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IT'S WALL STREET INTERVIEW SEASON: Here Are 10 Questions That Will Melt Your Brain

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interview candidates

As of Friday, interns are either leaving Wall Street, or finding out they have their dream offer.

If you're in the former camp – you didn't get an offer — it's okay. There's still hope. Step away from the ledge.

You can still head to interviews and find a place for yourself, but you need to be prepared. That's why we put together these Wall Street interview questions for you.

We surveyed some current analysts about the classic and ridiculous questions they were asked when applying to the Wall Street internship that got them to their current position.

Don't take the standard questions for granted. Something as simple as, "what is investment banking?" can back you into a corner if you don't stay cool and confident. (Note: if you get that one, explain i-banking is a service that provides advice to clients on capital raising and M&A).

As for the ridiculous questions — just get ready for anything. We'll keep sending them out to you as we find them.


How would you fight a bear?

This is an example of an absurd situational questions, here's your shot to be a problem solver.

 

Source: Investment banking analyst



Answer: Climb on its back and grab it by the neck so its paws can't reach you.



Baye's theorem, see below...

One asset management analyst gives us this question:

1) We are playing Russian roulette, with a standard 6-chamber revolver. I put two bullets in adjacent chambers, spin, point the gun at my head, and pull the trigger. Click. I'm still alive. It's now your turn, and I hand the gun to you, and give you two choices.

Would you rather, assuming you want to live,

a) Re-spin, aim at your own head and pull the trigger.
b)  Do not spin, aim at your own head, and pull the trigger.

Why?

Source: Investment management analyst



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People Who Slack Off At Work The Most In The Summer [INFOGRAPHIC]

Why Bronze Medalists Are Often Happier Than Silver Medalists

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Brendan Hansen

Being acknowledged for professional achievements should feel great, but when it comes to your psyche, coming in last place might feel a lot better than standing somewhere in the middle. 

In a blog post, Stanford University professor Bob Sutton writes about watching 31-year-old Brendan Hansen's ecstatic reaction when he won an Olympic bronze medal for the 100 meter breaststroke. 

Sutton says the scenario reminded him of a 1995 study published in the Journal of Personality and Social Psychology that found third place winners are sometimes even happier than second place because the "silver medals winners did upward comparisons to the gold medal winner, while the bronze medalists did downward comparisons to people who didn't win medals."

This kind of thought process is called "counterfactual thinking."

The study says: 

"People's emotional responses to events are influenced by their thoughts about 'what might have been.' The authors extend these findings by documenting a familiar occasion in which those who are objectively better off nonetheless feel worse."

Basically, if you come in second place, you think that you could've gotten first place if you had just tried a little harder, whereas if you win with a lower ranking, you may be more relieved because you came so close to not winning anything at all. 

"I guess, to put perhaps too fine a point on it, silver medalists see themselves as the first loser, while bronze medalists see themselves as the last winner," Sutton writes. 

Although competitiveness is a good way to challenge yourself, Sutton says that continuously using "counterfactual thinking" isn't so healthy for your professional life. 

If you make this a habit, it can eventually lead to depression and self-doubt. 

Jena McGregor writes about a similar idea in The Washington Post:

"Leaders in competitive fields are always comparing themselves to those who came in first, when they might enjoy their success a little more if they learned to compare themselves to those who didn’t come close to winning at all." 

NOW SEE: What 36 Olympic athletes do for a living > 

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Most Tech Startups Aren't Really 'Tech' Businesses At All

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Most of the potential “technology entrepreneurs” I meet aren’t interested in launching technology companies.

"What?" you ask.

Let me explain: At its essence, most tech entrepreneurs are focused on addressing a specific, unmet market need.

And, believe it or not, they tend to want their underlying technology to be off-the-shelf. For most, new-fangled technology is something they avoid. And I think that’s great. How can I say that as a serial technology entrepreneur?

Because if you take a step back, you realize that the vast majority of what most people think of as “tech startups” aren’t really technology companies at all. And that includes most of those that I’ve been personally involved with as founder, officer or investor, as well as most I’ve studied as a business professor.

Rather, most “tech startups” tend to be businesses that intelligently apply existing, off-the-shelf technology platforms to do a dramatically better job addressing a common issue faced by a targeted customer set.

