The MBA Value Proposition for Women of Color

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Linda Abraham (Oct 5, 2006 4:47:09 PM)
Hello everyone! Thank you all for joining us for this Forte Foundation chat entitled “The MBA Value Proposition for Women of Color.” My name is Linda Abraham. I am the founder and president of Accepted.com, co-hosts of this event. I will also be the chat moderator this evening.

Linda Abraham (Oct 5, 2006 4:47:28 PM)
I want to give a special welcome to Sara Nordhoff, Forte’s Director of School Member Relations, and our panelists:

Linda Abraham (Oct 5, 2006 4:47:35 PM)
Fabiola Pereyra, Hispanic Marketing Associate, Nestlé USA; MBA, USC Marshall School of Business Class of 2005

Linda Abraham (Oct 5, 2006 4:47:41 PM)
Dehavalyn Black, Finance Manager, American Express Company; MBA Babcock Graduate School of Management at Wake Forest University, Class of 2004

Linda Abraham (Oct 5, 2006 4:47:48 PM)
Damali Rhett, Senior Consultant, Deloitte Consulting LLP; MBA, Tuck School of Business at Dartmouth Class of 2006

Linda Abraham (Oct 5, 2006 4:47:54 PM)
Deniqua Crichlow, Director of the Office of Diversity and Inclusion (ODI); MBA The Johnson School at Cornell University

Linda Abraham (Oct 5, 2006 4:48:02 PM)
Shelli Alexander Merritt, Principal, High Yield Special Products, Banc of America Securities, LLC; MBA, Wharton

Linda Abraham (Oct 5, 2006 4:48:12 PM)
Irene Lu, TOIGO Fellow

Linda Abraham (Oct 5, 2006 4:48:26 PM)
Sara, thank you for representing Forte. Can you tell us a little about at Forte and its latest initiatives?

SaraNordhoffForte (Oct 5, 2006 4:48:36 PM)
Sure!

Irene Lu (Oct 5, 2006 4:48:37 PM)
Irene Lu - VP Acquisitions CharterMac (Related Capital), Wharton MBA

Linda Abraham (Oct 5, 2006 4:48:49 PM)
I'm sorry Irene! Thanks for joining too.

Irene Lu (Oct 5, 2006 4:49:04 PM)
no problem

SaraNordhoffForte (Oct 5, 2006 4:49:06 PM)
We've been very busy this fall with our Forte Forums--a 10-city series of events highlighting the MBA. Forte's Mission is to substantially increase the number of women business leaders by increasing the flow of women into key educational gateways and business networks. And one of the key ways to increase the number of women in business leadership is to introduce them to the MBA. So, thanks to all of the attendees for joining us tonight. I know that our outstanding panelists will provide you with terrific insights about MBA programs and business careers. They’ll also be able to provide counsel and answer questions regarding the challenges and support networks for women of color in business. Oh, and if you haven’t already, be sure to check out the Forte website at www.fortefoundation.org where you’ll find lots of great information.

SaraNordhoffForte (Oct 5, 2006 4:49:21 PM)
So Linda, I think we're ready to start!

Linda Abraham (Oct 5, 2006 4:49:39 PM)
Thanks, Sara.

Linda Abraham (Oct 5, 2006 4:49:43 PM)
To start the panel portion of this chat, I am going to ask Irene to post a brief bio. I have the bios for the other panelists and will post them now:

Linda Abraham (Oct 5, 2006 4:49:54 PM)
Fabiola Pereyra: After six years as working as a consultant with Accenture, a leading management consulting company, Fabiola Pereyra knew it was time for a change. In her current role, as Hispanic Marketing Associate for Nestlé USA, Ms. Pereyra is involved in seeking opportunities for products imported from Latin America. Monitoring the demographics of the growing Hispanic population, she identifies products that are popular in their native countries. Those items are then imported and distributed in the United States through Nestlé USA., Ms. Pereyra "owns" the brands assigned to her, and oversees everything from development to distribution to promotions and advertising. Consumer packaged goods was a natural career choice for Ms. Pereyra. She says she has always been intrigued by the way some companies are able to dominate a category and capture mindshare. A large part of her job is to understand why people choose certain products over others, and what motivates their buying decisions. Using her experience

Linda Abraham (Oct 5, 2006 4:50:04 PM)
Dehavalyn Black is a Finance Manager with the American Express Company. She is a member of a Leadership Job Rotation Program whereby she provides high level strategic and analytical support for AXP with a focus on Investment Optimization. A native of North Carolina, Ms. Black earned a B.S. degree in Chemical Engineering and a B.S. degree in Paper Science and Technology from North Carolina State University. She most recently earned her MBA from The Babcock Graduate School of Management at Wake Forest University. Ms. Black is a member of the National Black MBA Association, Big Brothers Big Sisters Organization of New York City and an Alumni Council Member of Wake Forest. In her spare time, she enjoys traveling and spending time with family and friends.

