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Many think about doing an MBA from US, UK, Aus… Here is the difference…..
Of the post-graduation options pursued in India, none has attracted as much attention as an MBA degree. Partly responsible for this is the fact that the Indian Institutes of Management (IIMs), established along the lines of IITs, have set extremely high standards for Management education in India. Of course, this has led to the other institutes putting in equal effort, and the result is that we have almost a dozen institutes in the country whose quality of education is impeccable by any standard.
As a result of this, multi-national corporations operating in India have never had the need to look for talent elsewhere. They have been regular visitors to the campuses of the top B-schools, and have offered managerial designations coupled with sky rocketing pay packets to the graduates of these B-schools. The average salary offered at the top 10 B-schools last year for Indian postings was Rs. 13 lacs per annum.
Moreover, some of the best international companies (particularly Consulting and Banking firms) have now been recruiting from Indian campuses for placements abroad!! Needless to add, they offer dollar pay packets for these jobs, with postings in USA, UK, Singapore, Hong Kong etc. The average dollar salary at the top 10 B-schools last year was $95,000 per annum.
Yet another factor responsible for the MBA craze in India is the low cost of education. While an MBA from a good foreign university (say, a private US B-school) costs between Rs. 30-40 lacs, an MBA from a top B-school in India, like an IIM or XLRI, costs just about Rs. 9-11 lacs. Moreover, there is easy availability of student loans and scholarships here in India as compared to the availability of the same abroad. One should also note that applying to a foreign university involves very high initial expenses (e.g. the GMAT costs around Rs. 10000, the cost of the application form of each college is around Rs. 6000 ($125 each)). So if you apply even to 10 good colleges, you end up spending around Rs. 75000 (courier, counseling etc.). Hence, students looking for good quality affordable management education have preferred doing their MBA in India. Those who have the resources have preferred studying at top international management institutes abroad.
The Choice is stiil individual’s….
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By Satyam Gambhir
Published: May 26, 2009
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With Indian business schools commencing classes from June onwards, this is the time for MBA aspirants to relax and realise. It is not a crime to expect good things to happen but b-school aspirants often have unrealistic expectations from the corporate world. A handsome salary package of Rs 9 to Rs 15 lakhs per annum and a good work profile are some of the justified expectations from a good b-school. Engrossed with thoughts of lucrative salaries and dreams of scooting up the corporate ladder, students either do not realise or prefer to not think about the hard work required. The jury is still out on the global financial crisis and it is unrealistic to expect good to happen in the current situation.
As far as the current market scenario is concerned, students should clearly define their expectations from the MBA program. Students should ask themselves the question – “What do I expect during and after the two years of study?”. Writing the answer and then discussing it with college seniors or alumni might give you a more realistic picture and you may be surprised by the results. Unknowingly, an aspirant’s expectations play a vital role in deciding a b-school. What you should do at business school.
Life at business school
Now that you are enrolled at MBA college, it probably comes as no shock that those bleary-eyed undergraduate college days of rolling out of bed just minutes before a ten o’clock lecture are over. A few small changes in the way you think and behave can make a world of difference in your overall enjoyment of the MBA experience. Enjoy this experience as you should—it’s the key to the life you deserve! More than books and lectures, an MBA is about building networks and relations which can help you with work and its management, learning from a diverse set of peers, future jobs and helping the network nodes in return.
First, before you begin any graduate program, be sure you can afford to do so. Whether you have saved money or are subsidizing your education through some other means, remember that simplifying your budget now means fewer worries later. Cancel that gym membership that you’re paying for every month — it is more than likely that there is a gymnasium on campus which is free or inexpensive for students. Cut down on expenses like watching movies or shopping for a few extra points on your credit card until your MBA expenses are clearly delineated. For that matter, be very critical from now of entering into any agreement that requires an additional regular payment. If you are funding your MBA with help from your parents or an educational loan then it is more than important for you to keep a check on your daily expenses.
Balance your time extremely carefully. One of the biggest considerations in successful higher learning is stress management. Besides the obvious factors that play into stress such as diet, sleep, exercise—there are equally crucial skills to incorporate. These include allowing yourself small pleasures and being honest with yourself and those around you about your ability to cope. If you find yourself flailing, even momentarily, lean on your support network. Remember that help is never far but in order to get it you must ask.
As an MBA student, I strongly feel that B-schools also need to introduce to their students some of the critical elements that invariably determine one’s success in the corporate world. A critical element that B-schools miss out on is the art of perception management. If you think your rise up the corporate ladder is determined solely by how well you do your job then you are mistaken. Whether it be plum postings, high grades in the annual performance appraisals or even offers from other organisations, individual perception is crucial — in some cases, it may even make or mar your career. Some of the common determinants of success are – how you project yourself in the organisation, how you communicate with peers, juniors and seniors and even how well groomed you are. These are qualities which a b-school will not teach and you will have to learn these during your MBA.
