[prof_calculus]

Hi All

I am writing this thread to get some personal advice regarding my career.

My profile:

Age: 41 years
Profession: Teaching Economics at undergraduate and post graduate level for 12+ years.
Designation: Assistant Professor (Economics)
Salary: 2.70 lakh per annum
Ultimate expected salary at the time of retirement calculated at present level: 4.25 lakh per annum
Nature of employment: permanent state govt. job with pension benefits etc.

I want to try for something better in my life. I am ready for both FPM as well as DBM if it is from IIM or XLRI etc.

Getting into an IIM can change my life for better,I guess. ISB is beyond my reach due to financial constraints (I need to repay the edu loans anyway)

Now I want an advice :

In case I can not get into an IIM this year, what course of action is feasible for me.
(a) Should I wait for another year, or try for MDI etc.
(b) Should I appear for SNAP too (I will appear in XAT offcourse).
(c) Which institutes should I apply for in addition to IIMs.

I am presently consistant at Mock test with 90-92 precentile. I hope to improve it at 95+ till the D-day.

Any suggestions or serious comment is welcome.

Thanks and regards

[bizskool]

Originally Posted by prof_calculus

Hi All

I am writing this thread to get some personal advice regarding my career.

My profile:

Age: 41 years
Profession: Teaching Economics at undergraduate and post graduate level for 12+ years.
Designation: Assistant Professor (Economics)
Salary: 2.70 lakh per annum
Ultimate expected salary at the time of retirement calculated at present level: 4.25 lakh per annum
Nature of employment: permanent state govt. job with pension benefits etc.

I want to try for something better in my life. I am ready for both FPM as well as DBM if it is from IIM or XLRI etc.

Getting into an IIM can change my life for better,I guess. ISB is beyond my reach due to financial constraints (I need to repay the edu loans anyway)

Now I want an advice :

In case I can not get into an IIM this year, what course of action is feasible for me.
(a) Should I wait for another year, or try for MDI etc.
(b) Should I appear for SNAP too (I will appear in XAT offcourse).
(c) Which institutes should I apply for in addition to IIMs.

I am presently consistant at Mock test with 90-92 precentile. I hope to improve it at 95+ till the D-day.

Any suggestions or serious comment is welcome.

Thanks and regards

Hi prof, your case is unique. Let me try, plus i will be frank abt your chances..
1. if you have decided to stay back in acad as prof, it makes sense to go for FPM or PhD from a gud school. pls chk for eligibility criteria. some schools dont allow FPM/PhD after 40 (IISc). however competition is much less in FPM plus you have an added advantage of being a teacher for so long. you stand gud chance here.
No financial outgo as almost all Indian schools give freeship plus reasonable stipends. will take 4-5 yrs.

2. If u are looking at PGDM, the competition is very hi. you are at a disadvantage due to academic career(primarily) and age. however there are examples from public sector where ppl have done PGDM at 40+ and got gr8 jobs. but most of those profiles are from IAS/civils or banking/PSU background. i am yet to hear abt acads.
3. any lesser school than IIM/XLRI/MDI may not help your cause. so limit your choices to these with SPJain etc thrown in. 2 yrs as usual.

3. One year full time exec program another option, from IIM-A/XL etc. chances of career improvement are 50:50. chk with the schools for applicant and placement profile with any similar examples as yours.

consult some profs in leading schools like IIMs/XL and see what they say.

[prof_calculus]

Originally Posted by bizskool

Hi prof, your case is unique. Let me try, plus i will be frank abt your chances..
.................................................. ......................
.................................................. ...........
consult some profs in leading schools like IIMs/XL and see what they say.