Linda Abraham (Oct 5, 2006 4:50:13 PM)
Ms. Damali Rhett received her MBA from the Tuck School of Business at Dartmouth in June. Prior to attending Tuck, Damali was a financial analyst at the Bank of New York. Before switching over to the dark side of finance, Damali started her career off in public relations after graduating from Dartmouth College in 1999. Currently, Damali is a senior consultant with Deloitte Consulting LLP where she will focus on the international energy sector. Damali lives in Washington, DC and enjoys going to movies and live concerts.

Linda Abraham (Oct 5, 2006 4:50:23 PM)
Deniqua Crichlow: Since August 2005, Deniqua has led the Office of Diversity and Inclusion toward its three-fold mission of increasing the diversity of the student body, supporting under-represented groups in the MBA population and creating educational opportunities for the Johnson School community around issues of diversity and inclusion. Prior to joining the Johnson School, Deniqua served as the director of Minority Alumni Programs at Cornell. In spring 2005, Deniqua was responsible for launching a first-time Cornell-wide conference, Cornell Mosaic, which drew over 600 Cornell alumni, faculty, students, and staff to examine current issues with respect to diversity and inclusion. Previous to her work at Cornell, she held positions in operations and diversity at Verizon Avenue, a subsidiary of Verizon Communications. Deniqua received her bachelor of arts degree in Africana Studies from Cornell and has been an active alumna at the university.

Linda Abraham (Oct 5, 2006 4:50:32 PM)
Shelli Alexander Merritt has been with Banc of America Securities LLC since July 1996 joining High Yield Special Products in 2000 to work on financial restructurings and liability management for both U.S. and international clients. Prior to joining High Yield Special Products, she was with corporate finance and investment banking covering the Food and Beverage Industry and before that she worked in emerging markets as an institutional sales person marketing eurobond issues on behalf of Latin American and Asian corporate issuers of high yield public securities. Shelli holds a M.B.A. in finance from the Wharton School at the University of Pennsylvania and a B.A. in economics from Wellesley College. Shelli enjoys spending time with her husband Will and her two kids Nina (2 years old) and William (6 months old).

Linda Abraham (Oct 5, 2006 4:52:53 PM)
Sara and I have prepared a few questions to start the panel discussion, but we will also give you a chance to ask questions in a few minutes. If you have a question about the panelists' responses or on the topic of the questions, please ask it. You can direct questions to an individual panelist, some of them, or to all of them The last half of the chat will be a Q&A.

Irene Lu (Oct 5, 2006 4:53:30 PM)
Schools: Yale undergrad, Georgetown Law, Wharton - MBA/MA. Careers: Litigation associate, emerging market equity analyst, emerging market fixed income sales, now real estate

Linda Abraham (Oct 5, 2006 4:54:35 PM)
Panelists, why did you go to business school and looking back, did you achieve your goals in getting your MBA? Was it worth it?

Irene Lu (Oct 5, 2006 4:55:59 PM)
MBA is a valuable credential that gets you in the door. Depending on the school you attend, prospective employers have a solid idea of your skill sets.

DamaliRhettForte (Oct 5, 2006 4:56:08 PM)
I went to business school, b/c I wanted to switch careers. I looked over what I liked about my jobs, what I was good at and what I needed to improve. After looking at law school, a master's in psych, I realized that b-school was the best option for me. I more than achieved my goals and it was completely worth it.

Linda Abraham (Oct 5, 2006 4:57:57 PM)
How do you handle the tension/conflict between family and professional demands?

Irene Lu (Oct 5, 2006 4:58:25 PM)
On a similar note, my MBA has allowed me to switch into different industries within finance

Linda Abraham (Oct 5, 2006 5:00:44 PM)
The question on the floor is "What would you tell young women turned off by the MBA's traditional or perceived experience requirement?"

DamaliRhettForte (Oct 5, 2006 5:01:46 PM)
I think it depends on the program you are in

Linda Abraham (Oct 5, 2006 5:02:22 PM)
How was it for you, Damali?

DamaliRhettForte (Oct 5, 2006 5:02:53 PM)
I had five years work experience which was the average at Tuck. I think it added to my experience b/c classmates were speaking for direct knowledge

Linda Abraham (Oct 5, 2006 5:03:20 PM)
There are some very interesting questions in queue, and I am going to start posting those questions.

