Currently, pursuing an MBA degree for higher studies is quite a demand among students. Many working professionals are also showing a great interest in pursuing this degree for a better career opportunity. There are a lot of factors that are greatly responsible for making this degree high in demand. Pursuing an MBA degree specifically with a specialization or even with dual specialization can provide any MBA graduate with several benefits such as – networking opportunities, global perspectives, lifelong learning, and most importantly advancement in career.
It is quite well-known that pursuing an MBA degree is a lot of hard work and expensive. Preparing for entrance exams, and clearing interview rounds are some of such tedious jobs to do which can also lead to exhaustion and overwhelming for any MBA aspirant in the initial time.
Now several questions may arise in one’s mind before starting with the whole procedure of getting admission in a Business school. However, the most important question that can arise for any MBA aspirant is whether to pursue this degree in India or abroad, to begin with. Some various factors and questions can follow an individual’s mind one after the other.
Some of these factors are – the cost of attendance & living expenses, eligibility criteria, exams that are accepted both in India and abroad, scholarships and funds, etc.
When pursuing an MBA in India both the tuition fee and living expenses are quite cheap if compared with abroad. For instance, the tuition fee for an MBA program in India ranges between INR 20,000 to INR 40 lakhs for a full two-year program. However, certain B-schools in India offer MBA programs that cost less than INR 1 lakh.
Meanwhile pursuing an MBA degree abroad is more expensive as the cost of the tuition fee alone can shoot up to INR 25 – 50 lakhs. In some cases, the tuition fee can also range up to INR 80 lakhs to 1 or 2 crores. One has to keep in mind that every year the tuition fees increase by 5 – 7 % in the majority of the institutions. However, countries like Norway and Germany still offer an MBA degree at a much cheaper rate.
Visa is another factor that is necessary when studying abroad. The whole procedure for acquiring a student visa is quite stressful but can also lead an individual to know more about international travel. However, the whole process of getting a visa also depends from one country to another. Some countries have straightforward procedures, while some of the countries can be strict.
The eligibility criteria for studying an MBA in India can vary depending on the specific MBA program and the Universities or Business schools offering it. However, there are some common eligibility requirements that most MBA programs in India typically require. The eligibility criterion for pursuing an MBA in India requires a Bachelor’s degree from any academic background from a recognized institution. The same factor applies to abroad Universities/ B-Schools.
If a student pursues an MBA in India, then there is no need for them to provide any additional language skills unlike abroad. On the other hand, if a student wishes to pursue an MBA abroad, they are also required to submit their scores for exams such as TOEFL or IELTS for English language proficiency skills for being a non-native English speaker. The minimum percentage or CGPA required in Indian Universities is mostly within 50 – 60%.
In a few of these institutions in India, students belonging to the reserved categories (SC/ ST/ OBC) are also given a 5% reduction in CGPA. However, no such facilities are provided abroad. This is also because Universities abroad generally neither have a “caste system” like India nor do they discriminate against students’ race, gender, religion, or nationality among international students.
Many MBA programs in India require candidates to take a national or state-level entrance exam. The most common MBA entrance exams in India include CAT (Common Admission Test), MAT (Management Aptitude Test), XAT (Xavier Aptitude Test), SNAP (Symbiosis National Aptitude Test), and CMAT (Common Management Admission Test). On the other hand, most MBA programs in abroad require applicants to submit standardized test scores, such as the GMAT (Graduate Management Admission Test) or GRE (Graduate Record Examination). Some programs also accept the Executive Assessment (EA).
Another requirement – a “Letter of Recommendation” may not be needed by the institutions when studying in India. However, if a student wishes to pursue their degree in abroad, this document will be essential even for working professionals. Now it is commonly known that even working professionals are pursuing this degree and hence, work experience is also one of the major factors both in India and abroad.
In India, candidates having a minimum work experience of 2 years are given priority when it comes to the admission procedure. In abroad some of the major institutions do require work experience which can be 2 to 6 years or even a minimum of 10 years, depending on the program chosen by the candidates. The selection criteria for both in India and abroad are quite similar as the final round involves a Group Discussion (GD) and a Personal Interview (PI) round. In a few cases, the institution may also require an SOP (Statement of Purpose) which is an essay where the candidate has to mention their career goals.
Studying in one’s home country allows one to remain in a familiar cultural and social environment, which can ease the transition and reduce potential culture shock. Studying abroad can be a life-changing cultural experience that broadens an individual’s horizons and helps in developing skills such as adaptability and cross-cultural communication.
When it comes to studying one of the most expensive Degrees in higher education across the world, an MBA aspirant is more than willing to apply for financial funds and scholarships. There are a variety of options for the candidates to approach for scholarship programs. In India, the majority of institutions have scholarship programs for their students. There are even scholarship schemes that are directly provided by the state and central Government (or MHRD) in India through these institutions and a few reputed banks in India also facilitate students by providing them educational loans.
