LITERATURE REVIEW

INTRODUCTION TO M.B.A. The MBA is a powerful tool to help you take charge of your career, but the degree will do you the most good if you have a clear sense of what you want your career path to be and how the degree will further your goals. Especially in this competitive market, MBA applicants who have solid career goals tend to do best in the admissions process; they are also most likely to be happy with the outcomes of their degree. Unfortunately, some MBA applicants try to do things in reversethey apply to business school before they really know what they want to do in their careers, believing that once they get in, they can figure it all out. That's not the best plan. MBA programs typically don't allow you time or opportunity to change your mind about what you want to study; it's best to know what your career goals are up front. Also, if you have a career plan, it will be easier for you to choose the school, program, courses, and MBA concentration that will help you succeed. Keep in mind that MBA programs are very different from one another and excel at different things. Also, they have recruiting relationships with different companies, which means that you should make sure that the schools you apply to can help get you a job where you want to work. For instance, if you want to be an operations manager at a manufacturing company near where you live, the programs you should apply to may be different from the ones your neighbor should apply to if she dreams of a career in international finance. You should compare schools only after you're sure of what you're looking for. Just as you look for the schools that suit your goals, admissions officers look for applicants who are a "good fit" with their programspeople whose goals match what the program has to offer. Being able to articulate a realistic, convincing career plan is an important part of showing that you are a good fit for a business school. There are plenty of Job opportunities for a business management graduate and He or she is always on a fast track. With globalization of business taking place all over the country, good managers are in great demand, secondly with the internet going places, managers of today are accessing global information Even women are joining MBA courses because of its promising future and job prospectus. They are also quickly climbing the corporate ladder fast and are carving a niche for themselves. Many women are also going for self-employment after arming themselves with a management degree. The global spread of the MBA degree and the wide variety of business schools that offer it means that there are literally millions of MBAs who represent different nationalities and cultures, different career paths, and different backgrounds. A recent study conducted by the 1

U.S. Department of Education showed that MBAs studying in the United States were more diverse than students in any other graduate program. So, who are MBAs? Could you be one of them? The only things we know are true of virtually all candidates exploring their MBA options are that they attend MBA programs when

they determine that an MBA is likely to further their personal and career goals they find a school and program that is right for them

Talk to a group of successful MBAs: You won't find a magic formula for the perfect undergraduate major, set of academic achievements, pre-MBA work experience and extracurricular accomplishments, essays, interviews, or references. Nor will you find a common career goal or industry in which they aspire to work. What you will find they have in common is motivation, self-knowledge, solid and realistic career goals, and a desire to learn and grow. If that sounds like you, you'll fit in fine. Pre-MBA Work Experience Talk to MBAs, and you're likely to meet

one who has worked in investment banking (well, maybe two) one who has run a nonprofit company one who has been in sales one who has been an engineer one who has been a policy analyst for a government organization one who has been a consultant one who has been a copywriter for an ad agency one who has designed Web sites one who has been a compensation analyst for a corporation one who has been an auditor one who has been a researcher or an economist one who has just completed his graduation

The fact is, the MBA is potentially right for all these peopleprovided they show management aptitude and a track record of performance in their pre-MBA work, two things employers look for in new MBA hires. Now a days most of the B-School also have started taking fresh graduates without any pre-MBA work experience. Academic Preparation MBAs are a diverse group academicallythe most diverse of any graduate students in a professional program. All college majors are acceptable preparation for an MBA, with a few additional considerations:

Not all schools have the same undergraduate priorities. Some may favor technical undergraduates, for example. Others may favor language majors who are minimally bilingual. Other schools want both. You will need certain quantitative and analytical preparation for most programs calculus, statistics, and economics. If you did not take these courses in college, it's not a problem, but specific MBA programs may require you to take some courses before you enroll, so you'll be ready to do well in the MBA core curriculum. Academic performance does matter, but how performance is judged will vary from school to school. Some schools will give consideration to difficult majors (such as engineering) or prioritize candidates from particularly competitive schools. The combination of your academic achievement over a period of time and your GMAT (International) or CAT and CET (for India) score gives MBA admissions staff a good sense of your academic preparation for the MBA.

MBA Career Goals

The goals of MBAs show the versatility of the degree in preparing candidates for many fields, functions, and industries. There are distinct MBA career paths. To figure out how your experience could help further your progress toward a specific career goal, consider whether you have the skills and abilities required of someone in your desired job function. When you start researching schools, find out whether the school(s) you are interested in place many graduates in your desired field and what backgrounds those graduates have.

