Common MBA Myths Busted
MBA is one of the more common career choices for a majority of young professionals today. Tons of coaching centres, websites and colleges are trying to sell you the MBA dream. Result- people have started looking at MBA as a one-way ticket to the land of money, happiness, and career satisfaction.
But before you plunge into your dream business school, you must introspect a few things to get more clarity in regards to the expectation and reality of your MBA degree. Several misconceptions are floating around about MBA. Here are a few common ones:
The misconception about admissions in an MBA program.
It is generally believed that cracking CAT is the only way to get admission in a prestigious business school. However, there are other entrance tests such as XAT, MAT, CMAT, ATMA, and GMAT for the same as well. Currently, aspirants are looking forward to appearing in MAT, scheduled for February 4- February 17, 2018, in offline and online mode. Results for MAT 2018 will be declared in the first week of March (tentatively) which can further be used to secure a seat in some of the top B-schools in India.
Apart from the above-mentioned entrance exams, several private business schools having good placement records, admit students through tests conducted by themselves. Some of the best private universities are Symbiosis International University, Alliance University, KIIT University and Narsee Monjee Institute of Management Studies among others.
Apart from these, some business schools offer admission only on the basis of a student’s academic background, professional experience and personal interviews conducted by the institution. Such institutes, however, ask their students to take a recognized entrance test, preferably MAT and submit their scores in order to fulfill the formalities required by the HRD ministry.
MBA fee is very high
MBA courses offered by top business schools are fairly expensive. The IIMs offer MBA courses which cost as much as 15 to 20 lakhs including tuition fee, hostel fee, and other student expenses. However educational loans are easily available to students. One can also avail scholarships offered by almost all institutions.
With MBA degrees in heavy demand by prospective employers, many business schools offer their degrees at as less as 5 lakhs (approximately). Some of the more affordable business schools are M. S. Ramaiah, Jaipuria Institute of Management, BULMIM – Delhi, and LBSIM.
Other institutions offering their degrees at an even lower fee of around 3 lakhs are FMS Delhi, DMS IIT Delhi, JBIMS Mumbai, K. J. Somaiya Mumbai, NITIE and IISWBM Kolkata.
Distance/Online MBA courses are a viable alternative to full-time MBA courses
While virtual learning has its specific advantages especially for professionals who cannot take a break from their careers to pursue a full-time MBA degree, a distance course is far from a proper full-time face to face learning experience. Distance MBA courses are offered for nominal fees by various institutes, however, the set of skills a student would develop by studying full-time will be very different than that of online MBA.
The greatest disadvantage of a distance MBA course is its incapability of fully developing real-world business skills in students. Verbal communication, networking, and negotiation skills are crucial in the world of business which a distance MBA cannot offer to develop fully.
MBA rankings can be ignored
Business school rankings are important if a student is looking for good placements and professional growth. Rankings of business schools are a way to ascertain the potential pay package that a student may be aiming for. The higher the rank of the MBA College, the better the pay package. Here is a list of top business schools and the package offered to students after placement.
|S.No.||Top Business Institutes||Fees (INR) in Lacs||Average Placement (INR) in Lakhs|
|2||IIM Kolkata||22||NA (20.5 in 2016)|
|7||Great Lakes Chennai||11.14||9.36|
Business owners do not require a good MBA degree
While people owning their own business and running it for several years have a great deal of experience, a business degree, however, can be extremely beneficial in further enhancing their skills and developing their business.
Business schools help students develop strong communication and interpersonal skills. Interpersonal skills are crucial in order to acquire fresh clients, develop long-term business relationships, negotiate on business deals and having a confident approach to the business in general. Negotiation and persuasion skills are important in order to be diplomatic and tactful throughout. A good MBA degree also equips a person with business intelligence, research skills, business strategy and good project management skills.