Frequently asked questions about FPM and career options post FPM

Please find below a compilation of questions I have received via various mediums related to FPM and  career options post fpm. As we know, in all management institutes in India almost follow the same pattern i.e. first 2 years of coursework, followed by a comprehensive examination and then thesis work. In most b schools the first year of FPM coursework is with the PGP though some schools have completely delinked FPM from PGP e.g. IIMA and IIMB. I am currently in my thesis work stage of fpm and the following responses are strictly my personal opinion from my experience so far. Also I would suggest you all to go through the fpm/phd threads at pagalguy.com for more information. Most of the commonly asked queries are resolved there.

If you have further questions, please comment it here. I will try my best to reply to most of the comments (I mean the reasonable ones!).

Now, let`s get started:-

Q. What`s the placement scene after FPM? (Most common question)

Ans. The placement scene is good. If you want to go to industry, at some b schools there`s a placement committee which helps in getting fpm placed. Of course, here one tries for a different profile than what the regular PGP students get. But there are many factors involved here, lot of it is dependent on your profile, area of research, fit with the job role, etc. Of course one needs to have realistic expectations. e.g- Just because you have done fpm in finance, you can`t expect big shot banks to offer you front end IB roles. Although it`s possible but then again it depends on your profile. From my experience in the placement committee in my institute, I have seen most of the fpm go for academics though there have been a few who went for industry roles and they have got placed in reputed consulting, tech, etc firms with decent package. Now for academics placements, the placement committee doesn`t provide you any support. You are on your own here. Here your thesis work and research publications will play a vital role in getting you at least a call for recruitment seminars from top institutes. I hope now the process is clear enough. (And please don`t ask me exact packages, I am not going to divulge any numbers here).

Q. I want to work in industry. Is fpm a good option?

Ans. If you are not interested in research and are just going for fpm just for the lack of other options then it`s going to be a very painful and frustrating journey. Also fpm takes a long time. You can achieve your goal just by going for a 2 years/ 1 year MBA. That`s a much better option in this case.

Q. I couldn`t make it to the PGP at IIM X. But IIM X is my dream school, and I converted my fpm call. Should I join?

Ans. Again it`s a personal decision. But I believe one should join a programme for the right reasons esp. when you are going to invest 4-5 years of your life.

Q. Is the coursework too tough?

Ans. Definitely it`s rigorous. But don`t worry about it! Once you get enrolled, you will learn to cope with it. And don`t let anyone discourage you.

Q. Is it guaranteed that I will complete within 4-5 years?

Ans. Of course not. It depends on you.

Q. My quant skills are weak. Will I survive the coursework?

Ans. If you put in the required effort and hard work then it won`t be an issue.

Q. How important is the SOP? What are the panelist looking for in a SOP?

Ans. It`s a very important part of the application process. It should give a brief introduction about yourself, your long terms and short term goals, reason for applying to fpm and how it fits with your goals and why you are applying to this particular institute. The panelists are looking for a clarity in your goals and thought process.

Q. Do I need to have research topic in my mind before appearing for the interview?

Ans. If you are clear about what you are going to work on, then great!  Even otherwise it`s not an issue. Definitely the faculty does`t expect you to know that. But at least you should be clear about your area of interest for research e.g- OR, Microfinance, CSR, etc.

FPM interview experience at IIMA

I applied for the P&QM (Production & quantitative methods) specialization mainly because of my work experience (Which was completely in the business analytics sector) and was definitely interested to learn more about this field. Moreover, the other most important thing I considered was the application of quantitative methods in almost all fields i.e. Finance, marketing, operations, etc. The application process mainly comprised taking a standardised test viz. CAT/GMAT/GRE/UGC-JRF,etc, filling the application form along with writing a 1500 words SOP (Statement of purpose) which should be a brief walkthrough of your profile and how FPM fits in with your career goals. Anyways, my profile was shortlisted and I was invited for the interview process on 12 march, 2013 at IIMA campus.

The first stage was a written exam. By the way only P&QM has an additional written test round, for all other areas there was only one round i.e. the Interview.It was a subjective test comprising 6 questions and duration was 20/30 minutes. The questions were higher level mathematics i.e from matrices, linear programming, calculus, etc. It was not very difficult but if someone has lost of touch of +2 maths then they might struggle. After the exam, they started calling candidates for interview as per their area i.e each area (finance, marketing, P&QM, etc) had a separate interview panel.