When to Get Your MBA The length of pre-MBA experience varies for MBAs. The majority of MBA students are between the ages of 21 and 30, but many people go for an MBA earlier or later. How did they determine when to start their MBA studies? If they were wise, these people decided to go for an MBA when they had enough career experience and self-knowledge to determine what they wanted to do and to have a good sense of how their MBA investment would pay off personally and professionally. There are many fresh graduates who are also interested in doing MBA. They start doing their MBA immediately after gaining their bachelor degree without having any work experience Every job has a plateau, where your contributions have made a difference but your learning tapers off; that may be a good time to go for an MBA that will boost you to the next level of career growth. Only you can determine when the time is right for you to go back to school, both in terms of that professional learning curve and your personal life and finances. Rest assured that whenever you decide to go for an MBA, and for whatever reasons, there is another MBA student or graduate (maybe more than one) who is very much like you. The MBA offers many different people exciting and fulfilling opportunities and you can make it your degree, too. 3

The MBA education goes far beyond learning just facts and analytical tools, and the faculty challenges you to prioritize your work and your life, look at every opportunity holistically, and draw on your colleagues and other resources to come up with the best strategy or solution. In today's integrated business environment, managers can't possibly do everything themselves, nor can they operate in isolation. They have to collaborate, delegate, and make decisions in the best interests of their organization. That is why MBA is the right choice. Curriculum of MBA There are various programs of doing MBA. You can select which is best suited to you. Two-year full time course One year full time course Part time course Executive development

Two year full time course Two-year programs are usually four semesters, spread over two academic years, with a three- or four-month break for an internship. The first year includes core courses required of all MBAs. The second year allows for functional specialization (a specific concentration of study and elective courses).

Students do not work full time during the program; school is considered their first priority. People often relocate to attend their full-time program of choice.

SEMESTER WISE SUBJECTS Semester I Perspective Management Financial and Cost Accounting Economic environment of business Production Management Individual and Organizational Behavior Marketing Management- I Statistics for Management Legal Aspects of Business Information Technology for Management Communication Skills

Semester II Financial Management- I Management Accounting Managerial Economics Direct and Indirect taxation Human Resource Management Groups and Organizational Effectiveness Operations Research Marketing Management- II Research Methodology Management Information Systems

Projects Most of the courses include projects as part of the syllabus. The first year is general and compulsory to all the students. In the second year they can choose the specialization of their interest. For e.g. it can be Marketing or Finance or Human Resource or Systems. Marketing Semester III Management Control Systems Productivity Techniques Marketing Strategies Quantitative Models in Marketing Marketing Research Marketing Strategies Advertising and Sales Promotion Management Consumer/ Industrial Buyer Behavior Retail Management and Social Marketing Sales management and distribution management Product/ Service Management

Semester IV Business Policy Ethics in Business International Business Entrepreneurship Management Specialization Project

 International Marketing Finance Semester III Productivity Techniques Management Control Systems Quantitative Models in Managerial Accounting & Finance Perspective Management Case Studies Strategic Cost Management Financial Management- II (Fixed Income Securities) Financial Management- III (Derivatives) Direct and Indirect Tax Business Law International Finance

Semester IV Business Policy Ethics in Business International Business Entrepreneurship Management Fiscal & Corporate Tax Planning Security Analysis & Portfolio Management

Human resource Semester III Management Control Systems Productivity Techniques Quantitative Techniques in HRM Human Resource Development in Organization Behavioral Dynamics in Organization Industrial Relations Environment and Management Organization Theories Structure and Design Management Development and Labour Welfare Management Human Resource Planning and Audit Perspective Management(Case Studies)

Semester IV Business Policy Ethics in Business International Business Entrepreneurship Management Specialization Project Organizational Development

Two-Year, Full-Time Advantages Two-year, full-time programs have several advantages for both career switchers (who change job functions or industries) and career enhancers (who continue in the same job function or industry). These programs provide an opportunity to develop knowledge in a specific discipline, leading to new job skills and prospects. If you are early in your career development, more specialized study may help you to continue in a particular industry or job function and to progress more effectively. The following are some other advantages. Academic and Nonacademic Learning

You can customize course work through electives and concentrations. Two-year programs accept the widest variety of academic backgrounds, usually with the basic requirement that you have an undergraduate degree that meets the business school's standards (usually, this means a four-year college equivalent). The environment encourages learning far beyond classroom instruction.

