Milked...and I'm not talking about cows!. Review on ICFAI Business School (IBS), Hyderabad

IGNITION....

Before I joined ICFAI, I searched this site for a review on any of its programs. There were two reviews, one was positive and the other was not (so positive). Now when you see a dog barking and waging its tail, which end do you trust! Hope this one will help you decide.

The MBA program (distance education) being offered by ICFAI is of a duration of a minimum of 2yrs. One is 'supposed to' get a full-fledged MBA at the end unlike in Symbiosis where they give you a PG in this and a PG in that. At the very onset of this review let me tell you that it is not a cakewalk. Even though they claim a success rate of 30-40%, I would say its more like 3-4%. Be prepared to be milked!Even if you are a bull.

Content:

The course is divided into 3 stages. And each stage has 3 to 4 groups. Each group consists of 2 subjects. In all there are about 20 subjects. The course content is not very different from other institutes. It consists of a textbook and a workbook. There are no projects and the emphasis is on case studies. But the subject matter is huge. And with exams every 3 months, time is also a constraint. On the positive side, because they conduct exams so often, one can have another shot without waiting for a long period. Besides, its only 2 subjects at a time. So, one can follow the Hero Honda principle ... Fill it, Shut it &......Forget it!

Eligibility:

There is no entry restrictions in the form of entrance tests. This is where they make the maximum money. (They also make a lot of money during exam time...considering the number of attempts some people need to take to complete a subject!) All they ask is a bachelor's degree.....no cut off percentage either. And of course there is the money. Anybody with a little more than 50 grand (initially) can say he/she is doing MBA for the next 4 yrs!

Consider this-

We were a batch of about 60 students in the first group. Now after the fifth group (10 subjects), we are just 2! Something like the Survivor series! Their exams are 'rigorous' The aim of every exam is like a filter. The fewer that go through....the less they have to place. I've never come across someone who has completed the course so far! One needs to get an aggregate of 55% to clear a group. And to ensure one doesn't need to write the subject again.....one needs to get at least 65%! And all this, without any choice in questions. They give you questions for 100 marks and you are expected to attempt all 100. Not like in IGNOU where they give you questions for 140 marks and you can choose which 100 you will attempt. You got to be 100% thorough because then you could at least manage to scrape through. If this is a course that is for the working executive, they must think that these executives have a lot of time on their hands. From April 2005 they are going to stop the objective pattern of the paper and come out with two papers for each subject. More milk!

Before joining, I would advice anyone to evaluate his academic performance so far in life. On an average, at least 70% of everything taught to you should reflect on your records. You must be prepared to dedicate at least 2hrs everyday to your books unless you are a very bright person....so bright that they switch off the lights when you enter any room!;-)

What it will set you back by:

For a part time course, it is very expensive. Compared to IGNOU, one might be paying about 5 times more. So it helps if you have a big nose....you'll be paying through it! But the standards are high and the value must be higher. Be prepared to pay about 55,000 (including fees for contact classes of stage1) They have installment schemes where on the whole one pays a little bit more. Besides this, there are exam fees for each group which amount to Rs. 800. Contact classes are provided for stage 1 at Rs. 1750 for each subject.

There is an additional fee of Rs 6000, which is in the fine print....like a lot of other things. (But what you need to be carefull about is what is not in any sort of print....).

If you are employed and intend to join, I'd advice you to go for an educational loan. Its 100% tax exempted.

Caution:

One must also be aware that ICFAI is not recognized by the AICTE. (Refund of fees from the company one is working might also be denied on the same basis.) But that should not hamper you because most of the Industry recognizes its innovative education systems.

The Edge:

The plus point here is that after every stage, they give you a diploma. So if you quit you still have some degree (provided you clear at least 6 subjects in 4 yrs!) They claim to have placement assistance on successful completion.

They are very prompt in responding to a query. Whether the answer satisfies you or not is another question. (Unlike in IGNOU where they IGNORE you!) The retired wing commander who is the dean must have something to do with its efficiency. They are computer savvy and have innovated in this area. One can register for exams online and print out the hall ticket immediately.

More than memory, ICFAI tests you for application of concepts. For eg. They have this formulae book, which is provided at all exams that one can refer to. I'm not saying you don't need a hard disk at all! Compared to other universities that test the capacity of your hard disk, ICFAI checks your processor speeds and operating systems!

Update: Flip Side:

After completing half the course, if you ask me if I had any regrets, I would say that I ONLY have regrets. They set papers with questions outside the sylabus and when questioned, they cite a 'clause'. Recently, the project Management paper had just 30 marks from the books! A lot of their students are disgusted with their money making schemes. Everything you touch is now charged. Their workbooks have a lot of errors and if you depend on them, you become a familiar face in the exam hall. They have no faculty if the number of students are less than 15. They advertise the course rigorously and unsuspecting victims subscribe to thier courses and if the student wants to discontinue and join another University, ....whatever subjects he has completed is not accepted by any other University as this 'university' is not recognised. Its only a matter of time before someone sues....

.....Still want to join?? It would make more sense if you donated to charity.....