In the late 90s, MBA became one of the most sought after career options among Indians. Students started seeking MBA as a ticket to a lucrative career. Thanks to this trend, MBA colleges started mushrooming across the country. Thousands of MBAs now graduate every year from the 5500 + B-schools in India. While another 3 lakh Indian students go abroad for higher education.
The pertinent question here is – Do these Indian MBA institutes stand against their foreign counterparts? How does a student decide whether to pursue his MBA degree in India or travel across the seven seas for that coveted degree?
Below are certain points that an MBA aspirant should consider before making the final decision.
- Eligibility Criteria
An ASSOCHAM study states that only 7 percent of those who finish their MBAs from India are employable. It is therefore very important that you do your MBA from a renowned business school.
Most of the premier MBA colleges in India, take scores of CAT, SNAP, XAT, IIFT, SNAP etc. On the other hand, most MBA programs abroad, take GRE or GMAT score.
For Indian entrance exams, you can take the test only once a year. However, you can write your GMAT up to 5 times a year and improve your score. Only your best score is selected. For GMAT, you can also choose a convenient date. This score is valid for 3 years. On the contrary, Indian competitive exams like CAT, CET, XAT, IIFT, SNAP etc. do not offer such a choice.
Most good MBA colleges abroad, expect students to have a few years of work experience after their graduation. However, a few MBA programs in the USA and other countries do accept students without work experience.
- Cost of Education
An MBA degree in India is not as costly as it is in countries like the US, Canada, and UK. An MBA program in India can cost anywhere from Rs. 7.5 lakh – Rs. 25 lakh while an MBA program abroad may cost somewhere between Rs. 20 lakh – Rs. 70 lakh on an average. Additionally, the living expenses abroad will also be significantly higher as compared to India. This is where education loans play an important role. The good news is that if you get a good scholarship, you can significantly lower the cost of study and loan.
- Jobs and Career
The placement process in Indian Business Schools makes it comparatively easier for students to interview with top companies on campus. However, in business schools abroad, the concept of placements is a bit different. The school does not guarantee any jobs. It is, therefore, the students’ responsibility to reach out to companies and fend for themselves.
- Career Benefits and Global Outlook
When you study abroad; you are exposed to a completely new culture and lifestyle, which opens new horizons. You get an international perspective on day-to-day business problems.
However, with enough student exchange programs in Indian B-schools, you will find ample such opportunities in India as well.
- Quality of Education
The quality of education and the ranking of the B-school plays a pivotal role in advancing one’s career. Premier Indian institutions offer excellent courses which are at par with the international B-Schools. But there is a very tough competition for CAT, CET, XAT, SNAP, IIFT etc. as lakhs of students sit for these entrance exams each year. In case, you can’t get admission into a top Indian B-school, you can consider getting into a relatively good B-School abroad. However, it is important to check the business school ranking before you start the application process.
- Gain valuable life skills
Getting admission in a foreign university provides a complete experience of living in a different country. You will get ample opportunities to learn a new language, interact with the local population and fellow international students. You will be exposed to a completely new environment, which will bring a 360-degree change in your personality.
- Cultural Diversity
Education abroad enables you to interact with students from all across the globe. Students from different cultures and assorted work experience join MBA programs. Exposure and interactions with culturally diverse students help in exchanging ideas and developing your personality.
- Widens Networking Base
All MBA programs offer extensive opportunities to network, with the who’s who of the business world, through its vast alumni base. Such interactions and networking meetings with business icons greatly help in final placements. Therefore, it is paramount that you chose your B-school wisely.
- Earn while you learn
Paid internships are provided by many international B-schools. Such opportunities help students in earning while they are studying. This serves as a dual benefit. Apart from earning the day-to-day expenses, students get an international experience which adds a lot of value to their resume.
Summing up, Debbie Goodman-Bhyat, CEO of a South African headhunter points it nicely –
Firms no longer see an MBA as a differentiating factor unless it was obtained from one of the world’s best business schools.
Whether you choose to do your MBA from India or abroad, it is, therefore, crucial that you do it from a renowned business school.
Want to know more about MBA? Whatsapp to Proton Training Solutions for a free personalized counseling session and get all your queries resolved right away!
List of elite business schools abroad
- Harvard Business School (HBS)
- Stanford Graduate School of Business
- Wharton MBA (University of Pennsylvania)
- Sloan School of Management (MIT)
- Chicago Booth School of Business (University of Chicago)
- Columbia Business School (Columbia University)
- Stern School of Business (New York University – NYU)
- Haas School of Business (University of California, Berkeley)
- Anderson School of Management (UCLA)
List of Top Indian business schools
- Indian Institute of Management, Ahmedabad
- Indian Institute of Management, Bangalore
- Indian Institute of Management, Calcutta
- Indian Institute of Management, Indore
- Indian Institute of Management, Kozhikode
- Indian Institute of Foreign Trades
- FMS, Delhi
- JBIMS, Mumbai
- All B Schools up to rank 50 in India are good to pursue your MBA