Investigating mental health and well-being

among MBA students during campus

placement season in India
Mohammed Laeequddin, Kareem Abdul Waheed and Vinita Sahay

Abstract Mohammed Laeequddin is

Purpose – This paper aims to identify the factors that influence students’ mental health, particularly in the based at the Department of
context of MBA students passing through an emotional phase of the placement season. Operations Management
Design/methodology/approach – A conceptual model through literature has been proposed. To test and Quantitative
the proposed model of this study, a survey was conducted among the students of three MBA institutes of Techniques, Indian Institute
national reputation in India. The study’s hypotheses were investigated using partial least squares- of Management Bodh
structural equations modeling and analysis of variance. To corroborate the findings of the survey data, a Gaya, Bodh Gaya, India
qualitative study in the form of open-ended interviews with five students was conducted. and is Managing Director at
Findings – The study revealed that female students, non-engineering graduates and students from non- Jidoka Packaging Pvt.Ltd.,
family business backgrounds undergo stress, anxiety and depression higher than their classmates. Hyderabad, India.
Cumulative grade point average and bank loans do not significantly affect students’ stress, anxiety and
Kareem Abdul Waheed is
depression during the placement season. It was found that the increase in the levels of mindfulness
based at the Department of
scores led to a significant negative impact on stress, anxiety and depression among the students.
Marketing, School of
Originality/value – There is a gap in the literature that addresses the mental health of MBA students
Management and
during campus job placements and the role of mindfulness in mitigating stress, anxiety and depression in
these students. This research attempts to fill these research gaps. Entrepreneurship, Shiv
Nadar Institution of
Keywords MBA students, Campus placement, Stress, Anxiety, Depression, Mindfulness
Eminence Deemed to be
Paper type Research paper
University, Gautam Buddha
Nagar, India.
Vinita Sahay is based at the
1. Introduction Department of Marketing,
These days, most graduates are pursuing Master of Business Administration (MBA) programs Indian Institute of
in anticipation of increased employment opportunities, higher starting salaries, learning Management Bodh Gaya,
leadership skills and developing professional networks. In India, almost every management Bodh Gaya, India.

student aspires to join one of the top consulting firms and other multinational organizations,
and thus, getting placed in a job during campus placement season is highly competitive and
uncertain. The intense competition and fear of interview performance create pre-placement
anxiety in the students. In the fast-paced and highly competitive business world, securing a
promising placement opportunity is a crucial milestone for MBA students. Numerous studies
have demonstrated that unemployment exerts a negative impact on mental health. For
example, according to Choe et al. (2013), for college students, acquiring a job is a significant
issue concerning economic independence, and it can threaten the mental health of anxious
individuals. Mental health issues of the students undergoing higher education are observed to
be a growing public health concern (Eisenberg et al., 2013).
Similarly, Kessler et al. (2007) found that the likelihood of suffering mental health problems,
such as depression, anxiety and stress, escalates during the developmental stage of
adolescence and reaches its peak during the initial phase of adulthood, approximately at

DOI 10.1108/MHSI-12-2023-0136 © Emerald Publishing Limited, ISSN 2042-8308 j MENTAL HEALTH AND SOCIAL INCLUSION j
 the age of 25. MacKean (2011) proved that “compared to the general population, university
students on average have increased mental health problems such as stress, anxiety,
depression, suicidal thoughts, psychosis, addictions, the risk for suicide, use of psychiatric
medications, and other chronic psychiatric disorders.” Many researchers highlighted the
need for studies examining the mental health status of students (e.g. Reeve et al., 2013; Tay
et al., 2017; Himali, 2021) to identify factors that affect mental health and address them to
improve students’ mental health and well-being. Some studies suggest that interventions
such as mindfulness meditation and physical education training effectively reduce stress in
students (e.g. Galante et al., 2013). Li et al. (2019) demonstrated that mindfulness
meditation positively affects stress, anxiety, and depression. However, in the literature, it is
not clear which factors influence students’ mental health during campus placement season.
Understanding the source of mental illness will allow professionals to design and develop
interventions for students’ well-being. Therefore, this research attempts to identify the
factors that influence the mental health of students, particularly in the context of MBA
students passing through an emotional phase of the placement season.
This manuscript is divided into six distinct sections. The introduction is in Section 1, and
Section 2 emphasizes stress, anxiety, depression, mindfulness and the research framework.
Section 3 highlights the methodology, Section 4 presents findings, Section 5 presents study
discussions, and finally, Section 6 provides limitations and implications.

