DUKE  UNIVERSITY  The  Fuqua  School  of  Business  

 Exchange  Report    

Fall  2015  

216946  

   

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1.  PREPARING  FOR  THE  EXCHANGE  

Duke  University’s  Fuqua  School   of  Business,   located   in  North  Carolina,   is   a  great   choice   for   an  exchange   semester.   The  biggest   advantage   for  Aalto  master’s   students   is   the   ability   to   study   in  Fuqua’s  high-­ranked  MBA  program.  Not  only  does   this  offer   a  great   networking  opportunity  with  students  that  already  have  significant  work  experience,  but  also  gives  access  to  some  of  the  leading  companies  that  frequent  the  campus.  Although  recruiting  events  are  off-­limits,  exchange  students  can  attend  company  presentations  and  other  networking  events  meant  for  first  year  MBA  students,  and   gain   decent   exposure   to   the  North   American   business   culture.   Fuqua   is   also   known   for   an  inclusive  culture  and  even  as  an  exchange  student  you  are  made  to  feel  very  much  part  of  Team  Fuqua.  From  a  networking  perspective,  the  school  is  great,  but  like  other  business  schools,  Fuqua  can  also  hold  its  weight  in  the  party  and  social  scene  department.    

Duke  University  West  Campus  and  Sarah  P.  Gardens  

In  terms  of  preparations  for  the  exchange,  the  most  time-­consuming  and  bureaucratic  process  was  the  visa  application.  Applying  for  a  U.S.  visa  with  a  Finnish  passport  is  relatively  straightforward,  but  gathering  and  filling  in  the  required  paperwork  can  be  time  consuming.  Duke  has  a  large  international  student  body,  so   the  process  on   their  part   is  smooth.  The  exchange  coordinator   from  Fuqua  will  

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send  a  detailed  list  of  online  applications  that  need  to  be  submitted  and  required  documents  –  usually  a  copy  of  the  passport  photo  page,  proof  of  English  proficiency,  copy  of  any  prior  U.S.  visas,  original  financial   documents   (e.g.   letter   from  your  bank,   letter  of   support   from   family,   scholarship  grants,  statement   from  KELA)  showing  availability  of   sufficient   funds   ($11,908   for  a   full   semester).  After  receiving  the  required  documents,  Duke  will  send  you  the  DS-­2019  form  after  which  you  need  to  fill  in   the  DS-­160   form  online,  pay   the  SEVIS  and  embassy   fees,  and  schedule   the   interview  at   the  embassy.  The  biggest  potential  bottleneck  in  the  visa  application  process  is  the  actual  visa  interview.  Duke   recommends   starting   the   visa   application   process   as   soon   as   possible,   however,   Student  Services  is  accommodating  with  late  applications  and  can  get  the  DS-­2019  to  you  within  two  weeks.  The  interview,  on  the  other  hand,  can  be  difficult  or  altogether  impossible  to  expedite  if  there  are  no  available  slots.  

Traveling  to  Duke  is  fairly  easy.  The  Raleigh-­Durham  airport  (RDU)  is  located  only  20  minutes  from  Durham  –  the  town  where  Duke  is  located.  The  easiest  way  to  fly  to  RDU  is  by  taking  a  direct  flight  either  from  London  or  Paris.  You  may  also  take  a  connecting  flight  through  any  of  the  major  cities  in  the  U.S.,  but  be  advised  that  customs  and  passport  control  may  take  hours  and  you  run  the  risk  of  missing  your  connection  if  your  layover  is  not  long  enough  (i.e.  around  2-­4  hours).  The  easiest  way  of  getting  from  RDU  to  Durham  is  either  by  taxi  or  uber  and  will  cost  around  $30,  however,  a  cheaper  but  longer  bus  trip  is  also  an  option.    

