Tête` - à - tête with McKinsey & Co.

Consult dada, McK was on the campus a few days back, for an informal interaction with Class X. The idea was to have a chat, so that Xians had an opportunity to clarify their minds on a consulting career with McKinsey. McKinsey must have got some feelers on our class at the same time. What was interesting is that this is not a pre-placement talk but a precursor to it. Can you believe it? I mean, many of us appreciated the investment McKinsey is making to getting to know Class X.

How about a switching into a consult career? How would your work-ex be relevant in what you would doing at McK? How does it go 5-6 years from the start? How do you crack McK interview? and the list goes on. Two members of the PGPX pioneering class attended the discussion and their presence and input gave people some more clarity on what is this career all about.

The interest (mutual I suppose :) ) was evident from the fact that the meeting over shot well over the scheduled time. Beginning 9.30 pm, it lasted 3 hours + despite submissions / exam next day. So, overall the discussion went off well, gave us a lot of clarity. I must add that people in Class X, seem to weigh all the pros and cons of this career before saying 'go'. It depends on the age, previous quality of work-ex, aspirations (and the pecking order there) and family circumstances for one to make this call. I am sure a good number in the class would be taking shots at the most admired consult.

But for now, it was a good start, although not the maiden one. BCG had the honours of making the first PPT (or any other interaction) with class X (way back in August).

PGPX III - FAQs Updated

Edit log:
1. 6th July
2.19th July (point 7 onwards)
3.11th September (point 10 onwards)

A future aspirant of PGPX came over today and we talked about where (&how) this programme will fit / not fit her requirements. I realised some things are common for all aspirants yet many are personal questions. I would be happy to help any future aspirants in this regard. I may not be able to guarantee immediate responses, but will try to do my best.

I would like to discuss some frequently asked questions and MY responses. I shall update this post with my responses from time to time, as I gather more questions.

Disclaimer: As, I am not connected to Adcom in any way, the opinions expressed here are purely personal. There could be significant differences between mine and adcom's views on certain questions. Please visit the IIMA website for official information.

Q1.What is a safe GMAT score?
Raju: Like all other schools proclaim, I would be tempted to say there is no such thing as safe score. The lowest score in our class has been 640. Having said that, I would imagine IIMA might have a preference for higher GMAT scores. If your profile is normal, a 700 would get you past the initial screening, but may not guarantee admission. Remember the applicant numbers are only going up and hence more is the competition. However, a less than 700 with other good application components will also get you past the initial screening, IMO.

Q2.What is your take on the programme?
Raju: When I have made a choice on pursuing a one year MBA, I was mentally ready for a grueling one year. At IIMA, it gets more intense than you can imagine. Hence term 1 was a rude shock for many of us, but many of us got comfortable with the pace and intensity as we moved on. Hence, I would say, this programme is good for those who can really soak in this sort of academic milieu and are ready to take the best out of it. PGPX perhaps has the most number of contact hours for a one year MBA programme.

Most of the faculty and the peer group are awesome, so learning environment is incredible. I am not discussing placements because that has been great from the very first batch itself.

The target applicant is typically more than 27 years old, has substantial work ex (the last two classes' average work ex has been 9-10 years) with a substantial international work exposure. Comparisons seem to be inevitable with other one year programs (such as with ISB) but I would imagine, there isn't any other programme catering to this segment of applicants in this part of the world. IMD and LBS (Sloan) would perhaps be the competing programmes. The programme has made giant strides already in it's second year, thanks to the preparatory efforts of the insti. It will get more international and diverse in future, IMO.

Q3. Please share some unique profiles from the current class.
Raju: The youngest in the class is 27 and the oldest is 49 (well she says, she is a lot younger mentally!). There a couple of entrepreneurs who I find most interesting (they say they are here to recruit talent for their companies), bankers, Accountants, Civil Servants (IAS, IRS, various others), Defense officers, a scientist and the others. The others have a wide range of experience- a director of an MNC, a VP from a leading BPO and so on (some of the senior profiles), while functionally people have manufacturing, sales & marketing, finance & accounting backgrounds from diverse industries. Almost all the participants have great academic pedigree (& a stellar record) or a successful career or both. Please refer to IIMA website for more details.

