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Wharton MBA Earns a Whopping $350,000 Starting Salary

January 18, 2011

Wharton MBA Earns a Whopping $350,000 Starting Salary

by Suada Kolovic

You read correctly, a Wharton graduate nabbed the highest annual base salary last year with a private equity firm in New York. The staggering $350,000 starting salary was more than three times the median base salary – $110,000 – of the MBA’s classmates. Yet, these high paying salaries are anything but unique: MBAs from some of the top business schools in the U.S. – Wharton, Stanford, U. Chicago, Columbia and Northwestern – reported that the highest base salary received by a 2010 graduate was $300,000 or more. These figures come from annual summaries of employment of the most recent graduating class. The Wharton MBA career report, which gets its data from student surveys, includes information on compensation, location of employment and the industries in which the graduates now work.

According to management professor Mathew Bidwell, it is both the characteristics of the individual and of the job itself that lead to large starting salaries. “These [private equity] firms tend to have reasonably few people managing very large sums of money,” said Bidwell, whose research focuses on employment. “As you get more senior, each person potentially has quite a substantial impact on the success or the failure of the fund.”

At Wharton, the $350,000 salary earned last year isn’t even a record. In 2009, the top-earning graduate landed a $420,000 base salary…wow. Now, I’m sure you’re thinking where do I sign up, but how important is a high paying salary to you? Are you thinking about changing career paths in order to rake in the dough?

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How to Save When Buying Textbooks

January 19, 2011

How to Save When Buying Textbooks

by Suada Kolovic

The start of every new semester calls for a new set of textbooks – very expensive textbooks. Students can’t really think about the cost of college today without factoring in the skyrocketing cost of textbooks. With the individual book prices well over $100 in many cases, textbook costs can easily add up and, depending on your major, you could easily be spending $500 or more on textbooks a semester. For years students have improvised on ways to dodge buying a new copy and it’s important to know that there are options available, so here are some tips put together by the Huffington Post that can save students some cash.

  • Buy Used: Definitely not a new concept, but still a great way to save almost half the cost of a textbook. Most college bookstores have used options on campus but quantities are limited. Other reliable resources that sell used textbooks are Amazon, half.com and abebooks.com.
  • Book Renting: This option is becoming increasingly popular. It allows students to rent a gently-used textbook for a semester for about half the price of a new edition. But if your campus bookstore doesn't rent books, check out chegg.com, bookrenter.com or collegebookrenter.com.
  • Try the Library: Believe it or not there are FREE options out there, like campus and local libraries. And if you’re one of the lucky ones to actually find a copy of what you’re looking for, check it out fast before one of your classmates beats you to the punch.
  • Buy Older Editions: In some cases, professors will permit students to buy a previous edition of a book that is just as good as the more expensive current edition. Therefore, it’s a great idea to ask your professor what their policy is before purchasing your textbooks.
  • Get International Editions: According to the New York Times, international editions of your textbooks are often identical to U.S. editions and cost 50 to 70 percent less than their American counterparts.
  • Go Digital: It seems like the end of traditional textbooks are near and increasingly more students have the option to purchase e-books directly from book publishers from sites like cousesmart.com and cafescribe.com.
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9,400-Year-Old Dog Discovered by University of Maine Student

January 20, 2011

9,400-Year-Old Dog Discovered by University of Maine Student

by Suada Kolovic

Man’s best friend today isn’t much different from its ancestors. A bone fragment suggests that almost 10,000 years ago dogs likely provided their owners with companionship, protection and oh, at times, dinner. According to researchers, University of Maine graduate student Samuel Belknap III found a bone fragment from what they are calling the earliest confirmed domesticated dog in North America. Belknap came across the fragment while analyzing a dried-out sample of human excrement unearthed in southwest Texas in the 1970s.

The discovery was made as Belknap was conducting research on the dietary habits of ancient humans who lived in the Lower Pecos region of Texas between 1,000 and 10,000 years ago. “I didn’t start out looking for the oldest dog in the New World,” he said. “I started out trying to understand human diet in southwest Texas. It so happens that this person who lived 9,400 years ago was eating dog.”

DNA analysis by Belknap and a fellow researcher confirmed that the fragment came from a dog – not a wolf, coyote or fox and a carbon-dating test put the age of the bone at 9,400 years.

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How Much Is The Application Fee?!

Top 25 Highest Application Fees

January 21, 2011

by Suada Kolovic

Sure, we’ve discussed the skyrocketing cost of college tuition on a daily basis and considering every other add-on you’ll have to endure when it comes to paying for collegeroom and board, books and supplies – having to pay an outrageous application fee is downright cruel.

