That helpless feeling, when there is so much confusion all around, and the mind keeps oscillating from one option to the other. Which MBA aspirant wouldn’t have gone through this unsettling dilemma of whether to do an MBA from India or abroad?
Being one of the most bankable investments in the global market today, the demand for management studies has been ever increasing. However, in the process of deciding the right college for you, be clear about the reasons you want to do an MBA for and your post-MBA plans. For instance, whether you want to become an entrepreneur or are you aiming for a job outside India, or whether you are merely interested in an MBA degree. Your personal goals would be the dominant factor in making the right choice for you.
So here, we intend to bring a helpful comparison of these factors related to pursuing MBA from India or abroad to ease your difficulties.
The expenses incurred in doing an MBA abroad is enough to burn a hole in your pocket. Of course, the living expenses and other expenditures are additional. While it is possible to manage getting a student loan for it, you need to be sure to get a job abroad to repay the hefty amount.
Besides, if you look forward to taking up a job in India, it is rather not preferred to take up that load, for the course of the foreign degree would cater more to the international economy and the global market which would be less applicable to India’s economic conditions.
Though, if you do have that kind of money or someone to foot your expenses, a foreign MBA would definitely prove to be more rewarding and promising. You can also earn scholarships or grants to fund your degree.
Here is where the foreign MBA schools have gained their grounds. The minimum work experience required to pursue an MBA abroad is 2 years. This would provide you with a diverse and experienced classroom and can help you build a stronger global alumni network. Plus you also get exposed to different cultures and perspectives.
While studying in an IIM in India can provide you with world class facilities, most of the average MBA schools in India lack good infrastructure and provide limited exposure. Also, the knowledge base in India remains largely theoretical.
However if you plan to work in India, the business knowledge provided in Indian MBA schools would be more beneficial in the practical run.
The prime foreign MBA destinations are USA, UK, Canada, Australia, and New Zealand. While it is relatively easier to get employment in the US and Canada, the same in the UK and Australia is a bit challenging. Nevertheless, the pay package would be considerably higher if you do a foreign MBA due to the currency difference, yet, the jobs wouldn’t be offered on a platter to you. Your market value does increase, but you still have to go through tough competition as the employers there are more demanding.
Also, you need to consider your personal goals for this. For instance, if you want to open up a business, it is easier doing so in India than abroad. But if you plan to get a job abroad and can prove your worth, career growth with a foreign degree is undoubtedly more assuring.
Summing up the whole thing, the right choice depends totally on your priorities and vision. Be sure about this before coming to a conclusion. After all, it is only once you do your MBA!