2.  EXCHANGE  STUDIES  

Exchange  students  take  elective  courses  with  second  year  MBA  students.  These  are  typically  less  intense   than   first   year   courses,   allowing   for   a  good   study-­travel-­party   balance,   but   still   require  a  decent  amount  of  work.  The  course  variety  is  good  and  Fuqua  offers  a  good  selection  of  courses  that  are  hard-­core  analytical  and  purely  case-­discussion  focused.  Exchange  students  at  Fuqua  can  take  courses  from  other  schools  at  Duke  University.  However,  Fuqua  follows  a  different  academic  schedule  with  longer  breaks  and  different  exam  sessions.  If  you  want  to  travel  in  between  sessions,  it  is  better  to  stick  to  Fuqua’s  classes  and  enjoy  the  10-­day  fall  break.      September  2015   3   FALL  1  SESSION  BEGINS  October  2015   13   Fall  1  Session  ends       15-­17   Fall  1  exams       18-­28   FALL  BREAK       29   FALL  2  SESSION  BEGINS  November  2015   25-­27   THANKSGIVING  BREAK  December  2015   11   Fall  2  Session  ends       14-­16   Fall  2  exams       17   WINTER  BREAK  BEGINS  January  2016   21   SPRING  1  SESSION  BEGINS  March  2016   1   Spring  1  Session  ends       3-­5   Spring  1  exams     6-­20   SPRING  BREAK       21   SPRING  2  SESSION  BEGINS  April  2016   29   Spring  2  Session  ends  May  2016   2-­4   Spring  2  exams     14   Class  of  2016  Daytime  MBA  Commencement  Ceremony    

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Aalto  requires  five  courses  for  the  whole  exchange  semester,  however  exchange  students  can  take  up  to  four  courses  per  each  of  the  two  sessions.  Registration  occurs  online  at  the  same  time  for  both  exchange  and   full-­time  students,  however,   full-­time  MBA  students  are  allowed  to  register   for  one  course  of   their  choice  before   the  general   registration  opens.  As  a  result,  2-­3  of   the  most  popular  courses  may  be  already  full  by  the  time  general  registration  opens.  If  the  course  is  full,  you  can  still  wait-­list,  and  typically  you  have  a  good  chance  of  getting  on  the  course  during  drop-­out  week  if  you  are  1-­10  in  line.  You  may  also  ask  the  registrar  office  to  increase  your  registration  limit  so  you  can  begin  attending  your  back  up  courses.    

One   of   the   biggest   differences   to   studying   at   Aalto   is  mandatory   lecture   attendance   and   the   no  laptop,  phone  or  tablet  policy  during  lectures.  The  one  exception  is  if  you’re  waiting  for  a  recruiting-­related  or  family  emergency  call  then  you  can  ask  the  lecturer  permission  to  have  your  phone  on  display.  The  latter  rule  is  part  of  the  Code  of  Conduct,  so  violate  it  too  many  times  and  you  will  be  facing  problems.  To  be  fair,  the  overall  learning  experience  is  better  since  everyone  is  actually  paying  attention  in  classes  were  generally  stimulating  and  rarely  dull.  

Fuqua  School  of  Business  

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ACCOUNTG  592  -­  Detecting  Earnings  Management  (Bill  Mayew)  

Detecting  Earnings  Management  is  one  of  the  best  courses  offered  at  Fuqua.  The  course  teaches  solid  skills  for  rigorously  scrutinizing  corporate  financial  statements.  Although  the  topic  may  sound  somewhat  dry   for  non-­accounting  enthusiasts,  Bill  Mayew’s   teaching  style  makes  the  content  not  just  palatable,  but  fascinating.  The  course  effectively  turns  you  into  a  financial  detective  and  gives  the  confidence  to  look  at  a  10K  or  IFRS  financial  statements  and  know  exactly  where  to  start  looking  for  earnings  management.  The  course  is  targeted  at  anyone  interested  in  consulting  and  investment  banking,  as  well  as  other   fields  where  understanding   financial  statements   is  a  crucial  part  of   the  decision  making  process.  Mayew  does  a  lot  of  cold-­calling  during  class,  and  participation  affects  the  final  grade.  The  course  has  team  assignments  for  each  class  that  are  graded  for  effort,  and  one  mid-­term  and  a  final,  both  of  which  are  open-­book/open-­notes.    

