MBA is unquestionably one of most renowned and sought-after degrees among students worldwide since it represents more of an investment than an education. In theory, business school is about acquiring new skills and insights into the corporate world, meeting new people, and understanding the qualitative factors of becoming a manager. However, most students are torn between pursuing an MBA degree in India or overseas. Let's look at the numerous factors to consider when deciding between an Indian MBA and a foreign MBA degree.
Exposure and Global Prospects
The most important aspects of B-Schools are diversity, alumni connections, brand reformation, great opportunities, and strong industry linkages. Most of the people who apply for this course have backgrounds in banking, high-tech, marketing, poetry, television, cinema, and other areas. One learns to study and examine things from several angles. Aside from that, learning MBA exposes one to various cultures and languages, as well as assisting them in being autonomous and making excellent judgements in unpredictable scenarios. Learning in an MBA degree is impacted by colleagues and classmates because it is a very participatory topic. Learning how to survive and flourish in whatever season or condition is important to business. In the discussion between an Indian MBA and a foreign MBA, studying abroad will always give the individual much better advantages in terms of exposure and global outlook.
Cost of Study – Indian MBA vs Foreign MBA
Because of the additional expenditures involved when studying abroad, the cost of education is often the determining factor for many students. Getting an MBA in India is much less expensive than getting one anywhere abroad be it Canada or the United Kingdom. An MBA in India may cost anywhere between INR 7.5 and INR 25 lakhs, but an MBA abroad can cost anywhere between INR 67.17 lakhs and INR 1.04 crore. The one-year programmes would be slightly less expensive, ranging from $55,000 to $80,000. Furthermore, living expenses in other nations will be significantly higher than in India. This is where student loans come in. It is vital that one properly examine the return on investment (ROI) and choose the finest MBA schools.
Entrance Exams for MBA
The Common Admission Test, or CAT, is a prominent MBA admission test in India. Many of India's top business universities, including the famed IIMs, accept CAT scores. Other frequent entrance tests, such as SNAP, XAT, NMAT by GMAC, and IIFT, are taken by a significant number of students each year in addition to CAT with the goal of pursuing MBA and PGDM programmes at the leading b-schools in India. Candidates applying for admission to an MBA programme at a foreign institution overseas, on the other hand, must take the GRE and/or GMAT, which are conducted on a rolling basis and allow applicants to pick an exam date that is convenient for them.
Work Experience for Indian MBA vs Foreign MBA
In comparison to most MBA programmes overseas, several Indian business schools accept students who have little or no work experience. While several Indian business schools, such as ISB Hyderabad, IIM Ahmedabad, IIM Bangalore, XLRI, FMS, and others, accept many applicants with relevant job experience, this approach is not followed by other institutions and colleges. In contrast, universities in the United States prefer individuals with at least 2-4 years of job experience. Similarly, top Canadian colleges prefer applicants with at least two years of job experience. To study in Australia, you must have at least two years of work experience, a requirement that is true in any European nation. As a consequence, depending on your stage of life, you can decide whether to pursue an MBA.
MBA Course Structure for Indian MBA vs Foreign MBA
Let us attempt to comprehend the study program of MBA programmes in India and overseas in order to better comprehend the variations between Indian MBA and Foreign MBA. Other nations' MBA course curriculum takes a more practical approach, with students studying case studies of various business firms to discover how to apply what they have learnt in theory into reality. This is an interesting and engaging process in comparison to the majority of MBA programmes in India, which are still more focused on theoretical aspects.
Indian MBA vs Foreign MBA: Placements
When compared to universities abroad, placements given by Indian institutions are more readily available. Even though institutions abroad support students in their career search, finding a job that fits your degree may be tough. To secure a respectable position overseas, you may have to first fight and seek lower-level opportunities. These few measures will enhance your experience. Regardless of where you study, you may improve your soft and hard abilities so that you can easily get employed during placements.
Indian MBA vs Foreign MBA: Salary
Aside from the university one chooses, the most crucial aspect might be the job, skill set, additional courses one may take, and so on. However, the average pay for an MBA student in India ranges from INR 23 lakhs to INR 25 lakhs. On the other side, obtaining an MBA from a prestigious university overseas might earn you INR 78 lakhs.
Benefits of doing an MBA in India
So, before we go any further, consider the advantages of pursuing MBA in India or an MBA elsewhere. Many of you are probably thinking if investing in an MBA degree in India is worthwhile when you can apply to so many top B-Schools overseas. And you must have heard about your friends' or colleagues' MBA experiences when they attended Harvard, Stanford, or any other B-School overseas, right?
But let us break that bubble for you and educate you about the clear benefits of doing an MBA in India over an MBA abroad.
Let us expand on a couple of these from an MBA standpoint:
MBA cost-effectiveness and return on investment
No VISA issues
A well-known network and culture
Disadvantages of doing an MBA in India
You may have come to the conclusion that there isn't anything better than pursuing an MBA in India. But, please, hold your horses. Before you make a final decision on your MBA programme, consider what you may miss out on if you study in India rather than overseas. You may already be aware of the drawbacks that you may experience, but let us ensure that we are on the same page here.
If you pursue your MBA in India, you will face two major disadvantages:
You will receive less advantage if you settle overseas.
Little or no foreign exposure
Benefits of doing an MBA abroad
What pictures come to mind when you think of Canada or London, for example? It must be those illuminated cities, bustling highways, and well-dressed men and ladies on their way to their skyscraper-sized workplaces, right? These are the kinds of visuals we've seen in movies or on the internet. And, if you want to go to such a place and work your way to the top, let us assist you and keep your spirits up.
So, here are some of the unique advantages of pursuing an MBA abroad:
See and learn more.
The most important factor is practical knowledge.
Increased networking opportunities
Disadvantages of doing an MBA abroad
Everything in life has both positive and bad aspects. So, no matter how lovely the picture of studying abroad seems to you when reading the preceding part, there are certain drawbacks to consider. It's more like a cost (both physically and symbolically) for all the benefits it provides.
Now we will discuss the three downsides of doing your MBA abroad:
Your MBA will cost you money
You will have to start from scratch
You will have to battle for a while