5 wrong decisions taken during your MBA which you may regret after 10 years

Posted on April 7, 2015 by IBS India

MBA is known to be a life defining career. All of those who have experienced this will agree with me. These two years will probably be the most joyous as well as awakening years of your life. From assignments to final placements, each event will bring something or the other experience which will be full of learning.

During these 2 years there will be many times when you will have to take decisions. From small to big, all the decisions will impact the course of your life at some point in time. There may be some wrong decisions which you may not regret once you get into job. But there will be some decisions which will require extra care from you before you take them. These decisions can change your life forever. All you will need to do will be to sit down and think about how they may affect your future. Let’s have a look at some decisions which you may regret after 10 years of finishing your MBA.

Chasing the Green – Someone has said that Money can’t buy everything but it can buy you most of the things. But is chasing money really worth it?

Once you get through a good B school, you start thinking on how you will be able to get the right job which fits you. Off course it is justified to get buck loads after you have successfully completed 2 years of hard work. But trust me money won’t matter that much down the line if you had decided to pursue something very different from what you had actually wanted to do.

Money is essential part of one’s life but sacrificing on your dream job is not worth it. It may happen that you may want to opt for companies or job profiles which are paying you good but it may so happen that the same company/job profile may not suit you later.

Earning money can be a goal but at the end, the only thing which will matter is peace of mind which you will only get once you opt to do what you want to do. Taking up a sales job to earn hefty commissions when you have acumen of creativity will not help you in long run

Wise thing is to go for what you want and what makes you happy even if it’s monetary value less. Excel in what you love overtime and Money will follow you.

Following the herd – Once you are in MBA, drop the herd mentality. Learn this straight and clear. MBA is a very professional course and maturity is expected from you. Just because your friend or your classmate is choosing finance it doesn’t mean you do the same.

Carefully analyse and decide the area of expertise/ field you want to go for. Talk to your seniors and your teachers. Attend you classes regularly. Participate in events and extracurricular activities and find out what interests you more. Weigh your options and then decide to go for what you want.

Missing the fun – MBA is a course which will develop your overall personality. It’s going to be the last two years of your education life why not to enjoy them to the fullest. Running behind grades will not help you. Off course getting good grades are important but what equally important is to enjoy your life and having fun. Make good plans and go out with friends occasionally. Take part in cultural events; join clubs roam around the city. Take break from studies. Whenever I think about how I enjoyed my days at B school, I miss how I used to enjoy mid night maggi and roaming around Mumbai with my friends. You will also make memories and will cherish these memories for the rest of your lives. You will have to decide when you want to take a break and have some fun and I am sure you would not want to regret upon deciding not to enjoy your life.

Not networking – Fact alert! MBA is about networking. While in school or college we may have some preferences. There might have been some specific set of people you wanted to talk to or be friends with. B schools are different place altogether. In MBA it is better to get in touch with as many as people you can. For good off course. Make good and friendly relations with people. Help people, make social groups and discuss what is going around. Share knowledge and learn from things. These people will definitely help you in many things in the long run. For example referring you for job in companies, helping you to adjust in new cities, getting you business and what not.

It is also recommended to you to be hyper active on social media sites specially LinkedIn. In many cases companies look for online profiles of candidates for various reasons. Make a strong network of people. Connect with them and join online forums and groups. It will surely help you in future. Take it up very positively.

Avoiding making mistakes – We are humans and we are allowed to make mistakes. Accept this fact. If you don’t make mistakes your probability of learning will be less. You can always learn from your mistakes and that is the key.

Perfect grades, perfect job and perfect salary can be a dream but trust me it is very important to learn to accept the mistakes you have made. Don’t avoid making mistakes, they may happen. Worrying over the consequences of making mistakes will confine you from exploring your own limits and boundaries. Sometimes making mistakes are important to know what is better. It doesn’t off course mean to make them intentionally.

As I had earlier stated MBA is a life defining career and if you choose this path you have to live with all the pros and cons. You will experience many ups and downs but it is up to you to make better decisions. Give proper though to each important action you take so you don’t regret them later in your life.

Contributed by Leena Sonparate ( Class of 2013, IBS MUMBAI )

Linkedin Profile of Leena Sonparate : http://in.linkedin.com/pub/leena-sonparate/4b/715/aa7

Endless Opportunities With Finance

Posted on April 7, 2015 by IBS India

I have been working in finance for quite some time now and regularly get inquires from the young ones seeking advice on how to break into this field. Trust me, I was never a finance person but today I think that If I can do it, you can too…

I have always been interested in a great many things – not just Finance, Film, logic, marketing, law, music, theatre etc. What made Finance so fascinating to me is how it crosses over so many of the disciplines.

To put this simply – How to break and succeed in finance-

Work harder than everybody else
Create something of value that others want
Be multitalented
Develop a specialty
Learn from people of same field
Read voraciously. Develop library
Be prepared for the opportunities
Excellent academic record
At last – LUCK

Remember, a career in finance is not just about money, but its close. Earning a degree is just the beginning. Real challenge begins, when choices needs to be done amongst the best available options. Analyzing which industry has the best to offer and dearth of new professionals.

Finance Industry is multi – faceted, offering a variety of positions catering to a number of different skills and interests. The key to individual success is to research, locate and land into the job which has the greatest compatibility with your skills and interests. Here are some common paths with finance service sector:

Corporate Finance : It involves working for a company in the capacity of finding and managing the capital necessary to run the enterprise. This is done while maximizing corporate value and reducing financial risk. It involves:
1. Setting up company’s overall financial strategy
2. Forecasting profits and losses
3. Negotiating lines of credit
4. Coordinating with auditors
5. Mergers and acquisitions
6. Roles offered: Treasurers, Financial analysts and internal auditors.