DECISION  613  –  Strategic  Modeling  and  Business  Dynamics  (Saša  Pekeč)    

Strategic  Modeling  and  Business  Dynamics  is  a  high-­level  strategy  course  with  a  focus  on  modeling.  The  course  is  far  less  analytical  than  it  sounds,  and  is  aimed  more  at  teaching  problem  solving  skills  and  a  logical  way  of  thinking  than  pure  modeling.  The  course  involves  some  Excel-­based  modeling  for  real  options,  but  the  majority  of  system  dynamics  modeling  is  done  in  VenSim.  Overall,  fun  course  with   a   great   lecturer.   The  most   valuable   takeaway   is   thinking   in   terms   of   complex   systems   and  feedback  loops.  The  course  also  has  a  great  overview  of  platform  business  models  (e.g.  Amazon,  Uber)   and   interesting   guest   lecturers.   Grading   is   based   on   class   participation,   several   team  assignments  and  a  final  take-­home  exam  that   involved  modeling  LinkedIn’s  client  acquisition  and  growth  in  VenSim.    

DECISION  618  –  Data  Mining  (Alex  Belloni)  

Data  Mining  has  somewhat  of  a  horror  reputation  because  it  is  highly  analytical  and  involves  a  lot  of  programming  in  R  (although  most  of  the  code  is  provided  by  the  lecturer).  The  key  to  enjoying  (and  surviving)  the  course  is  to  have  a  person  on  your  team  with  programming  experience.  The  statistics  can   get   hardcore   at   times,   but   you   get   a   good   overview   of   the   latest   statistical   techniques   and  algorithms   including  machine   learning,   network   analysis   and  predictive  models.   The  point   of   the  course  is  not  to  to  turn  you  into  a  data  scientist,  but  to  develop  data-­analytic  thinking  and  to  get  your  hands  just  dirty  enough  with  all  the  methods  that  you  know  what  they  are  and  can  work  effectively  with  data  scientists.  To  this  end,  the  statistical  methods  taught  in  class  are  tied  to  real-­life  problems  like  customer   retention,  health   risk  prediction  and  social  media  analysis.    The  workload   is  pretty  intense,  consisting  of  online  quizzes  after  each  lecture,  two  longer  assignments  and  a  larger  data  mining  project.    

MANAGEMT  745  -­  Negotiations  (Kimberly  Wade-­Benzoni)  

The  course  gave  a  good  introduction  into  negotiations  techniques  and  was  very  hands-­on  with  the  majority  of   the  time  spent  negotiating  either  one-­on-­one  or   in   teams.  Following  each  negotiations  session,  the  results  were  submitted  into  an  electronic  system  and  discussed  as  a  class.  The  biggest  takeaways  were  a  better  understanding  of  your  personal  negotiations  style  and  techniques  that  can  be  used  to  create  a  win-­win  situation  for  both  sides.  The  class  was  very  practical  and   involved  a  substantial  amount  of  self-­reflection,  and  Wade-­Benzoni  did  a  good  job  teaching  it.  However,  some  of  the  negotiations  cases  were  too  simplistic  and  at  times  it  felt  like  you  weren’t  getting  out  anything  

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concrete.  The  course  was  graded  based  on  a  final  exam  and  class  participation.    

MGRECON  788  -­  Competitive  Analysis  (Jason  Brent)  

Competitive  Analysis  is  a  more  practical  take  on  traditional  game  theory.  The  purpose  of  the  course  is  to  analyze  why  some  firms  succeed  while  others  fail,  and  furthermore  why  some  successful  firms  are  able  to  maintain  their  competitive  advantage  while  others  fall  under  competitive  forces.  Finally,  the   course   looks   at   how   different   competitive   environments   influence   the   tactics   that   a   firm   can  employ.  In  terms  of  strategic  thinking,  this  course  was  fantastic.  The  professor  had  a  number  of  good  stories  to  tell  and  the  most  valuable  part  of  the  course  was  learning  to  think  in  a  move-­countermove  way  when  analyzing  competitive  dynamics  between  firms.  The  course  was  case-­based  and  involved  team  assignments,  and  a   take-­home  mid-­term  and   final  exam.  As   in  most  Fuqua  courses,   class  participation  also  affected  the  grade.    

