“Why these members aren’t taking up speeches in the Toastmasters Meetings since last 2 months?” exclaimed exasperated Deepti, the VP Education of IPTMC. I racked my brains. “Work pressures?” Can’t be! “Lack of enthusiasm?” Definitely not! The answer emerged in the form of two words – Entrance Exams! Welcome to the world of ‘Master of Business Administration’ or as we commonly know MBA, where most of the Indian MBA entrance exams are conducted in the Oct to Dec Quarter. But then there are some simply smart souls who continued on with their speeches with no such hindrances. And the reason is they are not interested – in these fixed-schedule exams since they are intent on pursuing another star – GMAT and the countless possibilities of doing their MBA not only in India but also abroad.
Before we enter the inviting realms of GMAT, let us consider various reasons due to which many of us decide to take the plunge. An online poll conducted by a US based consulting firm reveals various motivating factors for people to pursue MBA, the top-ranking reason being to “seek a life-altering experience”. The “A-B-C-D of MBA” i.e. aspirations, bent, capabilities and driving force differ for each person.
Once we have decided to go for it, i.e. the “Why” part, then comes “When” and “Where”. The elusive answers to these questions and ultimately the worth of an MBA degree can be arrived at based on a highly complex formula which is this:
Once we have decided to go for it, i.e. the “Why” part, then comes “When” and “Where”. The elusive answers to these questions and ultimately the worth of an MBA degree can be arrived at based on a highly complex formula which is this:
MBA = fn (t, I, ROI, LOC, T....,x)
Where
t = time at which the MBA is done. This factor is in turn dependent on:
1. The point of time in your career when you decide to take the plunge
2. The Market scenario during this period
I = Investment i.e. the funding required for the course
ROI = Return On Investment
LOC = Lost Opportunity Cost i.e. Opportunities which one would have to forego in order to do an MBA
T = Time spent on pursuing the course
And many more such factors. So do you think it is possible to compute an answer to this equation? I believe the answer is No & Yes! ‘No’ - because almost all the variables are transient at any given point of time and moreover are person-dependent. ‘Yes’ - because there are always ways and means to simplify the logic to get a clearer picture with some degree of approximation.
I would like to throw some light on the important aspects of GMAT vis-a-vis Indian MBA Entrance Exams which will help in your thought-process:
1. As stated earlier, Indian MBA exams are still fixed-scheduled to a great extent vis-a-vis GMAT. So while CAT has finally transformed into an IBT – Internet Based Test, most others aren’t and all of them fall during the crucial 2 to 3 month time-span. GMAT on the other hand can be scheduled and taken as per one’s convenience.
2. GMAT is akin to the master key which can open many a locks. Yes, the GMAT test score is accepted by innumerable Business Schools across the globe. Unfortunately, the Indian MBA Entrance Exams lack this kind of a larger market. Many of them in fact have a 1:1 ratio between the Exam and the corresponding B-School.
3. The GMAT score has a longer shelf-life having a validity period of five years. Though some of the B-Schools prefer GMAT scores not earlier than past 3 years, GMAT still scores a point over the Indian MBA Entrance Exams which come with a one year expiry date.
4. Of course there are a few evident drawbacks in the GMAT world. One of the most daunting factors being the apparent expenses associated with it. Right from the Test fee, charges for the score to be sent to Institutions, College application fees and finally the course fees. Phew!
5. Also, GMAT based admissions involve a detailed application process which is relatively more complex than what we see when applying through IMEE.
6. Yet, GMAT opens up a world full of diverse opportunities in terms of geographies, MBA course duration as well as the course structure. These factors although applicable in the Indian scenario too do not offer the assortment of choices as presented by the former. So, if the exorbitant expenses are a concern, then we might as well pursue MBA at some of the Indian colleges accepting the GMAT score. According to the website for “GMAT India”, there are at least 10 Tier-1 Indian B-Schools which accept GMAT scores for their admission process.
Taking the GMAT Test -> Selecting the B-Schools to which you want to apply -> Completing the Application procedure which is usually internet based -> Getting the Recommendations -> Sending the GMAT score to the B-School -> Then if your Application gets shortlisted -> Interview Round -> Followed by a Management related Case Study or Presentation -> And finally the final Admit Call! Simple, wasn’t it?
If, there is one common thread which binds these 9 steps that can assist one to emerge victorious it is this – “Stay positive, be happy and enjoy the process because the learnings are aplenty!”
Disclaimer: The views expressed are solely those of the speaker and the material referenced by her while researching for her own ‘Quest’ as well as for the speech ‘The Quest for MBA’. Also, kindly note that the MBA College investments are subject to Market risks; please read the brochure document carefully before investing!
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