MBA abroad
Most Indian candidates like me aspire to do an MBA in US or the UK. Also, since I have done my research (while applying for an MBA myself) only on schools in the US and the UK, I would limit my thoughts on these schools only. There are other very good schools otherwise as well, and I would recommend taking a look at the Financial times rankings, and the Economist Rankings to get the list of top 100 b-schools of the world.
Indian School of Business (ISB) is one of the schools (I think the only one, as IIMs done participate in rankings) that features regularly in FT and Economist Rankings. For Indian aspirants (which are too many), this limits the scope of doing an MBA in India, and so they throng to the b-schools abroad. Well, we do have other b-schools in India, but they are just not up to the mark, and moreover do not guarantee the fat (read USD/GBP/EUR) paycheque which you can dream to get after a foreign MBA.
Also read this post on deciding between doing MBA in India and abroad.
US or UK
Most UK b-schools have 1 year courses. (There are exceptions like London Business School and Manchester Business School. See list of UK b-schools here). While most US schools have 2 year courses. I suggest everyone to aim for US schools. Reasons are many.I will list a few:
- The course is more matured in top US b-schools (top 30, and even in some tier-2 schools), as they have top faculty, diverse fields of experience, and have been in the field for years. Most US schools have intakes of more than 300-400 per year, as they are big schools. Most UK schools have fewer than 100-150 students per year, and most schools are not that matured, and are new.
- A 2 year course gives you the opportunity to expand your horizons, switch your function/domain, and also look for internship opportunity (which most of the times gets converted into a full time job). An internship also allows you to earn some money (and valuable experience as well), which in the end lowers your debt. All this is not possible in a 1 year course
- The economy lately has revived in the US, as its huge. In the UK, its not so. It might take 2-3 years of more time to get to the same level of 2006-7. Also, apart from a few sectors, like finance/IT, others are not in that shape anyways, as they are in the US. So job opportunities are going to be more in number in the US as compared to the UK.
Let me tell you the scenarios in which you should apply to schools in UK. Unless you fall into any of these categories you should stick to US schools only.
- Personal reason - like that of mine - My wife is working here in the UK, and so I could not have thought about any other place than UK.
- Previous work experience in UK - If you have worked in the UK earlier, and you have a very good network, and can easily get absorbed in previous company. This reduces your job hinting duration.
- If you have more than 10 years of experience, and you want to work in the UK post MBA. Most UK b-schools take students who have more than 5 years of work ex. My class has average work ex of 8 years and the average age of the class is 32-33. So think of how you will fit into the class. US b-schools have avg work-ex in the range of 2-6 typically. (This is the median range, and not the complete range and varies from school to school)
Cost/Finances/Loans
Here is the cost, all inclusive.
US ~~ 165K USD - for 2 years. (varies from school to school)
UK ~~ 85K USD - for 1 year (varies from school to school)
Scholarships/Grants : While applying for b-schools, make sure you make a strong application for grants/scholarships. The schools decide on the basis of a number of factors to decide on your scholarship. Example - your GMAT score, Extra curricular, Volunteer work, Academic background/scores, Achievements, references, application/essays - virtually everything. Also the amount of scholarship you are offered depends on one thing - how badly the school wants you !. Also it depends on the school's reputation , ranks, and the kind of applications they receive - your profile might fetch you 100% scholarship at Indiana Kelly , but none at Kellogs. Also keep in mind that most US schools provide scholarships (also in huge number and amounts), while very very few UK schools do so.
Loans : If you are not sure of scholarships, apply in schools which allow loans without a co-signer. (Well, if you have someone in the US which can be a co-signer, nothing better).Indian banks will not give loans more than 2o Lakhs (and that too with a lot of hassle). Well, recently, Credila has started giving loans to students, but check with them first about the amount you are eligible which typically depends on the kind of collateral and guarantor you can produce.
How to apply
Typically, all applications start from July/August. And go on till Feb/March next year. Its always good to start early, as no matter what anyone says, the earlier you apply the better are your chances to get in. Also there is a much brighter chance to get the much needed scholarship. A GMAT score is a must. While many schools also accept GRE scores. In addition you might have to take TOEFL/IELTS for a few schools (only a few). Here are the basic elements of a b-school application. All b-schools expect that you be perfect in all of them.
