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Gap between my understanding of MBA before being admitted vs after graduating started to grow from the first month on the program and became even larger after my graduation.
1) Major matters during MBA are not studies at all (with some minor exceptions, like Negotiations course; and for most students there will be barely new information in curriculum), but rather networking, career options exploring, getting international experience and meeting diverse and vibrant group of people. I guess, it's the only chance in person's life to network with 500 people from different countries and more or less different backgrounds and make connections for future.
2) Business school brand can help you in getting a good job, (though usually in your own geography, getting it abroad will be much tougher), but sometimes can be a brake for your career - potential employers will be afraid to offer you a position expecting your high salary demands and feeling that you are overqualified for what they have to offer.
3) For those who apply to INSEAD - my recommendation for those who are planning to pass interviews - be direct to the point and talk as short as possible (but not in bullet points - creates mechanical feeling), but be friendly. Most of INSEADers are "party people" who enjoy good company, drinks and conversations over a cocktail, and we are not "dry guys and gals in suits". If you can be relaxed, can put in a proper joke (don't joke a lot though and be moderate, bear in mind that a lot of lefties are studying and working there, so before being admitted try to be politically correct, if you are not left wing yourself) and overall make an impression of an easygoing person with whom it is great to do business. If you did so, you shall be fine.
Go for Negotiations with Horacio Falcao, Leadership courses with Ian Woodward, Marketing courses with Ziv Carmon and any financial course with Claudia Zeusberger and Massimo Massa. They are top professors in my opinion, and are great in information delivery.
If you are planning to be a banker or work in finance - prepare to get tough time, cause interviews are happening during first month already. Consulting interviews happen after two-three months. With industry jobs - it's different. There is no specific period for their interviews, moreover business school is less helpful in placing jobs among different industries, so if you are planning not a banker or a consultant - it will (perhaps) require more work from you, including personal networking without school support.
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