General Queries - Bschools, financing, MBA scholarships

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General Queries - Bschools, financing, MBA scholarships

Postby MBACrystalBall » April 2nd, 2012, 11:50 am

If you have any general queries regarding the application process, including business schools, financing, MBA scholarships or anything else, please share them here.

Here are a few blog posts on MBA financing, MBA scholarships to get you started.
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Re: General Queries - Bschools, financing, MBA scholarships

Postby shekhar » April 4th, 2012, 7:32 pm

Hello Sir,

Completed Reading your book.but still having few questions.
1.there are any 1 Year Good Tech MBA Programms ?
2.what if i dont have $100k but still want to apply for good MBA Programm?
3.i have low GPA but i think i can score 700+ in GMAT & 0 Year Experience after graduation.
4.i have completed my Graduation in 5 Years because of my Health Issues this will count while applying?
5.I run Small IT Firm since 2009 i have good Client List this will add some points?
shekhar
 
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Re: General Queries - Bschools, financing, MBA scholarships

Postby rpm » April 4th, 2012, 9:25 pm

Hi MBACrystalBall,

Thanks for starting this great initiative. I am looking forward to pursuing an MBA (if at all!) from the US and need your advice on few pointers:

My Profile:
Xth marks: 91%
XIIth marks: 87%
Graduation/ Post Graduation:Dual Degree from IIT Delhi (2010 passout)
B.Tech. CGPA: 7.4/10
M.Tech. CGPA: 9.2/10
I have been working at a niche management consulting firm for the past 20 months (promoted once and got the best employee award)
Extra Currics: Institute vice-captain at IIT; hostel captain; help positions of responsibilities in few college events
Took tutorial sessions for 1st and 2nd year students during my last year at IIT
Got couple of awards and scholarships at IIT
Involved (not very deeply) with an NGO for the past two and a half years
NO international travel so far

I have not yet taken GMAT (though I have taken the date of 3rd May and am preparing hard for it)

I have always wanted to do an MBA but never earlier thought of doing it from the US. Was focusing on CAT. I gave CAT couple of times but got stuck at around 97 %ile. Now I think that relying on CAT is very risky (especially all the ridiculous criteria of IIM A and B) and I should look for alternate (and better) options. Having said that, I want to do an MBA from one of the top US or global b-schools (say upto rank 10 or 15)
I have the following queries w.r.t. my MBA aspirations:

1. I am really confused as to whether give US b-schools a shot this time or not. Currently I have 20 months of work ex. and by the time I will apply (this Sept-Oct), it will be about 2 years. I am looking at Fall 2013 batch. I have spoken to many consultants and everyone says that it depends on a person's profile and they can deliberate on mine. But I cannot invest 30k or 40k before really knowing if I have any chance in my preferred schools or not. Should I at all be applying with a 3 year (at the time of joining MBA) experience?

2. While I have had a very rich experience at my current firm, my firm really does not have any brand name in the US. Will it be a key deterrent to my application? Should I switch to another bigger brand, stay there for a couple of years and then apply?

3. A very important concern for me: while I want to experience the very best education, I am not very confident about the financing part; I know that in all good b-schools, full loans are usually available without a co-signer, but how convenient is it to pay back the loan? In one of the blogs, I found that a person has to pay ~$2,000 per month for 10 years to repay the loan. Is this true?

4. What are the job prospects like in the US? How easy or difficult is it for an Indian to get a job there? How difficult is it to get a work visa? Is there a possibility that I will be asked to back to India after my MBA and then probably pay back the loan on my Indian salary?

These are a few of the questions that I have. Hope to get a quick reply and then I will post some more :)

Regards.
rpm
 
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Re: General Queries - Bschools, financing, MBA scholarships

Postby MBACrystalBall » April 4th, 2012, 10:00 pm

Hi Shekhar,

//Completed Reading your book.but still having few questions.

That's the intended effect. Better to get more questions now rather than after starting the MBA program.

// 1.there are any 1 Year Good Tech MBA Programms ?