Commercial Banking : These local institutions offer a range of financial services, from checking and savings account to returns and loans. Career options available in this sector include bank tellers, loan officers, operations, marketing and branch managers. Talented professional s can get promoted from branch jobs to corporate offices. This kind of promotions gives exposure to international finance.
Investment Banking : Some of the most intense and glamorous financial careers are jobs in investment banking. It deals with facilitating the issuance of corporate securities and making these securities available for investors to purchase, all while trading securities and providing advice to both corporate and investors. Investment banking has a number of different divisions and groups with different objectives and responsibilities. Working in investment banking firm would help you to interact with issues of securities, mergers and acquisitions, professionals and traders who trade stocks, bonds and other securities.
Hedge funds : These are private unregulated investments whose managers can buy or sell a wide array of assets and financial products. Since these funds also surrounds around such kinds of entity, the jobs offered and also somewhat Glamorous. Some typical hedge fund jobs are:
1. Financial Analysts
2. Trader
3. Compliance officer
4. Marketing manager
5. Portfolio manager
6. Quantitative analyst

Private equity and venture Capital : These professional help business to find capital for both expansions and current operations. Venture capital professional mostly spend their time with the strategists and small and fast growing companies. They evaluate pitches by founders and small company leaders to determine if the firm will make an investment – referred as” venture capitalists”. The hope of the VC’s is that the small business in which they are investing will one day go public, where the failure rate is high and the rewards when realized, are huge.
Financial planning : These job profilers are known as financial planners and help develop individual plans that will ensure their present and future financial stability. These people generate an appropriate plan for savings and investments that meet client’s needs.
Insurance : These individuals help anticipate potential risks and protect them from loses. These jobs are with large insurance companies where you start your career as a sales representative or a customer service representative or as an actuary.
Public accounting : It is broad field. These help business and individuals keep track of their finance using GAAP. These record business transactions, prepare financial statements, audit financial records, prepare IT returns and provide consultancy. New hires start as a staff accountant, then audit managers, and then tax managers and so on and so forth.

Financial jobs exist almost in every company and in every industry. It is always wise to consider the direction of the market before seeking a financial job. To effectively pursue jobs with high possibility of success, one must measure the demand of the position. Different finance jobs needs different skill set as discussed above. So, its best to select one that aligns with your long-term interests and abilities.

The Finance industry has long histories of attracting energetic and ambitious people who are looking for the best career opportunities. Some of the few significant selling points for prospective employees are:

Compensation
Career Advancements
Bureaucracy
Pace

The Finance industry is noted for its compensation Structures, which is much more generous than other sectors of the economy. Also, Compared to other industries, the finance industry tend to place less weight on seniority in judging the readiness of employees for advancement. High Performers can move ahead regardless of age, experience, making this industry particularly attractive for ambitious young people.

For an idea of how a career in financial services can be either a destination in life or a launching pad for high achievements in other fields, read about these people:

Mike Bloomberg – Wall Street – Systems guru to media mogul to mayor
Jim Cramer – From money manager to financial TV Star
Wayne Rogers – From Actor to money manager

Contributed by Shilpa Aggarwal Gupta ( Class of 2005, IBS HYDERABAD )

Ready reckoner for Personal Interview (from Alumni)

Posted on April 6, 2015 by IBS India

In the first place, I’ll advice you to remain calm; PI is not a platform for ragging prospective students, rather it’s a means to test your aptitude and inclination towards the subject. Ideally, on the day of interview (and even otherwise), you should start at 6:00am. Take a shower, dress professionally (reserve your vibrant colors, tight fitted clothes and chunky accessories for evening party). Tie your hair neatly with a band (applicable to all girls and those boys who maintain a long hair style). Clean your nail, polish your shoes and carry a well organized bag/ folder for keeping your personal belonging safe and handy. Remember to put your phone on silent mode. You should definitely have a good breakfast and catch up with all headlines in the morning newspaper. Start early to be able to reach the venue on time (rather 5 minutes before).

Secondly, remember that interviewers love those who are genius and respect those who are genuine. As students, you are and not expected to know-it-all; so remember that honesty is the best policy. Here are a few commonly asked questions:

Tell us something about yourself:

This is one of the most common questions you will come across while appearing for an interview (be it the MBA, or for a job or perhaps when you go for a matrimony meeting). Interviewers ask this question for different reasons – to test your communication skills, gauge your confidence, study your eye movement and body language, check the clarity of your thoughts and perhaps make a strategy to ask next few questions. I have come across many candidates who have a well structured response to this question and a few candidates who start thinking at that time. Think of those days when you rehearsed the ‘Jack and Jill’ several times to give your first stage performance; don’t hesitate to do the same now! Write your response and keep reading it over and over to be able to present yourself well. You may like to include your name, your qualification, your family background and your interests.

What are your Strengths and Weaknesses:

This is the second most favorite of interviewers. Give a genuine response; especially, don’t fake a weakness (no one is perfect). You may like to give an example of how you have used your strength in the recent times to achieve an objective or how your weakness has taught you a life lesson. You should be ready with a plan of action to work on your weakness and fix it soon.

What are your short-term and long-term objectives or Where do you see yourself 5 years and 15 years from now:

Don’t try to give the witty response, “In your seat, Sir”… this is outdated! Don’t tell them as a Manager or General Manager or Vice President; the interviewer knows the corporate hierarchy better! Talk about the work you would be doing; for instance – “Advertising is the area of my interest; after five years I see myself working in an advertising firm and conceptualizing print media advertisements.”

