Time is the most precious commodity for a student. A year lost owing to your own negligence or some unforeseen circumstances can put you years behind your classmates and friends. An MBA apart from time is also a serious investment of money which makes it imperative on your part to get it right the very fast time. MBA programs of best management colleges in UP or for that matter anywhere else in India are notoriously expensive with the overall cost for this two year degree program often running in excess of a million rupees.
The return on investment (ROI) generated by top class business schools no doubt is very high and students can recover the entire cost of pursuing their MBA within two to three years of joining the workforce. However, it is of primary importance to remember that ROI is only good for well-established business schools who are renowned for developing graduates fully capable of working in an international environment. Accomplished business schools offer expertise and knowledge which enables their students to thrive in any business context.
Unfortunately, the same does not hold true for majority of second-string business schools dotting the landscapes of management education in India. Solely interested in making good money in quick time, these fly by night operators can deliver a swift death blow to your career aspirations. It is the primary reason experts and mentors keep on advising MBA aspirants that business school research should be the most important activity in your entire MBA application process.
Getting it right is imperative as it ensures that you smoothly attain your objectives of opting to study MBA in the first place. In the following paragraphs we shall look at some of the important factors that will help select a management school which offers a magical match between your aptitude, skills and knowledge and career aspirations.
Ranking of the Business School
Quite a few important business magazines, journals and newspapers come up with yearly ranking of top business schools. Going through the list can make your task of applying to different business schools significantly easier by narrowing down the list to a manageable extent. Business schools are usually rated on factors of academic environment, qualification of the faculty, recruiter reputation, alumni feedback, ROI over the years, value for money, alumni network, etc. The criteria used for assigning points and ranks, however, vary from publication to publication. For example, a business magazine ‘A’ may assign more weightage to the placement offered by a business school where as the other business magazine ‘B’ may lay more emphasis on networking opportunities offered by the institute.
Top rated management institutes in Lucknow or for that matter anywhere else are most likely to be good in all the relevant parameters with slight differences throw in here and there. What it means is that they are bound to find their names in the ranking list with slight variation in the order of their rankings. It is the reason why MBA aspirants are advised not to base their selection decision solely on ranking. It would be naïve to bet your entire future on rankings, though it is a good tool to comprehend the overall quality of an MBA program conducted by a reputable business school.
Return on Investment
Since MBA programs are highly expensive, money is usually at the forefront of most debates when it comes to a business school. The issue here is not how much money the school is giving you, but the return you are likely to make on your investment. You need to take into consideration the real worth of a degree by getting hold of the data related to the earnings of students of a particular business school several years down the line. It will give you a better picture of what people are earning and if there is a solid return on investment.