Thinking of Targeting MBA?

The Master of Business Administration is one of the most popular and sought-after degrees around. It is highly marketable and widely recognized by employers and peers alike. An MBA will help polish your business and management skills regardless of your background.

I have already discussed the worth of an MBA degree in my previous article. If you have not read it so far, please go through it. I am sure it’s worth your time and will help you to gain clarity on your career goals.

You might think that the only way to get an M.B.A. degree is to attend some prestigious university, to abstain from working for two years, and to give up a large chunk of money in the process. While this used to be the case, it has really become the exception rather than the rule. Business schools everywhere have found ways to make the degree more flexible and more available to different kinds of students. In fact, a recent study found the following:

You Have Options: MBA programs come in all shapes and sizes. Each program varies in its admission requirements, course content, program length, attendance costs, and in many other factors.

Here are some things to think about before going for an MBA.

Below are some of the many questions that you should ask yourself before starting an MBA program. Going for an MBA can be exciting but it is also quite challenging. Properly evaluating these personal and lifestyle factors should enhance your chances of success.

What type of program will you be involved in? Generally, you can pursue a full time, part time, executive, or even distance program. Each type of program has different time commitments. Don't let the idea of "convenience" fool you. Make sure to choose the program type that will enable you to be successful.
Is your family on board? What ever family makeup you have, make sure family members are committed too. Does this decision affect a spouse or child? What are their situations with work or school? Make sure you look at the whole picture.
Will you have to relocate for this program? Full time programs often require relocation. Some distance programs require residencies. If not relocation, maybe there will be significant travel time involved going to and from class.
Do you realize how long the program is? A part time program may be convenient, but it could last between three and five years. You need to be ready for this. Understand if you work better with fewer classes at a time for a longer period or with a heavy load for a shorter period.
Can you balance work and personal life? What ever MBA route you choose, you will be giving up part of your life. It is usually a good investment in time and money, but it can still take its toll. Make sure your work knows what it going on. They will usually need to be flexible too.
Can you afford the MBA? Look at any applicable factors: the cost of not working for a period of time, the cost of tuition and books, the opportunity cost (what are you giving up?), and any other costs involved. Will this prove to provide a good return on your investment? Look at all the numbers.
Are you ready for graduate school? Graduate school is generally harder than undergraduate work. The MBA is often more demanding than other graduate degrees. How long has it been since you have been in school? Graduate school can be a real eye-opener.

The one-year MBA programs in India are relatively new. They are meant for applicants with work experience who are looking to upgrade their management skills and fast track their career progress.ISB started it, and now IIM Ahmedabad and IIM Calcutta have also started one-year MBA programs. S.PJain also offers a one-year program but only for those interested to specialize in manufacturing and operations or information management. The cost of these MBA programs for working executives is much higher than those of the regular two-year programs in India: Rs. 6 lacs at S.P.Jain, Rs. 10 lacs at IIM Ahmedabad.Rs.8 lacs at IIM Calcutta and Rs. 15 lacs at ISB. These are approximate costs at these schools including living expenses. Loans from banks to finance all or part of the expenses are easily available to selected applicants

There are more options available if you plan on going abroad for your one-year MBA. If you seek an international study experience and employment abroad on completion of the program, these programs provide good opportunities: INSEAD, IMD Switzerland, Said School of Business (Oxford University) and Judge Business School (University of Cambridge) in Europe. Kellogg and Emory University are the good options in the US for a 1-year MBA. Costs including living expenses can be much higher in Europe and US. Euro 60,000 (Rs. 32 lacs) at INSEAD,Swiss Francs 110,000 (Rs. 37 lacs) at IMD Switzerland, UK Pounds 38,000 (Rs. 29 lacs) at Oxford. Among the US one-year programs, Kellogg could cost about $80,000 (Rs. 36 lacs) and Emory MBA about $70,000 (Rs.32 lacs).These are all approximate figures, based on previous year estimates. In addition to the higher expenses, MBA programs abroad can be more competitive too. You compete globally for fewer number of seats that may be allocated for applicants from India. There is no strict number that schools allot to applicants from each country but they don't take too many from each country to ensure diversity in the class.

What to Look for in an MBA Program

When you seek out an MBA program,

Find one that combines theory with practical, real-world experience in your field. Simply having the ability to spout off the research and numbers you studied in graduate school won’t get you that six-figure job. Employers will be much more impressed if, in addition, you can tell them how you have applied your extensive knowledge of theory to a real business problem.
Intangible skills like leadership, good communication, self-discipline and interpersonal relations are necessities for MBA students wishing to be successful, so you should look for programs that incorporate coursework that addresses these skill sets.
MBA programs can be as diverse as the students who participate in them. Programs will vary depending upon location, faculty, coursework and more. There are MBA programs that specialize in a myriad of different topics involved in business, from human resources to e-commerce. In addition, online MBA programs are becoming increasingly popular and available, tailored to students looking to cut costs or work while earning an MBA.
MBA programs and degrees are not standardized or mainstream, so it’s natural that students in the programs differ based on expectations, goals, academic background and work experience.

The right MBA program will provide you with the theoretical knowledge as well as more practical experience. It will also instill a sense of self-satisfaction and respect for others, and equip you with the networking skills necessary to succeed in the business world today.

- Pavneet Tandon: An English (Hons.) from the prestigious JMC (DU), Pavneet is an expert English trainer for the CAT and the GMAT and mentors students at MBAGuru, INDIA’s Fastest Growing CAT Coaching Institute across its Delhi centres. Her adaptive style of teaching cuts across backgrounds and learning stages of students and helps them transition to their respective next levels.

Thinking of Targeting MBA?

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Manav Khurana,

IIM-K, MDI, SP Jain