It is a fact that securing an MBA takes a lot of hard work. This is not just in terms of the curriculum but the getting through a good college is also a hard but achievable task. If you aspire to study abroad, then you would have to push yourself more as it can be daunting. Just to give you a perspective, more than 2 lakh students took the CAT in 2018 vying for about 10,000 seats in the 20 IIMs in India. However, that does not mean you give up on your dream and not do an MBA. If you are wondering if you are eligible, here is a checklist for you:
The process for applying to a MBA degree in top schools of the world typically comprises obtaining a GMAT score, securing an application form and applying with all the relevant details and proving that you have the capability to fund the course. You will also have to submit letters of recommendation from your professors or superiors at work and write a few essays providing your views on why you want to pursue the MBA course along with your SWOT analysis. Make sure that you are candid in your SWOT analysis and avoid lying. Post the scrutiny of your application you may get an interview call where you face an interview/discussion with the admissions committee.
Thus, the first thing that you need to do is to assess yourself and decide whether you have the requisite gumption to go through the onerous application process.
Next, you have to determine whether you have the required finances to fund your course. Even in an IIM in India, the tuition fee is quite steep around Rs 20 lakh plus other expenses such as boarding and lodging. The same expenses can be three to four times when you consider the topmost business schools in various parts of the world. One thing though is the availability of education loans from Tata Capital under its personal loan umbrella, which can help you to fund the course expenses.
The top business schools have admission processes that are similar. Typically, they look at your academic performance, GMAT and GRE score, and letters of recommendation, essay and performance in the interview/discussion. To give you an idea of what they are looking for, Harvard Business School’s average credentials are a GMAT score of 731, GPA of 3.61 and work experience of 54 months. Most of the top schools all over the world have similar cutoff points.
Work experience is a must
You may have noticed that work experience is one of the criteria considered for admission. In addition to the number of years of experience, the quality of that experience is considered important. If you have worked in a Fortune 500 company, the chances are more for you to secure admission. Perhaps, business schools look for students with experience from a mix of industries to improve the quality of interaction among students attending the course.
While aspiring to obtain an MBA degree from the Ivy League schools is supremely desirable, you should not lose heart if you don’t get admission. There are other institutions which are equally good. As long as you have a few years of industry experience, show leadership qualities, have high scores in GMAT/GRE and good academic record, you can definitely excel in any institution. Moreover, the costs would be far lesser and chances of securing a scholarship much brighter.
As mentioned earlier, make sure you have the inclination to work hard for your MBA degree from whichever university you secure admission.
As far as finances are concerned you have Tata Capital to back you with its education loan offering. Further, the Government of India offers you tax breaks, reasonable interest rates, and liberal repayment options when you avail a personal loan for education.