DUKE!UNIVERSITY! - Aalto · DUKE!UNIVERSITY! The!Fuqua!School!ofBusiness!! Exchange!Report!...
Transcript of DUKE!UNIVERSITY! - Aalto · DUKE!UNIVERSITY! The!Fuqua!School!ofBusiness!! Exchange!Report!...
DUKE UNIVERSITY The Fuqua School of Business
Exchange Report
Fall 2015
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1. PREPARING FOR THE EXCHANGE
Duke University’s Fuqua School of Business, located in North Carolina, is a great choice for an exchange semester. The biggest advantage for Aalto master’s students is the ability to study in Fuqua’s high-ranked MBA program. Not only does this offer a great networking opportunity with students that already have significant work experience, but also gives access to some of the leading companies that frequent the campus. Although recruiting events are off-limits, exchange students can attend company presentations and other networking events meant for first year MBA students, and gain decent exposure to the North American business culture. Fuqua is also known for an inclusive culture and even as an exchange student you are made to feel very much part of Team Fuqua. From a networking perspective, the school is great, but like other business schools, Fuqua can also hold its weight in the party and social scene department.
Duke University West Campus and Sarah P. Gardens
In terms of preparations for the exchange, the most time-consuming and bureaucratic process was the visa application. Applying for a U.S. visa with a Finnish passport is relatively straightforward, but gathering and filling in the required paperwork can be time consuming. Duke has a large international student body, so the process on their part is smooth. The exchange coordinator from Fuqua will
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send a detailed list of online applications that need to be submitted and required documents – usually a copy of the passport photo page, proof of English proficiency, copy of any prior U.S. visas, original financial documents (e.g. letter from your bank, letter of support from family, scholarship grants, statement from KELA) showing availability of sufficient funds ($11,908 for a full semester). After receiving the required documents, Duke will send you the DS-2019 form after which you need to fill in the DS-160 form online, pay the SEVIS and embassy fees, and schedule the interview at the embassy. The biggest potential bottleneck in the visa application process is the actual visa interview. Duke recommends starting the visa application process as soon as possible, however, Student Services is accommodating with late applications and can get the DS-2019 to you within two weeks. The interview, on the other hand, can be difficult or altogether impossible to expedite if there are no available slots.
Traveling to Duke is fairly easy. The Raleigh-Durham airport (RDU) is located only 20 minutes from Durham – the town where Duke is located. The easiest way to fly to RDU is by taking a direct flight either from London or Paris. You may also take a connecting flight through any of the major cities in the U.S., but be advised that customs and passport control may take hours and you run the risk of missing your connection if your layover is not long enough (i.e. around 2-4 hours). The easiest way of getting from RDU to Durham is either by taxi or uber and will cost around $30, however, a cheaper but longer bus trip is also an option.
2. EXCHANGE STUDIES
Exchange students take elective courses with second year MBA students. These are typically less intense than first year courses, allowing for a good study-travel-party balance, but still require a decent amount of work. The course variety is good and Fuqua offers a good selection of courses that are hard-core analytical and purely case-discussion focused. Exchange students at Fuqua can take courses from other schools at Duke University. However, Fuqua follows a different academic schedule with longer breaks and different exam sessions. If you want to travel in between sessions, it is better to stick to Fuqua’s classes and enjoy the 10-day fall break. September 2015 3 FALL 1 SESSION BEGINS October 2015 13 Fall 1 Session ends 15-17 Fall 1 exams 18-28 FALL BREAK 29 FALL 2 SESSION BEGINS November 2015 25-27 THANKSGIVING BREAK December 2015 11 Fall 2 Session ends 14-16 Fall 2 exams 17 WINTER BREAK BEGINS January 2016 21 SPRING 1 SESSION BEGINS March 2016 1 Spring 1 Session ends 3-5 Spring 1 exams 6-20 SPRING BREAK 21 SPRING 2 SESSION BEGINS April 2016 29 Spring 2 Session ends May 2016 2-4 Spring 2 exams 14 Class of 2016 Daytime MBA Commencement Ceremony
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Aalto requires five courses for the whole exchange semester, however exchange students can take up to four courses per each of the two sessions. Registration occurs online at the same time for both exchange and full-time students, however, full-time MBA students are allowed to register for one course of their choice before the general registration opens. As a result, 2-3 of the most popular courses may be already full by the time general registration opens. If the course is full, you can still wait-list, and typically you have a good chance of getting on the course during drop-out week if you are 1-10 in line. You may also ask the registrar office to increase your registration limit so you can begin attending your back up courses.