Some MBA entrance exams in India, such as the CAT (Common Admission Test), offer scholarships to high-scoring candidates. Many companies in India offer scholarships to employees or their dependents who wish to pursue an MBA program. There are also other kinds of scholarships such as – Merit-based and Need-based scholarships but one has to be thorough enough with these scholarships as the competition is quite fierce in this regard.
Studying for an MBA abroad can be challenging for any international student. Many Universities and Business schools around the world offer scholarships specifically for MBA students. These scholarships can be based on academic merit, leadership potential, diversity, or other criteria. Several students abroad take up part-time jobs as well to fund their education while pursuing this degree.
The procedure for acquiring a scholarship for an MBA is quite similar in India. There are several government scholarships as well as industry-specific scholarships that are offered to international students. Numerous private organizations and foundations also provide scholarships to international students. These scholarships can be based on academic achievement, leadership skills, or specific criteria related to the background or interests.
Some MBA programs abroad offer graduate assistantship positions that provide a stipend and sometimes a tuition waiver in exchange for research, teaching, or administrative work although such provision varies by institution.
After completing an MBA in India job opportunities and salaries can vary widely based on several factors, including – specialization, the business school from where an MBA aspirant graduates, prior work experience, and the industry an MBA graduate chooses to work in. There are a variety of options and fields for an MBA graduate to work in India such as – Human Resources, General Management, Marketing, and Consulting to name a few. The salaries also range from between INR 5 – 6 LPA (CTC) to INR 15 – 25 LPA (CTC).
These are only approximate salary ranges, and actual salaries can vary. Additionally, MBA salaries tend to increase with years of experience and career progression. Networking, internships, and campus placements also play a significant role in securing job opportunities and negotiating salary packages after completing an MBA in India.
Job opportunities and salaries for MBA graduates in abroad can vary significantly based on several factors, including – the country of study, the Business school's reputation, the industry, and the specific job role. In countries like the US, MBA graduates often find opportunities in top Management consulting firms like McKinsey, BCG, and Bain. Starting salaries for consultants can range from $100,000 to $150,000 or more per year. Tech companies like Google, Apple, and Amazon hire MBA graduates for roles such as product managers and business development managers, with starting salaries in the range of $100,000 to $140,000 or more.
London is known to be a global financial hub, and MBA graduates can find opportunities in banking, asset management, and financial services. The salaries can range from £40,000 to £150,000. MBA graduates in Canada can find job roles in banking, investment management, and financial services, with starting salaries typically ranging from CAD 60,000 to CAD 120,000. An MBA graduate in Australia can find opportunities in the banking, investment, and financial sectors, with starting salaries typically ranging from AUD 80,000 to AUD 120,000 or more. However, an MBA graduate from abroad has a higher potential to secure one of the best job opportunities in the Indian job market.
In conclusion, the choice between pursuing an MBA in India or abroad is not a matter of one being universally better than the other. Rather, it hinges on individual circumstances, career aspirations, and personal preferences. An MBA in India offers cost advantages, cultural familiarity, and networking opportunities within the country, making it a compelling option for those seeking to build their careers domestically.
On the other hand, an MBA abroad offers a global perspective, access to prestigious institutions, diverse networking opportunities, and exposure to different cultures, which can be particularly advantageous for those with international career ambitions. Despite the factors mentioned above regarding the challenges of studying abroad, students in India mostly prefer to study MBA abroad, especially in countries like the USA, UK, Canada, Australia, etc.
Ultimately, the decision should align with one's career goals, financial situation, and willingness to embrace new experiences. The key lies in conducting thorough research, assessing personal objectives, and carefully weighing the pros and cons of each option to make an informed choice that sets a solid foundation for a successful and fulfilling career in the dynamic world of business.
Q1. What are the benefits of studying MBA abroad?
Ans. An MBA abroad offers a global perspective, access to prestigious institutions, diverse networking opportunities, and exposure to different cultures, which can be particularly advantageous for those with international career ambitions.
Q2. Is it mandatory for students to submit TOEFL/ IELTS scores for studying abroad?
Ans. Yes, it is mandatory for students applying for MBA abroad to submit their scores in TOEFL/ IELTS exams because the institutions want to know the student’s English language proficiency skills.
Q3. Is studying MBA in India better than abroad?
Ans. The choice between pursuing an MBA in India or abroad is not a matter of one being universally better than the other. Rather, it hinges on individual circumstances, career aspirations, and personal preferences.
Q4. What are the entrance exams accepted by the abroad Universities for studying MBA?
Ans. The entrance exams that are accepted by abroad Universities are – GMAT (Graduate Management Admission Test) or GRE (Graduate Record Examination). Some programs also accept the Executive Assessment (EA).
Q5. Is it mandatory to do a part-time job while studying abroad?
Ans. Not necessarily but studying abroad brings more living expenses for which several students opt for this option.