My thoughts on MBA 6 months after graduation and a job in hand

A lot of my posts earlier had been about how useless an MBA is. I still have doubts on whether or not its worth $100k+ of debt, but I will say that its not totally useless.

In the past 6 months, I have spoken to a LOT of people at different companies as part of my job search. I consistently saw that MBAs were easier to net with. They understood that I was looking for jobs and got to the topic right away. It was a little difficult with engineers, they just did not get the concept of networking. Many were like, "Why don't you talk to the HR about this?" After a few calls I decided to just ask for a recommendation from them. Some said yes, some said no (which is fair because they didn't know me).

I felt that MBAs were better talkers, they could address their issues and concerns about my application in a more clear and professional manner. They were better networked at the company. MBAs really understood the business side of things. I had to explain ROI to a few engineers, man it was the worst experience ever.

I just want to say that I am NOT suggesting that engineers (I am one myself) are not smart, am just saying that MBAs are better positioned to handle the business side of things.

So overall, I will say that MBA has some value, and definitely a lot if you are on a scholarship and do not plan to start a business. If you want to start a business, do NOT get an MBA. Not that it won't help, its just that your time and money are better spent on your business.

Now as far as an MBA being worth $100k+ in debt.... I don't know the answer to that question... yet.

The key is know what you want from your MBA. Don't just take classes and get good grades to get a consulting job. Focus on *learning*.

Job Search: Strategies I wish I knew before starting my MBA

My job search began in April/May and is still going on. Here are a few things that worked for me and a few things that didn't. Hopefully they can help you with your internship/job search as well.

What worked:

1. A different resume format. Most top schools have a resume format they want you to use, and you should use it for all on campus search. However, I did not really like that format and always thought that if a recruiter gets sooo many resumes with the same format you are just losing your chance of standing out. I decided to go with a different format for all my off campus search. I got much better response after I switched the format to a one that was more aesthetic.

2. LinkedIn. I cannot emphasize enough the important of this website. It is THE MOST IMPORTANT resource you have available. I would say even more important that your school's career website. The first thing you need to do is to make a profile that is professional and get some recommendations. I got so many profile views after I updated my profile and got recommendations. Upload a professional (but not geeky) picture of yours and add as many people as possible. Your linkedin profile should tell a consistent story. For example, if you are interested in product management, join prod mgt related groups on linkedin, your previous job titles and job desc should be prod mgt like. You will miss out on a few opportunities that are not prod mgt, but trust me this way you will get better leads.

3. Cold Calling. I looked up people on LinkedIn and started emailing them. I used a simple 3 line email - Hey I am a recent grad interested in XX position at XX company. I wanted to speak with your regarding this opportunity... thank you appreciate your time kinda ending. Thats it!! It worked wonders. I got so many calls I had to increase my cell phone plan.

4. Do something different. If you are are looking for jobs in the tech industry, don't be afraid to do something that's different and unconventional. I started a blog hireanshul.com. Most people are like no thats nor professional or whatever. The truth is I get so many views because of this blog, I have also received emails from HR people saying they liked my blog. Its a good way to be different. A blog might not be the answer to your problems, but try to find something that is different and creative. I am not sure if this would work for ibanking or consulting. You might want to talk to those people before doing something like this.

5. Location. If you are a tech person - SFO is the place to be. Most people won't even look at a resume if it has an out of area address. For finance its NYC, for oil and gas Houston. Find your location and look for schools there. The reason they don't look outside is cuz there cities are very big and have plenty of talent. Why would they hire someone and pay them for relocation when they have someone local available?

I will post later about the problems I am facing. Hope this helps. Keep these things in mind when choosing your school as well.

My interviews... so far...

I figured it is a good time to share my job search progress. I graduated in May and basically started my job search in May as well. Ih have been on the market for about three months have am really happy with the progress. No offers yet, but lots of interviews. Here's the list of companies: -

Amazon - reject after 1st round.
eBay - reject after 2nd round.
Dell - waiting to hear after 1st round - most probably a reject.
Salesforce.com - reject after 1st round. These guys were a bit weird... they interviewed me for a marketing position and half way through the interview they were like we are actually looking for a general manager, the job description was wrong. I was so mad because all my answers were marketing oriented.
Reply.com - the company decided to close the position. I had 2 rounds with them and they had invited me for a 3rd round.
ReputationDefender - Reject after 5 rounds.
Teachscape - waiting to hear from them after 5 rounds.
Rackscape - 2 rounds and waiting to hear from them.

