Myths about MBA

While everyone has heard about the one million and one benefits of doing MBA, one hardly ever discusses or debunks the myths attached to this “magical” degree. There is so much controversy surrounding MBA and PGDM – which one has more value, which one will be recognized abroad and which one is the ticket to millions of dollars once you become an investment banker. The truth is (drum roll please), in the end it only depends on you. No matter how much you study or how hard you work, if you do not access your full potential you are leading a half-baked life, with or without a MBA. While it may sound very brutal, there is no denying that the right education and experiences always open the right doors, but don’t hold your breath! There are many other factors at play; let’s look at some overhyped MBA myths.

MBA plucks you out of the “masses” category and puts you in the “classes” category: Well some people think that simply doing MBA will make them conversation prodigies and networking geniuses, as they will know how to approach opportunities and create a leverage. Well, while these things may work in a professional environment, if you try to convert every social interaction into a professional opportunity, you will soon find your name being dropped from all lists.

MBA will finally give you the tools to implement that multimillion dollar idea: A lot o aspiring entrepreneurs think that if they go ahead and do their MBA before starting their own venture, then there is no stopping them. While it’s good idea to be positive and ambitious, it’s best to take off the rose tinted glasses in the start up phase. MBA or no MBA, it’s going to be a rocky ride – your idea may not generate the response you thought it would, you may have to shelve the company altogether or start from scratch for the third time in two years of operations.

It will all become smooth sailing and easy with MBA: Nothing could be further from the truth! It’s never going to be easy, especially after your MBA. Today’s corporate world is all about deadlines, strategies, crisis management and cash crunch. So if you think that life will be all about holidays and luxurious lunch meetings after MBA, then think again.

The degree matters, not the institute: Choosing the right institute for doing your MBA is extremely important, if you want it to add to your profile while applying for jobs. It is all about the institute, the syllabus and what you could extract from the whole experience. 

The Myths about PGDM Colleges

 Post Graduate Diploma in Management or PGDM is usually a two year full time course ideal for fresh graduates, working professionals, or those wanting to get back to studies after a break to kick-start a new career. There is a lot of confusion hovering around the discrepancy between Masters of Business Administration or MBA and Post Graduate Diploma in Management or PGDM. Well, the main difference between the two is that MBA is a degree and PGDM is a diploma. The institutes and management colleges, which offer PGDM courses, are autonomous bodies that are not affiliated with universities. They have different types of accreditation but they are stand alone institutes that do not require any permission to update their syllabus and faculty from time to time.

Here are some common myths about PGDM courses:

1. PGDM courses not have as much value as MBA degrees: Now this one is absolutely untrue. Some of the most renowned colleges in India offer PGDM courses. Depending on the course you choose and the institute you get into, a PGDM can be extremely rewarding for your career.

2. PGDM is not valid for further, higher education: A PGDM done from an accredited university is valid and accepted in all international universities. So, you need not worry at all about your diploma not being recognized if you do decide to work or study abroad.

3. An International university will make the student take another exam with just PGDM: Nope, you are safe here. Even if the international university is unaware of the diploma concept, all you need to do is obtain a AIU – a certificate known as Association of Indian Universities. This additional certificate will ensure a secure admission in international institute of your choice.

4. You cannot obtain a student loan for PGDM: You can very well apply for and be eligible for a student loan for PGDM as long as you do your paperwork properly; which would be the case with any type of loan.

5. You cannot get a government job with a PGDM: Wrong again. As long as you are the right match for the available position, you can get a government job on your diploma.

So there you have it. As long as you have verified the authenticity of the institute, you are good. Now, let’s look at some of the benefits of doing PGDM:

1. PGDM is offered by autonomous institutes, which have liberty to change and update their curriculum as per industry standards without waiting around for approvals.

2. PGDM can offer amazing infrastructure facilities, state-of-the-art classrooms and top level faculty. In short, PGDM from the right institute will ensure amazing exposure to the industry of your choice in a word class environment.

3. PGDM may offer courses in industry verticals, which may be impossible to find in degree colleges. So you can actually specialize in a niche of your choice and get the right environment and syllabus for it.

As a student, you must always keep your options open and gather as much background information as possible. PGDM courses will help you launch your career in the corporate world in the industry of your choice. In this highly competitive world, it is very important to be passionate about your work; arming yourself with the right knowledge for your passion area is like icing on a rich chocolate cake.