 

3.  FREE  TIME  AND  OTHER  INFORMATION  

Cost  of  living    

Durham  is  not  the  cheapest  place  for  an  exchange  semester  and  Duke  requires  a  proof  of  funds  for  $11,908  for  a  full  semester.  The  full  cost  of  the  exchange  may  be  higher  or  lower  depending  on  the  individual.  Rent  is  by  far  the  biggest  expense  item,  and  the  most  cost-­efficient  way  is  to  share  a  one-­  or   two-­bedroom  flat  with  a   roommate.  Duke  List   is  a  great   tool   for   finding  an  apartment  and/or  a  roommate.  Exchange  students  at  Fuqua  are  also  added  to  a  Facebook  group  where  you  can  meet  potential  roommates  and  also  find  some  apartment  listings  from  full-­time  MBA  students.  In  terms  of  furniture,   unless   you  are  moving   into  a   fully-­furnished   flat,   the  best   alternative   is   to   rent   through  CORT.    

When   it   comes   to   accommodation   in  Durham,   there’s   a   trade-­off.   Apartment   complexes   around  LaSalle  and  Erwin  Street  (e.g.  The  Belmont,  Trinity  Commons)  are  a  20-­minute  walk  from  Fuqua,  but  farther  away  from  food  stores  and  downtown.  Most  MBA  students  stay  near  Ninth  Street  (e.g.  Station  9,  Berkshire  Main)  with  all  its  bars  and  Harris  Teeter,  but  walking  to  school  40  minutes  every  day   can   get   problematic.   Public   transportation   is   decent,   but   a   roommate  with   a   car   (and  Duke  parking  permit)  would  definitely  be  your  best  friend  if  you  choose  the  second  option.  Then  there’s  downtown  with   its   cool   cafes  and  historical   vibe,  but   that   just  puts  you   far   from  both  school  and  grocery  stores.  On  the  positive  side,  Shooters  (the  infamous  and  only  nightclub  in  Durham)  is  close  by  saving  you  on  those  late  night  Uber  surge  prices.    

Other  major   expense   line   items   are  medical   insurance   and   course   packs.  Medical   insurance   is  mandatory,  and  Finnish  travel  insurance  is  not  sufficient  by  (most)  U.S.  university  standards  to  cover  your   exchange   semester.  Medical   insurance   and   admin   school   fees   are   roughly   around   $2000.  Course  packs  are  mandatory   for   the  majority  of   the  classes.   If  you   take   the  minimum  number  of  classes  required  by  Aalto,  you’re  looking  at  spending  $200-­400  on  course  packs  alone  depending  on  the  courses  you  take.  

   

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Getting  to  know  other  students  and  free  time    

Meeting  other  students  outside  the  exchange  group  is  surprisingly  easy  at  Fuqua,  and  the  school  does  a  pretty  good   job  at  getting  exchange  students   integrated  with   full-­time  MBA  students,  e.g.  each  exchange  student  is  assigned  a  buddy  from  the  full-­time  MBA  program.  Fuqua  Fridays,  courses  with  team  work,  and  all  sorts  of  MBA  pool  parties  are  also  great  for  meeting  other  students.  One  of  the   advantages   of   the   Team   Fuqua   culture   is   that   people   are   generally   very   helpful.   If   you   are  recruiting  you  can  reach  out  to  Career  Services  and  get  in  touch  with  students  who  have  interned  at  the  company  you  are  applying  to.  Sending  a  coffee  or  lunch  invite  to  a  fellow  student  to  talk  about  the  interview  process  or  get  case  coaching  is  very  usual.  If  you  have  interviewed  or  interned  with  consulting  firms,  you  can  let  Career  Services  know  and  they  will  likewise  pass  your  contact  info  to  full-­time  students.    

In  terms  of  free  time,  like  any  other  business  school  in  the  U.S.,  there  isn’t  a  shortage  of  parties.  You  have   your   Fuqua  Fridays   followed   by  Shooters   and  Tavern  Tuesdays   almost   every  week.   Then  there’s  the  consistent  supply  of  pre-­gaming  at  Station  9,  tailgating  before  the  football  games  and  the  occasional  and  profoundly  epic  Club  India.    

