Showing posts with label consulting. Show all posts
Showing posts with label consulting. Show all posts

Wednesday, September 5, 2012

Peter Begins

As many of you may already know, this September 21st I will (finally) be quitting my job at Standard Chartered Bank Korea, where I've been working for the last 4 years and 3 months. It marks the end of what has been a very formative time for me, and the beginning of a new chapter in my life story, a story which will no doubt become a New York Times #1 Best Seller one day, since I am "the greatest" and all.

This was my first full-time job since graduating college in 2008, and so naturally it's my first time quitting a full-time gig as well. Some of you may be thinking, "Hey Peter, what does it feel like to quit your job?" and even if you were not wondering that, I am going to tell you anyways because this is my blog and I do what I want.

To answer your question, it's an interesting feeling, this whole quitting thing. I've been reflecting a lot on my time here and everything that's happened while I've been living in Korea and working at this company for the past 4+ years.

Actually, the first two years of my time in Korea and at Standard Chartered Bank were pretty unremarkable. Not only was it a constant, stress-filled struggle for me as I tried to learn Korean as quickly as humanly possible while also adjusting to Korean culture and Korean work culture, but I was also pretty damn jaded after two years because I just had no idea what I wanted to do with my life, and none of the work I had done up to that point was very interesting, nor was it something I could see myself doing for any long period of time.


Like Bruce Wayne in this opening scene from "Batman Begins" (2005), I had come to Korea to experience life in a new land and learn more about myself while gaining some quality work experience, but after two years' time, I had become truly lost.

However, the next 2+ years were a significant improvement. By that time I had become reasonably adjusted to the language and culture, and I had started work on a new project dealing with innovation in online and mobile banking. Even though I'd never done anything technology-related like that before in my life, I soon fell in love with it (technology, web development, everything) and it's the reason why I'm now leaving the bank.

But perhaps most importantly, it was at that pivotal 2-year mark that I was able to find and work for a boss whom I could really respect, someone who I actually wanted to work for and who was willing to mentor me and teach me many valuable skills that I'd been sorely lacking up until that point.

Here is an excerpt from one of my business school essays, which describes how I initially ended up working with my boss and the kind of esteem I held her in:
However, none of this would have been possible had I not met my current boss, who I've been working under since September 2010. They called her “Dr. An” and her reputation preceded her – She graduated from the top undergraduate engineering program in Korea, got her engineering Ph.D. in the USA, was a standout consultant at McKinsey, and had already established herself as a superstar within a few short months at Standard Chartered Bank. She was strong, confident, and ruthlessly efficient, but also meticulous about providing honest, accurate, and constructive feedback to each and every one of her direct reports to help them learn and grow. I learned in August 2010 that she was leading a new project that overlapped a great deal with my own and, believing that she could be the transformational mentor I’d been looking for, I did whatever it took to “join forces” with her and a few weeks later I was working for her full-time on the “Multi-Channel Task Force.”
For anyone who's seen the movie "Batman Begins" (2005), if I am Bruce Wayne then I would consider her my Ra's al Ghul. Not in a bad way, because in the movie Ra's al Ghul and Bruce Wayne ended up becoming mortal enemies later on haha (-_-). Rather, I mean in the sense that, like Ra's al Ghul did for Bruce, so my boss similarly mentored me, continuously challenged me, and helped shape me into the sharp and focused individual that I am today.

Through her, I learned many new skills and techniques that I will no doubt be using for the rest of my life. Drawing from her background as an engineer and consultant, she taught me how to think logically and analytically, how to approach problems and discussions in a structured way, and how to effectively manage a large team despite her youth as a senior manager and despite her relative lack of banking experience (relative to many of her older male peers).

Here is a great scene from the movie that should give you an idea of what I'm talking about:


I learned a great deal from her and will always be grateful that I was able to work with her.

Actually, my boss and I have very different personalities, but I think that may be a big reason why she was such an ideal mentor for me at the time - She is noted for her exceptional analytical skills, super-logical way of thinking, and great attention to detail, which were all areas that I was previously weak in. On the other hand, I have always been and always will be a humanities person through and through, with a knack for thinking outside the box and finding connections in seemingly disparate phenomena, coupled with a deep understanding of human nature and what makes people tick.

As a junior employee, this seeming clash in personalities was actually great for me, because my boss only put me in roles which matched my unique strengths, and so I was able to continue honing those strengths in my day-to-day work while gradually shoring up my weaknesses, as I continuously received often-harsh but always-useful feedback from my boss and then worked relentlessly to implement those lessons in the next go-around.

