Entries Tagged 'MBA' ↓

Every student, business person or executive thinks about pursuing an MBA at some point or the other. MBAs usually land prestigious, high profile jobs and careers at MNCs. The question is- Do you really need an MBA to be successful in business? To do well in life?

You gain a lot by pursuing an MBA- in terms of education, management skills and business competency skills. It prepares you for a promising career in business. You can learn a great deal about careers in marketing, finance, economics, management, etc. You learn to work on group projects, you acquire leadership skills, and you learn a lot of soft skills and experimental skills as well. The MBA environment is very stimulating intellectually. You feel motivated to work along with other students and faculties from diverse backgrounds. A good MBA program also provides you with contact building opportunities, career guidance and in-depth networking. It even helps you with job placements.

MBA candidates are classified into 3 groups. Those in their mid twenties to early thirties, with some years of work experience to their credit, belong to the first category. They can obtain an MBA as a means to polish their educational history. For those belonging to this category, an MBA is desirable but it is not a must unless you want to change your field. In other words, if you want to switch careers, you need to do an MBA. If you can get ahead in your career or further your existing career without an MBA, then you need not spend time and money on it.

If you wish to pursue an entrepreneurial path, you might want to do an MBA. It provides you with the necessary skills, expertise, networking, knowledge and personal experience needed to pursue the entrepreneurial route. Having said that, a truly dedicated and a focused entrepreneur can also excel without an MBA. It also depends on your attitude, skills and interests.

Some circumstances definitely demand an MBA. If your present employer demands an MBA for you to achieve a specific level of management, you definitely need to do it.

The question whether you require an MBA basically boils down to two questions that you need to ask yourself- Is there an alternative route or substitute to your goal? And what is the opportunity cost of doing an MBA?

Do you have any doubts regarding MBA? Are you apprehensive about the many specializations and job prospects pertaining to MBA? Here are some of the common MBA FAQs answered:

There are 6 MBA specializations to choose from- Marketing, Finance, Human Resources, IT/System, Operations and Entrepreneurship.

Marketing Management is the most popular discipline amongst management graduates. It appeals to those with leadership qualities and fairly good communication skills. A career in marketing offers ample scope for growth, innovation, responsibility and challenge. Brand Manager, Area Manager, Product Manager, Marketing Manager and Chief Marketing Officer (CMO) are the various designations. The companies include Fast Moving Consumer Goods, Advertising, Consumer Durables, Non-Durables, Media, Services Marketing and Market Research.

Finance Management is a career that is apt for those who are interested in quantitative skills. Those who also have an interest in planning, policy information and managing resources can also opt for finance management. A career in finance is best described as ‘Number Crunching’. Finance is about managing money and its repercussions. Banks, Financial Institutions, Stock Brokerage Houses and Investment Bankers recruit Finance MBAs.

HR Management is about managing people, managing employees. MBAs in this stream usually specialize in ‘compensation’. They are of in charge of Recruitment and Selection, Performance Appraisals, Employee Packages, Grievance Redressal Cells, etc. You could be a HR Manager, an Industrial Relations Manager or a Personnel Manager.

As far as Information Technology (IT) and/or Management Information Systems (MIS) is concerned, the field is usually favourable for technical graduates and engineers. IT Companies usually recruit MBA-Systems.

Those who are specifically inclined towards Production / Shop-floor Management opt for Operations Management. IT Companies, Manufacturing companies and Engineering companies recruit such MBAs. They are generally required to deal with the internal and external movements within an organization. It refers to vendor development, processes, ancillary management and relationships.

Entrepreneurship Management is usually chosen by those who have a family-managed business. It is a challenging and thrilling career option. With e-commerce catching up, Entrepreneurship Management has become a lucrative career stream for MBAs. It involves a huge amount of risk, but it also guarantees high returns if you succeed.

Some entrance tests judge students on the basis of their knowledge of current affairs and General knowledge (GK). Usually students falter in this section and end up scoring low marks. You can adopt the following strategies and brush up your GK skills.

1) Read the newspaper every day: This is the topmost preparation strategy as far as working on your Current Affairs is concerned. If you are studying for MBA, you must thoroughly read the newspaper daily. It is more important to focus on the business pages. It’s a must for a prospective MBA to familiarize himself with the latest happenings in the corporate world. You have to keep yourself abreast of all the developments in the corporate world. The more you read, the better it is for you. It also helps you improve your vocabulary and fluency in English.

