For students planning on going to college, taking standardized tests, the SAT and/or the ACT,  can be one of the most stressful parts of the admissions process.  So much seems to be riding on the student’s performance on this single exam. It’s almost as though the four years of high school don’t count – only the four hours of the Saturday they took the test. More and more colleges and universities across the country are deciding that too much emphasis on standardized test scores may be keeping qualified students out of colleges where they could do well as  predicted by their high school performance over four years. This is particularly true for students who may not have access to test preparation and tutoring resources. Studies done at The Ohio State University and the University of Pennsylvania found that students from higher-income families are the ones most likely to use SAT preparation classes and tutors  which gives them a 60 point or higher advantage over students who didn’t take the classes. This puts students from lower income families or families without a college tradition who don’t know about or can’t afford to access this additional help, at a distinct disadvantage when applying to colleges with lower test scores.

The pros and cons of these tests have been debated and defended for years and now  more than 125 private college and universities do not require the standardized tests to be considered for admission and 185 have a test optional or test-flexible admission policy . This list (current as of Summer 2015) details which U.S. schools de-emphasize standardized tests.  I would strongly advise every student to think carefully about whether they need to take the SAT or ACT to attend the college of their choice. Use what information is available to you and make a decision based on your needs, knowing the advantages and disadvantages of traditional testing can impact your choice of college and your future.

I am a professor of finance so when I watched Serena Williams’ recent Wimbledon win I took great pleasure in watching the athlete and the investor. She is certainly one of the greatest professional tennis players ever. I, along with many others, think that she will leave the game as the greatest tennis player ever. But there’s more than tennis to admire about Serena Williams and her sister, Venus. They are as smart and able off the court as on.

They recently purchased part ownership in the Miami Dolphins football franchise and are now the first African American women to become professional sports franchise owners. Together, Venus and Serena have earned almost $100 million dollars playing professional tennis but their combined net worth exceeds $200 million dollars! That is the result of smart investing – excellent play on the court and excellent investing off the court. As Nina Simone famously sang,  “When you’re young, gifted and black, that’s where it’s at.”

I am also a serious auto racing fan and one of my favorite drivers is Lewis Hamilton,  the defending Formula One world driving champion, and another example of a young, gifted and black athlete. This year, he is headed for his third overall and second consecutive championship. He is the first and only black Formula One driver and, the sport’s first black champion. This year, Hamilton signed a three year extension with his current team, Mercedes, for over $40 million a year with bonuses if he wins another championship. Hamilton negotiated the contract himself and, as a result of his tremendous success on the track and his excellent business acumen, he has become one of the five most marketable athletes in the world and, according to Forbes magazine, is the 15^th highest paid athlete in the world . He is also building a $15 million resort hotel on the Caribbean island of Granada. Lewis is showing he is world class on and off the track.

If you rely on media coverage of the men and women who play professional sports you often hear about the athletes who squander their money and rarely hear about minority athletes who are successfully earning and investing their wealth now and for the future. This is news everyone should know about – in a world that celebrates the culture of consumption – the Williams sisters and Lewis Hamilton are examples of what happens when athletes are skilled in their sport and their finances.

Forbes Link: http://www.forbes.com/profile/lewis-hamilton/

I just finished reading Frank Buni’s book “Where You Go Is Not Who You’ll Be.” The book  explores the value of an undergraduate degree from an Ivy League school versus state or private schools that have solid reputations but are much less expensive. I was interested in his proposition and discussion because I have degrees from both a flagship state institution, the University of Tennessee, and an Ivy League school, Carnegie Mellow University. Furthermore, I have been in higher education as a professor for over thirty three years so I have some knowledge and experiences relevant to the book and I paid for my daughters’ undergraduate degrees.

If you or someone you know is deciding on where to go to college, please read this book.  Bruni quotes some compelling statistics and talks about student experiences that suggest an Ivy League education at the undergraduate level is not worth the cost. He has done his homework well enough to warrant serious consideration of  his position,   especially in light of the fact that if trends continue, an Ivy League undergraduate education that is now $63,000 a year, will cost over $500,000 eighteen years from now!

The horror stories of parents who racked up excessive student loan debt so that their children could go to elite schools are painful to hear and even more painful to experience. The issue is currently on the agenda of senators and presidential candidates, but despite the student loan discussion, reform, if it happens, is years away. In the interim, it is up to individual families to determine the costs versus  benefits of an Ivy – Frank Bruni’s book makes a great contribution to the discussion.

In May I wrote a post about taking a group of my existing students on an exploratory visit to a large financial services company. The event was hosted by one of my former finance students who is now a rising star at the firm.

In order for the students to take advantage of this opportunity they had to  do their homework on the company first; they had to show up dressed and ready to play in the big leagues because on this visit,  four reputations on the line – theirs, the university’s, their host’s and mine.

A few days before the trip, we had a phone interview with our host  to ensure they were well prepared. When he asked if the students had any questions about the company, the trip or his position at the firm. One student asked about proper dress and that was all – not one question about the company. After the phone conference, I emailed all the students and told them I was disappointed with their level of preparation and knowledge of the company and the fact that they didn’t even know what to ask our host to get ready for the visit. They took my comments to heart and got to work.

We had a two hour bus ride from the school to the financial services firm; departure time was  six a.m.so I had planned to sleep on the way. However, my students had another idea of how I would spend my time. One-by-one, each student came to me with his/her questions for review and advice. They had all done extensive research and had good questions to ask and were ready to do more research on the bus if needed. They performed excellently during the visit.

Our host recently emailed me to let me know that one of the students who had been in the group received and accepted a job offer at his company. He was so excited that he had helped create a positive image for Bowie State University students at the company. He demonstrated his commitment to the university and our students by sharing his success with them and creating a network within his firm to ensure others get and share the same opportunity the way he has. As an instructor/mentor/coach for my students, my job is to ensure that my students are well prepared when they are presented with a great opportunity; there is no better reward than confirmation that the job you’re doing directly contributes to your students’ success.