Final Report on my Integrated Foreign Study Program at the University
of Iowa, U.S.A. (MBA Program), August 1997-May 1998
Introduction
From August 1997 to May 1998, under the DAAD
Scholarship Program, I completed one academic year of study in the MBA
Program at the University of Iowa, Iowa City, U.S.A. This course
of study was part of an exchange program of the University of Iowa and
the Johann Wolfgang Goethe-Universität Frankfurt am Main, in which
every year two students are able to attend courses at the Partner University.
German funding for the program as an "Integriertes Auslandsstudium" [Integrated
Foreign Study Program] (IAS) is also provided by the Deutscher Akademischer
Austauschdienst [German Academic Exchange Service] (DAAD).
The purpose of this final report is to describe to the DAAD my experiences
and impressions of the coursework and of student life in a small U.S. city.
I hope that it will provide the DAAD with starting points for an evaluation
of the program and will give students in later years an insight into student
life in Iowa City.
In the first chapter, I describe the preparatory phase of the U.S.
foreign study program. In the second chapter, I shall describe my travel
and Iowa City adjustment experiences. Chapter 3 contains a survey of my
residence experience, including details of costs, lodging, medical care,
course of study, the University building, and leisure activities. Chapter
4 contains a descriptive listing of all the courses that I attended during
my year of residence at the University of Iowa. The last chapter
includes closing remarks and an evaluation of the "Integrated Foreign Study
Program."
I should like to express my sincere thanks to all the individuals whose
high degree of personal commitment helped to minimize the inevitable initial
difficulties and to make my academic experience a very valuable and wonderful
phase of my academic career. I express special thanks to my host
family, Ute and Richard Grimlund, who helped me get my bearings in Iowa
City when I first arrived; Prof.
Dr. Dietrich Ohse, Program Director at Johann Wolfgang Goethe-Universität,
and Ms.
Bianka Jäckel, a staff member of the Office of the Dean of Foreign
Studies, who handle the German aspect of the program. The Americans
whom I wish to thank include Duane Thompson, Professor Emeritus, Gary Fethke,
Dean of the College of Business Administration, Gary Gaeth, Associate Dean
of the School of Management, Mary Spreen, Director of Admission and Financial
Aid for the MBA program, Jane Van Voorhis and Sarah Richardson, Co-Directors
of International Programs for the College of Business Administration, and
Jeff Emrich, MBA Advisor, who were always ready to provide advice and counsel
to us German exchange students when problems arose. Without the strong
personal commitment of these individuals, this exchange program would never
have achieved its current quality.
1. Preparations for the foreign study program in the U.S.A.
The application materials for the Iowa Scholarship Program can be obtained
from Prof. Ohse at the main office or from Ms. Bianka Jäckel at the
Office of the Dean of Foreign Studies. As these materials are very
informative but also very voluminous, the assembling of the application
portfolio, which includes obtaining two recommendations from professors
and successful completion of the TOEFL test, requires a certain investment
of time. After completing these steps, I was interviewed by several
Goethe University professors, a DAAD representative, and a student who
had already participated in the Iowa Program.
After successful completion of the GMAT (Graduate Management Admission
Test) and award of the scholarship, preparations for the exchange program
began immediately. Prof. Dr. D. Ohse provided unflagging support
and assistance. Shortly after the selection discussions, he scheduled
a meeting of all the selected exchange students to discuss details of the
exchange program at the University of Iowa and to answer any questions.
He also initiated a meeting with the Iowa exchange students studying in
Frankfurt at the time, so we received useful first-hand information about
the exchange. The subjects discussed included finding housing, the
cost of living, and experiences with U.S. University life.
It is advisable to purchase airline tickets well in advance, because
flights to the U.S. in summer, the season when the prices are inexpensive,
are solidly booked as early as March. Obtaining a visa poses no problem,
thanks to the documents supplied by the U.S. University, but a processing
time of from two to three weeks must be factored in. Moreover, the
University of Iowa requires special immunizations for all foreign students.
They are comprehensive, and it is sometimes necessary to obtain the appropriate
vaccination sera.
In summary, the preparation phase was labor-intensive and time-consuming,
but it was made considerably easier by the good communication between the
German and U.S. Program Directors and the coordinated and professional
performance. For example, the U.S. host families with whom we were
to spend our first few days in Iowa were informed at an early stage and
contacts were established.
2. Travel and adjustment period
My trip to Iowa was uneventful. I left Germany at the beginning
of August so that I would have sufficient time before the beginning of
the semester (end of August) to look for housing and to take care of administrative
matters. After 14 hours of travel, with changes at the Pittsburgh
and Kansas City airports, I arrived in Cedar Rapids and was warmly welcomed
by my host parents, Ute and Richard Grimlund, both retirees. Ute
is from Germany. Richard was an Accounting Professor at the University
of Iowa until 1997. Throughout my entire stay, and particularly during
the early weeks, when I was living with them, their warmth and readiness
to help greatly facilitated my integration into my new surroundings.
As expected, the administrative procedures and the search for housing
were very time-consuming. Among other administrative steps, I had
to apply for a Social Security Card, open a bank account, and register
with the Registration Office for Foreign Students, the Student Health Office,
and the Admissions Office.
Ute's and Richard's attentions to me were truly exemplary. In
the first few days after my arrival they showed me around Iowa City and
explained the local customs. I spent a wonderful week with them taking
walks in the wonderful countryside, canoeing, and chatting on the terrace
in the evening with the other German exchange students. This made
my adjustment to my new surroundings very easy, so I felt almost at home
when I moved into my house on Clinton Street shortly before the beginning
of the semester. Richard and Prof. Duane Thompson helped me outfit
my new "four walls." Furniture, beds, and other household equipment can
be purchased very inexpensively at the Goodwill and Houseworks second-hand
stores. Sometimes the furniture was no longer completely "in one
piece," but for a talented hobbyist woodworker like Richard, broken table
and chair legs are not a problem.
The University of Iowa offered a series of orientation sessions for
foreign students two weeks before the beginning of the semester.
The Office of International Education and Services (OIES) organizes these
sessions. After the general registration procedure for all new foreign
students, we were gradually introduced to the U.S. culture through lectures
and guided tours of the city. The OIES is a valuable institution,
and the Student Advisors, who concern themselves very intensively with
the well being of "their" foreign students, are an indispensable starting
point for questions and problems.
The official orientation phase of the MBA program is "Impact Week,"
which immediately precedes the beginning of the semester. It was
a combination of city and university tour, getting-to-know-you program,
and psychological preparation for what was to be the core experience of
the next two years, the Iowa MBA Program. The social component --
getting to know my fellow students for the current and preceding semesters
-- created the contacts that make acclimatization to a foreign environment
interesting and easy. The high point and conclusion of Impact Week
was a Case Presentation that had to be prepared in one day and presented
on the following day before the professors, local business people, and
second-year MBA students. A case study with the problems to be resolved
was assigned to groups consisting of five or six students. Experienced
MBAs stood by with support and advice and provided major assistance.
The presentation had to be organized as professionally as possible, and
the presenters were required to wear suits. The relentlessly frank
feedback given to us individually and as a group covered presentation defects
but was intended to provide positive motivation. The emphasis on
teamwork and the remarkably strong involvement of the faculty in particular
provided me with my first impression of what I would be facing in the next
two semesters.
3. General comments on my experience
3.1. Expenses
The Midwest is known for its low cost of living. Compared to
Germany (and especially the large cities of Germany), it is in fact very
low. Prices for food range from one-third to one-half of the German
prices, while gasoline costs one-quarter of what it costs in Germany.
Clothing is also very inexpensive, particularly in the nearby outlets,
where it can be bought at wholesale prices. Since the University
has no dining hall, students eat in the neighborhood bars and restaurants.
People who like hamburgers and French fries can also go to Burger King.
Those who have little time to spare at mid-day can buy a small snack or
a sandwich at Pat's Diner, a small cafeteria in the Business Building.
As a typical small U.S. city, Iowa City has no supermarkets of any
kind in the central city. So a number of small clothing stores, magazine
and newspaper stores, copyshops, stationery stores, music stores, and sport-goods
businesses have moved in. The Old Capital Mall, a small shopping
center in the center of the city, also offers some shopping possibilities.
Outside the city, gigantic supermarkets stand cheek by jowl on Highway
6. At an exchange rate of DM 1.80 to the dollar, the prices were
considerably below those in Germany. Forty dollars per week largely
sufficed for supermarket purchases.
Textbooks are extremely expensive in the U.S.A. New books cost
$80 on average; even used books go for $60. At least one textbook per course
is required, so a student who has to buy five new books is immediately
$400 poorer. To save money, people either buy their books from second-year
MBA students who have completed the course or looks for used copies on
sale at Iowa Book & Supply or in the Iowa Memorial Union (IMU). Someone
who wants to save even more money can photocopy the required chapters,
or borrow the book from the library.
3.2. Housing
If one arrives early, the search for housing in Iowa City is child's
play. This is a small Midwest city with around 70,000 inhabitants,
35,000 of them students. Everything is oriented toward students,
and there are sufficient opportunities to find inexpensive housing.
One of the numerous options available is living in student dormitories.
However, I would not recommend this option. First of all, one can
be unlucky and end up living with noisy undergraduates. Second, the
rooms are extremely small, and the bathroom has to be shared with at least
four other students. It is advisable to look for a one-room apartment
or a two-room apartment that can be shared with a roommate. If the
two-room is chosen, it is advisable to take one's time about choosing a
roommate rather than accepting the first applicant who shows up.
For the potential landlord and for the potential sharer, the principle
is the same: The market is large enough, and panic decisions should be
avoided. I was very fortunate in my search: I came upon a small and inexpensive
house with a living room, bedroom, kitchen, and bathroom, and barbecue
equipment in the garden. The decision to live in a little house in
the Midwest did not require much thought, and to this day I do not regret
my decision to live without a roommate.
The search for off-campus housing can begin at the Information Counter
in the Iowa Memorial Union, where catalogue-like files contain roommate
and apartment information. Attendance at the twice weekly "roommate matching
service" sessions is another possibility, as is a check of the advertisements
in the Daily Iowan and the Iowa Press Citizen newspapers.
Most leases are for one year, but some leases also allow for month-to-month
extensions. The average rent for a one-room apartment is around $350.00,
for a two-room apartment (which are in the majority) $500, exclusive of
charges for gas, water, electricity, telephone, and cable TV, which are
in addition. Apartment renters should count on paying $300 to $400
to cover rent and utilities.
Most apartments are rented unfurnished, since people here usually provide
their own furniture. So as soon as you arrive you should ask people
(your host family, roommates, etc.) what you will really need. For
the most part a bed, desk, chair, and some minor supplies are all you'll
need. American students often bring a lot of equipment with them,
so you can buy anything else second-hand. Since you should allocate
at least one week to looking for an apartment or a roommate, it's best
not to arrive too late.
3.3. Medical care
The University has its own hospital and specialists, and it treats
patients from all over the Midwest. It has a very good reputation.
Speedy medical help is guarantied in all situations. The students
are treated at the Student Health Service. There are no long waits for
appointments, and the doctors are very friendly and ready to help.
Overall, medical care is very well organized.
3.4. Organization of the program of study
As in Germany, during the first and second semesters the students take
obligatory basic courses in financial management, accounting, production
management, marketing, and personnel management. In the second semester
they select a major field of study in which they take electives in addition
to the basic courses. At least four electives must be taken in the major
field of study, starting from the second semester. Many "electives"
are in fact obligatory for students majoring in the subject in question.
Some students chose two majors and specialize in two areas of expertise.
In general, the basic courses and particularly the electives are very
"hands-on." To put the subject matter across more effectively, case
studies describing situations that face or could face companies are used.
With the data provided and the material learned in the classroom, groups
of three or four students work out the problem posed and describe the solution
in a report of from three to ten pages or sometimes in a classroom PowerPoint
presentation. The classrooms are very well equipped for presentations
with PowerPoint, Excel, overhead projectors, and videos. Since the
students are being prepared for the world of work, they must wear suits
for presentations. From thirty to forty case studies are assigned
per semester. U.S. students can spend long evenings and whole nights
filled with group meetings and presentation preparation sessions.
