I’m an Indian working in the IT sector. I’m from a middle class family. I know i can’t ask my parents to help out regarding funding my MBA. I’m working for almost 3 years now and don’t have too much to show as savings. I want to have a global expe…
I'm an Indian working in the IT sector. I'm from a middle class family. I know i can't ask my parents to help out regarding funding my MBA. I'm working for almost 3 years now and don't have too much to show as savings. I want to have a global experience in my career. I believe this will start with an MBA abroad (this is just one of the reasons). My undergrad GPA is not that good.
Needless to say, i'll have to depend entirely on loans/scholarships (if im eligible) to fund my MBA. Now in a place like US, the amount of money needed is MASSIVE! If i manage to get through the admission process at a top tier school in the US, should i just forget about doing an MBA there? Only becuase i cant afford it? From where im looking from, the ROI (provided I do well and secure a job) is pretty amazing.
Is fees a reason thats holding back lot of deserving people from doing an MBA abroad? That's just unfair!
So my point is, if i don't have enough money, should i just forget about a US MBA and look to do it in India (when i prefer the US)?
Fees are high for everyone, including for those living in the US. But, if if you take out loans, a top tier MBA will open up many many windows of opportunity that would perhaps not have opened up otherwise. This in turn should allow for one to pay off loans rather quickly.
@iimBeast
I'm a first year MBA at the University of Arizona (ranked no. 4 for MBA - MIS concentration in US news MBA rankings, #44 overall MBA rank). Came here to the US August 2012. Here's my advice to you.
First of all, don't worry about your undergrad GPA. FOCUS ON THE GMAT: the GMAT pretty much dictates how much your scholarship would be. In my class, those with 700+ received the highest scholarship, 650 to 690 are in a lower bracket, they actually do consider profile holistically), the schools outside top 25 or so (US news MBA rankings) base the scholarship award heavily on the GMAT. Although these lower ranked schools say they look at your entire profile while awarding admit and schol, your GMAT is by far the biggest decider because everyone can write good essays, everyone gets good letters of recommendation, etc.
I would get a loan from Credila if I were you but all that is done after your university admit so you know how much to borrow. The entire cost of your MBA program will depend primarily on 3 things:
1. University of admit (higher ranked, higher cost...generally)
2. Scholarship you get (higher ranked, tougher to get more schol cause of competition)
3. City you live (for living expenses)
The first step however, the very first, is to get the best GMAT score you think you can get, and start applying to universities with your best score. Good luck!
Roshan
thanks Eller2014 and BForce for your replies. So if I consider a high ranked university (say a top 20), then how is it in that case? A good GMAT is obvious....that I will concentrate on. But I want to clear this doubt before i start studies. Otherwise i'll keep thinking about how i'm gonna manage my finances which will mess with my preparation.
@iimBeast Top 20 would generally give you a post graduation salary of $100k +. The M7, followed by top 15, top 20 etc are the most desirable and tend to fetch the highest salaries. This high salary should in turn help make paying back any loans much easier.
@iimBeast said:I'm an Indian working in the IT sector. I'm from a middle class family. I know i can't ask my parents to help out regarding funding my MBA. I'm working for almost 3 years now and don't have too much to show as savings. I want to have a global experience in my career. I believe this will start with an MBA abroad (this is just one of the reasons). My undergrad GPA is not that good. Needless to say, i'll have to depend entirely on loans/scholarships (if im eligible) to fund my MBA. Now in a place like US, the amount of money needed is MASSIVE! If i manage to get through the admission process at a top tier school in the US, should i just forget about doing an MBA there? Only becuase i cant afford it? From where im looking from, the ROI (provided I do well and secure a job) is pretty amazing. Is fees a reason thats holding back lot of deserving people from doing an MBA abroad? That's just unfair! So my point is, if i don't have enough money, should i just forget about a US MBA and look to do it in India (when i prefer the US)?
Hey Sunandan,
I think the biggest boost for you must be to get a good GMAT score which must be above average for typical Indian IT applicants, and once that is clear, you need to thread down your story to connect your experiences with your short and long term goals.
Being said that, I must say that scholarships in US B-schools, specifically for similar looking profiles of Indian candidates, largely incline on your academic credentials and GMAT score. So, if you say that your acads are average, you have all the time to compensate that with an excellent GMAT score!
To answer you specifically, fees definitely is high in US, but most schools are also pretty generous in distributing financial aids. I, with a GMAT of 710 and normal profile, have been able to get ~$50k scholarship for 3 top 20 US schools, and $60K from another 3rd tier school, and if you ask me, I attribute all this to (in order of priority):
1) Decent GMAT score
2) Stellar and differentiating essays
3) Confidence in interview
4) Clear career growth plan and projecting the same in all components of my application (including connecting previous experiences)
5) Enthusiasm towards the school I am applying to
I also know people having exactly the same profile as mine but having higher GMAT getting a full scholarship from schools I have been admitted to. But at the same time, they all wrote superb essays, and we worked through each roadblock to pave our way forward.
I'd definitely say that you should never ever be discouraged by high fees at US B-schools and rather try to focus on getting a good GMAT and write a stellar application, and I am sure you will get what you want..Good Luck...
Regards,
Rahul
P.S.: You can PM me for any specific queries regarding my profile, schools, and decisions that you may have
thanks Rahul! that really helped!
I second the emphasis on GMAT score. Many schools will claim differently, probably true in certain level for admission. But scholarship is entirely depends on GMAT score. A 750 GMAT score and rest all lousy (GPA, application, essay, Exp, Reference) will still land you in some very good schools provided your interviews are not completely messed up. There are exception but then again, there are exceptions in 550 GMAT getting admission in HBS too.
