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INSEAD -January 2014 Intake - Calling All Applicants

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addefta
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Re: INSEAD -January 2014 Intake - Calling All Applicants [#permalink] New post   03 Jul 2013, 10:16
I've seen a lot of those concerns here. With Romanian currency is the same problem. I "solve" it in a simpler way : once I've decided to go for an MBA I transferred all my money in Euro, because this is the currency I'll be using in the next year :). And all the money I make in between I exchange in Euro. Can't you do just that instead of praying? Or do you hope it will come back? If so, I don't think this is a time to bet on the forex market...
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Re: INSEAD -January 2014 Intake - Calling All Applicants [#permalink] New post   03 Jul 2013, 10:30
Quote:
once I've decided to go for an MBA I transferred all my money in Euro, because this is the currency I'll be using in the next year . And all the money I make in between I exchange in Euro


Bro, not all of us have the equivalent of 90K euro in their currency to just transfer it all. We relies on loans and such
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Re: INSEAD -January 2014 Intake - Calling All Applicants [#permalink] New post   03 Jul 2013, 10:41
ducceus wrote:
Quote:
once I've decided to go for an MBA I transferred all my money in Euro, because this is the currency I'll be using in the next year . And all the money I make in between I exchange in Euro


Bro, not all of us have the equivalent of 90K euro in their currency to just transfer it all. We relies on loans and such


That's one thing and a very important one for me - I would definitely need a big loan for MBA, but another thing is.. I dont have that option of converting into another currency. I mean I will have to own a bank account in a different country to convert my money into a more stable currency. And I am sure no Indian bank I know would store my money in a different currency to protect it from this problem.
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Re: INSEAD -January 2014 Intake - Calling All Applicants [#permalink] New post   03 Jul 2013, 11:40
ramachaitanya wrote:
ducceus wrote:
Quote:
once I've decided to go for an MBA I transferred all my money in Euro, because this is the currency I'll be using in the next year . And all the money I make in between I exchange in Euro


Bro, not all of us have the equivalent of 90K euro in their currency to just transfer it all. We relies on loans and such


That's one thing and a very important one for me - I would definitely need a big loan for MBA, but another thing is.. I dont have that option of converting into another currency. I mean I will have to own a bank account in a different country to convert my money into a more stable currency. And I am sure no Indian bank I know would store my money in a different currency to protect it from this problem.


do i understand right that in india one can have only rupee accounts? no foreign currency accounts?
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Re: INSEAD -January 2014 Intake - Calling All Applicants [#permalink] New post   03 Jul 2013, 12:52
:)
I don't have anywhere close to 90k :D. I depend on loans also. But I was talking about his money... I assumed that's the one he is afraid of. No matter how much money does he have, if he have the option to exchange it in Euro, problem solved. But I understand that in India no one can have a bank account in a different currency than a rupee, which is a big difference and his worries are well founded. For me it was just unimaginable such a scenario... sorry mate for my ignorance.
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Re: INSEAD -January 2014 Intake - Calling All Applicants [#permalink] New post   03 Jul 2013, 14:31
addefta wrote:
:)
I don't have anywhere close to 90k :D. I depend on loans also. But I was talking about his money... I assumed that's the one he is afraid of. No matter how much money does he have, if he have the option to exchange it in Euro, problem solved. But I understand that in India no one can have a bank account in a different currency than a rupee, which is a big difference and his worries are well founded. For me it was just unimaginable such a scenario... sorry mate for my ignorance.


I was just busting your balls. That is INSEAD is all about, we have fun :P
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Re: INSEAD -January 2014 Intake - Calling All Applicants [#permalink] New post   Updated on: 05 Jul 2013, 07:45
Oh no! Such a long discussion on apparently my sarcastic comment on attrition :-P

cyberhawk wrote:
ven87827 wrote:
cyberhawk wrote:

not this one, but a friend of mine claims that in mckinsey average tenure for business analyst is 2 years. so attrition rate should be around 50%


I know in my office average is about 2.5 years. But, all consultants that leave for an MBA or an outside experience and come back after that are counted as people that leave and new hires.
So actual attrition rates are well below 50%


just out of curiosity i will check with my source if analysts leaving for mba were counted in the stats or not

Originally posted by docks007 on 03 Jul 2013, 14:41.
Last edited by docks007 on 05 Jul 2013, 07:45, edited 1 time in total.
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Re: INSEAD -January 2014 Intake - Calling All Applicants [#permalink] New post   03 Jul 2013, 22:58
Is today going to be THE DAY>>>???? :)
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Sherman88
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Re: INSEAD -January 2014 Intake - Calling All Applicants [#permalink] New post   04 Jul 2013, 03:21
satishcoolin wrote:
Is today going to be THE DAY>>>???? :)



No news yet. Let's see. Anyone else?
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ramachaitanya
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Re: INSEAD -January 2014 Intake - Calling All Applicants [#permalink] New post   04 Jul 2013, 05:04
cyberhawk wrote:

do i understand right that in india one can have only rupee accounts? no foreign currency accounts?


Yes that's correct cyberhawk. All banks in India ruled by the guidelines of Reserve Bank of India allow us to save our money only in the form of Indian National Rupee. Even the Non-resident Indian (NRI) accounts use INR as their currency. I haven't ever heard of any other possibility till now atleast.. :(

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pratiklohia
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Re: INSEAD -January 2014 Intake - Calling All Applicants [#permalink] New post   04 Jul 2013, 05:10
You can have FC accounts to hold your money. However to use it, you have to convert it into INR through the bank that has your account.