Career Enhancement

In an MBA internship, you can learn and practice new skills and enhance your rsum for post-MBA employment. The summer break allows for further networking in the business world. You can develop a cohesive network of MBA colleagues, because the entering class takes core courses together. Full-time programs offer career services (including campus interviews with prospective employers), social and professional clubs (often across industry 7

segments and functional preference), executive speakers' series, career counseling, and other "campus life" services.

Scholarships and Financial Aid

Scholarship money may be available to assist with tuition costs (get information from specific schools). Loan money is available for eligible full-time students.

Two-Year, Full-Time Limitations Two-year, full-time programs can be a wonderful experience for people who have welldefined career goals, are ready to spend an extended period of time out of the workforce, and have the resources to pay for such a program. If you do not meet this description, a two-year, full-time program may not be for you. It is a very expensive and time-consuming way to explore what you want to do in the future, and a lack of focus can limit the value of what you learn and what you gain from networking opportunities. Before you consider a two-year, full-time program, you should be confident about what you wish to do in the future and willing to commit the necessary time and resources to furthering these goals.

One year full time course One-year programs are dramatically different from their two-year counterparts. They usually have very strict prerequisites for either work background or academic training. Program length is typically 11 to 16 months. The program is shortened by

reducing the time in core classes, or limiting opportunities to specialize

In addition

Students do not work full-time; school is considered the first priority. Relocation may be required to attend a one-year program that meets your specific needs.

One-Year, Full-Time Advantages One-year programs offer several advantages, particularly for career enhancers (who wish to continue in the same job function or industry but at a higher level). These advantages include the following:

A very specialized program can make full use of your current career or industry specialty and save you time in completing an MBA. You may be able to customize your course work through electives and concentrations, if the program reduces core curriculum requirements rather than elective content in order to decrease the duration of the program.

Other advantages include the following:

The environment encourages learning far beyond classroom instruction. The spirit of competition and program intensity tend to be high. Full-time exposure helps to develop a cohesive network of MBA colleagues in your chosen field. A full immersion learning experience includes career services (such as campus interviews), social and professional clubs (often across areas of industry and functional preference), executive speakers' series, career counseling, and other "campus life" services.

One-Year, Full-Time Limitations A one-year MBA program does present some limitations you should consider.

Internship opportunities are limited because there are no extended breaks between semesters, which could especially hurt career switchers. Some employers who require an MBA for career advancement may not consider a one-year program a favorable option for earning the degree. You should be sure your post-MBA employer will be supportive before you choose this type of program.

Scholarships and Financial Aid

Scholarship money may be available (get information from specific schools). Loan money is available for eligible full-time students.

Part-Time Programs Part-time MBA programs are designed for working professionals. Most part-time MBAs work full-time during the day and attend classes in the evening. Some schools offer both a full-time and a part-time program. Here are some considerations when exploring part-time programs.

Courses are scheduled year 'round and do not allow for internships. Some part-time programs offer the same ability to specialize (through concentrations and open electives) as full-time programs, but others only offer a limited number of concentrations. Some part-time programs require fewer courses than their full-time counterparts. Their curriculum usually includes a core body of knowledge and does not offer the ability to specialize. Some part-time programs require the same number of courses as a full-time program, but spread out over a longer time. For example, you might take one to two courses at a time over four or five years for a degree requiring 20 courses.

Part-Time Advantages Part-time programs are popular among career enhancers (who have a good foundation of experience and want to further their career in a chosen field). They are also good if you already have a network in your field to aid in a job change. The following are also advantages. Work-related

Classes are scheduled outside standard business hours. Students develop new skills without interrupting current employment. Students can bring current, real-world problems into the classroom and explore workable solutions they can implement on the job.

Financial

Loan money is available for eligible students. Part-time may be a good choice if your employer offers tuition reimbursement as an employee benefit. The cost is spread over a longer period of time, helpful to those who must continue to earn an income or who are unwilling or unable to take on more debt.

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If you can't relocate Part-time programs may offer some geographic flexibility if you are unable or unwilling to relocate. A two-hour commute might be palatable for one class a week, but not daily.

Part-Time Limitations You should consider the following things when deciding whether a part-time program is right for you.