2. Literature review and hypothesis development

Tripathi et al. (2022) suggested that “screening of students’ mental health is crucial to
understanding the prevalence rates of Depression, Anxiety and Stress (DAS) as well as the
associated factors, to aid in the planning and development of intervention programs to
prevent psychological problems in the target population, make policies, and find
sustainable solutions.” Dorgham (2013) referred employment anxiety as “a kind of nervous,
uneasy, intense and lasting emotional experience, which is triggered psychologically and
causes corresponding changes in cognition, physiology, and behavior.” Reddy et al. (2018)
mentioned that “improving the holistic well-being of the student would benefit not only the
individual but also the overall productivity of the institution.”
The World Health Organization defines mental health as “a state of well-being in which
every individual realizes his or her own potential, can cope with the normal stresses of life,
can work productively and fruitfully, and is able to make a contribution to her or his
community” (World Health Organization, 2022). Mental well-being is commonly regarded as
a comprehensive integration of biological, psychological and social factors (e.g. Bhugra
et al., 2013; Galderisi et al., 2015).
Well-being is referred to from two perspectives: subjective well-being (SBW) and psychological
well-being (PWB), and there is no universally accepted definition for well-being yet. SWB
represents “people’s beliefs and feelings that they are living a desirable and rewarding life”
(Diener, 2012). Ryff (1989) described PWB as encompassing six dimensions: purpose in life,
autonomy, personal growth, environmental mastery, positive relationships and self-acceptance.

2.1 Mental health and well-being among MBA students during campus placement
season
According to Cohen et al. (1995), “Stress is a process that puts the bodily systems under
strain to cope with the environmental demands that bring about psychological and biological
changes.” Goodman (1993) classified the stress of college students as academic, financial,
time or health-related and self-imposed. Academic stress is the student’s perception that he
or she does not have enough time to acquire the vast knowledge required for college.
Untreated chronic stress can result in insomnia, a compromised immune system, high blood

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pressure, anxiety and muscle pain (Khan and Khan, 2017). If stress persists, it may increase
anxiety and lead to depression (Anisman and Matheson, 2005).
Anxiety, in general, is a natural human response to stressors, serving as a survival
mechanism that prepares individuals for potential threats or challenges. Every instance of
anxiety can be broken down into three components: the perception of a threat, the
formation of negative thoughts, and a physiological alarm and activation process. In
graduating students, transient anxiety may accompany fear of not being shortlisted for a
job, not being selected, or being left out in campus placements seasons. According to
Eysenck (1992), anxiety can harm intellectual capacity and cognitive performance. He
suggests that anxiety interferes with cognitive processes such as attention, memory and
information processing, ultimately impairing intellectual functioning. Anxiety can result in
difficulties in problem-solving, decision-making and creative thinking. In the case of
placement interviews, anxiety may lead to poor performance at the interview and losing a
potential job opportunity despite having good domain knowledge. The impact of anxiety on
intellectual capacity becomes significant in the context of pre-placement anxiety in MBA
students, as high anxiety levels can impede cognitive processes and hinder intellectual
functioning. The cognitive distortions can undermine confidence, disrupt cognitive flexibility
and inhibit creative thinking, which is essential for MBA students to perform optimally during
placement interviews, group discussions and other evaluation methods. Somatic reactivity
refers to the bodily changes and physiological responses accompanying emotional states
such as anxiety. Somatic reactivity may be experienced as anxiety in MBA students before
and during job interviews or networking events. The anticipation and pressure of these
situations can induce physiological changes in the body, like increased heart rate, sweating
and muscle tension. These bodily changes can further contribute to feelings of anxiety,
making it more challenging for individuals to stay calm and perform at their best. Angst and
Dobler-Mikola (1984) described depression as “a syndrome composed of having a
“dysphoric mood” that entails feeling sad, hopeless, being irritable, and having a loss of
interest and/or pleasure.” Dyson and Renk (2006) included other depressed symptoms,
lack of coping skills, lower grades and difficulty making friends. Literature provides various
factors that result in stress, anxiety and depression, which are discussed in the following
sub-sections.
2.1.1 Gender differences. Himali (2021) found that unemployment’s impact on mental
health differs for males and females. In a study on perceived stress from a gender
perspective, Costa et al. (2021) highlighted that females experience higher perceived
stress. Bakker et al. (2000) stated, “The relation between burnout and gender aspects, in
general, is unclear.” Previous research studies found contrasting results in this regard.
While some research concludes that burnout affects women more than it does males, others
find a reverse association. Wong et al. (2007) argued that “there are no differences between
women and men regarding the influence of stress factors.”
2.1.2 Under graduation stream. In their education, non-engineering students typically seek
out non-linear and innovative problem-solving techniques, whereas engineering students
have a streamlined thought process that may be unidirectional. Explaining why a particular
solution is optimal in light of the problem and constraints is an example of engineering
thinking. The traditional conceptions of engineering work differ from the changing social
nature of work involving communication, direct meetings, and networking. Sometimes, non-
engineering graduates feel weak, and inferior compared to their engineering classmates
when applying quantitative and IT tools and techniques, leading to stress, anxiety and
depression when they need to compete with them in placement. As businesses become
more complex and integrated across borders and functions, the requirements for business
managers are also changing. There are numerous high-paying firms with soft corners for
Non-Engineers due to their profile, and these firms require a large pool of students from
diverse backgrounds to select the best among them. The distinction between professional

