By Kankana Roy ChoudhuryParents in general and Indian parents in particular are known to be obsessed with their children's academic success. Ensuring that our children finish top of their class feels like something passed down the generations in our country. Being part of the country's academic elite has its benefits given the shortage of seats in coveted institutions. A lot of students going abroad, often do so cause they couldn't make the cut for their preferred domestic options.While the economic merit in pursuing certain courses abroad makes for an entirely different article, in this piece we take a look at the economic argument for why craving the best institutions is not out of place.To do so, we took a look at various courses in India across institutes and compared the fee structure and typical job prospects to understand how long would it take a student to recover his/her course fee, based on the institute type and the expected starting salary (industry average). Admittedly these are averages and there are probably several exceptions to these, but the idea is to illustrate the disparity.We took 5 different disciplines and looked at the cost of education as a combination of the course fee plus basic living expenses (like hostel and mess fees etc) and then looked at average salaries people get upon graduating from these programs. We split institutes up by type / tier, based on the rankings by top publications. The premier and tier I are those that rank among the top 10, while tier-2 includes from 11-20. The last column is derived by dividing the course fee by the annual starting salary and is the number of years it takes the student to earn back / pay off the course fee. Click here to view enlarges graphic An MBA course from the country's premier business school costs around Rs 19 lakh. The institute gives you an easy entry to the world of high-paying jobs. The average salary of a fresher is around Rs 12-15 lakh. This means you can recover the money in a year or so.The same course pursued from a tier II college/university is likely to cost around Rs 16 lakh, while the average salary, in this case, will stand at around Rs 8-10 lakh. The tenure for the recovery increases to 1.6 years.An engineering course from India's best institutes costs around Rs 6-7 lakh, which a student can recover within 7-8 months of starting a job. However, he or she may take around three years to get back the invested amount in the case of a tier II college.The trend is similar in other courses as well. A one-year diploma course (inclusive all) in mass communication and journalism from a government-sponsored institute costs around Rs 1 lakh, while it can go up to Rs 5 lakh from a private institute. A two-year masters programme in the same course costs upwards of Rs 12 lakh, whereas the average salary hovers around Rs 2-3.5 lakh.Thus, the tenure to recover the cost would vary from 6 months to around 3 years depending upon the institute.In all the abovementioned scenarios, we distinctly see that the return on investment is way better in case of premier, most often government-sponsored institutes. You are paying only half the fees being charged at private universities, while the payoffs are better. It's therefore hard to fault parents and students alike for wanting to do everything they possibly can to get into the best institutesAs a country though, it deserves a closer look. Why is higher education as in the cases seen above being subsidized. Even if subsidies have come down, is there not a valid case for charging full price and striving to improve the quality of each course consistently? Isn't the money better spent in subsidizing primary education and vocational training that will further the cause of key campaigns like Make In India?For some reason, the current discourse seems to focus on a coherent land acquisition policy as the only impediment to making things in this country. How about availability of quality talent, which most businessmen constantly grumble about?Not all who secure admission in the top colleges come from economically weak backgrounds. For all those who have the merit but not the means, grants and scholarship programmes should be made easily available. The government should also help them get education loans at lower interest rates, which students can pay off in easy installments and claim tax benefits.The author, Kankana Roy Choudhury, is content head at BigDecisions.com
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Each year the number of students sitting for CAT and MAT increases. As chances of gaining admission to top institutes declines, students end up devoting years of study and preparation without realistic expectation of success. However, there are other options for students out there! If you want to be judged holistically, if you are a smart individual but bad test-taker, or if you are simply hankering for global exposure, applying abroad is your best route forward.Applying to top institutes overseas requires a combination of factors. The first are the exams-you may take either GRE/ GMAT as most colleges accept these tests. These tests are less comprehensive in material covered than the CAT and are only one part of your whole application.Students also need to prepare their professional CVs, speak to professors for recommendation letters, write individual essays for each college, and ready themselves for interviews. In the strongest applications, each of these components is well-rounded.Students may help themselves greatly by gaining experience in their respective field through internships and work experiences. Colleges often try to "look beyond the numbers," for applicants-looking beyond just marks. Work experience, an understanding of one's own caliber, and plentiful involvement with social projects and campus service all go toward strengthening the applicant's