what kind of profiles do get accepted at deferred MBA programs?

 One question I frequently get is what kind of profiles do get accepted at deferred MBA programs. Now it is no surprise given the popularity and the competition of deferred MBA programs, it is quite difficult to get into these programs. The competition is extensively high and you need to prepare well in advance but I'll try to highlight some key things that you can do to improve your odds of getting through these programs. 

The first and foremost you should try to get strong internships. If you are looking for strong internships don't just simply pursue an internship with no-name companies or companies in which almost all of your classmates are doing an internship with trying to get strong brands on your resume. 

For example you can aim to do a management consulting internship with firms such as BCG Bain McKinsey, you can aim to get an investment banking internship or a private equity VC type of internships or if you want to do internships with smaller companies at least try to go abroad and do an internship. 

Now you might say that hey my college doesn't offer such an option where I can go abroad and do an internship and firms such as BCGBain McKinsey do not come on to our campus, I do understand that but see please try to understand that deferred MBA programs are very selective so we need to make things happen. If we just depend on our college and expect college to provide us with all the resources that McKinsey will apply, it's not going to work out. You need to be proactive in terms of reaching out to people on LinkedIn, you need to write to multiple firms at the very least even if you cannot do an internship with a big brand company, try to write to companies abroad. Try to do unpaid work, try to build your profile in some way that is going to be extremely extremely important. 

The second important component and this goes without failure us maintain a high GPA and get a high standardized test score. 

The third important component is that you need to have some kind of unique factor on your profile. Now this could be that you have started a business of your own a small business does not make any revenue it's fine it could be that you write on forums like Quora, it could be that your partnered or worked with some kind of nonprofit it could be that you have written a book it could be any of these things but it needs to be unique selling point on your profile. 

Now how do you identify a unique selling point,it's very simple. Now how do you identify a unique selling point? A unique selling point basically means that you need to do things that are very very unit compared to what other people usually do. For example if everyone in your college is volunteering with a non-profit then doing that activity will not make you unique. You need to find something else to do right. So just try to identify what that USP can be on your profile and try to develop that. 

So let's look at some of the frequently asked questions around the deferred MBA applications.

The first common question that I get is that I'm not from an IIT, can I still get into a top tier deferred MBA program? So the short answer is absolutely YES. You can get into a top tier deferred MBA program,provided that you develop your profile in the right direction. 

The second question is that is it better to do a deferred MBA program abroad or is it better to do an MBA from an IIM in India. Now honestly this is not an apples to apples comparison.

In my opinion you should do a deferred MBA program if 

1. You require a higher brand equity on your profile. So schools like Yale Harvard Stanford generally have a better brand recognition and brand equity compared to IIMs globally. So whether you want to work in India or abroad this brand equity really helps.

2. This brand equity also helps you target really top level jobs. For example if you want to work with a top tier VC firm or if you want to work in a certain office of McKinsey, this brand equity can help you a lot. The second point is that if you want to work outside India, then a deferred MBA program is the way to go, in India, IIMsare very well known. If you want to have a very India specific career then definitely IIM A,B, C can give you a very decent job. 

Scholarships and Financing. 

So of course in terms of expenditure if you are applying to a deferred MBA program, the expenditure is going to be on the higher side. You would have to incur an expenditure of approximately 1.3 crores if you want to go to Yale or Stanford but you need to see this in a holistic manner. What I mean by that is if you actually analyse the number of people who receive some kind of financial aid from a school like Harvard Or Stanford, close to 50% of the class ends up getting some sort of scholarship. So which significantly offsets your costs. 

Additionally, there are multiple other kinds of scholarships that you can apply for. Even if we assume that you don't end up with any scholarship, you can still finance your MBA and let me tell you how. So there is a company called Prodigy Finance. It gives upto 80% of the loan amount that you require to pursue your MBA. So that can significantly bring down the cost that you need to incur in order to pursue your deferred MBA option. So this is the way to go, and if you are okay with taking that kind of loan, you can definitely do it. 

A lot of people then ask me if it is worth taking a loan, if I want to pursue an MBA abroad. Now my question to you would be that why would a company give out a loan unless they know for sure that after graduating from these programs you would end up with a good job and would be able to repay them back. Their entire business model would fail right. But a company like Prodigy Finance is growing significantly because of the fact that they are backing up candidates who are getting into top tier MBA programs and are still getting great jobs which offsets the cost. So keep these points in mind. 

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