In addition to the case studies, strong emphasis is placed on
independent study of the instruction materials. The chapter to be
discussed, and readings (usually newspaper articles) provided by the professor,
must be read before the next class. This adds up to around 100 pages
of reading material per week. The professors also assign homework
that will be discussed in class along with the textbook chapter and readings.
Questions concerning the material assigned for reading and not explicitly
covered in the classroom can be expected to appear on the written examinations.
Active classroom participation is also emphasized. This includes
discussion, which accounts for a fairly large part of the final grade.
The teaching method resembles that of the final Gymnasium class rather
than the lecture model of the German University. It is highly interactive,
and questions raised by the professor or the students are usually discussed
and resolved by the class.
Problems and questions that require more time can be discussed with
the professors during their office hours. Academic support is very
good. Even outside their office hours the professors are available
if, for example, a student has problems in working out a case study or
in coming to grips with a homework assignment. Overall, the student-professor
relationship is very friendly. Students and professors are on a first-name
basis and often eat lunch together.
3.5. The University building
The University of Iowa is organized into ten Colleges located straight
across Iowa City. The College of Business Administration is housed
in the striking-looking, $35-million John Pappajohn Building, which was
officially dedicated in the spring of 1994, and which in terms of architectural
style is reminiscent of a Greek temple. It is equipped with cozy
seating areas, television sets, wall-to-wall carpeting, and several modern
computer rooms, one of which is restricted to MBA and Ph.D. students, with
access by student card. Every terminal in the computer rooms offers
on-line service, so students can obtain comprehensive information about
everything from the day's stock prices and specific information about companies
to political events in Germany.
The library has reading rooms, separate study rooms, copy machines,
and a computerized system that makes literature searches much easier.
The library also offers the Bloomberg and Lexis/Nexis on-line systems,
as well as several extensive CD-ROM data banks.
Homework assignments and case studies can be transmitted to the professors
directly from the numerous terminals available in the computer rooms.
The primary communication instrument of the university is e-mail.
Every student is given an account and can send and receive news electronically.
The classrooms are like small amphitheaters equipped with every conceivable
technical refinement, including large screens for video showings and professional
presentations using computer applications (e.g. PowerPoint) or an overhead
projector.
Pat's Diner, a university-owned cafeteria, offers meals and beverages
at acceptable prices and an opportunity to relax with a cup of coffee after
the stress of studies. Flowers and trees along the walkways create
a pleasant atmosphere in the building.
3.6. Leisure activities
Although Iowa City is only a small University city, it offers a broad
range of leisure activities. As is customary in the U.S., there is
much emphasis on sports activities of all kinds. Every university
has its own football, baseball, and basketball team, and their games are
"musts" for every student. The University of Iowa has a strong wrestling
team and a good football team. Every Hawkeye (the name applies to
both the team and the fans) football game resembles a popular festival.
The stadium, which holds 70,000 spectators, is always sold out, so it is
wise to buy tickets to the Hawkeyes' games at the beginning of the semester.
At "tailgate" parties that begin already in the morning, people get into
the game atmosphere with beer and hotdogs. Whether the Hawkeyes win
or lose, the numerous bars of the city do a brisk business into the evening.
The entire city seems to be on the move, and almost everyone is dressed
in black and gold, the Hawkeye colors.
The sports facilities are outstanding. Every imaginable sport
is available, including tennis, soccer, squash, weightlifting, basketball,
volleyball, and swimming. The sports center is known as the Fieldhouse,
and is located on the west side of the river, not far from the campus.
The user fees are very low, and many things are even free. Golf lovers
get their money's worth in Iowa City: The city offers two very beautifully
laid-out golf courses, for which membership is not required, and prices
are very low compared to those in Germany.
The range of cultural offerings is respectable, for a city of this
size. Plays are put on either in Clapp Recital Hall or in Hancher
Auditorium. There are usually two or three musicals a semester.
The university orchestra gives a monthly concert, and from time to time
a well-known rock band comes to Iowa City. Amateur jazz groups often
give concerts in the IMU. The best place to obtain information about
cultural events is the local newspapers.
Iowa City offers its students a large number of bars and discotheques.
As many as ten television sets are on simultaneously, and the music volume
is generally turned up to the maximum. The price of drinks is very low,
and pizza and sandwiches are available practically everywhere. A
few bars require payment of a $3 cover charge on the weekend.
Particularly at the beginning and the end of the semester, MBA students
and the MBA Association organize parties. Membership and active participation
in the Association is worthwhile. I myself am Vice-President for
International Relations. Working within in the MBA Association is
a great deal of fun and a good way to get to know a lot of people.
4. Description of courses completed
First-Semester Courses
a) Managerial Finance - 06N:225, obligatory course
(Prof. Ben Wilner)
This course covered broad areas of Corporate Finance, from comparison
of various concepts of investment evaluation to CAPM (Capital Asset Pricing
Model) to evaluation of corporate stock prices.
Prof. Ben Wilner attached great importance to newspaper reading.
The Wall Street Journal is required daily reading for every MBA student.
Both the midterm and final examinations required analyses of two articles
from this newspaper as well as financial data. The final grade was based
on the two examinations, a group project, and five homework assignments.
b) Corporate Financial Reporting - 06N:215, obligatory
course (Prof. Charles Wasley)
This course served as a general introduction to internal and external
accounting. It imparted basic knowledge of accounting, the preparation
of balance sheets and statements of net earnings, and fundamentals of balance-sheet
analysis.
Prof. Charles Wasley attached great importance to Case Studies illustrating
the balance sheets of various companies. At least one Case per week
had to be analyzed and discussed in writing, and 30% of the final grade
was based on the total of 15 case studies. The midterm and final
examinations accounted for 30% and 40%, respectively, of the final grade.
c) Marketing Management - 06N:211, obligatory course
(Prof. Thomas Gruca)
This course presented the fundamentals of marketing. Marketing
techniques and strategies were explained in a balanced mixture of lectures
and case studies.
Prof. Thomas Gruca emphasized presentations of the marketing case studies
to be analyzed. At the beginning of the semester three-student groups
were formed to prepare eight written case studies during the semester and
present them before the class. The case studies counted for 50% of
the overall grade, participation in class discussion for 10%, and the midterm
and final examinations for 20% each.
d) Human Resources Management - 06N:227, obligatory
course (Prof. Sara Rynes)
This course, an introduction to personnel management, occupied two-thirds
of the semester, and was followed by Business Ethics, which took up the
remaining one-third. Human Resources Management was concerned chiefly
with international personnel problems. The group project dealt with
the question of how U.S. companies operating in foreign countries should
interact with the local employees.
Prof. Sara Rynes emphasized participation in class discussion, which
accounted for 20% of the final grade. Lectures were enlivened with
Dilbert Cartoons that poked fun at the situation of personnel managers,
and the material was presented in a humorous and lively manner. The
group project and the final examination each accounted for 40% of the final
grade.
e) Business Ethics - 06N:217, obligatory course
(Prof. Lon Moeller)
This course followed Human Resources Management and occupied the last
five weeks of the semester. It dealt with ethical questions that arise
in the workplace, and often with specifically U.S. problems, since the
emphasis was on legal determinations and their corporate treatment.
Prof. Lon Moeller valued interactive instruction, so class sessions
for the most part took the form of a discussion. The final grade
was based on three homework assignments and the final examination.
f) Financial Information Technology - 06F:210, obligatory
course (Prof. Doug Foster)
This course introduced various software applications with which important
financial information can be called up and processed. It is installed
in the Artic Lab, a special information computer lab that can be used only
to call up financial data. Two students at each terminal worked out
solutions jointly.
Prof. Doug Foster emphasized independent work. At each class
session two Teaching Assistants (TAs) were present to help the students
solve the problems assigned, but Prof. Foster preferred that the students
resolve them without the help of the TAs. Twelve in-class assignments
and six out-of-class assignments were required for successful completion
of the course.
g) Introduction to Information Systems - 06K:220,
elective (Prof. June Park)
This course was an introduction to economic information systems.
Hardware components and software applications were explained in detail,
and data bank systems and restructuring processes were presented.
Overall this course provides a good survey of the field of data processing.
Prof. June Park favored detailed memorized knowledge. The midterm
and final examinations each counted for 40% of the final grade. Participation
in class discussions and the group project, which extended over the entire
period of the course and had to be put on the Internet in the form of an
HTML file, together accounted for only 20%.
h) Algorithms - 06K:223, elective (Prof. Alberto
Segre)
This course presented various algorithms that resolved mathematical
problems in an efficient and elegant manner. "Pseudo code," similar to
a programming language, was used to prepare the algorithms.
Prof. Alberto Segre placed strong emphasis on creativity. He
gave us problems that could be solved in a number of ways. The solution
process was for him more important than the result. Homework assignments
accounted for 20% of the overall grade, a group project for 10%, and the
take-home examination for 70%.
Second-Semester Courses
i) Investment Management - 06K:212, elective (Prof.
Thomas George)
This course took a more in-depth look at the material covered in the
obligatory Managerial Finance course. It discussed various investment
tools, including loans, stock shares, options, and futures, and their evaluation,
models such as CAPM and APT, and investment strategies. The technical
knowledge was supplemented with empirical investigations of market efficiency
and the movements of stock prices in specialized publications.
Prof. Thomas George emphasized the use of software for the resolution
of complex financial problems. There were four homework assignments
during the semester, and the work had to be done with Excel. These
assignments accounted for 40% of the final grade, the midterm and final
examinations for 30% each.
j) International Finance - 06K:223, elective (Prof.
Paul Weller)
This course introduced financial strategy considerations of international
companies. Subjects included the factors that determine exchange
rates and international parity conditions, hedging strategies, and determining
the value of a company when exchange rates change.
Prof. Paul Weller's instruction was practice-oriented, and he was very
skilled at linking theory and practice. He invited several guest
speakers from local companies, and persuaded Principal Financial Group,
a financial services company, to allow our group to collaborate in an investment
project for Russia. The Russia project accounted for 40% of the overall
grade, the midterm examination for 20%, and the case studies required during
the semester for 40%.
k) Managerial Accounting - 06A:235, elective (Prof.
Ramji Balakrishnan)
This course covered all aspects of cost accounting. From activity-based
costing to the Target Costing System, the strengths and weaknesses of the
various cost accounting systems were covered. The theoretical material
was reinforced with ten written case studies.
Prof. Ramji Balakrishnan stressed qualitative understanding of cost
accounting, and liked to compare individual cost accounting procedures
in class discussions. The quantity of material made two midterm examinations
necessary. These two examinations and the final examination counted
for 60%, the case studies for 30%, and the oral work for 10% of the overall
grade.
l) Organizational Behavior - 06N:212, obligatory
course (Prof. Tim Judge)
This course covered corporate management with respect to personnel
planning and personnel management. The emphasis was on the selection process
and the employer-employee relationship in general.
Prof. Tim Judge valued teamwork. A written major project in which
almost the entire range of personnel planning and personnel management
theory had to be applied, was prepared by four-student groups and presented
in class. This project represented 40% of the overall grade, participation
in class discussions 10%, and the midterm and final examinations for 20%
each.
m) Business Data Communications - 06K:250, elective
(Prof. Alberto Segre)
This course covered the possibilities of data transfer. Various
data networks, including LAN (Local Area Network), WAN (Wide Area Network)
and ATM (Asynchronous Transfer mode) were discussed in detail.
Prof. Segre valued detail knowledge, and this led him to break down
each data packet into minute details and to explain the various functions
with great precision. The overall grade was composed of four homework assignments
(20%), an ATM project (30%), and a take-home examination (50%).
n) Advanced Japanese IV - 39J:122, elective (Ms.
Chinatsu Sazawa)
This course covered Japanese business subjects. Written exercises
and presentations had to be in the Japanese language.
Ms. Chinatsu Sazawa's course emphasized practical orientation toward
the Japanese world of work. Japanese companies had to be contacted
directly for information needed for the written exercises. This course
is particularly recommended for students who are considering working in
Japan or doing business with Japanese companies. The midterm and
final examinations each accounted for 30% of the final grade, the semester
project on the labor market situation in Japan and participation in class
discussion for 20% each.
