Owl Have You Know

Season 5, Episode 19

One year ago, the Virani family made a historic gift to Rice Business, establishing the Virani Undergraduate School of Business. To mark the occasion, Owl Have You Know welcomes Farid Virani — entrepreneur, philanthropist and proud Rice University parent.

In 1999, Farid founded Prime Communications with a single storefront in Houston’s Baybrook Mall. Today, Prime Communications is the largest AT&T authorized retailer in North America, with more than 2,500 locations across the U.S., Canada, and Mexico. Along the way, Farid has relied on three guiding principles — "stay humble, hungry and scrappy" — which continue to shape his approach to business and life.

He joins host Maya Pomroy ’22 to share his entrepreneurial journey, the Virani family’s commitment to education and community, and the vision behind the Virani Undergraduate School of Business — a school designed to empower the next generation of ethical, curious, and compassionate business leaders.

Watch

Listen

Subscribe to Owl Have You Know on Apple Podcasts, Spotify, Youtube or wherever you find your favorite podcasts.

Association of Rice Alumni honors duo for service to university and beyond

Rushi Bhalani ’19 and Will Eldridge ’16 ’17 will be recognized with the Builders Award Nov. 7 during the President’s Town Hall, a signature event of Rice University’s Alumni Weekend. The Builders Award is given to graduates of the past 10 years who go above and beyond in service to Rice.

“Rushi and Will exemplify what it means to be builders — alumni who not only carry the spirit of Rice into the world but actively shape its future,” said David Leal, president of the Association of Rice Alumni (ARA). “Their dedication to strengthening the Rice community and empowering the next generation of Owls is inspiring, and we’re proud to honor them with the Builders Award.”

The award was established by the ARA in 2005 to honor recent alumni who have made outstanding contributions to Rice since graduation.

Image

Bhalani graduated with a degree in computer science and has remained deeply engaged with the university community. Guided by a belief in building up others through connection and care, he has served on three alumni boards: the Rice Engineering Alumni board of directors, the ARA board of directors and the Center for Career Development advisory board. In these roles, he has helped lead efforts such as raising more than $200,000 through data-driven outreach, launching a summer internship program that has provided dozens of engineering students with their first professional experiences under alumni mentors and strengthening support for recent graduates.

Beyond board service, Bhalani has volunteered as a Baker College community associate, admissions interviewer, Rice Fund volunteer and mentor to more than 20 students during and after their time at the university.

Professionally, he has worked as a strategy consultant at Accenture and led go-to-market strategy for a billion-dollar platform at Indeed. He is currently pursuing an MBA and a master’s degree in design innovation through the MMM program at Northwestern University’s Kellogg School of Management, preparing to design mission-driven, human-centered product experiences.

Image

Eldridge is a two-time Rice graduate who earned his bachelor’s degree in civil and environmental engineering from the George R. Brown School of Engineering and Computing and his master’s degree in accounting from the Jones Graduate School of Business.

His passion for contributing to his community through leadership and service started as a core part of the Rice experience. As an undergraduate, he was president of the French Club, an O-Week adviser and a Willy’s Pub bartender. His volunteerism has since expanded as a McMurtry College community associate, externship host, alumni board member, Rice Business mentor, five-year reunion co-chair and alumni admissions interviewer.

As the president of the Rice Business Alumni Association (RBAA) board and a member of Rice Business’ board of advisers, Eldridge is focused on defining the strategic plan for the RBAA. His passion for alumni community building extends beyond the hedges to the Awty International School, where he has also served as alumni board president.

Upon graduating from Rice, he worked at Deloitte, where he served oil and gas clients as a senior auditor. Eldridge earned his MBA from the University of Chicago Booth School of Business and is a consultant at Bain & Co.

For more information about the Builders Award, visit alumni.rice.edu/builders. For more information about Alumni Weekend and the President’s Town Hall, including registration for the events, visit alumniweekend.rice.edu.