profileIt is important to receive right counseling in navigating these requirements. A good counselor can help shortlist colleges according to "fit," i.e. through their suitability for individuals instead of blindly following rankings. Counseling can introduce you to programs like HBS 2+2 or YLP or even similar courses likes MIM, LBS etc. By working with an experienced mentor, you can maximize chances of admission by picking the right courses and the right schools. They can also help write essays showcasing yourself most positively, run through mock interviews with you, and keep your focus on the final goal-admission at a top university! A mentor can also help you apply to correct scholarships and funding sources, as expenses are a major concern for all applicants. Ensure your counselor is suggesting the best colleges for you, not their own pocket.There are many non-Indian options for higher education. If one does badly in CAT/GMAT/GRE, they can apply to Singapore/UK. Many colleges do not even require GMAT scores and only require undergraduate marks. However, you must be careful as both countries have several sub-standard institutions that are moneyspinners, not educational enterprises. But colleges like Bath, CASS, LSE, LBS, NUS, SMU, and NTU have tremendous value. For CAT you must prepare all year, and be judged on one exam. Since there is only one round a year, risks are high and students eventually have fewer choices. Applying to the US/UK's top MBA programs allows for much more autonomy in the process. At the same time, you will be exposed to world-leading resources, cutting-edge facilities, global networking opportunities, and an international peer group. While it might seem scary, with the right guidance you can achieve admission to top MBA programs worldwide.The author, Rohan Ganeriwala, is the Co-founder of Collegify - an educational institute for study abroad
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Online marketplace Snapdeal, teamed up with educational loans specialists Credila - An HDFC group company, to launch customised education loans through an e-commerce platform.The partnership will usher faster loan process, at the click of a button. Customers will have the opportunity to avail exciting benefits like up to 100 per cent finance with no upper cap on loan and easy EMI repayments at attractive rates of interest.Tony Navin, Senior Vice President, Partnerships and Strategic Initiatives, Snapdeal said “Our aim is to create a digital commerce platform that caters to diverse consumption needs of our consumers. With rising costs of education, student fees has become one of the highest spends that a household incurs. With a trusted partner like Credila that specializes in education financing, the customized study loan will be a great addition to Snapdeal’s portfolio of Financial Services offerings. We are consistently expanding our Financial Services offerings for our customers, providing hassle-free application and disbursal services through our partners; in line with our overarching vision of creating the most impactful digital commerce ecosystem in the country.”Credila has a simplified online application process, a convenient doorstep document-collection and delivery service in multiple cities across the country and has funded thousands of students studying in over 35 countries across the globe. The special privileges and benefits on allied products relevant for students makes Credila's Loan offering even more exciting. This education loan is the latest addition to Snapdeal’s expanding portfolio of financial services which includes personal loans, home loans and co-branded Snapdeal HDFC credit card.Chandini Sehgal, Head-Marketing & Channels at Credila said, “From a student population of 30 million in the country, less than 10 per cent avail education loans. Factoring in specific consumer requirements, Credila has developed customized loan plans which have made us one of the most trusted education loan providers in India.”(BW Online Bureau)
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MISB Bocconi, the only offshore presence of Università Bocconi, Europe’s leading universities, started the first edition of the International Executive Masters in Business(IEMB). IEMB has been designed to provide an unparalleled opportunity to Indian executives to be trained by the world renowned Bocconi faculty. The alternate weekend program run in Mumbai also offers an immersion of two weeks in the Italian business environment, optional electives to peer with international managers studying in Bocconi and professional networking with the 90,000+ Bocconi AlumniThe programme offers two specializations: one in Design Management in partnership with Future Group and a second one in General Management. The batch has an average experience of 11 years, with more than 50 per cent of participants having a post graduate degree.Prof Dr Himanshu Rai, Dean, MISB Bocconisaid, "The ability to learn is something unique to human beings and continuous learning is fundamental for today’s managers, in India and abroad, to sustain both the individual professional development and to contribute to the advancement of business organizations as well as communities. The IEMB offers a new formula to Indian executive to learn to become future leaders."Madhav Kalyan,CEO of JP Morgan Chase Bank, India, said “Indian companies are facing two relevant challenges, which will create destabilization as well as opportunities, the huge economic development of Asia and the digitalization. To face them, Indian managers need to come back to school, and international executive programs represent a great opportunity to re-learn, reflect, and re-strategize.”(BW Online Bureau)
