MBA - Is it a Leap or a Plunge?!

Brijesh Shirodkar

Brijesh Shirodkar has completed his engineering from Mumbai University in Computers. He is an MBA from NITIE, Mumbai. After his engineering, he was working as an ERP consultant for Ness Technologies. Currently he is a Senior Business Analyst at Cognizant. He enjoys dealing with student issues.He has a flair for writing and has received accolades for the same during his engineering and MBA days.

Stark increases in salaries of MBA students stare in your face through dailies and magazines. Your own organization has been hiring MBAs for middle management posts and grooming them for higher positions. Some of your college mates who did their MBA immediately after their graduation have started into well paying jobs. You know that you have it in you to get into a top notch B school and climb a few ladders in your career.

But all these possible aspirations are two years away. You are secure in your job. The economy is booming, and you had a nice increment this April. By changing jobs you can double you salary in a year or two. There may be impending opportunities to go abroad. Your organization may have also tied up with a “reputed” institute to offer “part-time” executive MBA. If you are married there are additional commitments. If you are not, you know that MBA will push marital bliss 2 years away. As these thoughts whirl around in your mind, you are getting even more confused and the decision to take the plunge gets difficult every passing day.

So let’s try to find light at the end of this tunnel. First and foremost, convince yourself that a full time MBA is what you need. This is the most critical but not the most difficult step. Identify what your career goals are three years, five years and seven years from now. Now decide whether your MBA will help you reach these goals. If your answer is not a “Resounding YES!!” continue your research.

Once the ghosts in your mind are driven out, identify the colleges, courses which will offer you the MBA you want. Get in touch with current students at these institutes and if possible with people having similar profile as yours. Validate from them the job profiles and actual salaries on offer at their campuses.

The next step could be the tough part. Calculate your financial outlay to include fees, hostel, mess charges and other academic expenses. Include your opportunity costs of foregoing your salary for next two years. Although this initial investment will seem large, you need to give due consideration to the returns from a fast growth career post-MBA.

Once you are clear about the financial outlay, everything else will seem to fit in place. Treat MBA as a fantastic investment of time and hence money. Your doubts will be quelled away. Some tips: 

1. Start planning early. At least a year before you eventually join the college.
2. Lot of banks will readily finance your academic expenses. Use these facilities prudently and enjoy your savings.
3. It helps to be married to a working wife. The regular flow of income prevents you from distraction.
4. Apply to only those colleges that meet your expectations. It is not worth cracking lower rung colleges just for practice. They will confuse you in the end.
5. As far as possible, do not quit current job to prepare for the entrance exam. It will just add a lot of pressure. Underperforming is a better option than quitting to find time to study.