MBA Admission 2016: Better options than new IIMs available; Weigh & choose the best

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MBAUniverse.com News Desk |
March 23, 2016
Not getting shortlisted by IIMs despite scoring high overall percentile in CAT 2015 has opened more gates to pursue MBA from better B schools
Suppose you get a call from the 6 very new IIMs, would you prefer going to them or would like to join IMI, IMT, MDI, BIMTECH, Great lakes, SPJIMR, TAPMI, NITIE, LIBA, MICA or any other such B-school

It is very much true that despite scoring overall high percentile in CAT 2015 in many cases has not resulted in getting shortlisted by any of the IIMs especially the dream IIM A, B, C, or L. The apparent reason is dip in one or other sectional percentile. This contradiction is more visible in CAT 2015 scores as the test was divided among 3 sections instead of 2 and even a slight dip in score has led to low sectional percentile. Now so far as IIMs are concerned, even the 98 or 99 percentilers with low sectional percentile of 60 or 65 are as good as low overall percentilers who wouldn’t expect call from IIMs.

Does it mean that your efforts and desire to pursue MBA 2016-18 from a very good B-school have gone useless or you can hit even a better opportunity? No, you should exercise a better option than an IIM.  Please note that it is always better to get a better option instead of going for a bad option which may not end up with what you had desired when you complete the course.

Why only IIM? Think better
Suppose you get a call from the 6 very new IIMs, would you prefer going to them or would like to join IMI, IMT, MDI, BIMTECH, Great lakes, SPJIMR, TAPMI, NITIE, LIBA, MICA or any other such B-school that can offer you more than you can anticipate in the new IIMs?

Now think, what should be key criteria points that could drive you to your desired B-school, instead of running after a new IIM which is yet to prove its mettle and is afraid of announcing its detailed admission parameters.

Please remember brand IIM has become a rat race for the MBA aspirants since better B schools as above have already made their global presence felt. Right from the beginning MBA aspirants work hard to get into one of the IIMs but despite scoring high percentile admission in IIMs remains a mirage. Other B-schools offer better opportunities with great learning experience, it will be much better to choose one of these top rated B schools which have the proven track record and great USPs.

How to choose the preferred B-school with your scores
What should be the criteria while choosing one of the preferred B schools assuming that the facilities are equally good, fee structure is more or less the same and none of the institutes lag behind in providing the best  learning experience.

While all the IIMs new or old need minimum qualifying sectional percentile, these highly ranked B-schools treat overall score in CAT as their shortlisting criteria instead of pegging high the sectional scores.

MBAUniverse.com suggests measuring your preferences on following parameters in addition to any regional or other preference, which you may have in mind

How old is the B-school?
Alumni base of the B school depends upon its age and intake. The older the institute, the greater will be the Alumni base.

As compared to new IIMs all the other B-schools are quite old and have great alumni base. For example MDI Gurgaon was established in 1974; LIBA in 1979, TAPMI Manipal in 1984 apart from other highly ranked B-schools who also have alumni base of thousands of students occupying high positions in corporate sector and are more interested to offer all the necessary assistance and placements to the students coming from the same institutes.

Number of batches have passed out of these institutes and are positioned at high places in the corporate and industrial sectors.  Although they are all private run top notch B schools with no funding from the Government, these B schools hold the envious position even for many state funded management institutes.

The Intake
Each of the new IIMs has an intake of 60 students. Ironically, none of them are operating with their full intake. If you run for them in 2016, you may find only 30 to 50 alumni still searching for some good job, when you pass out. How they would be able to help you, could be well visualized.

On the other hand, B-schools like IMT has more than 500 seats; IMI has 300 seats; LIBA-120; TAPMI 480; Great lakes 360. If you are shortlisted you have more chances to convert the call at these highly ranked B-schools than in any new IIM.