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Encyclopaedia Britannica (EB) India on Friday (18 September) announceed that it has launched its e-library – Library Unplugged, specially designed for school librarians.Sarvesh Shrivastava, MD, EB South Asia said, “With our e-library solution we propose to unplug the library and transform it into an active learning resource by bringing it into the classroom and the home. Costly reference titles which were limited by the number of print copies can now become part of the learning process in e-book form with unlimited copies. Teachers can introduce project- and research-based assignments to students without worrying about the age appropriateness, authenticity and safety of the content.”The occasion witnessed the congress of renowned principals and librarians from over 50 prestigious schools of the Region and luminaries in the education space.Library Unplugged offers 1000+ reference titles to assist curricular learning and covers a wide range of subject areas. In November, 2014 the pilot project of the same was also conferred with the Skoch Order-of-Merit during the 38th Skoch Summit.With the launch of the “Library Unplugged” solution for schools, Britannica has embarked on a journey where globally acclaimed subject reference titles will no longer be confined to the four walls of a traditional library.Through Britannica’s e- library eBooks will now be accessible 24*7 via any device (laptop, desktop, tablet pc or smartphone) keeping in tune with the needs of learners today.(BW Online Bureau)
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Test preparation firm, Career Power, has been entrusted the responsibility to organise a training workshop for SC/ST and minority students appearing for the forthcoming IBPS PO exams by the Institute of Banking Personnel Selection (IBPS).Through this six days long pre-exam training, company will be training about 5000 students in Delhi NCR and 7000 in Gujarat. Trainers at Career Power are subject matter experts in their respective fields who have helped about 1200 students to qualify for the IBPS PO examinations and 200 in SBI PO in FY14-15.With the tentative number of vacancies in IBPS PO for FY15-16 expecting to be around 22,000 - 24,000, such exams have become highly competitive in nature for students across the nations and trainings are highly mandatory to prepare the potential aspirants enabling them to kiss success in the upcoming exams.Founded by a team of IIT and IIM alumni in 2010, with more than 65 branches across India, Career Power is one of the largest company providing coaching classes for bank exams.(BW Online Bureau)
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M-commerce platform Paytm on Tuesday (15 September) announced that it has introduced cashless payments in educational institutions. Users can now pay school fees & dues, cafeteria bills as well as buy uniforms, books and merchandise through the Paytm Wallet. Paytm has tied up with several premium educational institutions in the country from pre-schools to colleges, including prestigious names such as IIT Mandi, Universal Education Trust, KN Modi University, Vidyamandir Classes, Made Easy, Career Launcher, Jamboree, Primus Public School, Bangalore, Swaminarayan Gurukul Vidyalaya and a few DPS to name some.Vijay Shekhar Sharma, Founder & CEO, Paytm said, “Since this segment involves children, the advent of cashless purchases and payments obviates chances of theft and misplacement that often come with carrying cash. In line with our vision of a cashless economy & to serve the users well, we have enabled cashless payments in some of the most prominent educational institutions. Our aim is to grow this platform multifold in the next 6months. Going forward, we will also aggregate and offer various online courses on Paytm.”Paytm is in advanced stage discussions with all leading IIT’s, IIM’s, central and state universities and will be completing the formal tie-ups soon. Institutes from metros as well as smaller towns are welcoming the idea.According to the Paytm, there is immense potential in the education space. As per a Fitch report, the Indian education sector’s market size is estimated at $109.84 billion in FY15 which makes India the world’s third largest market for education by size.(BW Online Bureau)
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Visual analytics firm Qlik, has announced a supplemental offering 'Qlik Continuous Classroom' a new 24/7 subscription-based, self-service learning platform for Qlik Sense.The Qlik Continuous Classroom education package includes Videos with interactive exercises and quizzes – users decide when to start, stop, and resume as often as needed; ability to interact directly with instructors and peer students, leveraging web conferencing tools and forums to quickly get answers as well as share best practices; Virtual office hours for immediate support; and One-to-many instructor-led virtual training, allowing whole teams to arrange an instructor-led live Webinar course customized to their needs.Qlik provides users with a new way to learn that allows them to completely customize their learning journey based on their individual needs. Users can choose from dozens of modules equivalent to approximately 25 hours of work, with topics ranging from “Foundations of Building Visualizations” to ”Build and Play Stories”. “We at Qlik are always challenging ourselves with how we can make the experience with our product the very best for any type of user with different learning styles. With an intuitive self-service product like Qlik Sense we wanted the learning process to accelerate user success,” said Kevin Hanegan, vice president of Knowledge and Learning at Qlik. “Qlik Continuous Classroom is modular to accommodate someone who is only just beginning with analytics or wants to increase their skills in creating apps and best practice visualizations.”(BW Online Bureau)
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