MBA in India Vs MBA in Abroad Universities: Many of us face this dilemma whether to go for MBA in India or MBA in Abroad. There are number of B-Schools mushrooming in India and Abroad. There is no dearth of management schools and graduates in our country but still the recruiters are always in search for the right candidates. On the other hand, students try to fill this industry gap by joining an institute which will get them industry-ready be it in India or Abroad. So, as a student when you are assessing your options there are many factors which you should keep in your mind before you make the right choice.
MBA in India Vs MBA in Abroad Universities:
Here in this article we are going to help you to understand how to evaluate the options you have and decide whether doing MBA in India or MBA in Abroad is a better choice for you in terms of long term career goals and return on investment.
To begin with, you have to first ask yourself the below questions:-
- Where do I want to settle down post MBA?
- What are my financial constraints?
- Where are you currently standing on your career ladder?
- Which path you want to tread ahead?
- Which all colleges (Top 10 or Top 50) you are aiming for and in which country your chances of getting admission are higher?
- What do you want to gain from MBA? e.g. Local Industry Exposure, International Market Experience, Knowledge, International Network etc.
Once you have answer to the above questions, it will be lot easier for you to take a rational decision. Now, let’s evaluate the different factors which will influence your decision.
Budget: – Budget is indeed one of the most influential factors when you are deciding about MBA. MBA being the most coveted degree all across the world doesn’t come at an easy price.
MBA in India from a reputed tier I college can cost you around 10-15 lakhs and the same from the abroad tier I colleges will cost around 30-50 lakhs. Similarly, the cost of study difference in tier II colleges also ranges from 7-15 Lakhs.
So, if you have that kind of money at hand, you should choose MBA in abroad because with the MBA in abroad comes the life long experience which will help you to grow as an individual.
Students who have the money and get a choice between IIMs, Harvard or the London School of Economics, he/she should choose the latter. Those who don’t have the money at hand can always go for the financial aids, scholarships and educational loans but the MBA scholarships are rare and tough to get one.
If you have certain financial constraints, you can go for MBA in India in a university which works in collaboration with a foreign university and offers abroad placements.
Settling Down After MBA: – Another question which you should be asking yourself is that where do you want to settle down post MBA? If you want to settle abroad post MBA, then going abroad for MBA is a wiser choice. It will prove to be an added advantage for you.
But if you want to come back to India after MBA and don’t have the money at hand, you might find it difficult to repay your education loans. If you have taken loan or financial aid to study abroad, it is always advisable to go for the job in abroad for a few years at least. Even if you get high pay-package in India, you will find it difficult to repay your loans. So, it is better to study abroad, work abroad for at least a few years, earn money and then come back to India.
Global Network and Practical Outlook: – If you want to groom your managerial skills say after a work experience of 2-3 years, MBA in abroad is the right option for you. The study approach in abroad colleges is far more practical and beyond books. Whereas in India, we still follow the traditional lecture method and we don’t encourage class participation. It is more of one-way communication where students are not encouraged to think out of the box.
Studying abroad will not only enhance your inter-personal skills but also helps in your overall growth. Amongst students from different cultures and backgrounds, you learn how to handle cultural barriers and be more receptive of the different perspectives.
Selecting the Right Program: – ‘What field area you want to pursue?’ is another question which you should be posing yourself. The course you want to study, where that program is available and which are the places it is taught in the best possible way, these are some of the questions you have to search about. E.g. If you want to study about local politics then it doesn’t make sense going to abroad because that won’t give you the kind of exposure you are looking at.
On the other hand if you want to learn about International Market trends, MBA in abroad is a sure bet.
Lessons To Be Learnt: – What do you expect to achieve or learn from your MBA? If you are looking forward to International Network, Industry Experience, Knowledge or Global Perspective, you should be going for MBA in Abroad.
Moreover, Indian MBA’s are not recognized in the western world. Even the IIMs don’t come under the Top 20 B-Schools ranking of the world. That doesn’t mean that they don’t have any value. IIMs, ISB and other top Indian B-Schools have lot of value in India. An IIM person is equally respected as one from Harvard in India but not in abroad.
So, if you want to settle in abroad and looking forward to get global exposure with hands-on industry experience you should pursue MBA in abroad.