ISB Rejected me!!!

:(

SP Jain Singapore - Dubai - Jan 2008 intake Interview experience

So my first MBA interview for the year is done. Like i mentioned in my previous post, i was waitlisted for interview by ISB!! :(( i really don’t know why. I have a GMAT score of 710/5.0 and good acads and very good extra curriculars (compared to the general population). I mean, how many can claim to have had the chance of going on an international exchange program while at school or being the state level award winning college magazine editor!! and yet, they chose to waitlist me :( Anyway, im hoping to get a call from them.

When i was waitlisted for ISB, i panicked... Yes... and thats why i applied for SP Jain Singapore - Dubai - Jan 2008 intake (initially i had decided on applying for the June intake only after i had exhausted the 2 other schools i was looking at - ISB and GLIM). To cut the story short, i got short listed for the interview and had to fly in on the 24th of Nov, 2007. The first surprise was that Mumbai Airport is truly worldclass.. really I saw just the domestic terminal.. but man!! Its good.. Hope they maintain it like that.

Anyway, met many of the other prospectives in the flight itself or on reaching the airport.. went to the SPJCRM campus by auto. Had breakfast and went for the eval process. I had chosen 1Pm as my slot, but I requested to be accommodated for the 10:30 Am slot and was allowed to. First, we had to submit all the attested copies of certificates along with 3 photographs and 12 self addressed sticker labels(!! IS SPJ so short on cash that they cant print addresses??).

After having done that, we were given 20 Mins for a case study. Mine was “Indian companies have been going Global over the past 15 yrs. As the head of a company that has its roots set in the Indian market, what would be your 3 strategies to take your products or services Global”. My points were – 1) Mergers and Acquisitions, 2) Tie up with established firms there and 3) Start ops in some of these countries. After that we were to write 2 essays which were personality based. Mine were 1) Who is the person who influenced you a lot in life and why. 2) What is your greatest personal achievement and why.

After this a lot of time was wasted waiting around for the GD and PI. One thing about the process is that you need to run behind the people managing the show to get yur slot for PI and GD (If you need that done according to your time) otherwise thay will take their own sweet time to call you (since there will be so many others who will be scheduling their PIs and GD as per their time).

Anyway I got to go to my PI soon afterwards. It was pure stress interview. Frankly it took me about 10 mins to realize that it’s a stress interview. And then I calmed myself down and started having fun along with them in answering the Qns. I think my interview lasted about 20 mins. They din ask me anything like describe yourself and such clichéd questions. Got right down to business. The first professor asked me to invest his 4 Crores. Yes… I had to ask him all sorts of Qns to get to know his requirement etc.. Looking back I should have asked for a piece of paper and written it down. I was doing it all in my head. Anyway, to cut the story short, I screwed up. And they told me so (well in better words obviously!!). I don’t remember all the qns they asked. But they did touch upon my present domain and y I want to do Wealth management. I liked the PI session. But they told me after my MBA ill be offered only 6L pa as fresh Wealth Manager. But I reckon it was part of interview process how I would do.

Then I had the GD. Topic – “International business are ruining local business establishments” . 8 of us. It was not a good grp. Im not happy with the GD performance. After that I was sent for verification of certificates following which I had the Director interview.

The Director interview was nothing great. He kept telling me to take IT instead of WM as my profile suited it the most and ill be shunned during placements as I wud be a fresher. I got the feeling that he was promoting IT. He “counseled” me on how ive been doing excellent wrk in my present domain etc and how it would be best for me to stick to that. Also the school will not be able to place me in a good firm with great salary. Probably only 6L pa. and wud I be happy with that. And asked him the following Qn – “The demographic of students joining SPJ or any premier institution for that matter comprises of 70 – 80% IT students. And most of these students opt for IB, WM and other financial specializations. If what you say is true, then how can these students be placed and how do you justify the 14.5L avg salary posted on your website.” In reply he said, “I still feel its best for u to join IT. As the director im honestly counseling you”. I had heard rumors that IB and WM were already full and they were conducting these last minute interviews to fill up seats for other specializations. I told him I need time to think of it. But after looking at the figures again, it does not make sense for me to spend 13-14L on the MBA and get a job with avg salary of 11L. if I simply shift my job right now, ill get close to that figure. I promptly mailed back to the Adcom that I was sticking to the WM specialization.

