Thursday, September 04, 2008

Ivy league goes the IIM way - II

So Indian students with the right credentials and less or even no work experience have a decent chance of getting into a good US bschool. But as Suze Orman would say, "Can you afford it?" It can be tougher than you think. A recent grad shares his experience:

I graduated from a top-20 school (which isn't an Ivy League by the way, but then when we were talking Stanfords and GSBs, I guess a non-ivy isn't necessarily a deal breaker). My decision to pursue an MBA wasn't economically motivated - I was doing pretty well back home, and just wanted to try something else, and I didn't know what that something else was supposed to me.

Coming to America wasn't as regrettable as going in for an MBA was. The two years were real tough. The school didn't guarantee loans, and I mismanaged my funds. One of my loans didn't come through and I was stranded mid-way, having spent nearly 40,000 dollars at the end of the first year and with no money for the second year. I had to negotiate with school to allow me to continue, which they did but there were times when I had to choose between being able to pay my bills or buying groceries.

(And now that I started earning again, that strain is eased but the school has held my diploma till I pay of my dues - and that means no India trip for me for a long time).

I was the only one in my class who had never worked outside of India (and never earned foreign moolah) - so there weren't too many people who could relate to the situation. But even though I might be a one-off case, MBA is pretty expensive whatever way you look at it (an MBA costs you one half of what it costs you to buy an average home in America), and even if you get a loan, it's important to keep in mind that we, termed aliens for tax purposes won't get credits for the tuitions or the interests that we pay (unlike the citizens).

Getting an MBA could be a positive NPV venture but the initial cash outflows could create a BIG void. The second disadvantage that we aliens have is the (non) availability of work visas (there is no guarantee you would get one even though you might have a good job and you are ineligible for a lot of positions because of your visa status).

Apart from the high expense, the experience has been awesome. There were people from more than 30 different countries, and the age difference varied. In a class of nearly 165, there were 7 who had near zero work experience. They were either undergrads at the same institute and had developed good rapport with the admission staff/faculty, or had dabbed in entrepreneurship (e.g. one had started a gaming company, the other used to sell designer clothes), or were pursuing joint degrees (one was a medical student and another a law student).

I wouldn't know how would they have fared had they pursued job opportunities. Only one of them actively looked for jobs (and even though he had multiple job offers, most offers were a rung or two lower than what they would have been had he had some experience under his belt). Almost all the interviews I had were based on my work experience pre-MBA and so I believe it matters a lot. But younger people do tend to get higher salaries (younger = less than average age) though I don't have stats to prove that. And Indians tend to be among the younger lot.

The older guys didn't really care much about salaries (quite a few of them knew they would have to settle down with lower than their pre-MBA salaries because they were switching careers).

In short, MBA in the US is akin to a two year reality show. The stakes are high - and if you don't have sufficient assets to back your loans, one mistake could put you in debt for life. Work experience helps (the kinds where you have managed people or dealt with bureaucracy or been caught up fixing processes). And if you come straight from India, there is a lot of potential to learn and have fun at the same time.

"Whatever the reasons, the bottomline is, if you have a high GMAT score, great academics and something in your CV which stands out in terms of leadership skills or entrepreneurial experience, you should take a shot at top US bschools. Even as you take the CAT, XAT and all that."..Completely agree. Just one thing to add. Make an informed decision whatever school you choose to go to.


If you'd like to share your experience or advice on doing an MBA abroad, write to me at rashmi_b at yagoo.com.

7 comments:

  1. I read both your posts on the Ivy League schools willing to take in ppl with negligible work ex..Though the signs are encouraging, cost still remains a huge factor. Moreover, whatever scholarships are available, come with certain conditionalities which limit post-MBA growth prospects.

    Nevertheless, the articles made a lot of sense. It would be really great if you could come up with an article mentioning some realistic options for freshers wanting to persue an MBA abroad.

