Tag: Why Stern

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Tips for Prospective Fashion & Luxury MBA Candidates

*NYU Stern’s Fashion & Luxury MBA program was renamed to the Luxury & Retail MBA program.*

Laura Laufer is a current Fashion & Luxury MBA student, specializing in  Luxury Marketing and Strategy. Prior to Stern, she worked at Saks Off Fifth in New York where she was working in the Buying & Planning for Fine Jewelry & Watches. Laura is passionate about data-driven decision making, the convergence of beauty and science, and innovative business practices.

It’s no secret that the MBA admissions process can be a bit intimidating. Right around this time last year, I was beginning my own journey. It’s a lot – the paperwork, the transcripts, the essay, the Pick 6. How can one possibly summarize 20+ years of education, thousands of hours of work experience, and decades worth of monumental life achievements in 150 words or less? Yeah, it’s daunting. 

Fast forward a full year later and a semester of business school officially in the books – I can confidently say that the application process is less about presenting yourself as the candidate you think admissions officers want to see, and more about presenting yourself authentically, proudly, and convincingly. Joining the Stern community has taught me that compassion weighs just as strongly as intelligence, and that asking questions makes you look wise, not weak.

That being said, here are ten tips I wish I knew when I was applying to business school: 

  1. Do your research & attend coffee chats – choosing the right MBA program for you is difficult. There are millions of factors to consider – location, class size, general vs specific programs, alumni networks, etc. If you choose to apply to the NYU Stern Fashion & Luxury MBA program, you should be prepared to explain why this program is right for you, and what you seek to get out of this very specific MBA experience. Joining NYU-hosted coffee chats is a great way to get a feel for the student body and an understanding of what the program has to offer. I attended four coffee chats last fall before submitting my application, and I learned something new in all of them!
  2. Have a vision – you don’t have to know everything, but you should have an understanding of what it is that you’re good at, what makes you happy, and what inspires you. This will help shape your questions in coffee chats, will explain why you’re targeting an MBA in the first place, and will guide your future career aspirations.
  3. Ask questions! – it’s almost annoying how often people tell you to ask questions. I’ve been there, trust me. But this is your moment to be curious, and you should capitalize upon that. After all, you’re putting your career on hold for a year, and investing in this degree. You should be as informed as you can be. No question is a stupid question!
  4. Don’t be afraid to be vulnerable – this goes hand-in-hand with asking questions. It’s okay if you don’t know what your dream job is after you graduate. You’re here to learn, to figure out what you’re good at, and to start over. If you had all the answers, you wouldn’t  be pursuing your MBA.
  5. Be your authentic self – I can’t stress this point enough. Showing up authentically is your biggest asset. A lot of people out there have impressive resumes, but none of them have your same story to tell. Be proud of your story and own your background.
  6. Focus less on what you think the admissions team will want to see, and more on what your proudest version of yourself looks like – NYU is really good at bringing diverse individuals together to create a greater community. You’re applying to get your MBA because you want to improve yourself and further your education – therefore, you’ve already proven that you’re ambitious. Speak to the moments you’re proud of, whether they’re work-related or not. What you deem to be noteworthy about yourself sheds a lot of light on who you are.
  7. What’s in it for you? While you don’t have to know what your dream job is post- MBA, you should have a fundamental understanding of why you want to be here. Is it to develop your leadership skills? Is it to practice your soft skills? Is it to join a network of esteemed professionals in New York City? Whatever it may be, you should know what you want to get out of this program before you start.
  8. What’s in it for them? As I’m sure you’ve realized in your research about NYU’s ideals, NYU cares a lot about their community and their identity. Every single student, faculty, and staff member adds to the NYU community in some way. Think about your admissions decision from Stern’s point of view. Do you add value to the NYU Stern community? Are you going to be the type of student that tries to outrank their peers, or the type of student who works well in groups? Understand what you can individually bring to the NYU Stern community, and emphasize that in your application.
  9. Be organized – There’s a lot to keep track of when applying to business school. Make sure you stay on top of your deadlines, paperwork, and letters of recommendation. Your application will be weaker without all components delivered in a timely manner.
  10. Sleep while you can! This is more applicable for the post-admissions portion of the process. Once you actually get into the MBA program, you’ll wish you would have rested during the time leading up to your first semester. Things will get intense (in a good way!) so sleep while you can 🙂

Good luck!