Scholarship money may not be available, because you can work and spread out the expenses over time. Career services may be limited. Many placement offices are closed in the evenings, when part-time students are on campus. This practice varies widely but is of particular concern for people who wish to change careers once they receive their degree. If you travel or relocate frequently for work, you may have difficulty completing a part-time MBA degree. Some programs do allow students to fulfill some course work through distance learning, but you should check the flexibility of the programs you are considering. Do not assume that you can take some MBA courses part-time, then transfer to a full-time or other kind of program. Most programs do not accept transfer credits.

Executive Development Executive development programs range from seminars to certificate programs.

They are NOT degree programs. Usually, only one topic is covered at a time. They generally last one day to one week at most and consist of one or more sessions.

Executive development programs do not provide:

a total immersion experience the comprehensive academic curriculum and general management foundation that is the cornerstone of the MBA degree

Executive Development Advantages Executive development programs are good options for career enhancers, including those who already have MBAs. These programs can: 11

help update or broaden skills and assist in maintaining certain professional licenses provide seasoned managers with new knowledge or exposure to the latest developments in their fields provide training or "refresher" courses on a particular subject for individuals who are taking on new responsibilities at work

Other advantages include the following:

Participants can develop new skills without a lengthy time commitment. Programs generally have open enrollment rather than a formal application process. Participants can enroll in specific topics of interest and learn from renowned business school faculty or industry professionals. Programs provide great flexibility in scheduling and location. A limited time commitment.

MBA Internships Help Grads Get ahead in the Job Market Its not too soon to start thinking about your MBA internship. The internship, which fulltime MBA students typically do after their first year in business school, can be very important in shaping your career path. Strategizing now about what kind of internship you will want is just one more way of preparing yourself for success in your MBA program and your post-MBA career. The Graduate Management Admission Council recently surveyed 690 companies worldwide who hire MBAs. Of the companies that hire MBA interns (62% of those surveyed), roughly three-quarters (74%) said that when they seek to hire new employees, they first interview people who have done MBA internships with them, and then open the field to other candidates. The typical company reported that half its new MBA hires in 2003 would come from its 2002 internship pool. These survey findings underscore how important MBA internships can be in the quest for post-MBA employmentespecially in a weak economy, when employers look for new employees with experience that is directly relevant to the positions they seek to fill. Get the Right Internship, Improve Your Job Prospects Before you get to business school, be very thoughtful in planning your future. What are your career goals? What kind of job function would you like to have? You should come to school with a pretty good idea of what you wish to concentrate in, so youll be able to look for internships that will give you experience in your desired field. To help land the right internship for you, work hard academically and take full advantage of your networking opportunities. Talk to the career services professionals at your school and meet with corporate representatives at on-campus events. Ask the advice of speakers and professors in the fields that interest you. Stay in contact with people you know from

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previous jobs who might be able to give you advice or help you find an internship or a job. If you know students who have already completed internships in your desired field, ask them for guidance. Start looking for internship opportunities early. If your search stalls, dont be discouraged; you may need to revise your rsum or practice interviewing. Ask a career services professional to help you tailor your rsum to the type of internship you want, and ask a few friends to conduct mock interviews so you can practice promoting yourself to potential employers. Once you do land that internship, you can feel good that your hard work is likely to pay off well in your job search

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WHAT CORPORATE RECRUITERS SAY Each year, the Graduate Management Admission Council conducts a comprehensive, global survey of corporate recruiters who hire recent MBA graduates. In the Corporate Recruiters Survey, we ask, among other things, what recruiters look for in new MBA hires, how they make hiring decisions, what qualities they value most in MBA employees, and what skills and abilities they wish MBAs had. This article highlights results from our 2004 survey. We hope it will help you understand what recruiters are looking for, so you can make sure you are well prepared when you start to look for post-MBA employment. Where Companies Recruit MBAs, and How This May Affect Your School Decision One of the ways graduating MBAs find post-MBA jobs is through companies that have a relationship with the career services office at the business school. Those companies must choose the schools at which they wish to recruit. Corporate recruiters tell us they like to recruit at the schools that have consistently produced highly qualified MBA job applicants for them before. Once you decide on a career path and begin to look for the right school for you, make sure that as part of your school search, you find out how successful the schools you are interested in are at placing graduates in jobs in your desired field. Also find out what companies recruit at the schools; if none of those companies interest you, you might want to look at other schools that have recruiting relationships with companies where you would want to work. What Corporate Recruiters Look for in MBA Hires Recruiters have indicated what characteristics of potential new MBA hires are most important in their hiring decisions. The top 10 are as follows:

strong communication and interpersonal skills proven ability to perform cultural fit within the company evidence of adaptability quantitative knowledge/technical skills acquired in the MBA program prior work experience related to the industry, job, or company management knowledge/skills acquired through MBA program history of increased job responsibility MBA functional area/concentration of study history of leading teams