5. Final comments and evaluation of the "Integrated Foreign
Study Program"
The foreign residence experience in the U.S.A. and the MBA program at
the University of Iowa were for me unique experiences that left a lasting
effect on me and furthered my personal development. Thanks to many contacts
with people from all over the world, and the inevitably intensive interactions
with a very wide range of cultures, particularly the U.S. culture, greatly
changed my basic views and values in relation to my own life. The
impressions I formed during my travels in the United States in my free
time were unique and unforgettable.
From the academic point of view, the Iowa MBA program is very demanding,
and because of its practical orientation it is a good supplement to the
very theoretically oriented German business administration course.
I made great professional progress, and at the same time was able to expand
my knowledge of the language enormously.
I shall certainly profit professionally from this foreign residence
experience, since the increasing globalization in numerous sectors of the
economy make experience of this type indispensable.
My year of study was a unique experience, and I should like once again
to thank DAAD for its financial support and smooth handling of the formalities,
Prof. Dr. Dietrich Ohse and Prof. Duane Thompson, the German and U.S. Program
Directors, for their great enthusiasm and commitment in directing this
program, and Ute and Richard Grimlund, my host family, who provided unfailing
support and advice throughout my stay. I should not have wanted to
miss out on the Iowa City experience, and I am sure that this is not my
last visit to this wonderful place.
Iowa City, September 4, 1998
Michael Ostern, 610 S. Clinton, Iowa City, IA
52240, Tel./Fax: (319) 466-1965
Email: michael-ostern@uiowa.edu
June, 2000, Final Report on my participation in the exchange program
between the Henry B. Tippie, School of Management Iowa City, Iowa/
USA and the
Johann Wolfgang Goethe-Universität, Frankfurt am Main/ Germany
Prepared by Christian Reuß,
Participant in the exchange program from August 1999 until May 2000
I. Introduction
From August 1999 until May 2000, I participated in an exchange program
between the Johann Wolfgang Goethe-Universität, Frankfurt am Main
and the Henry B. Tippie School of Management, Iowa/ USA (MBA program).
The Deutscher Akademischer Austauschdienst [German Academic Exchange Service]
(DAAD) provided me with a scholarship as part of its "Integriertes Auslandsstudium"
program [Integrated Foreign Study Program] (IAS).
This final report is intended to describe my experiences with regard
to both, the MBA program and the (student) life in the Midwest of the USA,
to the DAAD in an attempt to allow a fair evaluation of its program. Further,
I hope this report will provide prospective students with valuable insights
about the exchange program.
The write-up is structured chronologically starting with the application
process and the preparations necessary. Next, I will cover living in Iowa
City with respect to costs and infrastructure. In the third part, covering
the Iowa MBA program, I will describe briefly the curriculum, possible
areas of concentration and, in more detail, the classes I attended. Finally,
I will describe spare-time activities and socializing.
I should like to express my sincere thanks to all the individuals who
made this great experience possible: Professor D. Ohse, initiator and director
of the program at the Johann Wolfgang Goethe-Universität, Ms. Bianka
Jäckel, staff member at the Office of Foreign Studies, and Ms. Antje
Schmidt, assistant director at the International Office. Further, I’d like
to thank Jeff Emrich, MBA advisor at the University of Iowa, Mary Spreen,
director of admissions, and, finally, Kurt Anstreicher and his wife Jane
van-Voorhis for being a great host family. Thanks to the high commitment
of these individuals the exchange program between the University of Iowa
and the Johann Wolfgang Goethe-Universität in Frankfurt am Main has
achieved its high quality standard.
II. Application, Preparation, and Arriving in Iowa City/ Iowa
a. Application
Application materials for the Iowa Exchange Program as well as general
information can be obtained from either Prof. Ohse (Main office) or from
Ms. Bianka Jäckel (Office of Foreign Studies). Requirements for a
successful application are 2 recommendations from professors, the completion
of the TOEFL test (Test of English as a Foreign Language), a cover letter
(English), and a resume. After turning in my application set, I was invited
to an interview with several professors from the Johann Wolfgang Goethe-Universität,
a DAAD representative, Ms. Bianka Jäckel, and a student who had already
participated in the Iowa Exchange Program. Following my acceptance,
the next step was the completion of the GMAT (Graduate Management Admission
Test) as part of the enrollment process in the Iowa MBA program.
b. Preparation
Preparations started immediately after the acceptance of the candidates
by the committee. Professor Ohse provided great support and assistance
in organizing the first steps. In a meeting initiated by Professor Ohse,
all participants of the program were provided with a list of former exchange
students in order to get further information and a contact address in Iowa
(Mary Spreen). Later, Professor Ohse invited all participants over for
dinner at his home. In a very relaxed atmosphere, he answered remaining
questions and told us about his Iowa experiences. There was also a meeting
with Ms. Antje Schmidt (Assistant Director/ International Office) who informed
us about the details of the scholarship and the requirements such as an
international health insurance. Thanks to her professional handling and
advise, the award and receipt of the scholarship went very smoothly.
After being officially accepted by the University of Iowa MBA program,
I had to apply for a US Visa (Type F-1). Documents needed are listed in
a letter from the University of Iowa along with other information material.
The Visa issue should be resolved as early as possible to avoid any potential
delays because of the summer holidays. The same is true for the flight
tickets. Further, the University of Iowa requires special immunizations
for all foreign students and a Tuberculosis test has to be taken in Iowa
City at a cost of $10. Finally, we were assigned to a host family in Iowa
City.
To put it in a nutshell, the whole preparation procedure is very time
intensive. However, thanks to the support and assistance of Professor Ohse
and Mary Spreen it was nothing to be seriously worried about.
c. Arriving in Iowa City/ Iowa
The ‘typical’ flight to Iowa leads from Frankfurt am Main to Chicago/IL
(Ohare Airport) with a connection flight to Cedar Rapids/ Iowa. From here
there is a shuttle service to downtown Iowa City at a charge of $20.
I was picked up by a shuttle paid for by the University of Iowa that
brought me to my host family for my first days in Iowa: the Anstreichers.
Since Kurt is a professor at the University of Iowa and teaches a class
German exchange students do not have to attend it was quite interesting
(and amusing!) to hear a professor’s point of view on university related
issues. Kurt’s wife, Jane van-Voorhis, also works for the University of
Iowa (International Relations). Shortly after my arrival, both helped me
to complete the required administrative procedures, such as applying for
a social security number, opening a bank account, and searching for an
accomodation. It took me about a week to find my apartment downtown Iowa
City. Once the contract was signed, the hunt for furniture began. Especially
Wal-Mart had very good offers. Further, energy, a telephone connection,
and cable TV had to be ordered. Honestly, the whole process was more fun
and excitement than annoying.
III. Living in Iowa City- Housing, Cost of Living
Iowa City is a student city. 35,000 inhabitants are faced by roughly
the same number of undergraduate, graduate and Ph.D. students. Hence, many
facilities are in particular geared towards students.
a. Housing
a. General
There are basically 5 different ways to find an accommodation in Iowa
City- mostly depending on whether one likes to share: a room (in a family
house), efficiency rooms, 1-bedroom apartments, more-bedroom apartments,
and dorms.
-
Dorms: The cheapest and therefore riskiest alternative. In most of the
cases, undergraduate students tend to party long and loud all the time.
In addition, bathrooms often have to be shared. Hence, in order to study
effectively, the dorms do not offer the best environment.
-
Rooms in family houses: The suitability depends entirely on the host family.
Again, bathrooms have to be shared most of the times.
-
Efficiency rooms: Basically one room that serves as a bedroom, living room,
and kitchen. Bathrooms have to be shared most of the times. The monthly
rent ranges from $250 to $550, depending on how close the university buildings
are.
-
1 Bedroom Apartments: Bedroom, living room, integrated kitchen, and own
bathroom. The monthly rent ranges from $350-$800, again depending on the
location.
-
More-Bedroom Apartments: Same as one bedroom plus an additional bedroom
for each roommate. Suitability depends highly on the other members of the
household! However, (most of the times) the monthly rent turns out to be
significantly cheaper than that of a 1 bedroom or even an efficiency apartment.
Personally, I chose a 1-bedroom apartment about 1 mile from the university.
My monthly rent was $435 plus electricity (roughly $15 per month), telephone
($26 per month plus international calls), and cable TV ($44 per month).
[Note: cable TV allowed us to watch the German Bundesliga twice a weekend!]
Laundry facilities were on-site and washing machine plus dryer were available
for a total cost of $1.25. Finally, my apartment was part of a smaller
complex. This made it very easy to meet other students and resulted in
nice BBQs during the weekends.
b. Search for Housing
There are many different sources to find an accommodation and there
is also plenty of supply- so there is no need to make hasted decisions.
Starting point should be a visit to the IMU information center. Depending
on what kind of housing one is looking for, there are files with several
offers available. There is also a roommate-matching service twice a week.
Further, the classified sections in local newspapers (Daily Iowan, Press
Citizen), the so-called “Add-Sheet” (available for free throughout downtown
Iowa City), and the “Apartment Blue Book” contain plenty of offers. Most
leases cover a period of 12 months- another reason why the apartment should
not be picked in panic. I was told that month-to-month extensions are possible
as well. However, I didn’t find any of these.
Apartments are usually rented unfurnished. Hence, there is a need to
hunt for your own furniture. Potential sources are local garage sales,
Wal-Mart, 2nd year students, and University of Iowa supplies. Obviously,
the whole process takes a lot of time and an early arrival (beginning of
August) is crucial.
b. Transportation
The University of Iowa is downtown Iowa City. Hence, all relevant facilities
can be reached by foot. There are two free bus services connecting the
residential area (starting 1 mile away from the center) and the dormitories
with downtown. There are also several bus-lines to and from Coralville
(to the West of Iowa City) at a charge of $0.75. Unfortunately, most shopping
areas (food-stores, clothing etc.) are just outside Iowa City. In addition,
the transportation of cans, foodstuff, and other items makes the use of
a car a necessity. Anyway, we never experienced any difficulties in finding
a fellow student to give us a ride once or twice a week. Hence, there is
no need to buy a car. However, the purchase of a bike for $80 turned out
to be a good investment.
c. Expenses
The Midwest is well known for its relatively low cost of living when
compared to the rest of the United States. In general, this is also true
when compared to Frankfurt. Especially food, clothing (there is an excellent
outlet mall nearby) and gasoline are rather inexpensive. Even visiting
the small bars and restaurants around campus on a regular basis is affordable.
There are also a lot of fast food chains downtown Iowa City: Taco Bell,
Burger King, McDonalds, Subway and so on. Finally, a quick snack is always
available at Pat’s Diner, a small cafeteria in the Pappajohn building.
Food stores such as Hy-Vee and Cub-Foods are located around Iowa City
and offer pretty much everything one might need at reasonable prices.
Getting ready for the new semester is another major source of expenses.
New textbooks cost between $80 and $150, depending on the class. There
are also used books available at a 10-30% discount. Unfortunately, cheaper
paperback editions are mostly available 3-4 years after the release of
the hardcover edition. The other side of the medal is that my oldest book
(edition) was from 1997. In addition to textbooks, cases (usually Harvard
Cases) and other supplements (articles, course-packets) have to be purchased,
too. In total, I had to spend roughly $450-$500 per semester right away.
Other sources are 2nd year MBA students who sometimes sell their old books
at good prices. [Warning: Copying required materials is a violation of
the copyright law in the U.S.! Getting caught while copying books or cases
can result in some serious trouble with the authorities!]
Another source that resulted in increasing costs was the weak Euro.
At our arrival, the prevailing exchange rate was roughly 1.90 DM/$. At
its peak it was roughly 2.18 DM/$.
d. The University of Iowa facilities and related locations
1. Pappajohn Building
The School of Management is located in the Pappajohn building downtown
Iowa City. Officially dedicated in spring 1994 at a total cost of roughly
$35 million, this facility represents the state of the art: comfortable
seating areas, television columns, and a well equipped library along with
several computer rooms- one of which is exclusively for MBA and Ph.D. students.