Thanks Bizschool for your opinion. I appreciate your clear approach.
Yes, Nobody (in my knowledge) has tried for what I am seeking. I may even consider starting the life again at my age (middle age you may say).
In fact I am neither in favour of nor against the life in acads. What I seek is a successful as well as a meaningful life.
My present job is stagnant, relatively low paid, and worst of all, at my level it is all and all dominated by mediocrity.
While applying for CAT2006, I am all set to try for both FPM as well as PGDBM, and I will decide if and when I have a choice. I guess I will be better informed by then.
I agree with you that anything less than the premier institution will not give me what I seek. and it may not be worth leaving my job altogather. I can not leave a stable and permanent job for a 4-5 lakh package.
SP jain is not suitable for me, as residing in the hostel is mandatory, and I can not leave my family for two years. They do not have any provision for married people like myself.
I want to know which colleges in your opinion should I apply for in addition to IIMs and XLRI ( and MDI as you said).
Thanks again

[bizskool]

Hi,

you dont have much options in India aprt from IIM-A/B/C/L, MDI, XLRI. For FPM look at ISB also. preferably skip IIM-K & I. Most of them provide family residential options in-campus for FPM students, free tuition plus some stipend, abt 10-12k pm.
As i mentioned earlier you stand a good chance in FPM. however returns will take time monetarily. if you join one of the IIM's or XL or similar the intellectual issue will be solved. plus you need to publish a lot in journals before u get recognized as a consultant and lead faculty. start looking at that now itself.
Due to GATS foreign schools are coming and due to increase in IIM's admissions a huge requirement for faculty. i understand there may be a change in salary str also.

As i understand most IIM's dont prefer candidates who skew age profile of class, still a good CAT score 98 percentile or so can open PGDM doors. then you can always convince interview committee abt your value contribution to class.

[prof_calculus]

Originally Posted by bizskool

Hi,

you dont have much options in India aprt from IIM-A/B/C/L, MDI, XLRI. For FPM look at ISB also. preferably skip IIM-K & I. Most of them provide family residential options in-campus for FPM students, free tuition plus some stipend, abt 10-12k pm.
As i mentioned earlier you stand a good chance in FPM. however returns will take time monetarily. if you join one of the IIM's or XL or similar the intellectual issue will be solved. plus you need to publish a lot in journals before u get recognized as a consultant and lead faculty. start looking at that now itself.
Due to GATS foreign schools are coming and due to increase in IIM's admissions a huge requirement for faculty. i understand there may be a change in salary str also.

As i understand most IIM's dont prefer candidates who skew age profile of class, still a good CAT score 98 percentile or so can open PGDM doors. then you can always convince interview committee abt your value contribution to class.

Thanks a lot buddy.
Got a better mindset now. Will not apply to less than the best ones.
Presently I am focussing on D-Day only. Will ask you more after that.

It was a real help. Thanks again

[uRmad]

Originally Posted by prof_calculus

Thanks Bizschool for your opinion. I appreciate your clear approach.
Yes, Nobody (in my knowledge) has tried for what I am seeking. I may even consider starting the life again at my age (middle age you may say).
In fact I am neither in favour of nor against the life in acads. What I seek is a successful as well as a meaningful life.
My present job is stagnant, relatively low paid, and worst of all, at my level it is all and all dominated by mediocrity.
While applying for CAT2006, I am all set to try for both FPM as well as PGDBM, and I will decide if and when I have a choice. I guess I will be better informed by then.
I agree with you that anything less than the premier institution will not give me what I seek. and it may not be worth leaving my job altogather. I can not leave a stable and permanent job for a 4-5 lakh package.
SP jain is not suitable for me, as residing in the hostel is mandatory, and I can not leave my family for two years. They do not have any provision for married people like myself.
I want to know which colleges in your opinion should I apply for in addition to IIMs and XLRI ( and MDI as you said).
Thanks again

Am sure you must have evaluated alternative jobs before deciding on the MBA way... Economics, all these years has typically meant people ended up in the teaching field, like so many other subjects..But to my knowledge, that ain't the case wholly now.... Given your experience in the subject, and assuming you do have a good quant focus (considering your scores/your focus institutes), did you give a shot to some of the companies in the industry analysis space? Places like Datamonitor/Frost or third-party KPOs that do industry research....They are almost always in need of people who could do economic analysis....Of-course, they wont be the cozy 9-4 teaching jobs, but since you are looking for a change, just give 'em a thought...At your age, I don't really think taking off an year or two for an MBA is worth the total cost.... All the best

Cheers

[ida]

Prof,

First of all kudos to you for having the courage for change at this stage!