So my friend, first set your target schools.
Identify average GMAT score for those target schools.
Target your GMAT score as average GMAT score of the target schools +10/20.
Strictly ensure that your Quant and Verbal are balanced, not skewed. I myself downgraded my Quant to have a more balanced score.
Damn that GMAT AWS essay and IR, no one really cares about that at this point of time.
Now the funny side of the game, if your GMAT score is much higher than average GMAT score of the target school, you will be rejected.
I repeat once again, there are exception but generally, if you maintain average quality on your application, CV, essay, reference then the KEY deciding factor is your GMAT score and your communication skills during the interviews. Not many will tell you this ugly secret, most will talk loudly about "HOLISTIC SELECTION PROCESS".
And yes, middle class also can go for PHOREN MBA.
I am an aspirant of MBA from foreign University. I have very decent academics with 55% in my Graduation and no work experience. Are there any good university in foreign that accept freshers for an MBA program? My preferred countries are Germany, UK, Singapore. Please help :)))
You have been already well advised about the importance of a good GMAT score, and that is a mandatory requirement anyway.
If you you feel your profile can crack the top tier schools AND you have the borrowing ability for the extravagant fees, then you can earn it back.
However, I would like to point out, that the rankings do not always depict the placement rate. A lot of middle tier schools, might have a better placement rate than schools 'ranked' above them. You can try to identify these middle level schools, which will definitely grant you a scholarship and also guarantee a job.
If you go to a school in a tier below this middle level schools, then you might get even more scholarship, but lesser chance of placement.
So my point being, that you need to balance it out looking at aspects of scholarship and placement separately and not just the ranking.
I have to say..this is a brilliant reply and has done tons of good to my confidence to apply sooner rather than later!
Hey Sunandan,
I think the biggest boost for you must be to get a good GMAT score which must be above average for typical Indian IT applicants, and once that is clear, you need to thread down your story to connect your experiences with your short and long term goals.
Being said that, I must say that scholarships in US B-schools, specifically for similar looking profiles of Indian candidates, largely incline on your academic credentials and GMAT score. So, if you say that your acads are average, you have all the time to compensate that with an excellent GMAT score!
To answer you specifically, fees definitely is high in US, but most schools are also pretty generous in distributing financial aids. I, with a GMAT of 710 and normal profile, have been able to get ~$50k scholarship for 3 top 20 US schools, and $60K from another 3rd tier school, and if you ask me, I attribute all this to (in order of priority):
1) Decent GMAT score
2) Stellar and differentiating essays
3) Confidence in interview
4) Clear career growth plan and projecting the same in all components of my application (including connecting previous experiences)
5) Enthusiasm towards the school I am applying to
I also know people having exactly the same profile as mine but having higher GMAT getting a full scholarship from schools I have been admitted to. But at the same time, they all wrote superb essays, and we worked through each roadblock to pave our way forward.
I'd definitely say that you should never ever be discouraged by high fees at US B-schools and rather try to focus on getting a good GMAT and write a stellar application, and I am sure you will get what you want..Good Luck...
Regards,
Rahul
P.S.: You can PM me for any specific queries regarding my profile, schools, and decisions that you may have
Hi,
I am looking for the best possible MBA abroad with my profile. I would be really thankful to all who can help.
I am not a topper of my class but had been an all-rounder through out my career.
I scored:
X-74.2% GPA-3.5
XII-78.6% GPA-3.5
BE-72.09% GPA-3.5
I am currently working under a construction company as an associate manager, also given d responsibility by the MD, to analyze and enhance his political ventures. Here, I and my team members analyse different perspective of d political system and how it affects d result. He has also given me the responsibility to prepare business pitches and develop the business by guiding the team members of MD's Medicos company. I have been working here since May 2012. I have cleared the level I exam for french from French Alliance.
I had been selected in Indian Air Force for all its 3 branches (viz. Flying, Administrative and Technical) , but could not join due to Congenital medical problem of spine. Later on I was also selected for the Indian Army and even had the Joining instructions but did not join because a Major who already was serving and also a pass-out of OTA Chennai suggested not to join as it is one of the toughest military academies in Asia. He said my problem of Spine can aggravate and nobody listens to you, once u got there. However, I always wanted to join the armed forces especially the IAF (Flying).
I have been an active sports personnel in my school and college life. Won the Inter-district Quiz Competition organised by the Institute of Engineers. I was the Vice-Captain of my College Cricket team represented the college at State level Cricket Tournament and won the District Level Tournament. Won Badminton and Volleyball tournament for my department in inter-Departmental Sports meet. In school, played various sports Football, Volleyball, Cricket, Kho-Kho and Kabbaddi and won different Competitions respectively. Also won a prize in Science exhibition at district level.
Now I wish to join the best possible B school for my PG. I am mainly aiming at LBS, OXFORD, Cambridge, Imperial College London,etc. in UK. I know that It is nearly impossible for me to get into Harvard and Stanford, but i am looking at other top B schools in US. Although if I can get an admission to any B School which features in top 30 in the world and which is outside US and UK I will also consider that option. And therefore require help from u ppl. Kindly suggest and help.
I am expecting a score of 720 in GMAT will give it Feb 14
Thanx in advance
hi.. I am from a middle class Indian family and I have a very good GPA and a GMAT score of 650.And I am currently working.I want to pursue MBA from abroad and my parents cant afford it…what can I do ??
was out of the whole MBA game for a while....well the MBA dream is like the stink on your feet (metaphorically speaking of course)....it just does not go away.....i've done some soul searching and as per the advice from some people in this thread.....i'm gonna go for a killer GMAT score....will worry about the rest later....it's go time!
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