And there were a few more companies...

Most of these companies were on the West Coast... so if you looking for a job in a tech company... WC is the place to be!

MBA in a good economy...

Most of my posts talk about my MBA experience.. and many have asked if my experience really applies to prospective students as I graduated in a recession and you will graduate when the economy is good.

So a simple answer is YES... my experience and problems are relevant to prospective students. You might not have to struggle as much for a job but you'll still need to work hard to get your dream job. For example, today some people are upset that the career centers didn't do enough to get jobs, tomorrow you might be mad at them for not getting enough options. Today people are struggling to find A job, tomorrow you will be struggling to find THE job. Get my point?

The hiring process will be the same, the admission process will be the same, competition will still be there, so will the H1B issues.

And I know my experience has been a bit different, so talk to other students as well to get a different perspective.

I'll post later about the status of my job search, what has been working for me and what hasn't. Alright I'll leave it at that, am not very happy with this post, I don't think I really answered the Q. If you think so too just ask me what's on your mind and I'll answer.

How to deal with conflicting views about the MBA experience?

I think I have addressed this issue before, but since it is a VERY important one, I will talk about it again.

As part of your research about the MBA experience, you will often hear conflicting stuff. Someone will like ABC school, and someone else will hate the same school. They will both have their reasons, which will be valid.

So what do you do? What do you make of such conflicting data?

Firstly, talk to as many people as possible. Talk to students:

1. Who are american citizens
2. Who are international students
3. From your country
4. With the same background as you - professional background
5. With the same future goals are you
6. Who were very successful with their job search - try to find out what worked for them
7. Who were not as successful - find out what mistakes they made, and learn from it

How do you get in touch with so many students? LinkedIn, facebook, google search, ask the school to give you contacts, ask these contacts for more contacts, and any other way you might think of.

Hope this helps.

Ranked school with no money vs a lower ranked school with money...

So you are all set with your applications and interviews. You get two offers: One from a top 20-school with no money and the other from a lower ranked school with 80% or more off. Lets say you got an offer from UNC (I know its 21st now but you get the point) with no money, and lets say Boston University with 80% scholarship. Which one to choose?

2 years back, I would have chosen UNC in a heartbeat. THis would be my reasonsing:

1. Well its a top school, so will get better employers.
2. Look at the placement stats, McKinsey hired X number of people.
3. RTP is a technology hot bed, that's gotta mean something.
4. I will make up for the "lost" scholarship money in 5 years. No big deal!

NOW I know that all of these justifications were wrong....

1. Frankly, the list of employers grows more because of location NOT ranking. UNless of course you are HSW.
2. Look at the competition... everyone wanted to work for McKinsey.... If you get hired great but what if you don't? What other companies, smaller ones, come to campus? How many hire internationals? You will find better options in Boston than NC for almost any industry.
3. RTP is a bio-tech hot bed NOT IT. There are companies like Cisco, IBM but they do NOT hire internationals.
4. Why lose any money at all? YOu can invest the "saved" money or blow it away. Either option is better than paying the premium for ranking.

Today, I would choose Boston in a heart beat. Don't make my word for it. Talk to students at both schools and compare the satisfaction levels. Talk to students with and without jobs to get a clear picture.

MBA and $100K of debt

First of all let me start my apologizing for not posting for so long. I was just busy (and lazy).

So now that my MBA is over... I get a letter from my bank saying I owe them $100K+ in loans. That comes out to about $1280 per month for 10 years with my interest rate. This is one of the many things I had never thought about before starting my MBA. When I started my MBA all I used to think about a six figure salary and how good my life will be because of the extra money.

Now, lets assume I get a six figure salary. This $1280 a month is a big big big hit for my bank account. Its about $15,500 a year. So you can drop your $100,000 salary to $84.5K right away. This is not a problem for folks who manage to get jobs in consulting and i-banking (no don't just assume you will be one of these guys. From my batch of 14-17 desis, only 2-3 ended up with such offers). For others, its an even bigger hit. You will be making something around 80-90K but your loan amount will be the same.