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 and non-professional degree qualifications becomes relevant, as students with professional
qualifications may feel more confident and less anxious about the job placement process.
Their previous study and work experience or industry-specific training can give them a
sense of competence and familiarity, reducing anxiety related to performance and future
career prospects.
2.1.3 Cumulative grade point average (CGPA). Employers, universities and educational
institutions usually set a minimum CGPA as an initial screening process for the prospective
candidates for the placement interview. For various reasons, few bright students may score
a lower CGPA. Fairbrother and Warn (2003) found that a competitive mindset among peers,
an extreme number of assignments, not being able to manage time properly, and social
skills, etc., are the everyday stressors in academics, typical characteristics of an MBA
education. Carveth et al. (1996) found that students complained of feeling academically
stressed when facing competition for achieving higher grades (CGPA) and having too
much information to study yet insufficient time to master the knowledge. From the literature
review, Nepali (2021) found that students who reported low academic achievement (CGPA)
reported low mental well-being levels and stress from their surroundings.
2.1.4 Education loan. In a multisite study by Heckman et al. (2014), approximately 70% of
college students expressed experiencing stress about their finances. Williams (2014) argues
that the more loans students have, the worse their mental health will be. Difficulty faced by
students due to debts was found to be one of the important factors related to anxiety,
depression and poor physical health (Shim et al., 2009; Archuleta et al., 2013). Education
loans provide financial assistance to students. At the same time, repayment worry and interest
rates create stress and anxiety. Chernomas and Shapiro (2013) and Goff (2011) argued that
individual-specific factors such as education loan loans, new living atmosphere, personal and
academic life balance, etc., may be stressors’ causes, sources and consequences. Williams
(2014) argues, “The more loans students have, the worse their mental health outcomes will
be.” However, Cooke et al. (2004) mentioned that “anticipated debt and mental health had no
relationship, but attitudes towards debt were related to mental health.”
2.1.5 Family business. Hargrove et al. (2002) found that parental support can guide both
the formulation of career goals and the adequate choices to achieve those goals. Previous
studies have established that family-owned enterprises perpetuate their tradition and the
continuous existence of the enterprise, enabling their children to cultivate their expertise,
principles, and self-assurance with the plans of handing over the ownership of the
enterprise to their children (Richards et al., 2019; Zellweger et al., 2011). Torres et al. (2023)
argued that “parental support has a strong direct effect on next-generation engagement in
the family business, and if they grow up with loose family ties in an environment where
everyone is expected to look after themselves, they might be less likely to become leaders
of their family business.” Similarly, Li et al. (2019) argue that “father and son entrepreneurs
are prone to have different cognition because of the differences in a growth environment,
knowledge structure and attitude toward life, leading to conflicts in business management
and operation.”
2.1.6 Mindfulness meditation as an intervention for well-being. It has been found that
techniques such as biofeedback, yoga, life-skills training, mindfulness meditation and
psychotherapy reduce stress in students. Previous research has established that mindfulness
meditation helps in reducing stress, anxiety and depression (Bamber and Morpeth, 2019;
Hoge et al., 2013). Multiple university studies recommend mindfulness meditation to reduce
student stress levels effectively (Galante et al., 2018). Napora (2013) found a positive effect on
students practicing mindfulness and grade point average (GPA). It is theoretically proved that
mindfulness is an inherent humane trait that can be developed with training (Brown et al.,
2007).
Kabat-Zinn (2005) defined mindfulness as “the awareness that emerges through paying
attention on purpose, in the present moment, and non-judgmentally to the unfolding of

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experience, moment by moment.” The awareness is brought through practicing various
meditation exercises for self-help intervention, stress reduction and to increase awareness,
empathy, compassion, and the ability to self-observe (Walsh and Shapiro, 2006; Baer,
2003; Germer, 2005). Research by Hölzel et al. (2011) demonstrated that mindfulness
training can significantly reduce anxiety symptoms. The study found that individuals who
participated in an eight-week mindfulness-based stress reduction program exhibited
reduced anxiety levels and greater emotional regulation compared to a control group. In the
context of pre-placement anxiety, practicing mindfulness can help individuals manage
anxiety during job interviews or networking events. By bringing their attention to the present
moment, MBA students can reduce rumination about past performance or worries about
future outcomes. Mindfulness can enhance their ability to stay focused, remain calm and
make clear decisions during these high-pressure situations. Mindfulness helps individuals
to be conscious of their thoughts and emotions by not succumbing to impulsive judgments,
allowing them to cultivate a more balanced perspective and reduce anxiety-related
cognitive distortions. By developing a greater awareness of their internal experiences,
individuals can respond to anxiety with greater self-compassion, acceptance and non-
reactivity. Practicing mindfulness involves various techniques, such as mindfulness
meditation, breathing exercises and body scans. Regular practice can help individuals
build resilience, increase self-awareness and develop skills to manage anxiety effectively.
We draw the following hypothesis and conceptual framework from the preceding literature
review, as shown in Figure 1:

H1. Stress, anxiety and depression among students during campus placement season
are associated with their level of mindfulness.
H2. Stress, anxiety and depression among students during campus placement season
are associated with their gender.
H3. Stress, anxiety and depression among students during campus placement season
are associated with their under-graduation stream.

