Here are 5 tips for choosing the right MBA program
These experts reveal their top tips for selecting an MBA programme based on your interests and needs
For those who want to advance their careers or make a transition, an MBA is the best degree. According to Deepanshu Gupta, the chief consultant of an MBA Admission consulting firm, the degree is more valuable right now because of the economic slowdown.
According to him, people tend to return to school during an economic downturn to make use of the time and then get back to work after the downturn is over.
Additionally, Dr Rajesh Verma, a professor at an international business school, believes that an MBA is well-suited to the country's burgeoning start-up ecosystem.
As he explains, "The MBA curriculum cultivates entrepreneurialism and prepares the students for taking risks, learning from mistakes, and developing the essential skills for starting and managing their own business."
Here are some tips and advice for students considering an MBA program.
TAKE YOUR PICK
The types of MBA programmes available to people are mainly two, states Gupta. In two years after graduating from university, you can opt for an MBA program. According to him, these programmes usually last two years and are admitted via a competitive exam like CAT followed by the Group Interview and Personal Interview. On the other hand, the MBA for experienced professionals is available only to those with four or more years of work experience. He notes that most of these programs are one year in length.
There is also a third type of MBA, which is the executive MBA (EMBA) or the flexible MBA, which typically requires both GMAT/GRE scores and essays, recommendations, and the like." He outlines several such programs. For those who wish to continue earning while studying, these are available for one to three years. The program is ideal for those with more than eight years of experience.
According to him, the most popular majors are marketing, operations, finance, and strategy. These are being joined by entrepreneurship, technology management and information systems, and business analytics, which are relatively recent additions. There are also some specific ones offering majors in human resource management, healthcare and retail.
SHORTLIST A PROGRAMME
Despite the fact that many candidates shortlisted schools based on rankings, Gupta believes that's not the best approach. He elaborates, “There are just too many rankings out there, each with their own set of parameters which may or may not matter to you when it comes to your priorities.” Here are five factors that candidates must consider while selecting an MBA programme.
Vikram Shah, the founder of a consulting firm shares, “An MBA is a means to an end and not the end. Hence, if a student doesn’t know what they want to do after the programme, it’s difficult to choose specializations or even target certain recruiters.”
According to Gupta, "It means analyzing the schools' track record of placing students in the job/industry/ function you are aiming for.". Gupta suggests not relying exclusively on school placement reports, since these portray the school in a positive light. A student should speak with a current student or recent graduate of the program. According to him, this is the best source of on-the-ground information.
The quality of an MBA programme can be assessed by undertaking research. Some of the parameters are faculty, accreditation, infrastructure, and placements.
You can determine whether you "fit" with the program by doing this, says Gupta. Aside from CAT/GMAT scores, he recommends collecting data on GPAs, years of experience, and industry preferences. These are helpful in determining whether candidates will be admitted.
There are many personal factors that candidates should consider, such as affordability, location, weather, and family. Generally, Shah says that financial services firms are among top recruiters in some places, such as Mumbai. As such, one may need to be located in a certain city depending on the list of target recruiters" t low fees