Elective Selection Wisdom

Elective class selection is pretty important at WEMBA for the second year (Terms 4 - Term 6). The list is shockingly similar from year to year as it seems that the same classes get voted in. A number of people have asked me about my suggestions, and I told them that I would write a blog article about the electives. So here we are at the end of Term 6 (two class days left), and here’s my article…read on. Hope this is useful for the classes in the future.

My overall suggestions on elective selection:

• Be ready to switch if the class doesn’t pass your sniff test. I attended a number of classes to test them out. Don’t be afraid to switch if totally doesn’t interest you. This is where using your digital voice recorder along with a friend in another class can help.
• Keep the requirements for your major in mind. Note that everyone gets the same MBA degree; your transcript will have your major(s) on it if you qualify. I decided on becoming a finance major because: 1) finance was more interesting to me and 2) I wanted to concentrate on a subject that I didn’t have a lot of previous experience in. I thought of my major as going short against my technologist/entrepreneur background. They say that you can never go wrong with finance at Wharton, and I think that it is right. For the record, I took a fair number of management and marketing classes to round out my education the last term.
• 1 cu classes are somewhat easier. Maybe it’s just me, but I like the 1 cu electives better, perhaps because they are spread out over a longer period and not so rushed. Of course they are much more in depth.
• LT avoidance. You can’t LT classes that have less than 20 people in them. I know some folks (no one you know) that selected classes so they wouldn’t get Das Boot.
• Art of the Pass/no pass. The art of the pass/no pass should be used to maximize your focus on those classes that really matter for your major. It’s a nice option to use your second year. Too bad we couldn’t use it our first year! Those really must have been the days when everything was Pass/No Pass.
• Look at the past course ratings. Difficulty and instructor rating are the two key metrics. Some classes just aren’t that great in one or two areas.
• Use the scan to PDF function. I scanned in all my bulk packs and then traded them with folks that had other classes. You never know when you’ll need some article from some class you weren’t able to take.

Term 4: Summer 2007 electives

FNCE 731: International Finance. This was probably my most favorite class at Wharton, and to take it I forewent taking MGMT 801 (Entrepreneurship), which was a bummer. It helped me to figure that I wanted to be a finance major as I loved the spot rate, currency hedge, and trade agreements material. My rationale was that my day job at a Series B startup had given me enough info on what the startup world was all about, so I took Bodnar’s International Finance class. Bodnar was a great lecturer, well-organized with excellent PDF handouts, and had an extensive website with lots of examples on it. Text book is useful. It was a heavy 1 cu course, and was easily the most difficult class in Term 4. Highly recommended.

IS 899: Independent Study. I went independent study after taking a look at Marketing Research and the OPIM product development classes. It turned out to be way more work than anything else I could have done, yet I am glad that I did an IS with Prof. Kent Smetters on open source software strategy and pricing. My 80 page report was valuable for my firm, and the company makes it mandatory reading to help them come up to speed. Don’t do an IS if you don’t want to work though. I did get an A. Recommended.

REAL 721: Real Estate Finance. This class was an interesting one but it was way too short and too quick due to the schedule constraints. We had a good guest speaker on REITs at the end, and the final project is to do a REIT valuation report. My book still has the clear plastic wrap on it. Recommended.

Classes I didn’t take but heard good things about: Total Leadership. I looked like a “grade your diary” class to me that I could do on my own. I heard that the utility you get out of it depends on who you get paired with as a partner to critique your stuff, as well as how much you are able to put into it.

Term 5: Fall 2007

LGST 806: Negotiations. This was a great class, and one of those that wasn’t preparation intensive. What made it unique was that you did a bunch of in-class real life negotiations with and against your classmates. I learned a lot about myself and my classmates, and I’m glad I took the class. You can’t audit it later after graduation, so that pushed me over the edge to take it. Notes aren't that great, book is useful. Highly recommended.

FNCE 726: Advanced Corporate Finance. My team (gasp!) LTed this class, which I thought was totally unfair, as we didn’t sign up to do a presentation as there weren’t enough slots. I thought the lectures were interesting, but Oded has you do the cases before the lecture material which I didn’t think was so hot. The lectures are high quality, the notes are below average, and the book is not the greatest. Perhaps I am just bitter. But I really wish I took MGMT 806, Formation of Entrepreneurial Ventures. I heard from my classmates who took that class that it was one of the best. I wasn’t that psyched about it, but you kinda have to take it if you want the finance major. As the syllabus says, take it only if you like ambiguity.

FNCE 720: Investment Management. Geczy’s class is about running tons of regressions, and then some more. I learned a lot about IM and liked the class, but I had one small complaint: I thought that the class was a bit research-y. Great lecture notes and great lectures. Highly recommended.

Classes I didn’t take that I heard good things about: Sigelcow’s Strategic Management and Control Class, and Pottruck’s Org Change class.

Term 6: Spring 2008

MGMT 804: Venture Capital. Raffi and Collum teach a pretty good class on VC. There’s a ton of material crammed into the class, and I liked this class quite a bit. Some of my classmates didn’t like it as much, but I liked it because it helped explain the Silicon Valley startup world that I live in. Massive bulkpack, no text. Highly recommended.

MKTG 754: Pricing Policy. I audited this one as I didn’t need the units, but it is a great class. Proj Raju is going to be chair of the department next year, and we can see why that is the case. Top notch class with good lectures. Homework isn't that long or hard, but it will make you think. Highly recommended.

MKTG 753: New Product Development. This class overlaps quite a bit with the next marketing class, MKTG 781. It’s interesting and useful, especially to a guy who heads up the products and engineering functions for his firm. If I had to do it again, I would have taken either this class or Lodish’s class. But my rationale is that I was so heavy on finance classes that I wanted to balance it out a bit, so I took both. My teams did different venture projects, so I ended up learning a lot anyway. Recommended.

MKTG 781: Entrepreneurial Marketing. Lodish has impressive credentials and brought some top-notch speakers into class, which was valuable. It’s a 1 cu class, which is good your last term. Most of your grade relies on a project for a venture idea that you work on the whole term. If new ventures aren’t your bag, then don’t take this class. But I thought it was useful for someone considering starting a company down the road sometime. Surprisingly not that much reading. Highly recommended.

MGMT 811: Entrepreneurship Through Acquisition. Chalfin’s class was a refreshing practical “street smart” type of class that I really liked. It has a 40% participation aspect to your grade, and I think he took that into consideration after talking to a few classmates who weren’t the most vocal unfortunately. The final is a big case study that will take you a while to get through, but there’s no homework along the way which is nice. Highly recommended.

FNCE 751: Buyouts and M&A. Buletkin’s class is an interesting one. I audited since I didn’t need the units. Some interesting cases on RJR Nabisco, really interesting guest speakers, and good lectures. This course is all case studies, and it gave me a good perspective on LBOs and M&A. If I had to do it over again, I would have taken this class for a grade and blown off ACF. I heard that the final in this one was a killer. Both text books are thick.

FNCE 750: Venture Capital and the Finance of Innovation. This class is a really good one, and I like Wessel’s teaching a lot. He brings together a lot of concepts and I can see how the ideas all tie together, which is cool. Too bad it’s at the end when we are all totally burnt out. There's a thin textbook and organized presentations. Highly recommended.

Classes I didn’t take but people said good things about: Derivatives (Gibbons) – supposedly a lot of work but Gibbons is a famous guy in this area…

The profs should be happy I didn't give out LTs....

Hope this helps,

Chairman P