Based on research by Jung Youn Lee (Rice Business), Eric Anderson (Northwestern) and Joonhyuk Yang (Notre Dame)

Key findings:

• An alternative credit score based on retail shopping data helps borrowers lacking a traditional credit history get approved for a credit card.
• Retail-based credit scores can lower default rates if lenders keep approval volumes steady.
• Based on their own customer data, lenders can build tools that generate alternative credit scores from borrowers’ shopping patterns.
   

More than a billion people worldwide can’t access credit cards or loans because they lack a traditional credit score. Without a formal borrowing history, banks often view them as unreliable and risky.

To reach these borrowers, lenders have begun experimenting with alternative signals of financial reliability, such as consistent utility or mobile phone payments.

New research from Rice Business builds on that approach. Previous work by assistant professor of marketing Jung Youn Lee showed that everyday data like grocery store receipts can help expand access to credit and support upward mobility. Her latest study extends this insight, using broader consumer spending patterns to explore how alternative credit scores could be created for people with no credit history.

Forthcoming in the Journal of Marketing Research, the study finds that when lenders use data from daily purchases — at grocery, pharmacy, and home improvement stores — credit card approval rates rise. The findings give lenders a powerful new tool to connect the unbanked to credit, laying the foundation for long-term financial security and stronger local economies.

Turning Shopping Habits into Credit Data

To test the impact of retail transaction data on credit card approval rates, the researchers partnered with a Peruvian company that owns both retail businesses and a credit card issuer. In Peru, only 22% of people report borrowing money from a formal financial institution or using a mobile money account.

The team combined three sets of data: credit card applications from the company, loyalty card transactions, and individuals’ credit histories from Peru’s financial regulatory authority. The company’s point-of-sale data included the types of items purchased, how customers paid, and whether they bought sale items.

“The key takeaway is that we can create a new kind of credit score for people who lack traditional credit histories, using their retail shopping behavior to expand access to credit,” Lee says.

The final sample included 46,039 credit card applicants who had received a single credit decision, had no delinquent loans, and made at least one purchase between January 2021 and May 2022. Of these, 62% had a credit history and 38% did not.

Using this data, the researchers built an algorithm that generated credit scores based on retail purchases and predicted repayment behavior in the six months following the application. They then simulated credit card approval decisions.

Retail Scores Boost Approvals, Reduce Defaults

The researchers found that using retail purchase data to build credit scores for people without traditional credit histories significantly increased their chances of approval. Certain shopping behaviors — such as seeking out sale items — were linked to greater reliability as borrowers.

For lenders using a fixed credit score threshold, approval rates rose from 15.5% to 47.8%. Lenders basing decisions on a target loan default rate also saw approvals rise, from 15.6% to 31.3%.

“The key takeaway is that we can create a new kind of credit score for people who lack traditional credit histories, using their retail shopping behavior to expand access to credit,” Lee says. “This approach benefits unbanked applicants regardless of a lender’s specific goals — though the size of the benefit may vary.”

Applicants without credit histories who were approved using the retail-based credit score were also more likely to repay their loans, indicating genuine creditworthiness. Among first-time borrowers, the default rate dropped from 4.74% to 3.31% when lenders incorporated retail data into their decisions and kept approval rates constant.

For applicants with existing credit histories, the opposite was true: approval rates fell slightly, from 87.5% to 84.5%, as the new model more effectively screened out high-risk applicants.

Expanding Access, Managing Risk

The study offers clear takeaways for banks and credit card companies. Lenders who want to approve more applications without taking on too much risk can use parts of the researchers’ model to design their own credit scoring tools based on customers’ shopping habits.

Still, Lee says, the process must be transparent. Consumers should know how their spending data might be used and decide for themselves whether the potential benefits outweigh privacy concerns. That means lenders must clearly communicate how data is collected, stored, and protected—and ensure customers can opt in with informed consent.