So if you think of companies in fields ranging from mobile gaming to e-commerce, from cloud-based apps to mobile advertising, from near-field communication (NFC) apps to social networking plug-ins, they’re not really tech businesses in my book.

They’re technology-enabled businesses.

These companies tend not to be inventing and introducing any new technology.  No need to. Instead, they’re applying existing, proven frameworks, app development environments and marketplaces—the iPhone and iPad and the iStore; Android and Android Market; app development on Facebook; RFID and NFC technology; Microsoft Office365 and MS HealthVault; mobile geolocation services; ERP apps; Google Apps; and the list keeps growing—and using both vendor SDKs (software development kits) as well as open-source toolkits.

From that baseline, entrepreneurs can solve vertical-market-specific problems remarkably quickly and cheaply without reinventing the wheel with the underlying technology. They can cobble together a prototype solution, get it in front of lead customers, and interactively incorporate real-world feedback.

Fantastic. Because neither smart entrepreneurs nor their customers nor their investors, frankly, are fans of technology risk. Science projects belong in research labs, not deployed in businesses and being foisted on commercial customers. Startups, meanwhile, are usually best off focusing their efforts and their scarce capital on solving a real customer problem—and basing their solution on bullet-proof, market-proven platforms.

Jim Price is a serial entrepreneur and Adjunct Lecturer of Entrepreneurial Studies at the Zell Lurie Institute at The University of Michigan Ross School of Business. ©2012, James D. Price.

NOW READ: The 7 Principles Of Successful Entrepreneurship >

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Save On Tuition By Signing Up For 'Instant MBA'

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Instant MBA

What is Instant MBA? It's top-notch business advice and inspiration, delivered straight to your inbox M-F.

Sign up now, and you'll get valuable advice from industry leaders like Josh Linkner (see right) to fellow Business Insider readers and contributors, covering a myriad of topics including (but not limited to) leadership, customers, finance and strategy.

Signing up is quick and easy.  Use the form below to enter your information then click the "Sign Up" button.

 

 

 

 

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INSTANT MBA: Conan O'Brien Says Businesses Should Have 'Quantity Of Quality'

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Conan O'Brien

Today's advice comes from Conan O'Brien, late-night talk show host of Conan, via Fast Company:

"It's good to have quantity of quality. People act like it's an either/or, I say have both. Have lots of stuff that's the very best. Quantity of quality."

O'Brien may not be the first person you'd turn to for business advice, but he has a point. One of the most often used phrases in the business world is "quality over quantity," reinforcing the idea that it's more important to have quality products or services than to have an abundance of lower-quality items.

O'Brien poses the question, "Why not have both?" Businesses should strive for more products without compromising quality. More customers means bigger profits and a wider audience, and if each customer has a positive experience with what the business is offering, the company will gain an impressive reputation. As a business owner, you shouldn't feel as though having more means less quality, or that having less wil help the quality. 

"And really make sure that there's a quality to your quantity. Either way, get the two Qs, that's what I always say."

Want your business advice featured in Instant MBA? Submit your tips to tipoftheday@businessinsider.com. Be sure to include your name, your job title, and a photo of yourself in your email.

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New Technology Lets Students Cheat More Than Ever

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iphone, how to, curious, focused, texting, cell phone,

Heloise Pechan's heart rose when she read the essay one of her students, a seemingly uninterested high school sophomore, had turned in for a class assignment on "To Kill a Mockingbird." The paper was clear, logical and well written -- a sign, she thought, that she had gotten through to the boy.

Her elation passed quickly. What came next was suspicion.

Pechan, then substitute teaching at a McHenry County high school, went to Google, typed the paper's first sentence ("Kind and understanding, strict but fair, Atticus Finch embodies everything that a father should be") and there it was: The entire essay had been lifted from an online paper mill.

"I went from amazement and excitement to 'Oh my God' in the space of a half-second," Pechan recalled.

That feeling is going around a lot these days. As technology puts massive computing power and the near-sum of human knowledge within a few taps of a touch screen, educators and students say young people are finding new and increasingly devious ways to cheat.

