Step 1 : Deciding what you want to do after BE

This is a very difficult question. There are many options available after BE, here are a few

Do a job forever

I am personally not in favor of this option because undergrad students tend to stagnate in their careers unless you are exceptional and much above the competition.

Do a job for 2 years and then go for higher studies

This is a very popular option, and if you can pull it off, the best one too. A 2 year job experience can come in very handy indeed, especially if you want to do an MBA. It is not much useful to get admits in MS or ME or MTech colleges

Do MTech in IIT

For this option, you will have to give the GATE exam, and get a good rank to secure an admission. It is extremely difficult to get a good rank. But the prospect of studying in an IIT is quite an attractive one for many engineers.

Do MBA in India

Another popular option. There are many entrance exams. CAT is a popular one, and the most difficult one too. If you can manage to get in an IIM, your life is set. You can start dreaming of a sea facing bungalow, a Ferrari, Lamborghini, a Maybech, a Limo etc. There are many other exams too, I won't get into them here

Do MBA in USA

For this you will need to give the GMAT exam. The exam is not so difficult. A 2 year job experience is a must to get admission to any university. It is the costliest course, so be ready to spend a lot. But returns are generally guaranteed.

Do an ME

I will not recommend this option at all.

Do an MS in USA

This, according to me, is the best option, and the one that I chose after my BE. It is semi costly, and returns are generally guaranteed. Job experience is not required for admits. The rest of my blog will concentrate on this particular option.

When to take this decision?
The decision on what to do after BE should be finalized by the middle of semester 5. In case you are confused, you can give all the exams mentioned above. There is no harm, just that you will leave a big hole in your dad's pocket.