Financial Accounting Pre-Course

It’s getting real. The first real assignment, directly from IESE is there – the Financial Accounting Pre-Course on Coursera.

IESE sent an email to all Class of 2018 students, requesting them to complete the course before the program starts, in order to get basic, crucial knowledge to be able to follow the Financial Accounting course, that will be taught in summer.

The course is public and can be viewed by anyone. It’s the first part of IESE’s Foundations of Management package on Coursera, which consists of 5 pieces. The material is free and only if you want to obtain the Course Certificate, and complete the quizzes, you’ll have to pay the 69 € per piece.

Have a look at the course here, and get a small perspective into how teaching at IESE could look like.

1024px-coursera-svg

 

 

IESE Financial Accounting Pre-Course by Marc Badia

I have just passed week 2 of 4, and will probably work through week 3 and 4 very soon. Each week’s assignment has a due date and the full course must be completed by August 11, 2016.

So far I really enjoy the learning experience, the course is easy to follow and very well prepared.


 Here is the course description:
Welcome to Accounting: Making Sound Decisions! My name is Marc Badia, Assistant Professor of Accounting and Control at IESE Business School. It’s great to have you here, joining thousands of other learners who want to know what accounting is all about.

No matter what line of work you are in, it is essential to have a fundamental grasp of the key concepts in this field. After all, accounting is the language of business. And that is precisely what I am here to do: to give you enough insight so that, by the end of the course, you understand basic concepts and feel comfortable reading, interpreting and discussing financial statements for decision making. I will start the course assuming you have no prior knowledge of accounting at all.

Have a look around the course website so you can see what’s ahead. The syllabus will explain what topics we’ll cover and the assignments I expect you to complete. Click Discussions to see forums where you can discuss the course material with fellow students taking the class. Be sure to introduce yourself to everyone in the Meet and Greet forum.

If you have questions about course content, please post them in the forums to get help from others in the course community. For technical problems with the Coursera platform, visit the Learner Help Center (http://learner.coursera.help/)

Good luck as you get started. I hope you enjoy the videos and assignments. Above all, I hope you finish the course with newly-acquired proficiency in accounting to help you go further in your career.

See you soon!

Advertisements

[Shared post] Dear Incoming Class of 2018…. (IESE MBA Blog)

I want to share an interesting post from the official IESE MBA blog with you. Achint Kaur, an MBA Class of 2016 student, writes about his 2-year experience and gives helpful advice for future students. I found it a good read, as it summarizes, what I have already been expecting from the MBA.

It really looks like life will be tough during the first year – but I’m ready! I’m thrilled to experience all of this myself.

Dear Incoming Class of 2018….

I am writing this letter to you just as I have finished packing the past 19 months of my life into two suitcases. And it suddenly dawns upon me: game over. The endless lamenting about cases and jobs, cortados on the patio, beers by the turtle pond, tapas by the beach, BoWs and team meetings are all over. It made me reflect upon my journey at IESE and I would like to share my musings with you.

Leaving the familiar and throwing yourself into a new environment requires courage. By deciding to come to IESE, you have already exhibited that you have that aplenty. I am not going to lie to you: the mental strength will come in handy. The first year is academically and socially strenuous. There are three cases to do almost everyday. You start at 8:15 am, if you are the chosen ones. You might have Spanish lessons in the afternoon, which I strongly recommend. There will be team meetings, assignments, projects and exams. Add to that the hunt for a perfect internship: networking, interview prep, multiple iterations of the same cover letter, perfecting your resume and putting your best foot forward at company events. Then add to it, social obligations.

After all, all your admissions essays were about ‘creating a global network’ for yourselves, weren’t they?  Give your loved ones a picture of yourself on a magnet to put on their fridges and tell them to forget about you for that one year! In the second year, things taper off a bit and you have more time to focus on landing your dream jobs.

Academics aside, IESE gave me the chance to form lifelong friendships. And this isn’t marketing propaganda. With friends at many top business schools in the world, I can personally certify that the spirit of collaboration and community that exists at IESE is unmatched. Any business school can teach you about 4Ps of marketing or McKinsey’s 7S framework. But at IESE, I also learnt about many different cultures, traveled the world, and developed the finer skills needed to become a truly global leader.

It is not a smooth ride. It isn’t supposed to be. The MBA is the time for you to challenge yourself, to throw yourself into the darkness of the unknown, to push the boundaries of what you think is possible, to stretch yourself to your limits, to face disappointments and after all of that, emerge stronger.

The past nineteen months have been a whirlwind and it is bittersweet to leave. IESE gave me a lot and for that, I will forever be grateful. As the youngest in the MBA, I came in with the least professional experience and thus, am leaving with the steepest learning curve. They say if you are the smartest one in the room, you are probably in the wrong room. I made sure I was in the right room at all times. I hope you will to.

For what its worth, my advice to you would be simple: keep an open mind. Whether it means discovering job opportunities, meeting people or simply trying exotic food. You never know where you find your calling.

Good luck and make this experience count!

With love from Barcelona,

Achint Kaur, IESE Class of 2016

***Achint graduated today!!!

IESE Welcome Video

The IESE MBA Admissions Office reached out to all admitted students, encouraging them to provide personal information and a photo for inclusion in the Class of 2018 videos. These videos will be presented at the Admitted Weekend (which I, unfortunately, cannot attend) and the orientation Week.

For the photos, we strongly encourage creativity. Feel free to show your personality and you are also invited to incorporate the IESE shirt that came with your welcome pack.

Here is the picture that I submitted:

 

Processed with VSCO with m3 preset
Andreas in IESE shirt in front of the MS Hamburg

I’m curious to see the result in Barcelona.

 

TOEFL scores arrived

The next hurdle is taken – the TOEFL is out of the way.

