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.
Showing posts with label Wharton. Show all posts
Showing posts with label Wharton. Show all posts
Thursday, September 04, 2008
Wednesday, September 03, 2008
Ivy league going the IIM way
Yesterday I bumped into a Stanford GSB student and learnt something new. It is possible for foreign students enter one of America's top bschools with negligible or even zero work experience.
"The youngest person in my class is just 21, and with a kheti background (ie family owns a horticulture business)," he said. And there are other examples of students at Stanford GSB who are just graduates or have 1-2 years work ex.
"Of course your profile should stand out in some way," he adds.
Frankly, this news has left me a bit confused. What does one now advise the numerous students who ask:"What is the eligibility for a top 20 US bschool?" Is the standard answer of '4-5 years of work ex' redundant??
Some google research reveals that there is an effort by leading bschools to recruit younger applicants. Since 2006 Stanford GSB has lowered its age requirement for Chinese applicants.
Guangdong Online reports: "Our school welcomes undergraduate applicants with outstanding experience," said Seda Mansour, a vice director with the Stanford business school's recruitment office.
The Wharton School also greatly encourages Chinese applicants with less than two years of work experience.
In 2007, a QS TopMBA Applicant Survey revealed that the average age of MBA applicants has fallen to 25.5 years, from 26.8 years in 2004.
Columbia is actively seeking to recruit fresh graduates into her class of 2007 – academic high-fliers who would otherwise be lost to the business school world once they enter fast track careers in banking or elsewhere. Columbia will also target a greater number of candidates with less than three years of work experience.
Harvard Business School has also started to recruit younger students to their MBA programme. They target students within 3 years of graduating from university or college. The average age of the Harvard MBA student was 27 years of age, but has fallen to 26 years of age as the school has recently admitted a number of 22 year-olds.
However, the survey noted that while US bschools are becoming more flexible, European bschools have not changed their policy. The average age at top European bschools remains 28.5 years.
Do younger applicants face a problem in the job market? Apparently not.
According to Jana Kierstead, Director of MBA Career Services at Harvard Business School, younger students received salaries just as competitive as their more experienced classmates, and equally across all industries.
Speaking to the Wall Street Journal, Katherine Schwab, a vice president at Citigroup, says she has recruited "young, hungry" M.B.A. graduates at Rochester with great success for the company's finance training program.
"The students we have hired at Rochester bring a lot of energy and flexibility," she says. "They haven't had management experience in the past and are willing to travel all over the world and approach different opportunities with a lot of enthusiasm."
Hmm, sounds like the Ivy league may be headed the IIM way. And it's ironic because IIMs have always faced criticism for taking in fresh graduates.
Chicago GSB and some other top-ranked schools have relaxed work-experience requirements partly in hopes of attracting more minorities and women.
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.
The good news is that if you are admitted to a school like Stanford GSB, you will automatically be eligible for a student loan to fund your studies. And of you can apply for the Reliance Dhirubhai Ambani fellowships at Stanford which covers ALL your expenses (estimated to be $ 83,000 per year).
The only condition being that after graduation you must return to India for a minimum of two years of employment in the private or public sector.
Last year there were 1400 applications for 5 fellowships which is tough competition but still worth trying for!
If you are an student or graduate of a foreign bschool do share your insights and experiences with me. Especially on this work ex issue but any other topics also welcome. Drop me a line at rashmi_b at yahoo.com.
"The youngest person in my class is just 21, and with a kheti background (ie family owns a horticulture business)," he said. And there are other examples of students at Stanford GSB who are just graduates or have 1-2 years work ex.
"Of course your profile should stand out in some way," he adds.
Frankly, this news has left me a bit confused. What does one now advise the numerous students who ask:"What is the eligibility for a top 20 US bschool?" Is the standard answer of '4-5 years of work ex' redundant??
Some google research reveals that there is an effort by leading bschools to recruit younger applicants. Since 2006 Stanford GSB has lowered its age requirement for Chinese applicants.
Guangdong Online reports: "Our school welcomes undergraduate applicants with outstanding experience," said Seda Mansour, a vice director with the Stanford business school's recruitment office.
The Wharton School also greatly encourages Chinese applicants with less than two years of work experience.
In 2007, a QS TopMBA Applicant Survey revealed that the average age of MBA applicants has fallen to 25.5 years, from 26.8 years in 2004.
Columbia is actively seeking to recruit fresh graduates into her class of 2007 – academic high-fliers who would otherwise be lost to the business school world once they enter fast track careers in banking or elsewhere. Columbia will also target a greater number of candidates with less than three years of work experience.
Harvard Business School has also started to recruit younger students to their MBA programme. They target students within 3 years of graduating from university or college. The average age of the Harvard MBA student was 27 years of age, but has fallen to 26 years of age as the school has recently admitted a number of 22 year-olds.
However, the survey noted that while US bschools are becoming more flexible, European bschools have not changed their policy. The average age at top European bschools remains 28.5 years.
Do younger applicants face a problem in the job market? Apparently not.
According to Jana Kierstead, Director of MBA Career Services at Harvard Business School, younger students received salaries just as competitive as their more experienced classmates, and equally across all industries.
Speaking to the Wall Street Journal, Katherine Schwab, a vice president at Citigroup, says she has recruited "young, hungry" M.B.A. graduates at Rochester with great success for the company's finance training program.
"The students we have hired at Rochester bring a lot of energy and flexibility," she says. "They haven't had management experience in the past and are willing to travel all over the world and approach different opportunities with a lot of enthusiasm."
Hmm, sounds like the Ivy league may be headed the IIM way. And it's ironic because IIMs have always faced criticism for taking in fresh graduates.
Chicago GSB and some other top-ranked schools have relaxed work-experience requirements partly in hopes of attracting more minorities and women.
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.
The good news is that if you are admitted to a school like Stanford GSB, you will automatically be eligible for a student loan to fund your studies. And of you can apply for the Reliance Dhirubhai Ambani fellowships at Stanford which covers ALL your expenses (estimated to be $ 83,000 per year).
The only condition being that after graduation you must return to India for a minimum of two years of employment in the private or public sector.
Last year there were 1400 applications for 5 fellowships which is tough competition but still worth trying for!
If you are an student or graduate of a foreign bschool do share your insights and experiences with me. Especially on this work ex issue but any other topics also welcome. Drop me a line at rashmi_b at yahoo.com.
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