Why MBA? or Why MBA from this B-school? and Why this particular niche Program?:

“My father asked me to do so”. “There is good scope and I’ll get a good package”. “I always wanted to earn a post graduate degree”. “It’s the trend; everyone is pursuing MBA today”. These are definitely not the kind of responses that the interviewer wants to listen! If you are a fresh graduate, you can talk about how a MBA can better prepare you to take up corporate responsibilities. Now there is no harm in adding that it will also improve your monetary position. If you have work experience, you can talk about an incident that triggered your decision. You should read the history and credentials of the B-school where you have applied to and if you have applied to a niche specialization, make sure you have studied the program brochure well. I had once asked a prospective student, “You have applied for eBusiness; what do you think it’s all about?” She replied Empowerment in Business; being a girl I need to be empowered and madam you are such a fine example of woman empowerment! I almost fainted!

Questions from your graduate level program:

If you are an engineer, you may come across a few questions around capacitors and diodes or perhaps your final year project work. Aha, damn… you were never in love with machines and hence you’re pursuing MBA… But these questions still seem to haunt you! Relax, be honest and explain your point. You may like to tell the interviewer to test your interests and your knowledge in the program you wish to pursue. Those who have done B.Com or BBA are perhaps a bit luckier! Really??? I was interviewing a prospective student who had completed his BBA. I asked him about his final year project; he said that he had submitted a project on ‘Setting up a chain of Spa for Dogs’. My first question was, “Had you estimated your market size?” He replied, “Oh yes ma’am, about 80% of urban population owns a pet.” I was still thinking which country he was talking about and there the young man clarifies, “Ma’m you go to the Juhu Beach and you’ll find every second person has a dog!” After he left the room, my co-interviewer said, “Did this young man include spouses of all those married in his category of ‘pets’?” Moral of the story is, “Do brush up theory from your graduate level program and final year project.”

Do you read a newspaper? or What headline spotted your attention today?:

The interviewer is checking your knowledge on current affair and general awareness. Many students say that they skipped reading news as they had to reach the venue early. Interviewers will then throw up questions like – What was major news in this week or in this month? What is India’s GDP? Name three CMs who are women? Who is the Home Minister of India? What’s the latest on the FDI in retail? Which company lately announced an IPO? and so on… This year election could be a hot theme! So do read newspapers and keep yourself informed on what’s latest!

What are your hobbies and interests? or Do you like reading books?:

Most interviewers wish to understand whether you pursue an interest and if you do so, how deep is your involvement. Most coaching classes have made students believe that the only correct answer to this question is, “reading”. Don’t get in to this trap; the next question will be – which books have you read, who have authored them, who are other authors you admire, what’s the synopsis and so on… On the contrary, your hobby could be painting, travel, music, dancing etc. But once again be cautious; your interest can’t be shallow – you can’t say, “Music is my hobby, I love listening to Bollywood music.” If you say travelling is your hobby, you should keep a list of places you visited on top of mind and also what’s striking about that place and its culture! One of my co-interviewers had asked a girl to show the various mudras of Bharatnatyam. So when you talk about something being your hobby/ interest, make sure you are involved deeply!

Who inspires you? or Who is your role model? or What’s the difference between a leader and a manager?:

These questions tests your definition of success; some interviewers are also trying to test your ethics and values. Your response could be any corporate tycoon; alternatively you could name someone you know closely. Provide a good justification for your choice. Last but not the least; do read the difference between a leader and a manager before you sit through any interview.

How would you handle a situation? or What is a solution you recommend to a particular problem?:

At times an interviewer may throw up a commonly faced real-life problem and ask you to provide a solution. This could be to test your decision making ability or ability to work in a team or understanding your managerial style. Try to be honest and give a rational reason for your recommendation.

To summarize, your goal clarity, domain knowledge, general awareness and communication skills are being assessed. Be confident, stay calm and respond honestly. Wish you best luck!

Contributed by Suchin Kulshrestha, (Class of 2008, IBS Hyderabad)

“MBA Institute Ratings – IBS: Touching New Skies Everyday”

Posted on April 3, 2015 by IBS India

In today’s fast moving world, one education course which is making its way very strongly to the youngsters in India is MBA…

There are more than 2500 business schools in India to cater the demand for MBA but not every business school impart quality education and churn out leaders.

After the completion of the graduation course, most of the students got confused when the critical question of short listing of the top B-Schools comes their way, it becomes much more complicated, given that the definition of ‘top’ varies between people and across years.

Most of the students choose the route of going thru the website of the B-Schools read out the brochure or consult to their seniors or faculties…but that does not provide the right and correct answers to their much awaited query!

Every other B-school make exaggerated claims just to stay relevant. It therefore becomes crucial for aspirants to see through the clutter and identify these ‘top’ B-Schools.

There are many independent research agencies in India which conduct the survey among all the business schools in order to filter out the best from the lot.

We have taken a close look on all the published ratings and we strongly believe that IBS has been able to stand out from the rest in many ways…

In this section, we provides you all the relevant information and details on the rating part pertains to IBS…we are providing this information based on the ratings published by two rating agencies, which are today the most reliable and most informative.

One of the very critical and most reliable rating agencies is CRISIL India.

CRISIL Business School Grading is India’s first independent and rigorous grading service for the education sector. Through this service, CRISIL aims to recognise and nurture quality management education, while helping employers and aspiring management graduates find business schools that best match their needs.

Business schools provide India’s rapidly growing industry with management professionals: the CRISIL Business School Grading aims to help business schools achieve higher degrees of academic excellence, establish the right profile of institutes and showcase an institute’s quality to students, faculty and employers across India.