I felt the Director interview was pretty dodgy. He was trying to get me to commit to IT which I dint want. Im glad I dint give in at that time and asked for time to think about it. All in all, the experience was not too great (except the PI part, which I enjoyed a lot).

Hunter Patch Adams - First lines of the Movie

All of life is a coming home. Salesmen, secretaries, coal miners, beekeepers, sword swallowers, all of us. All the restless hearts of the world, all trying to find a way home. It's hard to describe what I felt like then. Picture yourself walking for days in the driving snow; you don't even know you're walking in circles. The heaviness of your legs in the drifts, your shouts disappearing into the wind. How small you can feel, and how far away home can be.

Home. The dictionary defines it as both a place of origin and a goal or destination. And the storm? The storm was all in my mind. Or as the poet Dante put it: In the middle of the journey of my life, I found myself in a dark wood, for I had lost the right path. Eventually I would find the right path, but in the most unlikely place.

George - Hope i get to find my right path

Back at blogging..

After many months of sleep and hibernation, im back in business (at least until the next time the company decides to block blogging!!!).

Ive been upto no good all these past months, what with preparing for MBA and the likes, who has the time to be good..

Infact i did pretty good in my GMAT (710/5.0) or so i though untill i saw posts from a million others posing scores l;ike 730, 750, 780... sheesh... and i knew i wasback to square one... the worst happened when i was waitlisted for interview from ISB. :(

I had my SPJCM interview this last saturday at mumbai... You know what i liked about the experience? Mumbai airport is really world class!! :)

On Faith...

To the republicans, Prez Bush inspite of all his 'Bushisms', is synonymous to the Almighty as can be seen from the below war or words b/w the Democrat and the Republican

The Democrat - "Some of my best friends are Democrats, and I personally know several who go to church."

The Republican - "That doesn't mean they have any faith. You can't believe in the Almighty if you don't believe in President Bush!!!"

Well, as Jesus rightly said… Oh Ye of Little Faith :)

My Wishlist :)

I dont yearn for much... really :)

Photography

1. Nikon D80
2. Nikon DX VR 18-200 mm F3.5-5.6G Zoom
3. Nikon 200-400mm f/4 VR lens
4. Nikon Speedlight SB-600
5. Sandisk CF cards 8GB
6. Lowepro NatureTrakker AW bag
7. Smartdisk FlashTrax XT (40GB)

Gaming Console

1. Sony PlayStation 3
2. Panasonic PT-AE1000U 1080p Home Theater Projector

Sound System

1. Acoustic Wave® music system II
2. Lifestyle® 48 Series III DVD home entertainment system

Mobile Devices

1. Apple iPhone
2. Philips PET1002 Portable DVD player
3. QuietComfort® 3 Acoustic Noise Cancelling® headphones
4. PSP™(PlayStation®Portable)

Bikes

1. Royal Enfield Electra 5 S

Cars and SUVs

1. TATA Safari Dicor VX 4WD
2. Mahindra Classic (RED)

The AEMI SCAM

Most people reading this article would have at some point in their lives taken a loan. Some would have had a good experience with the lender, be it a nationalized bank, private bank or the unorganized sector. And some would have had a pretty bad experience as well. Whichever the case, the odds and conditions for the loan would have been stacked against you.

My reason for writing this is not to discuss the one-sided conditions that are presented to the debtor (that will fill a whole book on the subject), but to inform the general public of a scam that has been going on right under our nose, under the “watchful” eye of the RBI and yet no one seems to notice it. And those who do (like brokers, dealers etc) turn a blind eye so that they can meet their numbers month on end. The scam of ADVANCE EMI (Equated Monthly Instalments) on loan from private banks.

