Weakness 3: Financing
Ok INSEAD is "expensive" at €45,000.
Not only that, to fully account for costs you should consider, for the duration of the MBA:
- rent in a Fonty House or Chateau (including a swap in Singapore), €10,000
- car in Fonty, €3,000
- ticket to Singapore €850
- travels in Asia during one period €1,500
- travels in Europe 4 periods €2,500
- phone -especially when friends and family call you on your mobile when you're miles away- €1,500
- food €5,000 (roughly €15 per day)
And to that you add opportunity costs of foregone revenues:
- €60,000 on average
That totals to a hefty €130,000. Gosh I can't believe what I'm writing... In any case, you should definitely consider in the range of €100,000. Then again, I'm pretty poor in Finance, so if my rationale is somehow wrong, please let me know.
Now of course, the real assessment should be in terms of NPV. That is, you should evaluate the incremental cash flows post-INSEAD and substract total costs, let's say in the next 5 years. If the value is positive, INSEAD is worth it.
Then again, other factors must be taken into account. The value of the network, to me, is immense. So is the value of knowledge, long-term.
Of course, many scholarships are available. Probably more in your own country than through INSEAD.
The full list of Scholarships as of today (by the way, I've noticed that Theo, from Finance 1, finances a scholarship for Iraqis -my respects):
http://www.insead.edu/mba/schlmgmt/index.cfmLabels: INSEAD S/W, Weaknessess
Weakness 2: INSEAD MBA is too short, too shallow
With 10 months, that is a most valid concern. Adding to that, the Party Hard culture, new environments (discovering France, discovering Asia), new people you meet (taking time to befriend), make it even less time to study and work on projects. After all, there's a 24 hour limit to a day...
I could say that it is a continuity to the corporate world, that it's a matter of prioritising. Fast pace is the single most striking characterisitic of today's world. Etc etc.
At the end of the day though, what really matters is your objectives. Will INSEAD help you reach them?
In my case, I came in with clear learning objectives: using the School's expertise in some fields on some of my sponsor's business/strategic issues, and doing the Entrepreneurial Path. I only applied to INSEAD, and would not have done an MBA in 2 years.
To me, BSchools will go the 1 year model. Consider that the 2 year model is as much a cultural inheritance as a necessity. It's still the model from 1900 Industrial America. I discussed with an exchange participant from Wharton, who claimed that the second year is very much about job search.
Thus, it clearly becomes a matter of goals and experience. If you come right out from undergrad (or so), chances are you'll be hugely disappointed. If, like me, you have more than 5-6 years of experience, it's just the right format -for all stakeholders (partners, sponsors, families) as well.
Of course, there are always some frustrations: having more of VOBM for instance, more time to speak to guests, to work on cases, on projects.
I believe the answer that the School is providing is the following -this is only my call, and I'm a notorious over-thinker. Because students are students, in the sense that the more you give them time, the more they will take time (to have fun), lengthening the programme will not add any depth to personal experiences. What the School seems to be doing (or how I experience it), is provide Paths. Take my case. P1 and P2 could be viewed as general, but I had personal takeaways in Entrepreneurship because I knew what I wanted to get out of the MBA. Then, even though VOBM seemed short, it was complemented by other levels of learning in Family Business, Negotiations (a little). Then in P4, I know that it'll tie nicely with Realising Entrepreneurial Potential REP, New Business Ventures NBV, and Industry Competitiv Analysis ICA. In this perspective, Entrepreneurship is not restricted to a single course VOBM. All others build on it, and complements one another.
The real frustration, in that regards, does not come from shallowness, but availability. I would have felt the experience incomplete (hence shallow) if I could not take all these electives. In reality, I did not get all of them, not even auditing rights, but I'll still attend the courses I need for my path. I don't think any Prof. could spot me and ask me to leave, right?
So, too short? I would say not, but it depends on your particular cases. In the end, consumers always want more, but they don't know why. It's not more that matters, it's better, and more available.
To skim through the History of the MBA:
http://en.wikipedia.org/wiki/Master_of_Business_AdministrationLabels: INSEAD S/W, Weaknessess
Weakness 1: INSEAD is an MBA Factory
As promised, I'll address some of the concerns expressed from people I have met, or emails I have received.
I'll try to give my insights on each topics: intake size, programme duration, financing, Singapore. Some questions were related to the programme itself, like "How good INSEAD is in entrepreneurship, in other fields but Consulting and Investment Banking". These concerns were addressed in the posts I guess.
Let me start with size.
When I hear that INSEAD is a factory which produces 900 MBAs a year, I get mad. This is totally untrue, or deceiving.
The reality is: you really are part of a 450 people-intake.
Even that does not reflect the truth. You are part of a campus (like it or not), the one in which you start, so 300 or 150 people. Inside, you are part of a section of 75 people. This is the centre of your network, I think. A study claims that 200 people is the ideal number for a good network to develop, because at this level, you pretty much know everyone. It is true in factories (some companies deliberately top the size of facilities to that 200 number), it is true at INSEAD.
Singapore people develop a very tight network over the whole campus. We, in Fonty, develop a strong network in the half-intake (75+75), because we share the same half day schedule, we share the same professors.
To bridge sections, several informal networks develop: National Weeks, Clubs, Houses/Chateaux... Of course sections dislocate from P3 onwards, yet it seems to me that stronger bonds start in P1/P2.
So forget about the argument that INSEAD is too big... I certainly have never felt lost. Although I would concede that Singapore campus probably is more cohesive than Fonty.
The full study on optimal Human social group size (it's actually 148.. with a range from 100 to 230) -INSEAD is so close I'm starting to think that the School is ruled by OB people-:
http://www.bbsonline.org/documents/a/00/00/05/65/bbs00000565-00/bbs.dunbar.htmlLabels: INSEAD S/W, Weaknessess