 

Basketball  game  at  Cameroon  Indoor  Stadium  

College  basketball  is  a  huge  thing  in  North  Carolina  and  the  rivalry  between  Duke  and  the  University  of  North  Carolina  basketball  teams  is  legendary.  The  best  games  are  in  the  spring,  however,  autumn  also  offers  its  share  of  interesting  games  and  the  infamous  36-­hour  Campout  for  season  pass  tickets.  Campout  is  quite  an  experience  that  involves  36  (mostly  sleepless)  hours  in  a  parking  lot  on  West  Campus,  a  lot  of  beer  pong,  possibly  very  delicious  barbecue  and  good  music  (courtesy  of  the  Latin  American  Student  Association),  and  an  overall  unforgettable  experience.  The  36  hours  culminate  into  the  chance  to  win  the  opportunity  to  buy  the  $300  season  pass,  provided  you  made  it   to  the  checkpoints  throughout  the  night,  and  an  indescribable  feeling  of  gratitude  for  having  a  hot  shower  and  a  bed  with  a  soft  mattress  at  home.    

As   far  as  sports  goes,   the  West  Campus,  where  Fuqua   is   located,  has  amazing  sports   facilities.  There’s  a   large  gym  with  a  proper   indoor   climbing  wall,   swimming  pools,  basketball   and  squash  courts.  Then  there  are  the  outdoor   tennis  courts  and  a  golf  course  surrounded  by  a  forest  with  a  proper  running  trail.  If  you’re  not  into  sports,  here’s  a  trivial  fact  about  Duke:  the  Lemur  Centre  at  

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Duke  University  hosts  the  largest  population  of  lemurs  outside  of  Madagascar.  Point  being,  there’s  almost  always  something  interesting  you  can  find  around  campus.    

 

Lemur  Centre  near  West  Campus  

General  information  about  Durham  

Durham  is  a  small  town  with  a  huge  personality.  The  town  still  has  the  east-­cost  mentality,  but  with  the  southern  hospitality.  It  is  located  on  the  “Research  Triangle”,  which  is  essentially  the  med-­tech  version  of  Silicon  Valley,  and  features  a  number  of  good  universities.  As  a  result,  Durham  is  very  diverse.  The  town  used  to  have  a  reputation  for  crime,  but  has  been  cleaned  up  over  the  last  few  years.  The  area  is  generally  safe,  although  walking  alone  after  dark  is  not  recommended.  The  town  itself  used  to  be  known  for  tobacco  and  the  historical  center  has  a  number  of  old  tobacco  warehouses  that  have  been  converted  into  residential  areas  and  cafes.  There’s  quite  a  bit  of  character  and  unless  you’re   living   right   by   the   railway   track   the   sound   of   the   train   passing   through   the   town   adds   to  Durham’s  charm.  Past  exchange  students  have  complained  about  Durham  being  small  and  boring.  The  town  is  what  it  is,  but  it  has  improved  over  the  past  two  years  a  lot  and  has  a  great  food  scene,  making  it  a  foodie’s  paradise.  Craft  beer  is  a  big  thing  and  what  this  quirky  town  lacks  in  nightclubs,  it  makes  up  for  with  local  breweries  and  its  bar  scene.  Concerning  nightlife,  there’s  one  place  –  the  infamous   Shooters.   There   is   no   point   in   describing   this   place,   one   must   simply   experience   it  themselves.  

Even  though  Durham  is  a  small  town,  the  distance  between  campus,  your  flat  and  downtown  can  be  significant.   If   you   don’t   mind   walking   40   minutes,   then   technically   everything   is   within   walking  distance.  The  public  transportation  system  in  Durham  is  relatively  good,  and  the  university  offers  a  free   transportation  service,   the  Duke  Van,   that  will   take  you  home   from  campus   in   the  evenings.  However,  check  that  the  place  you  are  staying  at  is  on  the  Duke  Van  route  and  at  what  hours  you  can  use  the  van.  Most  students  are  able  to  take  the  van  after  5:30  pm,  however,  if  you  live  in  e.g.  Belmont,  you  can  only   take   the  van  after  11:00  pm.  Finally,  Uber   is   relatively   inexpensive  and  a  complete  lifesaver  in  Durham,  so  definitely  download  the  app  if  you’re  going  there.    