Most of the speciality rankings focus on US 2-year programs. With 1 year MBA courses, your best bet is to target universities that are close to technology hubs.

All the main cities (Los Angeles, New York, Chicago, London, Paris, Singapore, Hyderabad) have plenty of technology opportunities, so it shouldn't be much of a worry.

But your experience might make you better suited for a 2 year MBA. So think if you really want to target 1 year MBA options at this stage.


// 2.what if i dont have $100k but still want to apply for good MBA Program?

1 year programs won't be that expensive. But even for 2 year MBA options, if you target the right programs you could get a substantial amount of university funding that'll knock off a big part of your tuition. Check out our MBA blog to see more stories of folks who've got partial and full MBA scholarships at the top schools.

// 3.i have low GPA but i think i can score 700+ in GMAT & 0 Year Experience after graduation.

A high GMAT score can mitigate the low grades to an extent. Not sure why you say you have no work experience. You run your own company since 2009. So that's 2+ years of entrepreneurial experience.

//4.i have completed my Graduation in 5 Years because of my Health Issues this will count while applying?

You'll have to explain the break in your optional essay.

//5.I run Small IT Firm since 2009 i have good Client List this will add some points?

Definitely. You'll have to carefully choose the skills that you want to highlight and present them in the right manner to convey how your 2 years of entrepreneurship experience has helped you grow as a professional.
Sameer Kamat | Founder
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Re: General Queries - Bschools, financing, MBA scholarships

Postby MBACrystalBall » April 4th, 2012, 11:37 pm

Hi rpm,

//Graduation/ Post Graduation:Dual Degree from IIT Delhi (2010 passout)
B.Tech. CGPA: 7.4/10 M.Tech. CGPA: 9.2/10
I have been working at a niche management consulting firm for the past 20 months


Regular strategy consulting work or niche consulting (operations, marketing etc)?

//1. I am really confused as to whether give US b-schools a shot this time or not.
:
Should I at all be applying with a 3 year (at the time of joining MBA) experience?


Apart from a few top schools that encourage younger candidates, it could be a tough ride for the other schools that generally get guys with 4-5 years work experience.

There are several variables (GMAT, quality of your experience, post MBA goals) that I don't about. But in your position, I wouldn't exhaust all options this year.


// 2. While I have had a very rich experience at my current firm, my firm really does not have any brand name in the US. Will it be a key deterrent to my application? Should I switch to another bigger brand, stay there for a couple of years and then apply?

If you are aiming to get into Harvard Business School that's saturated with McKinsey consultants, it could be difficult. If you think you could manage the transition to a Bain/Boston Consulting Group/McKinsey, then by all means go for it. Otherwise, don't worry so much about the brand.

// 3. I am not very confident about the financing part; I know that in all good b-schools...how convenient is it to pay back the loan? In one of the blogs, I found that a person has to pay ~$2,000 per month for 10 years to repay the loan. Is this true?

Yes, that's pretty much in the ball-park if you don't get any scholarship. We helped someone who graduated from a Top-10 during recession, came back to India, now earns a rupee salary...and is still looking at the same kind of an outflow that you've mentioned about.

//4. What are the job prospects like in the US? How easy or difficult is it for an Indian to get a job there? How difficult is it to get a work visa?

If your career planning has been worked out well, it becomes relatively better than not having a plan and hoping that a top school brand will be sufficient to land a job. Certain industries and roles will be easier to crack into. Consulting and Investment banking remain the most difficult.

//Is there a possibility that I will be asked to back to India after my MBA and then probably pay back the loan on my Indian salary?

No one will ask you to come back to India. It'll be your choice to stick on in the US and try for a dollar salary. Or get back to India to join the Indian office of a global company. Or join a desi firm.

But yes, the bottomline is that folks have gotta have a plan, but be flexible as well.

Final word of advice. Don't go to consultants to sort out questions that are introspective in nature. No consultant will tell you they don't know, and you'll always get a response which may or may not be right from your perspective.