Figure 1 Conceptual model of attributes that lead to stress, anxiety and depression during
placement season

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 H4. Stress, anxiety and depression among students during campus placement season
are associated with their CGPA.
H5. Students’ stress, anxiety and depression during campus placement season are
associated with their education loans.
H6. Students’ stress, anxiety and depression during campus placement season are
associated with their family business.

3. Methodology
3.1 Questionnaire
It is considered that stress, anxiety, depression and mindfulness are independent variables
that depend on the respondent’s gender, educational background such as engineer and
non-engineer, CGPA, financial status, whether they have taken any bank loan and family
background if they belong to a family having their own business. After an elaborate
literature review and the research framework, a survey questionnaire was designed for
measuring Stress, Anxiety, Depression, and Mindfulness (SAD-M) considering the attributes
of the previous research measuring scales of Depression, Anxiety and Stress Scale of 21
items developed by Lovibond and Lovibond (1995) and 14 factors Anxiety Rating Scale
developed by Hamilton (1959) and Mindful Attention Awareness Scale (MAAS) designed by
Brown and Ryan (2003) and in consultation with senior faculty members from organizational
behavior area. The final questionnaire was approved by the institute’s research ethics
committee.

3.2 Sample and data collection

A survey was conducted with final semester/trimester MBA students at three management
institutes having a national reputation in the country. The questionnaire was sent to 485
(male and female) students together. We received 168 complete helpful responses within a
week. Since the questionnaire contained data related to individual psychological emotions,
the data was collected anonymously with the freedom to participate in the survey and
withdraw at any time from the participation. A total of 179 responses were received, of
which 11 were incomplete or inconsistent. Therefore, 168 valid responses were used for the
further analysis of the study.

4. Analysis and findings

Of 168 responses received, 43 were female students, and 125 were male respondents. The
average age group of the respondents is 24.8 years, the youngest being 20 years and the
oldest being 36 years; there are 80 engineering graduates and 88 non-engineering
graduates. In total, 59% of the participants have taken bank loans to pursue an MBA, and
27.7% of the students belong to business families.
Partial least squares structural equations modeling (PLS-SEM) was performed for
analysis using Smart PLS 4.0 software, which produces measurement and structural
models. The measurement model assesses the measurement properties of the factors
included in the study, and the structural model evaluates the hypotheses proposed.
Table 1 shows the details of the factor loadings and cross-loadings of the items that were
finally included for further analysis.
A minimum cut-off point of factor loading of 0.50 with its respective factor was applied for
this purpose. The items with less than 0.50 were removed from further analysis. The items
with higher cross-loadings with factors other than their original factor were also removed
from further analysis.

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 Table 1 Factor loadings and cross loadings
Items/Factors ANX DEP STR MFL

Anxiety (ANX)
ANX1 0.76 0.07 0.19 0.13
ANX2 0.77 0.08 0.13 0.28
ANX3 0.77 0.08 0.15 0.04
ANX4 0.59 0.52 0.17 0.02
ANX5 0.77 0.18 0.09 0.26
ANX6 0.67 0.15 0.35 0.12
ANX7 0.69 0.32 0.17 0.02
ANX8 0.62 0.44 0.34 0.02
ANX9 0.54 0.31 0.34 0.24
ANX10 0.62 0.06 0.28 0.33
Depression (DEP)
DEP1 0.14 0.69 0.24 0.30
DEP2 0.12 0.74 0.26 0.34
DEP3 0.15 0.74 0.32 0.16
Stress (STR)
STR1 0.35 0.49 0.55 0.15
STR2 0.18 0.49 0.51 0.29
STR3 0.12 0.22 0.73 0.15
STR4 0.24 0.24 0.69 0.18
STR5 0.31 0.05 0.73 0.19
STR6 0.37 0.19 0.75 0.09
STR7 0.23 0.33 0.69 0.16
Mindfulness (MFL)
MFL1 0.02 0.25 0.21 0.56
MFL2 0.26 0.06 0.23 0.56
MFL3 0.12 0.08 0.09 0.84
MFL4 0.23 0.05 0.05 0.79
MFL5 0.15 0.16 0.12 0.70
MFL6 0.10 0.47 0.01 0.55
MFL7 0.06 0.36 0.27 0.53
Source: Table by authors

Table 2 shows the results of the reliability and validity analysis of the constructs. All the
constructs exceeded the minimum cut-off for Cronbach’s alpha (Anxiety: 0.92; Depression:
0.85; Stress: 0.92; Mindfulness: 0.84) and composite reliability of 0.70 (Anxiety: 0.93;
Depression: 0.85; Stress: 0.92; Mindfulness: 0.84) which confirms that the measurement
scales of the constructs were reliable. The average variance extracted (AVE) determines
the convergent validity of measures. The AVE is required to exceed 0.50. All the measures
of the constructs had satisfactory convergent validity as the AVEs exceeded 0.50 (Anxiety:
0.57; Depression: 0.77; Stress: 0.60; Mindfulness: 0.51) (Hair et al., 2022). Fornell and

Table 2 Results of reliability and validity analysis of the constructs

Cronbach’s Composite The average variance Inter-construct correlations
Constructs alpha reliability extracted (AVE) Anxiety Depression Stress Mindfulness

