Without any doubt, MBA is one of the most popular and in-demand degrees. MBA is considered more of an investment than an academic study since it can give a good return on investment after completion of the course. Business schools are gaining new insight, tools, and information, making the learning process intangible. However, in order to ensure a good return of investment through placement and exposure to the industries, choosing a good business school is a must. And with so many institutions all around, choosing the best place to do ab MBA has become more challenging than ever. One of the best aspects of MBA course is its ability to evolve with time and include the latest developments by upgrading its curriculum and study requirements.
Indian students often face the dilemma of whether to do an MBA from India or foreign. Even though the total intake of MBA course throughout the past few years has been consistently around 400,000 students, the students are often confused as to whether Indian or international MBA could be better for their career growth.
Let’s understand the key features of doing an MBA from India and abroad, along with their pros and cons.
To get into top businesses schools such as IIMs, aspirants must give the Common Admission Test (CAT). Based on the student’s percentile in the CAT exams, they get the call from the businesses schools that later require GD and interview to get into college. Other than CAT, there are other big exams such as XAT, NMAT, GMAC, IIFT, etc.
On the other hand, to get admission in foreign admission schools, GMAT and GREs are needed. Along with that, a language test, either TOEFL or IELTS, is also required. The exam dates of all these exams can be selected based on convenience.
In India, business schools do not necessarily require 2-3 years of work experience to give admission to students. However, students are generally required to have some work experience in foreign universities. This means that you will get the chance to understand different industries. Along with that, the foreign study allows students to understand a new language, culture, and lifestyle. You will meet people from various backgrounds globally, which will make you more confident and will enable you to deal with uncertainty. However, this kind of exposure is not possible in India.
Cost of Study
One of the most crucial factors that most of the applicants consider is the cost of study. Indian business schools cost around 7.5 lakhs to 25 lakhs. In contrast, foreign business schools’ cost of the study is about 60 lakhs to 1.07 crore. On top of that, there are many extra expenditure expenses in foreign universities such as living, traveling, food, etc.
The most important way with which a college is assessed is on the basis of their placement. There could a significant difference between the overall packages offered to the students based on the university or institution. However, some of the foreign countries provide student visa only on a condition that the applicant would not seek any employment opportunities in the given country. Hence, the chance to earn a good package in a foreign land becomes impossible for an Indian student.
Considering all these points, one must have to decide their priorities. MBA in foreign cost more. However, the return of investment is also justifiable as compare to India, making foreign countries a good option for pursuing an MBA.