Thursday 21 April 2016

“Industry Expectations from Engineering Students in an Employment Interview” ―Professor M.S.Rao



“You can give lifetime employability by training people, by making them adaptable, making them mobile to go other places to do other things. But you can’t guarantee lifetime employment.” ― Jack Welch


I attended a workshop on Technical and Research Conference recently. Since I am on sabbatical to author a book on public speaking, I thought it was an opportunity to see different presentations to justify my book. One of the speakers spoke on next generation of engineers and what the industry expects from them. I paid more attention since I am passionate about shaping one million students as global leaders by 2030. http://professormsraovision2030.blogspot.in  

Fundamentally, industry expects various aspects from engineering students. They must be passionate about engineering. They must have basic domain knowledge and expertise on few software tools. They must have the desire to learn and grow. They must have an inventive aptitude. They must have strong communicational skills. Finally, they must fit in with the culture of the company.  However, the engineering students don’t have the basic knowledge presently. Additionally, they have attitudinal issues. They are not passionate about engineering. They don’t have the basic knowledge to offer solutions for the technical problems. Therefore, Indian engineering institutions must strive to address these issues and prepare students as per the expectations of the industry to make them employable and deployable in the corporate world. There is no meaning in dumping engineering graduates into the market without adequate mindset, toolset and skill sets.


Emphasize Employability, not Employment

Someone aptly put the actual definition of employability as follows: Employability is a set of achievements – skills, understandings and personal attributes – that make graduates more likely to gain employment and be successful in their chosen occupations, which benefits themselves, the workforce, the community and the economy.  Hence, Indian engineering educational institutions must emphasize on employability rather than employment because being employed is to be insecure while being employable is to be secure. Remember, employability is end product while employability is byproduct.

All stakeholders including educational institutions, industry, educators, students, parents, and nonprofits must work collaboratively to shell out engineering graduates with employability skills and abilities to add value to the society.


“According to National Council on Skill Development, Govt of India (NSDC) skill gap studies, nearly 170 million additional skilled people are required in 23 key sectors in India by 2022.”  ― Dr S. Ramadorai



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Read my ‘Vision 2030 One Million Global Leaders’ URL: http://professormsraovision2030.blogspot.in/2014/12/professor-m-s-raos-vision-2030-one_31.html 


Life is great!

Professor M.S.Rao, India
Founder of MSR Leadership Consultants India
Recipient of 10th International Prestigious Sardar Patel Award―2015
Blog: http://professormsrao.blogspot.com
Blog: http://professormsraoguru.blogspot.com
Global Top Gurus 30: http://www.globalgurus.org/leadership/upcoming.php




Thanks for reading!

Kindly share your thoughts and comments below, I’m sure someone out there will find your story useful.



Copyright©2016 MSR Leadership Consultants India. All Rights Reserved. Reproduction in whole or in part without permission is prohibited.

This is a nonprofit blog to share Professor M.S.Rao’s passion and vision to build one million students as global leaders by 2030. Please don't cut articles from my blog and redistribute by email or post to the web. The use of this material is free provided copyright is acknowledged and reference or link is made to the Blog http://professormsraovision2030.blogspot.in.  This material may not be sold, or published in any form, or used in the provision of business services to a third party without permission.
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Wednesday 20 April 2016

Professor M. S. Rao’s Vision 2030: One Million Global Leaders : Free Sample Chapter - “21 Success Sutras for CEOs:...

Professor M. S. Rao’s Vision 2030: One Million Global Leaders : Free Sample Chapter - “21 Success Sutras for CEOs:...: Dear friends, Here is the free sample chapter of my upcoming book “21 Success Sutras for CEOs: How Global CEOs...
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Sunday 27 March 2016

“Educational Loans @Your Doorsteps for Your Overseas Education” ―Professor M.S.Rao



"Choose a job you love, and you will never have to work a day in your life." — Confucius


If you intend to pursue overseas education but don’t know how to approach banks for educational loans, this post helps you have a fair idea on educational loans and the precautions you must observe while taking educational loans.