As for the computer equipment, every computer offers free and unlimited
Internet access, Zip drives, and access to several laser printers. Further,
laptops can be checked out in the library- each with Internet access. The
library also provides access to Bloomberg, Lexis/Nexis, and to several
CD-ROM data banks (Wall Street Journal etc.). Finally, every student is
given a lifetime email account in the format firstname-lastname@uiowa.edu.
There are several terminals all over the university area that allow access
to the email accounts. This is crucial since it is the main communication
channel. On an average day, a first year MBA student receives 5-15 mails.
The classrooms can be best described as small amphitheaters equipped
with numerous technical refinements: large screens used for video presentations,
professional presentations utilizing Microsoft Office appliances, and on-line
presentations. Each classroom offers seat for roughly 40 students. However,
the average student attendance for electives is far below. (Core classes
fill up the whole room).
Altogether, the University of Iowa offers a perfect study environment
allowing students to search for information in an effective and targeted
manner.
2. Field House
The field house (about 15 minutes from Pappajohn) offers a wide variety
of sport activities: running tracks, badminton courts, basketball, volleyball,
swimming, work-out (Fitness), squash, indoor soccer and so on. Mostly,
using the utilities is free. However, swimming and fitness require a fee
of $35 and $45 for one semester, respectively. There is also intramural
sport activity on campus: tournaments in softball, flag-football, and indoor
soccer allow students to match up with other students in a competitive
environment.
3. Iowa Memorial Union (IMU) and the Iowa Book & Supply
As mentioned before, the IMU is the starting point for the housing
search. Besides that, the IMU also offers the following:
-
Mensa (very good but expensive);
-
Hosting place for the career fare (companies introduce themselves to the
students) and concerts;
-
Students’ needs: textbooks, writing material, and everything you can image
that can be sold with “Iowa Hawkeyes” on it.
Iowa Book & Supply is the first address when it comes to textbooks
and class supplements. There are also special student offers available
on PC appliances (e.g. Microsoft Office). Both “institutions” are within
a 2-minute walk from the Pappajohn Building.
4. Hawkeye Patriotism
The University of Iowa is part of the so-called Big Ten, i.e. a combination
of 10 colleges throughout the Midwest. As part of this, there are competitions
in each major sport discipline among these universities. The most popular
are college football (fall) and basketball (fall and mainly in spring).
Games are even broadcasted on national television! Unfortunately, the Hawkeyes
didn’t do that good last year. Kinnick Stadium offers roughly 70,000 seats
and is reserved for football matches. The average attendance last year
was slightly above 60,000. Carver Arena serves as a host for basketball
games, containing slightly above 10,000 seats. Both facilities are very
close to downtown and can be reached within a 10-20 minute walk from the
center (there is also a free-of-charge bus service). Season tickets range
from $30-$60 and I strongly recommend to attend at least some of the games
as part of the Iowa experience!
IV. Getting Started with the University of Iowa MBA Program
a. International Student Orientation
This introduction is intended to familiarize international students
with the American culture. The idea is, that people with different cultural
backgrounds do not feel offended by someone acting in way that is considered
‘typically American’ (E.g. ‘How do you do?’ is rather a ‘Hello” than a
real question.)
b. IMPACT Week
This is the real start of the program. In short, IMPACT week is a taste
of things to come. Components are games to learn the importance of teamwork,
a city tour, several presentations, meeting the faculty and your classmates.
At the end of the week, each group has to give a presentation to professionals
from the business world. Groups are assigned by the School of Management
and last throughout the whole semester.
c. The School of Management Administration Office (Pappajohn Building)
The staff around Jeff Emrich and Mary Spreen is always available when
help is needed. Starting with class registrations, requirements needed
for attending special courses or general information- all can be done here.
V. Teaching Philosophy, Curriculum, Student Body, and Attended Courses
a. Teaching Philosophy
The School of Management stresses the importance of teamwork. As a
consequence most classes include team projects as a substantial part of
the final grade. Such projects range from case presentations and creations
of websites to analyst reports with a volume of 30 pages and more. During
the first semester there is a particular focus on diversity within the
teams, i.e. teams are pre-formed representing different cultures and backgrounds.
Later, students can form their own teams. Although a more diversified team
is much more of a challenge, it also enhances both, so-called “soft skills”
and personal development. Finally, having Chinese, Taiwanese, Indian, South
American, and U.S. students as team members also bears a lot of fun!
The grade composition of an average course in the MBA program can be
summarized as follows: Midterm and Final exam (together between 40-80%),
Case Presentation (20-80%), Participation (0-20%), Final Projects (replace
Final exam, roughly 45%). Sometimes, extra-credit opportunities are offered.
(However, since everyone participates and grading curves are used they
are mostly just extra work!)
b. Curriculum
The MBA program consists of a set of required core classes and electives
from several areas of concentration. The core classes in the first semester
include Managerial Finance, Marketing Management, Corporate Financial Reporting,
Managerial Economics, and Data and Decision. (Participants in the exchange
program do not have to attend Economics and Data and Decision.) Further,
students have to participate in a Competitive Preparation class. In the
second semester, Organizational Behavior and Operations Management are
required, with the latter being optional for students from Frankfurt.
In addition to the core classes, electives from the following areas
can be chosen: Accounting, Finance, Management & Organization, Management
Science (IT), Marketing, Product Development and Management, and Entrepreneurship.
However, the School of Management is very open-minded to ‘self-made’ concentrations.
In total, at least 5 classes have to be attended in each semester to meet
the Iowa MBA standard.
c. Student Body
The MBA class of 2001 consists of 91 students. The following table
offers a more detailed overview:
Class Composition
-
Women 22%
-
Minorities 10%
-
Average Age, Range 27, 22-40
-
Full time work experience 4 years
Academic Background:
-
GMAT 623
-
TOEFL 626 (270 computer based)
-
Undergrad Majors 36% Business, Science/Engineering 28%
Geographic Distribution:
-
International
-
(Argentina, Armenia, Brazil, Columbia, Denmark, Germany, Hungary, India,
Korea, PR China, Russia, Taiwan, Turkey) 48%
-
US states represented 11
Thanks to the impressive diversity, there are celebrations throughout the
whole year. Some are Diwali (Indian), Chinese New Year, and Minority (Afro-American)
celebrations. These events offer unique opportunities to learn about cultures
from different parts of the world. (Honestly, I especially enjoyed the
different kinds of food served!) Finally, any kind of sport someone might
be interested in (Badminton, Table Tennis, Soccer, Cricket, Flag-Football,
Softball, and so on)- he/she will find a sparing partner for sure!
d. Attended Classes
1. 6N:225 Managerial Finance
Professor Matt Billett provides a broad overview of Corporate Finance.
This included concepts and frameworks covering capital budgeting decisions,
CAPM and APT, TVM, and other related areas. In addition, the Wall Street
Journal (The Journal) and the Internet are crucial elements of the course.
It is worth mentioning that a study conducted by Matt was recently published
in the Journal (an analysis of the performance of tracking stocks). Although
some of the material might already be quite familiar, the more practice
related approach makes even those parts worthwhile. Finally, the grade
consists of 5 out-of-class assignments, Midterm, and Final Exam.
2. 6N:215 Corporate Financial Reporting
Professor Doug DeJong presents general concepts and ideas with regard
to external accounting. The whole class works towards the analysis of balance
sheets, income statements, cash flow statements, and the corresponding
relations. Financial statements from John Deere (an Iowan company specialized
in farming equipment), Wal-Mart (currently the ultimate retailer), and
other companies serve as real-life examples. The final grade consists of
5 case studies (team-based), Midterm, and Final Exam.
3. 6N:211 Marketing Management
Professor Thomas Gruca introduces the fundamentals of marketing. Ideas
and concepts in areas such as product development, marketing channels,
and SWOT analysis have to be presented as part of several case studies.
Tom stresses the importance of presentation skills and, consequently, is
famous for “grilling” presenting groups. As a result, the course offers
a real challenge- even to those with a moderate interest in marketing.
The final grade consists of 3-4 case studies (50%), Midterm, and Final
Exam.
4. 6N:212 Organizational Behavior
Professor Amy Kristof-Brown presents concepts and techniques in the
areas of human resources and organization. Amy is very enthusiastic and
provides an excellent environment for class discussions (20% of the grade).
The implementation of presented strategies and concepts is part of up to
5 cases that have to be presented (2) and/or turned in (5). This accounts
for roughly 45% of the grade. The remainder is a Midterm and a Final Exam.
Several self-assessments are also (an ungraded) part of the course. This
offers an excellent opportunity to explore one’s interest and potential
social behavior in the work place.
5. 6F:210 Financial Information Technology (FIT)
FIT is a mandatory class when concentrating in Finance. Several software
applications (Bloomberg, DowJones Workstation, and others) and ways to
collect relevant financial data (EDGAR and other internet sources) are
presented. Taught by different instructors, 12 in-class assignments (teams
of 2 students) and 6 out-of-class assignments (individual) have to be completed
in order to pass the course. There are no grades.
6. 6F:212 Investment Management
Professor Tom George presents different concepts and approaches in
the area of investments. The course consists of 3 parts: Fixed Income Securities,
Equity, and Derivatives. Valuation techniques for each sector are presented
and eventually practiced by completing 4 out-of-class assignments (team
based). Although most of the valuation techniques are rather straightforward,
Tom presents different points of view that certainly add new perspectives
to familiar models.
7. 6F:215 Corporate Finance
Professor Matt Billett provides a more detailed coverage of different
areas within corporate finance. Models and formulas introduced in 6N:215
are expanded and adjusted towards reality. An additional focus is placed
on capital structure issues and real options. The Journal and recently
published studies add to the strongly practice related outlay of the course.
Next to 4-6 cases (team based), class participation, Midterm and Final
Exam form the final grade.
8. 6F:218 Advanced Corporate Finance
This course covers mergers & acquisitions and related topics and
consists almost solely of groups presenting cases and reports on assigned
topics. After a short introduction, Professor Puneet Handa assigns 2 cases
and 2 reports to each group (2-4 students). Further, 6 additional case
write-ups have to be turned in during the semester. From then on, the students
take over the class. Reports represent basically a summary of different
studies dealing with a particular topic, while the cases provide the opportunity
to discuss and suggest solutions to real problems. There are no exams.
However, class participation in form of grilling (cases) and constructive
additions/ questions (reports) account for roughly 20% of the grade. A
great class!
9. 6A:235 Managerial Accounting
Professor Joyce Berg presents concepts and ideas with regard to internal
accounting. Joyce focuses on understanding concepts and the “big picture”
rather than detailed calculations. Every week an E-Quiz has to be answered
and (e-)mailed back. Although this means weekend work (handed out sometimes
late on Fridays, due date Sunday at midnight) it is a valuable tool to
avoid additional work before and during the exam week. Further, cases help
to implement presented concepts.
10. 6A:231 Taxes & Business Strategy
Professor Sonja Olhoft provides an overview of the U.S. tax system
with regard to the business world. Taxation issues for different entities
are discussed and analyzed in 3 (long) problem sets (take-home). Highlight
of the class are two case studies: DuPont and the merger between MCI and
Worldcom. Both reveal great insights as for how tax issues can affect business
decisions. There is a final exam accounting for 40%. Another great class!
11. 6A:245 Financial Information & Capital Markets
Professor Bruce Johnson provides a step-by-step guide as for how a
company can be valued. Starting with a general business analysis followed
by accounting quality issues and financial statement/ ratio analysis, Bruce
ends with concepts and ideas to forecast a company’s future. There is a
final project (a complete analysis of one company) that accounts for 45%
of the grade. The remainder consists of 3 case write-ups and class participation.
VI. Spare-Time Activities
As already mentioned, Iowa City is a student city. Hence, there are
many ways to spend one’s spare time.
Sports
As stated before (University of Iowa Facilities, Field House), there
are plenty of sports activities around campus. In addition, there are many
parks throughout the city that offer a nice setting for BBQs mixed with
some Baseball, Basketball or Frisbee football. There are also several marathons
in and around Iowa City throughout the year.
Cultural
There are several plays and classic concerts in Iowa City. Mostly these
events take place in either Clapp Recital Hall or Hancher Auditorium. Further,
there are usually two or three musicals a semester. As for concerts, the
university orchestra gives a monthly performance, and famous rock bands
such as the Red Hot Chili Peppers and the Backstreet Boys pay Iowa City
a visit. Finally, amateur bands perform at small bars, the IMU, or the
pedestrian mall. The best sources to obtain information about oncoming
events are local newspapers (Daily Iowan, Press Citizen) and flyers.