My panel had three professors, let me call them P1, P2 and P3.

Me: Good Morning sirs!!!
P1- Good morning! Please sit down.
Me:- Thank you sir!
(P2 was busy flipping the pages of my application form comprising my CV and SOP)
P1- So Sayan, I see you are working in the industry then why do u want to go for fpm?
Me- Sir! I have a diverse experience and as you can see I have tried lots of things in my brief work experience of 3 yrs i.e I made the transition from IT to the analytics industry (with the numero uno brand in this field) and then moved to a reputed consulting brand as an Analytics consultant and also tried my hands in academics as a part time faculty with the no. 1 brand in India for MBA preparation. So all these helped me discover my interest and gave me a brief idea of both the corporate and to some extent the academic world. I now know that I love analytics and want to explore more. But in Corporate the learning is limited and sometimes there`s no freedom which an academic world can give me and this course is a stepping stone for it. I want to make a career in research in the Analytics field (though I am open to both corporate and academic career post fpm) and FPM in P&QM will give me all the tools to learn and explore.
P1- Ok so if you are that interested in a career in research then you must have gone through some of our published research papers, so can you please tell us about any such paper? (Bouncer!!!)
Me- err... (fumbled)..... I have read up on one recent paper but I didn't understood the problem completely but it was interesting... it`s was something on single row facility problem.
P1- (smiles) So do u know who is the author?
Me- Yes it`s Mr. ----
P1- Can u tell me whether he is in this room?
Me- No idea sir!
(P2 smiles)
P1- (Pointing at P2 ) Well he is the one, so u can ask all your doubts regarding this problem to him.
P2- So tell me what did u understood about the problem?
Me- What I understand, it`s how you can arrange things in a single row by optimizing the distance between themselves e.g- cubicles in an office. Though it is bit different since all cubicles have same dimensions but this problem can be replicated for things of different dimensions.
P2- well that is the problem. So which part didn`t u understand?
Me- Sir research on this problem has been going on since 1960, so why is it still not solved? They have tried various methods like branch and bound algorithm and something on ant...
P2- ya ant colonization algorithm
Me- So why didn`t it work?
P2- well it`s not that it didn`t worked... we.....
P1- Ok! The interview should be this way (gestures) and not the other way round. I asked you to ask him questions but that doesn`t mean you will clarify all your doubts right here.
(Everyone laughs)
P2- So you want to do research in this topic? And you said you want to work in analytics and as you can see here which is a typical operations research problem, there`s no use of statistics at all.
Me- Sir I have not decided about that yet. I will do so during the course of my studies. May be after the coursework I will have more clarity on the kind of research I want to do. But I have interest in ecommerce and might want to do something with applications of analytics in the ecommerce domain.
P2- Ok! now I am confused! So u started with the single row facility problem and now u are saying that u r interested in ecommerce.
Me- Sir please let me clarify. What I meant was that I read up a paper on single row facility problem and I found it interesting but I am more interested in carrying research work pertaining to the ecommerce domain.
P2- Can u related single row facility problem with something in ecommerce? (yorker... clean bowled :P)
Me-- err.... (struggled.. said some random stuff on various parameters like ROI, clic through rate and tried to somehow relate it with single row facility problem with brute force and was grilled on it)
P3- (finally gave a hint) Well when I go to amazon website I see so many banners and categories, Do u think that there`s a scope of applying SRF problem there?
Me- (lightbulb on!!!) Yes sir even if you go to flipkart.com you can see there are so many offers and banners for different category and may be those boxes can be arranged in a single row to optimize the space and thus we have a SRF problem and moreover they can also be customized as per user historical transaction. There`s something called personalization and that can be more effective with SRF problem.
P2- But that is already there i.e. those recommendations/suggestions are there for different users?
Me- yes but there`s always scope for continuous improvement.
P2- hmm (asking P3) Is his explanation relevant to the core problem?
P3- (to P2) well he is close and his explanation has a mix of analytics here and there.
P2- ok!
P3- Well Sayan it seems you have worked in some consulting firms and you had worked on some kind of index and for which u are also in the process of applying for a whitepaper (I mentioned it in my SOP).
Me- yes sir!
P3- so can you tell me briefly about it i.e. the problem definition, variable selection, model building, techniques that u used and the final output.
Me- ... (Told everything in detail and all three nodded and P3 also asked me to justify on the dependant variables selected as a performance indicator and also on techniques like linear regression, etc. I answered all of that correctly. And P3 looked convinced)
P1- So you said that u want to do fpm because it will give you freedom (from a learning aspect) but have u even talked to any of our students. Just ask them do they get any freedom?
(everyone laughs)
Me- (smiling) of course sir! I know that`s not possible during the course. What I meant was freedom in terms of career path and work post completion of fpm.
(P1 nods)
P2- Thank you Sayan! That will be all from our side!
Me- Thank you sirs!
(stood up and left the room)