According to a U.S. News report, the average application fee to apply to colleges is $38.44 and $46.78 at universities, which is a steal compared to the fees charged by the institutions listed below. Of the 1,474 undergraduate programs that supplied application fee data, only 39 claimed to have no fee. And for those schools that did have fees, many waived them for students with financial need or for those who applied online, U.S. News also reported. Check out the list below and share your thoughts. Let us know if these hefty fees will ultimately decide where you’ll apply.

National University Application Fee
Stanford University $90
Columbia University $80
Boston University $75
Brown University $75
Duke University $75
Drexel University $75
George Mason University $75
Harvard University $75
Massachusetts Institute of Technology $75
University of Delaware $75
University of Pennsylvania $75
Yale University $75
Boston College $70
Carnegie Mellon University $70
Cornell University $70
Dartmouth College $70
Hofstra University $70
Johns Hopkins University $70
Lehigh University $70
North Carolina State University-Raleigh $70
Northeastern University $70
Rensselaer Polytechnic Institute $70
Syracuse University $70
Tufts University $70
University of Connecticut $70


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Got Stress?

Annual Study Shows College Freshmen are Overwhelmed but Optimistic

January 27, 2011

Got Stress?

by Alexis Mattera

A student’s first year in college is one rife with new experiences and challenges. We have plenty of info on our site to help ease that transition – from dealing with common roommate problems to overcoming writer's block in college essays to beating the winter blues – but it looks like members of the class of 2014 are having more difficult times adjusting to the college lifestyle.

An annual study found 51.9 percent of first-year, full-time students reported their emotional health was above average. That may not seem so bad but lead author, UCLA's John Pryor, said this figure is a "fairly alarming" 3.4 percentage points lower than last year and the lowest since the inaugural study in 1985 when 63.6 percent reported feeling above average. Despite these record-low levels of emotional health, about 73 percent of students surveyed generally expressed positive attitudes toward higher education, even as they struggle to fund it because they believe it will help their future earning power.

But why the disparity between low emotional health and high expectations? It’s difficult to pinpoint one specific reason but Marcus Hotaling, chairman of mental health for the American College Health Association, has a theory: When the study began in 1985, he said, many students with mental health issues did not get into college but today, they are able to pursue post-secondary degrees because of improved medication, reduced stigmas and a greater willingness to share concerns with others. "Students are more attuned to who they are, what they're dealing with, and that there's help out there," said Hotaling.

First-time college students, do you share the sentiments of the students surveyed or is your freshman year shaping up to be one of the best years of your life thus far?

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Snow Days are Now E-Days in Ohio’s Mississinawa Valley

January 28, 2011

Snow Days are Now E-Days in Ohio’s Mississinawa Valley

by Alexis Mattera

Growing up in Massachusetts, I experienced my fair share of snow days…and attending college in Connecticut kept the class cancellations coming throughout the winter months. Those days were meant for building snow forts and lunch tray sledding for students young and old but for students in Ohio’s Mississinawa Valley School District, the terms Snowpocalypse, Snowmageddon and #snOMG translate to something very different: e-days.

For those unfamiliar with the term – we’re looking at you, Randy Parker – an e-day means traditional classes are still cancelled but instead of having to make the days up at the end of the school year, students must log on to their home computers to complete virtual lessons prepared by their teachers. Those without computers aren’t exempt, either: They just receive the assignments when they return to school and have more time to complete the work.

School officials are currently studying how well the program worked with the help of a university to determine whether to continue the program or drop it. The reactions from students are mixed but some high schoolers told National Public Radio they don’t mind e-days because the work will prevent falling behind in class and adversely affect their chances of attending college.

The answers are sure to vary - SpongeBob Square Pants shares some interesting theories on education here - but do you think e-days will be beneficial in the long run or would you rather spend your snow days doing as you please?

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Top 10 Universities for Campus Housing

January 31, 2011

Top 10 Universities for Campus Housing

by Suada Kolovic

If you’re a high school senior, you’ll be faced with a major decision in the coming months: choosing the right college. And while there are myriad factors to consider when making your decision, campus housing can be a crucial piece of the puzzle. For the most part, students are required to live in campus housing during their freshman year while upperclassmen tend to live off-campus in apartments. The reason: Most larger universities just don’t offer enough on-campus housing to accommodate their entire undergraduate populations. Yet, that’s not always the case because some prominent institutions with large endowments offer housing for all undergraduates.

According to an analysis of student housing data provided by the U.S. News & World Report, students at many of the country’s top ranked schools opt to remain on campus until they graduate. Of the top 10 national universities with the highest percentage of students living on campus, five are Ivy League institutions. Check out the complete list below (schools are ranked by the percentage of their undergraduate student body living on campus).

  1. Princeton University
  2. Harvard University
  3. California Institute of Technology
  4. Columbia University
  5. Massachusetts Institute of Technology
  6. Stanford University
  7. Vanderbilt University
  8. Yale University
  9. Dartmouth College
  10. Stevens Institute of Technology
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Who Owns Student Inventions Created on School Property: School or Student?