The importance of being an MBA

Its almost a trend in education, isn’t it? Different decades have their own ‘favourite’ streams or disciplines of sort. The 1960s  were a time when most students were happy with an undergraduate degree and many times people would easily get decent jobs with even a Higher Secondary Education. The 70s and 80s saw more of an emphasis on scientific education and the craze seemed to be a BSc. The 90s saw India open its doors to liberalisation and get swept up in the trend of a more focused, global education. The trend of a Masters in Business Administration continues today, with a more global business focus.

What then is the advantage of an MBA? Why are students nowadays more drawn to this professional course, over any other? The answers to these questions are what we shall probe for in this article.

The advantages of an MBA degree:

MBA or Master in Business Administration is a course that enables an individual learn in a systematic, experiential manner about the workings and nuances of the business ecosystem. What sets an MBA apart from the other postgraduate courses is the emphasis it places on experiential learning and the inter-personal communication that is an intrinsic part of the course’s curriculum. There are many such advantages of pursuing an MBA from a reputed institution and they’re as follows:

Managerial Skills: The MBA course is structured such that the knowledge students derive from the curriculum is contemporary and if applied correctly, makes one a good manager. Add to the theory, real world internships at leading corporate houses, where exposure to already efficient managers will bring the knowledge from the classroom to life and makes a world of difference to the student.

Developing and fine tuning business expertise: A major plus for students who come from a non business background. An introduction into the world of business is a vital component of the MBA education and provides real insight into the way a businessman thinks and the skill sets that sets him/her apart from an employee.

Competitive advantage: A competent MBA program prepares candidates as highly qualified leaders. The specialized skills and leadership qualities taught in MBA programs, provides you with a competitive advantage over others. Most of the leading business organizations prefer to hire MBAs for higher management positions.

Career advancement: While an MBA is by no means a golden ticket to the higher echelons of the corporate world, and a candidate has to prove his mettle in the competitive market. The career advancement of an MBA over his non-MBA peers is a matter of academia. Employers look for competence and excellence, two virtues that MBA students are taught to aspire to. That aside the real world knowledge and experience component fuel the career advancement roadmap for an MBA candidate in a lot quicker time than a non-MBA candidate.

Career Change: An MBA in general and a Dual MBA in particular, provide you with the cushion of switching your career. An MBA with particular specialization makes it easier for you to move across industries.

Business Connections and Networking: Social networking during the MBA academic term helps in establishing business contacts and referrals. In the long run, you can avail these contacts in improving your business position in the market.

An MBA is a course that equips you to make an impact in both an organisation and in your own business life. The skills imparted during the course are testament to the range and depth this 2 year course possesses. The 2 most important years of a students life, the 2 years that will chart the entire course of his/her career and propel them to heights of excellence.

International Education: Fostering the future leaders of the global village: Part II

In part one of our two part series on International schools/education in the country, we took a look at the system of international schooling, understood the nuances of what sets an international school apart and the advantages of this type of curriculum in the changing international eco-system. This part takes a closer look at the attitude of parents, students and teachers towards this new form of education and the rising number of schools that offer international schools in the country, from the point of view of them being just a fad or whether this means something new and more promising for Indian students and the future of education in the subcontinent.

Attitudes towards International Education:

As is evident from the unheard of response to the international standard of education being offered in today’s educational ecosystem, that parents are looking on this trend in a favourable light. When asked about why they opted to send their children to an ‘International School’, Mr & Mrs Sethi, parents of 7 year old Rati said, “We wanted our daughter to have every competitive advantage in the modern, tech savvy world. With its emphasis on global languages, current and updated syllabus and the fact that her education can be continued without a break in any other school offering the same curriculum, international schooling is the most vital advantage, that will serve Rati well in the long run!’

An interesting point is raised by Madhurima Chatterjee, mother of 12 year old Rehaan, “I was an army brat, needless to say my family moved about a lot, this meant my education suffered quite a bit simply because of the number of adjustments I had to make, because of changing ‘boards’ of schools and states. The incompatibility of one board with another really did a number on what could have been a promising career for me. Which is why I insisted on admitting my son into an International School. In the likely event of us having to move on account of my husband’s job, at least we know Rehaan is covered on the educational front, not having to deal with the terrible incompatibilities of the Indian Education System.”

