Businessman Has Ivy League Admissions Down to a Science
Give Steven Ma the data and metrics for him to create the 12 variables his college admissions algorithm requires, and the program will tell him the odds a students has of admissions to various colleges and universities. Take it or leave it.
Peter Waldman of Bloomberg Businessweek has the story:
How to Get Into an Ivy League College—Guaranteed
The academic transcript looked like a rap sheet. The 16-year-old had dropped out of boarding schools in England and California because of behavioral problems and had only two semesters left at a small school in Utah. Somehow, he had to raise his grade-point average above a C before applying to college. His confidence was shot, and though his parents didn’t openly discuss it, he knew they were crushed at the thought that he might not get into a reputable college. What the boy didn’t know was that back home in Hong Kong, where his dad is chief executive officer of a big publicly traded investment company, the family was calling in a miracle worker.
Through a friend, his father reached out to Steven Ma, founder of ThinkTank Learning, a chain of San Francisco Bay Area tutoring centers that operate out of strip malls. Like many in the field, Ma helps kids apply to college. Unlike his competitors, Ma guarantees that his students will get into a top school or their parents get their money back—provided the applicant achieves a certain GPA and other metrics. He also offers a standard college consulting package that doesn’t come with a guarantee; for a lower price, Ma’s centers provide after-school tutoring, test prep, college counseling, and extra class work in English, math, science, and history.
Ma, a former hedge fund analyst, makes bets on student admissions the way a trader plays the commodities markets. Using 12 variables from a student’s profile—from grades and test scores to extracurricular activities and immigration status—Ma’s software crunches the odds of admission to a range of top-shelf colleges. His proprietary algorithm assigns varying weights to different parameters, derived from his analysis of the successes and failures of thousands of students he’s coached over the years. Ma’s algorithm, for example, predicts that a U.S.-born high school senior with a 3.8 GPA, an SAT score of 2,000 (out of 2,400), moderate leadership credentials, and 800 hours of extracurricular activities, has a 20.4 percent chance of admission to New York University and a 28.1 percent shot at the University of Southern California. Those odds determine the fee ThinkTank charges that student for its guaranteed consulting package: $25,931 to apply to NYU and $18,826 for USC. “Of course we set limits on who we’ll guarantee,” says Ma. “We don’t want to make this a casino game.”