CRISIL’s criteria for grading business schools have been developed after carrying out extensive research, and taking feedback from several stakeholders. We use quantitative and qualitative assessment parameters, to ensure that our evaluation framework is both robust and comprehensive.

In its latest rating report published on 11^th Oct’2014, CRISIL India has rated IBS as A** under its National Grading and A*** under State Grading which just goes to show that in the Andhra Pradesh state, IBS is the Best and in the Nation too, IBS is not far behind to become the Best B-School.

You can access the whole scorecard of IBS published by CRISIL India at http://www.crisil.com/pdf/ratings/icfai-mba-2014.pdf

Another upcoming and most comprehensive source for reliable and genuine ratings is “Careers 360” – The education Hub.

A nation-wide survey was conducted to find 100 top B-schools in India. The outcome is a list of top 30 public MBA institutes and top 70 private MBA institutes.

On the basis of ranking survey data, Careers 360 has also created list of top rated B-schools in different states and union territory.

Sometimes it gets tough to choose between two or more equally good and reputed institutes. For example, how would you choose between an Indian Institute of Management (IIM) or Department of Management Studies of Indian Institute of Technology (IIT)? This is where the significance of ranking comes into play.

With the objective of helping the students to make the right decision without going through this complex process, Career-360 releases a list of India’s top B-Schools annually.

This list segregates B-Schools into various categories, thereby aiding the students in choosing the set of B-Schools to apply to. This list is made using a methodology that has a proven track record of over a decade, after months of extensive research by experts who have over two decades of experience in guiding students on Indian MBA admissions.

For the benefit of all we shall disclose that IBS is being categorized in the Private Business Schools category.

It is the young schools that surge ahead in the list of Top Private Business School List.

While the top 20 in the list of public B-Schools is dominated by older schools, it is the relatively younger ones that are gaining ground in the private sector. And IBS is one of them..IBS has been placed at 12^th position, and in the list IBS is much ahead of some of the most popular and reputed colleges like KJ Somaiya, Xavier, Amity, Jaipuria and Symbiosis etc..

You can access the full report at:

http://www.bschool.careers360.com/top-100-b-schools-in-india-2014

ICFAI Business School (IBS)-Hyderabad is a constituent of the ICFAI Foundation for Higher Education (IFHE), a Deemed University as per the UGC Act 1956. Established in 1985, IBS-Hyderabad is one of the top business schools in India. It has been ranked at #12 in the nation by Hindustan Times in a 2012 survey. The school has been re-accredited by SAQS (South Asian Quality Standards), rated A** by CRISIL, EB2 IN by ICRA and as an Excellent Business School by Eduniversal.

The major programs offered at IBS-Hyderabad are MBA being the flagship program, PhD and BBA. Ours is one of the largest MBA programs in Asia with a student intake of around 1100 this year.

The academic units of IBS-Hyderabad are organized around five departments: finance and accounting, marketing and strategy, economics, operations and IT, and human resources and soft skills.

The faculty pool at IBS-Hyderabad is a good blend of people from the industry and academia with majority having PhDs.

There are 170 faculty members in the business school currently. The faculty members have published in the last three years around 300 articles in International and National journals.

The Case Research Centre of the school develops business cases on an average of over 100 cases per year, which are being used around the world for teaching, in textbooks, and industry.

The Center for Management Development of the school provides opportunities for faculty members in interfacing with industry. IBS-Hyderabad emphasizes student-centric learning supported by continuous evaluation and feedback.

It offers a largely case study based pedagogy for the MBA program. Case studies allow students to step into the shoes of the decision makers and deal with issues faced by managers.

The students go through around 500 national and international case studies including those from Harvard Business School.

While going thru these reports at the respective sites, it becomes very clear that IBS is one of the top B-school in India which is gaining momentum at rapid pace and is beating every other competitive college thick and fast.

Sources:

IBSHyderabad.org/WelcomeNew.htm

bschool.careers360.com

crisil.com/ratings

Contributed by Himanshu Chaudhary ( Class of 2003-05, IBS HYDERABAD )

What difference an MBA creates in person’s life

Posted on April 3, 2015 by IBS India

People believe that MBA should be done to get a good job and handsome salary that quite true but that’s not the everything. Mba is not just about getting a good job but is helps in changing the overall persona of the person. MBA from good college equips a person with the new and advanced skillset, helps in creating confidence in oneself and overall make the person fit to tackle any situation. The MBA provides more opportunities to it graduates in comparison to the plain graduates. They get mentoring from all the good faculties around the globe both nationally and internationally. Investment in MBA is like making investment in a stock which gives rich dividend to its investor.

Provides a broad thinking pattern – The solution to any problem is to have a alternatives to solve a problem, MBA helps in creating a 360 degree approach in solving any problem. Before coming to conclusion there is a need to understand the problem, what are the consequences, what resources need and what is the time line to solve a problem. Once you are through with MBA then you will be in a position to take better and informed decisions.

It creates awareness – Since MBA is a multidisciplinary and versatile degree , here in the first semester you need to go through Finance , Marketing, Human resource, Information technology and soft skills so it helps in making you aware of all the fields so that you though not been an expert in all domain but develop a basic understanding of all domains.

It helps in developing business sense – MBA is not about just learning the things and then joining the corporate houses and spending the entire life in corporate . It develop a business sense of starting something own may be at an early stage just after completing MBA or at a later stage after having experience in corporate. Since you have learn all the traits of business so if you are starting something on your own, you are taking calculated risk with high returns.

