One dilemma faced by many MBA aspirants is choosing to pursue MBA in India or abroad. Although living and studying in your native country seems a more comfortable and convenient option, yet the attraction of a foreign degree, global exposure, and excellent research opportunities is equally alluring. So, how should you make the right decision? Well, there are a number of important factors that need to be considered before arriving at any decision.
In this article, we dwell upon different parameters of comparison between MBA in India and abroad.
Following are the important factors and a comprehensive comparison between them:
The popular entrance exam for MBA in India include CAT, XAT, SNAP, NMAT, IIFT, etc. These exams are followed by Group Discussion, Essay writing test, Personal Interview round, and similar other rounds. There are several reputed management institutes in India such as IIMs, FMS, SPJIMR, XLRI, IIFT, etc. Different MBA colleges in India give different weightages to profile, entrance test score, and performance in other screening rounds. Majority of the colleges don't place a stringent requirement for work experience.
On the other hand, getting into an MBA in a foreign country like US or UK requires you to appear for GRE and GMAT. It is relatively tougher to get selected for MBA abroad. The foreign-based top B-schools call for a good score, a fine academic record, and work experience of atleast 2-3 years.
Another important factor is the cost of education and living. A two-year residential program in the top B schools of India cost around 10-20 Lakhs while overseas MBA courses can start at Rs. 30-40 Lakhs for one-year programs and go up to 75-80 Lakhs for the top US MBA programs. Add to this the cost of living abroad, we can clearly see that MBA Abroad is more expensive than MBA in India.
The placement process in Indian B- Schools makes it relatively convenient for students to network and interview with top companies on campus. For the top schools, most good students are virtually guaranteed multiple offers. However, in B-Schools abroad, the concept of placements works in a different way. The foreign institute doesn't guarantee a good job (or any job for that matter). There, the students are expected to reach out to their dream companies themselves and utilizing the opportunities on campus to maximise their chances of getting a job. Further, foreign universities generally conduct training programs to prepare students for the professional world.
When you study abroad, your exposure to a new culture and lifestyle will definitely make you a better professional as you would be able to look at problems from many different perspectives. MBA abroad gives you a culturally diverse and international exposure. An MBA from a prestigious institution like the Kellogg School of Management or Harvard Business School is a great advantage when compared to an MBA from Indian institutes. Additionally, studying abroad will also offer students a chance to secure a relevant job in that country if they aim to settle abroad.
The quality of education plays a very important role in advancing one's career. Premier Indian institutions like the IITs and IIMs offer excellent courses that are at par with the international levels. There is immense competition in India but in case you can't get admission into a top Indian B-school, you may contemplate getting into a relatively good B-School abroad. Compared to average B-schools in India, foreign institutes follow a more practical and industry-oriented approach in management education.
To sum up, you need to list out your objectives regarding your career plan, budget, country where you want to stay, etc. and prioritise them. After that, deciding whether you should do an MBA in USA (abroad) or India becomes an easier task. No doubt, there is a noticeable difference between the quality of education in the management institutes of India and international institutes, but at the same time, it is costlier and more difficult to get into. Thus, you should weigh the pros and cons as well as your ultimate goals to make the right decision for yourself.