You can pursue educational loans through your consultant who has tie-up with a particular bank. If you have already paid consultancy fee to your overseas consultant, it is advisable to go through it.  If you don’t hire any consultant, you can approach both private and public sector banks to get the details of loans with rate of interests. They will guide you how much they can fund and the margin money you must have. When you approach private banks, find out the rate of interest and hidden costs involved in it. Usually the marketing executives from private banks don’t reveal everything to you. Hence, you must clarify your requirements to avoid hassles later. Here are some dos and don’ts that you must observe while taking education loans for your overseas education. 
  •  Read the brochure carefully before applying for educational loan to avoid springing last-minute surprises by your bank.
  • Compare the rate of interest from different banks. Find out the hidden costs involved. Some banks present rosy picture by promising moon and finally you end up finally paying more interest. Hence, be careful with banks. Have your queries clarified by the bank representative. If required, talk to his/her immediate manager to find out the facts. It helps you avoid burning fingers.
  • Ensure that you hit on the right bank with the right educational loan scheme to suit your needs.
  • Be careful with fluctuations in currency.
  • Take loan with protections. Don’t look only for rate of interest but look for flexible repayment terms as well.
  • You should pay EMI on time to avoid high penal interest.

If you approach private sector banks there is often a processing fee for your educational loan. Here are some details of bank loans from various sources for your reference.

Eligible expenses for education loan: Fees payable, accommodation charges, exam and library fees, reasonable expenses for books and equipment including computer, travelling expenses abroad and other reasonable expenses required to complete course.
Quantum of finance: Rs. 10 lakh for study in India and Rs. 20 lakh for study abroad. Banks may consider lending higher amount in special cases at their discretion.
Security: (a) up to Rs. 4 lakh- No security, parents to be joint borrower (b) between 4-7.5 lakhs- along with parents collateral security in form of third party guarantee (c) Above 7.5 lakhs- Parents to be joint borrowers+tangible collateral security of suitable value required.
Moratorium period for repayment: Course period + 1 year or 6 months after getting job, whichever is earlier
Margin money: Nil for loan up to Rs. 4 lakh. 5 percent and 15 percent respectively for study in India and abroad on loan above Rs. 4 lakhs.
Tenure of loan: 10 and 15 years for loan up to Rs 7.5 lakhs and above respectively

If you pay simple interest on the principal during the study period, your EMIs will be reduced to a large extent. Many banks also give a 1 per cent interest concession to those who repay the interest debited during the moratorium period.

Tax benefits: Under section 80(e) of the Indian income tax act, a person can exempt the amount paid against the interest of the education loan – either for self or for his/her spouse or children – for eight years from the year(s) he starts to repay the loan or for the duration the loan is in effect, whichever is more.

Research shows that there has been a sharp rise in the number of loan defaults. Hence, avoid the myth of viewing educational loans as a financial assistance which is not to be repaid.


Conclusion

Govt. of India encourages loans on education and housing provided you meet the requirements. Hence, you must plan ahead; do research; get the details; shortlist the best university as per your financial capacity; ensure funding from your bank at reasonable rate of interest; make room for contingencies; prepare yourself mentally; network with others; learn and work smart to acquire overseas education.

Good luck!


"All great changes are preceded by chaos." — Deepak Chopra

Reference
https://rbi.org.in/scripts/NotificationUser.aspx?Id=369

If you like this article, Like and share Facebook Page: https://www.facebook.com/pages/Professor-MSRao/451516514937414


Read my ‘Vision 2030 One Million Global Leaders’ URL: http://professormsraovision2030.blogspot.in/2014/12/professor-m-s-raos-vision-2030-one_31.html  


Life is great!

Professor M.S.Rao, India
Founder of MSR Leadership Consultants India
Recipient of 10th International Prestigious Sardar Patel Award―2015
Blog: http://professormsrao.blogspot.com
Blog: http://professormsraoguru.blogspot.com
Global Top Gurus 30: http://www.globalgurus.org/leadership/upcoming.php
21 Success Sutras for Leaders: Top 10 Leadership Books of the Year (San Diego University) Amazon URL: http://www.amazon.com/21-Success-Sutras-Leaders-ebook/dp/B00AK98ELI




Thanks for reading!

Kindly share your thoughts and comments below, I’m sure someone out there will find your story useful.



Copyright©2016 MSR Leadership Consultants India. All Rights Reserved. Reproduction in whole or in part without permission is prohibited.

This is a nonprofit blog to share Professor M.S.Rao’s passion and vision to build one million students as global leaders by 2030. Please don't cut articles from my blog and redistribute by email or post to the web. The use of this material is free provided copyright is acknowledged and reference or link is made to the Blog http://professormsraovision2030.blogspot.in.  This material may not be sold, or published in any form, or used in the provision of business services to a third party without permission.


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Friday 25 March 2016

“Dos and Don’ts for Indians to Pursue Overseas Education” ―Professor M.S.Rao










“It’s your place in the world; it’s your life. Go on and do all you can with it, and make it the life you want to live.” — Mae Jemison


Overseas education is very expensive for Indians. Many Indians dream of acquiring it but find several financial constraints to accomplish their dreams. The cost of overseas education includes university fees and living expenses. If they understand the right method of choosing their universities and bankers half of the battle is won.

