Re-posting since I didn't get a respone first time around....
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Firstly, thanks a lot for starting this forum. This is a great place to get some much needed perspective and clarity.
I had some queries regd. the ISB - PGP program and admission process. My profile is as follows:
Education: BE, First Division, 1998
GMAT: 740, AWA: 5
Work-ex: Worked as an ERP consultant, Project Mgmnt, Practice Mgmnt, Pre-sales,...etc. 12+ yrs, currently in only my third job (very stable), worked with companies like GE and Oracle Consulting. 3+ yrs overseas expn. in various locations.
EC activities: Very little
Motives for MBA: Work in a field other than IT (12 yrs is a lot!!), networking, exposure and broaden horizons, move into senior mgmnt, jump in pay 
My queries are as follows:
- Are my motives realisitic and can they be met by this course?
- How have the placements this year been?
- How does this course compare to the EPGP course at IIM-B? Which would be more suitable for me given my expn?
- What are the original documents that would be required at the time of admission? I have my BE degree but quite a few other documents were misplaced during my last relocation.
- Who should I ideally to be looking to for references?
- What are my chances??
Awaiting your response. Thanks in advance!
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MBATTime, let me take your question beyond its stated context and talk about what I would do if I had this profile, you could then fit in the ISB context.
Career:
You have some awesome experience and the sheer domain/ management skills can be very useful to the following sectors.
1. Management consulting: I believe companies like McKinsey will like your profile+ MBA(consulting). Your experience will be valuable to them, specially within teams focused on handling technology clients. Plus, consulting firms dont mind taking in people with techie backgrounds, as opposed to people with finance backgrounds (just met a friend who has a background in finance and is a current student at INSEAD. MCKINSEY wouldnt even call him for an internship because of his background- they clearly state he wouldnt be a good consultant; whereas people with lots of techie experience have got offers from BAIN, BCG and MCKINSEY)
2. Technology Firms: A company like ORACLE/ SAP will love your profile for senior management roles (even in different functional roles like corp finance, etc within the firm) because you have tonns of domain expertise in this area. For example, you could work for a CFO's office to start of focusing on acquisitions, market research, etc. and eventually aim to become the CFO of such a company. This might sound high reaching, but I personally know people who'v done that.
2 is the BEST OPTION HERE.
Apart from these 2, I really dont think any other sector will be able to give you credit for your strong profile.
Given this, I think you should really ask yourself:
1. Whether you want to do something like this
2. Do more research on roles within these organizations that you like and would aim to get in to.
3. Then decide based on 1 and 2 which MBA program suits you better.
If you notice, pay check/ monitory gains dont figure in any of the points above. That is because a genuine "WHY MBA" should always never consider monitory gains alone, for eg, I think its a recipe for disaster if some JAVA techie wants to become an investment banker just because a baker makes twice his pay check- I can assure you this guy will never, ever be a good banker- in fact, this WILL be smelled out by a good ADCOM team and he may never get into a good MBA program at all.
In my personal opinion, someone like you should almost always go in for a 1 year program. 2 reasons,
1. Very slim chances of American schools (2 year model) liking your profile. Schools here are strongly biased towards younger candidates. On the other hand, European schools (1 year model) like a lot of experience in their candidates.
2. One year is more than enough for people like you, especially if you are aiming for Senior Management roles within techie firms.
To be honest, I dont know how ISB looks at students with the kind of experience as you do.
But think about it, 98% of the class is going to be younger than you- would you really want to be among them? While others might have a lot to learn from you, I am not sure of the other way round. Its my personal opinion that someone like you should focus on a good European 1 year program just because there will be a lot more students with lots of experience OR look at executive programs (ISB has an executive MBA program too)- there are at least 5 schools that i can think of right now; but this being a ISB thread and I myself being a hardcode ISB wannabe, I will not give that list out here :-P. PM me if you are interested and I'll reply!
PS, I didnt consider the IIM's into the equation. Never been a fan of the IIM's, but then, thats just my opinion- doesnt have to be yours as well.
Hope this helps.