They're going to websites that calculate the answers for their math homework. They're snapping covert photographs of exams and forwarding them to dozens of friends. They're sneaking cheat sheets into the memory banks of their calculators.

Isha Jog, 17, a senior at Hoffman Estates High School, said she has even seen some of her peers getting quiz answers off their cellphones -- while the quiz is in progress.

At the same time, technology also is helping to foil digital desperadoes. Teachers are running essays though automated plagiarism detectors. They're using systems that allow them to observe what students are doing with their wireless classroom calculators. And they're using programs to shuffle test questions so every class gets a different version.

Still, experts say cheaters have the upper hand, leaving some educators to look for teaching techniques that are harder to game. But in the file-sharing, cut-and-paste world enabled by the Internet, some say the biggest challenge might be convincing students that what they're doing is wrong.

"I definitely think there's a mindset problem," said Carol Baker, curriculum director for science and music at School District 218, serving Oak Lawn and nearby suburbs, and president of the Illinois Science Teachers Association. "Today, kids are used to obtaining any kind of information they want (online). There are so many things that are free out there. I think kids don't have the same sense of, 'Gee, it's wrong to take something that somebody else wrote.' The Internet encourages all of us to do that."

Eric Anderman, a professor of educational psychology at Ohio State University, has studied student cheating. He says that while it's hard to nail down statistics on its prevalence, the best estimate is that up to 85 percent of high school students have cheated at least once.

It's unclear how digital technology has affected teens' willingness to cheat, he said. What is clear is that it has made dishonesty a lot easier.

"If you have 30 kids in a classroom, it's not easy to catch them," he said. "There's only so much one person can do. The kids really can get away with it."

Students interviewed by the Tribune say the Web has made homework a snap. WolframAlpha can instantly solve the most complicated equations, while Yahoo! Answers is a bazaar of solutions. York High School junior Kathleen O'Brien said some students post homework answers on blogs, too.

"Sometimes entire answer sheets for work sheets can be found online," she said.

As for tests, suburban high school biology teacher Jason Crean said he has heard about students texting exam questions to friends who have his class later in the day. In response, he now makes multiple versions of his tests, a step that has doubled or tripled his preparation time.

He said cheating seems to have become a social obligation that students strive to meet without considering the harm of their actions -- not least to themselves.

"If they learn anything in my class, I want them to learn to do things for themselves," he said. "That's a lesson they have to learn for life, and I don't want them to learn it the hard way after they've left. They need to think and solve problems ... and the technology is taking away from that."

Some are trying to find technological solutions to cheating. The College Board, burned by a scandal earlier this year in which Long Island students were paid to take the SAT for others, will soon require students to provide their photographs -- typically by digital upload -- before taking the test. The photos will later be sent to the test-taker's high school to thwart any would-be impersonators. The ACT is adopting a similar tactic for those who take the test away from their schools.

Back in the classroom, some teachers rely on turnitin.com, a website that, for $2 per student per year, will check essays against the Internet, 30 million journal articles and 250 million archived student papers to uncover possible plagiarism. Spokesman Chris Harrick said 10,000 schools use the service.

But Gary Anderson, who teaches English at Fremd High School in Palatine, said such websites create an atmosphere of mistrust. The better response, he said, is to think up techniques that will foil copying, such as requiring literary essays to include examples from a student's own life.

"You can prevent so much plagiarism and cheating simply by the kind of assignments we do," he said. "A three-page assignment you can find on the Internet isn't an assignment worth doing."

Math teacher Natalie Jakucyn of Glenbrook South High School in Glenview takes a more basic approach -- her students must hand in their cellphones before tests -- but agrees that imaginative long-term solutions are needed.

"What the educator needs to do is adapt to the age of technology and change the question," she said. "Maybe what (students) are learning should change. Maybe how they're learning should change. Now the challenge to me is to match that technology and say what I'm doing needs to change."

Meanwhile, the temptation to cut corners is likely to remain strong.

Aashna Patel, 16, a junior at Lake Park High School in Roselle, said digital technology has made cheating so easy that giving answers to friends -- even mere Facebook friends -- has become an expectation among many students. And Fremd junior Tyler Raap, 16, said the pressure to achieve at his competitive school often overwhelms his peers' sense of ethics.

