UCD Smurfit selection call, but no scholarship

Question

Hello Experts,

I have got selection call from UCD Smurtfit, Ireland for MBA programme. However, I have not been able to win any scholarship.
My age is 30 and I am unmarried. I have a bank loan for which about 1.5 lakhs Indian Rupees (INR) still needs to be paid. Also, I have to furnish a bond of 3.0 Lakhs INR
to my present company, if I resign.

Withing 14 days I have to accept the offer and pay Euro 1000 (72000INR). Please advise me what I should do?

Is it worth doing MBA without a scholarship when I am almost bankrupt. 
My current job is a state govt job, absolutely tension free and cool with good pay package 42000 INR per month.
I am very keen on MBA and UCD Smurfit is the only school I have applied.

Thanks,

Sagar

harikris · Answer

Hi Sagar,

You can ask for any need based scholarships if available. What was your score in gmat and ielts/tofel ?

Thanks,

harikris

bb · Answer

So, you work for the state, and you would have to pay a bond to the government if you quit (you said it is payable to the company but you then said you work for the government)? Did I get it right? Why would they require a bond? Is that because they financed your undergrad?

souvik101990 · Answer

I hear you but this Indian employer Bond culture is EXTREMELY un-legal (I wont go to the extent of calling it illegal)
Please consult your lawyer and you will be fine. I have had tons of friends who skipped bonds after resigning

I dont mean to intrude but you have been working for a considerable amount of time, so I am assuming you have saved something. I would check into employment records of UCD and if your post MBA goal is employment in US, I would try to reach out to alums too see what options are out there. Normally its not extremely difficult to find loans but you will definitely be under a lot of debt.

Have you considered accelerated MBA programs?

sagarsir · Answer

Thanks Souvik, bb and harikris for your replies.
 Yes, I work for the state government and I have a bond period of 6 years worth one 300 000 INR. Its a huge amount. They did not sponsor anything. My job was through competition - All India 5 seats. I beat the written, GD and interviw to be here. I would have not joined becaus of this bond. But my father had expired (heart attack and mom was alone). I was gettign posting in my home city, so I chose this. I am not from a financially well off family. I spent all my savings on dad's unfinished projects (building home) and took a loan which is still unpaid. But I want to move out. And I am completely bankrupt. I was scoring around 680 - 710 in prep tests (including 760 in GMAT prep 2 with 99%ile in verbal on which i had reaally worked hard). However I dont know what happened on GMAT day that I scored q49, v20 an dtotal 570 in GMAT. IELTS - 7.5 (listening 8, writing 7.5, reading 7, speaking 6.5). I have 7 years of work experience including 3 years at Accenture.
Its very tough for me to wait for another year as I am 30 and still unmarried. I seriously want to do MBA and after working for 8-10 years I want to switch to teaching.

I am very upset becuase I dont know the risk reward ratio given my poor financial health.

bb · Answer

I think in this case you may be better off pursuing a PhD (i.e. teaching direction). Have you considered it?

1. You would have a better financial standing next year
2. PhD is usually free and pays for your living expenses
3. If you want to Teach PhD beats Master's and many schools will only take PhD's
4. Age is not as critical at PhD

sagarsir · Answer

Hi...

I have considered a Phd. I mentioned age from the point of view of marriage. 4 years with phd means difficult to get married. 
Plus, I really want to work for another 8 years before switching to teaching. (In India, we can teach after MBA and can pursue Executive Phd from IIM while doing job - though would prefer to teach in a foreign country)
Direct phd is not really suited for me. Thanks for ur prompt guidance. What I see is that I should wait for another year. Get a very good score in GMAT and try again next year. This is hard on me, but seems there is no other option. Getting everything from loan this year is not easy.

drmzfire · Answer

@sagarsingh: Just wondering, how did you get on since? Did you make it to Smurfit and how was the experience?

UCD Smurfit selection call, but no scholarship

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