Banks should also keep a close eye on first-time borrowers to make sure they’re using credit responsibly. “Proactive customer management is crucial,” Lee says. That might mean starting people off with lower credit limits and raising them gradually as they demonstrate good repayment behavior.

This approach can also discourage people from trying to “game the system” by changing their spending patterns temporarily to boost their retail-based credit score. Lenders can design their models to detect that kind of behavior, too.

The Future of Credit

One risk of using retail data is that lenders might unintentionally reject applicants who would have qualified under traditional criteria — say, because of one unusual purchase. Lee says banks can fine-tune their models to minimize those errors.

She also notes that the same approach could eventually be used for other types of loans, such as mortgages or auto loans. Combined with her earlier research showing that grocery purchase data can predict defaults, the findings strengthen the case that shopping behavior can reliably signal creditworthiness.

“If you tend to buy sale items, you’re more likely to be a good borrower. Or if you often buy healthy food, you’re probably more creditworthy,” Lee explains. “This idea can be applied broadly, but models should still be customized for different situations.”

By Deborah Lynn Blumberg

Anderson, Lee, and Yang (2025). “Who Benefits from Alternative Data for Credit Scoring? Evidence from Peru,” Journal of Marketing Research.

The right internship can change everything. It’s often the first real test of whether the career you’ve imagined feels right in practice and the first big step toward where you want to go.

At Rice Business, we make sure students are ready when opportunity shows up. 

Our MBA Career Seminar gives Full-Time MBA students the tools, strategies and confidence to take charge of their internship search. With one-on-one support from the Career Development Office, students learn to tell their story, build connections and pursue roles that fit their goals.

Why We Built the Rice Business Career Seminar

Recruiting season can feel like a full-time job. We designed this seminar to make it more doable, structured, and grounded in real experience, offering students more support in an increasingly dynamic and competitive environment.

“The Career Seminar has given students a dedicated space to ask questions and actively work on their recruiting strategy,” says Mariella De Alba Ortiz, a senior associate director on the CDO team. “We’ve seen them fully engaged — participating in discussions, practicing outreach and exploring new resources that strengthen their search. It’s been exciting to watch them gain confidence and clarity as they shape their individual recruiting paths.”

Image

Our CDO advisors take into consideration feedback from both Rice Business student leaders and top employers alike to curate a well-structured curriculum that prepares students to stand out during recruitment.

From the very start of their first semester, students gain both guidance and accountability. The seminar helps them stay on track with key milestones while developing the skills that matter long after the MBA: communication, adaptability and self-awareness.

Inside the Seminar 

Designed to give students both structure and confidence, the seminar combines tactical skill-building with real-world practice. Students refine their personal brand, master networking and interviewing, and build a sustainable recruiting strategy tailored to their goals — all while learning how to keep momentum through changing plans.

Image

Here’s a look at some of what’s covered:

• Networking in Action: Coffee Chats
• Recruiting Roadmap: Timelines, Targets and Strategy
• Personal Brand & Value Proposition
• Behavioral Interviews I: STAR Stories
• Behavioral Interviews II: Alumni Panel and Fish Bowl
• Communicating with Recruiters and Evaluating Offers
• Sustaining Your Search

Together, the sessions form a complete roadmap for internship recruiting, helping students sharpen their professional identity, connect confidently with employers and approach interviews and offers with clarity.

Who It’s For

The Career Seminar was designed specifically for our Full-Time MBA students, who face a fast-paced recruiting cycle in their first semester. These sessions provide targeted, timely guidance just when it’s needed most.

Our working professional programs also receive robust career resources, but this hands-on, semester-long series is currently exclusive to full-time students. Because they step away from their careers during the two-year program, we provide Full-Time MBAs with this guidance to help them reenter the workforce with valuable internship experience.

Recruiting at Rice Business

At Rice Business, students don’t go through recruiting alone. The Career Seminar is built into the experience — not as an optional add-on, but as a core part of what makes our MBA program distinctive.