Anxiety 0.92 0.93 0.57 0.76

Depression 0.85 0.87 0.77 0.49 0.88
Stress 0.92 0.92 0.60 0.69 0.69 0.77
Mindfulness 0.84 0.84 0.51 0.48 0.57 0.54 0.71
Note:  The statistics shown in the diagonal are the square roots of the corresponding construct’s AVE, and they are in italics, which
signifies that these values are higher than that of inter-construct correlations
Source: Table by authors

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 Larcker’s criterion was used to assess discriminant validity. According to this criterion, it is
imperative that the square root of the AVEs surpasses the inter-construct correlations, as
stipulated by Hair et al. (2022). In Table 2, the square root of the AVEs is shown in the
diagonals and is higher than the inter-construct correlations. Thus, the discriminant validity
of the measures is also confirmed.
To test the hypotheses related to the effect of mindfulness on anxiety, depression and stress,
the PLS-SEM structural model was evaluated. The statistics such as standardized root mean
square residual (SRMR), R2, f 2 and significance of path coefficients (Hair et al., 2022) are
used to evaluate the structural model. The results of the hypotheses testing analysis are
shown in Table 3. The SRMR is the structural model’s goodness of fit index, which should be
less than 0.08 for a good model fit (Hair et al., 2022). The SRMR was found to be less than
0.080, suggesting a good model fit. The R2 value for the equation with anxiety, depression
and stress as dependent variables was 0.23, 0.33 and 0.29, respectively. This finding
suggests that 23%, 33% and 29% of the variation in anxiety, depression and stress,
respectively, is explained by the independent variable, mindfulness. The f 2 represents the
effect size of the independent variable on the dependent variable. As per Cohen’s criteria for
f 2, the effect size of mindfulness on anxiety is considered to be medium (f 2 for anxiety ¼
0.30), and the effect size of mindfulness on depression and stress is considered to be strong
(f 2 for depression ¼ 0.49; f 2 for stress ¼ 0.41) (Hair et al., 2022). Furthermore, the structural
model is also evaluated for the significance of path coefficients. The coefficients of all the
paths were found to be significant at p-value <0.01 level (Coefficient for the path
mindfulness ! anxiety ¼ 0.483; Coefficient for the path mindfulness ! depression ¼
0.575; Coefficient for the path mindfulness ! stress ¼ 0.541).
To test the effect of the variables such as gender, undergraduate (UG) background (whether
engineering or non-engineering), educational loan (whether taken an education loan for the
studies or not), cumulative grade point average (CGPA) so far in the current program in
management and family business (whether your family runs a business of their own) on anxiety,
depression and stress, the statistical technique called analysis of variance (ANOVA) was used.
IBM SPSS 26.0 was used to conduct the ANOVA for each independent variable separately. The
mean score of all the reliable and valid items of measures for anxiety, depression and stress
was used for this analysis. Table 4 shows the results of ANOVA with gender as the independent
variable and anxiety, depression and stress as dependent variables. The effect of gender was
found to be significant on anxiety (F value ¼ 5.82; p-value <0.05 level) and depression
(F value ¼ 3.64; p-value <0.10 level). The anxiety (mean for male ¼ 1.586; mean for female ¼
1.963) and depression (mean for male ¼ 0.997; mean for female ¼ 1.349) were found to be
higher for female students than for male students.
The results of ANOVA with UG background as an independent variable are presented in
Table 5. The UG background was found to have a significant effect on depression
(F value ¼ 6.72; p-value <0.01 level) and stress (F value ¼ 6.81; p-value <0.10 level). The
depression (mean for engg. students ¼ 0.87; mean for non-engg students ¼ 1.28) and
stress (mean for engg. students ¼ 1.00; mean for non-engg students ¼ 1.38) were found to
be higher for non-engineering students than the engineering students.

Table 3 Results of hypotheses testing (structural model)

Paths Path coefficients t-value R2 f2

Mindfulness ! Anxiety 0.483 8.26 0.23 0.30

Mindfulness ! Depression 0.575 11.65 0.33 0.49
Mindfulness ! Stress 0.541 10.38 0.29 0.41
Standardized root mean square residual (SRMR) 0.075
Note:  p-value <0.01 level
Source: Table by authors

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 Table 4 Results of analysis variance (ANOVA) with gender as the independent variable (IV)
Descriptives
Dependent variables IV: Gender Sample size Mean

Anxiety Male 125 1.586

Female 43 1.963
Depression Male 125 0.997
Female 43 1.349
Stress Male 125 1.136
Female 43 1.392
ANOVA
Dependent variables Sum of squares (Between groups) df Mean square F value p-value
Anxiety 4.55 1 4.55 5.82 0.02
Depression 3.95 1 3.95 3.64 0.06
Stress 2.10 1 2.10 2.24 0.14
Source: Table by authors

Table 5 Results of analysis variance (ANOVA) with undergraduate (UG) background as independent variable (IV)
Descriptives
Dependent variables IV: UG background Sample size Mean

