7 Question Sunday - MBAs, Finances & The PERFECT SOP

1. What are the different types of MBA and how can I choose the right one?

The initial phase of an MBA program (usually the first year in a two year MBA program) is dedicated towards completion of the core courses. These are designed to build a strong foundation of the basic concepts across the various management subjects During the latter part of the program, you can choose to specialize in a particular area.

There may be several factors that influence your decision regarding the area you want to specialize in. Depending upon your priority, you may choose a field as per the market demand (job availability), your interest area, preferred job profiles, and the compensation package.

There are 7 types of MBA Specialisations you can choose from according to your interest:

1. Marketing

The increasing competition and changing market place has created a need for students that understand competitive positioning and possess excellent marketing skills.

2. Human Resources

Specialization in HR helps you understand how to acquire, manage and retain a workforce.

3. Finance

A popular choice that accounts for around 22% of the post-MBA career choices.

4. Information Systems

There’s a growing demand for professionals with a combination of business and advanced technical expertise.

5. Consulting

Consulting is another favourite choice with high profile jobs offering fantastic salaries with perks and the opportunity to travel places.

6. Entrepreneurship

Involves developing the knowledge, strategic skills and business concepts for launching your own start-up.

7. Operations management

Understanding operations management provides you with the expertise required to efficiently manage entire systems related to manufacturing or services.

2. What are the eligibility criteria for doing an MBA in the UK?

A Masters of Business in the UK is one of the most sought after programs in recent times. MBAs courses in the UK offer a wide range of options for the candidates coming from all academic backgrounds, budget and ambitions.

11 business schools in the UK feature among the top MBA rankings according to the Financial Times, with 6 in the Top 50.

Requirements for an MBA in the UK change from institute to institute, however, the general eligibility includes:

  • A Bachelor’s degree,

  • GMAT scores,

  • English language proficiency proof,

  • Work experience proof (however, not always necessary)

  • Statement of propose

  • A Letter of Recommendation

The requirements do not necessarily apply to all the MBAs in the UK. If you're interested to learn more, get in touch with your overseas education consultant or book an appointment here.

3. How can I financially prepare to study abroad?

Creating a budget is not as simple as it seems since it does require proper monitoring and analysis according to your earnings. However, start by following these guidelines:

  • Begin with writing down your fixed expenses like rent, food, clothing, electricity, transportation, etc. This amount needs to be deducted from your income at the beginning of the month.

  • The remaining amount can be used for non-essential expenses such as socialising, travelling, entertainment and retail purchases.

  • You should also set aside a fixed percentage of your income at the start of each month for savings. 5-10% is usually a good amount to begin with which you can increase over time

  • The biggest take-away should be live below your means. Live like a student before you become one, so you understand what life will be like to live on a budget and you will start creating some good habits before you study abroad.

4. How many bands do I need to study in the UK? I have done my bachelor's degree but I don't have any work experience post-graduation.

The UK has one of the most flexible education systems while being home to some of the best universities in the world, one of the reasons why it is one of the most popular study abroad locations for international students

In fact, some universities allow international students to study without asking their language proficiency and assess it through an interview or by checking your English subject grades in secondary school.

The general rule is, If you have scored more than 60% in 12th English, you can get into some of the good universities in the UK e.g. Coventry University, DMU etc.

Also, if you have just got a score of about 50% in your bachelors then you are likely to get offers from UK universities.

Finally, If you don’t have any experience and want to do an MBA, you still can since many universities offer a freshers MBA which doesn’t require any work experience.