WHAT ARE THE OPTIONS FOR ZERO WORK-EX FRESH GRADS, TO GET AN MBA EDUCATION?

HOW MUCH WORK-EX IS DESIRABLE TO HAVE BEFORE PROCEEDING TO AN MBA EDUCATION?

HOW MUCH WORK-EX DO VARIOUS BUSINESS SCHOOLS REQUIRE ME TO HAVE BEFORE APPLYING?

WHAT ARE THE OPTIONS FOR ZERO WORK-EX FRESH GRADS, TO GET AN MBA EDUCATION?

As far as the first question above is concerned, the Jury, as they say is still out on this one, basically because there is no single ‘one size fits all’ answer to it. Perhaps the only one answer that can correctly address this question is “Apply when you feel you are ready for it”. But does that help? Or does it only lead to another, equally puzzling question “How will I know when I am ready?” The only one thing that seems to be clear is that the correct time to apply is different for different people. Some might be ready early in their careers whereas others might be better off waiting a few years more. But what exactly is the way to determine the correct time for any one individual? Well, as I said, the jury is still out on that one.

So, let us get another opinion on it. Business Schools, who actually teach the MBA curriculum are surely the best ones to advise on this. So what do they say? Unfortunately, here again we do not find the consensus which might lead us to the right answer.

Take for example the IIMs in India. They have from the beginning been open to taking early career students for their flagship PGDM programs. The majority of students at the IIMs continue to be fresh Graduates and most others are in the 1 to 3 years category. And the 5+ yrs workex students at the IIMs are still only a small minority. And are the IIM graduates as good at managing businesses as their counterparts from US Business Schools where the avg workex tends to be 4+ yrs and where it is the fresh grads who are the small minority? Well, looking at the track record of IIM grads over the decades, it would certainly seem so. Graduates of these institutions have done as well as those from any other institution, whether they pursued their careers in India or abroad.

On the other hand, most Business Schools in the US for example, do seem to prefer students with more workex. Even though many of them state as a policy that workex is only desirable not necessary, the class composition at most schools tells the real story because very few students at these schools are fresh from college and the average workex is 4+ years.

Coming to the last two questions of the topic for this post – How much workex do Business Schools require me to have before applying, and what are the options if any for fresh grads – you know already that IIM’s in India have no requirement for workex, though they too do give some weight to workex in their selection process, ISB in India asks for 2+ years and most business schools in the US also prefer at least 2 years, even if they do not always say so.

So what are the options for fresh grads? I wrote already in an earlier post on this blog, about MIM programs offered by an increasing number of Business Schools in the US. But what if one wants to join a regular MBA program? Well there is now an increasingly visible trend even among US business schools that some of them, including some top schools, are encouraging fresh grads to seek admission directly out of college. Notable examples are:

·         Harvard: The HBS 2+2 program – you apply while still in the final year of your UG program, get admission and defer enrolment for 2 years, acquire workex during these two years with an assured seat at their regular MBA program after two years.

·         Stanford: Deferred admission program - Here again you get admission while still in college, defer enrolment by 2-3 years and use this period to gain workex, with a reserved seat at the regular Stanford MBA program.

·         Yale School of Management: Silver Scholar Program – This is a total 3 year MBA program where you join the regular Yale MBA class directly after college, complete the first year of the MBA curriculum and then take a one year break from studies to take up a full one year internship before heading back to Yale to complete the remaining one year of their regular 2 year MBA program.

·         MIT Sloan: Sloan simply encourages college seniors to apply directly to their regular MBA program itself, without any workex. As an incentive, they even waive the application fees for these applicants. About 20% of the Sloan MBA class is composed of students without workex so that tells you they are serious about it.

·         ISB: YLP and Early Entry options – Our indigenous ISB has not one but two options for students with less than 2 years workex. The Young Leaders Program (YLP) requires you to apply while still in the pre-final year at college whereas the Early Entry Option is for graduates with less than two years workex. And both options allow for deferred enrolment.

Likewise there are many other business schools in US that offer either deferred enrolment option or accept significant accept significant proportion of the MBA class without workex. While it may not be clear yet, whether these Business Schools are in fact veering towards younger students, maybe they are only experimenting with the idea for some time to determine what works well, the point is that options are available at US Business Schools even for fresh graduates.

A Master's degree in Management from a US Business School - without work-ex?

I am often asked what is the right amount of work-ex one must put in before taking up the MBA. Many, still in undergrad college, feel it is unfair for Busines Schools to give so much weightage to work-ex that they almost deny students who want to get in straight after their Bachelors degree.

Well, it is true that most Business Schools attach serious weightage to work-ex when evaluating candidates. And so, even though the stated position is that work-ex is only desirable, not compulsary, and even though a few candidates do make it to these schools without work-ex, the truth is that those who do are really a very small minority and most schools prefer candidates with varying lengths of work-ex.

