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Thursday’s Headlines: Applying to an MBA program? You may have a better shot without a business degree

MBA piggy bank

If you’re an engineer applying to get into an MBA program, your odds of acceptance are better than that of someone with an undergraduate degree in business, according to Businessweek. Top admissions officers at the nation’s MBA programs increasingly prefer candidates with degrees in something other than business. Business undergraduates made up 54 percent of those taking the GMAT in 2010, up from 50 percent in 2006.

Business school admissions officers are looking to change that.

“We want 75 percent of our class to be non-business undergrads,” says Sara Neher, assistant dean for admissions at the University of Virginia’s Darden School of Business. “In some respects, there’s a higher bar (for business majors) than for non-business majors.”

She has some advice for business degree holders applying to MBA programs: “Because they are most likely in business careers now, they probably have concrete examples of how they have worked in a team and led a team,” she says. “Really bring those out in an essay or interview.”

And there’s this piece of wisdom, which could apply to any major: “Take electives outside of business. Show some broader world view.”

 

Other News:

Using aggressive recruiting and generous signing bonuses, UBS wealth management has pulled way ahead of its competitors in the race to attract top brokers. [On Wall Street]

The SEC will oversee hundreds more private advisers at hedge funds and private equity firms than it initially anticipated. [Bloomberg]

A study by a team at Imperial College of London shows that smaller hedge funds have outperformed their bigger competitors over the last 16 years. [Financial News]

A new poll conducted by Credit Suisse shows that most hedge fund industry executives are optimistic about China’s performance for 2012. [HedgeFund.net]

Bank of America CEO Moynihan earned $8.1 million in 2011, a huge jump from the $1.9 million he was paid in 2010. [Dealbook]

The president of the Dallas Federal Reserve Bank says a cabal of megabanks continues to hamper the nation’s economic recovery and that these financial institutions remain too big to fail. [Dealbook]

Michael Queen, CEO of the private equity company 3i Group, will step down following continued shareholder complaints over poor performance and lack of deal activity. [New York Times]

Hartford Financial, which has been scaling back as a result of pressure from shareholders to break up, offered its wealth management chief David Levenson a $2 million retention bonus. [Investment News]

Richard Davis, CEO of Minneapolis-based U.S. Bancorp, says five states – Arizona, Colorado, Nevada, Tennessee and Utah – are the bank’s leading growth markets. [Business Journal]

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