Students are challenged and intellectually stimulated in the international education set up. With its emphasis on skill building, rather than just bookish knowledge, international education nurtures liberal attitudes and fosters within the student a hunger for knowledge and curiosity to explore possibilities. Philomena Andrade, a long time teacher says, “Students are like blank slates, who come to school in the pursuit of knowledge, not just to be spoon fed information that will help them pass an examination. Our education system’s overemphasis on rote learning has created several ‘mindless drones’ that are now fast becoming obsolete. Today’s competitive global scenario calls for the open, up to date and dynamic educational curriculum, provided only by an international, open minded set up present in the International Education system.” 

Even students seem to be adapting a whole lot better to the advantages offered by the International Education model, 11 grade student Owais Abdullah has this to say, “My teachers converse with me, treat me like a person with unique skills and value my input. I’m learning global languages, interacting with fellow students from all walks of life and not being forced to ‘complete’ my books, study for set periods of time and attend a million and one tuition classes. I’m glad that I'm being trained to think for myself and not live by the constrainments of theoretical knowledge obtained from a text book!”

Passing fad or a precursor of things to come?

International education may have existed for close to a century all over the world, but it is still in its nascency in India. There is no dearth of such schools in the cities across the country. But is it going to be just a metropolitan fad? An official with the State Department of Education, on condition of anonymity has this to say, “The true test of any educational system is its adoption across all the corners of the country. In India, there is no one major system of education, as every state has its own code or ‘board’. For International Education to be any more than just a metro specific trend, the need of the hour is to set up such schools in the Class II towns and take it to a wider audience.”

It is no fluke occurrence that International schools are so popular in the metros, quite simply put, people seem to be tired of the limitations of the prevalent system of education and are looking for an alternative. An alternative that enables their kids be globally competitive and effective in their lives as professionals and better people. Richard DeSouza, father of Clayton, a grade 4 student says, “I wanted a system of education that would enable my child to be able to communicate with people of different ethnicities and orientations with ease. To be a more efficient citizen of the world and to simply be tolerant of others, with their quirks and eccentricities, and most importantly be a free thinking individual, uncloistered and sequestered by the the blinders of education. Education is meant to liberate and stoke curiosity not stifle it. International education seemed like the perfect way to achieve these goals, and thus far Clayton seems to be excelling.”

It is therefore clear as day, that International education isn’t a passing fad. Even if it never becomes a ‘mainstream’ system of education, it will remain for the enlightened among us an alternate, parallel educational system that will always be the way to go, if disillusioned by the system.

International Education: Fostering the future leaders of the global village: Part I

Education, formal education has its roots in ancient India. The Gurukul, was literally the first ‘boarding’ or residential school in the world. The Vedas delineate the world’s first curriculum as teaching students not just the basics of astronomy, science and mathematics, but a strong moral, ethical and value code, which would turn them into citizens of the world.

Circa 2014, the world as we know it is getting smaller by the day, and the need of the hour is or education to evolve to accommodate the changes, both social and cultural, in order for young minds to be moulded into future leaders and ideal citizens. It is here that a hark back to the curricula outlined by the Vedas is somehow the need of the hour. That’s where International education steps in.

In this series, we will explore the nature and scope of International education and evaluate the practical aspect of how it adds to a child’s growth as an individual and as a citizen of the modern world.

The brass tacks: What is International Education?

According to Wikipedia: An international school is a school that promotes international education, in an international environment, either by adopting a curriculum such as that of the International Baccalaureate or Cambridge International Examinations, or by following a national curriculum different from that of the school's country of residence.

In its simplest form an International Education represents a break from the conventional, established and widespread form or standard of education in a country and sets a more global, practical and wider scope of education in its place.

A little bit about International Schools: A brief history:

The notion of international education can be traced back to the time globalisation first manifested itself in the late 19th century, and a need was felt for a ‘global standard’ of education that would, in effect, enable peoples of the world to understand each other a bit better. With this end in mind the first international schools were set up in countries like Japan, Switzerland and Turkey. Today nearly 200 years later, this trend of uniform, quality education is now a part of the Indian context as well.

When does a school qualify to be or call itself an International School?

First of all, for a school to qualify as an International School, it needs to meet a set of criteria laid out by International Association of School Librarianship, in 2009 in Italy. The criteria are as follows:

●      Transferability of the student's education across international schools.