American Way of Life
Since there are usually no classes on Fridays, our MBA class of ’01
established the TGIT (Thank Goodness It’s Thursday) socializing event on
Thursday nights. Starting point for the MBA students is the ‘Airliner’
Bar, close to the Pappajohn. Popcorn is free and the Pizza the best in
town. After a while, you either travel along other bars, go dancing, or
go to some fellow’s place to “hang-out”. The atmosphere is very relaxed
and you meet new people every time.
The second, typical American event is the so-called “tailgating”. Prior
to any Hawkeye sport event (mostly Football), people get together for a
BBQ. Pretty often, some don’t even make it to the game.
To sum up, mingling, socializing, and tailgating are the golden words
you need to know when coming to Iowa City.
Shopping and Cinema
There are 2 main shopping areas (and several smaller ones) around Iowa
City. One is the Old Capital Mall next to the Pappajohn Building. Here’s
also the only downtown movie theatre. However, since the Coralville Mall
opened (to the West of Iowa City, reachable with a bus at a charge of $0.75
per ride), the Old Capital Mall is not as crowed anymore as it used to
be. (Anyhow, some prices are pretty good). As for the Coralville Mall,
there are about 20-30 shops, several fast food chains, a big cinema, and
an ice-skating area. The bus ride takes roughly 20 minutes.
CFA (Chartered Financial Analyst) Examination
The AIMR offers a three-stage examination for financial analysts. There
is one examination each June and registration costs between $500 and $1,000
depending on the time of registration. Although there is additional material
required, some courses in Finance, Accounting, Economics and Data &
Decision (if needed) cover most of the required skills necessary to pass
the first level of the CFA examination. The test can be taken in basically
every major city in the U.S. and also in Germany (Frankfurt). There were
about ten other Iowa MBA students planning to take on the exam and I strongly
recommend enrollment to everyone who is interested in investment banking.
VII. Final Comment and Evaluation
The Iowa MBA program and living in the U.S.A. for almost a year left
a lasting impression on me and furthered my personal development tremendously.
Especially the diverse composition of the student body offered new points
of view and insights into several cultures. The American way of life ,
in particular, provided me with new values and perspectives.
As for the academic challenge, the practical orientation of the Iowa
MBA program is the perfect supplement to the German more theoretically
oriented academic approach. Next to improved language and presentation
skills, I especially benefited from the intense use of several computer
appliances and information systems. I am certain that my future professional
performance will strongly benefit from this experience.
The last few months were a unique experience to me and I should like
to thank Professor Ohse and all the other individuals who contributed to
the program again for their high commitment and dedication. They allowed
me one of the greatest experiences not only in my academic career. I will
never forget the small city between the cornfields.
Frankfurt am Main, June 2000
Christian Reuß, Keltenring 7, 63128 Dietzenbach,
Email: Christian-Reuss@uiowa.edu
Abschlußbericht: Integriertes Auslandsstudium an der University
of Iowa, U.S.A. (MBA Programm), August 1999 bis Mai 2000, Martin Frech
1.1. Hintergrund und Rahmen des Studienprogramms
In der Zeit von August 1999 bis May 2000 hatte ich die Gelegenheit,
zwei Semester lang an der University of Iowa, Iowa, USA im Rahmen des MBA-Programms
zu studieren. Dieses Studienprogramm war Teil des Austauschprogramms zwischen
der Johann Wolfgang Goethe-Universität und der University of Iowa,
das bereits seit Jahren angeboten wird. Jedes Jahr wird Studenten der Universität
Frankfurt die Gelegenheit gegeben, ein Jahr in Iowa zu verbringen und dort
Kurse zu belegen, die nach der Rückkehr nach Deutschland im weiteren
Studiengang als Studienleistungen anerkannt werden können. Dieses
Programm wird im Rahmen des Programms "Integriertes Auslandsstudium" (IAS)
des DAAD angeboten und mit Mitteln des DAAD unterstützt. Dieser Bericht
dient der Zusammenfassung meiner Erlebnisse in Iowa City und der Bewertung
des Programms.
1.2. Vorbereitungen vor der Ausreise
1.2.1. Vorbereitungen für Flug und Visum
Sobald ich die Nachricht über meine Auswahl erhielt, begann für
mich die Vorbereitung für die Ausreise. Da die Auswahlgespräche
bereits im Januar / Februar stattfinden, bleibt genug Zeit zur Planung
und Vorbereitung, wenn man sofort beginnt. Der Beantragung des Visums und
dem Buchen des Fluges sollten zunächst die höchste Priorität
eingeräumt werden – als ich im Februar 1999 meinen Flug nach Iowa
buchte, waren bereits viele Plätze im Flugzeug vergeben; außerdem
werden Flüge meistens teurer, je später sie gebucht werden. Der
internationale Flughafencode für Cedar Rapids ist CID – üblicherweise
fliegt man von Frankfurt am Main nach Chicago, und von dort nach Cedar
Rapids. Cedar Rapids ist etwa 30 Minuten von Iowa City entfernt.
1.2.2. Zeitplanung
Am Anfang des MBA Programms in Iowa steht die IMPACT-week, eine Einführung
für alle neuen Studenten. Dieses beginnt üblicherweise am zweiten
Montag im August. Davor findet allerdings die Orientierungsveranstaltung
für Studenten aus dem Ausland statt, so daß sich eine Ankunft
Anfang August empfiehlt, so daß möglichst vor Beginn der beiden
Einführungswochen eine Wohnung gefunden ist. Bei der Planung meiner
Ausreise war insbesondere der Informationsabend hilfreich, den Herr Prof.
Dr. Ohse für alle zukünftigen Iowaner organisierte. Hier wurden
Informationen und Erfahrungen ausgetauscht, die bei der weiteren Planung
sehr hilfreich waren.
Insgesamt empfiehlt sich, sofort mit der Planung für die Ausreise
zu beginnen. Die Vorbereitungszeit hat sich als relativ arbeitsintensiv
und beizeiten lästig herausgestellt, aber der gesamte Prozeß
wurde durch die ausgezeichnete Kommunikation und Koordination zwischen
den deutschen und amerikanischen Programmbeauftragten deutlich vereinfacht.
1.2.3. Auslandskrankenversicherung
Die Suche nach einer guten Auslandskrankenversicherung stellte sich
schwieriger dar, als zunächst vermutet. Die verschiedenen Krankenversicherungen
haben ein sehr breites Angebot verschiedener Optionen, die leicht zu Verwirrung
führen können. Es gibt allerdings in Frankfurt eine Reihe Dienstleister,
die, ohne Aufpreis, verschiedene Angebote überprüfen und das
beste Angebot vermitteln. Ich habe vom Angebot der MLP Finanzdienstleistungen
AG (Kontakt: Anja Mihlan, Düsseldorfer Str. 19-23, Frankfurt 60329,
Tel. : (069) 923191-26, Email: Anja.Mihlan@mlp-ag.com) Gebrauch gemacht,
und mich für die DKV entschieden, die trotz der niedrigsten Gebühr
die größte Absicherung anbot.
Die University of Iowa verlangt unter anderem, daß sich neue Studenten
in Iowa gegen Masern und Röteln impfen lassen, oder eine Bescheinigung
der Impfung einreichen. Diese Impfungen sind üblicherweise in Deutschland
etwas billiger, so daß es sich empfiehlt, diese Impfungen vor der
Ausreise zu erledigen. Außerdem sollte man den Impfpaß mit
nach Amerika nehmen, so daß ein entsprechender Nachweis geführt
werden kann.
1.2.4. Finanzielle Vorbereitungen
Meines Erachtens ist eine Kreditkarte für die Regelung der verschiedenen
finanziellen Verpflichtungen in den USA unerläßlich. Allerdings
sollte dies nur eine Notlösung sein, da eine Reihe anderer, meist
billigerer Möglichkeiten zur Verfügung stehen:
Durch internationale Regelungen ist es inzwischen leicht möglich,
mit der Geheimnummer auch an Geldautomaten in den USA Geld in Dollar abzuheben.
Dabei wird bei fast allen Banken (die Ausnahme bildet die Citibank) ca.
1.5 % Auslandseinsatz erhoben, der allerdings auch bei den meisten Kreditkarten
anfällt. Dem steht der Vorteil gegenüber, daß durch Abhebungen
an Geldautomaten der jeweils aktuelle Dollarkurs gilt anders als bei einer
einmaligen Überweisung.
Obwohl der Scheckverkehr in Deutschland immer mehr abnimmt, ist der Scheck
in den USA nach wie vor ein beliebtes Zahlungsmittel. Auch international
erweist sich der Scheck als ein Mittel mit vielen Vorteilen. Obwohl die
meisten Banken diese Information verständlicherweise ungern preisgeben,
hat sich herausgestellt, dass Banken in Deutschland scheinbar für
die Einlösung eines EC-Schecks keine zusätzlichen Gebühren
verlangen können, auch wenn dieser Scheck von einer ausländischen
Bank vorgelegt wird. Es fällt also typischerweise lediglich die Gebühr
der Amerikanischen Bank an, so daß es sich lohnen kann, sich selbst
einen EC-Scheck auszustellen, der auf das eigene Konto in Deutschland gezogen
ist.
-
Postbank Sparbuch mit Karte
Die Postbank bietet, allerdings erst seit wenigen Monaten, also zu spät
für mich, ein Sparbuch an, mit dem Abhebungen mit einer Visa Plus
Karte möglich sind. Das heißt, daß von überall in
der Welt Geldabhenungen von Geldautomaten kostenlos vorgenommen werden
können. Die Einschränkung ist allerdings, daß nur bis zu
vier Abhebungen bis zu 3.000 DM vorgenommen werden können. Bei jeder
weiteren Abhebung fällt eine Gebühr von 10,- DM an. Pro Monat
können maximal DM 3.000 abgehoben werden – wenn also nur 50 $ abgehoben
werden, zählt dies als eine der kostenlosen Abhebungen. Diese Methode
bietet also die Möglichkeit, in den USA regelmässig Geld abzuheben,
ohne daß Gebühren für den Auslandseinsatz fällig werden.
Die meisten Banken in Deutschland bieten inzwischen Internet-Banking an.
Es hat sich als sehr praktisch erwiesen, das deutsche Konto weiterhin von
Amerika aus steuern zu können, z. B. um Rückmeldungen an der
Universität Frankfurt von den USA aus vornehmen zu können.
Es empfiehlt sich außerdem, eine größere Summe auf
dem Konto in Deutschland "zur Seite" zu stellen, um für Unvorhergesehenes
gewappnet zu sein. Die 900,- DM monatlich, die der DAAD zur Verfügung
stellte, reichten leider nicht ganz zur Deckung der Miet- und Lebenshaltungskosten.
Die Lebenshaltungskosten sind, verglichen mit Frankfurt, relativ gering
– zusammen mit den Mietkosten sind allerdings die monatlichen Lebenshaltungskosten
höher als das Dollaräquivalent von 900,- DM (zumal sich der Dollarkurs
in den letzten Monaten leider sehr zu meinem Nachteil entwickelt hat).
1.3. Eingewöhnung in Iowa City
1.3.1. Wohnungssuche in Iowa City
Ich hatte das Glück, meinen Gasteltern sehr früh vorgestellt
zu werden. Don und Nancy Ross haben mich vom Flughafen in Cedar Rapids
abgeholt und mich die ersten paar Tage in Iowa City bei sich wohnen lassen.
