HOW TO GET INTO YOUR DREAM SCHOOL?
Whenever you think about going abroad or doing your master in any specialized field related to business, be it MBA or MiM, you might have got confused about which school to go to and to which country. Here we are going to explain just the same. Read it carefully one by one and make sure you understand how to filter the best business school for yourself.
Business school provides a transformative experience that allows you to reinvent and then pursue your highest personal and professional goals. One of the most crucial, and perhaps the most challenging, decisions you must make is choosing the ideal Business School to be your friend and partner on your journey.
It will have a long-term impact on your professional and personal development. As a result, identifying your personal goals and determining your Business School “fit” is critical when you select the best business school for yourself.
The question, “Why did you choose this college for your masters?” will be asked repeatedly not only in your interviews of the colleges you apply to but even when you apply to internships and full-time opportunities during/ after your masters. Although, the question looks very simple in the first go, as soon as you start thinking about it, confusion and uncertainty start building up. This answer to this question forms a base for the even tougher question – What would you like to do in the future? Since MiM programs are very different from MBA programs in terms of the flexibility they offer, different specializations offered and the diversity in the curriculum offered by each school. Although there is no magic formula to answer this question, a structured thought process does help in figuring out the best “fit” as per your profile. ?
Why is it important to select the best business school?
It is critical that we understand why it is necessary before we begin the process of selecting and comparing Business Schools. The reasons behind this are as follows:-
- To comprehend the application’s specifications
- To get a better idea of how much an MiM will cost
- Assess your prospects of admission to the best business school of your choice.
- To determine if your MiM job objectives are aligned
- To figure out which components of business school you enjoy.
To comprehend the application’s specifications
Each business school has its own set of procedures and prerequisites for admission. It’s crucial to focus on a few applications and execute them properly among the other essays and references. A well-rounded application that successfully showcases your talents and attributes improves your chances of being accepted significantly.
To get a better idea of how much an MiM/MBA will cost
An MiM/MBA is a costly investment, therefore it’s crucial to understand all of the fees involved. Aside from tuition, there are a variety of other fees to consider, such as living expenses.
Assess your prospects of admission to the best business school of your choice.
You will learn a lot about schools throughout the process of selecting and comparing them. From the qualities they seek in recruits to the learning environment and support they provide. As a result, significant introspection and contemplation will aid you in determining your chances of gaining admission.
To determine if your post-MBA job objectives are aligned
Because your business school will serve as a springboard for your career, it’s critical to determine how well it aligns with your post MiM or MBA professional objectives. If you want to work for a specific company, for example, you should see if the company hires from the B-schools you’ve chosen. If you want to see where your profile stands in helping you getting selected and how it aligns with your goals, check here.
To figure out which components of business school you enjoy.
This aids in the selection of the best business schools based on your specific preferences and priorities. If beginning pay upon graduation or opportunities for leadership growth during the course are important to you, there are many options available.
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How to shortlist the best business school for yourself
Let’s have a look at how to shortlist business schools now that we know why it’s vital to select and compare them.
To shortlist your target business schools, follow these six steps:
1) Determine your post-Masters career goals.
Deep introspection and self-awareness are necessary for passing through Business School. The most important step in determining the list of colleges that will help you get there is recognising where you are in your career and where you want to go.
This level requires you to determine what you want to accomplish when you complete your Masters. All of the top business schools look for individuals who have clearly defined and attainable goals, as well as a plan for how they intend to achieve these goals by earning an MiM from their school.
These post-Masters job objectives are the focus of many application questions and even interviews. Admissions committees ask queries like “Why do you want an MiM?” to the thousands of applicants fighting for a few hundred slots. “Why an MiM at our school?”
The following are some of the most prevalent answers provided by aspirants in response to the question, “Why Masters degree?” question :
- Changing industries or transitioning into a new profession
- Looking for a better salary and pay
- Looking for a position of leadership
- Geography and place are shifting
As a result, it’s critical to take a step back and assess your reasons for pursuing a Masters. Early in your MiM application process, the clarity gained from this step will serve as a guiding light through the various stages of the marathon that is the MiM application process.
2) Begin with a self-evaluation.
Admissions to business schools is a highly competitive sector. People who have the track record and credentials to make a significant impact in their chosen careers/fields after receiving their MiM are sought after by the best MiM programmes. As a result, a self-evaluation serves as a reality check as well as a guideline for improving your profile and becoming deserving of admission to a top business school.