Creates new horizon of innovative ideas – Innovation is something which do not come to mind on its own , people explore things when they see the world around, see the need of the particular product or services and when they read and travel a lot. Creative ideas comes when you see the things, you talk to different sets of people. MBA Provides the relevant exposure wherein after the person gets an edge of thinking in a 360 degree level, get into a position to assess the pros and cons of any ideas. Not only MBA helps in creating an idea but also equips a person in implementing his ideas.

It helps in developing leadership abilities – MBA not only creates skill set but also creates a trait of taking responsibility, creating leadership ability and make a person bit of risk averse . A person can take a plunge in a river only when he/she has confidence in himself/ herself, with two year of rigorous hard work and industrial exposure and case law learning approach they get in a position of command on themselves and start acting as a leader in all situations.

It creates a competitive edge – Since a business world is full of cut throat competition, if organization employees are not properly trained then they may not able to cope up with the real life competition and challenging environment.

It helps in learning new skill set – MBA helps in improvising the skill set as well as help in dispersing the potential of a person, the curriculum has a very practical approach and case studies discussion creates a more like real business environment a it helps in developing an analytical mind. It specializes a person with skill set in the domain which he/she choose as their core electives and as well as provides a basic knowledge in other electives as they form a part of the first year curriculum.

Market Recognisation – MBA from good college creates a branding of the person and it lifts the self esteem as these colleges are well accepted by the Industry and they have developed strong relationship with the corporate houses by providing every year fresh talents.

Strong Alumni Support – The students who passed out from MBA institutes are well placed in top shot positions in different corporate and they are the once who provoke the companies to go for recruitment in their colleges as they have created a sense in the organization that MBA pass out from their colleges are the real gems and the corporate feel comfortable to go to their colleges for recruitment drive. This extensive, well consolidate business network is bound to pay off throughout your whole career making you the first-hand recipient of all relevant information in the field and giving you better

Career Change – An MBA in general and a Dual MBA in particular, provide you with the cushion of switching your career. An MBA with particular specialization makes it easier for you to move across industries.

Starting your own business – Once you get the right exposure in MBA with all the theories and practical approaches, people can think of starting on its own. These days’ people are starting the start-ups with a little capital and growing fast. This is how companies like Red bus, flipkart, snapdeal have started their journey and created a strong market presence.

Mba offers more potential for upward mobility – MBA graduates have a broader knowledge base and applied skillsets in business administration than many of there co-workers working with them. There are generally desired for advanced and complex assignments and is more sought after degree for upper level senior positions. while MBA degree alone does not guarantee a promotion but certainly offers upward carrier mobility.

MBA degree offers Increased earning avenues – The good MBA college attracts big corporate with handsome packages offerings . Though the fact remains that the premium and elite the college is the higher compensation their graduates command, as well as people in consulting and investment banking domain earns a lot .Leaving aside the school and the carrier fields MBA commands more remuneration in comparison to its peers.

Contributed by Maneesh Srivastava ( Class of 2008, IBS Gurgaon )

Mistakes that MBA aspirants do

Posted on April 2, 2015 by IBS India

Couple of year’s back I was in the same boat as many of today’s MBA aspirants are. Today, as a professor, I sit on the other side of the table taking GDs and Interviews of students who are in search for that coveted B-school tag; a ticket to success that will assure them a place in one of top Indian or MNC corporate houses.

However, it’s funny how the mistakes that are so glaring when you sit on the “safer” side of the table are not so evident when you are an aspirant. Nothing much has changed in all these years; year after year, students commit the same set of mistakes, fuelled partly by misguided coaching institutes and partly by ignorance.

In the following paragraphs, I will attempt to list six such areas that I believe, if taken care of, can brighten the chances of an MBA aspirant.

The GD is the biggest waron the way to an MBA admission.

For many, many aspirants, GD is a tense moment. Time is limited and others just won’t stop talking and hogging all the airtime. Therefore, one has to jump in and make a point. Or look for that quick opportunity to summarize. Or steal your moment of glory when someone pauses for breath. Or cut someone short.

For someone listening to the discussion, it seems so concocted. So artificial. In GD, we look for genuine students who have a decent hold over the subject and also have respect for others’ opinions.

As I always keep saying in my earlier articles, a good idea is to come to GD venue early and mingle with the fellow participants. Ask where they are from, what their backgrounds are. Show a genuine interest in knowing each other and being friends. Then you realize that suddenly the discussion is less of war and more of a friendly conversation. If not entirely, to some extent at least; because when you know someone, you automatically start to respect him/her more.

Also show a good interest in the topic being discussed…not behave like a leopard about to jump on its prey. Listen to others intently and show them you respect their opinion. Be in the discussion, forget you are being evaluated.

My interview is ruined. I couldn’t answer several questions.

There are all kinds of interviewees. Some are nervous from start, some appear normal and others seem over-confident. There are ways to bring out the best in each of them, or even make them show their true colors by employing a variety of techniques. For example, an interviewer might deliberately ask difficult or ambiguous questions, or ask repeatedly to unnerve a seemingly over-confident candidate.

However, whether one seems normal, stressed or over-confident, the purpose of each question is not to always elicit the correct answer. Many times questions are posed to see reaction, check a particular parameter in a candidate. Therefore, a wrong answer may not be the end of the road. It might – and this might seem unnatural – just be expected.

Far too many candidates get an I-have-lost-it attitude and show a sudden dip in performance, once they fail to answer couple of questions. Bear in mind that you haven’t been conclusively evaluated until the interview is over. So whether the answer are right or wrong, don’t try to assess your performance by looking at the face of the interviewer, because you never know if you are reading that face properly.

