Indian MBA Programs
As the number of MBA holders in the world increases, so does the importance of getting a top-quality MBA rather than just any MBA. A premier B.School adds a lot of value :
- Increased Pay
The better the reputation of a school, the more its graduates earn. For example, it is clear that graduates from one of the top four schools in India can expect, on average, to earn 6 to 15 times more than graduates from schools ranked nearer to number 25. This pay gap increases dramatically as one goes further down the rankings to those schools near the bottom.
- Career Choice
Some professions are virtually off-limits to graduates of lesser business schools (let alone those without MBAs). These include investment banking and corporate strategy consulting. The most desirable companies to work for, such as major consulting firms and investment banks, would not think of recruiting at Rank 30 Business School. These firms look to hire the best and the brightest and they know that the best and the brightest are to be found at the world’s leading business schools.
The same is true, albeit to a somewhat lesser extent, in other fields. Making it into consumer marketing positions of responsibility at the world’s leading firms also typically demands that you have an MBA from a top school.
This category nearly speaks for itself. Whether for personal or business reasons, being a graduate of an IIM or an FMS conjures up entirely different impressions and reactions among people you encounter. Status is partially related to the other items listed here, such as salary, but it also reflects the fact that IIMs admits only people who are highly regarded to begin with.
- Career Flexibility
The benefits of going to a top school are not limited to your initial job upon graduation. If you decide to change careers in the future (which is becoming more and more common), the quality of your education will be one of the determining factors in your ability to make the switch successfully, and it will also determine how other people rate your chances (and whether they will risk hiring you). The alumni network, and your own personal network from business school, will also be important determinants of your ability to switch. With a strong network willing to help you, your chances are automatically better.
- Best Possible Education
The result of being taught by the most accomplished professors, in the company of the most accomplished classmates, is a superior education, one that lesser schools do not match. Curiously, this is perhaps the least often acknowledged benefit of attending a top school.