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North   Carolina   gets   four   seasons,   but   weather   in   the   fall   can   be   very   hot   and   humid   with  temperatures  staying  in  the  high  twenties  and  low  thirties  until  October.  So  pack  up  plenty  of  summer  clothes,   because   there   is   nothing   “north”   about   North   Carolina   until   well   into   mid-­October.  Temperatures  will  quickly  drop  to  around  10-­15ºC  at  that  point,  and  may  even  go  to  0ºC.  However,  this  year  it  was  over  20ºC  for  a  whole  week  in  December.    

Old  Tobacco  District  and  downtown  Durham  

Traveling  in  the  U.S.      

Traveling  from  Durham  is  relatively  easy.  RDU  airport  is  only  a  20-­minute  drive  from  Durham  and  has  daily  flights  to  all   the  major  U.S.  cities.  Durham  has  several  car  rentals,  although  it   is  usually  easier  to  take  an  Uber  to  the  airport  and  rent  from  there  if  you’re  planning  to  return  the  car  late  at  night.  It  is  a  good  idea  to  book  the  car  in  advance  especially  for  labor  day  weekends  if  you’re  renting  from  Durham  since  the  rentals  can  run  out  of  cars.      

 

 Driving  in  the  Appalachian  Mountains  

 

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 Cape  Hatteras  in  the  Outer  Banks  at  sunrise  

North  Carolina  has  a  lot  of  beautiful  places  to  visit.  For  example,  the  Outer  Banks,  a  chain  of  barrier  islands   off   the   coast   of   the   Atlantic   Ocean,   is   a   4.5-­hour   drive   from  Durham.   The   islands   have  beautiful  beaches  and   if  you  rent  a  4WD  you  can  drive  on  the  beach  to  the  northern   islands  that  have  a  population  of  wild  horses.  Asheville  and   the  Appalachian  Mountains  can  also  be  reached  within   4   hours,   as   can   Washington   D.C.   and   Richmond.   The   options   for   short   term   weekend  getaways  are  plenty  if  you’re  staying  in  Durham.      

 4.  FINAL  COMMENTS    I   would   definitely   recommend   doing   an   exchange   semester   at   Duke   and   The   Fuqua   School   of  Business.  First,  as  an  MSc  student  you  get  an  amazing  opportunity  to  study  in  the  MBA  program  at  a  highly   ranked  university.  Second,  Fuqua  has  a  highly   inclusive  culture,  making  networking  and  meeting  new  people  easy.  Finally,  Duke  has  a  great  campus  and  the  best  basketball   team  in  the  country.    

One   of  my   biggest   takeaways   from  Duke  was   learning   to   enjoy   life   in   a   small   town.  Despite   its  character  and  diversity,  there  are  times  when  Durham  really  gets  to  you,  and  planning  a  weekend  getaway  begins  to  feel  like  planning  jail  break.  However,  at  the  end  of  the  day  it’s  a  new  experience  living  in  a  small  and  quirky  town  like  Durham,  and  some  of  the  best  things  about  the  place  is  just  walking  around  when  the  leaves  start  to  turn  and  listening  to  the  train  pass  through  town,  or  spending  an  afternoon  exploring  the  Old  Tobacco  District  and  learning  about  craft  beer  making  at  one  of  the  local  breweries.    

Fuqua  attracts  a  number  of  talented  exchange  students  from  around  the  world  and  getting  to  spend  so  much  time  with  them  is  great.  However,  I  would  strongly  advice  to  venture  outside  of  the  exchange  student  group.  Sure,  these  guys  are  great  and  you  will  most  likely  make  lifelong  friends,  but  the  same  applies  to  full-­time  students.    

 Finally,   if   I   had   the   opportunity   to   redo  my   exchange   semester   at   Duke,   I   would   place   far   less  emphasis   on   grades   and  much  more   on   getting   to   know   people.   I   don’t  mean   to   downplay   the  academics  at  Fuqua.  The  courses  are  great  and  you  get  a  lot  out  of  them  by  attending  lectures  and  doing   the  assignments.  So  skipping  classes   is  definitely  doing  a  disservice   to  yourself,  but  so   is  taking  the  grades  too  seriously.  At  the  end  of  the  day,  the  biggest  takeaway  from  both  an  exchange  and  an  MBA  program  is  the  network  of  amazing  people  that  you  meet.