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The top three characteristics recruiters look for in a job candidatestrong communication and interpersonal skills, proven ability to perform, and cultural fit with the companyare so important that if these qualities are lacking in a candidate, the candidate's skills and education will not make up for the deficiency. In other words, the absence of these valued qualifications can prevent an MBA grad from being hired. What does this mean for you? Your communication and people skills may be just as important to your job prospects as all the other skills you learn in your MBA program; make sure you develop good leadership, communication, and presentation skills. You could have the best budget-management skills ever, but if you can't communicate well with your colleagues and clients, your skills will be of no use to an employer. Also, make sure that you pursue jobs in industries and companies where you are confident you will be a good fit. Why Employers Like MBAs and What They'd Like to See Improved Why do recruiters like MBAs in general, and how do MBAs measure up to expectations the most? What skills could MBAs stand to improve? Here are the top five items on the recruiters' lists: Most Attractive MBA Skills

ability to think analytically ability to think strategically leadership skills quantitative skills oral communication skills

Skills That Should Be Improved

leadership skills ability to make decisions with imperfect information interpersonal skills oral communication skills written communication skills

Clearly, employers find that MBAs have well-developed quantitative and analytical skills, but they would like to see even stronger leadership and communication skills. How do you measure up, pre-MBA? Do you have the skills recruiters are looking for? What skills and abilities do you wish to develop in an MBA program?

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Unrealistic Expectations: Don't Let Them Stand between You and a Job To help you prepare to succeed in the job placement process, we asked recruiters to tell us what barriers they encounter when trying to hire new MBA gradsthe deal breakers that can derail the hiring process. The top three barriers they cite have to do with the inaccurate assumptions of MBAs:

unrealistic salary expectations unrealistic job expectations unrealistic view of advancement opportunities

To avoid the pitfall of unrealistic expectations, make sure that you thoroughly research the careers that interest you, the backgrounds of people who succeed in those fields, and the salaries those people command. Also remember that the school you attend, the location of your intended job, your work experience, and your academic performance, among other factors, can affect your salary and prospects for advancement. Be prepared for those realities before you start interviewing for a job; it'll stand you in good stead to get the job offers you want

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WHAT GRADUATING MBAs SAY One of the things everybody considers before deciding to go for an MBA is what the value of the degree will be to them. We thought it would be helpful to your decision making to learn what MBA students about to graduate say about what the MBA means to them. We know from our surveys that despite varying backgrounds, schools, and career aspirations, most graduating MBAs feel that the overall value of the MBA degree is high, and most say they are satisfied with the benefits of the degree. The MBAs also report that they have more career opportunities and a significant boost in pay as a result of their degree. Each year, the Graduate Management Admission Council surveys thousands of graduating MBAs to ask questions about

their pre-MBA assumptions what they expected from their MBA programs and post-MBA employment how they went about selecting their business schools and programs how satisfied they are with their degree what MBA concentrations and career paths they chose

This article is based on information we received from more than 6,000 MBAs from the graduating class of 2004 who participated in the Global MBA Graduate Survey. These MBAs come from a variety of full-time, part-time, and executive MBA programs and schools around the world. Although the information we share in this article is from our 2004 survey, it is largely consistent with what we have heard from graduating MBAs every year since we first conducted the survey in 2000. How Graduating MBAs Rate Their MBA Experience Most graduating MBAs are very positive about the value of their degree, compared with the monetary cost of earning it. Fifty-eight percent rate the overall value of their degree as outstanding or excellent, and another 30% rate it as good. But what does "MBA value" mean to the class of 2004? When the graduating MBA students we surveyed rated the value of their degree, they took into account three different kinds of benefits of the degree: the instrumental benefits (what the degree would help them achieve), the personal benefits (how the degree helped them grow as individuals), and the intellectual benefits (what they were able to learn).