●      A moving population (higher than in state schools or public schools).

●      Multinational and multilingual student body

●      An international curriculum.

●      International accreditation (e.g. Council of International Schools, International Baccalaureate, North Eastern Accrediting Commission for Schools, Western Association of Schools and Colleges).

●      A transient and multinational teacher population.

●      Non-selective student enrollment.

●      Usually English or French language of instruction, plus the obligation to take on at least one additional language.

The distinct advantages of an International Education:

There are several distinct advantages of an international education, chief among which are:

●      Standardisation of curriculum, enables a student to learn, without being left behind, wherever in the world he/she might be, in case of a family move.

●      Greater interaction with fellow students of varied nationalities, helps foster greater tolerance, respect and cultural exposure for a student.

●      Teachers of varied nationalities expose students to cultural nuances that are unique to the teacher’s own nation and helps bring to life the ‘world’ in a way.

●      A non-selective enrollment system makes international education accessible to a larger number of students

●      International education encourages the adoption of multiple languages that add immense value to a student.

 

The next part of our series will examine each of these advantages and go into greater detail about the rising number of such institutions in the country.

Five big MBA admission trends in 2014.

2014, has kicked off with a lot of surprises for B-Schools. Last year, the UGC had revoked the governing rights of the AICTE which governs B-Schools in India on account of a Supreme Court verdict. This decision created a lot of problems as students were unaware as to the authority governing B-Schools. Recently the UGC clarified that B-Schools will be under the purview of the AICTE as before. While one issue was resolved another arose in the form of a study done by a MBA website which revealed that MBA aspirants feel, admission process to management colleges are cumbersome. The aspirants sought reduction in tuition fee, better public disclosure on placement track record and normalization process in the CAT qualifying scores. While this has highlighted a number of issues regarding B-Schools, business goes on as usual. This year, the admission process will be more streamlined and there are some trends we see catching on in 2014.

1.  WAT - The new yardstick

Writing ability test has been playing an important role in the second round of MBA admissions. Most of the IIMs and top B-Schools have substituted GD with the Writing Ability Test in a post CAT scenario. IIM A, IIM B, IIM C only use WAT for PI Round. The six new IIMs, namely IIM Ranchi, Raipur, Rohtak, Trichy, Udaipur and Kashipur, have started conducting a common admission process since the academic year 2011-13 and have substituted Group Discussion(GD) by written ability test (WAT). What this means is that writing ability has now become very important. The ability to express yourself through the written word is an important skill, but one which isn’t developed completely in school and college. Nevertheless regular practice should make you proficient in this regard.

2. Work Experience becoming more important

If you are a working professional, you stand a better chance to get an admission in a top B-School. IIMA awards 5-7% out of its 30 percent weightage, IIMB 10; IIMC 8; IIML 4; IIM Kashipur 5 and IIM Kozhikode provides 8 percent weightages respectively to candidates having post degree work experience.

3.  Woman candidates are the new rage

Probably one of the most interesting developments in recent times is the effect woman empowerment is having on top B-Schools. If you’re a female candidate you stand to get bonus points to get into your dream B-School. Top three IIMs A, B, C earlier didn’t provide any weightage to gender diversity but now old as well as new IIMs have begun assigning some points to fair sex. IIML awards 10; IIMC 3; IIMA and B have devised a formula to entertain more girl candidates out of their total weightage points; IIM Kashipur awards 7 points; IIM Rohtak and Raipur 20; other top ranked institutes have also started following suit. Women candidates have all the reason to smile on this count.

4. B-School no more engineers domain

MBA aspirants from other than engineering background used to have apprehensions before registering for CAT and XAT as getting admission in IIMs and XLRI was considered easy for the candidates with engineering background. But now the scene has changed. To encourage candidates from other streams the admission criteria in IIMs has changed with some points awarded to applicants from other disciplines. IIML awards 2 marks; IIM Rohtak 20; IIM Raipur 10 (Out of 30 awarded to female and non engineers).

5. Fading appeal of GD

Group discussions used to be held in the second round of MBA admissions in top colleges. However most top B-Schools have replaced it with WAT. However a few institutes still conduct the GD. IIM Lucknow, IIM Shillong, IIM Kozhikode all still conduct Group Discussion although the weightage is getting reduced year on year.