MBA is currently one of the most popular courses in business schools throughout the country. Most of the top management institutions in India offer specialized MBA courses designed to meet the specific requirements of Indian students. This helps students advance into the workings of companies with a strong presence in the country, familiarize themselves with the laws of corporate administration in the country, and even initiate start-ups or join their family businesses in India. However, Indian students are gradually considering going abroad to gain their MBA degree. The following factors are required for careful contemplation before we settle on a MBA degree abroad or in India debate.
• The Cost Factor
This is one of the most significant determining factors that you may wish to study before making a choice. MBA courses abroad are expected to cost you between 10 and 15 lakh rupees– a hefty sum that will require time to pay off. Studying in one of the leading American universities can cost up to 25 lakh rupees. If funds are a limitation, you may want to consider this – MBA degrees from several of the top business schools such as the IIMs are considered among the best in the world and cost much as compared to foreign universities.
• Quality of Education
The choice between an Indian MBA degree and a foreign MBA degree is not the most important question to consider. India has around over 1,250 approved business schools. Some of these are remarkably good, but an MBA program in others may not enhance your career expectations. Similarly, of the several universities offering MBA degrees abroad, you may want to carefully study the quality of education and infrastructure before choosing to study in these.
• Curriculum and Exposure
One of the biggest benefits of pursuing an MBA degree from a foreign university is the sheer diversity you will be exposed to. From cultural and racial diversity of your colleagues and the diverse markets you shall be studying through the course of your curriculum, you will learn to look at challenges and explanations from a different perspectives. The curriculum of the MBA program in a foreign university is expected to be designed with a focus on the global set-up. If you’re choosing for an MBA in Canada or the US, it is likely that you will be learning a lot about local market conditions. However an MBA from India, will be vital if you plan to join the family business or begin a start-up for the Indian market
Admission process for MBA degree in India and Abroad
The general entrance examination for MBA in India is CAT. Along with CAT, there are other exams like XAT, SNAP, NMAT, IIFT, etc. The written entrance exams are followed by Group Discussion and Personal Interview round. The top institutes for MBA in India are IIMs and many more Top of the line institutions . Getting into an MBA in a foreign country like US or UK is tougher as it requires a good GRE and GMAT score along with outstanding academic record. For the top colleges overseas a work experience of 2-3 years is necessary to be eligible for MBA degree.
Much rests on the career opportunities that you are hoping to acquire at the completion of the MBA degree. Foreign universities who are offering MBA may offer you placement opportunities anywhere in the world and Indian business schools are more likely to present you domestic career opportunities, to begin with. The specialization that you pick is more important. If you aim to build a career in sales and marketing, for instance, you may be better off pursuing an MBA in India and getting to know the local market dynamics . This will also help you build a strong colleague network which will be of immense help in your career. If you are preparing to work in the import/export arena, however, a good perceptive of the global set-up is likely to be of more help and in this case a MBA degree from a foreign university might be a better choice.
In summary, you need first to list out your aim regarding your career plan, budget, country where you want to stay, etc. and prioritize them. When you do that, deciding whether you should do an MBA overseasor in India will be an easier task. There is a difference between the quality of education in leading MBA institutes of India and reputed international MBA institutes, but at the same time, it is expensive and more tough to get into. Thus, you should consider the pros and cons based on these aspects to make an informed conclusion.