Should I retake the CAT exam or join a lower tier business school? Thousands of aspirants have struggled with this dilemma. The adage, "A bird in hand is worth two in the bush" has perhaps popped up in your mind, but you're probably also certain that another year of preparation could get you a seat at your dream business schools. To help you make an informed decision and solve this dilemma, here are five questions to answer before deciding whether to re-take CAT or settle for a business school that has already selected you.
What Do You Want From An MBA?
What is it that you want from an MBA? Is the tag of a top b-school that you're after? Is it the best placements that you're looking at? Are you looking to join a specific recruiter that only hires from a certain set of institutes?
If the tag is important to you, you may want to give the CAT another shot and put your best foot forward. With a top b-school, you can be assured of a quality education and exclusive placement opportunities (though that is not a guarantee). For someone looking to get a reputable tag along with a degree and a job, a CAT retake is the way forward because it opens an opportunity to the top b-school that you currently may not have.
If a tag is not your goal and you’re looking for a management education this year and decent placements, you could join a tier-2 business school. However, an MBA is expensive and the return on investment may not be as per your expectations. If you are willing to bear that cost to attain the benefits of an MBA this year, you could consider a joining a non-tier 1 business school instead of spending half a year preparing for a CAT retake.
Is CAT the only route to where you want to take your career?
If your goal is to obtain a management education and opportunities thereafter, a CAT retake would be useful. You would also benefit from considering the numerous competitive exams such as XAT, SNAP, NMAT, IIFT, MAT, etc. that b-schools in India accept in lieu of the CAT. You may even consider b-schools abroad which require GMAT and GRE scores to test managerial aptitude. These exams are different from the CAT yet open multiple doors for you in terms of business schools, and it may be worthwhile to look into.
Your research may also lead you to conclude that an MBA may not be the only route to where you want to be in your career. After all, not everyone pursues an MBA to climb the corporate ladder. A non-MBA Master's programs at institutes in India and abroad may be your ticket to a higher paying job, transition to a more desirable domain/sector/company, and faster career growth. It is worth investing time and effort on research to arrive at the most optimal route for your career.
Is CAT worth the risk?
Taking the CAT exam is a big gamble. For starters, you're competing with 2 lakh+ individuals vying for the same limited number of seats as you. The combined acceptance rate for IIMs ABCLIK is less than 2 percent, and that's a modest estimate. To top it all off, CAT 2020 reiterated the unpredictability of the CAT paper pattern and difficulty level. Further, business schools may change their selection criteria that may very well be in your favor, but they may also go against you. If you're a GEM, the pressure of doing exceedingly well on the CAT exam also increases. And god forbid if you quit your job and forego a steady source of income to find more hours to prepare for the exam.
So you need to look at where your preparation stands,
what your profile looks like and what your ambition is, and you need to ask yourself: is it worth the risk?
What percentile do you need to get into your dream b-schools?
Numerous aspirants, across the years, prepare with vague notions of success on the CAT. Don’t be one of those who wants to ‘make it to IIM Ahmedabad’ without knowing how likely IIM Ahmedabad is to admit you or what it will take for you to get there. Use this profile evaluation tool to find out how likely it is for you to land at your dream b-school.
Remember, you can beat the odds with an extraordinary percentile. Surf the web and find out what percentile someone with your profile needs to make it to the top b-schools you want to get into. Consider your percentile goal for the CAT retake. Now you know what it will take you to get into the b-school you want to. Next, ask yourself, ‘Am I willing to put in the effort to get from where I stand to my target percentile?’
If you do attempt CAT again, are you prepared to handle failure?
If you consider the odds of cracking a competitive entrance exam in India, including CAT, it feels almost as if you're setting yourself up for failure by even appearing for the exam after months (even years) of preparation. You've already faced the disappointment of a less than desirable MBA entrance exam score. Do you have it in you to deal with potential failure once again? More importantly, are you prepared for what happens if you don't crack the CAT this time around? What would be your plan of action beyond January when the results of exams flood your inbox?
The above five questions are intended to open your mind to the various possibilities that arise should you choose to attempt CAT again. There are numerous other questions that you could ask yourself to bring further clarity to your decision making process.