If you are planning on an international MBA, it is imperative to know the reason as preparing for an MBA is more of an introspection. Hence, explain the reasons as to why you want to pursue the degree abroad. Ask yourself questions like - what do I want to do five years from now?; what am I (personality-wise)?; what do I know (technically and professionally)?
Benefits of a global MBA
* Increase in earning potential
*Career enhancement
*Expanded career options
*Career switch
* Becoming a global resource (networking)
Admission requirements
Devise an action plan
*Explore career options (earning potential post-MBA).
* Know why you are doing an MBA
* Interact with the program co-ordinator; look at catalogs to shortlist/ rate the program of your choice, speak to both alumni and current students.
* Prepare for GMAT + TOEFL (3 - 4 months)
* Select B-schools interest
* Be sure of the B-school choice
* Proof read your essays
* Prepare a neat applicant packet
*Take optional interviews
Parameters for selection
* Do not choose a B-school based on rankings alone. Do not base you judgment on hearsay. Analyse your needs and what the program has on offer. Does the deliverables of the program fit your future professional needs?
* Career goals: Ask yourself the reason for doing the MBA. Is it for career change, career enhancement, or for financial gains?
*Program flexibility & curriculum (electives or specialisations): Updated curriculum, mix of theory and application, case study, etc.
*Faculty expertise & quality
* Career placement
* Reputation of the program & ranking: General management, specialisation.
* Location: Jobs, placements, internships, cost of living.
* Length of the program
* Cost of the program & its financial impact
* Student body & culture
Where to study?
* USA: MBA programs in the US are well-known because they exist longer, have more credibility and worldwide recognition. Furthermore, the American economy has a stronger influence in the world and American schools have good infrastructure, resources and a more international student body.
* Europe: There are very good schools. European programs are focusing on international business, which attracts students from all over the world.
*Canada: The country has good schools and a high level of development.
*Asia: The programs are more focused on local needs.
* Australia: The programs are more focused on their local needs, as Asian Programs.
Best B-schools
USA
* Chicago - Finance and Marketing
*Stanford - General Management, Finance
*Harvard - General Management, Entrepreneurship
* University of Michigan - Production/ Operations
* NYU (Stern) - Finance
* Columbia - Finance
Europe and UK
* France - INSEAD
* HEC School of Management
* IMD, Switzerland
* Rotterman School of Management
* London Business School, UK
* Manchester Business School
ASIA
* ISB, India
* CEIBS, China
* NUS, Singapore
* HKUST, Hong Kong
Australia
* Melbourne Business School
* Australian Graduate Business School Management
* Monash University
Admission criteria
Primary factors: Academic performance, GMAT test scores and application essays.
Secondary factors: Work experience, recommendation letters and extra-curricular activities.
Let’s face it. By the time you’re applying to business schools, there are only a limited number of things you can do in order to make yourself more marketable. The key is understanding where 80% of your effort should be focused. There are all kinds of reasons as to why a B-school admits you. It is not just your scores but other aspects like academics, application essays and good experience too play a part. When it comes to B-school admissions, the whole is greater than the sum of its parts.
Once you have a goal in life, you yearn to realise that goal with dedication and gusto. Thus starts an odyssey of building a career. In order to have a successful career, you need determination and the unflinching passion to succeed.
(The writer is senior manager, Career Launcher)
