This is a trasfer admisions essay for the University of Michigan Ross school of Business. I am intending to pursue accounting at Ross and I intend to talk about my involvement at a pharmacuetical company I am working at in India during my current gap year. I have included an outline with the 3 main issues I found in the pharma-accounting/financial sector which I solved.
I worked in both front end making sales and back end with financial management and medicine stock management which gave me the experience to learn about the underlying issues in the pharmaceutical financial management or acconting sections. State 3 major issues stemming from poor acconting leading to hidden but major issues in the pharmaceuical industry and weave them in with the story you are telling based on “real life” experience. I joined the organization because of my interest in revolutionizing the pharma indsutry as I have grown up in the pharma industry from seeing R&D in labs since I was a toddler to the entire industry through my father who works in the pharma industry and wanting to stream line such a large industry. Now I will say that I made this organization better by fixing those three problems I stated and what I learned from them and include a story about how I tried different solutions for a problem, finally landing on one that works and how this experience made me realize how important acconting and busines is leading me to Ross and why I want to pursue a ross degree.
I. Introduction
A. Introduce your involvement in a pharmaceutical company in India and your role within the organization.
– Example: “My journey in the pharmaceutical industry began at a young age, as I grew up witnessing the inner workings of the industry through my father, who has dedicated his career to this field. This early exposure instilled in me a deep-seated passion for revolutionizing the pharmaceutical industry and addressing its inherent challenges.”
B. Explain your motivation for joining the pharmaceutical company and your interest in streamlining the industry.
– Example: “Driven by my desire to effect positive change within the pharmaceutical sector, I joined [Organization Name] with the goal of applying my knowledge and skills to address critical issues in pharmaceutical financial management and accounting. Drawing upon my upbringing and experiences, I sought to make a meaningful impact and contribute to the industry’s transformation.”
II. Involvement in the Organization
A. Describe your dual role in both front-end sales and back-end financial management and medicine stock management.
– Example: “During my tenure at [Organization Name], I had the unique opportunity to gain firsthand experience in various aspects of the pharmaceutical business, from engaging in frontline sales activities to overseeing financial management and medicine stock management operations. This multifaceted role allowed me to develop a holistic understanding of the industry and its underlying challenges.”
III. Addressing Major Issues in Pharmaceutical Financial Management
A. Identify three major issues stemming from poor accounting practices in the pharmaceutical industry.
1. Lack of transparency in revenue reporting leading to inaccurate financial projections.
2. Inefficient inventory management resulting in excess or insufficient medicine stock.
3. Failure to adhere to regulatory compliance standards, risking legal and financial repercussions.
B. Share real-life examples or anecdotes illustrating how you addressed these issues within your organization.
– Example: “One of the most pressing challenges I encountered was the lack of transparency in revenue reporting, which hindered our ability to accurately forecast financial performance. Recognizing the importance of implementing robust accounting practices, I spearheaded efforts to streamline our revenue tracking processes and establish clear reporting protocols. Through meticulous record-keeping and regular audits, we were able to achieve greater transparency and enhance our financial forecasting capabilities.”
IV. Making the Organization and Community Better
A. Detail the specific actions you took to improve the organization’s financial management practices and contribute to the community.
– Example: “In addition to addressing financial inefficiencies within the organization, I actively engaged with local healthcare providers and community stakeholders to identify opportunities for collaboration and community outreach. By organizing health education workshops and facilitating access to essential medications, we were able to make a tangible difference in the lives of underserved populations and contribute to the overall well-being of the community.”
V. Lessons Learned and Transition to Ross School of Business
A. Reflect on the lessons you learned from your experience and how it shaped your decision to pursue a degree at the Stephen M. Ross School of Business.
– Example: “My experience at [Organization Name] taught me invaluable lessons about the importance of accounting and business management in driving organizational success and fostering positive social impact. Through trial and error, I learned the significance of implementing sound financial practices and leveraging business acumen to navigate complex industry challenges. This realization strengthened my resolve to pursue a degree at Ross School of Business, where I hope to further hone my skills and contribute to innovative solutions that reshape the pharmaceutical industry for the better.”
VI. Conclusion
A. Summarize your journey in the pharmaceutical industry and your aspirations for the future.
– Example: “As I reflect on my journey within the pharmaceutical industry, I am grateful for the opportunities and experiences that have shaped my perspective and fueled my passion for driving meaningful change. With a firm foundation in accounting and business management, I am eager to embark on the next chapter of my academic and professional journey at Ross School of Business, where I am confident that I can continue to make a positive impact and contribute to the advancement of the pharmaceutical industry and beyond.”