Posted on

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!

 

Posted on

Creating Community in a Virtual Environment

Devon Elovitz is a current Fashion & Luxury MBA, specializing in luxury marketing and business analytics. Prior to Stern, she worked at Christie’s Auction House in New York where she was a Business Manager for the Wine & Spirits, Watches, and Handbags teams. In 2020, her team launched the Streetwear collecting category. This role inspired a love of craftsmanship, storytelling, and innovative business models. 

I’ll be honest, I am not the most outgoing person and multiple personality tests have told me I’m an introvert.  So when I found out that I would begin my MBA program during the pandemic, I was nervous that I would have a difficult time finding my space and my people.  Especially considering the condensed nature of the program, I wanted to be sure I got the most out of the twelve months and a big part of that was networking, making friends and feeling connected to NYU.   

It’s never easy adjusting to a new place or routine but somehow because that “new place” was just a click away, I found that with the right tools and outlook I was settling in and finding my way in no time. I firmly believe that experiences are what you make them and this rule applies to virtual business school as well. For me, I’ve found that being engaged, actively reaching out to others and creating a dynamic experience that combines work and play has allowed me to find my footing and engage with the broader NYU community. Here are some key tips and takeaways from my experience thus far:

  • Don’t get lost in the zoom grid 

Unlike being the new girl in school (I’ve been there, it’s hard), the great thing about business school is that everyone is new and on the same page. Everyone is eager to make new friends and interact so there is no reason to be intimidated. My biggest piece of advice is to make sure you’re present and engaging with others. It’s too easy to hide behind a screen and get lost in the zoom grid. Raise your hand, participate in class and turn on your camera, even if it is an 8am accounting class. I promise everyone else will have a messy bed in their background and be wearing their pjs bottoms too. Being present will not only help you absorb the information better but it is a way of putting yourself out there so that others get to know you.  

  • Engage on Social Media

Outside of class you’ll want to get to know your peers on a more personal level. Again, don’t be afraid to friend someone on LinkedIn or Instagram. It isn’t creepy, I promise. One great thing our cohort leaders did was to create a google doc where people could post their handles to different platforms. Once your friend request is accepted, you’ll begin to learn a lot more about your classmates and when you see something fun or interesting, send them a message! I discovered one of my classmates loves to cook and I followed her cooking account. When she posts something that looks especially delicious I let her know with a hand clap or fire emoji. I think it makes her feel good and it helps develop the beginnings of a friendship that will hopefully lead to many invitations to taste her homemade treats…

  • Online Yogaahhh

I am a group fitness junkie and exercise classes have always been a way for me to feel connected to a community. One of the last things I did pre-quarantine last March was go to a final yoga class and I’ve really missed the vibe that comes with group exercise. With campus gyms closed, NYU has done a great job of organizing regular fitness programs that are accessible to the entire NYU community. My favorite is MindfulNYU which offers free yoga and meditation classes. The teachers are really engaging and I’ve found that there is still a great connection made over zoom. For me, this has been a great way to engage with the wider university community.  

  • Google Sheets and Slack are your friends

Tools like Slack and Google Sheets that I took for granted before are now necessities and, when used correctly, can facilitate meaningful conversations and connections. Business school is heavy on group projects and I have a tough time imagining how group assignments happened before Google Sheets existed. This is the key to successful group work and provides a perfect collaborative space in which to share knowledge and have all voices heard.  Likewise our cohort’s Slack channel has been a lifeline for our group.  We have channels about everything, from sharing academic resources, to podcasts and news articles.  #random was blowing up on April Fools with jokes only a FLUX student would understand.  Slack is also a way to vent about tough assignments, celebrate birthdays, and share much needed GIFs after particularly stressful classes. Think about it as a communication tool for all the things you would normally talk about in the hallway while walking to your next class. 

  • Coffee Chats 

There has never been an easier time to schedule a coffee chat.  In fact it’s so easy, you don’t even need the coffee. Zoom has opened up a whole new level of networking where asking for 30 minutes of someone’s time really means just 30 minutes and not a 20 minute subway ride to a busy cafe where you can’t find a spot to sit and talk quietly.  Now, just a click away, you can dive into a rich and informative conversation with the person across from you. NYU Alumni are known to be generous with their time and are eager to engage with students and taking advantage of Zoom means you can have efficient conversations and make meaningful connections. 