Each question is a new opportunity. Don’t lose it because you think you didn’t give a satisfying answer to the previous question

Undergraduate is underground.

It’s surprising how several candidates who appear to have scored well in their undergraduate courses fail to answer very basic questions on their subject. I once asked an Electrical Engineering student with more than 80% marks from a good institution what kind of motor the regular ceiling fan has, and didn’t get an answer.

Many engineering students fail to calculate the amount of current in a simple circuit of resistors and capacitors. Yet several of them answer questions on current business and political affairs well enough.

The explanation I get is unwittingly clichéd: “I studied them long back and don’t remember them now”. It’s hardly sufficient, however. MBA curriculum is rigorous and students are expected to have the ability to grasp the fundamentals and never let them go.

Your graduation course might be irrelevant for business studies from a pure content perspective, but for an interviewer, it shows your attitude towards academics and whether your learning is concrete or superficial.

I speak my mind. You see, I am honest, at least.

When the interview was already going good, I asked a girl candidate why she chose to go for an MBA. “Otherwise my parents will marry me off. I need some excuse”, she said. To me, this might be a perfectly honest answer and I give 100 out of 100 for that. But should I go ahead and select the candidate? Probably no, because her purpose is entirely different from what I am looking for in students.

Honesty is great, always. But one need not be crude, in order to be honest. A statement like “I am not sure what I want to do after MBA, but at least it will add to my overall skills and help me manage my career better” is also honest while putting things in a better light.

I have the best answer to all questions.

This is related to the previous question. While crude honesty might spell trouble, too much cooking up won’t help either. I once asked a candidate what he thinks about our school and what other B-schools he has applied to. “This is certainly the best and I have applied only to KIIT School of Management”, he said. It’s very hard to believe that an MBA aspirant applies onto to one B-school. Similarly I asked another what he dislikes about our admission process, and he said it was wonderful, even though he was kept waiting for several hours for the GD.

MBA students are expected to have a mind of their own and display maturity in their answers. So don’t go collecting the best answers to each question. There are no best answers. The answer that truly reflects you, and brings out the best in you in a mature and polite way (and not being crude) is your best answer.

I am great, but sorry don’t ask for any examples.

Many application forms ask the candidates to write their strengths and weaknesses. Moreover, the dreaded “tell me about yourself” question in the interview also prods you to speak a little about your strengths. Most candidates end up writing very generic strengths such as “hard working”, “committed”, “team player”, and so on. There may not be anything wrong in this, but to a reader, unless they are substantiated with example, these words don’t carry weight.

Many times, when I ask a student to prove to me how he thinks he is a good team player, I get a blank stare. A good practice is to write a sentence about a strength (e.g. A good team player because of my past association with several clubs and committees), rather than just a word. If that is not possible, always keep at least two examples ready to prove that you possess the strength.

You will see that it gives you much more confidence when you can prove what you claim.

Contributed by Suchin Kulshrestha, (Class of 2008, IBS Hyderabad)

“Meaningful Job Profile or Moolah- Choose for yourself”

Posted on April 2, 2015 by IBS India

Sanjiv was roaming in the Board room in a restless manner. His steps were get heavy and he was getting pale with every passing moment. It was his first wedding anniversary and he had already avoided fifty calls from his beloved wife and hundred others from loved ones who wanted to congratulate. He wanted to take his wife to one of the most expensive dining outlets but a meeting at eleventh hour had put an end to all his enthusiasm. He put one of his hands in his blazer’s pocket and took out a document. It was his salary slip of last month. An astronomical amount, beyond doubt but he had seldom got an opportunity to spend even half of it. His family and social life, hobbies and passions had already taken a backseat and the stress caused was taking toll on his health as well. How happy he was when he was offered such a lucrative pay package. He had become a person to be envied with across the college campus. Some of his close acquaintances and seniors had warned him that the timings will be really long and schedule will be tiring and taxing, but he did not pay any heed. I will work against time and will move up the ladders to become youngest CEO- he had an edge in blabbering.

He had worked really hard but in due course had moved galaxies away from what he loved to do. He did not remember when he had a sumptuous meal with the family, carefree time with his lovely wife, fun with friends and spending quality time at his favourite place, the gym. Sanjiv kept thinking about all this and settled in a chair lying nearby. There were no traces of emotions, however, a few quickly drying droplets of tears. Further, the kind of job he had thought about was nowhere in sight. The sales profile was the last thing on his agenda but he grabbed it because he opened his eyes only to pay package. The job involves great deal of travelling but it is never a leisure trip. The stress and strain graph keeps soaring and after every visit, submission of detailed report with lesser facts and more forecasts is a herculean task which Sanjiv does not like at all. This was not something he wanted to take up but he ignored the job profile completely and consequences appear to be dire. He always dreamt of a job where he would get ample of time to spend with family and chase his dreams but where he has landed. Isn’t it creepy? It is indeed but unfortunately many of us rather majority of us fall in this trap. I still remember and recollect when we were in our first year, 9 out of 10 batchmates only used to discuss average packages of previous years. They used to discuss economic slowdown or market trend to gauge its probable impact on pay packages. It is very right when people state that B-schools charge an arm and a leg, so what is the harm in earning maximum amount as many financial commitments need to be taken care of including installments of educational loan. But I have a fundamental question to all the votaries who only vie for lucrative packages- Is the life only confined to earning more and more and leaving other beautiful things of life much behind? In my viewpoint, there shall be a nearly perfect balance in life. I have few handy tips which are nothing but my notions gathered from limited work experience as a professional.

