An MBA Abroad or An MBA in India, is something of grave importance to the MBA aspirants. While both have their own positives, let us find out which out of the two takes the lead and why.
Out of the total number of students that go abroad for a course, only 30% come back to India
The choice between an MBA in India and an MBA Abroad continues to perplex the students who wish to pursue a career in Management. Studying abroad is like a dream for many but it digs a huge hole in the pocket. The question that arises is whether moving away from your house, spending the huge amount, undergoing emotional and physical stress actually worth it?
Students have a lot of queries about the placements, the college ranking, the job market for students who have studied abroad and wish to work in India and vice versa. These are predominantly the daunting factors in the student’s mind while making the decision of whether to enrol themselves for an MBA in India or an MBA Abroad.
A proper research should be the basis of the decision. A step by step by analysis of all the confusions that are bombarding the student's mind needs to be done. We aim to throw some light on the same and bring some clarity to the minds of students. The following are the major factors that need to be kept in mind while making a final decision.
Yes! As expected the financial aid is the main deciding factor of whether the student should continue with an MBA programme in India or look out for an option abroad.
While an MBA in India from tier I colleges like the IIMs would cost you around Rs 10-15 lakhs, the same from tier I colleges abroad would fall in the price bracket of Rs 30- 50 lakhs.
The study cost in tier II colleges in India and Abroad also has a difference of about Rs 7-15 lakhs.
If you have the money then you should most definitely go for it. It is a different experience that enhances your skills and works for your development as an individual. Students who have the money and get through the IIMs and the Harvard or the London School of Economics must go for the latter. Those of you who don’t have the finances can get financial funding, but in most cases, you don’t get the funding for the entire amount. A minimum amount of Rs 5-7 lakhs is what everyone should have in addition to the amount for which you seeking financial aid.
If you aim to settle abroad, then you must go ahead for an MBA degree from a foreign school. It just proves to be an added advantage.
Those of you who don’t have the financial means to carry on with an MBA Abroad have an option of studying in India and then moving out for the industry experience. These days there are a lot of universities which have collaboration with foreign schools and who also offer placements abroad.
Students who have taken financial aid for studying abroad should preferably look for a nice job in the international organisations only or work hard for the placements of their universities. The best advice for them is to stick there for a few years and then come back, only if they wish to do so. The education loan is usually hard to pay off in such cases. Even if you get one of the best packages in India after completing a degree from abroad, it will always be difficult for you to pay off your loan. Hence, it is advisable that you work outside for some time, earn good money and then come back. Do remember that out of the total number of students that go out of a course, only 30% come back.
Break the Stereotypes
There are students who make a decision of going abroad just because they have grown up hearing that the education system of India is doomed, this is clearly not the case. India’s education sector for MBA is mushrooming these days. Hence, India has a plethora of options available for you.
India offers a number of courses and colleges that are recognized all over the world. IIMA is one the top 50 institutes in the world for full-time MBA, as per the rankings are given by The Economist.
What students should realize is that they need to research about the course and university. There are courses that are not available in India and hence pursuing them from a foreign school makes more sense. Whereas, there are courses that are made for the Indian market and a degree from India will prove to be better for students.
If your main agenda for picking a college is the industry exposure you will be exposed to, then most definitely going abroad is your way out of the debacle. Institutes in India also make it mandatory for you to go through an internship to gain insights of the industry but the experience that you gain abroad is more enriching.
In India you go for an internship, you come back and you wait for placements, whereas in the companies abroad they analyse you with a microscopic vision in order to absorb you permanently.
Interns more or less in India are termed as free labour whereas the foreign market visualises them as potential business developers of their organization. If you are going abroad you don’t need to wait for placements or post your resume to companies because there is a high chance that the companies you are interning at, might offer you a permanent position. It might not be as easy as it sounds, you need to be very good at what are doing!
Such practises are a rare phenomenon in India. Though it is catching up, the progress is slow. The students usually are offered jobs only via placements, which is also works well.
Your degree might be the gate pass for your journey but it is your skills that prove to be the flight that takes you to the destination. Both Indian universities and universities abroad offer good placements these days.
Indian universities are also placing students in countries other than India. There are companies that might give importance to a degree from a particular country but then the skills of the person are what can take them through.
It is a myth that it is just your university that shapes up your career. Yes, placements might help you get placed but it is your attitude and the skills that help you sustain in the company.
The job market for MBA graduates is always hungry for good individuals; all you need to do is brush up your expertise for the job market.
Well, these are the factors that usually lay the foundation of whether you get an MBA degree from India or an MBA degree abroad. Now, it is up to you to prioritize these things and then whatever suits you, should be your pick.