"Teachers always give you the whole moral thing, but kids just want to get good grades," he said.

Anderman, the Ohio State researcher, said one thing has proved to cut down on cheating, but installing it would require a sharp cultural change in an educational system that is placing ever more importance on test results.

"The bottom line in our research is pretty simple," he said. "Where teachers are really emphasizing the test, you're more likely to get cheating. When teachers are emphasizing the learning more than the test, you get less cheating."

jkeilman@tribune.com

Twitter @JohnKeilman ___

(c)2012 the Chicago Tribune

Visit the Chicago Tribune at www.chicagotribune.com

Distributed by MCT Information Services

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Multitasking Is Making You Dumb [Infographic]

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Modern people multitask constantly, from checking email while having a conversation to watching TV while writing a paper.

Unfortunately we're no good at it.

Nicholas Carr observed this in his 2008 essay "Is Google Making Us Stoopid?" which noted how hard it was for people to immerse themselves in a book. While our "hyperactive, data-stoked minds" may someday learn to process so much information, they aren't there yet.

More in an infographic from Online Colleges:

Multitasking Infographic

[via Retailomania]

47 Ways To Make Yourself Smarter >

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Formality Is 'A Virus That Infects The Productive Tissue Of An Organization'

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Bankers at lunch

Business is traditionally a fairly formal sphere of life.

You send letters with specific salutations you wouldn't use for your neighbor at a barbeque, you wear a suit, you mind your manners, and you watch what you say.

But in a new generation of tech companies formality is breaking down—just think of Mark Zuckerberg in his hoodies and the explosion in flat organizations. Is this all for the better? And is there any place for formality in your small business?

The folks at 37signals, makers of Campfire and other collaboration tools, for one are absolutely thrilled about the erosion of formality in business culture. The company blog Signal vs Noise recently ran a post celebrating the decline of formality in the workplace, saying:

Formality is like a virus that infects the productive tissue of an organization. The symptoms are stiffness, stuffiness, and inflexibility—its origin never with those who do but with those that don't.

When did you last hear a programmer or designer clamor to wear a suit to work? The order always come from the executives (followed shortly by a request for those TPS reports!).

Formality is more than a dress code, of course. It infects how people talk, write, and interact. It eats through all the edges and the individuality, leaving only the square behind. In other words, it’s all about posture, not productivity.

And once you place being proper above getting great work done, it's unlikely that you'll attract the best and most creative minds to work for you.  

"There's never been less mental mask switching between work and play. We wear the same clothes, use the same technology. It's a liberation of the mind and it's the new world order," concludes the exultant post.

Formality is certainly out of style, with "suit" becoming synonymous with a square, utterly unhip person. This reflects both the amazing success and trendiness of the tech sector, where innovation and smarts drive growth and no one currently wins by standardization, routine or holding chaos in check. But if there was really no place for formality in business, why did it arise for and how did it and survive for so long?

Sure, radical innovation and formality seem like natural enemies, but could formality have its uses in businesses that aren't trying to reinvent the wheel but are instead trying to maintain consistent excellence in less sexy and new fangled industries?

The days of calling your boss Mr. So-and-So and leaving him to luxuriate in his glass walled corner office cocoon are probably rightfully over, but are there times when keeping your personal life at a distance and your impulses locked within strict procedures—perhaps when making finely honed physical products that require precision and excellence, say, or attempting to keep up customer service—might be useful?  

Is there any place for formality in your business?

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Is This Ad Exec's Resignation Note Pure Arrogance Or Pure Truth? (IPG)

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Johnny Won

We're in two minds over the resignation note penned by Hill Holliday mobile and gaming platform manager Johnny Won, who announced he was quitting on his blog. Was it hubris or boldness for Won to call out his former employer for not rewarding his self-described "unprecedented" performance at Interpublic Group's Hill Holliday with a promotion?

Won cites the ad awards he's won, and then complains:

While winning one national award is tough, the same team winning back-to-back across different categories is unprecedented.

But despite winning a second Media Plan of the Year, I also couldn’t get promoted and I now realize that even if I did, it wouldn’t have changed anything. I wouldn’t be richer, or smarter or better off, I just would have continued the same course for another round.

