Ref. yr query on scholarships / funding, etc.
Further to Tony Blairs announcement some months ago, many UK schools are now trying to attract much more nos. of Indians / Asian students. To do this, many schools are now offering part scholarships - so your financial burden could get reduced if you qualify for such support.
Besides this, a few UK banks offer educational loans without collatoral security. Fo e.g. HSBC UK offers educational loan to Cranfield (and some other school) admits.
If you're looking for loans in India, you may have to struggle for an edu loan unless you can either offer an immovable asset as security for an INR 15 lac+ loan. Some banks can offer a smaller loan of INR 4 lac to INR 7.5 lac without collatoral - the challenge is that you better have a good banking relationship (or "influence") on such banks. Otherwise the latter option is difficult.
If looking for other sources, in case you have a US guarantor, then you could explore the following (amongst many others) that I know of:
I guess around 680+ is a good score to have in GMAT and qualifies you to most schools in UK and US.
to be on the safer side.... 700-710 + would be ideal.
with 5 years of experience you should be targeting schools which value experience (eg. Cambridge, Cranfield in UK) rather than the others.
Similarly for US.
What is the usual GMAT score needed to enter an ivy league B School in the US or UK??? Supposedly u have a work exp of around 5 years and what are the scholarship considerations???
and situation of scholarships in UK and USA?
Which are the banks which give loan? Someone told me Citi gives upto 60 Lakhs in Loan. true?
Replies to posts from soumikr and suithink:
Thanks for your praises on my posts.
Dell - do not assume that because you have Dell on your CV it is sufficient enough to awe the audience. Some people will recognise it, some won't - depending on what they seek in your profile. The role of business analyst should help, nevertheless in geting into consulting, albeit at similar roles only. So you may have to latch onto a business analyst role again and then move up further on the corporate ladder.
While would not have first hand information on grads from LBS et al and their job stats, I will not be surprised if there are students who must have struggled to get jobs. But it is a fact that everyone ultimately gets a job - how soon? is probably a better question.
Sunil, what answer would you expect from a Cranfield alum when you ask which school I would strongly recommend!! No marks for guessing - CRANFIELD!! 😃
On a serious note, besides Cranfield, you could consider some other schools if they suit your needs. I will avoid naming them as it may start a series of replies from others challenging me on why I haven't named their choices too.
Re your plan to get into consulting, remember that by the time you finish MBA, you would be 33-34 - an age when the consultanting industry would look at you favourably only if you bring past consulting experience. Else it will be a tough call getting into that sector unles you have something very specific to offer to them. Else you will have to begin at an Associate level - which many 25 year olds would also do. (Sorry, I know this is a generalisationonly!!)
W.r.t. ROI, any good MBA is a good investment for your future / lifetime. It it wasn't, no bank would be offering security-free education loan to students. The payback will vary depending on your salary levels, your status (single or married with /without kids, etc.). Your time frame of 10 years is more than sufficient to recoup your investment and opportunity cost, make some savings too. Generally a 1 year MBA seems to have a payback of 2-4 years post start of job.
Mr Sudeep Gupta ....I have seen many posts of ur's in this forum ...I am impressed with your incisive thoughts....These are the one that 'really helps' one's thought to take form...Thanks a lot...
If you find it not too intrusive ...then a few Qs :
1. I have 6.5 years post MBA - 4.5 in Retail Sales with Oil Major -an Indian PSU +2 years in IT Sales(Autodata capturing)
2.Turned 32 this year,Plan to get one more MBA.
3.Planning for 1 year MBA only primarily;ISB,Keloggs,Oxford...and LBS (due to HSMP) is being considered.
4.My future plan - Consulting Job (with my niche exp of Energy +retail+sales),or jobs in marketing.I got ur 'job point',so I know it depends on myriad of factors.
(a).My Q: From ur exp in UK which Schools you u wud strongly recommend ?
(b) If one can has to depend solely on edu loans then also...is UK MBA is a good 'investment'.(I wud like to work maybe 10 years there,b4 coming back to India....info for ROI purpose)
Looking forward to ur views
Sandeep, thanks again for your input.
Sorry to bother you again...... but I cant help asking you another question.
I am working with Dell (a big global brand) as a business analyst. Wouldnt a brand which is as well known as Dell be recognised by employers post an UK-MBA?
Would a role like that of a Business Analyst (Internal to Dell) be a stepping stone to a consultants job (post MBA from a top UK/US B-school)?
Secondly,even in top institutes like LBS (UK), HBS(US), Wharton (US) etc., are there people who seek employment and dont get a job?
That Mr.Gupta, is one of the finest posts I have ever seen!
My 2 pense, solely based on personal experience and observations on my batch mates who ranged from 25 to 45, some with, some without an MBA beforehand:
- as mentioned, a 2nd MBA is now a normal thing. Grads from IIM's and FMS included!
- the question will always be asked "Why 2nd MBA?" - not just by the adcoms, by also by recruiters. If you do not have a convincing answer, consider yourself rejected. If you feel you do not have a convincing answer, don't mention the 1st MBA depending on situation / circumstances (just being practical).
- 3.5 years of experience will get you an admission, but no guarantees of a job. Some of my batch mates (regardless of their length of experience) struggled to find a job. The MBA from anywhere (including ivy league from US, Europe) will not guarantee you a job as the international markets (like India) look for past "relevant" experience. So your 3.5 years work ex should be relevant to the recruiter after the 2nd MBA.
- this change of culture is a generalisation. While I faced no difficulty in settling in a job in UK, some others might have. So it all depends on how open minded and aware you are. Similarly, beating the white element by a big margin will happen only when you land in a job in the first place. I would say that the more conscious you remain of "hite element", the more it will become a self fulfilling prophecy. Ignore any differences and you will do better than you wcould otherwise. Do you, for e.g. notice whether the colleague in the next cubicle is a Kerelite or a Bengali beyond a point? Take advantage of the fact that India is almost a mini-world in itself. It is a pity that we take such a work environment for granted rather than picking up lessons from it. And of course, I learnt this in hind sight only.
- international MBA will definitely help in networking for a long time - whether you are a corporate executive or an entrepreneur, it sure will help. The other advantage will be that it would help you pick up cultural sensitivities. For e.g. in an Indian MBA, do you get to know how to meet & greet a Chinese; how to exchange business cards; why German houses have their window curtains always drawn closed? As you move on your career life line, you will find these lessons handy and useful.
- Last few words about jobs:
1. be prepared to take up any job after the interational MBA. The need is yours.
2. Your 1st job after the intl MBA may not be the job of your choice; the 2nd job will be.
3. You will face the initial reactions from the job market with statements such as "But you do not have UK experience!". Challenge it! Put across your views as to why such a statement is incorrect and counter question about "how is UK experience defined and what is the difference between Indian experience and UK experience?" This is again a cultural thing. We Indians are grounded in the concept of not challenging others. You'll have to break the barrier. Indian talent is known worldwide - but the responsibility to "sell" it correctly is still ours.
Hope this verbose reply helped.
This thread is a good initiative...
I think most second MBAs will have these concerns in ther mind:
1. How difficult/easy is it to get 'decent/good 'jobs in say U.K after an MBA from Oxford or LBS for second MBAs.Since it is a change of culture , it is a bit tough( as per hearsay )
2.For getting Consulting jobs you need to beat the 'white element' by a good margin in terms of performance.
3.Or Is it a case that if we do a right work ,getting placed is not a big issue.
Sandeep Gupta or others who have done it...can you dwell on these concerns and help us.