European MBA vs US MBA | MBA Exam Preparation

European MBA vs US MBA -- which is better?

2007-09-17T09:08:00.000-07:00

I'd rather join a top university in Europe than an average university in the United States. Since many European universities ask applicants to take their own exams, I can get into a top ranked European university even with a low GMAT score," says Anurag Mathur (name changed), a business school aspirant.

Is Anurag's opinion a sign of changing trends? Are we now beginning to see a shift from Uncle Sam's green pastures to the European Union?

For many years, Indian students vied for admissions to business schools in the United States only. However, for the last few years, a new trend seems to be taking shape. Students are beginning to realise that the one-year European MBA may propel their careers in the right direction. In some cases, it may just be better than the traditional two-year US MBA.

Completing the entire MBA curriculum in one year is the number one concern for many students.

"I don't think I can study the entire MBA in one year. I need to go slow. Since I have no formal business education, I don't think I would like to study at a business school that offers a one-year MBA programme," says an engineering graduate.

However, for many students who want to get on the work wagon quickly, a one-year MBA programme is ideal. "No business person I know would do a two-year MBA," says David Standen, director, Instituto de Empresa, Spain. "Two-year MBAs are for potential business people; actual business people know the value of their time."

A one-year MBA does not necessarily mean the curriculum is more difficult. What it really means is that, just like in the real world, you work hard and you play hard. In fact, the curriculum for most one-year and two-year MBA programmes is pretty much the same.

The investment difference between European and American business schools is significant. If you were to get admitted to Harvard or Wharton, you would spend approximately US$ 71,000 or $ 80,000 for your tuition fees alone. In sharp contrast, if you were admitted to INSEAD, IMD or IE, you would spend $ 54,500, $ 43,000 or $ 45,500 respectively (London Business School is an exception as their MBA programme is two years long; your tuition at the LBS is a whopping $ 85,000). So, your European MBA not only saves you time; it also saves you money.

Top business schools

Rank	Best European Business Schools	Best American Business Schools
1	London Business School	Harvard University
2	INSEAD	University of Pennsylvania
3	IE (Instituto de Empresa)	Columbia University
4	IMD	Stanford
5	University of Oxford	MIT
6	Cambridge University	University of Chicago
7	Manchester Business School	Northwestern University
8	HEC	New York University
9	ESADE	Dartmouth College
10	Athens University of Eco & Business	Yale University
	Source: ReportED Rankings, 2006	Source: ReportED Rankings, 2006

The table shows the rankings of European business schools in comparison with American business schools.

Does this mean IMD and Stanford are at par with each other? Or that the Columbia MBA and the IE MBA have the same value?

It's really not fair to compare universities on the basis of rankings. One cannot say with surety that Stanford is better than IMD or vice versa. Rankings can be used as a tool for you to decide which schools you want to apply to, but don't use rankings to answer the ultimate question -- which business school is better? Study the course content, student reviews and placement rates to find the answer to that question.

The ultimate goal for students who plan an MBA is the job prospects after graduation. Most feel it is very difficult to get a work permit after studying in an European business school.

However, the UK government has announced that, if you graduate from the 'top 50 world business schools', you are qualified to apply for a one year work permit in the UK. Remember, however, this is permission for you to work in the UK; it does not mean the government will give you a job.

Also, if you decide to learn the language of the place where you studied, chances are good that you'll get picked up by a local company in Europe itself. "Students come in two months early and learn Spanish. We don't charge students for this. When they graduate, it adds to their professional value if they have a working knowledge of Spanish. They have a much better chance of getting employment in Spain or abroad," says Standen.

What about employers back in India?