Veuve CliquotAnd then he put this pic of a bottle of Veuve Cliquot cooling in a trash can at the Hill Holliday office on his Instagram account, with the caption, "Let's not be rookies about this."

Won is leaving to create a local search startup.

For the record, winning different ad awards back-to-back is probably not unprecedented.

Quitting because your bosses won't promote you is reasonable—either they don't like you, or something's wrong, so why stay?

But we're not sure Won needed to make such a public song and dance of it all while on his way out the door.

He even used his Foursquare account to crow, "Bye bye ad agencies. This isn't good bye, this is a celebration."

Tell us what you think below.

Hat tip to MediaPost.

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Law Schools Are Now Officially Banned From Misleading Would-Be Students About Job Stats

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law school graduates

Law schools will now have to pay extra attention to the job statistics they publish if they want to avoid penalties.

The American Bar Association is now requiring law schools to publish only "complete, accurate and not misleading" consumer information, the ABA Journal reported Monday.

Law schools will have to disclose the number of students who drop out and employment outcomes for those who actually graduate.

The changes come after Cooley Law School and New York Law School were hit with lawsuits in 2011 claiming the schools' graduate employment stats were fraudulent.

A Michigan judge ultimately dismissed the Cooley lawsuit in July.

DON'T MISS: From Seizures To Power Outages: Here's What Happened During The Bar Exam >

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A Wall Street Trader Received This Rainbow-Colored Cover Letter

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It's a slow news day, so seeing this is a huge thrill...

A financial industry tipster was kind enough to send  us this e-mail from an aspiring trader.

If you read from the bottom up, you'll note that Carl asks prospective trader Matthew why he wants to be a trader — could he add a little color about what he's passionate about, he asks.

Matthew obliges, and we're pretty sure "please explain your rationale for the rainbow" is an instant classic.

See below (remember, read from the bottom):

rainbow email

 

And for more cover letter antics click here>

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Entrepreneurs With 'Founder's Disease' Will Make Any Investor Run Away

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Awhile back, a pair of entrepreneurs—I’ll call them Jen and Jeff—approached me seeking advice on launching their new business.

They were looking for help in formulating their go-to-market strategy, tightening up their business plan, and figuring out how much capital they’d need to raise and how to raise it.

So I sat with the partners for an hour or so hoping to size them up as people while also getting a sense for their business concept.

I came away impressed.

They were coming to the table with four things I love to see in a startup team: a truly innovative new-business concept; a running head-start on developing the product; domain knowledge in their industry; and what I call useful scar tissue—they’d both previously experienced the stresses and challenges of startups.

They offered me substantial stock in exchange for my advice and a board seat, and I said I’d seriously consider their offer.

So why, two days later, did I choose to turn them down?

Because, as I reflected on our conversation, I realized that the partners had been manifesting all the symptoms of the dreaded founder’s disease. Here are the classic tells:
 
1. They insist on a C-level titles, even if they aren’t qualified: It’s OK to start out as president or even CEO, but savvy entrepreneurs know that, at some point, they may need to bring in professional managers who’ve managed rapidly-growing teams.
 
2. They’re not coachable: They approach most situations thinking they’ve got the answers already, and they’re not good at seeking and accepting advice from outside experts and investors.
 
3. They’re controlling: They have trouble letting go, and feel the need to be involved in even the smallest decisions.
 
4. They want to raise OPM (other people’s money, from angel investors or VCs), but they’re not willing to play the game the way it’s played: On the one hand, they want (or need) investors’ money to launch and grow your business, yet are horrified by the level of equity dilution they’ll suffer and the number of board seats and preferred voting rights their new investors might have.

Founder’s disease is widely considered a total turn-off by outside investors, A-list talent, and in-demand advisors and board members. Why? Because companies led by such founders inevitably remain small.  Success tends to be constrained by the founders’ capabilities, and by the fact that their attitude scares off talent and capital.

By contrast, “disease-free” founders do what’s right for their business, not for themselves. They focus on bringing in the best and smartest capital. They relish taking advice and counsel from the pros. They’re not threatened by surrounding themselves with people who are smarter than they. And they focus on growing the whole pie, not on the size of their proportional slice. By creating a successful whole, good entrepreneurs create a virtuous circle with a vibrant work environment, engaged customers, and strong returns for their investors and shareholders.