Here’s my score:

  • Reading: 30
  • Listening: 28
  • Speaking: 27
  • Writing: 26

Total: 111

Below is a chart with the corresponding percentile ranks:

Total Scale Score Percentile Rank
120 100
116 99
112 97
108 93
104 88
100 81
96 74
92 67
88 59
84 51
80 44
76 37
72 31
68 25
64 20
60 16
56 13
52 10
48 8
44 6
40 4
36 3
32 2
28 1
24 1
20
16
12
8
4
0

So it looks like I’m in the 96th percentile of all TOEFL test takers. It’s a good score and, considering the moderate time I spent on preparation, I am content with it. The highest score requirement I could find among top business schools was 110 for the MBA program. Barely checked.

Apparently there is still room for improvement in my speaking and writing. The two points, that I lost in the listening section, are because of a short concentration failure and a sub-optimal note taking strategy – I’m sure I could score 30 in that section as well.

Now I’m good to go to apply for the MBA exchange program and have one thing less to worry about.

Lucky TOEFL

Wow. That was close. But let’s start at the beginning.

You must know, that IESE waived my TOEFL requirement. I got accepted without ever having to take an English language test such as the TOEFL or the IELTS. The fact that I worked for four years on cargo and passenger ships, where the working language is English only, was sufficient to make that claim. The general IESE rule is that you can get exempted from taking the TOEFL if you spent a minimum of 2 years in an English speaking country. For my special case, however, I had to conduct a short, informal telephone interview with a person of the admission team on January 1st, just after New Years Eve (yay). Anyway, it worked out, and one of my main concerns was gone. I was not worried about the test itself, but was under immense time pressure. I was about to board the MS “HAMBURG” end of January and just barely managed to get GMAT, application essays, and admission interview in Barcelona done in time. There was no way to take the TOEFL as well. Actually, I took a flight to Asia just five days after the interview took place.

Now I discovered an unsettling piece of information: If you want to take part in the MBA Exchange Program, the respective partner schools might request to see your TOEFL score – they certainly all have it as a requirement. I contacted IESE to get advice how to proceed, and learned, that the partner schools have trusted IESE’s criteria regarding the English proficiency until today. To meet all criteria and to be on the safe side though, they advised me to take the test if I wanted to do a summer exchange. I definitely want to go and so the decision was clear: I had to take the test after all.

I would have preferred to take the IELTS as it seems to be better suited towards my strengths. But I had only 2 weeks in Germany and not enough lead time to get an appointment, so I had to go with a last minute TOEFL booking.

All slots in Hamburg, where I live, were taken already, but I luckily got one of the last ones in Hannover, which is a 2 hour drive away. As the test was scheduled for 09:00 AM on a Saturday morning, I had to start my travel quite early.

I started at 06:00 AM and arrived well in time at the test center. The drive was a piece of cake and requires no further elaboration. Yet, what was to follow, could have turned the day into a disaster.

Together with me, there were around 40 other people in the waiting area of the test center. The atmosphere was calm and quite relaxed initially; people were chatting about their reasons to take the test and discussed career options. But when there was no sign of an attempt to register the crowd after 09:00 AM had passed, people started to question what was going on. We should learn soon: Two student girls appeared and told us, that they could not get the entire system running, had no way to contact their superior and did not even reach the TOEFL administration in the U.S. All they said was to wait for further progress and that they would give us an update every half hour, yet, they did not look optimistic. You can imagine that people started to worry – many others had traveled far to take this test and had appointments for the late afternoon.

After one hour of waiting, many discussions, and a few affirmations from the girls, that they had no clue how to get the system running, there was finally hope. They reached the U.S. administration and were able to get eight computers running. So eight persons could take the test, and as you can already guess, I was one of them! What an incredible luck! I was picked because they chose people alphabetically and my last name starts with a C.

But what about the others? They had to wait another hour until they were released with bad news: no test today for them, as the system remained inoperable! They all had to drive back home, many with important deadlines to catch. I feel with them, something like that can really ruin your plans. They will get a refund and the opportunity to take the test on another date, of course – but what about their travel costs and missed deadlines? I’m sure ETS (the TOEFL makers) have clauses that will set them free from any such claims, but I did not check.

It would certainly have caused me some trouble if I were not so fortunate to be granted to go through with the test. Even though I did not prepare an awful lot for the test, I did go through the general setting and the different assignment types. I practiced each section (besides the writing section) at least once and had a rough idea how to tackle the questions. With my return to the ship already fixed I would have had to take the test in the short period between the end of my contract on board and the beginning of the MBA instead. As I have a lot of things to do in that time frame, spending time again to prepare and take the TOEFL would really not have been helpful.

So nice that it turned out this way!

Incoming Scholarships

The effort starts to pay off. I recently received the notification, that I have been awarded with two scholarships. One of them really makes an impact, the other one is basically for the CV. Both of them are connected to E-Fellows.net, a career website that I joined when I started my MBA research.


e-fellows1

IESE E-Fellows.net Scholarship – 10.000 €

This scholarship is for IESE students who are E-fellows.net members. It is directly awarded by the IESE Scholarship Committee. There are two of these scholarships and I am lucky to receive one of them. The money will directly affect the tuition payments. 5,000 € for the first year and 5,000 € for the second year. However, if your grades during the first year are bad and you have to take the Academic Evaluation Process (knowledge exam), the scholarship for the next year will be canceled.

E-Fellows.net Online Scholarship

The E-Fellows.net Online Scholarship is not about money. It gives you several German newspaper subscriptions, access to scientific databases, a mentorship program and a few free career books. Nothing fancy but a scholarship always looks good on the CV and might one day be useful.


I’m really happy that I secured these two – they will certainly make life easier and help me during the next years.