actually big.

 

Go back to the Nordic states and look elsewhere. Where should you look? If  you are an avid reader of my blog you should have known the answer by now… The answer lies at the heart of every country’s culture: Education. EDUCATION, EDUCATION and again EDUCATION.  The Nordic countries offer the best education. This is where the correlation is hidden; education and social outcomes. Low level of education or bad quality of education not only produce more irrational people(people without the ability to have a critical mind) but also increase the risk of poverty. Also better education increases employment opportunities.

 

Another leftie may say that education is provided by the state in those countries and education is too important to be left to individuals or private operators. Well wrong again. The Nordic educational systems are one of the most liberated in the world. The public school system emphasizes quality above all. Students in Nordic countries do not learn to memorize equations or texts( as greek and Italian students) but learn how to use their mind. The mind is a muscle it has to be exercised daily at least.

 

The UK has some of the best universities right? What is wrong? The public spending is 6 % around the EU average. The results at secondary education are disappointing. Well according to the FT 1 out of 4 children leave school before they graduate. The UK’s inequality has nothing to do with the privatization of the rail system or the phone operators but with the drop out rates from upper secondary education.

 

When I was 17 my math teacher taught me and my classmate an axiom(a proposition that is not proved or demonstrated but considered to be self-evident. Therefore, its truth is taken for granted, and serves as a starting point for deducing and inferring other truths.). “Stupidity is invincible”.  There is no way to beat stupidity as an ideology. The solution? Studying and opening your mind.

 

Ancient Greek(and not only them) realized that a thriving society needs an education- friendly environment to foster as a nation- and foster they did. Education has long been an important determinant of countries’ wealth and wealth being.  As China and India become more a part of the world economy and the division of labor proceeds the competition will increase. The only way to compete is with minds, open minds. Underperforming education systems will be the final tombstone…

 

I am an ardent believer of education and my heart bleeds when I see people desotrying the only way to go forward. More about this in my next posting.