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ramachaitanya
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Re: INSEAD -January 2014 Intake - Calling All Applicants [#permalink] New post   04 Jul 2013, 05:14
addefta wrote:
:)
I don't have anywhere close to 90k :D. I depend on loans also. But I was talking about his money... I assumed that's the one he is afraid of. No matter how much money does he have, if he have the option to exchange it in Euro, problem solved. But I understand that in India no one can have a bank account in a different currency than a rupee, which is a big difference and his worries are well founded. For me it was just unimaginable such a scenario... sorry mate for my ignorance.


Out of general curiosity.. Other than the EU.. Does any other region or country have this option of being able to save their money in a different currency in banks?

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pratiklohia
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Re: INSEAD -January 2014 Intake - Calling All Applicants [#permalink] New post   04 Jul 2013, 05:19
Chaitanya
NRIs can have accounts in other currencies to hold their money.

ramachaitanya wrote:
cyberhawk wrote:

do i understand right that in india one can have only rupee accounts? no foreign currency accounts?


Yes that's correct cyberhawk. All banks in India ruled by the guidelines of Reserve Bank of India allow us to save our money only in the form of Indian National Rupee. Even the Non-resident Indian (NRI) accounts use INR as their currency. I haven't ever heard of any other possibility till now atleast.. :(

Posted from my mobile device

Posted from my mobile device


Posted from my mobile device
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ramachaitanya
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Re: INSEAD -January 2014 Intake - Calling All Applicants [#permalink] New post   04 Jul 2013, 05:21
pratiklohia wrote:
You can have FC accounts to hold your money. However to use it, you have to convert it into INR through the bank that has your account.

Posted from my mobile device


Will it help in the current scenario we are talking about.. I mean converting some money to say Euros and holding it so that rupee depreciation wouldn't have any effect.. And do state owned banks or pvt ones like ICICI offer these types of accounts? Never heard of them so curious.

Probably its a little late now given that rupee has already deep dived to a 60 per dollar.. But can think of this for later on.

Posted from my mobile device

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Re: INSEAD -January 2014 Intake - Calling All Applicants [#permalink] New post   04 Jul 2013, 05:22
ducceus wrote:
Quote:
once I've decided to go for an MBA I transferred all my money in Euro, because this is the currency I'll be using in the next year . And all the money I make in between I exchange in Euro


Bro, not all of us have the equivalent of 90K euro in their currency to just transfer it all. We relies on loans and such


I'm hearing you ducceus! true that
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ramachaitanya
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Re: INSEAD -January 2014 Intake - Calling All Applicants [#permalink] New post   04 Jul 2013, 05:25
[quote="pratiklohia"]Chaitanya
NRIs can have accounts in other currencies to hold their money.
[quote]

Seriously..? The guys at corp bank made me convert all my money into INR.. This was about 2 years back..

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Re: INSEAD -January 2014 Intake - Calling All Applicants [#permalink] New post   04 Jul 2013, 05:26
satishcoolin wrote:
Is today going to be THE DAY>>>???? :)


Don't get your hopes up just yet... Historically Indian candidates have always received their notifications closer to the deadline as compared to others around the world owing to the sheer volume of applications from this geography.. I guess this would be a good lesson in patience :)
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sp88
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Re: INSEAD -January 2014 Intake - Calling All Applicants [#permalink] New post   04 Jul 2013, 05:30
ramachaitanya wrote:
pratiklohia wrote:
You can have FC accounts to hold your money. However to use it, you have to convert it into INR through the bank that has your account.

Posted from my mobile device


Will it help in the current scenario we are talking about.. I mean converting some money to say Euros and holding it so that rupee depreciation wouldn't have any effect.. And do state owned banks or pvt ones like ICICI offer these types of accounts? Never heard of them so curious.

Probably its a little late now given that rupee has already deep dived to a 60 per dollar.. But can think of this for later on.

Posted from my mobile device

Posted from my mobile device


You're right. Considering that the currency has reached its historic low... The only way it will go eventually is up. C'mon guys how about some optimism here?
Also, if I got into Insead, no matter what the condition of the currency is, I'm going for it. Besides, there's not much we can do about it anyway... So why worry
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sp88
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Re: INSEAD -January 2014 Intake - Calling All Applicants [#permalink] New post   04 Jul 2013, 05:30
ducceus wrote:
addefta wrote:
:)
I don't have anywhere close to 90k :D. I depend on loans also. But I was talking about his money... I assumed that's the one he is afraid of. No matter how much money does he have, if he have the option to exchange it in Euro, problem solved. But I understand that in India no one can have a bank account in a different currency than a rupee, which is a big difference and his worries are well founded. For me it was just unimaginable such a scenario... sorry mate for my ignorance.


I was just busting your balls. That is INSEAD is all about, we have fun :P


Trolled!
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sp88
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Re: INSEAD -January 2014 Intake - Calling All Applicants [#permalink] New post   04 Jul 2013, 05:31
ramachaitanya wrote:
pratiklohia wrote:
Chaitanya
NRIs can have accounts in other currencies to hold their money.
Quote:

Seriously..? The guys at corp bank made me convert all my money into INR.. This was about 2 years back..

Posted from my mobile device


Maybe they were looking for a commission
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Re: INSEAD -January 2014 Intake - Calling All Applicants [#permalink]
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