Die Wohnungssuche in Iowa City kann sich Mitte / Ende August sehr schwierig
gestalten. Die meisten Studenten sind längst in ihre Wohnungen eingezogen,
und die Wohnungssuche in Iowa City spielt sich größtenteils
zu Beginn des Jahres ab. Eine Suche von Deutschland aus ist allerdings
nicht zu empfehlen, auch wenn die örtlichen Zeitungen mit Wohnungsanzeigen
im Internet zur Verfügung stehen. Wohnungen sollten auf jeden Fall
persönlich besichtigt werden, bevor ein verbindlicher Mietvertrag
eingegangen wird. Es empfiehlt sich also, so früh wie möglich
direkt nach Ankunft in Iowa City eine der örtlichen Zeitungen zur
Hand zu nehmen (hierbei hat sich "Daily Iowan" als gute Quelle herausgestellt),
und der Reihe nach Anzeigen abzutelefonieren. Einzelwohnungen sind oft
selten, so daß meistens eine Wohngemeinschaft mit einem "Roommate"
eingegangen wird. Übliche Preise für eine Wohnung mit zwei Schlafzimmern,
einem Wohnzimmer, Küche und Bad liegen etwa bei $600, wobei in meinem
Fall Wasser und Heizung im Preis inbegriffen waren (Strom und Telefon waren
Zusatzkosten). Die meisten Wohnungen werden unmöbliert vermietet,
so daß diverse Möbel zusätzlich angeschafft werden müssen.
Ich hatte dabei das Glück, von einem früheren Frankfurter Studenten
diverse Möbel kaufen zu können. Die Sommerzeit in Iowa ist allerdings
ein guter Zeitpunkt, sehr preiswerte Möbel bei "Garage-sales" ergattern
zu können – so konnte ich meine Sammlung für nur $15 um ein Sofa
und einen Toaster erweitern.
1.3.2. Wetter
Im Sommer ist es in Iowa City extrem heiß – Temperaturen zwischen
30 und 40 Grad Celsius sind keine Seltenheit. Allerdings wird es bereits
Ende August deutlich kühler, und in der Zeit um September und Oktober
ist der Herbst in Iowa City atemberaubend schön. Im Winter kann es
mitunter extrem kalt werden; ich selbst habe Temperaturen von -30 Grad
Celsius erlebt.
1.3.3. Leute
Das Kennenlernen von Nachbarn und anderen Einwohnern von Iowa City
stellte sich als sehr angenehm heraus. Die Einwohner des Amerikanischen
"Mid west" sind sehr offen und heißen "Neuankömmlinge" willkommen.
Meine Nachbarn haben mich an meinem zweiten Tag in der Wohnung besucht
und haben mir hausgemachte Cookies überreicht.
Anonsten ist relativ einfach, andere Menschen in Iowa City kennenzulernen
– auch über die Mitstudenten im MBA-Programm hinaus. Zwischen meinen
Mit-Studenten aus Frankfurt und mir hat sich schnell eine Freundschaft
entwickelt. Ich halte daher die Kürzung der Mittel und somit die Reduzierung
der Plätze für dieses Studienprogramm für äußerst
bedauernswürdig. Gerade der Umstand, dass sich immer noch andere in
der gleichen Situation befanden und oft vor ähnlichen Problemen standen,
erleichterte den Lebens- und Studienablauf erheblich.
Obwohl das Kennenlernen des Programms und der anderen Studenten relativ
leicht vonstatten ging, war es für viele Studenten doch schwierig,
Kontakt zu 2nd-year-studenten aufzubauen, also Studenten, die schon seit
einem Jahr an der Universität studieren und deswegen wertvolle Erfahrungen
teilen könnten. In meiner Funktion als Vorstandsmitglied der MBA-Association
habe ich deswegen in Zusammenarbeit mit Mrs. Spreen ein Mentor-Programm
initiiert, daß ab dem Herbstsemester 2000 wirksam wird. Hierbei wird
jedem neuen Studenten ein Student 'zugeteilt', der bereits mit der Universität
vertraut ist und häufig gestellte Fragen persönlich beantworten
kann.
Eine weitere, sehr lohnende Aktivität möchte ich hier nicht
unerwähnt lassen: Der University of Iowa MBA Business Book Club. Bereits
zu Beginn des ersten Semesters ist mir aufgefallen, daß erstaunlich
wenig Zeit bleibt, wichtige Literatur außerhalb der Kursmaterialien
zu lesen. Ich habe deswegen mit Herrn Gary Gaeth, dem Associate Dean der
School of Management, einen "Business Book Club" gestartet, in dem jedes
Semester ein spezielles Buch getrennt gelesen und dann gemeinsam in regelmäßigen
Treffen diskutiert wird. In meinem zweiten Semester an der University of
Iowa haben wir uns "Jack Welch and the GE Way" vorgenommen, ein Buch, zu
dem ich sonst nie gekommen wäre. Die Clubtreffen wurden zum Ende des
Semesters hin mit einem Besuch eines engen Mitarbeiters von Jack Welch
gekrönt, der für Fragen offenstand und langjährige Erfahrungen
teilte. Obwohl die Organisation des Clubs einen nicht unerheblichen Arbeitsaufwand
erforderte (insbesondere der Besuch eines Experten aus der Praxis ist mit
viel Arbeit verbunden), bereue ich keine Sekunde meiner Aktivitäten.
Ich empfehle jedem Studenten die kostenlose Mitgliedschaft, um auch außerhalb
des vorgeschriebenen Lehrmaterials amerikanische Business-Erfahrung zu
sammeln.
1.3.4. Freizeit in Iowa City
Obwohl Iowa City nur eine kleine Universitätsstadt ist, bietet
sie doch eine große Auswahl an Freizeitaktivitäten. Typisch
für die USA ist Sport ein großer Schwerpunkt: Die "University
of Iowa Hawkeyes", das Football-Team, locken regelmäßig große
Zuschauerzahlen in das Stadium. Zu Beginn das Aufenthalts in den USA empfehle
ich dringend den Kauf eines "Season-tickets", das für Studenten sehr
preiswert ist und den Zugang zu allen Heimspielen der Hawkeyes gewährt.
Darüberhinaus ist Iowa weltweit für Wrestling, olympisches Ringen,
bekannt, und stellt seit fast einer Dekade ununterbrochen sowohl den Weltmeister
als auch den olympischen Goldmedalliengewinner.
Auch kulturell hat Iowa City viel zu bieten. Regelmäßig finden
in der Clapp Recital Hall und im Hancher Auditorium Opern, Festspiele und
Theaterveranstaltungen statt. Ein besonderer Leckerbissen, wenn auch nur
für hartgesottene Liebhaber der Improvisation zu empfehlen, ist dabei
das "No-shame-theater". Ansonsten finden in jedem Semester bis zu vier
Musicals statt, und das Universitätsorchester veranstaltet von Zeit
zu Zeit kostenlose Vorstellungen.
Insbesondere kann ich jedem Studenten nicht nur die Mitgliedschaft,
sondern auch die aktive Mitarbeit in der MBA Association empfehlen. Ich
selbst bin Vice President for Philanthropy und habe von meiner Mitarbeit
persönlich sehr profitiert.
1.3.5. Stadt und Umgebung
Iowa City (und die Nachbargemeinde Coralville) stellt mit seinen 70.000
Einwohnern eine typische kleine College-Stadt in den USA dar. Die gesamt
Stadt lebt von der University of Iowa, die somit den Kern und auch den
größten Arbeitgeber der Gegend darstellt. Iowa City bietet eine
Reihe von Gelegenheiten, Land und Leute kennenzulernen (vom Herbert Hoover
Highway (mit dem ursprünglichen Zuhause des ehemaligen US-Präsidenten)
bis hin zu den vielen Bars und Geschäften der Downtown).
1.3.6. Kosten
Die Lebenshaltungskosten sind in Iowa, wie bereits oben angedeutet,
relativ gering. Einschränkend muß hier allerdings hinzugefügt
werden, daß sich eine heftige Dollarkursbewegung, wie ich sie leider
miterleben mußte, deutlich spürbar macht.
Da die Universität selber keine Mensa im klassischen Sinne anbietet,
essen die meisten Studenten entweder im Universitätseigenen "Pat's
Diner", einer kleinen Cafeteria, oder in naheliegenden Bars oder Restaurants.
Die Old Capital Mall und die Ped (Pedestrian Mall), beide Downtown, bieten
alles, was man zum Leben braucht – und das zu einem guten Preis.
Ein Wort der Warnung ist allerdings bezüglich der Lehrmaterialien
angebracht: Die Bücher, die in den MBA-Kursen Pflichtlektüre
sind, liegen preislich regelmäßig bei ca. $90, so daß
zu Beginn eines jeden Semesters je nach Kurswahl mit einer Investition
von ca. $400 gerechnet werden sollte, wenn nur neue Bücher gekauft
werden. Beide großen Buchläden (Iowa Book and Supply schräg
gegenüber der Universität (Clinton Street) und University Book
Store in der IMU (Iowa Memorial Union)) bieten allerdings die Möglichkeit,
Bücher gebraucht zu kaufen, und sogar manche Bücher am Ende des
Semesters wieder zu verkaufen (zugegeben – für einen Bruchteil des
Originalpreises). Auch hier lohnt sich zum Preisvergleich ein Blick in's
Internet: Unter der Adresse http://www.evenbetter.com findet sich eine
Suchmaschine, die nicht nur Buchpreise, sondern auch Porto und Verpackung
vergleicht und automatisch das preiswerteste Angebot ausfindig macht.
1.4. Studium an der University of Iowa
1.4.1. International orientation und IMPACT-week
Wie bereits oben erwähnt, beginnt das Herbstsemester an der University
of Iowa mit einer Orientierungswoche für internationale Studenten,
danach mit einer Orientierungswoche für alle neuen MBA-Studenten.
Da diese beiden Wochen sehr hektisch werden können, empfiehlt sich,
bis dahin die neue Wohnung bezogen zu haben.
In der IMPACT-week werden den neuen Studenten die verschiedenen Gebäude
und Einrichtungen der Universität gezeigt, verschiedene Personen,
z. B. der Student Advisor Jeff Emrich, stellen sich vor und man erhält
einen ersten Eindruck des im Vergleich zu Frankfurt recht unterschiedlichen
Studienablaufs. Erfreulich war, dass die meisten Personen, mit denen ich
im Verlauf der zwei Semester wegen administrativen Angelegenheiten zu tun
hatte, sehr hilfreich und freundlich waren.
Aufgrund der Gestaltung des Programms waren wir in der Auswahl der Kurse
im ersten Semester eingeschränkt. In diesem Semester werden die sogenannten
Core-classes, also die Pflichtveranstaltungen, belegt. Darüberhinaus
ist die Wahl von zusätzlichen Kursen möglich. Allerdings ist
zu beachten, daß die Arbeitslast im MBA-Programm extrem sein kann.
Ich habe im ersten Semester drei Zusatzkurse belegt, so daß ich insgesamt
18 Credit-hours hatte: 100-Stunden-Wochen waren in diesem Semester keine
Seltenheit.
1.4.2. Organisation und Struktur des MBA-Programms an der University
of Iowa
Das MBA-Studium an der University of Iowa gliedert sich allgemein in
Pflichtkurse, die jeder MBA-Student belegen muß (sog. Core class)
und frei wählbare Kurse (sog. Electives). Ich habe im folgenden die
Core Classes besonders gekennzeichnet.
Das Studium an der University of Iowa ist stark durch Teamwork gekennzeichnet
– fast alle Aufgaben werden in Teams von 3 bis 7 Personen erledigt. Außerdem
ist das MBA Studium sehr praxisnahe, so daß fast alle Kursmaterialien
in sogenannten "Cases", also Fallstudien übermittelt wurden. Wo immer
möglich wurden Fallstudien von echten, existierenden Firmen benutzt,
und die Zahlen und Daten stammen in fast allen Fällen direkt von den
jeweiligen Firmen. Üblicherweise wurden die Probleme aus Fallstudien
von Studenten sowohl in einem "Write-up", also einem Bericht, als auch
in einer professionellen Präsentation gelöst. Um eine möglichst
realistische Vorbereitung auf die Arbeitswelt zu gewährleisten, werden
fast alle Präsentationen mit einem Video-projektor und im Anzug /
Kostüm vorgeführt. Vorbereitungszeiten für diese Präsentationen
gehen leicht in die Stunden (durchschnittlich kann man etwa 10 Stunden
pro Präsentation ansetzen). Insgesamt werden pro Semester etwa 30-50
Präsentationen gehalten. Außerdem wird von den Professoren vorausgesetzt,
daß Kurslektüren (meistens 1-2 Bücher pro Fach pro Semester)
und mehrere Zeitschriften gelesen werden (das Wall Street Journal ist Pflichtlektüre,
Fast Company empfehle ich sehr stark). Auf mündliche Mitarbeit wird
im Unterricht sehr stark geachtet – üblicherweise macht diese ca.