No, I am NOT saying don't pursue your dreams of becoming an MBA because of this. The point is that please make sure you incorporate this into your planning when thinking about an MBA.

What's the solution?

Well, firstly make sure you are making an informed decision. Secondly, enroll in schools that are giving you some kind of scholarship, even if they are lower ranked. Unless you are going to HSW... ranking doesn't matter a lot, but your loan does.

So Things Were Bad Last Year, But Does That Mean We Should Ignore Last Year's Placement Stats?

I get so many emails from students asking what to make of last year's placement stats on business schools. Here is my take on it.

Yes, things were bad but they were bad for all schools and some schools did better than others. You should use the placement stats to see which schools did better in the recession. Talk to students to find what the school did and how it helped them. Also talk to students from schools that did pretty bad to find out what the school did not do for them. Compare the info you will have from the students and decide for yourself which school is better.

If you ask an adcom member why XXX school did not do well, DO NOT LET THEM GET AWAY WITH THE ANSWER THAT THE ECONOMY WAS BAD. When things are fine, even the worst of people do well. It is when things are bad that the real achievers stand out. Ask them questions about how other schools were able to place more students than them and what they have done to fix things this year.

Trust me guys, if you ignore the placement stats from last year, you will be making a HUUGEEE mistake.

Hope this helps.
Anshul

No posts during the holidays

Hey guys,

I will be traveling for the holidays so will not be able to post anything until 2nd week of Jan. Have a happy new year!!

Anshul

Canada or USA

Hi All,

I am back to USA from my exchange at McGill university in Montreal. Three months just flew by and it was a great experience. Here is my comparison of the two countries:

1. USA has a lot more opportunities even in this time of recession. However, if you are not interested in consulting and finance, your opportunities are limited. Plus, lot of companies are not willing to hire internationals.

2. I thought that UNC was a much better school than McGill when it came to commitment of students and quality of professors. However, I found that McGill's culture was very warm and the program staff was more helpful than UNC's especially for international students.

3. If you plan to immigrate, then Canada is the way to go. Life in Canada is the same as it is in the US and immigration is a lot easier. USA has pretty much closed it doors for Indians and Chinese, unless you dont mind waiting 5+ years for your green card. However, if your plan is to work in the US for 3-4 years and then go back home then USA is a better choice than Canada because it has more to offer.

4. I felt that Canada is more accepting of immigrants. There is more diversity in Montreal and Toronto. I felt more welcomed in Canada. I always heard people say that Canada is more accepting but I never thought it was going to be true. I was a big pro-USA guy, when I have give this one to Canada.

5. Canada is cold!!! so if you dont like the winter, better stay south.

I think thats pretty much it, if you have more questions please ask and i'll do my best to answer them :)

Before You Apply - A Free eBook For All MBA Aspirants.

Please download the ebook through this link. Feel free to distribute to anyone and everyone who is interested in an MBA. Please leave feedback so I can improve this for future classes.

Enjoy!

Thanks,
Anshul

Application Strategy for your B-School

It is very important to get your strategy right for each business school. Your story should clearly say what your goals are and how this MBA and more importantly this school fits into your long term goals. Your essays and resume should reflect this strategy very clearly. Think about it this way. If you are applying to Wharton, your story should that finance is the love of your life. You have always dreamt of working on Wall Street and that’s the reason you studied finance in college. And for the same reason you joined this local bank and want an MBA to learn more about finance and then take the leap to a hedge fund. Get the point?

I understand that your story might not fit as well, but try to find transferrable skills and make the best story you can. Discuss your story with current students and alumni and get their feedback and tweak your story accordingly.