Similarly, in Batman Begins, Ra's al Ghul's view of justice was very different from that of Bruce Wayne. Ra's al Ghul believed that there are criminals in this world without decency, who must be fought without hesitation and without pity. On the other hand, Bruce Wayne believed that this kind of compassion is not a weakness, but rather is the only thing preventing heroes from becoming villains themselves, which is why later on Batman had a strict code of conduct in which he swore never to use guns and never to intentionally kill an adversary. The latter rule was the one Joker tried to repeatedly get Batman to break in "The Dark Knight" (2009).

That's why, even though I was able to learn so much from my boss, it was this same clash of personalities that made me realize that our mentor-mentee relationship would inevitably have to end, in this case because I would end up leaving the company, not unlike how Bruce Wayne ended up leaving Ra's al Ghul and the League of Shadows so that he could fight injustice in the way he saw fit.

Interestingly enough, my boss seemed to know from the start that I was not meant to continue working in a traditional corporate environment, and she let me know early on, even though I myself did not quite realize it yet. Sometime in late 2010, I was having a conversation with her over coffee about what I might want to do over the next 5 to 10 years. Even though I wasn't exactly sure at the time, I told her that I might want to go into consulting, because I could learn a great deal while I was figuring out what I really wanted to do, while gaining valuable experience across many different industries.

However, she replied by telling me outright that I am not fit to be a consultant, and that working in a "more creative" field would be much more appropriate. At first this caught me off guard, and I remember feeling quite insulted because I thought she was trying to tell me that I wasn't "good enough" to work at a top consulting firm.

But it's very interesting looking back now and realizing that she was totally right, because nowadays I couldn't even imagine myself as a consultant, given how set I've become on becoming an entrepreneur and trying to create something radical and new that could change the world. This is something that's simply not possible within a finance or consulting context.

In a way, I think the nature of almost all mentor-mentee relationships is that they must eventually come to an end. Once the mentee has learned enough from the mentor, then it's time to move on and make your own path. This was the case with Bruce Wayne & Ra's al Ghul, as well as with Mark Zuckerberg & Sean Parker, Warren Buffett & Benjamin Graham, etc.

As detailed in the movie "The Social Network" and in other media, Sean Parker was instrumental in the early expansion of Facebook, but eventually Mark Zuckerberg learned enough and gained enough confidence to take over the reins at Facebook and come into his own as a CEO.

And as demonstrated in this video clip from Batman Begins, Bruce Wayne eventually had to part ways with Ra's al Ghul when he realized that his philosophy regarding justice and crime-fighting was simply too much at odds with that of the League of Shadows.


So starting on September 22nd I will be starting down that new path, one that is sure to be very stressful and full of uncertainty but more rewarding and fulfilling than anything I've ever done before.

I am leaving behind the corporate world and the world of finance and banking, and I am starting from complete scratch to try and become an entrepreneur, i.e. someone who changes the way people live and the way the world works, for the better.

It's funny, I always talk about how I'm Batman, but in fact if I were to measure my own life against Christopher Nolan's Batman trilogy, I am not even at the halfway point of the first film, Batman Begins. Which means I'm barely 1/6 of the way through my superhero journey.

There's still a long ways to go, but I can't wait to find out what the remaining 5/6 holds in store for me :)

Sunday, April 15, 2012

The Announcement - Where I'll Be Going to Business School This Fall

As many of you know, I recently applied for admission to several business schools in the US. I did so because after 4 years of working experience and everything I've worked on and experienced in that time, I felt like the time was right to take the next big step in my life and my career.

So I applied to 5 different schools, 4 of them in the Boston or California area, with the ultimate goal of entering the world of entrepreneurship and innovation. (California and Boston are home to the #1 and #2 largest entrepreneurial communities in the US and in the world, respectively)

So with all that said, I'd like to announce that beginning this Fall, I will be attending the...

I won't be going to business school this Fall.

I got rejected to all 5 schools I applied to.

If you want proof and/or you're curious what a business school rejection letter looks like, you can check out all 5 rejection letters which I've copied and pasted below at the bottom of this entry.

It's definitely disappointing, but it's certainly not unexpected. I knew going in that my chances were not that great - I was hoping for the best but prepared for the worst.

The goals and objectives of private universities are not that different from that of an asset management firm - every year they have to look at a pool of thousands of applicants and "invest" in the ones they consider the best assets i.e. large probable upside with minimim forseeable downside, in the hopes that they will maximize the return on their investment. This return comes in the form of post-graduation salary (which will help boost that school in the rankings) and alumni contributions (which are the lifeblood of a university).