Sort out the basics on your own and then think about consultants when you want help on the 'implementation' front.
Sameer Kamat | Founder
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Re: General Queries - Bschools, financing, MBA scholarships

Postby TheMBADilemma » April 6th, 2012, 12:27 pm

Hi,

I am a B.Tech. CS graduate with 3.5 years of IT experience, currently working in an IT MNC.

Right now I am facing the toughest decision of my life. Gave MBA entrance exams this year but could only convert Narsee Monjee MBA(core).

But I am unable to decide what to do. Dangling between the below options:
1. Go for Narsee Monjee 2 year MBA as it is a reputed college and has very good placements,Mumbai being the financial capital of India.(a bit scared with my huge work experience as compared to fellow mates there)
2. Wait for one more year and apply for Executive MBA from IIM's which require 5 years work-ex. (but who knows what will happen next year,admit or reject)

Was thinking of waiting for one more and then go for Executive MBA in India...but a few factors are stopping me to take a concrete decision:
1. Cost is too high
2. Seats are too less (30-50)
3. Higher competition (Large number of applicants with significant quality work-ex)
4. Admit is not certain next year

Hoping to get some valuable advice from you.
TheMBADilemma
 
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Re: General Queries - Bschools, financing, MBA scholarships

Postby MBACrystalBall » April 6th, 2012, 1:52 pm

//I am a B.Tech. CS graduate with 3.5 years of IT experience, currently working in an IT MNC.

Hi MBADilemma,

// 1. Go for Narsee Monjee 2 year MBA...a bit scared with my huge work experience as compared to fellow mates there

I agree. Fitting in would be a challenge. In this Firstpost.com article, check out my thoughts on 'lateral placements' in Indian 2-year programs.

//2. Wait for one more year and apply for Executive MBA from IIM's which require 5 years work-ex.

Why wait for 1 more year? If you are open to GMAT based programs, there are many international options where your experience level would be just right.

// 1. Cost is too high
2. Seats are too less
3. Higher competition
4. Admit is not certain next year

For programs like IIMA PGPX, the average work experience is much higher (around 9 years). So even with 5 years work-ex, getting in can be a big challenge.

If you are open to it, look at 2-year MBA programs in the US. Aim for schools where your likelihood of getting in (along with the potential for scholarships) is high. Read some of the MBA scholarship stories on our blog.
Sameer Kamat | Founder
Connect on Twitter @mba_cb | Facebook | Email: info [at] mbacrystalball [dot] com


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Re: General Queries - Bschools, financing, MBA scholarships

Postby TheMBADilemma » April 7th, 2012, 2:41 am

I tried with the GMAT option as well this year (score 720) but all dings w/o interviews (9 colleges).
And the way economy is turning the tables in US and Europe now,going for a foreign MBA seems more risky (graduating with a huge financial debt)

confusion..confusion..confusion :(
TheMBADilemma
 
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Re: General Queries - Bschools, financing, MBA scholarships

Postby MBACrystalBall » April 7th, 2012, 10:16 am

//I tried with the GMAT option as well this year (score 720) but all dings w/o interviews (9 colleges).

Ouch! Not good. Something must've been seriously flawed with the overall approach then.

Re-think about the application strategy from ground up, to avoid an action replay this year. Was it the choice of schools, gaps in the storyline, post-MBA goals not convincing enough...


// And the way economy is turning the tables in US and Europe now,going for a foreign MBA seems more risky (graduating with a huge financial debt)

The guys who've written those guest blog posts (link shared in the earlier response) have found a way to tackle that problem. Aiming for good schools where the financial debt becomes more manageable.

If they approach their job hunt also in a planned but flexible manner, they'd do fine on the RoI front.
Sameer Kamat | Founder
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Re: General Queries - Bschools, financing, MBA scholarships

Postby Shantanu » April 15th, 2012, 2:24 am

What is the reason behind so many students goin on for MBA in india. When i asked one of them, he said there are jobs available in whatsoever specialisation u go for.

But, most colleges are not producing quality degree holders, and if most of their students are getting jobs (although not good), how far are they goin to survive?? In short, how is the scenario in future according to you?
Shantanu
 
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