I too have taken loans – educational loans, home loans, vehicular loans etc. Luckily the loans I took except my vehicle loan were from nationalized banks. Even though the service and speed at the nationalized banks is poor, debtors can heave a sigh of relief and rest assured that that will not be unduly tormented and robbed off their hard earned money.

But sadly I chose a private bank for my vehicle loan. At the time of taking the loan, I was not aware of the scam, nor did it cross my mind. I was one among the 1000s of unsuspecting masses eager to buy my first bike out of the salary from my first job. It was a proud moment it was and the sales man at the dealership breezed me through the formalities. I signed some papers, got the loan approved, gave my advance EMIs and cheque leaves for the rest of the EMIs and in 3 days time I had my lovely new bike. Then I embarked on the arduous task of repayment living on a hand to mouth existence.

So what’s wrong with advance EMI you ask?

As a case study, let’s assume you need to take Rs 1100 loan @ 10% pa which you will be paying off in 12 EMIs

Interest on Rs 1100 @ 10 % in a yr (12 EMIs) = Rs 110. (For simplicity’s sake lets say the interest is Rs 100.) (I know that EMI calculation is not as simple as this, but this is just a case point)

If One month Advance EMI (AEMI) is to be paid i.e Rs 100, then the actual principal taken on loan would be Rs 1000 and NOT Rs 1100 (As claimed by the bank)

And you still have 11 EMIs to pay.

And at the end of 12 EMIs, you would have paid Rs 1200.

Till here it is in line with what the bankers claim.
Now comes the not-so-apparent part of the deal.

Your effective interest % is (1200 – 1000)/1000 * 100 = 20% and NOT 10%!!! (Rs 1000 being the actual loaned amount)

Add to this the processing fees etc, and your actual interest will more than double. And if more than one Advance EMI is taken, then the actual interest % becomes even bigger (30% for 2 AEMI, 40% for 3 AEMI and so on)

This scam is not new and most of us have faced this. Only, none of us choose to question it. I wonder why the RBI is still allowing this to take place. These private banks are actually cheating people out of their hard earned money and no one seems to be taking them to task. While they claim to take 10% interest or so, in reality they are duping the consumer into paying 20% or more interest.

Recently I was faced with yet another “attractive loan offer” from a private bank.

I gave them my conditions.

1) NO Advance EMI
2) NO Pre-Closure charges
3) NO processing fees

Of course the representative of the bank was taken aback and refused to give me the loan under these terms to which I replied “That’s fine by me because all I need to do to secure a loan in this economy that we live in is to walk out into the street and shout ‘I need a loan’. So, unless u wake up and smell the cookie, it’s your loss!!!”

The Megapixel Myth

The above article (Click on the Title) has been written by one of the best reviewers ive come across. Go ahead, take a look at his site and get the advice you need before you go spending hard earned money on those 10 MP cameras!!!

Avoiding scams and fraud

You can sidestep would-be scammers by following these common-sense rules:

- DEAL LOCALLY WITH FOLKS YOU CAN MEET IN PERSON - follow this one simple rule and you will avoid 99% of the scam attempts.

- NEVER WIRE FUNDS VIA WESTERN UNION, MONEYGRAM or any other wire service - anyone who asks you to do so is a scammer.

- FAKE CASHIER CHECKS & MONEY ORDERS ARE COMMON, and BANKS WILL CASH THEM AND THEN HOLD YOU RESPONSIBLE when the fake is discovered weeks later.

- NEVER GIVE OUT FINANCIAL INFORMATION (bank account number, address, telephone numbers, CC details, Online Transaction ids, etc.)

- ONLY SHOP AT TRUSTED SITES and keep a lookout for SECURE ENCRYPTED PAGES (128 bit encryption or more) before typing in CC details for payment. The encrypted pages should be supported by providers like Verisign etc, for it to be legitimate

- AVOID DEALS INVOLVING SHIPPING OR ESCROW SERVICES and know that ONLY A SCAMMER WILL "GUARANTEE" YOUR TRANSACTION.