Have your objectives clear– I got myself enrolled in MBA programme as my friend next door, my immediate cousin, my distant relative’s daughter and many I knew were pursuing the programme. An entry in Corporate world with style and huge pay package was in my mind when I entered B-school. Do you also fall in the same brigade. If yes, kindly change your mindset. Do introspect why you really wish to take up not only the programme but also the electives in third and fourth semesters. Prioritize which sectors you seek to head towards and also the micro areas which you intend to focus upon. This exercise if undertaken sooner than later will help you lead almost stress free life, both personal and professional, in the long run.

Check before you leap– Of late, I read a news stating that three IITians refused to join firms offering around 1 crore as an annual package. Two wanted to study further and the other one who settled for a job fetching half the amount offered previously as he found the job profile meaningful. The catch is that if you see that a company is offering job profile which suits your taste, inclination and temperament, just grab it. The paycheck might not make you happy but as you are passionate about work offered, you tend to excel in it and soon can create a place for yourself. Your happiness and level of satisfaction will always encourage you to work more efficiently and effectively and believe me moolah follows, will in fact chase you.

Further, never let your passion for any hobby die. Practice it even if the work gets demanding as efficiency is directly related to happiness. I still remember running ten kilometers a day in the wee hours during semester examinations and still managed to secure scholarships and I personally follow the same thumb rule in my professional life as well.

In the end, just a few more lines to express my personal stand. Spend quality time with your family and friends as the love and support plays a key role in coping with stress and pressure which every job offers.

All this can only happen if you pick up something you really seek to pursue as a profession, as a career. A kind advice- Do not work as a ruthless butcher and get paid as top-level executive. You may feel a bit sad when you will compare your pay package with many others in the beginning, but if you selectively choose the job which offers what you really seek to undertake and may excel, many would be jealous of you beyond imagination at a later stage.

Pick wisely, choice is Yours!!!!!

Contributed by Vineet Mani ( Class of 2010, IBS GURGAON )

Industry Needs more MBA’s

Posted on April 1, 2015 by IBS India

An industry operates in a dynamic environment, fragile conditions, stiff competition and scarce resources. It therefore needs individuals who can help maximise its collective purpose, provide direction and stay sustainable. The companies under the given industry have diversified goals too, each at different phases of life-cycle. Some have crossed the milestone; some have just carved them out and some even at the verge of collapse. It needs people who are aggressive, disciplined and willingness to support the mission and vision of the industry. It requires human resources who have a plan of action. It needs individuals who understand not only the conceptual knowledge of the industry but also know how to apply it at the right time. Industry ardently wants to absorb individuals who has a strategic bent of mind and simultaneously understands the value of time.

Currently Industry has a very strong recognition towards MBA as a professional course. The industry definitely understands the fact that MBA program ensures the individual has an excellent amount of exposure to complexity and uncertainty. It knows the MBA provides industry experience, business experience and most importantly managerial experience. Such rich aspects provide a higher degree of expertise and a strong compatibility to diversified roles. Industry recognises the fact that MBA grooms the candidates skill set, brings strong behavioural changes, and provides a strategic perspective. One of the aspects that have always been widely applauded is the fact that MBA program provides a managerial instinct which is extremely important across the industry.

Solid Grounding in concepts, terminology and techniques: The industry is growingly recognising the fact that MBA’s have already been distilled with most concepts that are crucial for the execution of their role. They are well versed with the framework of business which helps them navigate complex business problems in a more efficient way. Their style of management brings externals into confidence. There is an ease of doing business with them as they are well versed with the aspects which are crucial in business meetings, client meetings, deal execution etc. It is therefore but natural, their added knowledge and understanding provides favourable impact on the business. Their indulgence and association provide strong support both directly and indirectly to the company.

Cost reduction & Recruiters Preference: There is growing need for MBA and that is why we see so many companies reiterating the fact that their talented employees, who do not hold MBA degree, go through company sponsored MBA programs. In fact some companies have their own institute teaching their employees about MBA. Such companies find MBA a great support in their business. When companies get candidates who have already been absorbed into the MBA course, it reduces their cost of sponsoring for an MBA. Just not that it saves a lot of their time too. The need for MBA is reinforced when many recruiters prefer MBA as their first choice. One of the primary eligibility criteria has become MBA qualification. The industry which currently is in an up-trend, the need for MBA has further skyrocketed.

Avoiding pitfalls of business & Adding Value: Industry has also seen that MBA’s have already been exposed to a good amount of case studies of various established and innovative companies. They know the case-studies have been specifically streamlined on various aspects which can help the industry. Company knows MBA provides a strong learning curve to the candidate which if applied on their current business will help avoid various pitfalls which could otherwise be not known. MBA’s critical thinking helps business in various ways: Identifying threats and opportunities. Their applied knowledge from case studies not only help in filling the voids and gaps in the business but also help in adding value to the company. Sometimes their ideas help reengineer the business process and help recast the model in ways which otherwise would not have been possible.

Entrepreneurial attitude: Industry needs people who are self-motivated and have entrepreneurial attitude, one who can be self starter and go-getter. They need employees who have an attitude to get things done at the right time and in the right way. They need people who can understand the business and can manage things with least supervision. The industry knows MBA’s main propaganda is to make entrepreneurs. This comes as a big support for both the established companies and the one who has just taken a step in the industry. MBA with entrepreneurial attitude has a passion for work and a flair for success who work beyond the comfort zone. Such traits have not been missed by the industry and are one the aspects why Industry still wants to embrace MBA’s.