Hence, it is obvious that individual objectives and take aways from the programme would be very unique.

Q4. What is the focus of the programme / are there any specializations / electives offered?
Raju: The programme is designed to nurture general managers and hence does not offer specializations. However, there are a wide variety of electives on offer which are really batch specific (supply of faculty that year v/s demand of electives from the class). I also realize some courses like mergers and acquisitions which are electives in other programmes elsewhere, are core courses here, in line with the programme objectives.

Q5. Any dope on placements... how do you go about them?
Raju: All PGPX participants come with unique profiles by virtue of substantial work-ex and so are their aspirations. Hence, placements are customized to meet individual needs and the process is designed to meet this requirement; yet, PGPX pioneering batch could achieve100% placements and individual participant needs were met.

Q6. What are the programme USPs? Why should I choose PGPX over others, assuming it meets my needs?
Raju: The following aspects are compelling to a prospective aspirant.

1. Tough selection standards: IIMA continues to choose the best available from the international pool of applicants. I would encourage future applicants to come over to IIMA for a closer interaction with the class, to get a first hand touch & feel. For details, please contact Manager, PGPX.
   
2. Small class size: This helps in knowing all the class mates and form lasting bonds. Also very good from a networking perspective.
3. Great faculty: Most of the faculty at IIMA is awesome and that IMO has been key contributor in IIMA's success, although not so well recognized. Getting into IIMA as a faculty is tougher than getting in as a student. Surviving here as faculty is even more tougher. The feedback and continuous improvement process (to faculty) is very transparent and an effective process.
4. IIMA alumni Network: Being part of the alumni network of Asia's top B school gets you un-paralleled access to many things you may want in your professional life.
   

Added on 19th July 2007
Q7. My GMAT score is not all that high, but I think my overall work-ex is good. Should I apply?
Raju: A lot of people send me mails / leave comments on the blog with this question. Unfortunately, there is no right answer to this question. But in general, if you think you have a profile that you can show case and think you can bring something unique to class discussions and learning, you should go ahead and apply. However, I doubt if GMAT scores less than 640-650 get a dekho, no matter how good the profile is.

Q7. Lot is said and talked about entrepreneurship these days. What is the climate at IIMA for fostering this?
Raju: Super! There are good support systems such as the incubation center, some profs who are happy to help, you have access to funding bodies and more importantly various clubs and informal associations. We have an entrepreneurship club that not only helps budding entrepreneurs but also actively promotes intrapreneurship.

Q8. Is there any industry interface in addition to academics?
Raju: Pretty much. Business leaders from different industries come and interact with us. Jerry Rao (Founder,Mphasis), Basab Pradhan(Founder Grid stone) Rahul Bhasin (MD, Barings Equity), Pulak Prasad (Ex- MD Warburg Pincus), R Subramaniam (Founder Subhiksha chain), Sanjiv Bhikchandani (Founder Naukri.com) are among few luminaries who have interacted with us this year, so far. It has been a great learning experience listening to them and learning.

Q9. What is the International Immersion Programme (IIP) all about? How is this different from a student exchange programme?
Raju: IIP gives a PGPX participant an opportunity to spend a week at a chosen foreign business school and do a project with an organization in an environment different from the participant's home country. Please visit IIMA website for more details. Whilst the participant gains business insights and develops an understanding of host country's context (cultural and economic). The sponsoring company gains fresh perspectives from experienced and bright B School grads. Moreover the time spent (over a month) would give an opportunity to know the prospective hires and a choice of offering a pre-placement offer (PPO). Thus IMO, IIP is really a hybrid between a student exchange programme and a typical summer internship.