Every step is designed to help students turn preparation into confidence, and confidence into results. Learn more about companies that recruit at Rice Business.

Explore the Rice MBA 

The 10th annual Sparking Success Conference is set for Oct. 31, when attendees can experience a forum full of industry professionals, leaders and experts to network and learn important skills in the ever-changing world of business.

This year’s keynote speakers are Mohammed Anwar, Jeff Ma and Frank Danna to discuss their bestseller “Love as a Change Strategy: Innovation, Growth and Transformation.” The book follows the inside story of how they reorganized every layer of their company, Softway, and offers a blueprint for how to lead any change from a place of love.

Several Rice faculty members will present their research and expertise in sessions and dialogues, including Ruth Lopez Turley, director of the Kinder Institute for Urban Research and professor of sociology; Danielle King, associate dean of graduate and postgraduate studies and associate professor of psychological sciences; and Constance Porter, senior associate dean for belonging and engagement and associate clinical professor of marketing, will provide welcome remarks.

A number of industry leaders and insiders will sit on panels and host breakout sessions to ensure attendees receive timely, impactful experiences. This features executives from Cheniere Energy, JP Morgan Chase, the Houston LGBTQ Chamber and the Houston Minority Supplier Diversity Council discussing change management as well as sessions on neurodiversity and imposter anxiety.

Rice Business Sparking Success Conference — 10th anniversary
Friday, Oct. 31
8:30 a.m. – 1:30 p.m.
Register here

The Office of Belonging and Engagement at Rice Business fosters positive and productive collaboration among students, faculty, staff, alumni and the community. Learn more about Rice Business’ Belonging and Engagement team and activities here.

If you’re considering pursuing an MBA, you may be wondering: What does it take to get into one of the top business schools?

There’s no one way to submit a perfect MBA application, but there are key qualities that most successful candidates share — and that top admissions committees search for. Here are some tips from the Rice Business admissions team on curating a strong application and standing out to top-ranked business schools.

How To Stand Out

Image

Top schools aren’t just looking for applications with all the boxes checked off. They want to see candidates going above and beyond — demonstrating leadership, passion and vision for the future.

Here’s what can really set your Rice MBA application apart: 

• Interview Prep. If you’re invited to interview, it means the committee sees potential in you. Use this opportunity to reinforce your goals — displaying confidence, clarity and purpose behind your decision for pursuing an MBA.
• Professional Certifications. Credentials like the CFA and PMP can strengthen your profile, especially if they align with your career goals or show technical expertise.
• Career Progression. Clear, steady advancement shows commitment, capability and a track record of results — evidence that you’re ready to take the next leap in your career.
• Demonstrated Leadership. Through community involvement, entrepreneurship or mentorship, strong leadership is a universal differentiator.
• Quantitative Readiness. Courses like accounting, statistics or data analytics can demonstrate preparedness, especially if you waive test scores.
• Strong GPA. A high undergraduate GPA shows you can handle the academic rigor of graduate-level coursework. If your GPA is lower, other elements like test scores or professional achievements can help balance it out.
• GMAT, GRE or EA. Even when tests are optional, submitting a competitive test score can boost your application, as it signals readiness for the MBA’s analytical demands.
• Authenticity. Be yourself! Admissions teams want to get to know the real you — your goals, your story and what drives you to pursue an MBA.

If you’re aiming for Rice Business or another top program, make sure to strategically display your strengths in your MBA application to show your commitment.
 

MBA Application Basics

While every MBA program has its own criteria, these core components are expected by most top-tier Full-Time MBA programs, including Rice Business:

• Bachelor’s Degree. All accredited MBA programs require a completed undergraduate degree from a recognized institution.
• Professional Experience. Most students bring two to five years of work experience. Schools aren’t just looking at what you did — they want to see your career progression and impact.
• Resume. A clear, concise resume highlights your professional trajectory, achievements and extracurricular involvement. Think of it as a snapshot of your career story.
• Letters of Recommendation. Strong recommendations from supervisors or mentors provide a third-party validation of your abilities. The best letters share concrete examples of your teamwork, leadership and problem-solving skills.
• Personal Essays. Essays are your chance to tell your story: why you want an MBA now and why that school is right for you. Authenticity matters more than perfection.