Disease-infected startups, meanwhile, remain struggling and under-resourced, with the founders so often directing the blame at the potential investors, customers and employees who turn them down, grousing that those folks “just don’t get it."

Jim Price is a serial entrepreneur and Adjunct Lecturer of Entrepreneurial Studies at the Zell Lurie Institute at The University of Michigan Ross School of Business. ©2012, James D. Price.

NOW READ: Most Tech Startups Aren't Really 'Tech' Businesses At All >

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The 40 Highest-Paying Jobs You Can Get Without A Bachelor's Degree

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fashion model

When the economy started to show troubling signs, many decided to skip college and join the workforce earlier. 

According to the Bureau of Labor Statistics, more than 60 percent of U.S. workers don't have a bachelor's degree, but if you have an associate’s degree, a postsecondary non-degree award, or a high school diploma, you can still get a high-paying job.

The BLS provided a list of 80 high-paying occupations that don't require a college degree. The median annual wages listed include hourly, weekly, annual pay, sales commissions, and production bonuses. Overtime wages are not included in the data.

We also included the expected job openings through 2020 and what kind of work experience or on-the-job training are needed for a particular job.

40. First-line supervisors of correctional officers

Median annual wage (May 2010): $55,910

Degree required: High school diploma

Projected job openings (Through 2020): 16,500

Work experience: 1 to 5 years

Description: Coordinate the investigation of criminal cases, train staff, and oversee other tasks related to police operations.

On-the-job training: Moderate-term on-the-job training

Source: Bureau of Labor Statistics



39. Electrical and electronics engineering technicians

Median annual wage (May 2010): $56,040

Degree required: Associate's degree

Projected job openings (Through 2020): 31,800

Work experience: None

Description: Help engineers design and develop computers, communications equipment, medical monitoring devices, navigational equipment, and other electrical and electronic equipment.

On-the-job training: None

Source: Bureau of Labor Statistics



38. Insurance appraisers, auto damage

Median annual wage (May 2010): $56,230

Degree required: Postsecondary non-degree award

Projected job openings (Through 2020): 2,700

Work experience: None

Description: Evaluate insurance claims and decide how much payment is sufficient. 

On-the-job training: Moderate-term on-the-job training

Source: Bureau of Labor Statistics



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If You Think Your Coworkers Are Talking About You, They Probably Are

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crowd, party, mobile advertising conference, june 2012, bi, dng

To some degree, it's healthy to be concerned about what other people think of you. It makes us more self-aware and open to constructive criticism. But when people are overly-self-conscious, negative thinking can turn into a self-fulfilling prophecy.

That's what London Business School researcher Jennifer Carson Marr and her colleagues found in their study, Do I want to know? How the motivation to acquire relationship-threatening information in groups contributes to paranoid thought, suspicion behavior and social rejection, published in the Journal of Organizational Behavior And Human Decision Process.

The researchers wrote that, on one hand, people want information on others because it reduces uncertainty and "gives people a greater sense of control and predictability over their environments."

But there are healthy and unhealthy ways go about assessing social situations. "Blunters" generally avoid gathering information, whereas "monitors" gather as much information as they can. "Monitors" are people who are more likely to become paranoid and incorrectly assess social situations. By holding these views, the researchers found, "monitors" often attract the very negative situations they are trying to avoid:

"In this paper, we propose that group members vary in their motivation to search for diagnostic information about whether other group members seek to cause them indirect harm. Drawing from theories of motivated social cognition and symbolic interactionism, we hypothesize that this motivation is associated with paranoid thought patterns and suspicion behaviors that can anger other group members and lead them to reject those who actively search for evidence that others are secretly trying to harm them."chart

To evaluate how "motivation to acquire relationship-threatening information" (otherwise known as MARTI) affects people, they performed several experiments. In one study, they asked 102 participants to perform a number of tasks, creating a sense of uncertainty by suggesting that some members were in a more advantageous position than others (when in fact they were not). All group members were then asked, in a survey, if they wanted to exclude certain group members, and the researchers found that "the odds of excluding someone who possessed higher MARTI qualities was 3.63 times greater" than those who did not exhibit paranoia.