Global Approach & Multi-industry factors: MBA program is streamlined in such a way that both local and global aspects are introduced to the candidates. The candidates therefore have a global business perspective and have a higher tendency to provide comprehensive views. Therefore their working environment is not limited to domestic shores and this provides industry a confidence that MBA’s have a potential beyond the confines of the geographical parameters. Further to this, the diversity of MBA’s in terms of knowledge on multiple industries is extremely important. In today’s world, different industries are linked together and dependent on each other and having knowledge of different industries act as a catalyst for the company and the industry itself. This makes MBA’s more appealing to various industries.

MBA is a professional course with a lot of weight-age to ones life career. Its recognition is spreading far and wide and getting merged globally. Companies have been recognising it and have made it visible that they would definitely prefer MBA. More and more MBA candidates are being offered good post in renowned companies which again reiterates that MBA’s are strongly preferred. As the industry grows so does their operational aspects and so does the role gets challenging. MBA’s have therefore keeping pace with this dynamic roles and have stood shoulder-to-shoulder, showing competencies. For many it may still be hard to swallow that MBA is one of the preferred eligibility criteria for companies but the reality has been encouraging as more and more companies are coming out to recruit MBA graduates as their first preference.

Contributed by Mitesh Agarwal ( Class of 2011, IBS HYDERABAD )

The Most Common Managerial Problems And How To Solve Them

Posted on April 1, 2015 by IBS India

You might always have heard employees saying that if I become a manager then my life will become so easy and I have to sit and do nothing! But in real terms what they think is not the right scenario. Life of a manager is not as easy as the people perceive and you hardly ever hear from the mouth of the managers that management is an easy job. That is why Roger Needham says “Management is that for which there is no algorithm. Where there is algorithm, it is an administration”.

The path of becoming a successful manager is not so easy and there are a number of challenges on the way. A manager has to overcome a number of managerial problems coming time to time and has to find effective solutions to perform his role with effectiveness. Here are some of the most common managerial problems and ways to solve them effectively.

How to hold the employees accountable when they do not deliver?

This is no doubt the biggest challenge every management faces and when the employees do not deliver sufficient output than it becomes a big question of holding them accountable for it. The main issue is that no one wants to be called a “bad guy” and it can be damaging to the career prospects of someone. Accountability leads to conflicts in many situations and the environment becomes unpleasant ultimately. The situation is undesirable and unavoidable and the managers have to find the solution for the problem “How does a manager avoid developing an accountability problem?”

Well, the solution is straightforward and starts with full awareness and acceptance that accountability is a core task of management and you have to accept it and is an integral part at this level of business. You may not always like it but have to do it. If you really feel uncomfortable holding the employees accountable for what they do not deliver and facing their discomforts on this, then it is better you select a different line of work than holding this kind of authority. You can really be aided by many things in this endeavor but the bottom line is that you have to maintain the accountability of the employees.

Establishing the clear and measurable employee objectives:

Setting optimum employee objectives which are clear and measurable is the second most common managerial problem faced by the managers. If the goals for employees are unclear, non- existent, obsolete and difficult to be measured then it will certainly create more managerial issues including accountability problems as the time goes on.

The solution to this problem is not as difficult as it seems and by setting clear objectives and goals known to everyone, it will be easy to hold someone accountable for that which he had not achieved. When the height of the bar is clear to everyone i.e. objectives are clear then accountability becomes less of an issue and discussions about the results are rational and based on facts. That is why managerial gurus always say that objectives which are well-conceived are the best friends of a rational manager.

Career development of the employees:

Another most common and serious issue faced by the management is the development of the employees. When the employee development needs are not fulfilled then it leads to the employee dissatisfaction and may lead to disengagement in most of the cases. When a manager takes interest in the employee’s career development and skills enhancement then it ultimately sends a very positive message to employee and brings retention and more engagement of the employee in the company’s activities.

The most common reason why the managers are not able to provide career development and support is the unavailability of time. They say that there is not enough time to handle such tasks. But employee career development should not be taken as a strenuous task and it should be taken as a soft activity and an important one. Employee training and career development activities are long term investment and they really require minimum efforts at less effective costs.

Employee development activities should be taken as a priority task along with other operational activities and the managers should really carve out the time with their employees to perform it. The positive effects will not appear soon but after some time they will start coming out and you will see the results in the form of more retention rate of employees and more engagement and productivity. Therefore spending more time with the employees in their career and growth activities is really important for the managers and they should really work hard to carve out some time for these activities.

Changing scope of a project:

Scope change is one of the most dangerous things that can happen to a project. If such projects are not handled properly then it can result in spending of extra cost and time and project may incur losses. Even a small modification like changing the color of logo or addition of a webpage can result in project delay and can be problematic.

The solution to this major managerial problem can be achieved by defining the scope from the outset and monitoring the project on a regular basis. The best thing is to track change requests separately from the original scope of the project and providing estimates clearly on how will it affect the project schedule. Getting an explicit customer or the stakeholder approval for each change is very important in this scenario.

Slow communication with the client:

Another big object in the inventory of big managerial problems is the slow communication with the client. People are really busy and they don’t have the time to communicate on a regular basis. Therefore it is tough for managers to move forward on a project if they do not get answers on specific project issues.

A good solution to this problem can be achieved by increasing the response rate by working ahead of time. The best thing is start working in the direction you think best and then ask verification from the client. This is really a good strategy and this will help you to save your time in waiting for the back and forth communication and you just need to get the “yes” or “no” from the client.

So in short, the approach for solving these most common managerial problems is simple and not much difficult. The only thing needed to handle these issues is to take the best managerial approach and this is what expected from the ideal managers who well know how to manage and excel the art of management!

Contributed by Ashish Singh Parihar ( Class of 2008, IBS PUNE )

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Monthly Archives: April 2015