Image

For professional applicants looking to apply to a part-time program like the Rice Professional MBA, Hybrid MBA or Executive MBA, requirements can vary. For example, an executive program may prioritize work experience over test scores or education history. Be sure to check the Rice MBA application requirements for your specific program of interest ahead of time.

If you’re considering graduate school, it’s a good idea to start preparing these materials early — no matter when you intend on applying.

Missing Something? Here’s How To Bolster Your Application

Don’t panic if your profile isn’t perfect — many admitted students don’t check every box. What matters is how you tell your story and balance your strengths.

For example, if your GPA isn’t as strong as you’d like it to be, consider using essays to highlight your professional achievements or quantitative experience. If you have less professional experience, you might emphasize leadership in volunteer roles or entrepreneurial ventures. Many early-career applicants are still competitive if they demonstrate leadership potential, internships or entrepreneurial experience.

Image

Our admissions committee, like many others, evaluates applicants holistically. Top programs are looking for evidence of potential and passion, not perfection. Show them how you’ve grown, what you’ve learned and where you’re headed.

Looking for More Application Tips?

If you’re looking for more insights on how to present your best self, check out our guide on MBA application tips — including strategies for crafting your story, preparing for interviews and getting involved in the community early.

Curious if you belong at Rice? Contact our admissions team or attend an event to learn more about our top-ranked MBA programs.

Explore the Rice MBA 

Peter Rodriguez, the Houston Endowment Dean of the Jones Graduate School of Business and the Virani Undergraduate School of Business at Rice University, has been named the 2025 Poets&Quants Dean of the Year, a national honor recognizing visionary leadership and outstanding contributions to business education. The award was presented last night at Poets&Quants’ annual awards ceremony in Toronto.

Since his appointment as dean in 2016, Rodriguez has guided Rice Business through a period of extraordinary growth and innovation. Under his leadership, the school has grown in enrollment, faculty and staff. He doubled the MBA enrollment and launched new programs, including the university’s first online graduate degree program, MBA@Rice, as well as the hybrid MBA and the undergraduate business major at Rice. He also ushered in a new name for the undergraduate programs in honor of Houston community and business leaders, Asha Virani ’89 and Farid Virani.

This past spring, the Rice Business alumni network grew to more than 10,000. To support the school’s growing programs and student body, Rodriguez is overseeing the development of a new 112,000-square-foot facility adjacent to McNair Hall. Scheduled to open in 2026, the building will serve as a hub for business education, innovation and community engagement in Houston and beyond.

“Peter Rodriguez’s optimistic, forward-looking leadership has elevated Rice Business among the nation’s top business schools and opened the opportunity of a Rice Business degree to undergraduate and many more graduate students,” said Rice University Provost Amy Dittmar. “His vision for accessible, high-impact business education continues to inspire faculty, students and alumni — and this recognition from Poets&Quants is well deserved.”

In his nearly 10-year tenure as dean, Rodriguez has seen Rice Business climb in the national rankings, including the No. 3 spot for Best MBA in Finance from The Princeton Review. In recent years, Rice Business has also been ranked No. 5 for Top Online MBA program (2025) by The Princeton Review and No. 1 MBA in Texas (based on global rankings) by the Financial Times (2023-2024). In addition, Rice Business has been ranked the top graduate school for entrepreneurship by The Princeton Review and Entrepreneur magazine for the last six years.

Rodriguez joined Rice Business following more than a decade at the Darden School of Business at the University of Virginia, where he served as senior associate dean for degree programs and chief diversity officer. He holds a doctorate in economics from Princeton University.