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News18 » Videos » News18 Shorts

MBAs lose sheen as jobs dry up, economy dips

Apr 04, 2009 12:42 AM IST Business Business

New Delhi: The economic slowdown had spared no one and the latest victims are the students applying for an MBA abroad. With the recession in the west some students have delayed their plans to enroll for an expensive MBA by up to six months. “There is usually a 40 to 50 per cent growth in the GMAT takers every year but this year there has only been a 10-20 per cent growth,” said the Director of Jamboree, Vineet Gupta. There are others though who continue to toe the line of acquiring an MBA from abroad. “While everyone is getting laid-off its a good time to study and acquire skills,” said Tushar, an MBA aspirant. Earlier Students use to make their decision based on the ranking of the institute, financial aid and ultimately the jobs they would attract after the degree. That order has now reversed, with the main driver being job opportunities. The Managing Director of The Princeton Review, Aradhana Khaitan Mahna Said, “Asian destinations are picking up for students because they are cheaper, closer home and the job market is not so unstable as in the west.” There is the added impediment of students are finding it difficult to finance their education especially in the US and the UK. This is purely because institutes are unwilling to sign as guarantor for them in order to get them a loan from a foreign bank. There have been reports that popular student loan schemes like Citi Assist which earlier gave a students loan at an interest rate of 4 per cent, will now increase rates to 6 per cent. This combined with an already tight job market is taking the usual sheen off the otherwise glossy MBA from abroad.