    ReplyDelete
  2. most of the top 15 b-schools have school guaranteed loans, and thats a major b-school-selection criterion for internationals,
    if you go to a school with your loans not in place its your fault, work visa thingie mentioned is also surreally false.. overall the BS factor in this post seems to very very high, would be interested in knowing which school did this person go to

    ReplyDelete
  3. why only foreign institutes ,our very own indian B-schools are asking for such hefty amounts that an average middle class person has to take shelter in bank loans.The price stigma is still there with private B-schools.
    http://cheerstolife-seema.blogspot.com

    ReplyDelete
  4. Rashmi ... really don't expect such vague & general stuff on your blog. I know you've not written this piece but whoever wrote that is one confused guy without any solid point of view.

    The icing was : "MBA in the US is like a 2 year reality show" ... come on give me a break !!!

    ReplyDelete
  5. Please! .... there are more IIM grads per batch doing a second MBA in Ivy league schools (and LBS and INSEAD in Europe)than there are students with 'no' work ex.

    For someone trying to help prospective students make career decisions this is a pretty disturbing post.

    Rule no 1: never make (extreme) exceptions sound like the rule.

    ReplyDelete
  6. 明星代言 明星经纪公司
    制动单元 铝壳电阻
    modern abstract art sofa manufacturer
    净水器 开水器 净水机 净水 软水机 软水 直饮机 家用净水 家用净水器 家用净水机 中央净水 中央净水器 水家装 水家电 水卫士 混合机
    过滤机 DHL快递 俄罗斯签证 回转支承 Laser marking
    保险箱 法兰 法兰标准
    polycarbonate sheet 回流焊 波峰焊
    压球机 注册上海公司 儿童摄影
    牛皮癣 皮肤病 制氮机
    食堂售餐机 校园一卡通
    学校一卡通 ic卡售饭机
    食堂售饭机 深圳一卡通
    广东售饭机 机电设备安装
    北京发票 代开发票
    餐饮发票 住宿发票
    广告发票
    网络电话 免费网络电话
    假发 补发
    织发 植发
    压滤机 板框压滤机
    蒸馏水机 纯蒸气发生器
    上海搬家公司 上海搬场公司
    大众搬家 大众搬场
    张家界旅游 香港旅游
    深圳旅行社 打包机
    收缩机 对讲机 电源模块
    血管栓塞剂
    售饭机 水控机 水控器
    萎缩性胃炎 neoprene laptop bags
    SEO优化
    SEO优化 计量泵
    胃炎 胃病
    冷水机 冰水机
    工业冷水机
    北京特价机票 北京打折计票 北京国际机票
    北京机票预定 北京飞机票
    北京订机票 北京机票查询 饮料机械
    银杏 水培花卉 企业宣传片 空分设备
    化工泵 离心机
    电话交换机 程控交换机 集团电话 集装袋
    混合机 混合机
    混合机捏合机 捏合机
    捏合机导热油炉 导热油炉
    导热油炉 反应釜 反应釜
    反应釜 spherical roller bearing
    搬运车 搬运车 电动搬运车 油桶搬运车 堆高车 电动堆高车 半电动堆高车 堆垛车
    高空作业平台车 电动叉车 平衡重叉车 前移叉车 电瓶叉车