20 % der Gesamtnote aus.
Die Professoren im MBA-Programm sind sehr offen für Fragen und
Anregungen. Mit den meisten Professoren ist man "per Du" (man ist also
auf "First-name-basis"), und gemeinsame Mittagessen sind nicht selten.
Außerdem betont fast jeder Professor, daß er oder sie auch
außerhalb der Vorlesungen zur Verfügung steht – so manche Fallstudie
läßt sich nach eingehender Diskussion mit dem Professor so besser
lösen.
1.4.3. Kurse im Fall-Semester (August bis Dezember 1999)
1.4.3.1. Marketing Management (core class) – Prof. Thomas Gruca
Kurstitel: 6N:211
Prof.: Thomas Gruca
Kursstärke: 2 "Sections", á 50 Personen
Zu erbringende Leistungen: 1 Midterm, 1 Final, regelmäßige
Präsentationen, Case write-ups, wöchentlicher Lesestoff
Behandelte Themen: Marketing as a managerial process, value
cration through marketing, analysis of marketing opportunities, researching
and selecting target markets, development of marketing strategies, planning
of marketing programs, organizing implementing and controlling marketing
efforts and strategic implications thereof.
Dieser Kurs vermittelte die für das Management relevanten Teile
des Marketing. Hierbei wurde stets großes Gewicht auf die Fallstudien
gelegt, die insgesamt 50% der Endnote ausmachten. Der Midterm und der Final
zählten jeweils 20%, und die Mitarbeit zählte mit Assignments
für 10% der Endnote.
Prof. Thomas Gruca legte besonderen Wert auf die professionelle Gestaltung
der Präsentationen zu den Fallstudien. Nicht selten wurden die Präsentationen
recht heftig aber konstruktiv kritisiert, was eine hervorragende Vorbereitung
auf die Arbeitswelt darstellt. Insgesamt war dies einer meiner liebsten
Kurse, insbesondere weil so viele Fähigkeiten (Präsentationstechnik,
analytisches Denken, Problemlösungsfähigkeiten) gleichzeitig
geschult wurden.
1.4.3.2. Accounting for Management (core class) – Prof. Douglas DeJong
Kurstitel: 6N:215
Prof.: Douglas DeJong
Kursstärke: 2 "Sections", á 50 Personen
Zu erbringende Leistungen: 1 Midterm, 1 Final, Case write-ups, wöchentlicher
Lesestoff
Behandelte Themen: Accounting essentials, Accounting concepts,
Corporate financial accounting (balance sheet, income statement, accounting
cycle), Earnings recognition and matching, Statement of cash flows, Financial
statement analysis, Marketable securities and receivables, Inventories,
Plant and equipment, Deferred taxes, Liabilities, Leases, Stockholder equity,
Financial analysis, Analysis for valuation
Dieser Kurs behandelte internes und externes Rechnungswesen. Über
die Grundlagen des Rechnungswesens hinaus wurden Inhalte vermittelt, die
dem Rechnungswesen in der heutigen Firmenumgebung dienen, also die Bewertung
und die Analyse von Firmen (stets anhand echter Jahresberichte).
Prof. Douglas DeJong legte stets großen Wert auf die Praxisrelevanz
der vermittelten Lehrmaterialien – die eigentliche Durchführung von
Rechenoperationen trat dabei in den Hintergrund. Für mich war dieser
Kurs von großem Wert, obwohl ich die Grundlagen des Rechnungswesens
bereits in meiner Lehre zum Bankkaufmann und im Frankfurter Grund- und
Vertiefungsstudiums zur Genüge behandelt habe. Die eigentliche moderne
Anwendung der Methoden, insbesondere in den USA war für mich neu.
Mündliche Mitarbeit machte 10% der Endnote aus, die Assignments
20% und die Midterm- und Abschlußklausur machten jeweils 35% aus.
1.4.3.3. Managerial Finance (core class) – Prof. Matthew T. Billet
Kurstitel: 6N:225
Prof.: Matthew T. Billet
Kursstärke: 2 "Sections", á 50 Personen
Zu erbringende Leistungen: 1 Midterm, 1 Final, Case write-ups,
Assignments, Wöchentlicher Lesestoff
Behandelte Themen: Introduction to the financial corporate environment,
Present value theory, Time value of money, Common stock valuation, Financial
statements and risk and return, Cost of capital, Capital budgeting basics,
Estimating cash flow, Issues in capital budgeting, Market efficiency, Capital
structure.
Dieser Kurs zeichnete sich besonders durch die hohe Praxisrelevanz
der Lehrmaterialien aus. Fast in jeder Vorlesung wurde ein Bezug auf die
aktuelle Ausgabe des Wall Street Journal (Pflichtlektüre) geschaffen,
und es wurden täglich Probleme angegangen, vor denen Finance Managers
in echten Firmen stehen. Im Mittelpunkt der Assignments stand die finanzielle
Bewertung von ausgewählten Firmen, sowie die Bewertung mehrerer Projekt,
zwischen denen eine Auswahl stattfinden sollte.
Es sollte gesondert erwähnt werden, daß Prof. Billet zwei
Artikel für das Wall Street Journal verfaßte, die in anderen
Kursen zur Sprache kamen.
Die Midterm-Klausur und die Abschlußklausur machten jeweils 40%
der Endnote aus, Assignments 15%, die mündliche Mitarbeit 5%.
1.4.3.4. Database Systems – Prof. Roger Shultz
Kurstitel: 6K:230
Prof.: Roger Shultz
Kursstärke: Ca. 30 Personen
Zu erbringende Leistungen: 1 Midterm, 1 Final, Case write-ups,
Präsentationen,wöchentlicher Lesestoff
Behandelte Themen: History of Database Management Systems (DBMS),
DBMS architectures, models, languages, relational models of data, relational
algebra, database modeling and design, requirements analysis assessment
techniques, entity relationship modeling, logical and conceptual models,
SQL (including various queries), transaction and concurrency mangement,
conflict and view serializability and ODBC.
Der Kurs Database Systems befaßt sich, zum Teil recht detailliert,
mit Datenbanksystemen und deren Anwendung. Höhepunkt des Kurses war
die Erstellung eines komplexen Datenbanksystems und dessen Anwendung innerhalb
einer Präsentation. Prof. Shultz, wie in allen seinen Kursen, hat
auch hier großes Gewicht auf aktive und kreative Mitarbeit an Projekten
gelegt. Teamarbeit war, wie immer, ein wichtiger Teil des Prozesses.
Zu diesem Kurs ist besonders zu erwähnen, daß das Lehrmaterial
beizeiten sehr spezifisch und technisch wird. Dieser Kurs wird zusammen
mit MIS-Majors belegt, also im Prinzip mit Informatik-Studenten. Ich würde
den Kurs als schwer einstufen.
Midterm und Final machten jeweils 30% der Endnote aus, der Rest der
Note wurde durch das Abschlußprojekt bestimmt.
1.4.3.5. Software Engineering – Prof. Roger Shultz
Kurstitel: 6K:240
Prof.: Roger Shultz
Kursstärke: Ca. 25 Personen
Zu erbringende Leistungen: 1 Final, Case write-ups, Präsentationen,wöchentlicher
Lesestoff
Behandelte Themen:
Software development fundamentals, Rapid development of software, Risk
management, Life cycle planning, estimation and scheduling in software
engineering, requirements management and specification, technology overview,
software architecture, component based design, feature set control, best
practices.
Der Kurs Software Engineering stellte eine sehr gute Vorlesung zur
Welt der Softwareentwicklung und des Softwaremanagements dar. Prof. Roger
Shultz legte dabei besonderen Wert auf die eigene Entwicklung von Software
und Lösungskonzepten, sowie auf die erfolgreiche Programmierung eigener
Software zur Problemlösung.
Die Erstellung der Write-ups erforderte teilweise extrem hohen Arbeitsaufwand
und sehr wissenschaftliches Arbeiten. So stellte sich mein Thema, der Vergleich
zwischen Rapid Development und Extreme Programming (XP) als sehr breit
gefächert heraus, und erforderte neben Praxis-Interviews eine große
Investition von Zeit und Aufwand.
Die Vorlesungen von Prof. Shultz waren stets interessant und praxisbezogen.
Die Abschlußklausur machte 30% der Endnote aus, die mündliche
Mitarbeit 20% und die Write-ups und Papers zu gleichen Teilen den Rest.
Obwohl dieser Kurs einer der praktischsten und technischsten ist, kann
ich ihn nur stark empfehlen.
1.4.3.6. Introduction to Information Systems – Prof. Warren Boe
Kurstitel: 6K:220
Prof.: Warren Boe
Kursstärke: Ca. 25 Personen
Zu erbringende Leistungen: 1 Final, Case write-ups, Präsentationen,wöchentlicher
Lesestoff
Behandelte Themen: Information Systems in businesses, fundamentals
of information systems, solving business problems with information systems,
managerial overviews of computer software, hardware, telecommunications
and management, electronic commerce, intranets and extranets, IT-decision
support, security issues.
Dieser Kurs stellt eine Einführung in Management Informationssysteme
dar. Sowohl Hardware-, als auch Softwarekomponenten wurden im Detail behandelt,
und auf Datenbanksysteme wurden eingehend und praxisnahe eingegangen. Insgesamt
bietet dieser Kurs eine sehr gute Einführung in die für das Management
relevante Informationssysteme.
Prof. Warren Boe legte stets besonderen Wert auf Praxisnähe und
hinterfragte die häufigen Präsentationen oft nach Relevanz für
Managementprobleme. Die Abschlußklausur machte 30% der Endnote aus.
Die restlichen zu erbringenden Leistungen, die auch die Erstellung einer
Internetseite und der Erstellung einer Praxisarbeit umfaßten, machten
den Rest der Note aus.
1.4.4. Kurse im Spring-Semester (Januar bis Mai 2000)
1.4.4.1. Operations Management (core class) – Prof. Phil Jones
Kurstitel: 6N:229
Prof.: Phil Jones
Kursstärke: 2 "Sections", á 40 Personen
Zu erbringende Leistungen: 1 Midterm, 3 Quizzes, Case write-ups,
Präsentationen, wöchentlicher Lesestoff
Behandelte Themen: Strategic choices, Plant tours, Operations
strategy, Time-based competition, Capacity planning, Variation, Simulation,
Process management, Managing technology, Total Quality Management, Statistical
quality control, Facilities design, X and R charts, Process capability,
Acceptance sampling, Supply chain management, Inventory systems (q and
p systems), SS policies, Multi-echelon system models, MPS/MRP Distribution
systems, Just-in-time systems, Theory of constraints, Single period models,
Forecasting, Project management, Product development, Global policies.
Operations Management ist zwar ein Pflichtkurs für MBA-Studenten,
allerdings wurde bisher typischerweise der Kurs für Austauschstudenten
aus Frankfurt nicht verlangt. Ich plane nach meinem Studium eine Karriere
im Bereich Unternehmensberatung und habe mich deswegen entschlossen, diesen
Kurs trotzdem zu belegen – es hat sich sehr gelohnt. Dieser Kurs vermittelt,
wie oben angedeutet, weit mehr als nur die "Basics" des Operations Management.
Ich halte diesen Kurs, zumindest für meinen zukünftigen Beruf,
für unerläßlich. Prof. Jones hat in einfacher, klarer Weise
auch komplexe Zusammenhänge erklärt und neue Einsichten ermöglicht.
Teile der Lehrinhaltes werden in Frankfurt in der Vorlesung Quantitative
Methoden der BWL angesprochen, allerdings bietet dieser Kurs sehr weitgehende
und detaillierte Anwendungskonzepte. Hinzu kommt eine sehr praxisbezogene,
moderne Aufmachung, die nicht zuletzt ein Business-to-Business e-Commerce
Projekt beinhaltete. Ich halte diesen Kurs für sehr lohnenswert, auch
wenn er nicht zu den Pflichtkursen gehört.