2) Focus on your preparation: The GK/ General Awareness section usually follows a certain pattern of questions. For instance, there are some questions with reference to Mergers and Acquisitions (M&A) that have been asked in the recent past. Make sure to follow these developments closely and also prepare notes for the same. Ensure you are aware of all recent mergers and acquisitions. For instance, Tata Motors acquired Jaguar. Also, make sure you are familiar with the names of bigwigs in the corporate world. Ensure you know about the different committees set up by the government. For instance, the Nanavati Committee had probed the Godhra riots.

3) Make it a point to watch NEWS: It is extremely important to keep abreast of latest happenings and developments across the world. Watch the news daily. It keeps you alert, progressive and informed. You must be aware of important issues, events and developments as they take place.

4) Make it a habit to prepare notes and revise: It makes sense to make notes and refer to them at regular intervals, before your exam. Revise through your notes sometime before your exam so that your hard work is not wasted. Keep discussing current affairs with friends and family. It is a good way of revising and remembering things. Another great way is to debate such information. You can also refer to year end publications that recap important occurrences and events that have taken place during a year.

MBA is perhaps the most popular degree program across the world. An MBA from a prestigious institute equips you with the skills and knowledge necessary to run your business effectively. An MBA is probably your ticket to success, fortune and a rewarding career.

Here are the many advantages of doing an MBA:

1) It provides you with detailed knowledge and expertise about business and its many policies. This propels your career to a higher designation in a company.
2) You stand a chance of getting a higher package compared to someone who is not equipped with an MBA degree.
3) It keeps you focused. It helps you deal with the competitive business world.
4) When you do your own business, you are less prone to failure. You are well equipped with the necessary skills and expertise of starting and sustaining your business venture.
5) An MBA gives you amazing networking opportunities through the various people whom you meet- i.e. faculty, students and others. It improves your professional credentials.
6) It helps you gain confidence and acquire leadership skills to do well in life.

However there are some disadvantages of pursuing an MBA:

1) It is exorbitant in terms of time and money
2) Small scale, mid sized companies may not hire you since they are bound by budget constraints. You could be too expensive for them to hire.
3) You need to compromise on your personal life. An MBA demands a lot of time, attention and focus. Your social life takes a backseat.
4) Some companies would rather recruit candidates with years of experience than an MBA degree.

The above mentioned advantages and disadvantages will help you make a well informed career decision. It is an important decision that can have serious repercussions on your career. So it makes sense to weigh the pros and cons and take a wise decision of whether or not you wish to pursue an MBA.

Postal Address
Admissions Office,
Indian Institute of Management Ahmedabad,
Vastrapur, Ahmedabad-380015
admission@iimahd.ernet.in

Admissions Office,
Indian Institute of Management Bangalore,
Bannerghatta Road. Bangalore-660076
pgpadm@iimb.ernet.in

Admissions Office,
Indian Institute of Management Calcutta,
D.H. Road. Joka, Kolkata-700104
pgpadmissions@iimcal.ac.in

Admissions Office,
Indian Institute of Management Indore,
Pigdamber, Rau, lndore-453331
pgpadmission@iimidr.ac.in

Admissions Office,
Indian Institute of Management Kozhikode,
IIM Kozhikode Campus P.O.,
Kozhikode-673570
admissions@iimk.ac.in

Admission Office,
Indian Institute of Management Lucknow,
Prabandh Nagar, Off Sitapur Road,
Lucknow-226013:
admission@iiml.ac.in

Rajiv Gandhi Indian Institute of Management,
Mayurbhanj Complex,
Nongthymai, Shillong–793014
director@iimshillong.in
contact@iimshillong.in

Interactive Voice Response System Numbers
Indian Institute of Management Ahmedabad: 079-26307258
Indian Institute of Management Bangalore: 080-26484650
Indian Institute of Management Calcutta: 033-24380266
Indian Institute of Management Indore: 0731-4058371
Indian Institute of Management Kozhikode: 0495-2803005
Indian Institute of Management Lucknow: 0522-2736666
Indian Institute of Management Shillong: 0364–2308004