One of the biggest differences to studying at Aalto is mandatory lecture attendance and the no laptop, phone or tablet policy during lectures. The one exception is if you’re waiting for a recruiting-related or family emergency call then you can ask the lecturer permission to have your phone on display. The latter rule is part of the Code of Conduct, so violate it too many times and you will be facing problems. To be fair, the overall learning experience is better since everyone is actually paying attention in classes were generally stimulating and rarely dull.
Fuqua School of Business
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ACCOUNTG 592 - Detecting Earnings Management (Bill Mayew)
Detecting Earnings Management is one of the best courses offered at Fuqua. The course teaches solid skills for rigorously scrutinizing corporate financial statements. Although the topic may sound somewhat dry for non-accounting enthusiasts, Bill Mayew’s teaching style makes the content not just palatable, but fascinating. The course effectively turns you into a financial detective and gives the confidence to look at a 10K or IFRS financial statements and know exactly where to start looking for earnings management. The course is targeted at anyone interested in consulting and investment banking, as well as other fields where understanding financial statements is a crucial part of the decision making process. Mayew does a lot of cold-calling during class, and participation affects the final grade. The course has team assignments for each class that are graded for effort, and one mid-term and a final, both of which are open-book/open-notes.
DECISION 613 – Strategic Modeling and Business Dynamics (Saša Pekeč)
Strategic Modeling and Business Dynamics is a high-level strategy course with a focus on modeling. The course is far less analytical than it sounds, and is aimed more at teaching problem solving skills and a logical way of thinking than pure modeling. The course involves some Excel-based modeling for real options, but the majority of system dynamics modeling is done in VenSim. Overall, fun course with a great lecturer. The most valuable takeaway is thinking in terms of complex systems and feedback loops. The course also has a great overview of platform business models (e.g. Amazon, Uber) and interesting guest lecturers. Grading is based on class participation, several team assignments and a final take-home exam that involved modeling LinkedIn’s client acquisition and growth in VenSim.
DECISION 618 – Data Mining (Alex Belloni)
Data Mining has somewhat of a horror reputation because it is highly analytical and involves a lot of programming in R (although most of the code is provided by the lecturer). The key to enjoying (and surviving) the course is to have a person on your team with programming experience. The statistics can get hardcore at times, but you get a good overview of the latest statistical techniques and algorithms including machine learning, network analysis and predictive models. The point of the course is not to to turn you into a data scientist, but to develop data-analytic thinking and to get your hands just dirty enough with all the methods that you know what they are and can work effectively with data scientists. To this end, the statistical methods taught in class are tied to real-life problems like customer retention, health risk prediction and social media analysis. The workload is pretty intense, consisting of online quizzes after each lecture, two longer assignments and a larger data mining project.
MANAGEMT 745 - Negotiations (Kimberly Wade-Benzoni)
The course gave a good introduction into negotiations techniques and was very hands-on with the majority of the time spent negotiating either one-on-one or in teams. Following each negotiations session, the results were submitted into an electronic system and discussed as a class. The biggest takeaways were a better understanding of your personal negotiations style and techniques that can be used to create a win-win situation for both sides. The class was very practical and involved a substantial amount of self-reflection, and Wade-Benzoni did a good job teaching it. However, some of the negotiations cases were too simplistic and at times it felt like you weren’t getting out anything
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concrete. The course was graded based on a final exam and class participation.
MGRECON 788 - Competitive Analysis (Jason Brent)
Competitive Analysis is a more practical take on traditional game theory. The purpose of the course is to analyze why some firms succeed while others fail, and furthermore why some successful firms are able to maintain their competitive advantage while others fall under competitive forces. Finally, the course looks at how different competitive environments influence the tactics that a firm can employ. In terms of strategic thinking, this course was fantastic. The professor had a number of good stories to tell and the most valuable part of the course was learning to think in a move-countermove way when analyzing competitive dynamics between firms. The course was case-based and involved team assignments, and a take-home mid-term and final exam. As in most Fuqua courses, class participation also affected the grade.