Alumni/Current Students Questionnaire

Here is a list of questions you can ask current students and alumni when you call them or talk to them during your school visit:

1. Why did you choose this school?
2. What do you like the most about it?
3. The biggest strength of the school?
4. The biggest weakness?
5. What other areas would you say the school needs to improve?
6. How are the placements for international students? (if applicable)
7. Talk about housing costs and get more related information.
8. How many students have partners? What is their experience like? (if applicable)
9. What other schools did you consider?
10. What are you majoring in? What are your post MBA goals?
11. Talk about your post MBA goals and ask if this school fits with the goals?
12. Do you any other students who have similar post MBA goals?
13. What is the culture of the school like? Social scene, competitiveness, academic rigor, etc.
14. Favorite professor? Class?
15. What did you wish you knew when you were applying?
16. Any last words of wisdom for me?

Note: This is just a sample of the many questions that you can ask and if you feel I left out something important please let us know and I will update the list.

Is ‘Fit’ Really Important?

School’s cultural fit is very important for every MBA student. Think about getting stuck with students you don’t fit in well with. You are a competitive person and all your colleagues don’t care about competition at all. You like to go out but everyone thinks that they should study on a weeknight. Smaller differences like this can really break your MBA experience. Your colleagues are your future network, and if you don’t get along well with them, it won’t be of much help. Now think of the exactly opposite situation where you get along with everyone and share similar interests. You get the point?

What Can You Expect To Get From An MBA?

It is very important for you to know what to expect from your MBA. It can literally make or break your experience. Here are the possible scenarios:

If you know what you want an MBA will help you get there. Let us take an example. You know you want to start a business, so get involved in the entrepreneurship club, network with local entrepreneurs, find resources to make your business plan and if things go well even launch your business. You can apply the same things to finance, consulting, or any other profession.

Now if you did not know what you wanted an MBA will only mean a lot of debt, lost income, and a waste of time. Let us take an example. You show up at your business school because you just hated your hold job so much and thought you will get 2 years to decide what you want. You attend club meetings of the finance and consulting club. You really liked the welcome event of the consulting club, and felt consulting could be the place to go. You start applying for jobs and realize that you don’t fit in well with the job culture and all the traveling. You decide you should give finance a try. You talk to recruiters and they ask you why you were not at the networking event in the first week of school. Now you cannot tell them you have not decided what you really want because companies want students who know what they want. So in the end you are in no man’s land.

Your MBA will never be a total waste, but if you knew your goals, you will get so much more from it.

Location vs Ranking of a School: What Matters More?

So you got in two schools - one that is ranked higher than the other, but the other one is in a bigger city. What to do now?!?! In my opinion, always and ALWAYS go with the location school unless you made it to the top 5-7 schools.

Lets say you want to work in internet/technology sector after graduation. And you made it to Duke and UT Austin. Duke is a higher ranked school than Austin, much higher. But if I were you, I would choose Austin. Here is why:

1. Ranking is just a number, it only goes so far. What matters is the number of companies willing to hire you. Austin is a tech hub now, and is growing rapidly. You will have a lot of local companies that will be looking for talent. They wont be amazon and microsoft, but will be great companies.

2. These companies will have a much better relationship with UT Austin that Duke. Many employees might just be alumni - BIG PLUS.

3. Many companies are willing to hire interns, but they want local interns so you can work for them during school too. I lost an internship because of this. This awesome company in Austin wanted to hire me but since I was not a local, they didn't. It was a horrible feeling.

4. Your networking during school will be industry relevant and actually helpful. I went to so many networking sessions at UNC, most of them useless for me. If I wanted to work in Finance or consulting, it would have been different.

Hope this helps. I welcome questions and comments.

Small Class Size: Good or Bad?

Small class size ca be a good and a bad thing depending on what you are looking to get from your MBA. Here are a few pros and cons.

Pros:

1. Individual attention
2. Less competition for jobs. This can be of big help because you have the chance to rise to the top.
3. You can be a "big fish in a small pond"
4. Better collaborative environment
5. More time with professors
6. Better relationships with fellow students

Cons:

1. Smaller network of students and alumni. Smaller alumni network kinda sucks when you are looking for alumni for jobs and you don't find many.
2. Not many members for clubs and other activities
3. You do not have a lot of options to choose your friends. If you can't get along with the few, you are out of luck.
4. Less competition can be a bad thing too.

