Among the many MBA possibilities, there are a few fallacies that candidates should be aware of as they plan their MBA. What are these urban legends? What exactly is the truth behind them? Do the facts back them up?
Management Education, or MBA, is one of India’s most popular job paths. However, as the MBA has grown in popularity, some fallacies about it have persisted in the management education sphere throughout time. These myths have now become part of the popular narrative and, to some extent, shape students’ and, in some circumstances, faculty members’ perceptions.
This is why we’re focused on the top 5 myths regarding the MBA admissions process held by Indian aspirants. Given the sheer numbers, this should assist a large number of people in better understanding MBA admissions and the route ahead.
- It is a costly affair.
This is one of the key obstacles that prevents many students from enrolling. According to the MBA Motivations and Aspirations Survey published by MBA News in 2018, one out of every three candidates postponed their choice to pursue an MBA because they believed they would have to pay greater tuition. However, there are several institutes that provide MBA programmes at a low cost.
2. MBA value is dwindling, and the job market for post-MBA graduates is bleak.
Because the world economy has been suffering significant challenges for the past 4-5 years, there is a belief that an MBA education would not result in a desired employment or a sufficient Return on Investment (ROI) in the current economic climate. Despite the economic downturn, however, the number of test takers for each management admission exam climbed in 2013 compared to the previous year. The MBA is still respected in the market, according to placement records at major B schools, and the rising economy need more and more skilled managers. In terms of return on investment, the B-school placement report 2013 shows that the median income of most B-schools has risen.
3. It’s a no-brainer.
While degrees aren’t as long as those for engineers or medical students, it doesn’t imply they’re any less demanding. The students must work just as hard in order to pass tests and advance in their studies. An education in this field is not easy to obtain in order to make that ideal a reality.
4. Top business schools place a premium on social leadership over other extracurricular or leadership activities:
More than worries about actual leadership or personal development, Indian applicants we’ve met with over the last decade have been consumed with the idea that social leadership/NGO work/volunteer experience counts as pure blood on the sacred altar of top admissions. While true leadership and volunteer experience are valuable, they are not in any way superior to comparable performance in other areas.
5. Another common misconception is that everything is meticulously organised at a higher level, which improves decision-making. This is just another urban legend. Many times, the decision-making process at the highest levels of an organisation is quite chaotic. It could be due to challenging conditions or a lack of time, but not everything in the management domain is always well-planned.