MBA is a very hot programme in India as of now. Every year we see lakhs of students applying to various MBA institutes. It is so big that it is now seen as a very big business in India. So, you would expect everyone to have a lot of info about MBA.. right??
1) Once I get admission in a B-school, I do not have to work hard anymore
Nothing can be far from truth my friend. Getting admission into an MBA school is just the beginning of the main ride. The 2 years that you spend at any good B-school would be amongst those years where you work your hardest.
Be it studies, assignments, projects, presentations or case analysis, each of these requires you to study well. The schedule of any good B-school is hectic and full of tasks.
We are not even counting the extra-curricular activities and the fun parts here. And remember that ……
2) MBA is a ticket to Success in Corporate life
This is a myth. MBA is a ticket to entry into the corporate field. That too, if you do it from a good institute in good times(worst time would be a recession). Whether you are successful in your corporate life or not entirely depends on your performance.
MBA is built to give students all the theoretical knowledge and skills that they may require during their career as a manager. These two things together form less than 50% of what it takes to be a successful manager. On Job experience is something that you cannot replace with your technical knowledge.
So, MBA is just a big milestone and a turning point in the……
3) Return on Interest concept
You would have heard many people giving you a detailed analysis on why you should join this college or that college as it gives you a good ROI. The truth is that ROI is not something that you can measure by looking at the average package and the fees.
There are many other factors that should be considered before you start calculating the ROI.
4) MBA Rankings
Though I would not say that this is true of all the B-Schools rankings, this is the case with many. Colleges pay to get better ranks in Business Magazines, websites, etc.
So, the last thing to look while trying to choose a B-School is rankings. And Finally……
5) Its PGDM, not MBA.
Another myth that most of the students believe is that they are going to take admission in an MBA programme. The truth is that most of the B-Schools in India are offering you a PGDM degree, not an MBA degree. Yes, there is not a HUGE difference between the two. But, MBA programmes are offered by universities and PGDM courses are offered by private b-schools not affiliated to a university.
Many small schools try to tell you that PGDM is better than MBA by stating that even IIM A gives PGDM degrees. Please do not fall for the trap.