3. FREE TIME AND OTHER INFORMATION
Cost of living
Durham is not the cheapest place for an exchange semester and Duke requires a proof of funds for $11,908 for a full semester. The full cost of the exchange may be higher or lower depending on the individual. Rent is by far the biggest expense item, and the most cost-efficient way is to share a one- or two-bedroom flat with a roommate. Duke List is a great tool for finding an apartment and/or a roommate. Exchange students at Fuqua are also added to a Facebook group where you can meet potential roommates and also find some apartment listings from full-time MBA students. In terms of furniture, unless you are moving into a fully-furnished flat, the best alternative is to rent through CORT.
When it comes to accommodation in Durham, there’s a trade-off. Apartment complexes around LaSalle and Erwin Street (e.g. The Belmont, Trinity Commons) are a 20-minute walk from Fuqua, but farther away from food stores and downtown. Most MBA students stay near Ninth Street (e.g. Station 9, Berkshire Main) with all its bars and Harris Teeter, but walking to school 40 minutes every day can get problematic. Public transportation is decent, but a roommate with a car (and Duke parking permit) would definitely be your best friend if you choose the second option. Then there’s downtown with its cool cafes and historical vibe, but that just puts you far from both school and grocery stores. On the positive side, Shooters (the infamous and only nightclub in Durham) is close by saving you on those late night Uber surge prices.
Other major expense line items are medical insurance and course packs. Medical insurance is mandatory, and Finnish travel insurance is not sufficient by (most) U.S. university standards to cover your exchange semester. Medical insurance and admin school fees are roughly around $2000. Course packs are mandatory for the majority of the classes. If you take the minimum number of classes required by Aalto, you’re looking at spending $200-400 on course packs alone depending on the courses you take.
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Getting to know other students and free time
Meeting other students outside the exchange group is surprisingly easy at Fuqua, and the school does a pretty good job at getting exchange students integrated with full-time MBA students, e.g. each exchange student is assigned a buddy from the full-time MBA program. Fuqua Fridays, courses with team work, and all sorts of MBA pool parties are also great for meeting other students. One of the advantages of the Team Fuqua culture is that people are generally very helpful. If you are recruiting you can reach out to Career Services and get in touch with students who have interned at the company you are applying to. Sending a coffee or lunch invite to a fellow student to talk about the interview process or get case coaching is very usual. If you have interviewed or interned with consulting firms, you can let Career Services know and they will likewise pass your contact info to full-time students.
In terms of free time, like any other business school in the U.S., there isn’t a shortage of parties. You have your Fuqua Fridays followed by Shooters and Tavern Tuesdays almost every week. Then there’s the consistent supply of pre-gaming at Station 9, tailgating before the football games and the occasional and profoundly epic Club India.
Basketball game at Cameroon Indoor Stadium
College basketball is a huge thing in North Carolina and the rivalry between Duke and the University of North Carolina basketball teams is legendary. The best games are in the spring, however, autumn also offers its share of interesting games and the infamous 36-hour Campout for season pass tickets. Campout is quite an experience that involves 36 (mostly sleepless) hours in a parking lot on West Campus, a lot of beer pong, possibly very delicious barbecue and good music (courtesy of the Latin American Student Association), and an overall unforgettable experience. The 36 hours culminate into the chance to win the opportunity to buy the $300 season pass, provided you made it to the checkpoints throughout the night, and an indescribable feeling of gratitude for having a hot shower and a bed with a soft mattress at home.
As far as sports goes, the West Campus, where Fuqua is located, has amazing sports facilities. There’s a large gym with a proper indoor climbing wall, swimming pools, basketball and squash courts. Then there are the outdoor tennis courts and a golf course surrounded by a forest with a proper running trail. If you’re not into sports, here’s a trivial fact about Duke: the Lemur Centre at
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Duke University hosts the largest population of lemurs outside of Madagascar. Point being, there’s almost always something interesting you can find around campus.
