BENEFITS OF DOING MBA FROM ABROAD
The Master of Business Administration (MBA) is an internationally-recognized degree designed to develop the skills required for careers in business and management. According to Wikipedia, the MBA degree originated in the United States in the early 20th century when the country industrialized and companies sought scientific approaches to management. An MBA degree has gained tremendous popularity in India in recent times, as it is often seen as a getaway degree to better opportunities in more fields. This article will talk about whether it is a good idea to pursue an MBA degree from India or from abroad and what advantages and disadvantages each hold for the student. WHY GO ABROAD TO DO AN MBA? Going abroad to do an MBA presents a lot of advantages to its degree holder. Some of these are mentioned below: The student will experience personal growth and broaden his worldview. An MBA from a foreign university will help students gain a new understanding of their own culture and values. They will also become more independent and self-confident. The exposure to a new culture will allow them to gain a broad and sophisticated worldview and diversify their thoughts and values. Gaining valuable life skills will also be a part of the student’s life. Getting entrance in a foreign university gives the full understanding of living in a diverse environment. This helps them get the opportunity of learning a new language, interacting with the local population as well as with the fellow international students. Strengthen leadership skills: Students will learn how to work with and gain a better understanding of different leadership and business styles while studying overseas. If the student can manage others, then they will acquire priceless experience, working with an assorted team. Widens career prospects: Doing an MBA abroad helps Indian students stand out from other candidates by gaining special skills through international familiarity. This includes well-built cross-cultural connections and acquaintance with international principles, laws and policies. Hands on Learning: Whether it is an MBA in Singapore, an MBA in USA or an MBA in Australia, an MBA from a foreign university is generally based on reviewing the case studies of several business entities. This technique of teaching makes the student comprehend how to apply a hypothesis into concrete industry practices. This method of imparting education is more appealing and convenient when compared to MBA programs in India, which stress more on abstract knowledge. Scientific Self-assessment method: The international B-schools conduct regular psychometric tests presided over by highly qualified professionals for knowing the aptitude of their students. These examinations not only assist them in choosing their MBA specialization but will also facilitate them in evaluating their abilities. Cultural Diversity: Studying overseas enables one to interact with students from all across the globe. Numerous students with diverse culture and rich work experience join MBA programs. Wide exposure and interactions with culturally diverse students helps one in exchanging ideas while also enabling them to develop their own personality. Extend Networking Base: An MBA from an overseas university offers the individual with a chance to network, with the elite of the business world, through its immense alumni support. Students network with each other as well as with business icons even prior to conclusion of their MBA program, which in turn assists in their ultimate placements. Earn learning: Many international B-schools provide opportunities for paid internships where students can easily earn while learning. This serves as a twofold advantage for candidates as they can not only earn for their daily expenses but they can also get global job experience onto their CV which unquestionably pays off in the long run. High opportunity cost: More opportunities are available to those candidates who pursue MBA from abroad. The top B-schools abroad such as Harvard and Oxford offer high paid placements. So a student seeking well paid jobs and a luxurious life should about think of taking admissions in these schools. On the whole therefore, an MBA from a foreign university opens up a lot of opportunities, with excellent career options in both, private and public enterprises in diverse fields. Consequently, studying in an international Business School is often considered as the key for a bright future. VALUE OF A FOREIGN MBA IN INDIA In terms of growth and opportunities, the Indian economy, fortunately, looks much better than its western counterparts. Back home, for jobs that require an MBA, the candidate will be competing with other job applicants who have graduated from the top MBA programs in India. Their foreign MBA will be a differentiator, but only if the brand name of their international university is strong, familiar and well-respected in the industry that they are targeting. The downside is that the number of such global brands with a universal appeal is pretty limited. Indian companies don’t track the Financial Times or any other top MBA rankings for the best business schools in the world. Their perception is influenced more by general knowledge and the one-off media reports. In fact, many HR professionals working in the biggest Indian companies wouldn’t even be familiar with all the top 10 B-schools in the world. The bulk of recruiting for them happens at Indian B-schools. As such, rather than expecting Indian companies to guess the value of the overseas MBA degree, the candidate will have to package and present it to make them aware. They will most probably be competing with others with 5-6 years experience. As such, they can expect an average salary of 18 lakhs, which is a good deal by average Indian compensation package standards. MAJOR FACTORS TO CONSIDER WHEN APPLYING ABROAD Money While an MBA in India from tier I colleges like the IIMs cost 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 money is not a deterrent, then the student should most definitely go abroad. It is a different experience which will enhance their skills and help their development as an individual. Settling Abroad If the student aims to settle abroad, then he must go ahead and get an MBA degree from a foreign school. It just proves to be an added advantage. Students who have taken financial aid for studying abroad should preferably look for a nice job in the international organizations 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. It is advisable that you work outside for some time, earn good money and then come back. It is advisable to remember that out of the total number of students that go out of a course, only 30% come back. Those students who don’t have the financial means to carry on with an MBA abroad, have the option of studying in India and then moving out for the industry experience. Nowadays, there are many of universities in India, which collaborate with foreign schools and hence, offer placements abroad. Breaking Stereotypes 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. Industry Exposure If the main agenda for picking a college is the industry exposure that the student will be exposed to, then going abroad is definitely their way out. Institutes in India also make it mandatory for students to go through an internship to gain insights of the industry. However, the experience that the student gains abroad is more elevating. In India, when students go for an internship, they have to come back and wait for placements, whereas in the companies abroad analyze the students in a minute manner in order to absorb them permanently into their organization. This does not usually happen in India, where students are often only offered jobs via placements. Although it is catching up, the progress is slow. Job Market Both Indian universities and universities abroad offer good placements these days. Indian universities, these days, are also placing students in countries other than India. There are some companies that might give importance to a degree from a particular country but at the end of the day, it is the skills of the person are what can take them through. Since, the job market for MBA graduates is always hungry for good individuals; all the student needs to do is brush up on their expertise for the job market.