Managing across cultures and boundaries; coping with difficult times, an unreasonable boss, a mid-life crisis or a layoff and other similar real-life situations may not come easily to everybody and this is where guidance from the networking and seniors could help.
It is important to remember that you are a representative of your MBA program in addition to a representative of yourself and your classmates. A certain level of accountability is required of you throughout the program relationship. It is your responsibility to maintain the network for others and your benefit and not only for the latter. Learn about specific jobs, career paths, organizational cultures, and industries. Receive constructive feedback about personal and business skills. Obtain guidance about conducting yourself in business settings. Finally, create a career plan with your network and work towards achieving the stated goals.
Students need to understand the industry they want to work in, as well as the individual companies and their competitors. They must understand what the job is and be able to convince a prospective employer that they can do it on a daily basis. A B-school education is the critical minimum effort required to make a meaningful education in the world of business. It is the first important step, but certainly not the last.
Important issues for MBA graduates
A majority of MBA students view their degree as a means to a desirable job. How is a desirable job defined? According to a survey done in the year 2003 on 2000 MBA students in US, UK, India and Australia, a good job includes (in order of importance) 1. Interesting work 2. Good chances for promotion 3. Opportunities to develop abilities 4. Competent co-workers 5. Fair promotions 6. Enough authority 7. Good pay 8. Job freedom 9. Job security 10. Concerned supervisor. B-school accreditation status (AICTE or UGC and other bodies) and admission competitiveness are related, though not strongly, to the salary of students. Students studying in unapproved colleges consider a high salary as their most important concern during their MBA.
For fresh graduates, the expectations lie between good work profile and good salary package. However, MBAs with work-experience attach somewhat equal importance to all the points stated above. For some students of the latter group, MBA is also related to changing the current employer and current position. There are not many who wish to change the field of work and this is not suggested either.
In the current economic situation, going for an MBA or any other post graduate degree is a good idea only when one is not happy with the current job, worried about more lay-offs or is without a job. According to many experienced managers and professors at reputed b-schools, it is definitely better to take a break and improve skills rather than stick to a job that threatens you every day. Further studies are advisable for fresh engineers and graduates who are still waiting to join software and electronics firms. It is not justified to expect a salary of above Rs 10 lakhs from an average b-school. However, salaries after a b-school depend on several factors including work experience, knowledge and reputation of the college.
If you have secured admission in any of the top seven-fifteen b-schools of India then salary should not be a concern. However, if the reputation of your college is between ranks 16 to 30 then it is time for you to put in an extra 20 hours a week to cope with this fact. If the college is not included in the top 50 then you will have to work together with your college and your network for a secure future.
Irrespective of a college’s ranking, you can succeed by covering it up by adequate hard work and combining it with a proper industry interface. An MBA gives individuals a set of general management skills that lasts for a lifetime. This broad training transcends location, time and job type, and enhances current focus and specialization.
Satyam Gambhir is a student of the class of 2011 at Symbiosis Institute of International Business, Pune (SIIB) and graduated as an Electronics and Communication engineer from Apeejay College of Engineering, Gurgaon. Prior to enrolling at SIIB, he spent two years as a Manager Training at a software firm. He blogs regularly and has written in the past for business magazines. You can reach him at satyam.gambhir@gmail.com and provide feedback and suggestions.
Hi Aspirants
This is a place on web where you can get all the information about Indian B-Schools. All your queries from preparing for a B-School to selecting from available options.
From Group Discussion tips to winning interviews.
The courses that can help you while you do an MBA program!!
What to do if you could not crack CAT/XAT/SNAP etc this year?
Is your profile enough to make you a preferred candidate for top B-Schools?
What does it take to be one of those who is there already!!!!
Come here to get answers to every thing you have in mind regarding B-Schools.
About Blog Owner:
I am Satyam Gambhir from Gurgaon, Haryana. Done my Electronics and Communication Engineering from Apeejay College of Engineering and currently pursuing MBA program from Symbiosis Institute of International Business, Pune.
It took me years of work experience to understand the importance of an MBA program and its need for budding Indian Entrepreneurs. I have worked as a Soft Skill Trainer with an MNC before joining an MBA program.
I have also been writing and blogging for years about Business, Economy, Markets, Human Resources and now Education.
It was very recent that I realized that I get enough number of emails/text/calls daily regarding careers, MBA, preparing and selecting B-Schools, to start a Blog.
There is lot left to say to initiate a blog, however I will keep on pressing words with time.
So here I go. Let me just be the medium and let the flow begin. 
Thanks