NOW READ: Jonah Lehrer Falls Victim To His Own Cognitive Bias >

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Instant MBA: The Key To Success Is 'Out-Hustling' Everyone

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mayor michael bloomberg

Today's advice comes from Michael Bloomberg, American businessman and Mayor of New York City, via TechCrunch

I am not smarter than anybody else but I can out work you – and my key to success for you, or anybody else is make sure you are the first one in there every day and the last one to leave." 

While it may be simple for an employer to teach a new hire how to use the company's operating system or format documents, it is much harder for one to impart a strong work ethic on another. One of the most valuable traits a worker can demonstrate is a willingness to work harder and longer than anyone else. 

The beauty of "out-hustling" is that it often compensates for personal weaknesses. If you're not the smartest person on the team but are eager to invest hours learning the material backwards and forwards, you will still bring a tremendous amount of knowledge and insight to the table.

Moreover, hard work is infectious. One can lead by his or her diligence and dedication, which in turn affects company culture.

"Every opportunity I ever had, it was I think an awful lot of them was because I was there at the time. And that is the one thing you can control. You can’t control your luck, but the harder you work, the luckier you get.”

Want your business advice featured in Instant MBA? Submit your tips to tipoftheday@businessinsider.com. Be sure to include your name, your job title, and a photo of yourself in your email.

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10 Female CEOs Who Earn More Than Most Male CEOs In The S&P 500

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carol meyrowitz

Although women make up a fraction of high-level corporate positions, those who've earned a spot at the boardroom table pull in salaries that more than rival their male counterparts. 

In the last fiscal year, among male (481) and female (19) CEOs at the 500 largest companies in America, women earned a median compensation of $11.1 million, while men earned $9.8 million, according to a study conducted by NerdWallet

That means women CEOs were paid 13 percent more than men, though they made up just 16 percent of corporate board positions.

We've included data for total compensation, salary, bonus, stock and options. Here's a list of ten top female earners at America's biggest companies. Since the data is from 2011, former Yahoo CEO Carol Bartz is included in this list. New Yahoo CEO Marissa Mayer could make up to $25 million in base salary in bonus if she stays for five years.

10. Patricia Woertz, CEO of Archer Daniels Midland

Total Compensation: $11,079,862

Salary and Bonus: $1,540,712

Stock and Options: $9,688,181

CEO since: April 2006

SourceNerdWallet



9. Carol Meyrowitz, CEO of TJX Companies

Total Compensation: $11,087,649

Salary and Bonus: $1,320,000

Stock and Options: $708,954

CEO since: Jan 2007

SourceNerdWallet



8. Ursula Burns, CEO of Xerox

Total Compensation: $12,902,607 

Salary and Bonus: $1,100,000

Stock and Options: $7,500,106

CEO since: July 2009

SourceNerdWallet



See the rest of the story at Business Insider

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There Are More Job Openings In The US For The First Time Since 2008

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WASHINGTON (AP) — U.S. employers posted the most job openings in four years in June, a positive sign that hiring may pick up.

The Labor Department said Tuesday job openings rose to a seasonally adjusted 3.8 million in June, up from 3.7 million in May. That's the most since July 2008. Layoffs fell.

The data follow Friday's report that said employers in July added the most jobs in five months. A rise in openings could signal better hiring in the coming months. It typically takes one to three months to fill a job.

Even with the increase, hiring is competitive. There were 12.7 million unemployed people in June, or an average of 3.4 unemployed people for each job.

That's down a bit from May and much lower than the nearly 7-to-1 ratio in July 2009, just after the recession ended. In a healthy job market, the ratio is usually around 2 to 1.

Still, employers have been slow to fill jobs. Since the recession ended in 2009, openings have increased 57 percent. Overall hiring is up only 19 percent.

And openings are still below pre-recession levels of nearly 4 million per month.

Employers added 163,000 jobs in July, the department said last week. That followed three months of weak hiring and eased concerns that the economy was stalling.

Yet the economy has generated an average of 150,000 jobs per month this year, about the same pace as 2011. That's not enough to rapidly drive down the unemployment rate.