KIA (Oct 5, 2006 5:03:36 PM)
To all panelists: Was the percentage of women in the school a factor in choosing which program you would attend?

FabiolaPereyraForte (Oct 5, 2006 5:04:11 PM)
No, not for me. It's going to be tough to find a school with fair representation of women.

Irene Lu (Oct 5, 2006 5:04:25 PM)
Kia - No, the amount of women was not a factor. I wanted finance and international studies

DamaliRhettForte (Oct 5, 2006 5:04:40 PM)
same - no, it wasn't a factor

bebe519 (Oct 5, 2006 5:05:11 PM)
I'd like to ask specifically as a woman of color, do you find that feeling of isolation in the typically male environment of school? Work environment you are in now?

DamaliRhettForte (Oct 5, 2006 5:05:48 PM)
bebe, I would like to answer that having gone to school in one of the whitest states in the union :) Anywhere you go you have to find a support group which could be of color, white, whatever, just make sure you find it

DeniquaCrichlowForte (Oct 5, 2006 5:06:01 PM)
re: pre-MBA experience requirements -- The average years of work experience is 5. However, from an admissions standpoint, we also consider the quality of work experience. My advice to prospective MBAs who may be light on experience is to highlight their experiences of leadership, influence, contributions & impact. With limited work experience, that may come in some extra-curricular involvements.

Donnidra Sardine (Oct 5, 2006 5:06:59 PM)
Fabiola, I would like to get an MBA because I want to switch my career from public accounting to management consulting and entrepreneurship. How was your experience working in the consulting industry and why did you feel it was time for a change?

KIA (Oct 5, 2006 5:09:29 PM)
Did all of you visit the schools you ultimately chose to attend, particularly on scheduled "diversity" weekends? If so, did you feel your experience there was representative of the real atmosphere at the school?

Irene Lu (Oct 5, 2006 5:10:07 PM)
bebe - finance is a tough world if you have a thin skin and high expectations of human behavior. I have often felt isolated and have worked extra hard to make sure I am included, however grudgingly.

Jane (Oct 5, 2006 5:10:40 PM)
As women of color, what was your biggest obstacle in business school and how were you able to work through it?

DeniquaCrichlowForte (Oct 5, 2006 5:10:45 PM)
I'd like to echo Damali's comment -- I like to tell folks that 'everybody who has your skin, is not your kin', i.e. just because number are high in a particular program, doesn't automatically make it the right fit for you. You have to understand what the entire support network has to offer, to truly gauge what your experience will be like.

Jane (Oct 5, 2006 5:11:09 PM)
What was more challenging in business school, being a women or being a person of color?

DamaliRhettForte (Oct 5, 2006 5:11:11 PM)
Kia, I did visit the schools and I thought it was representative

Nat (Oct 5, 2006 5:11:47 PM)
Irene, would you say the same for accounting? Or have heard the same?

DamaliRhettForte (Oct 5, 2006 5:12:31 PM)
Jane, b-school is hard, period. it didn't matter if you were a woman, man, purple or green, but that is also part of the bonding experience that everybody is going through it. although there can be social challenges of being a woman and a person of color

Guest (Oct 5, 2006 5:13:28 PM)
I have to run and catch a red eye flight to attend a "diversity" weekend event tomorrow. Thank you everyone for your time!

drMBA (Oct 5, 2006 5:14:09 PM)
All panelists: Were the recruiters interested in knowing whether a student had a family? Was that a factor to consider?

Irene Lu (Oct 5, 2006 5:14:50 PM)
Nat - don't know much about accounting, but of the two national firms I encounter, I have met 1 minority woman associate.

DamaliRhettForte (Oct 5, 2006 5:15:39 PM)
dr, recruiters, by law cannot ask about family, marital status, etc, so you don't have to worry about that

Jane (Oct 5, 2006 5:15:51 PM)
Fabiola, what aspects of your consulting skills at Accenture did you use immediately at b-school? I am a consultant with ACN now. Thanks.

paula (Oct 5, 2006 5:15:56 PM)
Damali, if you feel as if you do not have any support group in your current position (and there is a need for it) how should you go forward at work in gaining support as you explore an MBA degree without burning bridges with co-workers.

bebe519 (Oct 5, 2006 5:16:00 PM)
Irene, could you talk about the things you've done to be sure you were included?

Irene Lu (Oct 5, 2006 5:16:24 PM)
I agree with Damali. Of course joining study groups/learning teams was an interesting process...

Linda Abraham (Oct 5, 2006 5:16:47 PM)
How so, Irene?

