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Delhi-based Naina Chapparia had been preparing for admission to any of the Indian Institutes of Management for two years. A score of 85 per cent in the Common Admission Test (CAT) may allow her an admission to the top 10-15 B-schools, if she has a very good score in group discussions and personal interviews.
“I thought I did well in the CAT. But with this score, I wonder if I should spend money on a management degree,” she says. So, as an option, the 23-year-old has zeroed in on a six-month entrepreneurial course offered by a B-school in Mumbai. “Chocolate making is my passion. Instead of putting the money for a B-school degree, it would be wise to float my own venture. If the business does well, I will scale it up,” says Chapparia.
Management professors give Chapparia’s idea a big thumbs up and say many other students like her (with a low score in management entrance exam) should consider the return on investment on management education and think twice before taking an education loan and paying it to a B-school.
“Instead of seeking admission in any B-school, it may be worth spending the money on floating a small venture or joining a job. One can always seek management education through part-time or distance learning at much less cost,” says Premchand Palety, director, Centre for Forecasting and Research (Cfore). “Certain skills required to be a successful professional or to manage one’s own business can be picked up at a good B-school.”
The director of a management test training institute in Delhi says, “I think there is no point seeking admission in a B-school that does not give good returns on investment. If you have not scored a good percentile in a qualifying test and do not have a good personal interview and group discussion score, the best thing would be to write the exam again or join the corporate world to gain some work experience and money.”