Added on 11th September 2007

Q10. Can you talk about the combination (and %) of teaching modes employed by the PGPX (case study/lecture/group projects)? Would be great if you can also mention the opportunities to interact with the industry (live projects/cases etc.)
Raju: Mostly case method driven. However some courses like Macro Economics were dealt in the lecture mode. In some soft courses role plays, seminar formats are also used.

Q11. Are students expected to be familiar with general management topics or are the subjects covered ground up?
Raju: All subjects are covered ground up. During January, PGPX office will send some prep material to all those admitted for some courses in term 1.

Q12. Given that the PGPX is a recent program, are there opportunities to interact with PGP Alumni body?
Raju: Interactions happen when the alumni visit the campus. It will improve as the programme matures.

Q13. How well (or not) is the program suited to career switchers? In other words, what % of the class typically switches careers?
Raju: By design, I think the programme is not meant for career switchers. People would like to capitalize on what they have done for 10 years. However, switches may happen for younger lot (less than 32 yrs)

Q14: The program doesnt require choosing a concentration and emphasizes on general management instead. Does this impact the number and availability of electives?
Raju: Please refer to Q4 on this. There are about 40-50 electives that are/will be offered this year between terms 3 &5, which covers all relevant aspects of a particular area. For example. Fixed income, Advanced Financial Markets etc for people looking Finance focus.

Q15: Can you provide a glimpse of social and professional networking opportunities (clubs, activities etc) available to PGPX students?
Raju:Although all the PGP clubs are open to all Xians, few find time to participate. Networking happens during events like T-nite, Chaos, Insight etc at IIMA. PGPX runs unique clubs like Entrepreneurship, Strategy which have specific needs of experienced participants. Focus of these clubs is to update on industry current affairs, special talks etc.

Q16. Finally, what do you like most about the program, and what do you like least?
Raju: This blog is full of things I like about the programme :)
Awesome faculty, amazing peer group and finally a great culture of IIMA. Things I don't like are a) It's still sarkaari in some areas. Unless the govt. gives a free hand these may not change.

What does it take it to be an Entrepreneur?

Indeed we are lucky that Jerry Rao, an un-usual entrepreneur (who took up to Entrepreneurship at 45) was teaching us entrepreneurship. More interestingly, he was using an HBS case Jerry Rao: Diaspora and Entrepreneurship in the Global Economy. There are several learnings from the class. Jerry credits most of his evolution to his first & last employer Citibank, for whom he worked for 25 years after passing from IIMA in 1973.

1. Flexibility with respect to autonomy at work
   
2. A nurturing environment (Citi sponsored Jerry for a PhD)
3. Jerry built lasting relationships and a network that stood for him in good stead. Jerry built a great reputation which later on helped him when started up.
4. Jerry had rational and not adaptive expectations (belief in the principle that past does not predict future)
5. Jerry developed new skills and abilities as he moved from one job to another (functional / geographical changes). He was willing to jettison zones of comfort and make personal sacrifices.

I have found Jerry's thoughts on Entrepreneurship very insightful.

1. Have a clear sight of downside while starting up. Ask yourself "can you manage the downside?"
2. Going public (too soon) brings it's own sets of pressures- a) it can prevent you from making strategic decisions (Q-Q pressures)
3. Willing to give up cushy (corporate) lifestyle during initial years (very relevant for Xians)
4. Trust and relationships built with different people all along your career would be quite useful.
   

I have chosen this course for sheer admiration for the prof. And this is turning out to be more than what I could ask for. Plus the quality of class discussions is hitting an all time high, thanks to the very talent peer group.

As Bryan Adams would say, some years down the line I am going to reminisce those were the best days of my life....

The future of PGPX

The one year MBA format in India has been a revelation of sorts. The success of PGPX, ISB, PGPEX vindicate this. In my opinion, in the coming 4-5 years this MBA market will considerably grow, catalysed by reverse brain drain of the diaspora.

