The aspirant thinks, “I know almost 90% of the portions. I can easily learn everything I decide to learn. Why should I pay for a mentor? It seems a waste. I can’t understand what value addition that extra cost for a mentor will get me?”
It’s quite possible that you may not need anyone to support you to learn the basics. Or you could register for a video course and get your knowledge up to date. Definitely a mentor cannot add value here. If you are presently less than the 90 percentile, what you would need is a good teacher, good classes and decent materials. Above the 95 percentile you don’t even need this. The plot gets thicker – then why the hell do you need to pay for a mentor?
The last mile: Many people talk about the ‘last mile’. What is it? It is a term used in the telecom industry, when optic fibre is being laid till the hub. But, the ‘last mile’ from the hub to the home remains copper wires. This becomes a constraint for getting good data speeds in spite of having done all the hard work of laying optic fibres. The last mile optic fibre connectivity will determine whether you are a winner or an also-ran.
Many people can reach the hub on their own, but very few can walk the last mile themselves. An experienced CAT mentor working closely with you, can work wonders in the last mile.
Usain Bolt does not need a coach to get him to the 9.7 sec range. He can do it himself. He needs the coach to shave off the last few micro seconds which makes the difference between an Olympic gold or an unknown athlete. Is the coach worth it? Bolt thinks so because he knows the value of the last mile.
There are CEOs who hire coaches, not because they don’t know how to run businesses. They need that extra edge that will determine whether they are a few jumps ahead of the competition. Else they will fall behind. Is the coach worth it? The CEO thinks so because he knows the value of the last mile.
In CAT, the last mile means the extra six to ten questions that can come into your kitty – the extra 20 to 30 marks. Letting that go would mean a drop from 99.7 to a 99 percentile or a drop from 99 to a 96 percentile or from 95 to below 90 percentile. Since value is also measured in terms of money, it could mean the opportunity cost of a lost year. It definitely will mean the drop of 25% to even 50% of your potential post MBA salary and the long-term impact on your career because of not getting the best possible opportunities.
CAT Mentor’s impact point 1: Around 20% of the work happens in the classes and videos, while 80% of the work is self-preparation. If you slip up on the 80%, you will not reach your potential score percentile score in CAT. A mentor who takes active interest in the 80% can ensure you will hit your potential score and beyond.
CAT Mentor’s impact point 2: At the next level, a good mentor will help you create a strategy that will stand up to the pressure of the CAT day. For every person who gets into the top school, there is an equal number of high potential candidates who miss out because they panic and crumble under the pressure of the CAT day. A mentor who analyses the mocks along with you, will be able to iron out a lot of issues. This will dramatically improve your chances of having a smooth exam day.
Combined Impact: An experienced CAT mentor, who monitors your 80% self- work and helps you create a robust strategy for your CAT exam, will maximise your chances of getting those extra 6 to 10 questions. Is it worth paying a mentor for those six to ten questions (last mile)?
You can assess the cost of hiring a mentor at two levels. At the first level, the value of the mentor to get you to the hub, and you assess, “it isn’t worth it”. You may be right in your assessment.
Now assess the value of the mentor to get you through the last mile versus the opportunity cost of a lost year or the loss of long-term opportunities (and of course money) by joining a college below your potential.
You are the best judge!