Lakshya: MBA

If you belong to the 98 per cent of MBA aspirants who fail to make it to a Top 10 B-school, it's not the end of the world. You have options, but you need to be careful and realistic in selecting a 'next best B-school'. Although there is no foolproof formula that can be applied to weigh one institute against another, here are some guidelines that should help you reach a rational and well-informed decision.
Placement StatisticsCurriculum, infrastructure and faculty don't count if the placement scene on campus sucks. Look up the 'placement' and 'validation' scores provided in the Cosmode-BW rankings (See page 84). Additionally, check for these signs of placement health on individual B-school websites and through informal channels (seniors, friends, friends of friends... word of mouth rules here!):
List ke peeche kya hai: Many institutes claim that X, Y and Z companies recruit their students. The important thing to ask is: do these companies come officially for campus placement? Students at lowly-ranked institutes often secure a summer or final placement at prestigious firms through their own efforts or contacts. The B-school claim may thus be technically correct but of little use to you, as you won't get a fair chance to try for the same job.
It's not over till it's over: The best institutes rarely take more than 2-3 days to place their students. The good ones will at least specify a 'placement week' or fortnight. If, months after the 2004 class has graduated, the institute cannot provide detailed placement statistics, you need to be aware that a job may come your way only through jugaad.
Open sesame: Watch out for vague statements like 'the following companies have recruited our students in the past'. (Why in the past, why not this year?) Institutes that lack proper placements usually beat around the bush on details like percentage of students placed, average salary, and so on.
The job profile: Even if a well-known company does officially visit a less-known campus, you need to check on one important fact - it might actually be offering a lower designation/package than on a premier campus. So while an IIM graduate might join the organisation as 'management trainee', you might be offered 'executive trainee'. That's not such a good thing after all!
Batch size: Even brand name B-schools find it hard to find great jobs for the tail end of the batch. Lower down, you can be sure the problem is worse. A batch size of 150 or 200-plus is definitely not a good sign, although at an individual level you can try and balance that out - aim to be in the top 10 per cent of your class!
Residential Rules!An MBA is more than a course of study. It's often described as a 'life-changing experience' with a good deal of that learning and growth taking place outside the classroom. A fully-residential programme is preferable to the day-scholar route, unless cost is an issue. The bonding in residential schools is much higher - giving you a networking advantage in the future. Besides, it's definitely a lot more fun!
The MBA caste systemThere's a definite hierarchy in the world of the MBA, and it looks suspiciously like our Indian caste system.The brahmins ('thinkers') : The consultants and investment bankers who are paid fancy sums to recite strategy mantras and perform restructuring havans. The kshatriyas ('leaders') : The managers who spearhead multinational brands, profit centres and teams in the business battlefield. The vaishyas ('traders') : The sales, systems and operations guys - those MBAs who actually oil the wheels of commerce.The shudras ('untouchables') : MBAs from little-known B-schools who take up jobs in little-known companies their more fortunate brethren would never touch!
Cost FactorLook at the input (money spent) and output (job expected) when making a decision between two B-Schools. If there's not much else which separates the two, how much you spend on your education could definitely be a deciding factor.
LocationB-Schools located in towns with hardly any industry are a no-no. Companies from other cities are unlikely to take the trouble of visiting a little-known campus. Also, you'll be handicapped by distance if you try to look for a job on your own.
LeadershipIf an institute boasts of a director who has earlier taught/ served as head of a top B-school, it's definitely a good sign. A well-connected and well-respected director can make all the difference when it comes to attracting good faculty and companies for placement.
FREQUENTLY ASKED QUESTIONS
Should I try for IIMs again?
Yes, if...
You got one or more interview calls from the Top 10 B-schools.
You scored somewhere above the 95th percentile and believe you can improve in your weak areas through due diligence.
You have two or more years of work experience. Only top B-schools will give you a chance at lateral placements. The other best bet for 'work ex' types is to take the GMAT and apply abroad, or to ISB.
No, if...
Your CAT score was pretty low - chances of it taking a quantum leap next time round are negligible.
You aren't the premier engineering school or general academic topper type who generally make it to the IIMs.
Time is not on your side (you are a girl facing pressure at home to get married - in that case better take what you get and do the MBA right after graduation).
Should I take up a job/join another institute offering admission and study for CAT side by side?Working is advisable as long as the job leaves you with some time for CAT prep. You could join another B-school and make your second CAT attempt, but keep in mind that chances of success are slim. So make sure you are reasonably satisfied with what you have in hand!
I am working. Should I do a part-time/distance-learning MBA programme?If you're taking it up in the hope of immediate professional enhancement, the short and cruel answer is no! (Unless your company is encouraging/sponsoring you to do so.) A part-time/distance-learning MBA might add to your own sense of confidence, and enhance your CV in the long run, but sadly, only a full-time MBA from a known institute gives you instant access to the corporate elevator. The rest have to huff and puff up the stairs.
Beyond The HypeAwareness and 'brand equity' are two completely different things. An institution's reputation is silently and intangibly built over the years; weekly full-page ads do not necessarily make a good school. Many institutes that do not advertise (except for their admission notices) are definitely worth considering over and above those that blow their trumpet loudly.
Brand ExtensionsSome B-schools have branches in multiple locations. If you are attending such an institute, join in the city where the B-school was born. The 'mother brand' will generally have better placements, infrastructure et al than the rest.One last bit of advice: when the time comes to choose between three or four schools which have offered you admission, nothing can beat actually visiting these campuses to get the true picture. Spending a few thousands now is better than spending a few lakhs later on a B-school which fails to meet basic expectations. You wouldn't buy a car without a test drive, so why not take the same trouble while making a life-long investment in an MBA?