This post will address one of the most burning questions posed by applicants exploring MBA admissions consulting services to apply for the Full Time MBA Programs. We are very proud to have gathered massive scholarships from full time MBA Programs in US, Canada, Europe, India( ISB, and IIM A, B, and C) and programs in Singapore and Australia.
Some of you are struggling to understand the Financial AID Options, and are not sure whether to take a significant loan for an Ivy League MBA Program, or accept MBA Scholarships from a NOT SO Ivy League B-schools. I will elaborate to make it clear for you in this note.I have experienced a very wide diversity of choices that my MBA Admissions consulting applicants make while joining the programs.
Your Dilemma: You tell me! What would you do? Would you take a 95 lac loan and go to MIT Sloan, Tuck( Dartmouth College), Columbia Business school (1.5 Crores/USD 200,000), or would you rather join Kelley School of business at Indiana University with 50% scholarship. To do a comparison of of these Global Top MBA Programs, check best business schools in the world
Do you have a rich father who will fund your MBA from top Business schools in US? Or are you married, have a home loan, and are keen on an education that comes with maximum scholarship from TOP MBA Programs(Even though at the cost of the Brand of the school you will join). What is your appetite for risk?
Coming back to the Original Dilemma:
WHO WILL FACE THIS DILEMMA: You could be an Indian IT Male with 5+ years of work experience and a 720+ score or an Indian Female applicant with 3+ years of work experience with again a GMAT Score greater than 720.
If you are an Indian Female applicant with a GMAT =/> 730 or an Indian male applicant with a GMAT score >/=740, you will have bigger Dilemmas around the TOP MBA Scholarships (Indian IT Male may not face a very significant scholarship dilemma if the GMAT Score is less than 710 . For example, Vikram, one of our MBA Admissions consulting applicants, shared his decision to join Boston College with a 65 lakh Scholarship as opposed to joining Kelley with a 45 lac scholarship. Many of you met him, and he shared his reasons for these choices vividly. He was primarily driven by scholarships, and was not keen on taking a loan at all. Even though he had to give up a rank 20’ish school, and join a school below 30, he had his own risk appetite.
MORE CASES OF THESE DILEMMAS: VERY WIDE PATTERNS OF HOW THE INDIAN MIND WORKS AND HOW THE STUDENTS MADE THESE DECISIONS
Example 1: Thomas Kappen: One of our recently admitted MBA Admissions consulting applicants had a GMAT 700 and was given 100% tuition + Stipend from a US Rank 26’ish School( Michigan State University). US Top MBA Scholarships were not as important to him as getting an MBA from Rank #1 school in Canada. He did have other reasons for joining Rotman. Getting a job with a bulge bracket investment bank was more important for him. While it was difficult for him to crack Wharton MBA program or Chicago Booth, and start a career with Goldman Sachs or Morgan Stanley on the Wall Street in New York with MSU Broad, he chose to pick a school that will enable him to work with the same bulge bracket banks in their Canadian offices ( Even though not in New York City). MSU Broad could have earned him an operations Role in one of the Manufacturing Giants in Michigan, it was not a priority for him. Industry/Function was more important for him than the country.(Disclaimer: He was looking for MBA Admission consultants in Bangalore, and ran into us during one of the Top MBA Seminars. The entire MBA consulting engagement happened over emails, and phones, and we are very proud to have added him to our list of Success Stories)
Example 2: Ashim: With a GMAT 730, Ashim cracked Columbia Graduate School of Business( Columbia University) in the early bird round. Both he and I were happy with the results. As his MBA Admissions Consultant, I was happy as I knew that we have hit a 100% Success rate with him. He was happy as Columbia GSB was GOD for him( It is that for many people for MANY MANY REASONS). He applied in the early bird round, and Columbia asked him to pull out his apps from all the other schools
He decided to do early bird round of Columbia despite knowing that he will have to give up any scholarships that other Top MBA Programs might offer him.
Someone I Spoke with Recently (Conversation with him inspired me to write this email). : He has a GMAT 730 and a diverse profile( Manufacturing + Automotive) and I liked his story. I would rather he applied to top SCHOOLS and took a shot at MIT Sloan, Tuck School of business, Darden School of business, Duke Fuqua at the Duke University( Durham), and other Top Schools. However, I realized that he was more keen on schools that will offer him more strong Financial aid in the form of Top MBA Scholarships. He was absolutely right in his reasons and I did not insist harder.
My Recommendations: You carry different risk appetites, and weigh the schools either by ranks or by $$. IT JUST DOES NOT MATTER. You should be satisfied with the choices you make. If you get an Admit to ISB and a Top 10 US MBA Program, read our post on “ISB Vs. US Top 10 MBA” or “Duke Vs. ISB Comparison”
In my next email, I will share more about “DIFFERENT LEVELS OF RISK APPETITES” that you belong to. I will also share other parameters that you should consider while making these choices, and shortlisting. In order to face these Dilemmas around Top MBA Scholarships and be in the hot seat, you should also take a look at this post on How to crack Ivy League MBA Programs?Whatever category you belong to, you are absolutely fine in that. There is nothing right or wrong in that. I am just making you aware of the buckets, and sharing my experiences.
Tags: mba admission consultants, top mba programs, mba consulting, Tuck School of business, Darden School of business, MBA Admissions consulting, top Business schools in US,mba consultants