Hello everyone. I'm right now pursuing my BCom degree final year. I wanna do MBA after my finals, but I am confused about how to proceed, specialisation to choose, entrance exams to be written,which university to join,etc. I definitely wanna get into our family business after I complete my MBA. Any help as regards to this, keeping in view of my desire to join our family business, would be greatful! Thank you.
When it comes to getting into an MBA, the only thing you need for certain is a relevant bachelor's degree (which you will have). The rest will vary by university, but may include the following:
Academic merit (depending on the prestige of the university, you will need higher marks)
Letters of recommendation (academic or professional)
Full-time professional work experience, preferably in a managerial position (some programs do not require this and if you have experience within the family business, that may qualify)
Qualifying GMAT or GRE scores (Most B-schools ask for the GMAT, but many now accept the GRE)
In terms of which specialization to choose, that may depend on the nature of your family business. Without context, a general MBA in Management could be of great help. You can browse common specializations here. If you don't mind, what sort of business does your family run?
Once you have narrowed down your interests and choice of specialization, you should choose a university based on the strength of their programs in that area - in addition to other factors that may be important to you, such as ranking, diversity, class size, etc.
This has been a bit general, but in short, the right program is the one that best fits your requirements, so you should start there.
Thank u for the information.! We are into iron and steel [dealer and stockist] I'm really confused with the specialization to choose plus which university to get into.... If I want to do my MBA after my BCom finals,then I'll have to prepare for the upcoming entrance exams.... For this ill have to take coaching, but I cannot decide about it before i short list some universities.. So I need help regarding this.
GMAT and GRE scores (the typical entrance exams) are valid for up to 5 years, so you don't have to worry about taking the exams before you have made up your mind on choice of program and university. In fact, it will likely be much easier to take the exams while you are still in a study mentality, rather than after being out of school for some time. As long as you apply in the five years after taking the test, B-Schools will not distinguish between a 1-year old score and a 4-year old score.
Sorry that I cannot tell you exactly what to do in terms of choosing the right program, but I can present some options that you can look into. I would recommend that you take a look at your family business- how does it run, what are its areas for improvement and growth and how do you see the company in the future. With insight into the company's operations and goals, you can build skills accordingly. For instance, perhaps you want to grow the company in size (MBA in International Management), open up into the online market (MBA in E-Commerce) or incorporate sustainability in the business model (MBA in Sustainable Business) etc. The main idea is having a picture of where you want to be. You may change your mind along the way, but to at least have a general direction.
If this all seems daunting, you can also take some time to work and get to know the business better before starting an MBA. In most cases, having more work experience can strengthen your profile and enhance your chances of getting into your top choice B-School.