ajinkya246 wrote:
Thank you sir for your suggestions and answers to my queries.
I am still confused about how these rounds work.
1.Does the application need to be submitted prior or during these rounds in the colleges the student is applying to.
Do they both lead to the same session/semester?I mean if I submit my application for either R1 or R2,when is the session/semester going to start for accepted applicants of both the rounds?
2.If I go for R2,then can I postpone my GMAT exam further so that I can prepare more during this time and give my best shot?If this is the case then when do you advise me to take the test?.
3.I know there's lot to do after getting a good score like college essays,recommendations,transcripts.How much time will they need?Do they need to be completed before or after the exam?
4.300,000 INR is equal to $50000 approx,what are your suggestion then for previous questions?Should I have US in my list?
Sorry for asking too many questions at once,its just that I'm very confused about all these exams,rounds,applications,fall-spring session,but eager to learn everything about them.
Thank You.
I'll give it a shot.
1. Applications need to be submitted by the deadline for the Round. For example, if you want to apply in Round 1 (R1) and the deadline happens to be 15th of September (say...) then your application needs to be complete in all respects, submitted and paid for on or before the deadline. Some schools allow your recommender slightly more time to submit the recommendation. You will have to check with each school individually for this. If any part of your application is not received by the deadline, then your application gets pushed to the next round.
R1, R2 or R3. Or what ever round you apply in (some schools follow rolling basis too), lead to the same semester (be sure that all rounds correspond to the same cycle). Some european schools have fall (around Aug/Sept) as well as Winter(or Spring!) sessions (~Jan).
2. You can push your GMAT to a later date if you apply in R2, however, please be aware that almost all schools "advise" you to apply early. Usually, R1 and R2 have no difference. Here's the caveat, I know that some folks will disagree, but for Indians R2 is late and almost like R3. Chances do get dimmer because of the sheer number of applicants.
Ideally, GMAT should be done with at least 6 weeks prior to the application deadline as you will need good amount of time to work on essays, ensure good LORs etc.
3. You can work on recommendations, transcripts, essays before the exam as well. Depends on how well you can do multiple jobs at the same time without compromising on quality. I know some folks like to have the GMAT out of the way first. But, do whatever you are most comfortable with.
4. You either have 300,000 INR (3 lacs) or approx $50,000. 300,000 INR is $5,000 not $50,000. On the other hand $50,000 equals ~ 3,000,000 INR (Thirty lacs). There is only one order of magnitude difference here
. Oh, how I wish 300,000 INR would equal $50,000 , but it is not and I don't see it happening any time soon.
Tuition, living, travel etc for a US MBA would cost around ~$150,000 (I know that some folks will disagree and I would agree to + or - of around 10% on the figure). If you have $50,000 saved up and are OK for a loan for balance then, I'd say go for it. If you have $5,000 and are not willing to go for a loan then I'd say, stay away. You'll end up spending ~$1500 - 2000 on applications alone (GMAT + application fees + maybe GMAT coaching).
BTW, I do not think that even in India, attendance cost at any B-school (or at least the most reputed ones), is as low as ~300,000 INR.
Do read more on every MBA schools website on the attendance cost (they usually list it for one year. Roughly multiply this by two.)
Some small amounts of scholarships are also available (sometimes big amounts also), but these vary very much and depend on many factors (like merit, or need etc.). Sometimes schools will go out of the way to offer scholarships to candidates who will really bring in something very special to the school. In many cases you need to apply for scholarships through foundations that offer to cover upto alomost 100% of the attendance cost (such as the Dhirubhai Ambani scholarship for Stanford).
Take things one step at a time (purely my suggestion!), or you might end up getting overwhelmed and demotivated. Remember, Rome wasn't built in a day.
Hope this post quenches some of your thirst.
Thank you sir/madam for your answers,the budget is indeed Rs.3,000,000 or $50,000 including the bank loan(Rs. 2,000,000),my mistake.The cost of US MBA is disheartening though,I don't have that much money
.So then should I look towards Europe or UK,considering they have 1 year program?Will this budget suffice for tution and residence cost?
As per your answer,I am indeed going for round 2 'cause I am still not prepared enough,just want to get a good score so I'll take it in November(15-20) 2014,and that leaves me december+1 week approx for others preparations.Is it correct?
On a side note,why is the avg. age of MBA students 28-30yrs. in foreign countries while it is very much low here in India?Just curious.