But there is another interesting development lately. An increasing number of Business Schools are offering a Masters degree of Management , admission to which is open to candidates without work-ex. And I'm not talking about the "Deferred Admission" options like the 2+2 program at HBS, or the YLP or Early Entry options at ISB. Those are only different routes to their regular MBA program, wherein these schools pick out exceptional candidates while still at undergrad college and promise them deferred admission after they complete a prescribed duration of work-ex.

Rather I'm talking about the MIM (Masters in Management) program being offered by many universities in the US and which is available with little or no work-ex.

So does this represent a change in thinking on part of the B-schools? Are they now accepting that work-ex is not really important for graduate education in Management?

Actually, NO. These schools differentiate clearly between the MIM and MBA program. You can get a clue from the name of the program itself. While the MIM is a Masters in Management, the MBA is a Masters in Business Administration.

Very simply put, the MBA equips students to manage and run Business enterprises. The curriculum is much more practical. The cases discussed in the classrooms are all real life problems. The data students analyze while learning various techniques of analysis is real life data and so on. And admissions to these programs are still weighted heavily towards candidates with work-ex.

By contrast, the MIM student studies the science of Management. These programs may also use some real life data but the focus here is much more theoretical. Graduates from these programs often pursue further study of Management to a PhD level or go into academia. Those that do join the industry after the MIM program, do so at a level junior to their counterparts from MBA programs, who might join the same businesses.

So those of you wanting to pursue Management education but not keen to work before heading to a university in the US, have the option of the MIM program. But unless you are keen on studying Management as a science and continuing in research and academia, my personal advice would be to choose the regular MBA programs, though it means you will have to wait a few years while getting some good work-ex under your belt.

So let us examine why B-schools give importance to work-ex while admitting students to the MBA program. The obvious answer of course is that the various theories, analytical and decision making techniques that are learnt at a business school are more easily learned and absorbed by candidates who have faced typical work environments and who have had exposure to the workings of a Business Enterprise before coming to schools.

But there is another, and a more important reason. Students in a typical B-school classroom learn as much from their fellow students as they do from the teachers. Each class has students from different industries, geographical regions of the world, different cultures where business practices differ from eachother as does their language. And when the diverse group of students get together to discuss a Business case or a theoretical management idea, the wealth of real life experience that they bring to bear on the subject adds immensely to the quality of the discourse. Every student thus gets the benefit of the experience of every other student in the class.

So be clear what your objectives are from your Management education and choose the program that works best for you. The important thing is to know that both options are available.

Components of your Application - IV - Career Goals

All Business Schools want to know about your career goals in some part of their application. Some might ask you to write an essay about it, others might pose this as a short answer question, some might ask for your long term and short term career goals and even how an MBA from that particular school will help you achieve them.

But before you answer this question to a Business School, or in fact to anybody else, it is important to be sure yourself what your career goals are. Remember, Business Schools expect you to be very clear about why you want to get an MBA degree, why from that particular school and how the decision, at this stage of your career, will help you achieve the immediate post-MBA goals you have set for yourelf, and even how achieveing your immediate post-MBA goal is part of a larger plan to achieve your long term career goals.

Sounds daunting? Not sure of what kind of career you want to pursue?And how an MBA (from any particular school) will get you there? Then why the decision to do an MBA? Just because your friends are doing it? Well that will just not do.

So even before you contemplate applying to B schools, you need to get your career goals exercise done. Ideally you should be able to clearly describe to the Ad Comm:

• What is your current state - this is done through your resume, essays, recos, etc.
• What are your immediate post-MBA goals - what kind of career do you wish to pursue right after you complete the MBA course.
• Medium and long term goals - what do you plan to be doing in say 5 years/10 years down the line.

And finally - you should have a ready GAP ANALYSIS between your current state and your long term goals. Which means, you should know what you currently lack in terms of knowledge and skills to get to your post-MBA objectives.

This GAP in skills and knowledge is what you should aspire to fill from the MBA program.

Further - if you can also show how a particular school's individual strengths by way of their curriculum, faculty, known areas of excellence, etc, will help you fill these gaps, then you have absolutely hit the nail on the head.

But, as I have heard from many a candidate, life is so uncertain. "How can I be totally sure of what I want to do?" "What if I change my mind while I am studying for my MBA over next 2 years?" Well friends, the answer is simple.

The Ad Comm does want you to show a certain clarity of vision when it comes to your career goals and reasons for getting an MBA degree. They also like to know that you researched these schools before applying and that you will endeavor to use their individual strengths to further your goals. BUT, and this is important, they don't expect your goals and plans to be cast in stone. It is okay if your change your plans mid-way, take up a different career post-MBA compared to what you planned to pursue when applying. After all, an MBA is also about expanding your horizons.

So get rid off that mental block. Think freely. Work out the best career plan for yourself - one which excites you, one which you would pursue with passion, energy and joy :) Work out how you can get there. Be prepared to state with clarity and conviction, about the skills and experience you already have, which will help you on your way. And clearly show what new skills and experiences you need to add in order to get where you want to. And that will surely bring out clearly what you hope to gain from the MBA program and how you will use it.

And by doing this, you will see that you answer this question extremely well, not only to the Ad Comm, but also, and most importantly, to yourself.