DamaliRhettForte (Oct 5, 2006 5:17:41 PM)
Paula, I definitely have support at my current position. more than I could ask for! a lot of it depends on your job, and if an MBA is an expectation or not. Before b-school I didn't tell anybody except my bosses that I asked for recommendations from

Irene Lu (Oct 5, 2006 5:18:44 PM)
bebe - I park myself in people's offices. I invite them to grab a drink, go to lunch, ask to tag along for meetings. No matter how awkward I might feel, I will join a conversation (of course not in an offensive way)

DeniquaCrichlowForte (Oct 5, 2006 5:19:36 PM)
drMBA - if an applicant chooses to share their family status as part of your application, it's simply a way to help admissions committee see a broader scope of the candidate. It does not impact a decision either way, but it can help to paint a fuller picture and thus help the committee see where the applicant is coming from - particularly, if the family is a big part of who the applicant is.

DJ (Oct 5, 2006 5:20:15 PM)
To all panelists: If a job posting required 7-8 years work experience (as an example) and you had 5, did the MBA help secure the position?

Irene Lu (Oct 5, 2006 5:20:54 PM)
Linda - At Wharton learning teams are formed very early on in the semester. It is akin to picking dodge ball teams. People, who know very little about you, are judging you and deciding whether they want to work with you and have to rely on you.

DeniquaCrichlowForte (Oct 5, 2006 5:21:36 PM)
At the Johnson School teams are assigned at random

Linda Abraham (Oct 5, 2006 5:22:11 PM)
so they go on first impressions.

bebe519 (Oct 5, 2006 5:22:53 PM)
Good for you, Irene! Thanks.. Is this a skill you've also used in your finance career?

FabiolaPereyraForte (Oct 5, 2006 5:22:54 PM)
Jane - About Accenture. You immediately use your project management expertise in B-school. Your Powerpoint skills definitely come in handy....

bebe519 (Oct 5, 2006 5:22:58 PM)
Irene: does that mean that you would encourage going on the pre-term trip(s) for this reason, to make contacts in your class?

Irene Lu (Oct 5, 2006 5:23:09 PM)
Yes, I would encourage the pre-term trip

Donnidra Sardine (Oct 5, 2006 5:24:46 PM)
What advice would you give us if we would like to get a feel for the minority population at a school but its diversity weekend has already past?

FabiolaPereyraForte (Oct 5, 2006 5:25:50 PM)
You can ask the admissions office to send you the current classes "face book". I know some campuses will share that with you if they know you're in applicant.

DeniquaCrichlowForte (Oct 5, 2006 5:25:52 PM)
Donnidra -- most schools have diversity student organizations, whose members are happy to talk to prospective students either via phone or e-mail, or if the students visit campus. You may also want to see if those organizations are hosting an event, e.g. a symposium that you can visit during another time

DJ (Oct 5, 2006 5:26:28 PM)
To all Panelists: Did you pay much attention to the rankings? In the final analysis, do you think it mattered in terms of your own personal experiences and successes?

FabiolaPereyraForte (Oct 5, 2006 5:27:17 PM)
Deniqua is right also. I just know that on my campus we had several non-diversity students join the diversity organizations because they believed in the mission...that's why it might also be good to check out the campus....

Marie (Oct 5, 2006 5:27:23 PM)
As a woman of color does the ranking of the b-school you attend count more?

FabiolaPereyraForte (Oct 5, 2006 5:27:36 PM)
actually, I think the ranking counts less.

Linda Abraham (Oct 5, 2006 5:27:51 PM)
why?

FabiolaPereyraForte (Oct 5, 2006 5:27:53 PM)
There are so few of us in top 20 programs that companies are usually fighting for you. I should add the caveat...top 20 is still important...

DamaliRhettForte (Oct 5, 2006 5:28:57 PM)
I ignored rankings. i went where i felt most comfortable and could give me what i was looking for. I think you would have a better experience which means you are more likely to be involved, have leadership positions, etc. that counts for a WHOLE lot when looking for jobs

Linda Abraham (Oct 5, 2006 5:29:40 PM)
My $.02: the rankings may be a good place to start your research, but they are a terrible place to end your research.

Linda Abraham (Oct 5, 2006 5:30:05 PM)
The value in the rankings is in the data they provide, not in the "ranking" itself.

Nat (Oct 5, 2006 5:30:16 PM)
Did your MBA allow you to handle sexism and/or racial prejudice better, such as, with your merits? Or was it only through experience that allowed you to handle it better?

DeniquaCrichlowForte (Oct 5, 2006 5:30:25 PM)
exactly -- it's better to thrive in the environment that's right for you, than to flounder in the highest ranking

TAH (Oct 5, 2006 5:30:28 PM)
Does that same standard apply to smaller less popular schools?

