Pursuing MBA: Factors that should determine college selection

It’s that time of the year, when admission process at b-schools is in full swing. Some of you have appeared for GD/PI rounds at various institutes and awaiting the results; while some of you are prepping for the upcoming GD/PIs. So, this is also the time to analyze a crucial factor that will affect your MBA and future course of action i.e. selection of a college.

We all know that getting a call from the IIMs means a definite yes, and so is the case with the other top b-schools. However, the name and reputation should not be the criteria of selection. It is important that you pay equal heed to other aspects of the colleges and then select the most suitable one.

We list down a few factors to be kept in mind before choosing a college:

Specialization: The most important factor to be kept in mind is specialization. A candidate joining a b-school must be very clear about his/her future goals. The college’s name and repute will only help till a certain level. Studying it the top college mean little if it doesn’t offer specialization of your choice. Why is programme specialization crucial? For the simple reason that one needs to develop expertise in a particular field to be able to build a stable and successful career. Secondly, the aptitude and interest of a candidate must match the programme he/she is studying as these two are the foundation of one’s career. For example, a candidate more inclined towards finance and having flair in it may not be perfectly suited for Marketing or vice versa, for each specialization requires certain skills which vary from person to person.

Marketing, Finance, Operations and Human Resource are the most popular specializations in MBA/PGDM. However, many more industry specific branches have come up in last few years. From Power, Petroleum, Infra, Real Estate to Digital Media, Fashion, Entertainment and Sports; b-schools today are offering multiple options to candidates. But what is important here is not to get swayed by the popular trends. Choose your specialization according to you interest and aptitude.

Also read: 14 lesser known MBA specialisations

Infrastructure: All the colleges claim to provide best educational facilities at their campus. But what needs to be ensured is how good they actually are. In today’s age, infrastructure is an important factor because it has a significant influence on your academic performance and overall development.

Comfortable lecture rooms, effective sound system in the classrooms, hi-tech library, updated computer system, high speed internet facilities are few of the fundamental requirements of any student.

For residential students, they key deciding factor should be hostel facilities. Safe premises, spacious hostel rooms, tasty and hygienic mess, departmental store, ATMs and other facilities must be on your checklist.

Besides these, the college should also provide facilities for personal development. Sports, yoga, music, inter-college events, industry exposure through seminars etc and other extra-curricular activities are a must nowadays.

Teacher-Student Ratio: One of the pillars of a successful career is teachers. Right from school to college, we hold the fingers of our teachers to walk on the path of knowledge and progress. The role of a teacher never changes, be it school or higher studies. Hence, low teacher-student ration is extremely necessary. Such an arrangement should be a prerequisite while selecting a college to ensure you get adequate attention and support from the faculty during your programme to achieve maximum potential.

Secondly, a small classroom means lesser number of people to compete with. You will get more chances to speak in the class and interact with teachers. This way, the chances of them knowing you are higher. This proves as a huge advantage at the time when you need letter of recommendation. If the teacher knows you better, you’ll get a quality letter.

International Accreditation: An MBA programme having international accreditation means that the programme conforms to the international standards of management education in terms of quality and is recognized abroad for jobs and higher studies, both. The most significant accreditation agencies for MBA programs and B-schools; the Association to Advance Collegiate Schools of Business (AACSB), Florida; EFMD's European Quality Improvement System (EQUIS), Brussels, and the Association of MBAs (AMBA), London. In India, only a handful of institutes are internationally accredited, including ISB, Hyderabad, IIM Ahmedabad, IIM Bangalore, IIM Calcutta, IIM Lucknow, MDI, Gurgaon, IIM Kozhikode, IMI, Delhi, TA Pai Management Institute and Great Lakes Institute of Management.

Fees: Before zeroing in on a particular B-school to pursue MBA/PGDM or any course for that matter, you must compare and analyze fee structure of various colleges. Course fee and other expenses must be in your budget. Total course fee of top B-Schools in India typically start from Rs 8 lakh (except FMS whose fees is Rs 10, 480 per year). Nowadays, many institutes help candidates in availing study loans. Select the colleges, check their fees, their loan facility, their terms and conditions, understand the process of interest, payment etc, and then make an informed decision.  

Return of Investment: Going by the fee structure of any MBA programme, it may be considered a kind of investment, owning to its career trajectory and lucrative pay packages. But at the same time, an MBA degree may not promise a well-paying job. In a 2016 report by Assocham, barring IIMs, most of the 5,500 Business schools in the country are producing "un-employable" sub-par graduates, earning less than Rs 10,000 a month if at all they find placements. Most of the colleges, claim job placements. But what you need to know the participating companies the placement process and annual pay packages offered by them. For this, the candidates must go through the final placement reports of B-schools over the years, to get a sense of salary they will get.

Though the right way to the calculate the Return of Investment (ROI), of an MBA degree is to estimate the annual increase in salary and figuring out how many years will it take to recover the student loan/ investment through salary increases over a period of 10 years; comparing the course fee with placement package gives an idea of the same, nonetheless.

Degree or Diploma: Management programmes are offered by government institutes, private institutes as well as universities. In India, there are about more than 3000 educational institutions offering MBA programmes. However, there’s a slight difference between pursuing a management programme from a university and an institute. MBA, which is a degree programme, is offered by universities, or colleges affiliated to universities. PGDM or Post Graduate Diploma in Management is offered by institutions approved by AICTE and MHRD. The MBA curriculum is designed by universities, but PGDM syllabus is framed by individual institutes. However, both degree and diploma holders are eligible for jobs in government as well as private sector.

Did you know that IIMs do not award degrees? Yes, till now India’s top management institutes have been awarding diploma and not degree. However, they may soon be allowed to grant degrees after the new IIM Bill comes in affect.

Alumni Review: No amount of research or information can give you the correct picture of an institute unless it comes from someone who’s been there. Read up on social forums and connect with recent pass-out students to know about the faculty, infrastructure, placements and other academic support offered by it. Selecting a college is a crucial decision that shouldn’t be made in a jiffy. Neither should it be done at the last hour. Just like the way you start preparing for MBA entrance exams a year before, start researching about the B-schools of your choice well in advance and aim for the one that’s most suitable for you. Remember, decision taken today will bear fruits in future accordingly.