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The most important influences over how highly people rate the value of their degree are the quality of their school and program (including the faculty, curriculum, admissions and career services, and program management) and how they feel about the benefits of the degree (for instance, how it will increase their earning power and job opportunities, help them improve personally, and help them develop their knowledge and skills). So, when it comes time for you to choose your MBA school and program, remember that quality counts, and be sure to know what you are looking for in terms of the benefits of the degreeit's likely to make you happier with the value of your MBA once you graduate. Bottom Line: MBA Salaries But what about those salary perks? We've learned from surveys of corporate recruiters and MBAs that the salaries paid to MBA graduates are higher than those paid to people right out of college and people who graduated with other kinds of master's degrees. The typical MBA in the class of 2004 made U.S. $56,499 before earning the MBA degree and expects a post-MBA salary of U.S. $77,147that's a 35% increase, and an immediate return on the MBA investment. Of course, the typical salary is an average of all salaries; the range of pre- and post-MBA salaries includes some that are much lower and some that are much higher than the average. Factors that will affect your actual post-MBA salary include

your post-MBA job function the industry you work in after graduation the geographic region in which you work your undergraduate major your pre-MBA professional experience (including whether your experience base is in the field you pursue post-MBA)

MBAs on Choosing a School and Program Armed with all this information about the value of the MBA to you and out in the marketplace, you'll be better able to make some good decisions about where to attend school, but it may also be helpful to know how most MBAs in the class of 2004 went about finding their schools. First, you should know that 62% of graduates in the class of 2004 would recommend their schools to someone else who is interested in the degreeso we know they believe they made good decisions. What factored into their school choices? The biggest influences were

the quality and reputation of the school the financial cost of the school personal fit (whether the school was right for them as individuals) 18

location

There are a few things you might want to think about when you are shopping for the right school. The first is that to people choosing an MBA program, good school quality and reputation are assurances of a return on investment upon graduation; low-quality programs are not likely to offer the kinds of benefits and opportunities high-quality programs do. Another consideration in your choice of schools and programs will be cost. Cost typically figures into people's decisions about where to go to school. You might assume that those who paid a lot for their degree would have a harder time saying it was all worth it, but the exact opposite is truethose who felt they paid a lot valued the degree most. Some of this may have to do with consumer psychology, which tells us that things that are expensive are more valuable than things that are inexpensive. But another explanation for this phenomenon could be that those who did not let high prices discourage them from attending the school they really wanted to attend were glad they made the financial sacrifices to go to the school of their dreams. We're not saying you should go broke to go for your MBA, but we are suggesting that there may be some trade-offs in exchange for choosing the less expensive school. One more thing you may want to consider as you approach a school decision is how you will use published rankings. When we asked the class of 2004 how they rated the value of the MBA, we found only one factor that caused people to value their degree less, and that was their use of published rankings in their school decision. That is to say, the more the graduates had depended on published rankings to help them choose their school, the less likely they were to give the value of their degree a high rating. This finding might suggest that when people focus on school rankings, they don't necessarily investigate the attributes and quality of a business school for themselves. It's important that you define quality for yourself, and that you make sure that the school you choose offers the curriculum, faculty, and services you will need to further your career goals. Every step you take in the beginning to find the school that matches your needs will increase the likelihood of your being one of the majority of graduating MBAs who say the degree delivers on its promise.

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WHAT MBA ALUMNI SAY You may have seen the news stories about the tight MBA job market the last few years and wondered if it is really worth it to get the degree. What if you could talk to some recent MBA graduates and alumni and learn what they think about the value of the degree? Are they satisfied with that they learned and with the jobs they are doing? What would they do differently if they could? Twice a year the Graduate Management Admission Council surveys MBA alumni who have been in the post-MBA job market for one to five years to find out what they think about their MBA degree and what it is doing for them in their careers. In general, MBA alumni report higher salaries than before they earned the MBA, high rates of job satisfaction, confidence that they did the right thing by earning an MBA, and a sense of career opportunity that their MBA skills bring. This article summarizes key findings from the 2003 MBA Alumni Perspectives Survey. Job Satisfaction, Placement, and Advancement The majority of MBA alumni are pleased with their jobs and their career progression since leaving business school. Most would strongly recommend their job, would decide without hesitation to take the same job if they had to make the decision again, and say their jobs are very much like the jobs they wanted after graduating from business school. Nearly half the MBA alumni got their first post-MBA job after graduating from business school. Twenty-one percent worked for their post-MBA employer during business school, and another 12% had an internship or work project with their post-MBA employer. Five percent of the alumni are self-employed. Among alumni three years out of business school, 45%percent have received at least one promotion since graduation. Typical MBA alumni receive a 12% salary increase after three years of post-MBA employment. Most MBA alumni say they could not have gotten their current jobs without the management education training they received as part of their MBA degree. The Why, Where, and What of Alumni Jobs MBAs both immediately before graduation and a few years out of school consistently cite the same top factors for taking their post-MBA jobs and staying in them: challenging work, competitive salaries, and opportunities for advancement.

