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(A) Preparation: Arco's
guide with CD is one of the best for practice. Also take Power Prep CD tests.
You will get all possible graphs/trends of B-Schools also
there. If preparation still seems insufficient, then also take
Princeton/Petersons. There
are mock tests conducted by US Embassies in India and you can schedule one
they’re as well. (B) Loans in US: Harvard/Wharton/Stanford/UNC-Chapel Hill, have loans for
all admitted MBA students without a co-signer. KJ just mentioned that
U.Chicago also has these kinds of loans. However, one Roorkee Senior (Santanu
Pal, Archi 97) got admitted to Harvard in 2000 & wanted to take this type
of loan, and was told that I’national students can take only $15,000 per year
this way. In that case, he had to bring $35,000 per year on his own (Harvard
requires $50,000 per year). He is attending Univ. of Western Ontario, Canada
right now and more details can be had from him. I do not know if Wharton etc.
also have this kind of a limit. Every other Top-25 B-School has a co-signer loan
available. That is if you have a US citizen/green cardholder as co-signer.
Any relative /uncle with good credit rating will do, but I wont recommend
this for Visa purposes. (C) Loans from India: When I came in, loans up to a maximum of Rs 12,00,000
could be taken from Indian banks (Mostly SBI and Canara bank). The limit has
been raised to Rs. 15,00,000 since then. One has to submit originals or
documents of the same amount in the bank to get a loan. Example, if you want
Rs 5,00,000 in loan, you need to give PF papers, Fixed Deposits and
house/property papers worth Rs 5,00,000 to the bank in original. The bank
keeps it as a guarantee till you pay the loan. A very painful process,
believe me. (D) Other Funding: Although no B-School awards scholarships, but in a few
schools it is possible to search for assistantships in other departments
after joining school. Among the top schools, it is possible only at Purdue
(Krannert) and Maryland (Smith). This is because these two are state
universities with high ranked engineering schools (U.Michigan is an
exception). 60-80% Indians generally find some TA/RA at these two. (E) Showing/Arranging Funds: Most schools require you to show money for 1st year of
Tuition+ living expenses (few require for both years. Please check that
before applying). Scholarships are practically non-existent, and never take
the GMAT or apply banking on them. I have heard that in 2nd year there are
better chances of getting it, but I think this is true for only a few
schools. One also earns some $4000-5000 per month (after taxes) through
summer internships and this strengthens the finances. To show funds to the university for obtaining I-20, a
single sheet bank statement saying you have the funds will do. For Visa
purposes, prepare a well-documented folder containing all document originals.
Also you should take a certificate from a CA about the amount that you are
showing. CA generally attests all photocopies of property, cash, bank
statements etc. and gives a certificate. (F) Expenses: There are a few Top-25 or so B-Schools that are cheap as
well. Remember that only 6-7 schools in Top-25 are state schools. All others
are private and therefore more expensive. Even state schools like U.Michigan,
U.Virginia (Darden), UCLA (Anderson) are expensive. A few 'value for money' schools would be: (All amounts are living expenses +Fees for 1 year) (a) UMCP (Smith)= $27000 (b) UNC-Chapel Hill (Kenan-Flagler)= $32000 (Takes TOEFL score into admission criteria) (c) Texas-Austin (McCombs)= $30000 (TOEFL waived if GMAT verbal>36) (d) Purdue (Krannert)=$28000 (e) Indiana (Kelley)=$35000 The cost of all other schools will range from
$40000-$50000 (per year). (G) Rankings/Selecting Schools: Rankings are available from Business Week, US News & World
and Wall Street Journal. Overall, Business Week rankings are a good
indication, but for specific streams look into US News rankings. Wall Street
gives recruiter rankings only. Some schools might be very good in one field
and lag in others, and the strengths also dictate the placement statistics
for a school. Example, for Finance you might like to go to U.Chicago
over Kellogg’s but vice versa for marketing. Purdue has strong Operations and
MIS, good Finance but lacks in strategy and marketing. These might be the various criteria to decide. (H) Placements/Salary: For International students finding a job/internship is
more difficult than US nationals. Intel, P&G, Arthur Andersen will hire
International students with MS degree, but might not take MBAs. The rules for
a company might be different at different schools and it all depends on the
relation with that school and the alumni contacts. There are anxious moments,
but at my school, I have seen every Indian finally getting a job. It is however easy to get a desired company if it’s a
Top-5 school, a little difficult if it’s a Top-10 school and equally tough
after that. So inquire about International student placements before you
decide. Average gross salaries range from $100,000 to $140,000
depending on the school and company. (I) Application Fees: Average application fee is around $100, with Columbia
having $180 to UT-Austin at $75. GMAT score forwarding fee is $25 per school
& there are 5 free forwarding with GMAT test fee. (J) Admission Requirements: Work Experience: The average work experience is around 5 years at all
schools. Although very few US nationals do come in right after finishing
their undergraduate degrees, but for all Indians it can be considered a minimum
of 2 years after engineering/bachelors.
The case of the IIT-B guy who scored 800 on GMAT can be
considered. He got rejected from Stanford, Kellogg’s and Harvard without any
work experience. The quality of workex counts, and any exceptional achievements
will bring down the work years rigidity rule. Its desired to have a coherent
workex as it becomes easier to explain career goals that way. Recommendations: All schools require at least one recommendation from
employer, but more than one are desired. A few like UMCP prefer an optional
3rd from a Professor and Stanford prefers an optional 3rd from Clients. Read
brochures carefully for each school requirements. Essays: Start writing essays very early, almost a year ahead of
intended joining date. They make the crucial difference. Be logical in your
reasoning and load it with some management-oriented vocabulary. Essays are
your chance to market and sell yourself to the school. Ask others to read it
& don’t shy from starting over & over again. (K) Starting: I would suggest starting by filling out the
Pre-apps/Request Application Materials of all Top-25 B-Schools (available on
the B-School site-free of charge) available online. Go through these
brochures and this should provide a fair idea on the schools and other minor
details. About Me: BE (Metallurgy),
1998. Took GMAT in July 1999 and scored 730; had strong recommendations from
Telco (Pune). Applied for Fall, 2000 to Stanford, U.Virginia (Darden), INSEAD
(France), Purdue (Krannert), McGill (Canada) and National University of
Singapore (NUS). Got admitted to NUS with full aid, McGill with 25% aid and
Purdue (Krannert) without aid. Currently attending Purdue with a TA in
Mathematics. |