While the pandemic has been rough, it has also taught us how to utilize new tools in ways that I believe are able to enrich community building, especially within the context of graduate school.  Very soon there will be a day when in-person lectures and happy hours return, in the meantime I’m happy to report that I already feel part of the NYU community and feel I have found my people and my (virtual) space. This foundation built virtually will make that first real world experience that much sweeter.

Posted on

7 Tips for Incoming Stern Fashion & Luxury MBAs

Whether you’re considering applying, you’ve just been accepted, or you’re just about to start your MBA experience at Stern, you’re likely wondering, “where do I start?” when it comes to preparing for this new, exciting challenge.

Having been in your shoes a short while ago, I’ve gathered some tips I found helpful, plus some things I wish I knew before the first day of orientation!

1. Go shopping. You’re in the fashion and luxury MBA program! Visit stores, talk to sales associates, and get a feel for what’s happening around you in retail. While you don’t have to buy anything, you will want to know what’s happening in stores. Continue this practice well into school, popping into shops before or after class. Thankfully, Stern is conveniently located just north of SoHo.

2. Get your annual doctors’ appointments out of the way before school starts. Not only will appointments be hard to schedule among classes, group projects, internships, and events, but you’ll also want to spend every “free” minute being totally free (i.e. traveling the world, not traveling back home to get your eyes checked). Plus, if you ultimately have to sign up for student health insurance, you can ensure your annual check-ups are with your doctors while you’re still in-network.

3. Set up one-to-ones with everyone in your cohort. I wish I had done this much earlier, but COVID restricted the feasibility of doing so. Make an effort to reach out individually to each person, set up a walk, a coffee, or a happy hour drink and get to know them! If you want to be an executive one day, you’ll need to know how to build relationships and work with everyone, not just your friends.

4. If you’re able, take time off. At least a week. Relax, reset, and gear up to be super busy. Knock the things off your to-do list and treat yourself to the things you’ve been wanting to do, but haven’t had time to do. For me, that was reading books, visiting The Met, and trying out restaurants on my “to visit” list.

Leisure reading, “just for fun” museum visits, and drinks with friends before school started.

5. Google Calendar will be your BFF, so start using it and referring to it now. Be smart and add dates from all of Stern’s emails to it too. Your future self will thank you.

6. Sign up for events and classes that sound a little scary and out of your comfort zone. The journey you’re about to embark on is meant to challenge you and change you. Seek out and embrace new experiences with new people. Chances are, you know more than you think you do, and you’ll learn something along the way. Plus, school is meant for making mistakes. While you may fear you’ll sound dumb, it’s better to get mistakes out of the way through practice before you do it at your next gig. 

The leadership event planned for Saturday morning? Or the class requiring multiple presentations? Sure, they sound annoying, and maybe a little terrifying, but they’ll help you push your boundaries and become a stronger professional.

7. Clubs are a great way to meet fun people and do fun things. But remember: this program is fast-paced and intense. While you’ll have time for club membership and activities, don’t feel pressured to take on a leadership role. Likely, you’ll stretch yourself a little too thin for only three words on your resume. Most alumni advise, “a club leadership position is not worth your time given the nature of this program.”

Of course, you’ll find what works for you, but keep these tips in mind as you prepare for the Fashion & Luxury MBA at Stern. You’re taking an incredible and exciting next step in your career path – embrace it!

Posted on

Mastering the Art of the Coffee Chat

Hoping to transition into the fashion industry and luxury sector, I knew Stern would set me up with the right connections to pivot successfully. Beyond the skills and industry-specific knowledge taught in classes, Stern offered a chance to regularly speak and build relationships with industry experts. In fact, Stern reminds students to set up coffee chats every chance they get!

Ahead of detailing how Stern makes these connections happen, a brief confession: before coming to Stern, “coffee chat” personally conjured an image of an often awkward conversation and was perhaps, I thought, the most “I’m Getting My MBA & Need A Job” phrase one could possibly utter. A coffee chat, or informational interview, was not something I was looking forward to doing as often as Stern recommended.

Now, however, I love a good coffee chat, and I even aim to have two or three on my calendar each week. I can thank Stern for the change in attitude. Each person I’ve reached out to – from professors to fellow students, from alumni to industry leaders – replies with enthusiasm, eager to share their experiences and offer a word of advice.