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Alumni say the most important MBA skills they use on the job are

the ability to integrate information the ability to think analytically interpersonal skills

The large majority of MBA alumni work in their countries of citizenship (81%). Sixtythree percent work for multinational companies, 17% work in national companies, and 10% work in regional or local companies. The following list shows what percentage of MBAs are working in various major industries:

38% work in products and services 18% work in the consulting industry 15% work in the technology industry 13% work in finance and accounting 7% work in manufacturing 4% work in energy and utilities 2% work in health care

Satisfaction with MBA Choices and the MBA Most alumni say they definitely made the right decision about pursuing their MBA degree (77%). They were less sure about their choice of schools; 55% said they definitely made the right decision about their schools, and 35% said they probably did. Ten percent said they probably or definitely did not make the right decision. With regard to choosing the right type of program (e.g., full time, part time, or executive), the large majority of MBA alumni80%say they definitely did. Finding the right MBA concentration is another matter; only 57% say they definitely chose the right concentration, and 36% say they probably did. This result suggests that these alumni may not have had a good enough sense of what they wanted to do with their degrees when they chose their concentrations. To ensure that you choose the right MBA concentration when the time comes, MBA alumni generally express a high level of satisfaction with the benefits they gained from their graduate management education. They express the most satisfaction with the following five benefits of the MBA:

the opportunity gaining desired credentials

to

improve

personally

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development of management and technical skills an increase in career options (this is historically the number-one reason people go for an MBA) preparation to get a good job in the business world

What They Would Have Done Differently, What You Can Do Better We asked the MBA alumni what knowledge and skills they wish they had acquired (or acquired to a greater extent) as part of their MBA education. In retrospect, MBA alumni say they wish they had received more education or training in the following areas:

developing a strategic plan conducting financial analysis and preparing budgets conducting cost/benefit analyses of proposed changes managing their careers analyzing, organizing, and interpreting statistical data

These hindsight observations by MBA alumni can help you make better educational choices in your MBA program so you will have feweror, we hope, noregrets about what you should have learned when you were in school. The good news for the alumni is that MBA learning never stops; with new degree and non degree programs being offered all the time by business schools and corporations, MBA graduates can gain the knowledge and skills they need to continually stay ahead of the knowledge curve in their jobs and industries.

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ASSESS THE R.O.I. (Return on Investment) Graduate school is one of the biggest investments you will ever make in yourself. Before you commit to going for an MBA, one of the important questions you'll want to answer for yourself is, How much return will I get on my investment? We recently asked graduates of the MBA class of 2004 to compare the overall value of their MBA degree with the cost of earning it. The overwhelming majority were very positive about the value of the degree, rating it outstanding or excellent. One way to improve the chances that you will assess the value of your degree similarly is to do a good job of weighing the relative costs and benefits of the degree up front. You should only begin to think about the costs and benefits of your degree after you have determined that an MBA degree will help you attain your goals. That is, before you calculate the costs and the return on your business school investment, do some selfassessment to determine what industries and job functions fit your skills, values, and interests, and make sure that the MBA will help you pursue your desired career. Next, consider the costs of your degree as you would any large expenditure of time and financial resources. Given that about 70% of MBAs borrow to pay for their education, you should decide whether you are willing to make a similar financial commitment. (If you need an income but don't think you can work and go to school at the same time, keep this in mind: A recent U.S. Department of Education study showed a surprising result: 75% of MBA students overall and 61% of full-time MBA students work more than 35 hours a week. We're not saying it's easy to work and go for your MBA at the same time, but most MBAs manage to do it. Don't think you have to give up on your MBA dream just because you need your paycheck. Calculating Costs The first step in figuring out what your MBA will cost is to determine what tuition and living expenses you will incur and the type and amount of financial aid you will realistically be able to obtain. Carefully consider how much of your financial aid offer is in the form of loans and prepare a budget for your living expenses to figure out whether the loans will cover all your expenses. Also consider

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loan interest and principal repayment relocation expenses and any associated change in living expenses "opportunity cost": factor in any income you will lose while in school. Part-time programs allow you to keep a full-time work schedule but, in most cases, take longer to complete than full-time programs. In a full-time program, if you don't work while in school, you will lose income for the length of the program; however, full-time programs are typically shorter than part-time programs and will allow you to get back into the job market with your MBA and earn an MBA salary quicker than part-time programs will.

