MBA SPECIAL...................... The Proverbial Gold Mine of Rs 1 Crore Tamasha

The Proverbial Gold Mine of Rs 1 Crore Tamasha

Most business schools are treated like placement agencies. Intangible benefits like knowledge, rich alumni network and brand equity are ignored by all in the short run

A couple of weeks ago, I went to IIM Bangalore to address the incoming batch of students (PGP 2014-16) on what to expect over the next two years and how to a make the most out of the 2 year flagship MBA programme. I spoke to them about the tremendous equity of the IIM tag, the quality of the alumni, the beautiful campus and Bangalore's unmatchable weather. While they patiently heard me (most incoming students are not impolite to alumni), I got a sense that I was not addressing what they wanted to know. Twenty minutes into my monologue, a brave guy put up his hand, "can you please let us know how I can get my dream Day Zero job?" A quick glance around the room indicated that everybody was interested in that question. Only that.

You can't blame them. Half a decade ago in their shoes, I was looking at the answers to the same question. But their situation is worse. The batch size has crossed 450. The economy is recovering at best. There is immense peer pressure. The fees for the program has been increased to Rs 15 lakh. There is immense probing from the taujis, mausijis and neighborjis on when the Rs 1-crore package will be sealed. Their matrimonial prospects are linked to their job offer. All of them have been super achievers; there is no question of failure. It is not an option.

Not to anyone's surprise, most business schools are treated like placement agencies. Intangible benefits like knowledge, rich alumni network, brand equity, quality of peers are often long term in nature and ignored by all in the short run. I thought of dodging the question but gave them what they wanted to know.

The following are some of the key principles I spoke of at that session.

A Sound Resume 

The key question is what is a good resume? Although a common perception is that MBA graduates with extraordinary academic grades have great resumes, I believe that a good resume is a balanced one that has achievements across various dimensions; academics, articles published, sports, positions of responsibility, social impact, etc. To be successful in corporate India and make the most of your 2 year MBA, it is important to invest your efforts across as many dimensions as possible.

Different recruiters value different skills on a resume. An investment bank might focus on grades in finance electives and grades in mathematics based subjects. A consulting firm might focus on academic grades and positions of responsibility. An FMCG firm might focus on industry projects and work done in consumer marketing. It is important for an MBA graduate to have customized resumes for different recruiters.

Benefits Of Quality Networking

A sound resume can take you only a certain distance. After that, it is a matter of quality networking and performance in the interview. Although a recruiter might be impressed with a solid resume, they are always interested in the qualitative feedback about a potential hire. Feedback about anMBA candidate is often sought from the candidate's senior batch, from the professors who have taught them and from the campus team that interacted with the MBA candidate during the placement presentations. After all, familiarity breeds confidence!

For an MBA candidate, it is imperative to develop relationships with seniors who work in the industry of their choice. It is also important to actively engage with recruiting teams that come on campus and reach out to relevant alumni from their desired sectors. Time invested in such activities has a very high return on investment.
 
Seal The Deal

Irrespective of everything, the final interview is the key to landing your dream job. Nothing gives you a greater chance of performing well at your final interview other than being well prepared for it. Every recruiter expects MBA candidates to be well read on their firm; basic techniques like setting up google alerts on that firm, talking to seniors working in that firm or researching online can go a long way. Recruiters will expect candidates to know their entire resume at the back of their hand. Candidates should be able to speak and defend every point on their resume with logic, passion and enthusiasm.

Specific customized preparation is required for certain type of profiles. Consulting firms expect candidates to be well prepared about case interviews. It makes sense to study the background of the interview panel and be well prepared on those industries they have worked on. A quick LinkedIn check of such panelists is useful at providing such information. Investment banking recruiters will expect MBA graduates to have a sound knowledge of financial derivatives, corporate finance, banking institutions, etc.

Spikes/Differentiation Is Overhyped

In fact, you need to be consistently above average across most dimensions. It is better to be a competent jack of all trades rather than the master of only aspect.

One guiding principle you will always hear during your MBA program and right throughout your career is the need to differentiate. You need to be ahead of everyone else on the bell curve and have one spike that is unmatchable.
In my opinion, the need for differentiation and having a brilliant spike is overhyped. What is important for an MBA graduate is to be a competent jack of all trades. There is no need to be the undisputed number one at everything. It is important to be above average across most dimensions (academics, thought leadership, extracurricular activities, positions of responsibility, etc).

Job Skills A Must

To perform consistently in your dream job, it is necessary to build certain skills in business school itself. Blindly enrolling for electives that lead to a high academic grade can be suicidal later on. It is necessary to have a well-rounded set of courses. In my opinion, the following electives should always be taken irrespective of the degree of difficulty involved; Spreadsheet Modeling, Corporate Finance, Market Research, Business Law, Advanced Corporate Strategy.

It is rudimentary to state that MBA graduates are expected to have good presentation and excel skills. I have noticed there are some MBA graduates who try to avoid giving presentations or avoid making complex excel sheets. Corporates who hire from top business schools expect MBA graduates to be proficient at presenting, making fabulous slides and building complex excel models.
 
Where The Interest Lies

Towards the end of the session I was asked, "How do I do what I am good at?" It was one of those questions that warrants a standard answer of following your heart, passion and letting life showing you the way.

However, there is no easy answer to this question. Many people wait for months, years and in some case decades to identify what they are good at and what they want to do. There are certain avenues in business school, however, which can hint at what you might be good at. A summer internship is a great avenue to find out if you like that industry or not. The summer internship, an 8 week live industry program can give fresh MBA graduates a point of view on the industry and their fit in that industry. If you are not happy with your internship, it is a great avenue to answer what industry you might definitely not like.

Having multiple conversations with your seniors, alumni and professors is a great way to identify your potential area of interest. They can give you their perspectives on various sectors. Attending the presentations of various companies can give you a very good idea. 

Conclusion

Once I finished the session, I thought I left them more stressed than when the session started. However, I am sure that they would see the big picture in a few years. The equity of the brand, the richness of the alumni, the quality of the faculty and the positive memories during the 2 year journey.

I had mentioned  earlier that a good summer internship was equivalent to going 2-0 up in the first set in a five set tennis match. Getting a good job at the final placements is equivalent to it.

The final placement is only the starting point in a three decade career and has limited utility. About 40 per cent of MBA graduates make a shift in their dream jobs within the first three years itself. While it is difficult to isolate yourself from Rs 1 crore tamasha, it should always be seen in perspective and not seen as an existential parameter.

Sandeep Das

The author is an MBA from IIM Bangalore, the author of "Yours Sarcastically" and a columnist

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