Myths are a regular part of our life. Do you believe that cats crossing a road is inauspicious? Or do you believe having curd before exams bring good luck? Mostly, we don’t have an answer to these questions. But as far as MBA is concerned, we have a lot of answers to your queries. MBA being the most sought-after post-graduation course presently, several myths shroud its reality. As more and more students are pursuing MBA, clarity regarding the realities of MBAs is much needed. The admission season is over, board exams are finished and new aspirants are deciding upon whether to go for MBA or not. So, here in this blog, we present to you some of the common myths regarding MBA degrees in India. Hope you find it enlightening. Enjoy folks.
MBA is Expensive
While it is a fact that most MBA programs from prestigious institutes in India are expensive, it is not the only fact. An average MBA degree will cost you somewhere between 15-20 lakhs for a two-year duration. But there are several institutions like FMS, TISS, IISc, IITs, JBIMS, DU, etc which offer MBA programs under 5 lakhs. Always keep in mind that superior quality demands superior payment. Also, consider the quality of education and learning that you will receive during your MBA journey. You are not just paying for a degree but for important life lessons, like networking, business, leadership, teamworking, and collaboration. Lastly, most of the B-schools offer excellent placement opportunities during the course, which does not happen with other post-graduate degrees.
Anyways, many B-schools have financial assistance and scholarships to ease the burden of fees. Also, many banks offer educational loans even without collateral. These loans can easily be paid under 5 years. So, remember to look at the MBA fees not just as an expenditure, but as an investment for your future.
MBA Degree is a Hype
Several people still believe that an MBA degree is a waste of time and money. But is it? People only judge the outcome of an MBA by looking at the textbooks and subjects taught. Often they tend to miss the things which students learn during their MBA journey outside the classroom. Such as team working, critical thinking, collaboration, time management, prioritization, system thinking, etc. Technical skills regarding specialized business processes and systems are also taught, which is not the case with other courses. So, if anybody ever tells you that MBA is a hype, remember the skills mentioned above and try to find a single place to learn those all at once.
MBA is for Super-Intelligent Students
While most MBA entrance exams are difficult to crack, it is not the fact they require some extraordinary level of IQ. MBA entrance exams are not meant for people like Albert Einstein. They are meant for people like us, who can work hard, prepare and think. The quants section often intimidates people. Only science & engineering students can crack it is one of the common MBA myths. But, as a matter of fact, it is based on basic mathematics which is the same for all students. Anybody can easily prepare for the quants section with a proper strategy.
Also, exams like CAT and XAT are not the sole criteria for getting into MBA courses. Things like profile, work experience, past academics, general knowledge, group discussions, written ability, and interviews matter more nowadays. So, if you feel like you are neither an engineer nor from the family of Newton, don’t worry. None of these criteria will determine your MBA admissions.
MBA is for People with Business Background
Several people believe that a master’s in Business degree will necessarily require a bachelor’s degree in Business. But, as a matter of fact, the only requisite for MBA is a bachelor’s degree. After you crack the entrance exam and clear the interview, your graduation degree doesn’t matter. Actually, nowadays, B-Schools are selecting people with different backgrounds in order to ensure optimum batch diversity. So, the bottom line is that it doesn’t matter, even if your undergraduate degree is in science, arts, music, or sports. If your aim is to have an MBA degree, you can. Therefore, stop worrying about your undergraduate degree stream and focus on your preparations.
Work Experience is Mandatory for MBA
It is one of the common MBA myths that any business college curriculum is designed for people with work experience. But as a matter of fact, most B-schools teach the courses from fundamentals. In India, hundreds of MBA graduates are freshers in several B-schools. They land amazing pay packages during campus placements and dispel this myth. Even though it is favorable for individuals to have some work experience before MBA, it is not mandatory. Sometimes for some particular role, work experience may seem advantageous. But being a fresher is never a disadvantage for your MBA, as many companies prefer people with a fresh perspective. So, forget about this myth and focus on your preparation.
MBA is only for People who Manage Others
Undoubtedly, this is one of the biggest myths surrounding MBA nowadays. People believe that only if you want to manage people working under you, then only you should go for an MBA. But, as a matter of fact, MBA is not just about people management. It has so much more to offer. MBA focuses on business foundations, accounting & finance, analytics & operations, marketing & sales, etc. Obtaining an MBA degree will make you aware of how business functions. It will certainly help you with career progression, but that’s not the only benefit. Even for Entrepreneurs, an MBA degree has a lot to offer. Nowadays, specialized MBA option is available for professionals in the field of hospitality, healthcare, aviation, energy, power, oil & gas, etc.
MBA Admissions require Excellent Academics
Even though it is never bad for good academic scores, it is not mandatory. Every B-School has its own set of selection criteria. Several factors along with academics play a vital role in the final selections. Starting with the CAT / XAT score, group discussions, personal interviews, written ability test, profile, work experience, diversity, etc, each of them has its own share of contribution. So, don’t get disappointed if you have low academic scores. Research about the college, look into their selection criteria, and evaluate accordingly.
Hope this blog about common MBA myths has been able to enlighten you in order to make well-informed decisions regarding your MBA journey. So, always check your facts before making any decision in order to avoid any mistakes. Just focus on preparations and all the best for your CAT examinations – Purvesh
Purvesh is a bibliophile currently pursuing MBA at IIT Madras