Tips to prepare for MBA entrance exams
MBA or master of business administration is a professional degree which is renowned for providing a scientific approach to business management. An MBA program paves the way for networking with business managers, high ranking executives and entrepreneurs. Further, it also develops entrepreneurial skills as young graduates earn requisite knowledge to succeed in the corporate domain. Business management, strategy and financial planning are some aspects a candidate can learn in such programs which in turn help them gain perfection as a professional.
A master of business administration degree can be termed as an investment which leads to excellent returns. Sectors such as Consulting, Banking Financial Services and Insurance, Fast Moving Consumer Goods (FMCG), Telecommunication, Manufacturing, IT/ITES, Media, etc. are top recruiters of MBA graduates. Top notch global management consulting firms such as Mckinsey & Company, Bain & Company, Boston Consulting Group, KPMG, Price Water House Coopers (PWC) offer huge salary packages even for youngsters joining as associates which can run up to 15, 20 lakh on an average. Such awesome amounts are motivation enough for people to consider an MBA degree from a reputed university.
A lot of people from finance and engineering backgrounds usually join management consulting firms. Multinational technology organizations such as Google and Facebook which specialize in internet related services and products also recruit a lot of MBA graduates. Healthcare Management is an MBA degree which has also gained vast popularity amongst the populace nowadays. It refers to managing and providing leadership to hospital networks, hospitals or healthcare systems.
Another MBA segment which is very popular amongst youngsters constitutes Media Management. The fourth pillar of democracy, the media also requires MBA graduates for media planning and effective brand marketing.
Let us however have a look at some tips to ace MBA entrance exams which will open windows of opportunities for aspiring managers:
- The exam pattern and difficulty level need to be taken into consideration: Preparing for MBA entrance exams requires one to check his/her preparation at regular intervals. Mock tests and question papers of previous years are essential tools to understand students capabilities. Such tests help evaluate their strengths and weaknesses. Expert help is highly recommended and one should take help from alumni of top institutes and seniors who have surpassed tough MBA examinations. Moreover, it is important to strengthen the conceptual and application skills for better results. Check out GMAT and CAT preparation books along with taking online tests to improve your score and check your benchmark percentile.
- Do proper homework before selecting an institute: If you want to pursue MBA from abroad, its essential to secure a good GMAT score. Furthermore, one needs to improve his English language skills in order to surpass tests like IELTS or TOEFL.
Its essential to have a good work experience which will be a boost for a foreign MBA degree. Further, some institutes insist on a minimum eligibility of 2 years of work experience before providing admissions. Knowledge of a foreign language works as an added incentive.
Even if you are searching for a good domestic institute, you should do proper research regarding alumni, fees, placement records, admission cut-offs, infrastructure, in-house/visiting faculty and corporate/industry interface amongst others. One should also look at institute rankings before choosing the ultimate one.
Experts point to the fact that judging placement records of several institutes is also vastly essential. Candidates should check out the average CTC figures offered by organizations along with the work profile offered by different companies during the placement season. A first hand review is also important which requires a personal visit to the campus and discussion with current students.
Many people believe that there is no alternative to a foreign MBA degree. However, instead of pursuing a degree from a C grade institution situated abroad; its advisable to skip a year and prepare for admissions to good domestic institutions such as the IIMs, XLRI, etc.
- Enhance your language skills and communication ability: Excellent standards are required to be maintained as far as grammatical proficiency and language abilities are concerned. Perfect coaching programs can help a student gain perfection in these aspects along with improving logical and verbal reasoning.
- Ideal background for pursuing MBA: If you desire to pursue a MBA degree from a reputed organization, its important to score 55, 60% in your graduation. Along with offering adequate weightage to graduation marks, leading B schools assess various candidates academic performance, written and communication skills amongst others. Group Discussions, Personal Interviews and Written Ability Tests are other frontiers one need to conquer for the elusive MBA degree.
Group discussions consist of general awareness questions and issues. Students need to follow news and magazines properly to brush up their knowledge. Its essential to participate in the group discussions and display excellence. Personal interviews are taken in order to gain knowledge of candidates academic background, work experience and information of current affairs. One needs to do thorough study to get through the personal interview part.
Its important to work for some years before joining any top B school. This is due to the fact that work experience coupled with managerial training helps in developing adequate leadership skills and business expertise. Further, an experienced candidate can grasp MBA concept at a much rapid rate in comparison to a graduate.