The larger picture is India has huge reserves of talent and for decades people did not have convenient choices to pursue their dreams. The back to back Engineering & MBA by the time one turns 23, few years of job & fun and finally getting married was the oft beaten path to a good life. Many who have not taken this path rued, as the option of studying later in life was only at foreign schools.

For some one who is married, settled with a good job / career, school going kids, the MBA proposition could be nerve wrecking change. I know of people in my class who have given up green cards, sold houses in US, relocated to India with complete bag & baggage. It is too much of disturbance for a family, but the good news is that the environment and systems are getting congenial to support such people. The Married Student Housing (MSH) at IIMA is a perfect example of some of the support systems that are in place. Completely furnished homes with 24x7 services at beck & call help, enable many comfort conditioned students to ease into the student mode yet again. Admission at decent schools for kids at any level is quite peaceful. Cultural environment in the campus for kids and spouses is awesome. There are lots and lots of things /events that are planned by the Spouses group and make living comfortable and enjoyable. In fact, they are completely independent (the spouses group eats out, shops, watches movies together) - suits us well !

We have been interacting with many Industry leaders and I am quite happy to see their responses meeting us. Recruiting people at lateral level with 9 years of work ex from B schools is not usual in India and Industry is adapting to this phenomenon. Placements seem to hog more than their fair share of mind space. But fundamentally, I would look at IIMA for-

1. Opportunities to get into different fields, if you want to take a job that is.
   
2. Access to funding if you are keen to start up.
3. Acquiring great perspectives and an environment to develop thinking and decision making abilities (getting a great job / starting up is only the first step... becoming successful there depends very much on these abilities)
   
4. One year of reflection, away from maddening / hectic work life for many... to think on what we want to do in life and at work.
   

Many months back I was speaking to an LBS-Sloan Alum and he mentioned that the real benefit of the one year he spent at LBS was visible only after 3-4 years of passing out from school. Strange it is. Isn't it? Perhaps no. As the Sloans get back to real world, they deploy many things they have acquired/developed - it takes a while to take things to fruition. This alum told me if I go there, I would only aspire to replace the chairman of the company I was working on return. Such is the impact of the programme. Well, not surprising considering they exchange notes with Bill Clinton, Tony Blair, Jack Welsh etc during their one year. PGPX is on similar lines. I have found great insights in all the interactions we have been having with the Industry leaders be it R.Gopalakrishnan / Avnish Bajaj / Basab Pradan / Ramalinga Raju. While we recognise the palpable internal transformation, the synthesis of many inputs and more importantly the visible external manifestation will take some time. So, in summary the real benefits of the learning here would be truely visible after a lag, in my opinion.

The design of the programme and choice of some of the cases is worth mentioning here. For instance, sample courses like -

• Role of General Manager
• Merger & Acquisitions

These are core courses and are designed specifically for the experienced participants. Cases like Time - Warner acquisition bring recent real world situations to class room. All this is orchestrated by some of the best experts... the professors of course. Many cases like Walmart, Cisco, Saint Gobain, Citibank, Nortel got more interesting as some of the participants brought in their experiences of working for these companies, to the class room. Need we say more about experienced MBA programmes?

So, while the risks seem high for onlookers for dropping everything and heading towards IIMA for a One year MBA, people who have decided to take the plunge know the risk-reward equations very well. In fact it's a skewed one here.. for minimal risks one is certain to get high returns and continuously over a period of next 25 years+. Irresistible proposition, Isn't it? I am not surprised therefore, with the surge in applicant pool by 59% over last year despite a 40% fee hike.

The decision on increasing the in-take (to two sections) will be crucial and it will be known in a couple of days. IMO, the number of interviewees would be an outcome of this decision. While all the 1347 applicants eagerly await their turn on the 10th September (when the PGPX III shortlist would be announced), here 's wishing all of them the very best.