Indian students are very keen to go to America to pursue higher education such as MS or MBA. The craze is high because America is a land of opportunities and especially for Indians. Indians are highly respected in America and other advanced countries like UK, Canada, Australia and Germany for their hard work and adaptability. Indian CEOs such as Sathya Nadella of Microsoft, Sundar Pichai of Google and Indra Nooyi of PepsiCo have become inspiration for many Indians in India. The quality of education in America is good and is creative, fun and employment-oriented.  However, there are many students who don’t have financial capacity to pursue higher education in America. This article addresses how to get loans for your overseas education and the dos and don’ts involved in it.  


A Blueprint to Your Overseas Education

There are several consultants that arrange loans for your overseas education. Do research to find out genuine overseas consultants. If you don’t have any idea, network with your friends from your educational institution and get inputs from your seniors who have already gone abroad for education. Find out the genuine universities and apply. Assess your financial capacity. Check the income tax returns of your parents. Get the banking transaction statement from your banker. Apply for loan based the on fees the college is asking. Find out the mode of payment and the installments to pay your fees.

Approach both private and public sector banks for loan. They will guide you how much they can fund and the margin money you must have. While going to private bankers, find out the rate of interest and hidden costs involved in it. Usually the marketing people from private bankers don’t reveal everything to you. Hence, you must clarify your requirements to avoid hassles later. Here are some dos and don’ts.  
  • Assume that you don’t get any part-time job during your study.  
  • Read the brochure carefully before applying for educational loan to avoid springing last-minute surprises by your banker.  
  • Compare the rate of interest from different banks. Find out the hidden costs involved. Some bankers present rosy picture by promising moon and finally you end up finally paying more interest. Hence, be careful with bankers. Have your queries clarified by the bank representative. If required, talk to his/her immediate manager to find out the facts. It helps you avoid burning fingers.
  • Ensure that you hit on the right bank with the right educational loan scheme to suit your needs.
  • Be careful with fluctuations in currency.
  • During the visa interview, express your sincere intentions to pursue quality education rather than to settle down there. You must convince them that you have the financial capacity to pay the fees and meet the living expenses during your stay for the course.


Conclusion

Govt of India encourages loans for education and housing provided you meet the requirements. Hence, do research; find out the details; shortlist the university as per your financial capacity; and ensure the funding from your banker at reasonable rate of interest to acquire overseas education.

Don’t assume that you get part-time job immediately. The rules in USA are changing and you must find out how many hours you can work part-time. The students who illegally work are sent back to the home country.  Hence, don’t involve in illegal activities that ruin your prospects to complete your course. Therefore, keep all risks in view and make your decisions wisely. If your parents cannot afford, don’t pressurize them. Empathize with them. Look for alternative means to accomplish your dreams to acquire overseas education.


"Dreams are extremely important. You can't do it unless you imagine it." — George Lucas



If you like this article, Like and share Facebook Page: https://www.facebook.com/pages/Professor-MSRao/451516514937414


Read my ‘Vision 2030 One Million Global Leaders’ URL: http://professormsraovision2030.blogspot.in/2014/12/professor-m-s-raos-vision-2030-one_31.html  


Life is great!

Professor M.S.Rao, India
Founder of MSR Leadership Consultants India
Recipient of 10th International Prestigious Sardar Patel Award―2015
Blog: http://professormsrao.blogspot.com
Blog: http://professormsraoguru.blogspot.com
Global Top Gurus 30: http://www.globalgurus.org/leadership/upcoming.php
21 Success Sutras for Leaders: Top 10 Leadership Books of the Year (San Diego University) Amazon URL: http://www.amazon.com/21-Success-Sutras-Leaders-ebook/dp/B00AK98ELI




Thanks for reading!

Kindly share your thoughts and comments below, I’m sure someone out there will find your story useful.



Copyright©2016 MSR Leadership Consultants India. All Rights Reserved. Reproduction in whole or in part without permission is prohibited.

This is a nonprofit blog to share Professor M.S.Rao’s passion and vision to build one million students as global leaders by 2030. Please don't cut articles from my blog and redistribute by email or post to the web. The use of this material is free provided copyright is acknowledged and reference or link is made to the Blog http://professormsraovision2030.blogspot.in.  This material may not be sold, or published in any form, or used in the provision of business services to a third party without permission.
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