Websites
CAT Website: www.catiim.in
Indian Institute of Management Ahmedabad: www.iimahd.ernet.in
Indian Institute of Management Bangalore: www.iimb.ernet.in
Indian Institute of Management Calcutta: www.iimcal.ac.in
Indian Institute of Management Indore: www.iimidr.ac.in
Indian Institute of Management Kozhikode: www.iimk.ac.in
Indian Institute of Management Lucknow: www.iiml.ac.in
Indian Institute of Management Shillong: www.iimshillong.in

Studying abroad is expensive and you might need loan to pursue your studies. In order to make sure that no student is denied of pursuing higher education, various banks in India have come up with educational loan schemes. The demand for the loans is on a rise as the cost of education is escalating over the years.

You are eligible for a loan if you have secured admission in any of the bank’s list of approved courses or universities.

Expenses considered for loan:
* Fees payable to school/hostel
* Examination/Library/Laboratory fees
* Purchase of Books/Equipment/Instruments/Uniforms
* Caution Deposit/Building Fund/Refundable Deposit
* Travel Expenses/Passage money for studies abroad
* Any other expenses required to complete the course like study tours, project work etc.

SBI, Bank of Maharashtra, IDBI, Allahabad Bank, OBC, UBI, Bank of Baroda are some of the banks that provide educational loan in India.

The documents needed to be furnished to avail the loan:
1) Completely filled Application Form with Photographs.
2) Letter of admission from the Institute.
3) Letter from the Institute stating expenses of the program (term-wise, year-wise)
4) Documents for the Applicant & Co-applicant (Residence Proof, ID Proof, Signature Verification Proof, Age proof)
5) Mark sheets from SSC onwards till the latest examination passed.
6) Income Documents of the Co-applicant (Pay Slips / ITR copy etc)
7) Declaration/Affidavit confirming that no loan has been availed from other Bank/Institution

If you are planning to study abroad then following documents will also be required:
8) Visa approval papers
9) Travel documents
10) GRE/GMAT/SAT score
11) I-20 in case of applicant going to the USA

Starting life at an International University can be tough. Although finding good accommodation can be worrisome, a little research before you leave will go along way.

Campus accommodation V/s off-campus accommodation
Some universities have a three-tier system of accommodation for overseas students. Usually, one is guaranteed accommodation on campus in the first year. This helps foreign students fit in. In the Second year, it is necessary to look for off-campus accommodations. These could be either at one of the properties managed by the university for local landlords or a private one. In the final year, with all the added pressures of finishing a degree, you are guaranteed campus accommodation once again.

Generally, Indian students go for campus accommodations. This can be a good or bad move depending on a number of factors. If your university is a ‘campus university’, it is likely to be situated away from the city centre. Thus you will have to take a short bus ride to the campus. Living on campus means that you are close to all university facilities such as the library and the students’ union. It is also considered safer.

On the other hand, if your university is in London or any other major city, there will be public transport to the campus. Buildings of the university are scattered. In this case, choosing to stay in the university’s student residence will not provide easy access to the facilities.

Students tend to over-estimate costs. Weekly rents for a room could range from 50 pounds (approx Rs 4,000) to 100 pounds (approx Rs 8,000) per week, depending on the standard of student accommodation. This costs as much as renting a room or a flat in town.

As a pattern, students choose campus accommodation in their first year and move off campus in the second in order to see more of their surrounding areas. Staying with a group of friends in a rented apartment, works out cheaper.

Go to your university’s estates service to find out about off-campus accommodations. They usually have a list of properties that they manage on behalf of local landlords. However, do not limit yourself to the list. Approach local estate agents for properties which are solely advertised for students. Look at several properties to get an idea of what is available, where and at what price.

There are useful websites where a lot of student properties are advertised. Feeding your search engine with ‘student accommodation’ will throw up good results. Some websites you could visit are www.accommodationforstudents.com, www.homesforstudents.co.uk, www.studentpad.co.uk. Most local estate agents also have websites with portfolios of properties. Browse through them and identify properties that you want to view.