I knew even before I applied that, on paper, I was definitely not the ideal "asset" for a business school. The most desirable business school applicants are those who have always gotten perfect grades and had a GPA above 3.7, who plan on going into a high-paying industry like Investment Banking or Consulting after graduating, and who come from a long family history of higher education and/or wealth (two factors which are highy correlated with alumni donations down the road). Like I said, large probable upside with minimum foreseeable downside.

In my case, I went to a pretty good school but I was never the greatest student academically, especially for an Asian (haha), as I've definitely gotten my fair share of C's and D's in my time. And because I have zero intention of going into Investment Banking or Consulting and instead want to become an entrepreneur, that means I'll be earning below-average salary for several years until I succeed (if ever) and I certainly won't be able to make any alumni donations anytime soon. I am more of a case of "possibly large but highly uncertain upside, with some clear red flags and signs of potential downside."

Even though I knew my chances of being admitted were not that great, I figured it can't hurt to try, and I liked the fact that I'd have to write all those essays about my "short-term and long-term goals" and my strengths and weaknesses, because all the time spent ruminating on these topics would force me to evaluate whether or not I really, truly want this.

And I'm glad to say that even after writing all those essays, and even after getting rejected to every school I applied to, I still want to become an entrepreneur more than ever.

Even though I didn't get into business school, my ultimate mission remains unchanged - I want to get back to the US by the end of 2012 (preferably in Cali, Boston, or NYC) , meet other entrepreneurs and aspiring entrepreneurs and really get inside those networks, and find a way to revolutionize the way people learn a second language.

Business school was just one (of several) possible means to this end. Simply put, it was the safest and by far most expensive option, but now that it's off the table, my next move is plain and clear - I will be taking the more difficult but also much less expensive road to becoming an entrepreneur. The silver lining to getting rejected is that I'm free of the 200,000+ dollars of debt that I would've been saddled with had I gone to business school.

Since finding out I got rejected to my fifth and final school this past Friday, I've been talking with my parents for hours on end this weekend, about my plans and aspirations to enter the world of entrepreneurship.

As any reasonable parents would say, they would much rather I stay in my stable, well-paying job instead of attempting to do something that comes with so much uncertainty and risk.

But I know in my heart that this is something I have to do and that now is the right time for me to do this, and I know that I can't take the passion and energy I have right now for granted. Passion and energy are two of the most finite and fickle resources known to man, and I have to strike while the iron is hot, and while I'm still young and healthy and not burdened by the responsibilities of being a husband and father.

But after hours of back-and-forth discussion with my parents on the subject, I managed to get their blessing, on the condition that I set a clear timetable and have a clear idea and plan for how I will spend that time.

So now my path is clear, and now it's all on me. Since I won't be able to go to business school and I won't have access to their vast resources and large networks of students and professors and alumni, I will have to go about making my own.

Right now I can count on one hand the number of established or aspiring entrepreneurs I know. But I'll contact them all, see if they can introduce me to anyone they know, and keep on growing and expanding my network from there. It won't be easy, but then again nothing worth doing in life ever is.

So that's the update on my situation, and the next big step in my life begins NOW. Wish me luck, because I'll definitely need some along the way :)

I won't give up~

...because I am the greatest.



========== Haas School of Business (University of California Berkeley) ==========
April 12, 2012

After a careful review of your application to the Full-time Berkeley MBA Program, we regret to inform you that we are unable to offer you admission to the fall 2012 entering class.

Each year, we are fortunate to receive an overwhelming number of applications from talented individuals. Although most of our applicants are qualified for admission, we are able to offer admission to only a small percentage of them each year.

Every application is reviewed thoroughly by a minimum of two readers. As we evaluate applicants, we consider their academic background, professional experience and accomplishments, and personal qualities as demonstrated by their written responses and record of involvement. Our applicant pool is highly competitive across all of these areas. Please note that all application decisions are final, and there is no appeal process.

Since you completed the interview process and/or accepted a place on the waitlist, we would like to offer you the opportunity to receive feedback on your application for admission if you intend to reapply to Berkeley-Haas. If you would like to speak with a member of the admissions committee about the strengths and weaknesses of your application, you may phone our office during the months of June or July to schedule a 15-minute phone appointment. We regret that we cannot offer feedback prior to June, as we must continue to read and evaluate applications for fall admission.

