If you are or have ever been an MBA aspirant, you must be well aware of the anxious feeling and tension in the atmosphere around you this time of the year. With MBA entrance tests around the corner and an ocean of information available through various sources, aspirants often get confused about the authenticity and validity of the data that they seek.
This FAQ compilation series is meant to provide the most critical and yet commonly sought answers to MBA-related queries. Let’s dive into Part - 1.
What is MBA?
MBA stands for Masters in Business Administration. An MBA equips one with the necessary skills and knowledge to not only survive but thrive in a business environment. MBA is the most sought-after Master’s Program given the market growth and demand for management skills. According to Statista, MBAs are one of the highest employable professionals among Indians in the year 2022 and it has seen an upward trend in recent few years.
MBA courses are commonly divided into part-time or full-time courses. You may be awarded PGPM, PGDM or MBA Degrees/Certificates based on the program you select. While pursuing an MBA, one can choose from multiple specializations/domains like Marketing, Finance, AIML, Data Analytics, etc.
Is MBA worth it?
MBA is a highly rewarding investment in oneself. It not only increases your monetary worth but also teaches life and management skills that give direction to your future aspirations. According to a 2018 article by Inside IIM, about 50% of Indian start-up founders were MBAs. As per Great Lakes’ figures, you can get a 3x hike on your current salary after a one-year MBA (PGPM) from the institute. MBA can give you the best results on average when compared with other educational qualifications.
Why MBA?
Everybody has a different reason to pursue an MBA, however, the core reason remains invariant - professional and personal growth. The course exposes you to a conducive environment that nurtures the development of business-ready skills. Getting an MBA fast-tracks your growth and makes you a better professional.
However, before embarking on this journey, it is very important to find your inner drive to pursue an MBA. You can do this by mapping your aspirations to the outcomes of the MBA Course.
How should I start preparing for MBA Entrance?
The first step when you start preparing for any MBA entrance test should be to assess where you stand with respect to competition which can be done by taking Mock Tests. A lot of free mock tests are available online or can also be bought at affordable prices.
The second step is analyzing your performance in the mock tests to map out further plans. Analyzing mock tests helps you to identify your strong, average & weak areas. This is where your actual preparation starts. Now you have to lay a runway to the entrance tests, focusing more on the weak areas while strengthening your strong areas. As the exams approach, you must have an account of where you stand in the competition and should have taken enough mocks to strategize your exam-taking strategy.
When should I start preparing for MBA Entrance?
There is no stone-etched MBA Preparation strategy or timeline. Every aspirant has a different mind, grasping power and schedule. The prime aim while preparing for MBA is to be consistent. Therefore, your preparation timeline should be carefully based on your schedule and time availability.
Most working professionals start preparing closer to the exams as opposed to freshers who start right from the beginning of their final year, giving them about a whole year to prepare. The idea here is not to disturb your normal schedule or professional life while preparing for MBA. Doing so releases the tension and boosts your confidence while staying focused on your goal. Start by taking mocks and analyzing how much time you would take to command a topic and then distributing these topics over the course of your preparation timeline. The last month should ideally be left not to practice mocks and strengthen your strong points and not to learn new topics.
When do MBA Admissions 2023 start?
MBA Admissions process is considered open with the CAT Exam Notification every year which was floated on 3rd August this year. Although, admission process for individual colleges begins with their application form roll-out. Different Colleges have different deadlines and you have to be on a look out for notifications from targeted colleges. Great Lakes released their Admission form 29th July 2022. Their admission process goes on for several months, spread across 4 cycles.
Which exams are taken for MBA?
The most common exam taken for MBA is the Common Aptitude Test (CAT). Cracking CAT gives you the opportunity to apply to all IIMs including the renowned IIM Ahmedabad, Bangalore and Calcutta. Apart from IIMs, many other Indian institutes also accept CAT Scores. Another important MBA exam is the GMAT, which is an International MBA Entrance Test. GMAT allows you to apply to many Top Indian B-schools like Great Lakes, ISB, etc., as well. Then there are many other entrance tests like the XAT, NMAT, CMAT, etc. which are also accepted by a lot of Indian colleges.
To know more, visit Great Lakes Institute of Management.
Subscribe now for regular updates!!
Published by -
BPR Committee
Great Lakes Institute of Management
