MBA from India or Abroad?
A question that most of the Indian MBA aspirants are faced with is- should I do my MBA from India or abroad? Now, there is no definite answer to this question as, a lot of factors have to be taken into consideration. There are both pros and cons of doing MBA from India and MBA from abroad. Here, are some aspects that can help you decide which MBA degree will be better for you in the long-term.
Doing an MBA from India or from abroad both require you to clear certain exams and go through a process of evaluation. For India, exams like CAT, XAT, CMAT, NMAT, IIFT, MAT etc. are taken by a large number of students to get admission into the top b-schools in India. You are required to clear certain cut-offs and your profile is also assessed. After that you have to appear for Group Discussion, Writing Ability Test, and Personal Interview (may vary according to colleges and universities). Once you clear these rounds you get admission. For abroad, GMAT exam is required, which is conducted on rolling basis where the aspirants can choose exam date according to their convenience. Again, you have to get a good score. Then, you apply for the B-school of your choice by submitting your profile along with your GMAT scores and Statement of Purpose. The process is more or less the same but there are some points that make the difference:
- Work experience – In India, you can get admission without any work experience but in abroad it can get a little difficult. Universities in countries like USA, Canada, and Australia favour candidates with at least 2-4 years of work experience.
- Extra-curricular- A lot of weightage is given to extra- curricular activities while you seek admission abroad. Activities like your project, sports, volunteering work, research work etc. are given weightage. Now, it can differ according to universities but in the top universities they are necessarily taken into account.
You need to have a very strong profile along with good GMAT score (>700) to get admission into one of the top universities.
RETURN ON INVESTMENT
This is the most important factor that ultimately helps you decide whether to pursue MBA in India or abroad. In India, MBA is less expensive as compared to MBA overseas. MBA in India can cost you between Rs. 7.5 lakhs to Rs.25 lakhs, whereas MBA abroad can cost you anywhere between Rs.67.17 lakhs to Rs. 1.04 crore. Some colleges in India like, FMS, JBIMS Mumbai, TISS Mumbai etc. provides you the best return on investment. Moreover, living expenses in foreign countries will be more than in India. Although, scholarships and fund aids are also available which can help you finance your MBA. Hence, it is of utmost importance that you thoroughly evaluate the return on investment (ROI) and select the college/university according to your requirements.
MBA is a highly interactive degree, learning in it is mostly influenced by peers and classmates. You will be exposed to people from different backgrounds like Finance, Health, Arts, Medical, films and other fields. Most of your classmates might also have 3-4 or more years of work experience. You get to look at problems from different perspectives and you will also be able to take effective decisions in uncertain situations. In a debate between MBA in India v/s MBA in Abroad, apparently studying abroad will give you an edge as you will get a global exposure.
PLACEMENTS AND SALARY
B-schools in India offer you job placement on silver spoon. Many top b-schools like IIM Ahmedabad, IIM Bangalore, IIM Calcutta, FMS Delhi offers you 100% placement guarantee. You can expect to be placed in one of the top companies like, The Boston Consulting Group, American Express, Cogoport, Microsoft, PwC India etc. Universities abroad, too, help students in their job hunt but it might be a little difficult. For getting placed abroad you might have to struggle a little. As for the salary part, it depends on your skill sets and extra courses that you have completed. In India, average salary for a student ranges from Rs. 17 lakhs to Rs. 32 lakhs. Abroad, you can get salary starting from Rs. 50 lakhs.
All the above aspects along with a lot of other aspects of your life are considered in deciding from where to pursue your MBA. Getting your MBA degree is an essential step in business world. Decide wisely by taking into account all the necessary factors and your requirements. Feel free to seek guidance, if necessary.