GMAT preparation
Do not take your GMAT preparation lightly. It not only decides the school you get into, but it also determines the scholarship which you might fetch, and hence lower your overall burden. But do keep in mind that a good GMAT score does not guarantee an admission to any b school. However, a bad GMAT score might be the deterrent, in most of the cases (Unless you have other areas of your profile very strong, because I have heard stories of people getting into Harvard and Stanford with 600 as well).
References
References are a must to submit. Unless otherwise specified you must submit a reference from your immediate manager from your current company (or the previous company, if you have quit recently). Most schools need 2 recommendations, while others ask for 3. You can also provide references from your professors of the last school/college you attended. If you can not manage a reference from your current company, you must explain the reason for the same in your application, and provide alternative recommendations, like from some client/vendor you might have worked with. If you also work in an NGO or sorts, its sometimes good to include a recommendation from such people as well. Remember, that b-schools want to know about you as a person, more than what your resume or application or degrees say.Also remember that whats written in the letter of recommendation matters more than who writes the recommendation. Here are a few other points to be taken care of while submitting letter of recommendations.
- Do not write your own letter of recommendation, and ask your referee to just submit it. Believe me, the readers who go through the application go through such applications daily, and they will know by the way of writing, that you have written it. Moreover, there are chances that you will miss some points , if you access yourself.
- If you want, you can write the basic qualities of yourself, or a basic skeleton/format which you want your referee to follow. But not everything. Make sure s/he adds his own points.
- Make sure each LOR (letter of recommendation) focuses on your different qualities, and not on the routine things like hard working, good leader, blah blah...
- Make sure you ask your recommend-er to add a few personal qualities, other than technical/business skills.
- Make sure you submit in time. Also make sure you remind your referees, and give them enough time to submit. (Typically 4 weeks). Most recos are to be submitted online, or to be sent via their official email ids. Make sure you find the process of providing recommendations beforehand, and have a meeting early to discuss everything.
- If you are applying to a large number of schools, make sure your referee is OK to that, as it might be overwhelming, and the same LOR might not be usable everywhere.(Different Schools follow their own way, some accept essay type LORs, some have questionnaires etc.).
Application/Essays
Most b-schools ask candidates to write 5-6 essays (including SOPs, job profile, resume etc) which forms the major part of the application (which are mostly - 75% - online). Points to be taken care of while writing essays:
- Be Original. Do not copy.
- You are free to refer to any book you want (there are numerous books in the market) - but do not make the mistake of copying from them. You must read them to get an idea of what is accessed as part of the application essays, because only them you will be able to produce an essay that appeals to the readers.
- Make sure you distinguish yourself from others. Especially if you are an Indian, IT, male. Remember, you will be among the majority who apply to b-schools in the US and the UK. How do you make sure that your application stands out than the others, because almost all of them will contain the similar job profile as yours, similar work experiences, similar college backgrounds, and so and so. Example - of something that stands out - will be - something extra curricular if you have done ,and that too achieved something which only a few could do.
- Stick to the word limits.
Also read article - 'Every B-School essay tells a story'
Extra Curricular (EC) Activities
This is a must. And you must provide examples of some extra curricular activities you have participated (preferably, led if its some NGO, or won if it was some competition). Make sure you also provide the reasons of your participation in such activities (like why do you love hiking/painting etc) , and how does it show a different perspective of your personality. Also make sure you point out your achievements, and not just what you have participated in.
Note: If you have minimal ECs, try indulging in one now. Like join a campaign, a NGO, or start doing something new. And don't worry, if asked, be true to yourself, and explain how you never got time to participate in one, or never got (or knew) what you liked, and you wish to continue doing it more some time more. Being truthful is more fruitful than telling a bunch of lies.
Academics
Well, this is what it is, and you can not help it. What scores you got in your engineering or BCom is un-changeable. (If you are still in some school , and work hard as the grades matter).
But, you do get to explain your lower grades (lower than average), if you want to. You could write it in one of your essays (if there is no separate essay for this one), or you could provide this in some appondix/additional information section.
Interviews
Interviews are often the last stages, and many schools conduct 1-2 interviews before which a final decision is made on acceptance/Scholarship etc. Many schools conduct telephonic interviews as well, while others conduct them via some alumni, or during some MBA fair or similar. Be prepared to be asked on your application/resume/essays in your interview. Its a time to blow your trumpet and let them know that you were the person who wrote them all, and not some other guy whom you paid.
Hope it Helps. Happy Hunting
Disclaimer: All the thoughts mentioned in this post are entirely mine and based on personal research. Please don't follow blindly, as you would have only yourself to blame if something does not get as expected.