The unemployment rate ticked up to 8.3 percent in July from 8.2 percent in June.

In June, manufacturing, education and health care, and hotels and restaurants all posted more openings. Retailers and state, local and federal government agencies cut available jobs.

The government's monthly employment report, released last Friday, measures net hiring.

Tuesday's report, known as the Job Openings and Labor Turnover survey, shows the amount of hiring and firing that takes place in the U.S. each month. It provides more details than the monthly jobs report.

For example, layoffs dropped to 1.8 million in June, from nearly 2 million in May. June's total is below pre-recession levels and indicates that companies aren't cutting more jobs, despite sluggish growth.

And the number of people that quit their jobs also ticked down slightly to 2.1 million, from 2.2 million in May. That's still higher than a year ago, when only 1.9 million people quit.

When more people quit their jobs, it can be a sign of a strengthening job market. That's because most people quit when they have a new job, usually with better pay. The number of quits is still far below the pre-recession level of about 2.7 million.

Overall, companies hired nearly 4.4 million people in June, down from 4.5 million in May, the JOLTS report showed. At the same time, nearly 4.3 million people were laid off, quit or left jobs for other reasons, such as retirement.

The difference between those two figures is similar to the net job gain that the Labor Department includes in the employment report each month.

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Overachievers Are Affected By A Different Form Of Procrastination

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lazyJust because you're a Type A, hyperproductive individual doesn't mean you don't procrastinate.

In fact, there's a new "form of procrastination" that affects "chronic achievers" called "priority dilution," and if you're a sufferer, the results might be even worse than standard procrastination because this kind isn't "self evident," writes Rory Vaden at OPEN Forum.

At least the standard procrastinators know what they're doing, but overachieving people don't always know that they're putting things off because they usually accomplish so much throughout the day. 

Vaden writes: 

"While priority dilution has nothing to do with laziness, apathy or being disengaged (like traditional procrastination) it nets the same result: a delay of the day’s most important activities because your attention shifts to less important, but perhaps seemingly more urgent, tasks. You are trading your to-do list for emergencies."

He says that the main challenge these sufferers have is feeling guilty for not doing everything they meant to get done that day. Thus, they try harder the next day, but the most effective thing to do would be to identify things on your to-do list that "drive business."

So how do you know if you suffer from priority dilution? If you answer "no" to any of the following questions, you might very well be "diluting your focus from your other priorities":

1. Was this activity on my primary to-do list when I arrived at work today?

2. Is this activity one of the key drivers of achieving success in my position?

3. Does this activity require my unique thought process?

Furthermore, if you answer "yes" to the following questions, you should repriorities your tasks:

1. Will this issue likely resolve itself without my intervention if I allow some time?

2. Is there another person on our team who is mostly capable of handling this?

3. Can the resolution of this issue wait until some point in the future without substantial repercussion?

NOW SEE: 15 ways to stop procrastinating right now > 

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This MIT Startup Figured Out A Way To Code Facial Expressions

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Marketers already know way to much about us thanks to online tracking, and now they have yet another powerful way to understand consumers.

MIT startup Affectiva has created a webcam that codes facial expressions and a sensor that measures changes in body temperature. Both could be a huge way for brands to steamline the market research process.

Liz Gannes over at All Things Digital reports that MIT professor Rosalind Picard and research scientist Rana el Kaliouby initially created the technology to "help children with autism understand facial expressions," but now marketing research companies like WWP Millard Brown and IPG Media Lab primarily use the products. Affectiva just raised $12 million in Series C funding from Kleiner Perkins and Horizon Ventures.

Kaliouby told Gannes that “we have the largest repository of facial responses ever collected in the world,” which is part of its webcam product, the Affdex dashboard.

According to the company site, the "dashboard provides overall emotion scores and real-time, scene-by-scene playback of facial data." It can also compare the difference in emotional and facial responses from men and women, and people of different races.

Affectiva's other product is the Q Sensor, which measures skin conductance — or in other words, how body temperature and sweat glands change over time.

NOW READ: The Incredible Story Of How Target Exposed A Teen Girl's Pregnancy With Sophisticated Market Research >

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