    韩国饰品批发 模块电源
    X架 超薄灯箱> 易拉宝 展柜制作
    代理服务器 游戏加速器 网络加速器
    网通加速器 电信加速器 电信网通转换器
    电信网通加速器 网通电信互转
    网通电信互通 网络游戏加速器
    美国VPN代理 美国独享VPN 美国独享IP
    pvc ceiling panel Spherical roller bearings
    SEO优化
    安全鞋 劳保鞋 防砸鞋 电绝缘鞋 上海安全鞋 上海劳保鞋 江苏劳保鞋
    服装软件 服装管理软件 进销存软件
    进销存管理软件 服装管理系统 服装进销存软件
    进销存系统 进销存管理系统 免费进销存软件
    吉林中医 东北特产
    打包机
    阳痿 阴茎短小 阴茎增大
    早泄 前列腺炎 阴茎增粗 阴茎延长
    国际机票 上海国际机票
    国际特价机票 国际打折机票
    砂磨机 砂磨机
    砂磨机 卧式砂磨机
    卧式砂磨机 卧式砂磨机
    三辊研磨机 三辊研磨机
    三辊研磨机 混合机 混合机
    混合机 锥形混合机 锥形混合机 锥形混合机 行星动力混合机 行星动力混合机 行星动力混合机 无重力混合机 无重力混合机 无重力混合机
    干粉砂浆设备 干粉砂浆设备
    干粉砂浆设备 捏合机 捏合机 捏合机 导热油炉 导热油炉 导热油炉 反应釜 反应釜 反应釜 搪玻璃反应釜 搪玻璃反应釜 搪玻璃反应釜
    乳化机 涂料设备 干混砂浆设备 无重力混合机 胶体磨 涂料成套设备 双螺旋混合机
    北京婚庆 北京婚庆公司
    400电话
    办证 呼吸机 制氧机
    亚都 亚都加湿器 亚都净化器
    亚都装修卫士
    饰品批发 小饰品批发 韩国饰品 韩国饰品批发 premature ejaculation penis enlargement
    安利产品 马来西亚留学
    网站优化 网站推广
    衬布
    代写论文
    代写论文
    论文代写 代写论文
    磁力泵
    离心泵
    化工泵
    隔膜泵
    螺杆泵
    潜水泵
    油泵
    耐腐蚀泵
    水泵
    拖链 防护罩 排屑机 塑料拖链 钢铝拖链
    化工离心泵
    计量加油泵
    自吸式离心泵
    管道油泵
    自吸式排污泵
    潜水排污泵
    自吸式磁力泵
    耐高温磁力泵
    不锈钢多级离心泵
    多级离心泵
    耐腐蚀自吸泵
    自吸化工泵
    玻璃钢液下泵
    液下式排污泵
    卧式离心清水泵
    氟塑料磁力泵
    磁力驱动循环泵
    耐腐蚀污水泵
    卧式化工离心泵
    玻璃钢耐酸泵
    防爆管道油泵
    不锈钢多级泵
    立式多级离心泵
    塑料磁力泵
    水泵厂
    手摇油泵
    上海水泵厂
    上海水泵
    离心泵厂家
    热水泵
    清水泵
    气动隔膜泵
    深圳装饰 深圳装饰公司 深圳装修公司
    特价机票 打折机票 国际机票
    机票
    新风换气机 换气机 立式新风换气机 风机箱 新风系统 能量回收机
    搅拌机 混合机 乳化机
    分散机
    毛刷 毛刷辊 工业毛刷 刷子 钢丝刷
    涂层测厚仪 硬度计
    兆欧表 激光测距仪
    测振仪 转速表
    温湿度计 风速仪
    超声波测厚仪
    粗糙度仪
    噪音计 红外测温仪
    万用表
    硬度计 万用表
    美容院 美容加盟
    澳洲留学 澳大利亚留学
    什么是法兰
    电烤箱
    酒店预定 北京酒店预定 北京酒店
    离心机
    nail equipment nail products nail product nail uv lamp nail uv lamp nail uv lamps uv nail lamp nail brush
    nail file nail tool nail tip nail gel curing uv lamps lights
    万用表 风速仪
    红外测温仪 噪音计
    苗木价格 苗木信息 标牌制作 深圳标牌 北京儿童摄影 防静电鞋 淘宝刷信誉
    威海凤凰湖 威海海景房 大庆密封件
    打标机 淘宝刷信誉 TESOL/TEFL国际英语教师证书 英语教师进修及培训 北京快递公司 北京国际快递

    ReplyDelete
  7. 导热油炉吴桥县导热油炉锅有限责任公司是全国最大的生产导热油炉生产基地之一,公司主要生产各种导热油炉锅,熔盐炉, 转盘轴承,管式加热炉,蒸汽发生器,一二类压力容器.徐州回转支承 公司提供转盘轴承 --slewing ring slewing bearing slewing bearings服务. automation-industrial-industrial automation-slewing bearingslewing bearings
    铁路
    轨道交通
    太阳能

    ReplyDelete

Disqus for Youth Curry - Insight on Indian Youth