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.
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.
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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 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.
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Ask Me A Question
Please post any questions regarding the MBA admissions process here. You can check out the old post with many questions that I have answered here - Ask Me A Question (old).
These questions can be about profile evaluations, general MBA experience, pretty much anything and everything regarding an MBA in the US.
Post your questions as comments and leave your name so I can address my replies to you. Thanks :)
These questions can be about profile evaluations, general MBA experience, pretty much anything and everything regarding an MBA in the US.
Post your questions as comments and leave your name so I can address my replies to you. Thanks :)
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
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
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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
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
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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 :)
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 :)
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