There is a lot of confusion in the student’s mind when it comes to choosing the best MBA program. Almost everyone these days wants an international MBA and that leads us to the next question – Should one pursuing an international MBA in India or go for an MBA abroad at a foreign university. It is important to not only choose the best business school based on your affordability and career goals you always dreamt of but also the correct mba specialisation. No doubt there is a huge growing demand for MBA (Master in Business Administration) both in India and in other countries around the world and hence it is more important to choose wisely when it comes to your MBA degree. When you think of studying for your MBA abroad or in any other city there are some key points which an aspiring MBA student should consider like the comfort of living and studying in another city / country, college status, facilities, alumnus, global exposure, cost of the program, quality of education, Career opportunities and more.
If you are considering international MBA vs. doing the same in your city then let’s be honest one of the key differentiators will be cost. It’s just not comparable.
Still the question arises, which one is better?
Let’s have close look on few important factors and a comparison between both these MBA’s to help you to decide which one you should go for:
Entrance Exam for MBA Admission:
India: The most common entrance exam for MBA in India is the CAT (Common Admission Test). Most top institutes like IIM accept CAT scores. After written examination, candidates have to clear Group Discussion and Personal Interview rounds. Students don’t need to have any prior work experience. Along with CAT, there are other entrance exams like XAT, SNAP, NMAT, IIFT, etc which are given by a large number of students to get into their dream MBA Colleges in India.
Abroad: you need to clear GRE and GMAT exams which is been conducted on a rolling basis and a student can give this exam as per their convenience. Also, the candidate with great soft skills will be an added advantage. The candidate also needs to work experience between 2-3 years.
Cost of MBA education:
This is one of the most important factor students and their parents consider before making a choice. Usually, it requires significant funds, as the fees for as the cost of these programs are higher compared to our local courses.
Pursuing MBA in India: Top business schools such as the IIMs are considered as the best option in India for MBA. It is the most affordable option as it will cost you comparatively a lot lesser than international MBA. Top MBA programs in India cost about INR 13-15 lakhs (excluding scholarships). You have to pay separately for Travel, room and board costs. There are Education loans available which can be easily paid back in a couple of years.
Pursuing MBA in Abroad: If you are thinking of doing an MBA in abroad then you must have good bank balance as these very much high compared to MBA programs in India. Overseas MBA courses can cost up to Rs 35-40 Lakhs per year. Top universities like Harvard Business School, Wharton Business School will cost you around 70-80 Lakhs for 2 years (without any scholarship or MBA Aid). Some other well-known institutes like Boston University School of Management, University of Texas, and University of Washington School of Business can cost up to 55-60 Lakhs. Doing an MBA in abroad makes sense when you plan to settle there as if you are will jumpstart your career on a global platform and it will also easy to repay those hefty education loan installments.
To keep it simple, if money is a constraint for you then doing MBA in India is the way to go.
Quality of Education and exposure:
The quality of education is a major deciding factor when it comes to choosing between an Indian MBA College and an international university. Every student must good research to understand the quality of education and infrastructure before taking a decision. Top Indian institutions like the IITs and IIMs offers very good courses which are as good as international institutes. Most of the top B-Schools in India have now upgraded their curriculum, syllabus and teaching methods to meet international standards. Most international institutions also offer good quality of education and also has world-class infrastructure. However, not every foreign university or institute offers the same quality of education and this is where the catch is. It should also be noted that due to high level of competition in India for an admission into top Indian B-school’s, most students consider getting into a relatively good B-School abroad.
Jobs and Career Opportunities:
All the top b-schools in India have a really good connections with large corporate and MNC’s which is a bonus for the students. The placement process in Indian B-schools is very easy and in some cases candidates get confirmed placements even before completing the program. The training and placement cell in Indian B schools provides good support on each level to the students at the time of campus interview. An MBA candidate from a reputed institute has high value in the minds of Indian employers. If a candidate is a topper then there is a great chance of getting multiple job offers with MNC’s which is a window to awesome global experience.
On the other hand, most of the foreign institutes, there international campus placements and in most cases call for more investments from the students families. Needless to say MBA candidates from foreign institutes are placed at a better position anywhere across the globe depending on the institute they get their degree from. For sure, you are going to get high salary jobs than Indian MBA’s if you choose the International MBA option. But that doesn’t mean you can’t get MNC’s job placements with your Indian MBA. All these top b-schools can guide you about how to connect and will also give you some information about various opportunities however you have taken some effort and reach to those companies.
So, choose the program that fulfills best of your interest.
Also, remember An MBA degree can help you to get that initial push and get that dream job for you. However, to move ahead you need to be constantly working on your skills.
Worldwide Recognition / International Networking vs. Challenging Market Experience
You may not find international exposure with Indian institutes that easily which you will find with universities abroad. Thus your peers and contacts will be people from all across the world which allows you a unique opportunity to know about the business and economies of other countries. Such experience is valued. Whereas in Indian have the unique opportunity of working in one of the fastest growing consumer markets with every international brand wanting to enter the Indian market place, now that is an experience you may not elsewhere globally.
International MBA degree is recognized all over the world but then Indian Universities have started gaining recognition and have opened their own campuses in other countries too. So the international MBA from India is closer to the MBA from a foreign university.