Here’s how Stern’s network showed me the importance – and the joy! – of informational interviews:

Classes, Classmates, & Professors

Many of the aforementioned connections in the Fashion & Luxury MBA are built into our classroom experiences, providing a natural channel to reaching out for a one-to-one conversation. From speakers in our Solutions course to my own classmates, I’ve been able to hear and discuss different job functions, brands, and ideas with a breadth of people. A few examples:

  • Early in the semester, I sent a LinkedIn request to a Stern alum, now working for Ralph Lauren, after she spoke to our Solutions class. Not only did she quickly accept my connection, but she offered time out of her calendar to speak – unprompted!
  • Stern professors are well-connected and take joy in connecting their students with their acquaintances. After reaching out to a professor with a question on a project, I was promptly connected by him to his friend, an expert in the area I was researching.

Stern Network

A few weeks into school, we were introduced to the Stern Network, Stern’s internal LinkedIn/Facebook for alumni. Within the platform, users can browse and connect with current students and alumni, narrowing searches by job function, company, industry, location, and more. Once set up on the Stern Network, users work through a tutorial on best practices for requesting and conducting an informational interview. As part of the tutorial, users are required to search for alumni and connect with them.

This requirement led me to an alum at Estee Lauder. Less than ten minutes after sending an introductory message within Stern Network’s platform, they had already replied, offered their time, and we secured a meeting the following week to chat for thirty minutes. This one conversation led to two more coffee chats with folks at Estee Lauder, each recommending I talk to one of their colleagues to learn more.

Thanks to the Stern Network, I got an in-depth look at one of my target companies through multiple different people and conversations.

Mentors

Stern actively connects its students with experts outside of the classroom, too, teeing up these connections as mentorships. So far, I’ve been matched with three different mentors:

  • As part of our MBA program, we are matched with an industry expert on the Fashion & Luxury Council. Here, we’re able to express interest in leaders from fashion, beauty, luxury, and more and get matched with one of these leaders to meet over the course of the program.
  • Upon starting at Stern, we were each paired with a Focused MBA Program Partner. Affectionately called our “buddy,” this mentor is a graduate of the Fashion & Luxury MBA and offers invaluable advice on classes, job searching, and more. I can best describe this mentorship as, “when you need me, I’m here.” I found my Program Partner super helpful in selecting electives and getting an overview on our professors.
  • After joining the Graduate Marketing Association, I enrolled in their mentorship program too. After filling out a brief survey focused on my goals, I was matched with a GMA alum, who also happened to be a FLUX grad! SWIB also offers a mentorship program. 

Events

Every day, there’s a different event to go to at Stern. Naturally, these events are a means of networking and seeking out my next coffee chat.

Recently, I attended an OCD event called “Cross-Class Connections.” Here, MBA 1s, MBA 2s, Focused MBAs and Langone students met in breakout rooms facilitated by OCD career coaches. Conveniently, when we were sharing our interests and goals, one of the students in my breakout room was taking a class focused on supply chain – a topic I had expressed interest in exploring. After the event, he connected me to his classmate who had experience in supply chain at a fashion brand. From there, I received recommendations on how to learn more about supply chain over the course of my time at Stern, both through classes and activities, like the Center for Sustainability and the Center for Business and Human Rights.

I also had the opportunity to listen in on a roundtable discussion at The Retail Hive’s Digital Luxury Week through Stern. The discussion was made up of eight fashion, beauty, and luxury experts, all of which I was connected with after the event. Within twenty-four hours after logging off Zoom, half of them had already replied offering their time to take the conversation further via an informational interview.

So, take it from me, as someone initially wary of the “how” aspect of networking at business school. Not only does Stern make it easy to connect with people, but they also foster an environment of openness and excitement to chat over a cup of virtual coffee.

Tips & Tricks

Like all things, practice makes perfect. After conducting many informational interviews over the past few months, I’ve not only grown more comfortable with coffee chats, but I’ve also found a few secrets to success:

  • Show up with genuine curiosity. Do your research and prepare questions ahead of time. While the conversation can go in any direction, you’ll be thankful you have a set of thoughts prepared to lead the discussion and get insights out of it. 
  • Make it research for your next assignment. During coffee chats, I often ask, “what’s one challenge your team is working through right now?” This way, I hear real-world problems companies face today. With this information in my back pocket, I can focus upcoming class projects on relevant issues to build out my portfolio for my eventual job search.
  • Be direct and specific. While it may seem polite to request a generic chat, I’ve had more success asking, “can I hear your thoughts on XYZ,” over “I’d love to set up some time to talk.” Suggest a specific time and place to keep the email ping-ponging to a minimum, saving the other person time.
  • Be human. Many of these chats are happening on Zoom, so don’t be afraid of moments of levity. Be yourself!