Verdict:-- CONVERTED!!! :)

FINAL EDIT:- March, 2017-- Last 3 years & 9 months at IIMA was awesome. I thoroughly enjoyed my research work and have successfully defended my thesis. Now a "Fellow" of IIM Ahmedabad. The convocation day was one of the proudest moments of my life and I will remember this experience for the rest of my life.
I would like to thank all the readers of my blog. There were many IIM FPM aspirants who contacted me after reading this post (some of them also made it to IIMA) over the years, I hope I was of some help!
I would be now signing off from this blog! All the best to all future FPM aspirants! 

Last dates for applying to various institutes for FPM

Last Dates for applying (for 2012) -

IIT D- 10 Nov (for spring semester)
IIT B - 31 Oct (for spring semester) --- the next one (i.e. for the next semester) wud be by June 2013 end
IIM A - 30 Nov (very stringent on the deadlines- expect no extension at all)
IIM I - 3rd Dec (then extended till 31st dec)
IIM L - 31st Oct (then extended till Dec)
XLRI- 31st dec
Rest of IIM - B,C,R,R,R - end of Jan (31st Jan 2013)

The above dates are mentioned with the season 2012 as reference. It stays more or less the same and hence can be useful while planning for the application stage.

Interview experience for PhD in management in SJSOM- IIT Bombay

I attended the interview process on 7th december, 2012. The complete process at SJMSOM was smooth. The only glitches were the delay in declaring the written test results and the long wait before the interview
This time (i.e. for the spring semester) SJMSOM gave calls to around 204 candidates and the turnout was definitely 150+
The whole process comprised two steps- written test (Elimination round) and the interview.
The written test was a simple aptitude test comprising four sections viz. quantitative aptitude, verbal ability, data interpretation and logical reasoning. Each sections had 10 questions and the test was for 1 hr. Moreover, there was negative marking and sectional cut offs. It started at 9 am sharp.
After the test there was a presentation on the PhD programme at SJMSOM taken by Mr. Mukundan. And then there was a lengthy procedure for travel reimbursement.
The written test results were declared at around 2 pm. And they shortlisted only 20 candidates. Fortunately, I was one of them
But this left many candidates agitated and they demanded to know the cut offs. It seems the sectional cut offs were quite high. On an average it was above 6 out of 10 in all section except Data interpretation where it was around 8 since the paper was on the easier side.

Anyways, after that there was a long 4 hr wait for my turn  since I was called last in my panel thanks to my application id (Actually, the 20 candidates were divided into 3 panels w.r.t their specializations and they were arranged serially w.r.t the application id). I applied for the 'Operations management' specialization and there were around 5 candidates in my panel.

The panel comprised of 4 faculty member. First, there were a few general questions, why phd?, why now i.e. after Btech?, Why leave corporate and a decent pay?, why you want to do research in analytics when u already are in that profile? I was able to answer all these to my satisfaction and I think they were convinced.

But then came the thunder, one faculty was not at all impressed with my research proposal and started questioning on it. I think this is where my inexperience in writing research papers was exposed. I tried to defend but in vain. And he clearly told me that I should have done my homework.
Then he changed the topic and started questioning on my work and the projects I have worked on. Then he asked a few technical questions related to my field, what is odds ratio, logistic regression and its applications, linear regression, logit,etc and I was able to answer all of it. And finally there was some positive comment from his side :)
Then another faculty asked me if I have read any research papers by one of SJMSOM`s faculty. Thankfully, I did and then there was a long discussion on that paper. Overall, my interview lasted 40 mins- in the first 20 mins I was badly screwed but the 2nd half was good.
Anyways, it was my first interview for phd/fpm and it was a good learning experience. So one thing was clear, that SJSOM stresses heavily on the research proposal and clarity in one`s career goals.

Hope this long post of mine would be of some use. ATB!!!