Anxiety Engg 80 1.67

Non-Engg 88 1.70
Depression Engg 80 0.87
Non-Engg 88 1.28
Stress Engg 80 1.00
Non-Engg 88 1.38
ANOVA
Dependent variables Sum of squares (Between groups) df Mean square F value p-value
Anxiety 0.05 1 0.05 0.06 0.81
Depression 7.16 1 7.16 6.72 0.01
Stress 6.20 1 6.20 6.81 0.01
Source: Table by authors

Table 6 presents the results of ANOVA with the educational loan factor as the independent
variable. The students’ condition of whether they have taken educational loans does not
significantly affect all dependent variables, anxiety, depression and stress.
Table 7 shows the results of ANOVA with CGPA so far in the current program of studies as
the independent variable. The CGPA was not found to significantly affect all dependent
variables, anxiety, depression and stress.
The results of ANOVA that included whether the students have a family business or not as an
independent variable are presented in Table 8. The family business was found to have a
significant effect on anxiety (F value ¼ 2.72; p-value <0.10 level) and depression (F value ¼ 5.75;
p-value <0.05 level). The anxiety (mean for family business students ¼ 1.50; mean for students
who do not have family business ¼ 1.75) and (mean for family business students ¼ 0.78; mean
for students who do not have family business ¼ 1.21) were found to be higher for students who
do not have family business in comparison to the students who have family business.

5. Discussion
The objective of this study was to find the relationship between students’ gender,
professional qualification, education loan from banks, CGPA and the level of stress,
anxiety and depression of students during placement season and the impact
mindfulness on stress, anxiety and depression. Significant findings of this study are,

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 Table 6 Results of analysis variance (ANOVA) with the educational loan as the independent variable (IV)
Descriptives
Dependent variables IV: Educational loan Sample size Mean

Anxiety Yes 98 1.69

No 70 1.67
Depression Yes 98 1.05
No 70 1.14
Stress Yes 98 1.23
No 70 1.16
ANOVA
Dependent variables Sum of squares (Between groups) df Mean square F value p-value
Anxiety 0.01 1 0.01 0.01 0.91
Depression 0.37 1 0.37 0.34 0.56
Stress 0.24 1 0.24 0.25 0.62
Source: Table by authors

Table 7 Results of analysis variance (ANOVA) with CGPA as the independent variable (IV)
Descriptives
Dependent variables IV: CGPA Sample size Mean

Anxiety 5.5 to 6.5 32 1.75

6.5 to 7.0 40 1.70
7.0 to 7.5 42 1.62
7.5 to 8.0 31 1.62
8.0 to 8.5 13 1.67
8.5 to 9.0 5 2.14
9.0 and above 5 1.62
Depression 5.5 to 6.5 32 0.77
6.5 to 7.0 40 1.28
7.0 to 7.5 42 1.18
7.5 to 8.0 31 0.96
8.0 to 8.5 13 1.21
8.5 to 9.0 5 1.60
9.0 and above 5 0.80
Stress 5.5 to 6.5 32 1.19
6.5 to 7.0 40 1.12
7.0 to 7.5 42 1.22
7.5 to 8.0 31 1.20
8.0 to 8.5 13 1.23
8.5 to 9.0 5 1.31
9.0 and above 5 1.60
ANOVA
Dependent variables Sum of squares (Between groups) df Mean square F value p-value
Anxiety 1.52 6 0.25 0.31 0.93
Depression 7.43 6 1.24 1.13 0.35
Stress 1.17 6 0.20 0.20 0.98
Source: Table by authors

first, we found that students with higher levels of mindfulness scores have a significant
negative effect on stress, anxiety and depression of the candidates. This finding aligns
with previous studies that demonstrated a reduction of stress, anxiety and depression
due to mindfulness meditation (e.g. Bamber and Morpeth, 2019; Hoge et al., 2013).
Next, we found that female candidates’ stress, anxiety and depression levels were
higher than male candidates during the placement season. This finding is in line with
the previous results. For example, Himali (2021) found that unemployment’s impact on
mental health differs for males and females. Costa et al. (2021) highlighted that females

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 Table 8 Results of analysis variance (ANOVA) with family business as the independent variable (IV)
Descriptives
Dependent variables IV: Family business Sample size Mean

Anxiety Yes 47 1.50

No 121 1.75
Depression Yes 47 0.78
No 121 1.21
Stress Yes 47 1.03
No 121 1.27
ANOVA
Dependent variables Sum of squares (Between groups) df Mean square F value p-value
Anxiety 2.17 1 2.17 2.72 0.10
Depression 6.16 1 6.16 5.75 0.02
Stress 1.84 1 1.84 1.97 0.16
Source: Table by authors

