How to select the right MBA college: please pass to aspirants

OK, let us get real. It depends on what you want from an MBA education.

1. If it is to avoid looking for a job, because the economy is down, then any MBA will do. This article is not for you.
2. If you want to extend your educational life, then this article is not for you.
3. If you want to run away from parental controls, then this article is not for you.
4. If you want a better job, do a correspondence MBA and hire a placement consultant, it is cheaper.

An MBA education is not theoretical – where you attend some classes, give a few exams and get a certificate. If you want to do that, see point 4 above.

The purpose of an MBA is the following:

1. You want to boost your existing career, and you are leaving a job to do an MBA
2. You want to be an entrepreneur. I am sure we can argue this.
3. You want a good salary
4. You want better growth prospects
5. You want to interact with other future CEOs. Most of my classmates are in senior management and helping to change the world in their own way.

For all the above, you need to select the right college. Such a college should have the following characteristics (and I know that I am in a minority here):

1. Does the college teach other subjects than the standard ones, like Emotional Intelligence, Critical Thinking, Relationship Management, Change Management, Business Process Management etc. This augments transferable skills in a student, which is looked at during a job interview.
2. Do the faculty members have industry experience and can they relate the theory to practice of management?
3. Are the type of exams mug-and-vomit or are the questions thought-provoking and challenging?
4. How many practical exercises and projects are done in the fields of team management, selling, negotiation, project management etc.?
5. How much encouragement and facilitation for doing outside projects during the MBA tenure?
6. What was the mode salary (what salary did most of the students get)?
7. Is the academic curriculum tough? I know that this is counter-intuitive, but the tougher the curriculum, the more your ability to handle stress – am important aspect in the job?
8. Does the alumni return to campus on occasions to mentor and give feedback?
9. What is the student culture – is it mediocre and not MBA oriented or is it supportive and MBA-focused?
10. Do the same companies come regularly to the campus for placement? This indicates that companies are satisfied by the quality of the students.
11. What type of jobs are offered by these companies. This indicates the quality of the specialization.

All the above have to be weighed against the cost of doing an MBA. If a typical 2-year MBA costs INR 7 lakhs and you get a pocket money of INR 3000 per month, and the number of study hours is say 10 per day (class and self study) and the number of study days is say 200 per day, your cost per hour is around INR 250.

You better be damned sure you are getting an education.