IIM A - GD/PI

Date – 27/02/06
Venue – IIMB – M Block
Background – CA, M.Com
Verdict – Screwed up big time.

One from panel collected forms. Asked me why I had not pasted identical photograph. Apologised.

GD – 5 min to read. 20 min to discuss. 5 min to write summary. Case study abt a new HR manager who finds that attrition rate has gone up but is unable to pinpoint the reason. GD was peaceful. No fish. Lots of points thrown up in first 15 min. Got repetitive in last 5 min. Put in decent participation coming in 5-6 times. Wrote a decent summary with the panel specifically asking us not to write bullet points and in paragraphs. Panel asked us to write name and xxxxx number along with the summary. Didn’t get the number part first time around and I decided to ask after writing summary. Panelist gave rather cold stare when I asked while submitting the summary and told nothing could be done now. Hope its not held against me.

PI – Panelists – BP (Bearded Prof), CP (Clean shaven prof), LP (Lady Prof), BM (Bakra Me) Guy before me assured that the 2 gents were mech engineers while the lady seemed to be HR types. He got the idea when they drilled him abt CAD/CAM and other assorted mech stuff. Next 30 min would tell how wrong he was!! Lady came out, called me, let me in and shut the door.

BP – OK BM, give me the variance used to analyze overheads?
BM – Tried to give some gas abt material variance, got cut short.
CP – Give me your certis.
BP – So give me theoretical name of the variance.
BM – Absorption variance.
BP – Are you sure?
BM – No. However I do know how to calculate it.
BP – So, you don’t know?
BM – I am not able recollect it right now.
BP – You should have told this earlier. What do you know abt Efficiency variance?
BM – Yes, It is used to measure Overhead Variance. Told him how it is calculated on the basis of labor hours.
BP – Don’t you think it will result in labor variance.
BM – Clarified that overhead could be measured on both per unit of production and labour hour (with labour hours tied to unit of production) basis.
BP – So what other methods can be used for cost control and reduction?
BM – Standard costing, ABC….
BP – Ha ABC! So tell me the disadvantage of using ABC?
BM – Inability to break any process to clearly defined activities
BP – What if it is taken care of?
BM – Inability to logically allocate indirect costs to all activities.
BP - What if it is taken care of?
BM – I use ABC for cost reduction and standard costing for cost control…
BP – So there is a difference between cost control and cost reduction …
BM – If I employ ABC for cost reduction, I will need a target cost which ABC may not provide in the first place….
BP - What if it is taken care of?
BM – Not able to recollect any specific disadvantage.
BP – What are relevant costs?
BM – Wrt to decision making, costs that matter
BP – Are past costs relevant?
BM - Nope
CP who was going through my certis till then took over.
CP – So BM, you have been talking abt variances all the time. Do you know abt variances in mathematics?
BM – Yes, in statistics.
CP – Explain.
BM – Asked if I could write the formula. CP agreed and I wrote and showed it.
CP – What is it used for?
BM – Measurement of dispersion.
CP – Any other measures used?
BM – Std deviation.
CP – How it calculated?
BM – sqrt of variance.
CP – Then why STD Dev better over variance?
BM – Explained funda using example.
CP – Any other measures of dispersion?
BM – Not able to recollect…
CP – Range?
BM – Yes, Explained. Also told it does not give true idea in case of skewing values.
CP – Gimme a skewed distribution.
BM – Drew and explained.
CP – Types?
BM – Told
CP – Gimme a distribution that is always skewed?
BM – Abt to give him an example…
CP – You have so many types of distributions …Poisson. binomial etc. So tell me?
BM – Dang…er…stats studied more than 2 years back and not in touch with it.
CP – What is kurtosis?
BM – Showed with diagram…
CP – Not satisfied, said I had drawn 3 normal distributions.
BM – Was abt to tell him that 2 curves were not normal and the diff in peak is kurtosis but decided keeping mum is better. Bleated again that stat I studied was pretty elementary to which BP replied that he was sure all this formed a part of the syllabus.
CP – OK, so what is Jambudweepa?
BM – Initially confounded. I mean, after getting grilled on stats, the last q u expect is abt jambudweepa!! Then told abt ancient name given to Indian subcontinent.
CP – Now tell me 5 such regions and their old names.
BM – Tamilnadu – Tamilnadu, Kalinga – Orissa, Magadha – Bihar, Gandhar – Afghanistan, Asom – Assam, Dwaraka – Gujarat (last 2 - crap)
CP – Assam funda is wrong.
BM – Me agrees.
CP – OK what abt kurupanchal?
BM – Kuru – Kurukshetra – Haryana. Panchal – Dunno.
CP – Draupadi was called Panchali, right?
BM – Yup, still don’t know.
CP – What abt Vidarbha?
BM – Maharashtra.
LP takes over –
LP – Raised a point abt the absence of my M.Com marksheet.
BM – Clarified.
LP – So, you have studied HR as a part of M.Com. Can I ask you abt it?
BM – Don’t remember much. Will try to answer with reference to what I do at place of work. Also M.Com for me was more of a fall back. So did not pay much attention to it.
LP – What is strategic HR, HRIS?
BM – Dang in both cases.
LP – Who is an entrepreneur and you don’t have to tell me the classical definition in the books?
BM – Told her. Also entrepreneurs in true sense of the word not strictly applicable in today’s corporate sector as shareholders take risk and managers run the show.
LP – Are managers entrepreneurs?
BM – In a way, yes.
LP – Who are intrapreneurs?
BM – Explained.
LP – So why do companies encourage them?
BM – Retention of bright employees. Also gets to make money out of good business idea.
LP – And who gets all the money made?
BM – Depends on the shareholding pattern of the enterprise.
LP – Gimme 5 companies that you admire of Indian origin?
BM – TATAs, Infy, Reliance, TVS and my current employer.
LP – Is your current employer of Indian origin?
BM – Nope, but included as it is one company that I admire a lot.
LP – Why Reliance at third place?
BM – No ranking. Just mentioned them in the order they occurred to me. Admire Reliance because of focus on shareholder enrichment. IMHO prime reason for any co.’s existence is shareholder enrichment.
LP – Don’t you think it’s the employees who are the reason?
BM – Reason for existence is shareholder enrichment. Employees work hard with specific objective of shareholder enrichment
LP – OK that’s it. Take a toffee.
BM – Look for a tuft of grass to graze upon. Not finding any settle for a Coffee Bite and bleat out.