 

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My Decision to Apply to the Fashion & Luxury Program (from an Industry Insider)

If you would have told me when I first moved to NYC that I would still be here ten years later, I would probably be genuinely surprised. I moved here shortly after graduation, and I planned to stay no more than 2-3 years. However, when I started working in the fashion industry, no other city could compare to the resources and companies in NYC. Once I decided that I wanted to be a fashion buyer, I spent the next five years working for two major retailers – in departments ranging from color cosmetics to golf apparel – and learning as much as I could in each role.

As my career progressed, I noticed there was something missing in my plan when I would journal about my long-term career goals. On the one hand, I worked in a competitive field in my dream job. Some days I felt like Andy from Devil Wears Prada after her fashion makeover – why would I want to give that up? But on the other hand, I could feel the world around me exploding with new ideas and industries. I was less interested in next year’s fashion trends and more interested in the macro forces influencing each trend.

Following a trip to Morocco, I became fascinated with the Middle East – North African region, and my wheels were turning on how I could return there and work. How could I connect the dots and get myself from point A to point B? My deciding factor to apply to business school was when I was in a department meeting with our chief strategy officer, a business school graduate. We were discussing product inventory for an upcoming season, and he was talking about EBITDA strategy. I remember blacking out and not knowing what EBITDA meant, but I also remember that “my light bulb turned on,” and I realized that I wanted to be on the other side of the table, the side of the table making strategic decisions. I wanted to know more than my limited industry knowledge, and I wanted additional transferrable skills. The most fitting path was business school.

When I began my business school process, I knew I wanted to stay in the industry, so I only looked at programs that had a retail presence. I learned about the Fashion & Luxury Program through an admissions consultant and was instantly impressed by its focus and curriculum. I attended two in-person information sessions with current students, and although it was a new program, their excitement and passion were palpable.

The program had access to companies that I had always admired, and the Stern Solution courses (which act as in-semester internships) would allow me to work hands-on with these companies on a range of projects. The fashion & luxury retail industries are a lot about your network, and I loved that the program offered a mentorship council with industry executives. The opportunity to take classes that focused on growing concerns in the industry – like supply chain and corporate responsibility – was also really important. Furthermore, the Fashion & Luxury program is supported by Stern’s core classes and electives, so I could strengthen my quantitative and business acumen while also learning with classmates from Stern’s other MBA programs.

Choosing the Fashion & Luxury program was a great decision because it bridged my two passions: a passion for the fashion industry combined with a passion for continued learning. Although I was nervous about staying in NYC entering my 10th year here, being a student and seeing the city through the eyes of my classmates from Chicago and Israel makes it feel like Year 1 again. I always felt like an outsider in previous roles because I was interested in “the bigger picture,” but it is gratifying to be in a program with other fashion nerds who geek out on Women’s Wear Daily.

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A Designer at Business School – Why Stern? Why FLUX?

There are many posts here on this blog about why students chose Stern and this specific MBA program. Many of these stories have a few things in common about how Stern is great and the opportunities of being in New York and that is all still true even today. What these stories also have are key but subtle differences on why this was important to them. As much as a professional decision it becomes an equally personal one and, here I go adding another statistic to this long list of “Why Stern, Why FLUX.”

As a designer, in what now seems like a past life, I wasn’t thinking of applying to business school. I always knew I wanted to be in New York so my entire research was structured around being in New York. I came to New York on a holiday in 2016 years ago and was visiting design schools to look for a master’s in museum design. Through my many conversations with different schools, one thing everyone asked me was to find patterns in my background and see if there was a central anchor. When I did that self-reflection, I found that Fashion and the very concept of Luxury was something that kept coming up; in my desire to go to design school (instead of engineering or law or medicine), in my choice of studying Exhibition Design (I wanted to design Fashion Show sets and Broadway Stages), in my first job (a Set Designer for fashion events), in my choice to switch teams at Amazon (from selling books to Fashion to Luxury). It now seems obvious to look at when you write it in this sentence, but it took me a while to notice it. This is what brought me to exploring studies in Fashion & Luxury since it was evident that that is what my anchor was. I was speaking to a faculty member at FIT and she recommended I look at Stern.

