If you are thinking about going into business, it's never too early to start accumulating work experience. A summer internship or two will pad your college application and may even help you get other jobs later on in life.

Internships are relatively easy to find--particularly if you're looking for work experience versus actual pay. You can introduce yourself to different businesses with a cover letter that explains what you are looking for.

You might also want to check online. Vault.com has a fantastic list of summer internships for high school students on their site. The list is filled with really exciting opportunities.

Related Resources:

• Internships 101
• Must Read Guide for Interns
• How to Prepare for Business School in High School

Business Week put out a great article last week about accelerated business school programs. Apparently, admissions to one-year MBA programs have increased significantly in the last year.

It's not really surprising considering the state of the economy. A lot of students are eager to get a degree and get back into the workforce. One-year MBAs are also cheaper. And while it is true that the programs can be more intense, they are definitely worth a second look.

Here is the answer to yesterday's GMAT challenge (courtesy of Integrated Learning)

Answer: D

Explanation:
For the two day period in question, Companies A and B both had increases in their stock prices. The question asks us to figure out what the overall increase in stock price was for the two days, for both companies.

The best course of action here is to assume that they both start at $100. The increases would look like this:

	Start	Day 1	Day 2
A	$100	$130	$156
B	$100	$102	$153

Because we started with 100 for both companies, we can quickly see that by day two, Company A had increased by $56, or 56%, and Company B had increased by $53, or 53%. Thus, m = 56 and n = 53.

Now we simply plug in m and n to the answer choices, and D is the only one which works.

For more GMAT questions and prep tips, visit Integrated Learning.

Time for our weekly GMAT challenge. Intergrated Learning has provided us with another great practice GMAT question. See if you can answer it:

GMAT Practice Question 2

Over a certain two day period, Company A’s stock price increased by 30% the first day and 20% the next day. In the same period, Company B’s stock increased 2% the first day and 50% the next day. If m and n represent the overall two-day percentage increase in Company A and Company B, respectively, which of the following is true:

A) m – n > 4
B) -1 < m – n < 2
C) -1 < n – m < 2
D) n – m < -1
E) n – m > 3

So, what do you think? Is the answer A, B, C, D or E? You can post you guess in the comments (see below) or discuss the question in the Business School Community Forum.

Don't forget to check back tomorrow for the answer!

To see more GMAT challenges, visit the Integrated Learning Blog.

I saw an interesting article today on redOrbit regarding the job outlook for new grads. Since most of the articles and news reports that I have seen lately focus on how bad the market was, the piece on redOrbit caught my eye.

According to the article, the outlook is really good for grads entering business fields. Duke University reports that the finance industry is not only hiring, they are increasing the number of students they hire--from 24 percent in 2007 to 33 percent in 2008.

My advice to new grads is to forge on. Don't give up the idea of your dream job even if it doesn't fall into your lap right away. If you are proactive and look for an employer instead of waiting for a potential employer to make an offer, you shouldn't have any problems.

I have been getting a lot of questions about student loan consolidation lately. The big question that everyone wants answered is:

Should I consolidate my Stafford student loans before July 1st or wait?

Here are a few basics to keep in mind:

• Variable rate Stafford Loans and fixed rate Stafford Loans are different. Consolidating fixed rate loans will not necessarily lower your rate. This means you will be further ahead concentrating on any variable rate loans you have--particularly if the goal is to get a better interest rate.
• If you can drop your interest rate by a point or more, consolidating is definitely worth the time and effort.
• Consolidating loans typically doesn't cost money. Refinancing might. Know the difference and figure out which avenue is best for your individual circumstances.
• Some lenders will not offer you a consolidation loan if you have a loan balance beneath $10,000. Make sure you are working with the right lender.
• If you have low loan balances but still want to consolidate, check into the Federal Direct Loan Program.
• Rates adjust on July 1st. Your new rate will be based on May's Treasury Bill rate.
• If you want a lower rate, you should wait until after July 1 to consolidate. According to most estimates, the rate on Stafford loans could drop to 4.25 percent.
• Always consolidate your loans into fixed rate loans to lock in at a low rate.

To explore the issue further, check out these news articles (pay close attention to the Sallie Mae article, which offers conflicting advice for some situations):

• Lower Rates Make Consolidation of Federal Education Loans Look More Appealing
• Sallie Mae Halts Student Loan Consolidation
• Consolidating Student Loans at a Lower Rate Gets Tougher

If anyone has any questions or additional information about student loan consolidation, feel free to post it in the Community Forum or in the comments section below this post.

Here is the answer to yesterday's GMAT challenge (courtesy of Integrated Learning)

Answer: C

Explanation:
When numbers increase exponentially, the units digit of each successive increase follows a pattern. For example, think of 2:



Notice that after 24 the units digit starts to repeat. In fact, the units digit for any number ending in 2 when increasing exponentially will always follow this pattern: 2, 4, 8, 6, 2, 4, 8, 6,…

If you follow that logic, you can figure out the pattern for every units digit:



In this diagram, we highlight the 5th power. Numbers certainly can be interesting, huh? At the 5th power, every number has returned to its original. That’s good stuff to know going into the GMAT.

How does that apply to this problem? The question asks for the units digit of q4.

The first statement says that q is even. Looking at the chart above, if q is even, the units digit of the 4th power is almost always 6. In fact, only zero results in a units digit that’s not 6. So this isn’t enough information (it could be 0 or 6) but it’s close.

The second statement tells us that q is not a multiple of five. From the chart, we can see that that’s not immediately helpful. It excludes numbers with a units digit of 0 or 5, but that’s not enough for a definitive answer.

Together, though, we know that q is even, but not a multiple of 5. That means it’s even but doesn’t end in 0. With that information, we know the units digit of the 4th power must be 6. So together there is enough information.

A quick note: this seems like a lot to know for the GMAT. It is. But it’s a very possible question. The more you know about these random question types ahead of taking the test, the better off you will be.

To see more GMAT challenges, visit Integrated Learning.

We are now in our second week of the GMAT challenge. Once again, Intergrated Learning has provided us with another great practice GMAT question.

See if you can answer it:

GMAT Practice Question 2

Q is a two digit number. If 7 is the tens digit of q, what is the units digit of q to the 4th?

1) q is an even integer.
2) q is not a multiple of 5.

A) Statement (1) ALONE is sufficient, but statement (2) is not sufficient.
B) Statement (2) ALONE is sufficient, but statement (1) is not sufficient.
C) BOTH statements TOGETHER are sufficient, but NEITHER statement ALONE is sufficient.
D) EACH statement ALONE is sufficient.
E) Statements (1) and (2) TOGETHER are NOT sufficient.

So, what do you think? Is the answer A, B, C, D or E? You can post you guess in the comments (see below) or discuss the question in the Business School Community Forum.

Don't forget to check back tomorrow for the answer!

To see more GMAT challenges, visit the Integrated Learning Blog.

The University of Rhode Island recently announced they are accepting applications for a unique graduate program that combines a master of business administration with a master’s of oceanography degree.

Nicknamed the Blue MBA, the program will help students develop management skills while they study oceanography and climate change. URI's dual degree is great for anyone interested in pursuing a management career in industries like ocean technology, water resources, and human health.

Kelci Lynn, the About Guide to College Life, has a great article on her site for students who want to study abroad without actually going abroad. The article includes a list of five programs that allow students to study off campus without traveling internationally. Most of the programs also give students the opportunity to gain significant undergraduate work experience.

I'm wondering if anyone has every tried a study abroad program or a domestic program. What did you think of it? Is there anything you would have done differently?

You can share your thoughts by clicking on the comments post below of by visiting the forum.