Incidental Costs You will incur expenses as you search for an MBA program, during the application process, and as you begin searching for a postgraduation job. You will likely want to narrow the list of schools to which you apply because of the costs, time, and effort involved. Costs add up quickly. Be realistic about what you will need to spend to apply to each school. Factor the following expenses into your budget:

testing fees, test-preparation materials, and other miscellaneous costs application fees (ranging from U.S. $40 to U.S. $200), including fees for submittals using Web services or CD-ROM programs phone calls transcript request fees corporate networking visits postage or express delivery services travel expenses for recruiting events, interviews, or campus visits

Weighing the Benefits Finally, evaluate the benefits of the MBA degree in terms of higher salaries and more career opportunities now and over the course of your career. Also consider higher skill levels in management and business, better job preparedness, the opportunity to meet and form lifelong relationships with your MBA classmates, and the personal growth and satisfaction that come from earning an MBA degree. These are all benefits of the MBA that make graduates feel satisfied with their degree. An MBA can open doors to a range of personal and employment opportunities. If you consider all the costs and benefits in light of your unique goals and circumstances and decide that an MBA is what you want, you can approach the next phase of your school decision confidently, knowing that you are about to make a wise investment in your future.

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CURRENT SCENARIO OF THE JOB MARKET MBA Placements 2005: JBIMS Sees A Great Pick-up in Financial Sector The executive placements at JBIMS saw more than 100 companies registering for the process, wherein 42 companies made a total of 149 offers to the 107-strong batch. As compared to last year the average offer rose from 1.25 to 1.41 per student. A few hours was all it took to place the entire batch not just in their desired sectors but also in their desired job profiles. The Financial Services Sector formed the largest chunk of recruiters this season, with Banks being prominent among them. This sector alone accounted for 47 % of the total accepted offers. The campus saw the likes of Citibank, Standard Chartered Bank, SBI Caps, Avendus Investment Banking, Kotak Mahindra Bank, ICICI Bank, State Bank of India, CARE, CRISIL, UTI Bank, IDBI Bank, Morgan Stanley AS, HDFC and Development Credit Bank from the banking and financial services sector. This was followed by the IT Sector, absorbing 20 % of the batch, with IBM, Infosys, HCL Tech, Polaris Software, Satyam and TCS being the major recruiters. Placements'05 also saw the FMCG regulars like Hindustan Lever Limited, Colgate Palmolive, Britannia, Coke, Gillette, ITC, Marico, Dabur and Godrej Consumer Products Limited, making both marketing and commercial offers. The season was also marked by the resurgence of the Consulting Sector, prominent among them being Accenture and Tata Strategic Management Group, while regulars like Mc Kinsey & Co. also made their presence felt.

The highlight of the placement season has been the offers made by Kotak Mahindra Bank (10) followed by Infosys (9) and ICICI Bank (8) which together accounted for 25% of the

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batch. Companies that visited campus for the first time or revisited after a break were Accenture, Avendus, Coke, IBM, Novartis, Titan and Kotak Mahindra Bank. In all, 15 Pre-Placement Offers were made on campus which includes companies like Colgate Palmolive, Gillette, ITC, Britannia, Marico and Castrol. The no. of lateral offers was 9, an increase from 5 last year Average Rises Above $82,000 After remaining relatively stagnant since 2001, total compensation for M.B.A.s is matching the record levels of pay hit during the peak of the dot-com boom, according to the most recent survey by TopMBA.com, an online recruiting and education site. According to the survey, companies report that the average M.B.A. salary went above $82,000 in 2004, up more than 9% from 2003. Among the M.B.A.s seeing the biggest increases: those with a focus on management consulting and finance. Average salaries in finance increased 21% to $98,477 in 2004 from $81,144 in 2003, while average salaries for management consultants jumped 16% to $86,233 during the same period, according to the survey. The generous compensation packages come amid stronger economic signs. Banks and consulting firms -- some of which had slashed their work force in recent years -- are looking to boost their ranks. Goldman Sachs Group Inc., for example, said it plans to hire roughly 200 M.B.A.s from the class of 2005. References: www.mba.com www.advanceedgemba

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