Der Midterm machte 15% der Endnote aus, die Quizzes zusammen und die
beiden Case-Reports 20%, die Executive Summaries und Homework 15%, das
Term Project 25%, und die Mitarbeit 5%.
1.4.4.2. Organizational Behavior (core class) – Prof. Amy Kristof-Brown
Kurstitel: 6N:212
Prof.: Amy Kristof-Brown
Kursstärke: 2 "Sections", á 50 Personen
Zu erbringende Leistungen: 1 Midterm, 1 Final, Case write-ups,
Präsentationen, wöchentlicher Lesestoff
Behandelte Themen: Managing in a global economy, Managing in
a diverse organization, Making ethical managerial decisions, Understanding
individual differences, Recruiting and hiring high quality employees, Motivating
employees, Managing employee performance and developing employees, Rewarding
employees, Managing conflict and negotiations, leading in a managerial
world, Managing and working with teams, Developing leadership potential,
Managing organizational culture and creativity, Changing organizational
designs to meet business needs, Managing change in organizations.
Der Kurs Organizational Behavior deckt generelles business management
ab mit besonderer Berücksichtigung der oben genannten Punkte. Große
Teile des Kurses hatten sehr starken Human Resources – Bezug (z. B. Auswahlverfahren
etc.).
Prof. Kristof-Brown hat Teamwork und mündliche Mitarbeit sehr
stark gewichtet. In den bis zu siebenköpfigen Studententeams wurden
Fallstudien gemeinsam bearbeitet, am Ende erfolgte, wie bei vielen MBA-Kursen
eine Bewertung der Teamkollegen, die in die jeweiligen Endnoten mit einging.
Obwohl dieser Kurs zwangsläufig sehr allgemein gehalten war, halte
ich ihn für sehr wertvoll. Über einen groben Einblick hinaus
hat dieser Kurs die Gelegenheit gegeben, wirkliche Business-Erfahrungen
zu sammeln und besondere Einsichten in die Amerikanische Wirtschaft zu
gewinnen.
Die Team Cases wurden mit 15% gewichtet, die Team Case Papers und Präsentation
mit 25%, und der Midterm, die Abschlußklausur und die mündliche
Mitarbeit jeweils mit 20%.
1.4.4.3. Seminar in Management: Dynamics of Consulting – Prof. Jude
West
Kurstitel: 6J:268
Prof.: Jude West
Kursstärke: Ca. 25 Personen
Zu erbringende Leistungen: 1 Midterm, 1 Final, Case write-ups,
Präsentationen, wöchentlicher Lesestoff
Behandelte Themen: Consulting processes, Models for change,
Roles of the consultant, Evaluation of consulting practices / measurement
of successes, Human process intervention, Technostructural invervention,
Human resource intverventions, strategic interventions, Performance consulting
/ application of theory, working in large organizations.
Für meinen zukünftigen Berufsweg war dies der wahrscheinlich
wertvollste Kurs während meines Aufenthaltes in Iowa. Prof. Jude West
(mehrfach von der Universität und dem Bundesstaat Iowa für seinen
Unterricht ausgezeichnet) gab eine exzellente Einführung in aktuelle
Trends im Bereich Unternehmensberatung. Das besondere and diesem Kurs ist
allerdings, daß den Studenten die Möglichkeit gegeben wurde,
in sehr realistischem Umfeld selber als Unternehmensberater tätig
zu werden. Mit großem Einsatz war es Prof. West gelungen, mehrere
Unternehmen zu gewinnen, die gesamte Prozesse oder zumindest Teilprojekte
and Studententeams abgaben. So war es mir möglich, eine örtliche
Firma persönlich über einen Markteintritt zu beraten und dabei
als Unternehmensberater tätig zu sein.
Über diese großartige Praxiserfahrung hinaus war der theoretische
Teil der Vorlesung hervorragend. Aus persönlicher Erfahrung und eigenem
Berufshintergrund hat Prof. West nicht nur über allgemeine Unternehmensberatung,
sondern auch über sehr spezielle Gebiete zu berichten gewußt.
Die theoretische Ausbildung kam dabei auch nicht zu kurz: Die Textbücher
mit den Lehrmaterialien waren zahlreich, umfassend und sehr informativ.
Die Endnote bestand aus mündlicher Mitarbeit (10%), Projektarbeit
mit dem Kunden (60%) und Assignments (30%).
1.4.4.4. Business Consulting – Prof. Chuleeporn Changchit
Kurstitel: 6K:201
Prof.: Chuleeporn Changchit
Kursstärke: Ca. 20 Personen
Zu erbringende Leistungen: 1 Final, Case write-ups, Präsentationen,
wöchentlicher Lesestoff
Behandelte Themen: Technology Management: role of technology
both as a primary change catalyst and enabler of change, future trends
of technology, functions beyond automation, collaboration, knowledge management,
e-commerce.
Business Process: Assessment, redesign / reengineering and implementation
of various business activities.
Business Strategy: business results assessment, strategic planning,
combination with technology and its implications.
Change Management: organizational planning and execution, enterprise
measurement, process flow design, performance assessment.
Der Kurs Business Consulting wurde in Zusammenarbeit mit Andersen Consulting
an der University of Iowa angeboten. Dieser Kurs zeichnete sich durch den
besonderen Schwerpunkt auf Fallstudien aus – bis auf die Abschlußklausur
und die Case Write-ups war sonst nur die mündliche Mitarbeit relevant.
Jedoch stellte sich dieses System als sehr vorteilig heraus. Die Kombination
der Fallstudien mit aktuellem Hintergrund, dem Lesestoff und Gastvorträgen
warf ein besonderes Licht auf den Lehrstoff, der sonst möglicherweise
etwas fad erschienen wäre. Insgesamt war dies ein exzellenter Kurs,
den ich jedem empfehlen würde, der eine Karriere im Bereich Consulting
anstrebt.
Die Endnote setzte sich aus mündlicher Mitarbeit (10%), der Abschlußklausur
(20%), den Write-ups (30%) und den Fallstudien (40%) zusammen.
1.4.4.5. Marketing Research Methods – Prof. Wagner Kamakura
Kurstitel: 6M:230
Prof.: Wagner Kamakura
Kursstärke: Ca. 30 Personen
Zu erbringende Leistungen: 1 Midterm, Survey Designs, Case write-ups,
4 Daten-Analysen, Präsentationen, wöchentlicher Lesestoff
Behandelte Themen: Simple and multiple regression, Cross-tabulation,
multivariate techniques, multinomial logit, latent-class analysis, ANOVA,
Focus groups, Factor analysis, Conjoint analysis, Multinomial Logit Models,
Clusteranalysis, Geo-demography.
Der Kurs Marketing Research Methods befaßt sich im allgemeinen
mit Analysemethoden für große Datensätze und bietet deswegen
Anwendungsgebiete weit über den Marketing-Bereich hinweg. Die Analysemethoden
die in diesem Kurs vermittelt werden sind allgemein anwendbar und sind
exzellentes Handwerk, ohne daß kein Student die Universität
verlassen sollte. Obwohl die Vorlesung zeitweise extrem anspruchsvoll war
und die Fallstudien und Hausuafgaben harte zu knacken waren, hat sich dieser
Kurs für mich sehr gelohnt.
Die Endnote setzte sich aus den folgenden Teilwertungen zusammen: Focus
group (10%), Survey design (10%), Data Analyses (20%), Case analyses (25%),
Mitarbeit im Kurs (10%) und dem Midterm (25%).
1.4.4.6. Strategic Management of Technology and Information – Prof.
David W. Best
Kurstitel: 6T:214
Prof.: David W. Best
Kursstärke: Ca. 30 Personen
Zu erbringende Leistungen: Quizzes, Case write-ups, Präsentationen,
wöchentlicher Lesestoff
Behandelte Themen: Relationships between technology and the
creation, growth and survival of business, Stragetic roles of technology
in industry competition, Releationships between technological competencies
and corporate strategy, Approaches to managing the technology innovation
process, Approaches to sourcing and marketing technology, Approaches to
development and commercialization of technology, Approaches to technical
cooperation among competitors within an industry.
Der Kurs Strategic Management of Technology and Information von Prof.
David W. Best befaßt sich, z. T. sehr detailliert, mit Technologie
in der betriebswirtschaftlichen Umgebung. Mit einem großen Aufgebot
an aktuellen Artikeln aus Zeitschriften und Zeitungen hat Prof. Best den
Unterricht nicht nur aufgelockert, sondern auch in Bezug zu modernen Entwicklungen
gesetzt. Besonders wertvoll war auch in diesem Kurs wieder die Teamarbeit,
wie in so vielen der MBA-Kurse. Forschungsprojekte brachten den Lehrstoff
in aktuellen Bezug, und die Entwicklung eigener Lösungsmodelle regte
zu neuen Gedanken an, die so manche traditionelle Lösung in neuem
Licht erschienen ließen.
Die Endnote setzte sich wie folgt zusammen: Mündliche Mitarbiet
(10%), Fallstudien (25%), Group Case Study Project (25%), Group Research
Project (40%).
1.5. Gesamtbewertung des IAS-Programms
Mein Besuch an der University of Iowa war für mich ein herausragendes
Erlebnis: Interessante Vorlesungen, erstklassige und persönliche Betreuung
durch Professoren und Mitarbeiter der Universität, kleine Kurse und
die sehr praxisnahe Aubildung bildeten eine starke Kombination. Das enge
Zusammenarbeiten in Teams hat hohe Relevanz für die Praxis, und ich
habe tiefe Freundschaften mit meinen Kommilitonen geschlossen. Ich habe
mich in Iowa City stts sehr, sehr wohl gefühlt und glaube, viel für
die Zukunft mitgenommen zu haben. Ich bin der Meinung, daß dieses
Programm weiterhin uneingeschränkte Förderung verdient. Dieses
Programm ist unter anderem deswegen so wertvoll, weil es eine sehr gute
Ergänzung des Frankfurter Studiums darstellt und ich bin der festen
Überzeugung, daß dieser Austausch für alle zukünftigen
Studenten eine enorme Bereicherung des Studiums sein wird. Persönlich
freue ich mich auf meine Rückkehr nach Deutschland, um in dem Rest
meines Frankfurter Studiums mein neu erlerntes Wissen anwenden zu können.
Ich möchte mich an dieser Stelle besonders beim DAAD für die
Finanzierung des IAS-Programms bedanken, ohne die mein Aufenthalt in Iowa
nicht möglich gewesen wäre. Desweiteren möchte ich mich
besonders bei Herrn Prof. Dr. Ohse bedanken, der auf der deutschen Seite
große Teile der Organisation übernommen hat und ohne dessen
Engagement das Programm nie entstanden wäre. Weiterhin möchte
ich mich sehr bei Frau Jäckel und Frau Schmidt in Frankfurt bedanken,
die bei organisatorischen und anderen Hürden stets mit Rat und Tat
zur Seite standen. Ohne den Beistand von Frau Jäckel wären große
Teile meines Aufenthalts schlicht unmöglich gewesen.
Mein besonderer Dank gilt desweiteren meinen Gasteltern Nancy und Don
Ross, ohne deren Gastfreundlichkeit und Unterstützung mehr als nur
die ersten paar Wochen in Iowa undenkbar kompliziert gewesen wären.
Außerdem möchte ich mich bei den Mitarbeitern der University
of Iowa Mary Spreen und Jeff Emrich bedanken, die bei Organisation und
Planung meines Studiums stets hilfsbereit zur Seite standen.
Ich hoffe sehr, daß dieses Programm weiterhin Bestand haben wird
und möglicherweise wieder auf mehr Plätze erweitert werden kann,
um mehr Studenten dieses einmalige Erlebnis zu ermöglichen.
Eine online-Version dieses Berichts, mit zusätzlichen Fotos und
Erlebnisberichten (auch von kurz-Aufenthalten in New York, Washington DC
und Kalifornien) ist im Internet unter der Adresse
http://www.frech.net/usa
zu finden. Wenn ich in Zukunft bei irgendwelchen Fragen behilflich sein
kann, stehe ich gerne mit Rat zur Seite.
30. Mai 2000
Martin Frech, 210 North Governor Street, Iowa
City, IA 52245, Tel.: (319) 358-0194.
Email: mail@frech.net