Lemur Centre near West Campus
General information about Durham
Durham is a small town with a huge personality. The town still has the east-cost mentality, but with the southern hospitality. It is located on the “Research Triangle”, which is essentially the med-tech version of Silicon Valley, and features a number of good universities. As a result, Durham is very diverse. The town used to have a reputation for crime, but has been cleaned up over the last few years. The area is generally safe, although walking alone after dark is not recommended. The town itself used to be known for tobacco and the historical center has a number of old tobacco warehouses that have been converted into residential areas and cafes. There’s quite a bit of character and unless you’re living right by the railway track the sound of the train passing through the town adds to Durham’s charm. Past exchange students have complained about Durham being small and boring. The town is what it is, but it has improved over the past two years a lot and has a great food scene, making it a foodie’s paradise. Craft beer is a big thing and what this quirky town lacks in nightclubs, it makes up for with local breweries and its bar scene. Concerning nightlife, there’s one place – the infamous Shooters. There is no point in describing this place, one must simply experience it themselves.
Even though Durham is a small town, the distance between campus, your flat and downtown can be significant. If you don’t mind walking 40 minutes, then technically everything is within walking distance. The public transportation system in Durham is relatively good, and the university offers a free transportation service, the Duke Van, that will take you home from campus in the evenings. However, check that the place you are staying at is on the Duke Van route and at what hours you can use the van. Most students are able to take the van after 5:30 pm, however, if you live in e.g. Belmont, you can only take the van after 11:00 pm. Finally, Uber is relatively inexpensive and a complete lifesaver in Durham, so definitely download the app if you’re going there.
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North Carolina gets four seasons, but weather in the fall can be very hot and humid with temperatures staying in the high twenties and low thirties until October. So pack up plenty of summer clothes, because there is nothing “north” about North Carolina until well into mid-October. Temperatures will quickly drop to around 10-15ºC at that point, and may even go to 0ºC. However, this year it was over 20ºC for a whole week in December.
Old Tobacco District and downtown Durham
Traveling in the U.S.
Traveling from Durham is relatively easy. RDU airport is only a 20-minute drive from Durham and has daily flights to all the major U.S. cities. Durham has several car rentals, although it is usually easier to take an Uber to the airport and rent from there if you’re planning to return the car late at night. It is a good idea to book the car in advance especially for labor day weekends if you’re renting from Durham since the rentals can run out of cars.
Driving in the Appalachian Mountains
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Cape Hatteras in the Outer Banks at sunrise
North Carolina has a lot of beautiful places to visit. For example, the Outer Banks, a chain of barrier islands off the coast of the Atlantic Ocean, is a 4.5-hour drive from Durham. The islands have beautiful beaches and if you rent a 4WD you can drive on the beach to the northern islands that have a population of wild horses. Asheville and the Appalachian Mountains can also be reached within 4 hours, as can Washington D.C. and Richmond. The options for short term weekend getaways are plenty if you’re staying in Durham.
4. FINAL COMMENTS I would definitely recommend doing an exchange semester at Duke and The Fuqua School of Business. First, as an MSc student you get an amazing opportunity to study in the MBA program at a highly ranked university. Second, Fuqua has a highly inclusive culture, making networking and meeting new people easy. Finally, Duke has a great campus and the best basketball team in the country.
One of my biggest takeaways from Duke was learning to enjoy life in a small town. Despite its character and diversity, there are times when Durham really gets to you, and planning a weekend getaway begins to feel like planning jail break. However, at the end of the day it’s a new experience living in a small and quirky town like Durham, and some of the best things about the place is just walking around when the leaves start to turn and listening to the train pass through town, or spending an afternoon exploring the Old Tobacco District and learning about craft beer making at one of the local breweries.
Fuqua attracts a number of talented exchange students from around the world and getting to spend so much time with them is great. However, I would strongly advice to venture outside of the exchange student group. Sure, these guys are great and you will most likely make lifelong friends, but the same applies to full-time students.
Finally, if I had the opportunity to redo my exchange semester at Duke, I would place far less emphasis on grades and much more on getting to know people. I don’t mean to downplay the academics at Fuqua. The courses are great and you get a lot out of them by attending lectures and doing the assignments. So skipping classes is definitely doing a disservice to yourself, but so is taking the grades too seriously. At the end of the day, the biggest takeaway from both an exchange and an MBA program is the network of amazing people that you meet.