Which city are you currently based? I suppose that will affect your selection of institutes. Also do you plan to take a sabbatical or quit altogether?

A PhD/FPM seems the best option for you given that a fulltime programme would mean foregoing your currently salaray for a whole two years. Given your economics background, finance analysis/research would be the ideal field for you.

If you are pursuing better financial reward, then try pvt b-schools for part-time classes.

[prof_calculus]

Thanks Adi for you suggestions.

Which city are you currently based?

I leave in a very small city Raigarh (Chhattisgarh) having population about 1 lakh. The city is industrialising at very very fast pace.
However, its social charecter is changing very slow from a small town culture to an industrial city.
For almost all of my life till date, has been in Raigarh only. This is why I miss many facets of information in absence of a similar peer group. Opinions of PUYs like you are really helpful for me due to the same reason.

do you plan to take a sabbatical or quit altogether?

a fulltime programme would mean foregoing your currently salaray for a whole two years.

That is one of the most pleasant part of my current job. I am entitled for a study leave (with salary) for a period not exceeding two years.

I will be expected to either stay at my current job after doing an MBA for atleast three years.
In case I get a very good offer, I may return my salary for the study leave period and leave my current job. I may treat it as interest free education loan in that case.

In addition to that UGC allows us to seek a doctorate degree and supports us for three years stay in the campus (teacher fellowship).

An FPM program will have very limited financial liabilities as we all know.

I feel that am FPM program as you have suggested is a good option for me.

@ uRmad

Given your experience in the subject, and assuming you do have a good quant focus (considering your scores/your focus institutes), did you give a shot to some of the companies in the industry analysis space? Places like Datamonitor/Frost or third-party KPOs that do industry research....They are almost always in need of people who could do economic analysis....

Yes, i have good quantitative aptitude, but litttle training and guidance (except for self study). I guess a course in a good management institute will help me learn those skills better.

Living a region with poor academic inclination has its own cost. I have helped many of my peers do their Ph.D. in social sciences, but I feel almost all of them are getting away with very very poor work.

I am losing almost Rs 1500 a month for not doing a Ph. D. but I am not doing it here for reason:
(1) I will lose my eligibility for teacher fellowship (leave with salary for three years) as soon as I do my Ph.D.
(2) I will not be able to do good work here, and get away with almost anything . With this kind of work I will never be able to make a big change in my life.

I had started this thread particulary to seek opinion on "whether I should try for less than premier institute or not"
Here and elsewhere I have received the unanimous advice that in my case less than the best ones (IIMs, XLRI and MDI etc.) will not help me much.

I thank you all for your valuable suggestion. I guess I will now focus on FPM with my PGDM options open; till the moment I get a choice in the best institutes.

[bizskool]

I had a option of doing FPM/PhD from tier-2 Indian school and be in acads. however i chose to jump and changed to industry. money was one of the considerations. however i felt in Indian acad environment learning was limited due to the mediocrity factor.
A FPM/PhD unless contributes to the body of subject knowledge is not worth. Most Indian univs give a PhD based on relationship with guide/deptt head of univ rather than quality of work or publications.

Prof. Calculus, i suggest you go thru HBS, wharton and some other schools sites to get a hang of their Fellow programs and take a similar orientation for research. course contents, syllabi etc are all available in net/websites. this will help you in
1. facing FPM interviews if you are ready with a tentative idea/area. plus what u are going to face.
2. matched with the research interest of yours and with faculty members of the respective instt where you have applied
3. be sure if you mention area a similar area faculty will sit for intrv. do homework, read faculty personal sites and interests of area faculty and go prepared for interv.

with your background and prep you stand gud chances of cracking in. also after CAT travel to IIM-Indore(close to your town) if possible and explore their library. spk to the profs and FPM students. chk the PhD theses collections there and also the courseware/contents of Phd. most IIM's follow a similar structure borrowed from their older counterparts.

[TheVishy]

You can also try to enter consulting side , it is a lot more challenging job than teaching
Especially comapnies like Mckinsey etc...Also try for MBA in IB ...


At your age , you can even contemplate starting a small scale biz of ur own especially since you have a lot of experience .
FPM is a nice idea as well .

Good Luck to you