Besides, while IIMs would accept only CAT scores you have the opportunity to exercise your option of CAT or XAT scores for admission in many of these B-schools. and convert the call Although difficult, students can find admission to LIBA, if they apply in time with good CAT/XAT scores. The institute received more than 5 thousand applications for admission 2014-16. With a XAT percentile of 75 and CAT percentile of 80 candidates could explore the admission opportunities at LIBA.

TAPMI has an intake 420 and 60 seats for the flagship PGDM and PGDM Healthcare programmes for 2014-16 batch. The MBA admission seekers to TAPMI find it a hot and much sought after destination.

Great Lakes, Chennai  has an intake capacity of  360+ students in the flagship programme of PGPM. The first batch of PGDM is passing out shortly. The B school conducts well acclaimed 1 year PGPM programme and 2 years PGDM programme. Admission seekers to this highly ranked and preferred b school have to apply well in time as it starts its admission process immediately after the announcement of CAT results. Candidates, if admitted in this B school do not prefer going to any other B school.

Fee structure & approvals
Course fee and approved status of MBA programme are important aspects to be considered before deciding upon the B-school and MBA programme running therein. It is well known that all these  institutes are self funded and accordingly have a fairly high fee structure.

But it should also be simultaneously noted that all the IIMs, despite getting support from the Government have equally or even higher fee structure. Unlike highly subsidized fee structure of FMS Delhi-Delhi University where you can complete your MBA with Rs.25000/-, an IIM would ask you to shell out 12 to 20 lakhs of Rupees without providing hostel accommodation in that fee.

While IIMs run autonomous PGDM programmes as per the statute passed in the Parliament, the other highly ranked private B-schools run AICTE approved management courses that produce even better results at the same fee structure being charged by the IIMs. So, why there is need to run for an IIM who is yet to prove its standing in the market.

B-schools like LIBA, TAPMI, SPJIMR, MDI, BIMTECH among others charge between 10 to 15 lakhs for the entire course and also offer various scholarships and fee waivers to meritorious candidates. NITIE has a very low fee structure with high RoI as good as other top –schools. With all such plus points, it is sure a better bet to pursue your MBA from a private run B-school having all the necessary programme approvals, instead of running after a new IIM.

Core faculty determines teacher student ratio
Core faculty at the B school decides the learning experience in imparting the education at the institute and is the main factor in providing adequate mentorship to the students.  The better is the teacher student ratio; the better will be the mentorship at the institute.

You will be surprised to note that many IIMs do not have sufficient permanent faculty and the teacher student ratio is very poor. The very new IIMs are being catered with the faculty from their mentor IIMs. This further aggravates the situation as you never know who would be teaching next time.

The high ranked Private B-schools have optimum teacher student ratio. For example MDI has 79 core faculty; IMT around 70; SPJIMR-45; Great lakes more than 50; TAPMI around 40 and so on. Good teacher student ratio offers better opportunity and better learning experience as compared to the B-schools running with guest faculty and fewer core faculty members.

RoI: Average Placement
This part is more significant to calculate the Return on Investment before taking the admission in the preferred B-school. After investing a great amount, if you do not get a good placement not only precious 2 years of life have been wasted but also the opportunity of getting good placement even without MBA has been missed.

Although it may be difficult to visualize the placement package after  2 years but the past placement reports will definitely make the picture clear to a great extent. If you compare the fee structure with that of any IIM, it will be more or less same. The focus is now on what   you would be getting after 2 years.

Average salary at SPJIMR in placement 2016 has gone up to more than Rs.19 lakhs; MDI has recorded Rs.18.95 lakhs as average package; IMI students grabbed average placement of Rs.14.9 lakhs. The trends show that higher salary packages at private B-schools have been offered in placement 2016 which are equivalent and even higher than offered in many IIMs.

It is suggested that the candidates should come out of the admission dilemma and choose the right B-school without wasting more time on the above criteria. Please also note that it is not necessary that with high percentile of 90 or above you will get into the preferred B-school as even with low percentile but excellent academic profile clubbed with work experience you may get admission offer from the top rated B-school.

Stay tuned to MBAUniverse.com for more information and updates on MBA admission 2016