Ankit Miglani, director, Uttam Galva, says, "An international education is always held in higher regard than a degree from a more protected environment. It is expected that a college based in a more globally exposed environment will hone the interaction skills of an individual more effectively than an institution based in a smaller town, which may potentially lack a diverse international community. By large, European schools are exposed to multiple cultures owing to their location that allows convenient movement among countries. However, the quality of the school itself holds more merit. The latter implies higher quality of instruction due to availability of educators who are more experienced in practical applications of business tools. "

You have a vast range of opportunities open to you. The only way you can decide where to go is to first analyze your career goals. If you don't have any career goals, analyze the weather -- cold winters in New York versus sunny days in Spain or rainy months in London versus the warmth of California. Whatever you decide, you don't have to follow the herd.

Soure Rediff.com

Want an MBA? Prepare for these exams

2007-03-02T10:01:00.000-08:00

Phew! CAT 2006 is finally over. Most of you must now be pouring over answer keys, percentile estimation, and college application issues and wondering what to do next.
Right then, let us look at precisely that. There are three things you need to do now:
a) Apply to B-schools accepting CAT results, depending on the score and percentile you expect.
b) Prepare for the other exams coming your way in the next couple of months.
c) Prepare for the group discussion and personal interview.
Close to 80 B-schools accept the CAT score. The Indian Institutes of Management accept students who have scored at least in the 98 percentile, while schools like MDI, NITIE take students in the 96.5+ percentile range. So, the first step is to convert your score into a percentile.
The next step involves deciding which colleges you can apply to, based on your percentile. Here are some additional factors you need to consider:
• If you have not fared well, will you take CAT again? Or will you join a college that was not originally on your shortlist?
• Work experience from a good company for 1.5+ years will marginally increase your chances at most colleges.
• (For people with work experience) Will your career after an MBA from a particular college be significantly better than your career now?
If required, do take expert guidance while making the above decisions.
The table below gives the likely percentiles that 25 MBA schools, other than the IIMs, are expected to accept this year. Your percentile needs to be in the 98+ range if you plan to apply to the IIMs.
Your other option is to give the other MBA entrance exams a shot. Here is a brief look at the various exams held post-CAT and the institutes that accept the results of these entrance exams:

MBA entrance exams a shot

2007-03-01T14:19:00.000-08:00

JMET
3 section paper (150 questions, 2 hours)
Negative marking: 1/4th mark
Ranks are given and you may apply to institutes based on the ranks
Institutes you can also apply to: IIT-Mumbai, Delhi, Kharagpur, Kanpur, Chennai, IISC, in that order
NMAT
200 questions, 150 minutes
Institute you can apply to: NMIMS
FMS
Pattern varies
(175 questions, 2 hours)
Marks per question: +4 for the correct answer and -1 for the incorrect answer.
Institute you can apply to: FMS
SNAP
3 sections (two sections have questions with one mark each; the remaining section has questions with two marks each)
165 questions, 2 hours
Negative marking -- 1/4th marks per wrong answer
Institutes you can also apply to: SIBM, SCMHRD, SIIB, in that order
XAT 2006
127 questions, 150 minutes.
Negative marking, graded negative style
Institutes you can also apply to: SP Jain, XIMB, LIBA, GIM, in that order

Preparation for the above exams

2007-02-02T14:22:00.000-08:00

Preparation for the above exams is similar to CAT in many ways. However, you will need to change your strategy. You will need to understand the pattern of each of these exams and adapt yourself to the speed requirement.
Most of these exams are different from CAT in terms of the speed requirement and difficulty level. Except XAT, most of these exams are expected to have questions of a lesser level of difficulty as compared to CAT. At the same time, the number of questions that needs to be solved will increase dramatically.
In CAT, the speed element was not the most important whereas lack of speed in these exams could be one's undoing.
Institutes conduct All-India MOCKs for some of the above. It would be very useful to take the exams and analyse your performance.
As all these exams (except XAT) have the General Awareness (or a close approximation thereof) component for which you will need to update your knowledge about latest events. All the best. Wish you a great career.

-- The authors are directors at T.I.M.E. Prepares candidates for courses like MBA and MCA and competitive examinations like CAT, GRE and GMAT.

Source Rediff