Thus ended my tryst with IIM A. Hope they call me even after this. Am totally down after reading the dazzling PIs posted on PG.

Prp for IIM A started

IIM A GD/PI prp started in right earnest yesterday. Was a bit lucky in K as the panel did not go tech heavy but cannot hope for the same in A. From what I can see on www.pagalguy.com the trend seems to be towards acads. Then again, thats what I felt in case of K too, but it was not so in my case. Paying special attention to - OR and statistics. Discovered yester that I actually had them for grad, post grad and CA. Better know at least the basics. If things get too hot, I can always take refuge behind the familiar - "Its been a long time..." excuse. :-)

K - GD/PI

GD/PI of K got over on 15th.Venue – CPP, IIMB Day got of to a flying start with me reaching IIMB at 8:30am and waiting at Center for Public Policy for 45 minutes with another guy, wondering why no one was turning up. Asked the guy below who was helping out and was guided to the real CPP. Sprinted in right on time and saw 16 hopefuls peaceably reading newspapers/chatting away/arranging certis. Got hold of a chair with some difficulty, only to be cornered by a DCE guy who quizzed me abt US GAAP. Gave some general gyan and that seemed to satisfy him. Before I proceed further, a confession would be in order. Being a CA does not… I repeat, does not mean that you know everything about Finance, Commerce and everything monetary. Nothing could be farther from the truth. So, please stop asking CAs panting from a long sprint abt US GAAP. Was put in panel 1 (8 engineers and 1 CA...me )and herded to the IIMB Managerial Review mag wing with 9 other hopefuls. Had gotten familiar with 3 other souls … we are supposed to do that to make the GD just a bit more easier… remember the GD Must Do rule No 1?? Just that it was of no use as none of the guys were in my panel and I was back to staring at a group of strangers. The IIM Profs, canny souls that they are, called us in immediately for the GD, leaving no time for the “getting to know each other better” ritual. GD started at 9:35 am. 2 panelists – Both middle aged men – no distinguishing features – so will settle for P1, P2 and UT (Urs Truly) The seats are pre-assigned and there was a slight delay as No.10 joined in a bit late as he was talking with his placement officer over phone, who had gone ballistic when he heard that No.10 was attending an interview, after getting placed. Seating arrangement –
X1 X2 X3 X4
P1-----------------X5
P2-----------------X6
X10 UT X8 X7
P1 welcomed us and after some minor seat adjustment kept the GD Topic sheets upside down. Laid out the rules – 1)3 minutes to put our thoughts in order.
2)He would specify when to start.
3)10-12 minutes of discussion.
Topic- Globalization is having a devastating impact on the environment.

