Today Chirag, yes the dude going to IIMA to do PGDM in June, told me that the fee for his two year course at the institute would be INR 14.5 lacs. Now that indeed is a bulky amount and generally, if you are not the son of a minister or husband of Queen Elizabeth, you will need to take a loan. Surprisingly the interest rates for education loan are very high in our country, and if the amount is as good as 14.5 lacs, one needs to pay an EMI of around 30k per month to wave off the loan. That is not very much, given that an average IIMA passout gets something around 65k (I guess so) per month to spend just after the college. So, an EMI of 30k looks very affordable. But this would not be the case if the student doesn't want to take up the high paying corporate job after his/her MBA and wants to experience life and do unconventional things, which don't pay too much. And what if the corporate life takes a toll on the individual and he/she is unable to bear the pressure and is in the state of crumbling down before the burden of EMI gets over?
And the whole system of EMI means that the entrepreneurial blood has to be pumped out of the body for at least five years after the college ends. And after five years, the family (wife and chunnu munnu) sucks the entrepreneurial blood out of one's system. And thus, one gets trapped cursing one's decision to do MBA and feeling sad at one's helplessness. This is what I was discussing with Sudhir when I met him last week, and this is what I think stops me from thinking about an MBA from IIMs. The silver lining is that the five year period of EMI may get reduced to two year if one gets a phoren placement but the chances of that are slim and still the two year period remains there to slog like a corporate ass.
MBA from a foreign institute poses the same problem, the only benefit is that it is easier to get a foreign placement there and thus, one gets out of the EMI web very soon.
Wondering how so many of the graduates started their own companies just after their IIM (or MBA) days!! Insights would be most welcomed! :-)
And the whole system of EMI means that the entrepreneurial blood has to be pumped out of the body for at least five years after the college ends. And after five years, the family (wife and chunnu munnu) sucks the entrepreneurial blood out of one's system. And thus, one gets trapped cursing one's decision to do MBA and feeling sad at one's helplessness. This is what I was discussing with Sudhir when I met him last week, and this is what I think stops me from thinking about an MBA from IIMs. The silver lining is that the five year period of EMI may get reduced to two year if one gets a phoren placement but the chances of that are slim and still the two year period remains there to slog like a corporate ass.
MBA from a foreign institute poses the same problem, the only benefit is that it is easier to get a foreign placement there and thus, one gets out of the EMI web very soon.
Wondering how so many of the graduates started their own companies just after their IIM (or MBA) days!! Insights would be most welcomed! :-)
30k emi is huge even if one gets 65k per month.. As u said, it strangles ones desires to do something unconventional. And if u pass out in an year like 2009 or 2010, its gonna be more painful. Having said that, nothing can stop a true desire. :)
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