Opinion needed on QSB (Queen's School of Business)
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Posted on: 02-02-11 06:07:42
Thank you guys..That definitely seems to be like a good plan.I just wrote to university asking them for deferral and explaining the reasons for the same.Does any one have any idea on what are the chances on deferral being accepted?
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Originally posted by febpreet
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Originally posted by Ash20
Vivek,
You are taking huge risk by taking loan against your Dad's house (probably at interest of around 10-12%). Yes, MBA will help but it is not a guarantee of getting a decent job. I do know people who are struggling to get decent job after doing MBA from Schulich.
I will suggest if you really want to do MBA, request to postpone your admission at Queens for 1-2 term (most likely they will do), come to Canada now (as you are PR) and do whatever job and save money. Apply for student loan and take study loan from banks here. You may not need co-signer after you have some credit history.
Please don't take loan against your Dad's house as it is too much risk (not only for you but for your parents too). You already know that it is not easy to get decent job here.
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Originally posted by vivek901
Please help me out as I have only 3 days to decide.
I second Ash20 here word by word. It's in your own interest to not opt for the loan against your paternal home. It's not only full of risk, but will put an added pressure on you, thus affect your performance. Afterall, MBA is only about performing well and that too constantly. Then only you can expect good results - recession or no recession. In my personal opinion, Queen's MBA tops. Add your own presentation and communication skills, it can do wonders in monetary and career terms.
So, I would do what Ash20 advised. Defer your admission by 2 terms, come to Canada, do whatever job you could find, save aggressively, build your credit history, and then apply for student loan here in Canada. You will then have secured loan while retaining your admission.
This will kill two birds with one stone - sleep well at night considering your Dad's house is safe and pressure-less environment while studying. Trust me, your parents will be so proud of you.
Think about it.
This is what I had replied to a similar post a few months back-
As somebody, who has been in this country for over a decade in the professional/management sphere and who regularly recruits and hires MBAs, I am giving you my unbiased opinion. Doing a MBA from a Business School is not a golden ticket to a successful career in Canada. Your past experience, education and the specific industry will be the major determinants of what kind of career you will have post MBA qualification.
Last year, I was interviewing candidates for a junior level position which paid around 50-60K and had 4 Richard Ivey Graduates applying. Now, Richard Ivey is ranked as the top B-Scool in Canada and it costs close to $80 K in tuition. All of them were white,Canadian born and educated with 5-6 years of solid work experience. One person had three degrees - B.Pharm from U of T, CFA and MBA Finance from Ivey.
In one of my previous companies, a really smart desi guy who had done his BE from India (IIT-K) and came to do MBA from Richard Ivey was lamenting that his first job post MBA was a 35K entry level position, because he did not have the relevant "Canadian" experience. The most this person was able to progress to was a 60K job (compared to the 100K plus jobs that you keep on hearing in the media) and ultimately got married to someone from the US and left Canada.
It would be extremely "brave" of you to invest $75,000 upfront on an education where there is no guarantee of getting a ROI for several years.
Not to discourage you, but this is the level of competition you will face in the market today and the ground reality of the job environment. The biggest obstacle is this whole "Canadian" experience, that cannot be mitigated easily with a top MBA. Think about it from the employers perspective- you have a "nice", white Canadian educated person who has atleast 3-5 years experience in the Canadian job environment and can furnish local references versus a new immigrant with a foreign accent, who has no Canadian experience with a MBA(albeit a top one). Why should he or she choose the unknown?
In terms of the effect of recession, you will be surprised to know that enrollment in B-schools is actually up during recession as people who have been laid off with a severance decide to do a MBA to further their prospects. So you have a large MBA cohort, who will be looking out for employment at the same time.
Another point to be noted is that your prospects in the U.S will be brighter as Americans are not as hung up on the source of your degree and local experience as Canadians. Also, given that the U.S is the world's largest economy, it is easier for them to absorb potential employees. It is ironical that a Canadian MBA would have better prospects in the U.S, than a U.S MBA holder in Canada.
Thank you all for the opinion..
But what if I don't get a deferral????
Also I would like to know even if I come after one year would it be atleast some what worth it (Definitely keeping in mind the factors which you people have told)
Also what is the brand value of Queens in US,UK or may be even middle east..Does it have a decent brand value.
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Originally posted by vivek901
Thank you all for the opinion..
But what if I don't get a deferral????
Also I would like to know even if I come after one year would it be atleast some what worth it (Definitely keeping in mind the factors which you people have told)
Also what is the brand value of Queens in US,UK or may be even middle east..Does it have a decent brand value.
Vivek, I know deferral is not easy. If you really have to go for your MBA now, then the best you can do is to aim for a job in States. I don't think Canadian companies pay at par with their counterparts in US. As I mentioned, Queens is still one of the top universities in Canada. Keep your options open to move anywhere in Canada and US once you graduate. One more thing you need to check is whether they allow on-campus work while you complete your MBA, something like TA (Teaching Assistant) would also help you to save some money. Summer trainings will also be an option for you where the companies pay you while you intern.
I don't think the market will be much changed in an year. The only benefit you'll have is that you can secure loan here in Canada instead of mortgaging your paternal home. Besides, you will have some money earned/saved by then.
Don't look for UK now - it's economy is in deep turmoil. Not that US is any better, but people are still getting jobs especially in service sector. So, aim for it if deferral is not a choice and the loan is already in the pipeline.
Also, instead of relying much on few people's advise, ask yourself, weigh your pros and cons, consider your situation, and if it all makes sense then jump the MBA'wagon. You have a very little time left to make decision I guess.
Good luck bud.
An education cannot go wasted !! Go for it...There will be time in coming years when you will gladly think back about the dilemma and the decision.. all the best.
In contrary visualise yourself in coming few months with a decision taken against the studies and coming to Canada. Will you not regret it ? Also think what other better options you have currently ? none I guess.
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Originally posted by san-hugo
An education cannot go wasted !! Go for it...There will be time in coming years when you will gladly think back about the dilemma and the decision.. all the best.
In contrary visualise yourself in coming few months with a decision taken against the studies and coming to Canada. Will you not regret it ? Also think what other better options you have currently ? none I guess.
Agree. People crave for being in your position. So, if God has given you a chance go for it.
As 'san-hugo' mentioned above, an education never goes waste. This is what I learnt from my life as well. Who knows you'll get this opportunity in future or not. Again, weigh pros/cons depanding upon your situation and in my opinion go for it. MBA from Queens is and will be valuable.
Hi Vivek,
If you are a PR, aren't you eligible to take OSAP? If I am not mistaken, the requirement to stay in the province for a minimum of 1 year was taken away few years ago.
Regardless, in my personal opinion, doing MBA from Canada, if you are planning to stay in Canada for awhile, is certainly a very good idea. I did it myself and I am totally satisfied, rather glad, about it.
Hope this might help you a little bit in your decision making, if its not too late already.
K