GD – Single word to describe it “chaotic”.

You want the gory details?

Here goes – 1)4 self appointed moderators.
2)3 ppl screaming out at the same time.
3)One guy defining globalization as a communication revolution and going unchallenged.
4)All agreeing that Globalization was having a devastating impact on the environment in the first 25 seconds.
Came in twice, but no major contribution. Overall big disappointment… especially when I have been doing well in the TIME GDs. Discussion called to halt after 7 minutes.

PI – The guys who went in, came out looking sort of bruised. They spoke of being ripped apart in acads. The sole lady with abt 17 months of work-ex at infy was asked abt her domain, significant achievement (they did not get what she had written) and hobbies (she was asked to recite one of her poems as poetry was her hobby). She was the only one who was happy at the end of the PI.Me went in finally after polishing off 2 samosas and a cold chocolate…

P1 – So, Abhinandan, tell me something abt urself and asks for my certis.
UT – Usual spiel abt my superhuman virtues and achievements.
P1 – You have some rank in CA
UT – Yes, got the 35th rank in CA Inter (had not mentioned it in my spiel)
P1 – There is this school of thought that says “Inventory is actually a liability”….any idea why?UT – Inventory reduction is sole focus when dealing from working capital reduction angle….also liability when the stock is aged/outdated as a result of which I have to write down the inventory value.
P1 – Don’t you think there is scope for inflation of company/share valuation due to overvaluation of inventory?
UT – Quoted funda of Book Value vs. Net Realizable Value whichever is lower as per AS-2 – Indian GAAP and how one would have to check the NRV carefully during due diligence or valuation exercise.
P1 – So you can write down inventory value if it is actually low?
UT – Yes, you can and must.
P1 – Tell me abt the difference between CFA and CA?
UT – You study different courses to qualify.
P1 – No..No.. I am talking about the jobs handled…
UT – CFA deals more with financial instruments and financial markets….CA with accountancy, audit, costing etc. CFA rarely employed by manufacturing co.s
P1 – So why do you think a CA cannot do a CFA’s job?
UT – The CA syllabus covers only the rudimentary stuff abt fin instruments and markets. CFA syllabus on the other hand goes into much greater depth. However, it’s more a q of orientation and a CA can do the same job given time as it demands the same skill stes and familiarity with numbers.
P1 – You must have studied statistics as a part of M.Com/B.Com?
UT – Yes, but have no touch with it for past 3 years.
P1 – Because statistics is useless?
UT – Of course not. Me of opinion, it is very useful….just that I don’t apply it in my daily work, so out of touch. P1 looks at P2 visually signaling him to take over –
P2 – What is your take on your performance in the GD?
UT – I came in twice and could not contribute much. This is despite the fact that I had lots of points to contribute to the GD. I just could not come in. That’s about it.
P2 – In your hobbies you have mentioned blogging, don’t you think there is no control over what gets posted on the internet?
UT – There are 2 viewpoints to this – One is the freedom of expression. One may speak the truth or may lie and may even indulge in slander. But he is entitled to it as the freedom of expression ifs paramount. (P2 raised eyebrow when I said this). The other view is that all freedoms have their limits. Spoke abt the bromide - right to swing stick ends where other person’s nose begins. Also mentioned internet being a nascent medium and how controls are being evolved. Gave some gyan abt how controls on print media will in due course and with modifications become applicable to the net too.
P2 – Still persisted in the same line of questioning.
UT – Gave some gyan about how what is posted on the net is self governed as the poster’s reputation is at stake. Also gave the example of wikipedia’s self correcting mechanism.
P2 – So will you be posting the PI details?
UT – Yes, both GD and PI (I grin , they laugh)
P2 – What is the most famous blogging site or group?
UT – Dunno, but I use blogspot and blogger both of which are owned by google.
P2 – Know anything about mumble jumble(that’s exactly what he said)
UT - Dunno
P2 - Don’t you think there is too much of junk on the net? I spent 30 min in the morn searching for something but still could not get anything remotely related to what I was looking for?
UT – Told him that same thing could be said abt print media too…just that there is no search function. Also search engines always on the look out for improving search results…so things can only get better. Google allows you to report bad search results so that they can improve.
P2 – I assume you will specialize in Finance, If we call you?
UT – Finance, yes…but also in general management topics like OR, Logistics in line with my long term goal.
P2 – Nice meeting you
UT – Thanks for the opportunity… and stumble out after 20-25 min.
Was relating the experience to the last guy when P1 came and called him.