The time and energy that you spent completing our application and awaiting our decision have not gone unnoticed. We appreciate your interest in the Berkeley MBA program and your commitment to furthering your management education.

We wish you the best success in your professional endeavors.


========== Stanford Graduate School of Business ==========
March 28, 2012
Dear Peter Shin:

Thank you for applying to the Stanford Graduate School of Business. We have completed the review of applications, and I am sorry that we cannot offer you admission to the Stanford MBA Program.

We evaluated your application along three dimensions: (1) intellectual vitality; (2) demonstrated leadership potential; and (3) personal qualities and contributions. We assessed the overall quality of your written application, including the essays and letters of reference.

As we explain in our application materials, the admission process is not one in which we merely separate out those candidates with weaknesses and admit all the rest. Were we to do that, we would have a class several times its intended size. We carefully evaluate each individual file, and then review it in the context of the entire applicant pool. In an effort to create an engaging student community, we select those applicants who, collectively, represent a breadth of background, talent, and experience.

Please be assured that our deliberations are neither quick nor effortless, and many involve difficult choices. We typically receive well over 6,000 applications for our class of 396 students. Because there are many more qualified and deserving candidates than places available in the class, there is necessarily a subjective element to the selection process. This is why there rarely are precise reasons for an applicant's denial. The final results simply reflect our best efforts.

I am sorry that I could not bring you better news, especially since we know that you have invested considerable time and effort in your application. We appreciate your interest in the Stanford Graduate School of Business, and thank you for the privilege of reading your application.

Sincerely,
Derrick Bolton
Assistant Dean for MBA Admissions


========== MIT Sloan School of Management ==========
March 26, 2012
Dear Mr. Shin:

The Admissions Committee of the MIT Sloan MBA Program has considered your application and has regretfully concluded that we cannot offer you a place in the incoming class.

As you no doubt realize, the MIT Sloan School is comparatively small, with approximately 324 MBA students entering each year. While our size offers advantages to both our students and faculty, it also creates an extremely difficult selection process––this year, over 4,000 candidates will compete for the 324 places in the class. I think it is no exaggeration to say that the majority of our applicants would be good students for our program. Since we have so few spaces to offer, the problem is not only choosing academically and professionally qualified applicants, but also choosing the very strongest candidates from a field of extraordinarily talented individuals.

We realize this news comes as a disappointment. I do hope, however, that you will accept our best wishes for your success.

Sincerely,
Rod Garcia
Senior Director of MBA Admissions


========== The Wharton School ==========
February 28, 2012
Dear Peter,

Thank you for your application to the Wharton MBA program. I regret that the Admissions Committee is unable to offer you a position in the Wharton MBA Class of 2014.

Each year the Wharton MBA program receives thousands of applications from highly qualified candidates. The Committee's job of selecting the entering class is extremely difficult as virtually every candidate demonstrates significant professional and personal contributions and potential. We are left with the unpleasant task of denying admission to many fine individuals who would, no doubt, succeed in the program and contribute to Wharton's standard of excellence.

Let me assure you that your application received a thorough review by the Committee and your candidacy was given full consideration. The fact that you did not receive an invitation to interview in no way reflects your intellectual abilities, personal achievements, or potential for continued success.

Please know that we have many successful re-applicants each year, and should you choose to reapply in a future year we provide ample guidance on our website to assist you. The Admissions Office will keep your application on file for two years. Please follow the procedures that will be included in next year's application (available online in July 2012). All reapplications will be reviewed within the context of the overall applicant population at that time.

Thank you again for your interest in Wharton. I wish you success in your graduate studies, as well as in your personal and professional endeavors.

Sincerely,
Ankur Kumar, C'00 W'00 WG'07
Director


========== Harvard Business School ==========
February 14, 2012
Dear Peter:

The MBA Admissions Board sincerely appreciates your interest in our program, and recognizes the considerable potential and strength evident in your application. Unfortunately, we are unable to offer you a place in the MBA Class of 2014. I am sorry to convey disappointing news.

In reviewing this round of applications, we saw a great deal of talent, accomplishments and energy. Please know that composing a cohort with maximum texture and range in experience, backgrounds, and perspectives is an extremely difficult task. Ultimately, it is a matter of numbers -- due to the large number of applications we receive, we are unable to admit many strong candidates -- candidates who have excellent credentials and who demonstrate strong promise for careers in management.

We thank you for considering Harvard Business School. Please accept our best wishes for future success.

Sincerely,
Deirdre C. Leopold
Managing Director, MBA Admissions & Financial Aid