Two things you should remember while making a decision:
• View as many properties as you can even if the process is lengthy
• Consider various factors like distance from campus, cost, quality, neighborhood, etc

Renting a property
You (or your group) will have to sign a tenancy agreement usually covering a period of one academic year. Read the document carefully. This is a legally binding document, making you liable to pay rent for the entire period.

Estate agents charge administration costs of between 20 pounds (approx Rs 1,500) and 50 pounds (approx Rs 4,000) per person. They may ask for a copy of your student status letter (available at your university) and a copy of an identification document (usually your passport).

Location, type and quality of accommodation decide the extent of rent you pay. Properties in some areas are simply more expensive than others. A security deposit is required to be made, usually in the range of a month’s or a month-and-a-half’s rent on the entire property. This will be refundable at the end of your tenancy. This is of course subject to the condition of the property since you moved in.

Usually agents also collect the rent on behalf of the landlord. You might have to set up a standing order on your bank account. This means that on a certain date (usually the first of every month), your share of the rent will be debited from your account and transferred to the agent’s account.

Some properties are advertised inclusive of utility bills whilst most are advertised without. Find out from the agent who the providers are for the property. Contact them to open an account in your name and give meter readings. Make sure to call them again, give meter readings and close the accounts when you move out. This will prevent receiving bills for periods that you haven’t lived there. Full-time students are exempt from council tax.

On Guard!
Indian students are advised to spend an extra 10-15 pounds (approx Rs 800-Rs 1,000) a month for tenants’ contents insurance from a reputable broker. This is because student properties are often targeted by burglars and it is better to insure your valuable possessions.

Estate agents are salesmen, and will always talk up the property. Don’t get carried away. Inspect property for yourself. Landlords may want to extract money from you. Be prepared for an unwillingness to return deposits in full. The contactor might even make deductions claiming that you are responsible for damages to the property. Photograph the interiors of the property when you move in. They can be used as evidence of the condition when you move out. Thus, you can claim a full refund of your deposit.

The contractor is responsible for issues like leakages and the likes. Contact him to rectify the problem.
If you are cautious and take all precautions necessary, living in the UK can be fun!

There are two ways to apply for an MBA:
1.First take the GMAT (the Graduate Management Aptitude Test), then decide which B-school to go to and proceed with the application process for each school.
2.The second option is to decide on the B-School, then take the GMAT, and proceed with the application process.

The former process allows one to process the GMAT results and accordingly target schools which are likely to accept your scores. This helps decide on the schools that you really want to get into and those that are your backup. Target schools efficiently and be resourceful.

The latter process takes for granted that one would get the GMAT score required for the schools selected. This is perhaps suitable only for those who are sure of their capability to get into the school. The advantage is that one’s efforts are directed based on the specific goal of getting into specific schools.
If you are aware of the GMAT score you want to reach, you could set a higher goal so that even if you fall short, you will still have the score you require. Assuming that such efforts would pay off well, one reduces the chances of giving up one’s desire of going to the school you hope to.

GMAT is an expensive test to register for. The GMAC, the Council that governs the GMAT, allows a candidate to have his/ her scores sent to five B-schools. Sending score reports to any additional schools would attract an additional fee for each additional school. To not resort to any additional score reports you have to make the decision on the schools before taking the test.

The application process is a lengthy one and includes unexpected running-around.
GMAT
• Register for the test
• Take a mock test
• Gather study material and reference books
• Study
• Exchane notes and relevant topics with other applicants and discuss the same with them
• Attempt more mock tests

TOEFL
• Register for TOEFL
• Gather and study material

Transcripts
• Visit all the UG/ PG institutions you were a part of and check if they had a format for Transcripts
• If they do, then request them to prepare transcripts; if they don’t, prepare a format for them to fill up
• Revisit the campuses to collect transcripts
• Make copies of the transcripts and get them attested
• Enclose attested copies and original transcripts in envelopes and revisit the campus to get the institutions’ stamp across the seal

Recommendations
• Contact prospective recommenders to ask if they are willing to write recommendations.
• Make appointments with those who have agreed, to discuss the content of your recommendation
• Prepare a list of probable questions that the recommender may have to deal with
• Provide recommenders with the questions to fill out
• Contact them and fix a time to collect their responses. Carry envelopes along with each recommender’s name and the name of the school on it. Ensure that the response forms sealed in the envelope and signed across the seal

