One dilemma that has been faced by a lot of MBA aspirants and has left them perplexed is the choice between pursuing MBA at a B-School in India and doing MBA from abroad.On the one hand, you have the comfort of living and studying in your native country.On the other, the attraction of a foreign degree, global exposure, and excellent research opportunities is equally good. As we can see that there are pros and cons of each,therefore, a comparison between the two will help you in taking the right decision. The relevant factors that should be considered in this case are the cost of education, quality of education, job market, living costs, etc.
Following are the important factors and a comprehensive comparison between them:
The most popular entrance exam for MBA in India is CAT. Along with this, there are other exams like XAT, SNAP, NMAT, IIFT, etc. The written exams are followed by Group Discussion and Personal Interview round. The top institutes for MBA in India are IIMs. Getting into an MBA in a foreign country like US or UK is tougher as it requires a good GRE and GMAT score along with a fine academic record. For the top colleges abroad a work experience of 2-3 years is imperative to be eligible for MBA.
A very important factor that a lot of students consider is the cost of education. A 2-year residential program in the top B schools of India will cost 10-20 Lakhs while overseas MBA courses can start off 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 easy for students to network and interview with top companies on campus. For the top schools, most good students are virtually guaranteed multiple offers. In B-Schools abroad, the concept of placements works very differently. The school cannot guarantee that you will get a good job (or any job for that matter). So it is important that students take the onus of reaching out to their dream companies and utilising the opportunities on campus to maximise their chances of getting a job.
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 different perspectives. MBA abroad gives you an international perspective and 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 are interested in settling abroad.
The quality of education plays a very important role in advancing one's career. Premier Indian institutions like the IITs and IIMs are offering excellent courses which are at par with the international B-Schools. The level of competition in India is immense and in case you can't get admission into a top Indian B-school you can consider getting into a relatively good B-School abroad. An MBA abroad is more practical and focuses on developing your professional skills.
In summary, you need first to list out your objectives regarding your career plan, budget, country where you want to stay,etc. and prioritise them. Once you do that, deciding whether you should do an MBA in USA (abroad) or India will be an easier task.There is a difference between the quality of education in premier institutes of India and reputed international institutes, but at the same time, it is costlier and more difficult to get into. Thus, you should weigh the pros and cons based on these factors to make an informed decision.