- ANY AND ALL "FREEBEES" AND "OFFERS" BY MARKETING PERSONNNEL MUST BE CONFIRMED IN WRITING. This is a very common fraud in this age of tele-marketing where the world is offered and all hell breaks loose.

Shop SAFE :)

A Tribute to my Mother

My mother is the sweetest and
Most delicate of all.
She knows more of paradise
Than angels can recall.

She's not only beautiful
But passionately young,
Playful as a kid, yet wise
As one who has lived long.

Her love is like the rush of life,
A bubbling, laughing spring
That runs through all like liquid light
And makes the mountains sing.

And makes the meadows turn to flower
And trees to choicest fruit.
She is at once the field and bower
In which our hearts take root.

She is at once the sea and shore,
Our freedom and our past.
With her we launch our daring ships
Yet keep the things that last.

My Mother, the sweetest...

QuickFix... The best Fix??

We live in the information age where at the click of a button a plethora of information is available at our fingertips. But are we really informed? Or more importantly do we really care to be informed? Information or knowledge is a powerful weapon. And like most weapons it can be used to do good or evil.

Let me get down to the specifics of this piece of writing through an anecdote. The other day, my wife and I went to a skin specialist to get his opinion on some pigmentation on my foot. He assured me that its nothing to worry about yet went on to prescribe around 7 medicines which he said would be available at the medical store downstairs. On my way down, I told my wife that in all probability the prescribed medicines were Steroid based. Before I went to the medical store, I called my parents (who are both doctors) to get their advice on them. And what do u know, the medicines indeed tuned out to be Steroid based. Needless to say, I did not buy them!!!

So how did I know that the medicines are probably Steroid based? Because I have been warned by my parents. They have seen the rise in use and prescription of these type of medicines by some of the new generation of doctors.

What is Steroid based medicines? Is it a health hazard? Steroids are effective and lifesaving medicines, but they can cause side effects if they are taken for a long time. These side effects include thin skin, a higher blood sugar level and weakened bones. Your body naturally makes steroids by itself. When you use steroid pills, sprays or creams, your body may stop making its own steroids. When you're under stress -- caused by infections or surgery, for example -- your body normally makes extra steroids. But if you have been taking steroids for a long time, your body may not be able to make enough steroids in times of stress. At these times, you may have to take more steroid medicine. It creates lower Immune response and heightened vulnerability to diseases.

There are way too many side effects to be mentioned here. For more details please go through http://www.asthma.org.uk/all_about_asthma/medicines_treatments/side_effects_of.html

If steroid based medicines are bad and have short term as well as long term side effects, then why do some doctors prescribe them? What is their incentive? Competition!!! Wouldn’t every doctor be like to be know for his/her “Magical Healing Powers“? Wouldn’t patients flock to them if they can cure illness in a matter of few days? Wouldn’t it be wonderful if he/she can cure a viral fever in 3 days instead of the normal 7 days? In that case, they will get more practice, more name and ultimately more rewards from their profession. With so many doctors with super-specialty degrees graduating from the numerous colleges all over India, it is a quick way to make a name for oneself. So the medical weapon gets used to do evil.

And we, the uninformed public, fall prey to such unethical practices which go against the Hippocratic Oath which every doctor pledges to. I am not saying that all doctors are unethical. But the number is fast growing. It pays to be informed about these practices and take necessary caution. Children are particularly vulnerable to this practice as their immune systems are just getting built up.

So, for the sake of your and your family’s health, the next time you go to a doctor for treatment, do call up a trusted doctor to get his opinion on the medicine. I for one will not recommend that doctor to anyone else.

My first Blog

On whim and fancy, i decided to get into the game... the game of Blogging... Yes, its a game after all.. all life is a game... Why? cos you are thirsting attention from others.. .and trying to contribute to the world!!!