Essays
• List the essay topics of all the schools to be applied to
• Consider important points and intended content for each topic
• Write the essay
• Tailor-make an essay for every school
• Rework on your content
• Share with peers or professionals who will give an honest review of your work
• Revise and rewrite

Postage/ Courier
Make arrangements for sending transcripts and recommendations. While most schools have online application forms, some cases still require a hard copy of the application.
• Check out costs for international express delivery, post, etc. and the time each will take to deliver
• Ask if discounts are offered to students
• Fix a date for courier visit/ postal delivery

Application
• Fill in the online application forms
• Take print-outs of the completed form where necessary
• Pay application fee, which is usually through a credit card or a bank draft

Points to Remember
• Get the GMAT and TOEFL out of the way quick.
• Ensure that you have time after the test to complete all formalities.
• Before you fully concentrate on preparing for the tests, tour alma maters and workplaces to set the transcript and recommendation process in motion.
• Ensure that you follow up on progress by revisit to the campuses and offices.
• Don’t be lazy about the essays or presume that you will be done before the deadline. With all the traveling you will have to do to get work done, you may not have enough time to complete them in time.
• Pay attention to every aspect of the application. One can never tell what might put off an application reviewer. Plan the application cycle so that every aspect gets its due importance.

Needless to say, ambitious MBA aspirants wish to secure admission in top MBA programs. Anyone who wants to be a part of a successful MBA business institution, works for years. By the time you apply, you are already successful at a job. However, the real challenge lies in your passion and dedication to get into your dream MBA institution. In other words, to get the best, you will have to compete with the best.

A successful person makes the most of every opportunity that comes his way. It is a wise attitude to realize your dreams. After coming a long way, you should not make the mistake of not gathering information and advice from reliable sources, who can help you get to your dreams.

Overseas MBA: Top Ten Tips
1) Prepare to put in your application well in advance
2) Request at least two suitable people to review your application
3) Seek advice if you need to work on any weak areas in your application
4) Be yourself. Do not imitate anyone else
5) Submit your application on time. However, don’t rush through it. Check for any mistakes and errors
6) Don’t undermine the importance of recommendations
7) Have mixed recommenders - one who knows you well and one for prestige
8) If you are on the waiting list, it does not mean you are rejected
9) Know exactly why you are opting for a particular business school
10) A good GMAT score helps

There are opportunities galore of working and studying in the UK, during your studies and even after your studies. These include vacation work, part time work and even course related job placements. You can learn about various part time jobs made available by consulting notice board close to your institution. You can also look up local newspapers and inquire at job centers. You can also visit your university or college’s career office. Many institutions are equipped with their own ‘job shops’ that issue job vacancy bulletins, holiday vacancies and part time jobs. Other services offered by these institutions help you with training, further studies and employment advice. Some institutions even help you with the job hunting process.

Before you take up a job, make sure you have enough time to devote to it. Your course should be your first priority. Ensure you divide your time strategically and wisely. Don’t allow your work get in the way of your studies.

You are free to work in the UK if you are a European Economic Area National or a Swiss National. However, you need to follow some procedures if you are student applying from outside the European Economic Area.

The work policy for international students is different. It is important to check your visa sticker or passport stamp to ascertain if you are allowed to work. You can check the website of The Department of Children, Schools and Families (DCSF) for additional information.

If your visa or passport allows you to work, you can work so long as the following conditions are met:

1) You don’t run your own business and you are not self emplyed. You don’t provide services as an entertainer or a professional sports person.

2) While doing your vacation work or part time job, the money that you make cannot be used for visa application or your entry clearance. This is to prove that you can meet the cost of living and studying in the UK without depending on employment. You need to provide an evidence of your guaranteed earnings if you wish to include it in your entry/visa clearance application.

3) During your term time, your total working time cannot exceed a maximum of 20 hours per week.

If you are a graduate from a reputed UK higher education institute, with a degree to your credit, you can send a ’stay on’ application and work for a year under the International Graduates Scheme (IGS).You are entitled to work only if you apply within one year of finishing your graduation. Furthermore, all students graduating from a degree, postgraduate course or an HND can apply to stay in Scotland for two more years after graduation, under the Fresh Talent Scotland Initiative.