Parents’ role in the MBA decision process

We are a special breed. We think differently, act differently than the rest of the world. That’s what makes us special. It also gives rise to situations and conflicts which our international brethren might find difficult to comprehend.

One such area is the role that parents play in an Indian MBA applicant’s decision making process (read financing). Here’s a post that many readers of this blog might be able to identify with. The original dilemma was posted by some who called himself ‘confused fellow’. Read up and decide for yourself if the pseudonym was justified.

Source: Pagalguy Discussion forum. Post edited

Quote:
Originally Posted by confusedfellow
hi guys

i hve been trying to break into some gud bschool for past few years but sometimes money or sometimes failure 2 get admits stopped me
am wrking for 4-5 years as a XXXXXXX. i am in India.
i will be 28 by next year with no hopes of high profile college admission but just a moderate{least expensive} ms finance from somewhere

i want to ask if i somehow complete cfa level I along with ms finance then wld i have a chance to make it to an ib/corp fin/fin consulting or say any finance job with some managerial role?
i have a previous degree in economics with gud grades but college wasnt a top shot,just like a community college n all education is anything but practically relevant,it was like cram up theories and get marks,no eviews stata sas.
i have always been a hard working sudent but got enlightenment regarding career a bit late

however i have a moderate gmat 680 {49 q, 33 verbal}
and i feel i can get into 1 year ms corporate finance programes{not lbs oxbridge hec etc but just some second tier bschools like edhec ,grenobble in france,Aston in uk or SUNY buffalo etc etc}

wld u suggest me to invest into such education when looking at my career aspirations??my parents will support me for education but its their hard earned money and I donn wanna waste it if I know beforehand that results ll be null coz we are just a lower middleclass family?
So I would like to ask is it possible to come out with a job after such graduate in programs with no previous wrk ex of fin and age of 29 by then 2011 !!!!!!!!!?
i am wishing to recover through a ms finance program
but the money invested isnt mine
so i only want my parents to do that if i cld get them atleast the investment back,,rest i want nothing except a good respectable job
i even scored cat in 2006 and 2007 scored 97.something and 96.something but yet ended nowhere
but i m in real dilemma right now so wanting some advice from seniors in trms of education and work

thanx for your patience to read my post.
I really need some sincere advice.

Hi,

I’m generally very supportive of those aiming high and having the potential to reach there. Read my other posts when you have the time, if you want to verify if that is true. But this post will be an exception. If I’m crossing my limits, bada bhai samajh kar maaf kar dena.

First a little background. I come from a middle class family too. I struggled for several years before I managed to get into a top b-school. I was older than you when I got in. So when I say I understand your situation, I’m not exaggerating.

There was a basic difference in my thought process, though. I felt my parents had given me much more than basic education. And at that point in time, I had no option but to depend on them for support. However, for higher education I knew it had to be self-financed – through savings, through loans or through scholarships. There was absolutely no way I wanted to burden my parents for this. It took me a while to get there, but I did.

I feel, your story starts off on the wrong foot. You’ve expressed concern for your parents and their hard-earned money. But your proposed actions are in direct conflict with your intentions. your folks did not have an MBA, they did not go abroad for higher studies. They stayed back here and did the best they could to ensure you get what they didn’t.

My only advice to you is this. The MBA isn’t just about money. It’s about maturity, independence and responsibility. Stop using your parents as a crutch, even if they are offering their support to you. They’ve done enough for you.

From your GMAT score and the rest of the stuff you’ve shared, I think you have an above average intellect and you are hard-working as well. You’ve tried hard for an MBA. If it hasn’t worked out after several years of trying, read the signs. Maybe it isn’t the track for you.

The more desperate you get, the more vulnerable you are in getting exploited – by schools, by coaching classes, by unscrupulous consultants.

Maybe you’ll be more successful if you change your strategy and stop focussing on the glamour and the hype. Stop chasing a mirage. The world runs on more than just Corporate finance and I-banking. Look at other fields. Marketing, operations, logistics, technology – you’ll run out of items to add to the list of options. Most of the millionaires in the country aren’t fortunate to have basic education. They still slog and do well in life. So smell the coffee and wake up.

There may be thousands of others out there who are in a similar situation. I can’t influence the others. But if this (semi-emotional) post works as a wake-up call to even one of them, I think it has served its purpose.

Good luck in whatever you may choose to do in life.

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Sameer Kamat //
Sameer Kamat
Founder of MBA Crystal Ball. Author of Beyond The MBA Hype & Business Doctors. Here's more about me. Connect with me on Google+ | Twitter | Facebook | Linkedin

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