“But Stern is a Business school,” I thought to myself. “Can I, as a designer really study business? Do I even have the capability to do this?” I spoke to many people, read a few blogs, and stalked LinkedIn profiles. I realized that the whole point of going to a business school is to learn how to study and apply business concepts. If you already know how to manage businesses, why would you come to business school? So, I did open up to the idea of a business school education, and what that would mean for my career. I do feel that something about getting an MBA puts people at an accelerated path on their careers, with more transferable skills, more access to opportunities, and more options. In my experience, MBAs somehow know how to navigate corporations and business structures better than those who don’t. To be honest, it meant I could be a CEO one day and I wasn’t going to let my self-doubt get in the way of that.

So, I booked an appointment at Stern with the Campus Tour group and the Admissions Ambassador took me and a group of other prospective applicants around campus. It sounds cheeky, but I do believe spaces have energies that just sometimes click for certain people. I’m as pragmatic as the next person but this is something I have come to believe. And Stern did that for me. I had been visiting so many schools in the past week but walking into the Stern building, I could see myself studying there. And when you get such a feeling, you try to not ignore it. The campus, the resources, the academic environment all of it was comforting and inspiring in a way I hadn’t expected. Which is what dropped me down a rabbit hole of New York X Stern X MBA X Fashion. I spent the next 2-3 years working on my career, building up skills, and figuring out who I needed to be then to be at Stern later. (More about my application process in a later blog post.)

 

 

This was my Why Stern, Why FLUX story. If you’ve read this far (or scrolled down) I’ll reward you with a few bullet points that convinced me that this was the right thing to do:

Why a Focused MBA? Why FLUX?

  1. Shorter – It’s a 1 Year program. You get basically the same education in 1 year instead of 2. After 8 years of working, I did not want to be a student for more than 1 year. The duration of the program was a big pull. Also, 1-year programs are cost effective! Less tuition, only 1 year of living expense, and only 1 year of not getting a salary.
  2. Specialized – It’s very focused like the name suggests. I knew I wanted to be in the Fashion or the Luxury industry and I did not want to be in a classroom studying about, for instance, petrochemical companies and their balance sheets. If I’m going to be studying accounting, it better be for Hermes. And that is exactly what the Focused MBA gives you. You are in a class of 20 other students who all have a similar interest and the professors tailor the course accordingly. If you want to be immersed in the industry you want to work in, do a focused MBA. If you are open to different industries and still exploring what you want to do, go for the 2-Year MBA.
  3. Specific – It’s all about Fashion, Luxury, and related industries. Yes, it is a business program, but it is about business in the context of Fashion and Luxury. If that’s something you want to study and do eventually, you will not find any other program in the western hemisphere like this, I guarantee it.

Why Stern?

  1. IQ + EQ – There is a general notion in the industry that Stern has the nicest, kindest, most helpful, and most collaborative geniuses you will ever come across. It seems statistically impossible, but I am experiencing it first-hand.
  2. Expertise – There is a reason Stern is consistently one of the top-ranked MBAs in the world. It’s not PR or paid advertising. It’s true. A brand name like Stern can open doors and give you access to alumni and opportunities globally and I don’t mean to say that lightly.
  3. Location – Being at the proverbial center of the world has many advantages. Stern is in the middle of the madness of New York and I say that in the best possible way. It puts you in the heart of the industry you want to be in and what more could you ask for from a school.

Why New York?

  1. Because it is the center of fashion and luxury in the Americas.
  2. Because most headquarters of most fashion/luxury brands are in New York. If you want to speak to someone from a certain organization, chances are you will find them in New York.
  3. Because it is New York

This was my story. I hope it helps you write yours!