MBA: Option or Obligation
Though it is too early to predict the exact number of candidates that will be appearing for the GMAT this year, one thing that can be said with certainty is that the exam continues to be the most popular entrance tests. A majority of graduates attempt the management entrance exam whether or not they are serious about pursuing a management degree.
A MANAGEMENT DEGEE: A MUST HAVE
In this era of cut-throat competition, an undergraduate degree is considered a basic qualification that can give one theoretical knowledge but can’t prepare them to take on the corporate world. In contrast, a MBA is perceived as something that will open up various employment options at a salary much higher than what a simple undergraduate degree can fetch. Dr Sougata Ray, Dean and Professor, Strategic Management, IIM, elaborates on the reasons for the immense popularity of a management education, “A major reason for the increasing number of students opting for a online mba degree is the hype created by the media that leads every student to believe that anyone who studies management becomes a billionaire overnight. Secondly, the growth of the corporate sector has opened up many opportunities. Many of the industries, especially the services industry that has emerged over the last few years, are essentially management driven. Apart from high paying jobs, this industry offers students the opportunity to rise up the career ladder by virtue of being an emerging sector.
Another reason is the easy availability of education loans that makes funding one’s MBA effortless. Lastly, an MBA degree opens up many international opportunities for students as well.”
WORD OF CAUTION
Though the above mentioned benefits lure students into pursuing a management education, students often fail to see the real purpose and hard work required to pursue an MBA. Management students caution aspirants against an attitude of enrolling for an MBA only to get an “additional qualification” while laying emphasis on evaluating one’s long-term career goals before taking the plunge. Shares Prolin Nandu, who completed his MBA in Capital Markets this year and now works with Morgan Stanley, “After having worked for 22 months, I realized that the kind of profile I wanted to get into required me to acquire a management degree. Thus, in spite of holding a master’s in my area of study, I decided to do an MBA in Capital Markets.” Adds Rohan Shah, a second year Finance student, “One must carefully evaluate his/ her desired career graph before enrolling for an MBA program. Post graduation, I took a few months to realize my entrepreneurial ambitions and find out the various options available. I realized that I would need to pursue a management degree if I wanted to rise up the career ladder at a faster pace. Plus, such a course would give me the business know-how that would aid my future plans.”
Career goals aside, students must take care to find out the exact nature of the course and not opt for an institute on the mere basis of its placement records. Informs Nandu, “Placement figures are often misleading. Very few students actually get the kind of salary published by institutes. Thus, the mean should be considered and not the median. Also, students must look at the placement figures of an institute with respect to the business cycle. For instance, in 2008 the economy was flourishing and MBA graduates were offered high packages. However, the scenario completely changed in 2009 due to the global financial crunch.”
Lastly, with the number of institutes offering a management education mushrooming, one must evaluate his/ her options after gauging aspects such as the credibility of the institute, its USP and the kind of companies that make placement offers on campus. Shah concludes by elaborating on the importance of knowing the kind of placements offered at a particular institute. “A company visiting two institutes would offer different roles and packages to students of both the institutes. Thus, instead of compromising on either the company or the role that you’d ideally want to kickstart your management career with, it’s best to find out such details from the alumni of the institute.”
FIVE FACTS ABOUT MANAGEMENT EDUCATION
1.A management role is not a typical nine-to-five job. You must be sincere and willing enough to work odd and long hours.
2.Every one with a management degree does not become a manager. At most times, you will not even have your own team to manage for a long time after you join a firm.
3.Placement figures are often misleading. The salary one expects to get at the end of two years should not be the deciding factor while choosing an institute.
4.The faculty members of your MBA program will be mere facilitators. Unlike at the graduation level, you will not be spoon fed. You need to work hard.
5.Securing admission to a top institute is not the most difficult part of securing a management degree/ diploma. Your real talent will be tested once you enter the institute of your choice.
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