Choosing the correct MBA program and the correct college is not an easy task. Multiple factors need to be considered before narrowing it down to a single college. Candidates should look for all the unique opportunities that a college has to offer. This may include the learning opportunities, location, faculties, and some other value proposition that the college offers.
To help you narrow down your choices we are listing down a few criteria you should consider before making any decision. For your convenience, we are segregating them into two major categories – a) Important Parameters, and b) Other Parameters
1. Important Parameters
- Career Goals and the Specialisation offered – The first and the foremost question you need to ask yourself is, “What do you want to do after the two years in MBA?”. The answer to this question will narrow down your options as every college has its strengths based upon the specialization it offers. Choose a college whose strengths align with your career goals
- Curriculum – The curriculum structure might not seem important at the first sight, but it is very important to understand the type of curriculum followed by a college. Their curriculum should be inline with current industry standards and not just be a collection of age-old case studies and elective subjects that holds no relevance in the present world. The level of academic excellence can also be gauged by analyzing the number of industry expert interactions with the students, live projects offered by the college, and seminars and workshops organized by the college for their students. The college that covers all these aspects should be given a higher preference as an MBA is all about experiential learning
- Placements – Placements are by-far the most enquired parameter by the candidates. Many of the candidates pursue an MBA to upgrade their pay package and roles, and many are there to increase their employability opportunities. Every B-School in India tries to attract big names and good companies to their campus. Not every big company is going to offer a similar job profile to the students of two different B-School. The overall image of the college decides the number of offerings, pay package, and the type of job roles offered by big brands. While comparing two or more colleges on the placement criteria you should also research the placement process of those colleges, for example, one college’s placement procedure may be management-led while for the second college it can be student-faculty-led
Placement Assistance is another point that you should keep in mind while deciding on your college. Placement Support is not only limited to bringing in good companies on the campus. It involves training the candidates and helping them develop personally and professionally.
- Ranking – College rankings are the easiest way to decide which MBA program or MBA College you should choose when there is more than one option in your hand. There are dozens of rankings available on the internet currently, the main question that emerges is, “How reliable are these ranking?”. Not all the rankings available explain the correct situation of the colleges but rankings provided by MHRD, National Institute Ranking Framework (NIRF), can be consulted while making your decision. NIRF rankings are based on teaching standards, placements, research work, and several other parameters
- Return on Investment (ROI) – ROI is not only about initial salaries and pay packages, but it also looks beyond that. ROI keeps into account several factors such as compensation before and after MBA, location of the job, job role offered, growth prospects, and the career choice. One of the key factors while deciding the college you would want to join is the cost involved. Lower ranked B-schools might have lesser tuition fee than highly ranked ones, one should know that the ROI offered by that lower-ranked B-school might also be lower than that of a highly ranked B-school. Therefore, one might pay up a lot of money for a better program, but the investment usually pays better long-term dividends.
The average tuition fee of a reputed Indian B-school can rise to INR 12,00,000. If a student is thinking of getting into a B-school, he/she is going to worry about the Return of Investment on his/her MBA degree. This also helps in learning how profitable the investment will be and offers a clear view of the financial situation post completion of the course
2. Other Parameters
- Location – The location of the B-School largely influences the strengths and placement ties of the college. When it comes to a post-MBA career in Finance, B-School in Mumbai will naturally have an advantage over a B-School in any other place. Because of its proximity to the industry, companies will prefer to visit the Mumbai campus over any other campus. Thus, remember an industry surrounding a B-School makes a difference in what you can receive from doing an MBA from that college
- Accreditations – National and International accreditations awarded to a B-School reflects the quality of education being imparted there. It also showcases the level of industrial connection, pedagogy, curriculum, high quality of faculty research, and various other facilities offered by the college. Some of the top National and International accreditations that a candidate should look for before making any decision are –
- National Assessment & Accreditation Council (NAAC)
- National Board of Accreditation (NBA)
- Association of MBAs (AMBA), UK
- Association to Advance Collegiate Schools of Business (AACSB), USA
- EFMD Quality Improvement System (EQUIS)
- Alumni Base – FMS Delhi is the oldest B-School with a legacy of more than 60 years and a rich alum network. This legacy shows the growth of the college over a period of time. The quality and the current network of alumni define how a B-School’s performance is in the long-run. The alumni base of a college reflects the sustainable growth and the position of placements that the college offers. Before making any decision try to connect with as many alumni of that college as possible. If not, try to do thorough research on their current job portfolios
- Infrastructure – You might think about how the infrastructure of a college can be the deciding factor. But a college’s infrastructure also plays a vital role in the overall development of a student. Some B-Schools in the country are providing their students with state-of-the-art facilities. These colleges are equipped with up-to-date database resources, libraries, and other platforms. Playgrounds, auditoriums, Learning Management systems, hostels, etc. also play a huge role while a candidate makes his/ her decision. So before choosing any college, make sure that it has all the resources and infra capabilities to help you build your personality
At the end of the day, deciding on a college of your choice is not prioritizing one factor over the other. Rather, it is the amalgamation of all the factors that align with your goals and future business prospects. The above parameters can be taken as a broader framework for narrowing down your B-Schools options. This is not an exhaustive list, but we hope it will help you clear your doubts.2