Myths & FAQs About MBA
Myth 1: Freshers/People with significant work-ex are at a disadvantage
Nope. Each has its own advantages and drawbacks. Some companies which come for a senior profile like a project manager or team leader will prefer someone with a 4+ year of work experience. Consulting + Fin firms are mostly neutral. Sales and Marketing firms might give a slight preference to freshers. General management firms to experienced people. The gist being, there are enough opportunities for everyone. There is no hard discrimination for or against any said profile.
Myth 2: All MBA Degrees are equal
At the risk of sounding obnoxious, they aren't. There are many hundred MBA colleges in India. But only the top 15-20 will be recognized and respected in the industry.
Myth 3: I can't do an MBA; I don't have the money
While the cost of doing an MBA has been on a steep uphill in the past few years, it is still affordable even for the average Indian. There are a whole host of banks ready to shell out 15-20 lacs of loans without any collateral to students. The same can be paid off at a comfortable pace in 7 years after graduation.
Myth 4: There is no discrimination against non-engineers
There is. The entire selection process, though probably unintentionally, is skewed to give an edge to engineers. The topics in the entrance exams are math-oriented. There is no normalization for scores in 10th, 12th and UG giving engineers an edge as it is easier to get 70-80+ in maths and related engineering branches than it is for someone pursuing law, medicine, arts, humanities. So next time you complain about the extra marks given for academic diversity, DON'T.
Myth 5: Admissions are guaranteed if you have good scores and a good profile
There are multiple criteria for getting selected. If you do not qualify even one of them, you won't get admission even if you might be stellar in everything else. Sad, but true. There are some things you can work on - UG CGPA, CAT score, GD and PI and some things you can't help - 10th and 12th scores. So, research about the college. See the evaluation and selection criteria and aim accordingly
Myth 6: It takes great amount of intelligence and exceptional academic scores to clear CAT and get into one of the top B-schools’
Reality: This couldn’t have been more far away from the truth. Certainly, a good academic record will make it easier for a candidate at some B-schools that lay a lot of emphasis on profile (e.g. IIM-B and SP Jain) and will also help the candidate to portray a better image on the interviewer. But, only a few B-schools have more than 10-15% weightage of past academics in the overall selection process. Statistics would tell that the students without impressive academic scores have also made it through to the top B-schools.
Myth 7: Candidates who are unable to answer all the questions in CAT will not qualify the exam
CAT is not about solving all the questions, instead the candidate must aim at solving more number of questions in minimum time. Time management is extremely important in CAT exam. This means that you could leave out the questions that are time consuming and focus on questions that can be solved easily. Also, another important factor that needs attention here is that candidate should not only aim at completing maximum questions in minimum time, but also focus on accuracy because this is where a candidate can gain or lose marks.
Myth 8: Taking a break to study will make it work
It is not recommended that one takes a break to study however,
If only, you have been taking CAT tests and consistently scored 85+ in all of them. If that’s the case with regular school by side, we believe you can drop a year and prepare whole heartedly. Few months of prep shall land you anywhere above 95, leveraging better chances for an IIM.
Although, you need to have a very strong reason for dropping a year but an MBA degree from top IIMs would be surely worth it.
Around 25–40% of class profile at IIMs either have nil or some work experience, Majority of them come with atleast 2–3 years of work experience.
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