February 1, 2011

Who Owns Student Inventions Created on School Property: School or Student?

by Suada Kolovic

Imagine this: There’s a contest at your university to create the next big iPhone app, the next Angry Birds if you will. On a whim, you decide to enter and miraculously (or not so miraculously given your tech savvy) you win! You’re overcome with pride and joy and begin fantasizing about a life of excess. It’s only after you’ve mentally purchased everything under the sun that reality sets in and you realize you haven’t read the fine print: The university where you did the bulk of your designing may assert a partial or complete claim to the product you’ve created. If you think that’s less than awesome, then you’re right on par with a group of students at the University of Missouri at Columbia.

The team of said students designed an iPhone app for a contest hosted by the Reynolds Journalism Institute at the Missouri School of Journalism. To be fair, the university did inform students of the policy prior to entering the competition which led to some students dropping out, said Anthony Brown, then an undergraduate in the department of journalism. But despite their reservations, Mr. Brown and his team, fellow students Zhenhua Ma, Dan Wang and Peng Zhuang, decided they’d stay in. They won the competition with an app called NearBuy (which gives you the ability to search for condos and houses by location using the iPhone's built-in locate-me technologies) and contacted the university to assert their ownership and to ask the university to waive any intent to assert ownership, according to the Chronicle. They argued that student inventions, even if fostered to some degree by faculty mentors, stood apart from the work done by faculty members using university resources.

Faculty members of the journalism department signed letters supporting the students’ case. And ultimately administrators agreed with the students and allowed them to maintain full ownership of their app, which to date has been downloaded over a quarter of a million times.

To some extent because of the case, the University of Missouri decided to rewrite its intellectual-property policy to better address student inventions. According to Michael F. Nichols, vice president for research and economic development for the Missouri system, the rules now cover everything from work students do as part of a class, to student work created as part of a competition, to work students do in an extracurricular group that is sponsored by the university. Keep in mind Missouri’s regulations aren’t the norm at all universities. How would you feel knowing, or not knowing for that matter, that if you were to create something on campus your university would have the rights to it?

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Top Priority for Americans: Affordable College

February 4, 2011

Top Priority for Americans: Affordable College

by Suada Kolovic

A recent survey suggests more Americans believe that making higher education more affordable would be the most effective means of helping those who are struggling financially. The Public Agenda study, “Slip-Sliding Away: An Anxious Public Talks About Today’s Economy and the American Dream,” revealed reducing college costs was most important to the 1,004 Americans surveyed at 63 percent, beating out preserving social security (58 percent), cutting taxes (48 percent), reducing the deficit (40 percent), “providing financial help to people who owe more on their mortgage than their house is worth” (22 percent) and others as the best solution.

Why do Americans have so much faith in the higher education system? According to the study, “One reason for the faith in education may be the public’s perception of who’s struggling most in the current economy. Three-quarters of Americans say that people without college degrees are struggling a lot these days, compared to just half who say college graduates are struggling.” Of those respondents who identified themselves as “struggling a lot” financially, 77 percent said they were very worried about having trouble paying for their children’s college educations. In addition, nearly one-third of those who are employed (32 percent) said they were "very worried" about losing their job, while 45 percent said they were “very worried” about paying back debt.

With the economy slowly turning around, are you concerned about the cost of college? If you’re stressed about finding financial aid, you don’t have to be: Check out our free scholarship search and get matched with scholarships just for you today!

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Gotcha! Columbia University Publishes Fictitious Article, Dupes Everyone

February 8, 2011

Gotcha! Columbia University Publishes Fictitious Article, Dupes Everyone

by Suada Kolovic

Columbia University, one of the eight members of the Ivy League, knows how to have a good time. So much so that the university’s student paper – The Morningside Post – ran a satirical story about a student who was mugged by conscientious muggers.

Jane Watkins, a first year International Security Policy concentrator, was on her way to class when two men wearing ski masks and dressed entirely in black approached her. "They started to run away with my bag but I screamed and begged them to let me have my Statistics homework," Ms. Watkins reported. "I told them they could have my wallet, my iPhone, anything – just not the homework." According to Ms. Watkins’ report, it was then that one of the muggers reached into her purse and retrieved her homework assignment, laying it neatly on the sidewalk next to where the incident occurred.

The story fooled readers and media outlets, most notably Gawker. They linked to the story despite calling it a “credulity-straining report.” The site has since affirmed that the Post article is a satire. Since the backlash, an editorial note was added to the article: “Due to questions from concerned readers, we would like to point out that this is a fictitious story. We thought we’d have a little bit of fun with this one. Imagine if The New York Times had a SIPA beat...”

What do you think of Columbia’s attempt at satire? Do you find it funny? Let us know what you think.

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