experience higher perceived stress. The third significant finding is that compared to
engineering graduates, non-engineering graduates undergo higher stress, anxiety, and
depression during the placement season. This is probably because most job offers on
the campus placement are from technology-based companies. Therefore, non-
engineers perceive them as having a tremendous knowledge base required to compete
for those jobs while needing more time to develop them. To reduce the stress, anxiety
and depression in the non-engineering students, the management institutions should
expose the respective batches to potential employers based on the core skills
requirement rather than making engineering and non-engineering students compete
against each other. The fourth significant finding is that the CGPA of the candidates has
no significant effect on stress, anxiety and depression during the placement season.
The reason for this is that corporations look for specific skill sets of candidates, such as
communication, analytical ability and previous work experience, when selecting
candidates rather than purely based on the candidates’ CGPAs. CGPA is a relative
grading of the students in a given batch, and absolute employability skills may vary
irrespective of the CGPA.
Similarly, we found that bank loans also do not significantly affect stress, anxiety and
depression during the placement season. Because typically, there is no immediate
pressure on the candidates to pay back the loan, the candidate’s average salary is much
higher than the monthly installments the candidates have to pay back. Finally, we found that
students who do not have a family business have significantly higher stress, anxiety and
depression than those who have a family business.
One factor in anxiety measures with the highest mean value: “I tend to forget some simple
points during my interview.” It was found to be significant and worth mentioning here,
though it was not a part of any hypothesis. The reason for this could be anxiety itself or lack
of conceptual clarity of students in understanding the subject. Further studies may be
required to understand what makes the students forget the basics and how to make them
retain the core concepts in their memories, which is an important aspect of learning.
To corroborate quantitative research findings, we conducted a qualitative study in the form
of open-ended interviews with five MBA students attending the campus placement process
at one of the management institutes of national reputation in India. Before starting the
interviews, their level of mindfulness was measured using the MAAS instrument. We first
interviewed a female student who achieved an average mindfulness score of 2.29 on a five-
point scale. The student responded to our question about how she feels about her campus
placement experience. Her response was:

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 I graduated from the arts stream, and I do not have any past work experience. Most of my
batchmates are engineering graduates with one- or two years of work experience in computers
and analytics. I was not short-listed by the 12 companies I had applied to before. This was the
first company that shortlisted my profile for an interview, and the company has come to the
campus for the first time. So, I became anxious because I was unsure what questions they would
ask me and why my profile was shortlisted for a sales position while my major was in HR. I am
also worrying if I do not get selected here, I will get another opportunity with other companies. I
could not answer some simple questions for which I already knew the answers. I got confused
about the way the questions were asked.

I am worried about facing family and friends if I do not get a campus placement. I am already
feeling depressed and have stopped mixing with friends; they are all enjoying themselves with
job offers in hand.

The response emphasizes that the above-mentioned student was highly anxious about the
outcomes of the campus placement process. The main observation that we can draw from her
expression is that her anxiety level was high, and her mindfulness score was low, which
corresponds to our finding that mindfulness reduces anxiety. The respondent also expresses
her feeling of insecurity as she is from a non-engineering background, which is in alignment
with our findings. We can also draw other contextual factors related to the campus placement,
such as prior work experience, the company’s selection process and societal pressure, which
could play a significant role in determining the level of anxiety levels of the student.
To obtain a different perspective, we interviewed a male student with three years of work
experience. His level of mindfulness was 3.86. When we asked him to express his feelings
about the campus placement experience, his response was:
I am feeling depressed now. I have three years of work experience as a field service engineer for
power generators and turbines. I took finance as my major in my MBA. My gross salary before
joining the MBA was $24,500 per annum, and I spent about $22,000 for my MBA. So, in two
years of my course, I spent US $71,000, including loss of salary. Finance is my major. I am
getting a few offers in the finance area, but the salary offers are not more than $18,000. Salary
offers negotiation is putting me in a lot of anxiety.

My dad suggested to me not to pursue a full-time MBA. I am feeling guilty for not listening to my
dad. There are no good opportunities in operations. I am not sure how my career will progress in
the finance area.

The above response of the student confirms that the student is depressed due to the
campus placement process. His level of mindfulness is above the midpoint (3.86) on a
five-point scale, which shows that the student’s level of mindfulness is on the higher side.
He regrets his decision to join the MBA program and appears confused about his future
professional career. Additionally, the response highlights the importance of the cost of MBA
education and the salary package offered in the campus placement process in influencing
student depression.
Our third respondent was a female student. She was comfortable in responding to us in Hindi.
Her mindfulness score was 2.72. The response was in the Hindi language, which translates to:
This was my first interview with a start-up company. Many companies did not shortlist me due to
my low CGPA (5.38). In addition, my problem is communication in the English language. I did my
graduation from Hindi as a medium of instruction. Communication in the English language
creates a lot of anxiety in me. It was bad. I knew the answers to all his questions, but I struggled
to answer them in English. The interviewer did not know Hindi. Otherwise, I could have
convinced the interviewer that I was the right candidate for this position.

I am going through a lot of stress. I am practicing English language communication every day; I must
work hard to improve my CGPA in my sixth trimester. Complete all the assignments and prepare for
the interviews while my other friends are enjoying them as most of them are already placed.