Things to think about when conducting a self-evaluation include, but are not limited to:
- Your undergraduate grade point average
- Your GMAT score is important.
- Extensive job experience is essential.
- Skills in academia and in the workplace
Your responses to all of the above questions will aid you in identifying and categorising the schools to which you should apply into three groups:
- Safety schools
Furthermore, if any holes in your profile are discovered, there may still be time to correct them. If you lack leadership experience, for example, you can actively participate in a local community project.
3) Determine which schools are fit for you – Elimination Strategy
You will have a good concept of what you expect from your chosen Business schools after completing the first two steps. Thus, basic web research and conversing with friends, peers, and colleagues who have earned their MiMs would give a plethora of possibilities.
It is, nevertheless, critical to classify and organise the vast amount of data available on the internet. This will enable you to make more confident and quick decisions.
4) Non-tangible Factors – Online Research
It’s also critical to conduct your study using the appropriate information sources. The finest sources of information are the college websites themselves. You should also look at the MiM student profiles and the employment report in addition to the website. They offer you an idea of where the students at the school came from and where they plan to go after graduation.
5) Compare Business Schools
You can compare the best business school based on the following parameters:
- Cost and ROI
While many rankings take into account the return on investment of business school programmes, they use different data points to reach different results. Rankings, like the Economist’s, compute ROI based on a one-year gain to determine the early worth of first-year salary when compared to tuition. As a result, it is intrinsically personal and extends beyond your desired starting wage.
- Course structure
The course arrangement differs depending on the MiM programme. Although schools may appear to be similar at first look, each has its own culture and management development method.
- Business School Rankings
While rankings are a useful tool for comparing business schools, they should be used with caution. Various magazines and online venues have their own ranking systems. These rankings are based on a variety of approaches and may reflect a variety of factors. As a result, it’s critical to pay attention to the ranking process and criteria used to compile the rankings.
- Geographical location
Relationships with recruiters, school strengths, and the neighbourhood environment are all influenced by geography. It’s no surprise that London Business School, Columbia, and Chicago Booth have a strong financial reputation. They are well positioned to provide a launchpad for students who desire to pursue careers in finance-related fields because they are located in financial hubs. Similarly, California schools benefit from their closeness to technology areas like Silicon Valley. As a result, it’s critical to consider the Business School’s proximity to the industries and occupations for which you’re applying following your MiM.
- Job placement and career opportunities
It’s critical to assess whether your Target B-Schools are well-positioned to help you achieve your career objectives and vision. Examine the program’s career and employment report and speak with alumni about their experiences with the career services staff. Make sure to look at career statistics and recruiter data in addition to starting salary.
- Scholarships offered
While most business schools provide some type of financial aid, it’s a good idea to double-check the information on the website or ask the admissions team. Prioritize this factor based on the importance you place on it when choosing Business Schools.
Watch this YouTube video on Things to know before choosing a B-School
6) Attend events relating to admissions (online and offline)
While there is a lot of information about Business Schools and their programmes available on the internet, human interaction can sometimes be the decisive factor or a tie-breaker in your school decision process.
Fortunately, aside from online resources, there are a variety of ways to obtain more information from people, including:
- Business schools hold webinars and information sessions on their programmes.
- Meet & Greet events: Admissions officers go to different cities in different nations to give information sessions.
- Networking with Alumni and Current Students: You might gain more insight by preparing a list of questions to ask alumni and current students and comparing their responses.
- GMAT Club is an online forum where aspiring business school students can share their experiences.
- Campus visits: While this may appear to be a waste of money, visiting the campus of your preferred business school will give you a true sense of the learning environment. You will have the opportunity to connect with students and staff if you visit during an open house. This would provide you a unique perspective on the school’s culture.
- LinkedIn: Due to geographic and geographical limits, meeting with alumni and current students of your selected business school may be challenging. However, using LinkedIn to locate and interact with them in order to have a better understanding of their perspective and the value they derived from their MiM experience will help you make an informed decision.
To summarise, selecting the best Business Schools is a highly personal decision that should be made after extensive introspection, self-evaluation, and contemplation on your priorities and objectives. Identifying the “must-have” characteristics will not only assist you in the application process, but can also save you a great deal of time, energy, and effort. You can make the most of this time by concentrating on polishing your applications for the colleges to which you will eventually apply.
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