Overall poor GD and weird PI(though me was happy with it).Now its on to A.

B'Lore -

K interview got over on 15th Feb. Landed in B’Lore on 14th Feb. First impressions of the place –
1) Great climate
2) Lots of greenery
3) Lots of buildings and schools
4) Auto drivers who don’t fleece
5) Pathetic roads and too many speed breakers.
6) Non-existent public transport
7) Large number of Muslims
8) Too many one ways and too much smoke from vehicles
9) Traffic congestions galore.
10) Loads of good looking girls

Funny thing is that Bangalore seems to be the opposite of Chennai in each of the above points (except may be 3).

Another thing that struck me was the large number of young guys lolling on the streets with uniform dress code – Oversized Jeans pant, Round neck T Shirt, Tracksuit/leather jacket types, oversized coolers, long hair and sneakers. Wonder why I found it disturbing? May be it was the perception that guys at the prime at their lives were doing nothing but just lazing around. Either that or the thought that I just dont have the time to loll around any more :)

Somehow the distinct impression I got of B’Lore at the end of 2 days was that of a place that was struggling to keep up with the pace of change but was just not succeeding. Dope on the GD/PI later.

4 more days to go....

4 more days to go for my K interview and I am in office working??

Shucks..cant get myself to believe it. Another thing that is bugging me... no one is reading my blog...except that old faithful..sornakka....OK.. OK.. u r not old :)

Hello is someone out there listening..... hellooooo?

Funny thing happening at place of work...everyone has assumed I have quit. In a wierd way, it's only adding to the pressure of converting the calls.

More later.

How I luv being a freeloader :)

Discovered this website yesterday - www.businessweek.com, contains good stuff relevant to GD/PI prep.

Good thing is that you dont have to pay any subscription for it's contents. This is unlike http://www.economist.com/ which requires that you pay for access to its contents.

While on the topic, why is it that I have no issues with paying for the print edition of a magazine, but complain when asked to pay for access to the web edition? Is it because I have got used to expecting that anything related to the net gotta be free e.g., email. Then how long is it going to be free?

It's only a matter of time before www.businessweek.com concludes that it's web edition might be actually hurting the sales of it's print edition. The next logical step would be to start charging for the web edition too. The only way this is not going to happen is if the revenues from online ads are high enough to justify offering the content free. In such a case, again it would be a trade off between online ad revenue and revenue from member subscription(MS). "Trade off" because it is difficult to imagine online advertising and MS coexisting . The guys advertising are dependent on the number of eyeballs which is likely to fall once you start insisting that the eyeball owners pay up before browsing.

Funny thing is that the above logic is not applicable to the print media.

Read at your own risk

I am not my usual ebullient self today. Today is gonna be a cribbing/crib analysis day. Have been a dark mood for the past 4 days. Not that anything has gone wrong but just that I am feeling pretty much down and out. Suspect it's my work pressure that's beginning to tell on me. Surprising thing is that I have always been a guy who loved to work under pressure. Pressure is one thing set my juices flowing. So what is it that has changed? May be it's because I have not been able to prepare for my GD/PI. Yes. think that is the reason. A chance to study at the IIMs has always been at the back of my head guiding me in everything I do. Just when I stand a chance to have realistic shot, I find my goal slipping away. I have just not been able to prepare and the blame lies squarely on my job and the pressures that go with it. Just dunno how I am gonna manage it. Worse thing is that I am going to be 26 in a few days ... and what am I? A frigging beancounter with prematture greying, wearing thick spectacles,getting a pathetic pay, having no future and getting older by the day...not exactly appetising, is it?

Have never admitted defeat but am pretty much close to it now.

2006 ......

CAT results came after a loooooong wait. 3 calls - A,B,K. Lemme see how many I convert. Work continues to be damn hectic. Have been staying the nights in office. Consequently, GD/PI prp has not even started. Dont even want to think abt the forms I have to fill......Gawd help me.