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The student’s response highlights the importance of CGPA in the campus placement
process, which is in contrast with our findings, suggesting no influence of CGPA on stress,
anxiety and depression. The student’s level of mindfulness is low, and she appears to go
through a high level of stress, which aligns with our findings. Additionally, other contextual
factors, such as proficiency in communication in English and peer influence, could also play
a role in influencing stress, anxiety and depression during the campus placement season.
Our fourth respondent was a male student. His mindfulness score was 4.57. This student
appeared to be relaxed, and his feelings toward the campus placement process are given
below:
I am a computer engineer with three years of cloud computing experience. I majored in
operations management, but most of the companies coming for campus placement are either
for sales or finance positions. As a policy of the institute, we must appear for the interview if the
company shortlists a student’s profile. It was not by choice but by force that I attended the
interview. I just attended the interview to complete the formality.

I am not stressed. I can wait for the right opportunity, either on-campus or off-campus placement.

The student showed a higher level of mindfulness and lower levels of stress, anxiety and
depression, in alignment with our findings. Further, he also expresses that he is not happy
about the rules and policies of the campus placement process. Due to his Computer
Engineering background and related experience, the student appears confident in securing
a job outside the campus placement process.
Our last respondent was a male student. He measured a mindfulness score of 4.14. He
appeared to be relaxed, and his response on campus placement experience was:
My last interview went very well. The position was for a patient relationship manager with a
corporate hospital. I did my summer internship with this hospital, and I was anticipating this offer.
Previously, I worked as a front office manager at a five-star hotel, and this experience will help
me secure a job.

I have some financial obligations, including the repayment of the loan. The place of job offer is
about 780 kilometers away from my home; I am worried about my mother’s health issues

The student’s mindfulness score was high, and he appeared to be less stressed. However,
the response indicates that the factors that do not relate to the campus placement process
could also play a role. In this case, the health issues of the family member make the
respondent feel worried.

6. Limitations of the study and future research

The study was conducted at three management institutes having national reputation. The
study group may be homogeneous and have similar personality characteristics. The results
may be different in other management institutes, for example, private sector management
institutes. Similarly, the results may be different when the criteria for evaluation of the
candidates are different. Therefore, the research findings can be applied in other contexts
keeping these limitations in mind. The qualitative research suggested a number of other
contextual factors that could also play a role in determining the students’ stress, anxiety and
depression levels during campus placement, which could be worth investigating in future
research. For example, future research studies could explore factors such as salary levels,
job location, peer influence and societal pressure.

7. Conclusions
By conducting a mixed methods study on the mental health of MBA students undergoing an
emotional phase of exiting the college campus and entering the corporate world, this study

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 attempted to explore the factors that affect their mental health. The findings of the survey
suggested that depending on students’ gender, undergraduate degree and family business,
their stress, anxiety, and depression level varies. However, students with higher levels of
mindfulness would be in better mental health with lower degrees of anxiety, stress and
depression. The study suggests that to improve the student’s performance at the campus
placement interview, the training and placement officers of MBA institutions should identify
the factors that cause stress, anxiety, and depression during the placement season and
address them in advance. As we found mindfulness can reduce stress, anxiety, and
depression, we recommend providing eight weeks of mindfulness meditation practice to all
the outgoing students during the placement season to improve their overall performance at
their interviews. From the student open-ended interviews, we learned that parental
expectations, location of placement and gross salary also create a certain level of anxiety in
students. Further, the students who are not able to meet their targets of achievement get into
depression. Therefore, identifying various sources of mental illness will allow professionals to
design and develop interventions for students’ mental health.

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About the authors
Dr Mohammed Laeequddin is a PhD in management from Guru Gobind Singh Indraprastha
University, Delhi. He has done his Masters in Industrial Engineering and Management from
Jawaharlal Nehru Technological University, Hyderabad, and B. Tech in Mechanical
Engineering from the National Institute of Technology, Warangal. He has more than 25 years
of experience in operations management of the food processing, packaging and printing
industry. Mostly, he has served the top companies in the Middle Eastern countries.

Dr Kareem Abdul Waheed works as a Professor at the School of Management and

Entrepreneurship, Shiv Nadar Institution of Eminence Deemed to be University, India. His
research interests include management education, sustainability, health-care marketing,
entrepreneurship and branding. He has published research articles in Human Vaccines &
Immunotherapeutics, Sustainability, Behavioral Sciences, International Journal of
Pharmacy Practice, International Journal of Pharmaceutical and Healthcare Marketing,
Supply Chain Management: An International Journal, Australasian Marketing Journal, Asia
Pacific Journal of Measuring and Logistics, International Journal of Management
Education, International Journal of Educational Management, Journal of Pricing and
Revenue Management, Measuring Business Excellence and Journal of Management
Development. Kareem Abdul Waheed is the corresponding author and can be contacted
at: [email protected]

Dr Vinita Sahay works as the Director at the Indian Institute of Management Bodh Gaya. She
holds a PhD in the area of Customer Value and an MBA in Marketing. She secured first class
with a Gold Medal in M.A. in Economics. She has about 27 years of experience in teaching
and training with organizations such as ICFAI Business School Gurgaon and Amity
Business School. She serves as the Editor in Chief of IIMBG Journal of Sustainable
Business and Innovation, published by Emerald Publishing. She has published and
presented many research papers in international and national journals and conferences.

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