Irene Lu (Oct 5, 2006 5:30:40 PM)
DJ: I wasn't swayed by rankings. The program, alumni network, location and list of firms who recruit on campus sold me.

Linda Abraham (Oct 5, 2006 5:30:45 PM)
I'm assuming that TAH'S comment is in response to Damali.

TAH (Oct 5, 2006 5:31:03 PM)
yes

DamaliRhettForte (Oct 5, 2006 5:31:26 PM)
A lot of factors go in choosing schools, where do you want to be after, like if you want to be in particular location it might be better to go to a local school. I wanted a smaller schools

Linda Abraham (Oct 5, 2006 5:31:48 PM)
And a warm climate. ;-)

DamaliRhettForte (Oct 5, 2006 5:32:00 PM)
:oD

DeniquaCrichlowForte (Oct 5, 2006 5:32:14 PM)
LOL from Ithaca =)

Linda Abraham (Oct 5, 2006 5:32:30 PM)
How has your MBA benefited you off the job?

Irene Lu (Oct 5, 2006 5:33:21 PM)
Linda - Got my MRS. with my MBA :-D

FabiolaPereyraForte (Oct 5, 2006 5:33:30 PM)
Not only can you manage people/situations, you are now leading them.

Linda Abraham (Oct 5, 2006 5:33:33 PM)
That's a very important benefit.

DamaliRhettForte (Oct 5, 2006 5:33:52 PM)
i finally learned how to make small talk :o)

Linda Abraham (Oct 5, 2006 5:34:39 PM)
What were some of the elements of fit that made you choose your MBA program?

DamaliRhettForte (Oct 5, 2006 5:36:53 PM)
I chose based on size, collaborative culture, value on team work, ability of students to have input into the program, alumni relations

FabiolaPereyraForte (Oct 5, 2006 5:37:18 PM)
Culture, professors, alumni network were factors.

Irene Lu (Oct 5, 2006 5:37:54 PM)
Nat - Back to your Q re: sexism and racism. For me, developing the ability to deal with ignorance and stupidity in a professional manner has come from painful learning experiences. At school you can avoid those fools, but at work, they could be your boss or your customer.

Linda Abraham (Oct 5, 2006 5:39:07 PM)
It's interesting that you put it in terms of ignorance and stupidity. Of course that's what it is, but that's something that everyone has to deal with. I had a phone call today that really could have earned some awards in that category.

Guest (Oct 5, 2006 5:39:38 PM)
Was it more difficulty to balance personal life while in school and after?

Jane (Oct 5, 2006 5:39:43 PM)
Is there anything that you wish you had done differently while getting your MBA? If so, why?

Donnidra Sardine (Oct 5, 2006 5:39:49 PM)
Fabiola I'm not sure if you read my first question earlier but I would like to change careers from public accounting to management consulting and entrepreneurship. How was your experience as a consultant and why did you feel it was time for a change?

FabiolaPereyraForte (Oct 5, 2006 5:42:54 PM)
I loved my experience in mgmt consulting but I needed a more stable life. I lived abroad for 2 years and traveled the 6 years I was with the company and I realized I wanted stability.

Donnidra Sardine (Oct 5, 2006 5:43:25 PM)
Thanks

Guest (Oct 5, 2006 5:43:40 PM)
All panelists: How easy is it to actually function in a new career after the MBA, considering that there one only has prior experience in a previous career path and no experience in the new career?

Linda Abraham (Oct 5, 2006 5:44:12 PM)
Has the degree paid off financially? Was it a worthwhile investment?

FabiolaPereyraForte (Oct 5, 2006 5:45:34 PM)
Absolutely. I actually took a salary cut from consulting to brand management but I absolutely LOVE my job. The education and learning is priceless.

Linda Abraham (Oct 5, 2006 5:47:39 PM)
Thank you again all for participating today. Special thanks to Sara of the Forte Foundation and to our panelists today: Irene, Fabiola, Damali, and Deniqua.

Linda Abraham (Oct 5, 2006 5:47:50 PM)
We look forward to seeing you at future chats, and here is a list of the upcoming scheduled chats:

Linda Abraham (Oct 5, 2006 5:48:34 PM)
LBS Oct. 10 Chicago Oct. 16 Haas Oct. 18 Consortium 2 Oct. 25 USC Oct. 24

Linda Abraham (Oct 5, 2006 5:48:41 PM)
Please check the Web site (http://www.accepted.com/chat/schedule.aspx#mba ) for details and exact time.

Linda Abraham (Oct 5, 2006 5:48:47 PM)
Good luck with your applications!

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