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STUDENT LIFE
THE INDEPENDENT NEWSPAPER OF WASHINGTON UNIVERSITY IN ST. LOUIS SINCE 1878 VOLUME 129, NO. 12
Business students question need for MBA BY JEREMY ROGOFF CONTRIBUTING REPORTER Is it worth it to go to graduate school? Those considering a career in business will make the fi rst major economic decision of their careers when they answer this question, well before they set foot in the fi nancial world. The new answer may be surprising. A greater number of aspiring businesspeople are graduating from college and passing on business school altogether to seek out jobs that immediately pay well. A recent report in The New York Times highlighted the choices of Gabriel Hammond, who enjoys the success of his own $300 million hedge fund. Following his graduation from John Hopkins University and a stint at the investment banking giant Goldman Sachs, Hammond, 28, decided that for him, graduate school was a waste of time and money. According to The Times report, more undergraduates looking to break into the financial field are defying the traditional formula—working two years at an entry-level industry job and continuing on to a two-year graduate school—and instead are taking positions in the fi nancial industry, expecting to land top-dollar jobs at hedge funds and private equity fi rms within two to three years. In choosing not to return to school to earn a Masters of Business Administration (MBA), many think that their
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time would be better spent in a real-world business environment, making real-world money, rather than back in the classroom. Students and career counselors at Washington University say that while this path may be increasing in popularity, most students do—and should continue to—keep graduate school in their future plans. Sally Pinckard, associate director of undergraduate career advising in the Olin Business School, estimates that 60 percent of undergraduate business students plan to return to school for a graduate degree, a steady fi gure over the past few years. “I don’t see that it’s changing for us,” said Pinckard regarding the number of undergraduates in the Business School choosing to continue on to graduate school. The Olin Business School does not track student careers and education after undergraduate graduation, but according to Pinckard a majority of them say they want to work for a few years before obtaining an MBA. Carlos Abreu, a junior in the Business School, plans to work in investment banking after he graduates. Following a few years at work, he will apply to graduate business programs with the intention to ultimately go into private equity. “[Private equity fi rms] want you to have experience as well as knowledge, and if you come
straight out of college you generally don’t have enough experience,” said Abreu. For students whose career paths depend on the condition of a volatile market, following the fi nancial market is essential to knowing the business environment in which they will enter. Mike Sher, a senior history and business double major, measures the fi nancial job market in terms of the market itself. “The last few years, the markets have been unbelievably liquid, which means there’s lot of money floating around,” said Sher, who also noted it is common to fi nd recent college graduates “that make a lot of money, upwards of $100,000.” Sher thinks that whatever recent trend the job market may be seeing, undergraduates should not expect the same opportunities of recent graduates. “The job market is going to be more competitive; not as much money is flowing around,” he said, adding that while the trend contains some truth, passing on business school is not the norm among business majors. “I think what’s different in recent years is that you no longer have to have an MBA,” he said of working in private equity or a hedge fund. “But that’s not to say that getting your MBA isn’t worthwhile.” Job offerings, of course, vary based on factors besides
See MBA, page 2
AUTHOR OF EINSTEIN’S DREAMS SPEAKS
BRITTANY MEYER | STUDENT LIFE
Physicist and writer Alan Lightman spoke Wednesday afternoon in Graham Chapel as a part of the Assembly Series. Lightman’s first novel, “Einstein’s Dreams,” was the selection for this year’s Freshman Reading Program.