Hope this helps

USA vs Canada vs UK vs Australia vs Others for MBA

Today Indians have many options when it comes to MBA abroad. Choosing which country to go and study can be very very confusing. Here is my take on the main ones:

1. USA: US is still the most popular destinations for Indian MBAs. Even after all the crisis, US has a LOT of opportunities. There are many schools to choose from and the top schools of the world are in the US. However, immigration issues are scaring away many international students. So here is the deal, if you want to go back home right after the MBA, US is still a very good choice for your MBA. If you are thinking of working for a couple of years after your graduation, I would still suggest looking at other countries before finalizing US.

2. Canada - I think Canada is a great option for people looking to settle outside India. If you can get into the top schools, the education will pretty much be as good as the US counterpart schools plus you have a better chance of getting permanent residence in Canada. If you have entrepreneurial plans, Canada might not be the best place as there aren't as many opportunities as in other countries.

Others to follow soon....

Should Indians Consider US for their MBA?

Many Indian students come to USA with their MBA dreams every year. Some are lucky enough to get great jobs and without much trouble, but most of the students have to work twice as hard and live a very stressful life until that job offer is in their hand. Why does this happen? These students are just as smart as their American counterparts, they work just as hard in fact harder than them. Then what is it that makes life so stressful for Indians?

The answer is H1-B and the Green Card. If you are amongst the ones who just want to get experience and go back home, then you should not be that worried because once you have a job and H1b you are more or less fine. Others who plan to settle in the US are pretty much screwed. The wait times for a green card are ridiculous. EB-3 category has a wait time for 7 years. You cant leave your employer or get promoted in this time. EB -2 category (for jobs that require a masters) has a wait time of 4-5 years. The catch here is that masters is required, and many jobs just "prefer" an MBA dont require it. Which means that you will have to apply in the EB 3 category. Yes there are workarounds where you can get promoted but the point is that your life will be very very very stressful until get that card in your hand. I have seen people waiting for their green card, and it makes me so sad to see their situation. Employer will harass them just because we cant really do much, they will see others move ahead, and their personal life gets screwed because there is a lot of uncertainty.

So what is the solution to this? Unfortunately there isnt one, unless you go to immigrant friendly countries like Canada. I myself am in Montreal at the moment to check out the country. So far I really like the country, but then its not USA. I know this doesnt help, but this is the reality. Here is my take, if you have never been to the US or are not very keen on living in the US, do consider Canada. Great country, super cool people, and enough opportunities.

If you are in my situation and have spent a lot of time in the US and have a good network there, it makes sense to give EB 2 a shot and apply for immigration in Canada as a backup. I have about 3-4 months left in Canada, and trust me I really want to like this place sooo much that I am certain that I can leave the US and settle here. Life would be so much easier. I dont want to spend the sleepless night trying to get a job, then trying to persuade the employer to sponsor a green card, and finally being able to get a green card. Thats about 5-7 years down the drain. Is it worth it? Only time will tell.

A Must Do Before Deciding Where To Apply

Deciding which bschools to apply is one of the most confusing decisions I made in the entire process. I looked at the rankings, class profiles, and other info to see where I will get accepted and took it from there. Although this strategy is the most common one, it has a serious shortcoming. If we are using this strategy, we are only asking one question - am i right for this school? We are not asking the most important question - is this school right for me? Believe it or not, asking this question is more important that the other question most people ask.

The answer to this question will really help you decide where to apply. All schools offer a very different experience, and its only natural that you will like some better than the others. If you only want to focus on top 10 schools or top 20, thats fine, but getting to know a little about the experience the schools offer will help you choose which of those top 20 to apply to.

It is also important to keep in mind that schools look for students who have done their research on what the school has to offer and that the student's personality will fit the school's culture.

So, here is how you can find out about what the school has to offer culturally. Read student blogs on business week and other sources. A simple google search will give you a list of blogs from students in a particular school. And read multiple blogs to avoid getting reviews of a very frustrated student or a very very happy student. Both wont do you a lot of good.

Call a current student and ask what he/she likes and does not like. Speak to Indian students if possible because they understand our needs the best. They were in your shoes a year or so ago, and know what mistakes they made and can better advice you on how to tackle problems.

So again, read student blogs and talk to current students (Indians if possible) to see what their experience at school has been, and then decide where to apply.