For all MBA Aspirants

Best MBA business schools?

All of us would like to do MBA from a good business school. So, how do one find which ones are good business school?

Rule 1 - Do not follow rankings blindly, they can deceive you in the wrong direction.

For me, any school that has AMBA, AACSB and EQUIS accreditation are quality schools. Visit below links to find about more about why these MBA accreditations matter and whether the school you are applying for has the following certification.

• AMBA - http://www.mbaworld.com/en/About-us.aspx
• EQUIS - http://www.efmd.org/accreditation-main/equis
• AACSAB - http://www.aacsb.edu/about 

IELTS/TOEFL 

If you do NOT have your bachelor's degree from the UK, Canada, USA, Australia, New Zealand and you are planning to study in one of these countries; It does not matter how good you speak, read or write English you would have to bow down and take IELTS or TOEFL. 

I have taken both tests and found IELTS easier and less stressful then TOEFL ibt.

GMAT

GMAT is a must if you are planning to study in a Tier 1 B-school anywhere in the world.  If you are thinking to do it in North America, GMAT is Mandatory and if you are looking at Europe or Australia, GMAT is not required in most of the good schools. Also, some schools may have their own tests as a substitute for GMAT. 

GPA/Grades/Percentage

If your grades are not good and you are looking at top schools, the only rescue would be good GMAT score and strong work experience.

Work Experience

If you want to study in a top school, they are looking for students with a minimum of 3-year work experience. I would not any recommend any fresher to take up MBA; my reason being, once you start working, you will understand your primary goal - what your interests are and whether MBA can help you to achieve these aims.

If you are an impatient brat, have less work experience and looking for a good B-school, well then try to show part-time employment that you might have done while studying. It may help your application.

CV/Resume

One of the important part of your application. Please make sure you have clearly mentioned your job responsibilities in complete details and well supported with your achievements/awards and duration of your work at each organization, etc. 

SOP(Statement of Purpose) /Essays. 

Again, this is a very important part of your application. Your essay should include topics like your background, culture, who you are, what you do, why you want to do MBA, how MBA can benefit you, how B-School can get benefited from you and where you see your self in 5 years.

LOR(Letter of recommendations)

Your LOR’s need to be all praise for you and obviously make sure you take them only from people who can boost big time about you .

If you do not have good work experience, grades and have not taken Gmat. Focus highly on making a strong CV, SOP, LOR. Every application is judged on the whole and not entirely on grades or gmat.

Passport/Visa 

Your passport should have a validity of more than three months before the date of traveling. Visa can take up to a month’s time, so make sure you have received offer letter well in advance with all the VISA formalities from the school. Your IELTS/TOEFL score also supports your VISA application. 

COUNTRY

Confused between Europe, America and Australia? 

My first choice for MBA was one of the top schools from Canada but as I stand today, I understand if I study in North America:

• I am going to spend nothing less than $60000 for only fee's, Irrespective it being a Tier 1 school or any good top school.
• Scholarship is not guaranteed, so chances are 1% out of 100. As I compete with entire class and business school, I do not have high hopes on scholarships.
• MBA is a 2 years programme in North America, which means my living expense can go as high as $30000$ for two years.
• Part time jobs -  For a fact MBA is an intense programme, and you will be stressed and doing all-nighters to submit your assignments in time. 
• ROI - I am spending nothing less than $100000 for the full course. By when and what will be my ROI, well you are the best person to judge it for your self.

Further "West is coming to East", I hope you know east is Asia.

On the flip side, if I study in the UK and not think like a true American dreamer. I do not have to worry about my Visa. I can receive it in 10 working days which is not the case with North America or rest of the Europe.

Fee's - UK and Europe as a whole have few good top schools, where total fee is between 15,000 - 25,000 pounds.

MBA course is also for only one year in UK and Europe which also is a big plus for working executives.

Living expense depends on the city and for a city like London you would to shell out up to 800 pounds per month, but then only one year MBA, so expenses only for a year!

When I consider total amount I have spent on my course fee + living expenses + travel + extra’s, I am spending nothing more than INR 25 Lakhs + I won't be doing part time jobs. If I compare it same with North America, I am spending nothing less than 50 lakhs, as dollar is INR 50 at the moment. :)

Now that I have narrowed down my country to UK and Europe, I would choose UK from Europe because in case I come back to India, I feel studied and worked in UK would sound better than rest of Europe.

Additionally, UK is an English speaking country. There will be no language problem’s compared to Spanish in Spain or French in France.

The UK also gives me two years full time work permit after MBA.  Rest of Europe comes in EU(European union), if you want to work post your MBA, your employee has to prove that you can work better than someone  from their country, making it hard for work permits.

I thought of Australia too, with current scenario, I don’t need to say anything i guess....”)

Hope this helps!