WUTV to turn dreams into reality Pi Beta Phi
dealing with sanctions
BY JOSH HANTZ NEWS EDITOR It’s not quite Reading Rainbow and it’s not quite the Twilight Zone. But freshman Michael Wiseman’s Dream Project on WUTV, Washington University’s only student-run television station, will illustrate and narrate dreams that students describe to him. “Last year I was talking to a friend about crazy dreams and we thought it would be really cool to put crazy dreams on a TV show and that’s basically how it started,” said Wiseman. Students can submit dreams they have to Wiseman; he will then break it up into how he wants the dream to be depicted and then tells his illustrators what to draw. The pictures will be aired during the show a few minutes at a time as Wiseman narrates the dream. “I think it’s an intriguing idea,” said senior Ben Nanes, WUTV co-general manager. “It could make a great show. I know I have some pretty unusual dreams sometimes and I imagine it’s the same for other people too.” Wiseman hopes each show will last 15-30 minutes, depending on how much material he receives and how long it takes to tell the story. He can also show multiple dreams, all anonymous, in any given episode. “Even if you want your name shown I decided against it or there could be terrible consequences to others,” he
BY JOSH HANTZ NEWS EDITOR
COURTESY OF DANA HAMBY
One of the illustrations for the new WUTV show “Dream Project,” which brings students’ dreams to life. said. Since this is not a live show, WUTV will put the Dream Project into its library that plays other prerecorded shows at different times throughout the day. “If [Wiseman] delivers an episode a week, we’ll figure out a way to get it a time slot,” said Nanes. “That’s how most of our shows get played. We’re here to help people make shows and get them on the air.” Nanes hopes to soon have a schedule of what’s playing at all times posted online. Right now Wiseman is in the process of recruiting illus-
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trators and creating and posting fl iers to build publicity. He has even asked the art school and psychology department, whom he thinks could benefit from the show, to make announcements to students. Sophomore Dana Hamby is one illustrator who has joined the Dream Project. “Mike introduced the concept of the show—students submitting their whackedout dreams to be illustrated and narrated on the air,” said Hamby. “Lately I’ve been trying to do my own illustrating for a kids’ book about a boy who dreams across several pages. I think I’m more excit-
ed about it than he is.” Hamby also said that they will start out drawing their own dreams since others will likely be hesitant to do so at fi rst. “Hopefully, following the effort and humor we put into these fi rst couple episodes, students will actually want to see their favorite dreams illustrated and narrated,” he said. Wiseman hopes to start airing as soon as he gets enough material. To submit a dream, students and members of the community can e-mail Wiseman at mcwa1@aol.com.
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After an alcohol-related incident at an on-campus party occurred last semester involving new members, the Missouri Beta chapter of Pi Beta Phi at Washington University is facing probation until the end of May. “Risky behavior was involved,” said Director of Campus Life Jill Carnaghi. “On the part of the [fraternity] as well as the [University] we’re concerned for the safety of our students. We’re taking actions that will correct these indiscretions.” As part of the punishment from the University, Pi Beta Phi will not be permitted to hold social events with alcohol this semester and may hold up to one next semester. Pi Beta Phi also may not partner with other student groups to put on social events for the whole academic year. Furthermore, the fraternity for women must submit a performance plan, go through an alcohol education program and face tougher restrictions regarding new member education. Violation of any terms may lead to more severe sanctions, according to Carnaghi. “We don’t do probation lightly,” she said. “It doesn’t need to be a Greek organiza-
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tion, either. Any organization that presents threats to the safety of its members is unacceptable. We need to be ever-vigilant. Too often one thing leads to another that they never thought would happen.” However, Carnaghi noted that disciplinary action is only intended to “ensure future success.” Officers of the Pi Beta Phi chapter on campus referred all requests to comment to their national office. “Pi Beta Phi Fraternity is working closely with its Missouri Beta chapter at Washington University, as well as campus administrators to ensure the chapter complies with campus and Fraternity policies,” said Stephanie Gurley-Thomas, a national Pi Beta Phi spokesperson. Gurley-Thomas stressed the history of the chapter on campus and that the chapter has the full support of its alumnae going forward. “The Missouri Beta chapter of Pi Beta Phi is an integral part of the Greek system at Washington University and will continue to remain an active and involved chapter on campus,” said Gurley-Thomas. “Although the chapter has received sanctions, they
See PI BETA PHI, page 2
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