In this article on MBA in Foreign vs MBA in India, the following indicators will be used for comparing which is better and why:
- Admission prerequisites – entrance exams
- Work experience
- Curriculum and Exposure
- Placement opportunities
- Average salary
Should You Do An MBA In India Or Abroad?
MBA in Foreign vs MBA in India: Admission Prerequisites
Your first step for getting into the top MBA colleges in India is to register and apply for the MBA entrance exam. The Common Admission Test (CAT) is the most popular MBA entrance test in India. You have other tests too like SNAP, XAT, NMAT by GMAC and IIFT, but if you’re eyeing the top B-schools in India, I’d recommend you to go for CAT. This is usually followed by rounds of group discussion and personal interviews.
Regarding entrance exams for an MBA abroad, you will have to take the GRE or GMAT which are more complex and competitive when compared to CAT. Moreover, these scores form only one component for getting into the top MBA universities abroad. There’s also a lot of focus on the overall candidate profile including academics, work experience, career goals and extracurricular involvement. In addition to this, your personal statements and recommendations add to your chances of getting entry.
Work Experience For MBA in Foreign vs MBA in India
Most of the Indian B-schools do not consider work experience as a major criterion for selection. While it could be an add-on, not all institutes comply with the idea. You can get into the top business schools like IIM Ahmedabad, ISB Hyderabad, and IIM Bangalore with little or no work experience.
Work experience is a mandatory requirement for pursuing an MBA abroad. Those applying for the US and Canada MBA programmes require at least 2-3 years of work experience. Those applying for Australian MBA programmes require a minimum of 2 years of work experience. You can take a call regarding MBA in Foreign vs MBA in India depending on how much work experience you have and when do you intend to pursue the course.
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Cost Of Pursuing MBA From India vs MBA Abroad
A major deciding/restricting factor that candidates keep in mind when making a decision between MBA in Foreign vs MBA in India is the cost. A 2-year residential programme in the top B schools of India will cost you around INR 10-20 lakhs.
The cost of pursuing an MBA abroad is comparatively expensive, falling within the range of INR 20 lakhs to INR 70 lakhs. Moreover, the cost of living, travelling and related expenses together make it an exorbitant option. But do not get discouraged by this. There are many scholarships to study abroad that can help fund your studies. You can make a smart move by applying for a few of them. In the chart below, you can observe a typical financial aid package for MBA students and how scholarships come into the picture.
While parenting contributions, your term-time works and asset contributions do help in funding your expenses. If you go for an MBA scholarship, the majority of your expenses will be covered.
Curriculum And Exposure
When you’re comparing MBA in Foreign vs MBA in India, make sure to check the course structure and what topics will be covered in your curriculum. See what kind of exposure you’re getting, whether it meets what you’re looking for, and plan accordingly.
There are many similarities as well as differences between MBA in India and abroad. Abroad MBA programmes give you a practical approach with exposure to a new culture that allows you to gain a broader and sophisticated worldview and helps you diversify your thoughts and values. This majorly contributes towards tremendous personal development as you get a more global outlook. Indian B-schools are in the process of reaching there. A few B-schools however have opened doors to opportunities of great practical exposure.
MBA students look for placement opportunities as other major criteria for deciding on MBA in Foreign vs MBA in India. Indian B-schools are tied to some of the top business companies and organizations. So, academically outstanding students in India usually do not find it a hassle in finding a job after college.
As opposed to placement opportunities in India, pursuing an MBA abroad does not promise you a guaranteed job altogether. You will have to do the research work in terms of job vacancies, get in touch with your career counselling services or apply by yourself. If you take up a graduate training scheme, however, your chances of getting a job are higher. But then again, equal efforts have to be made from your end as well.
When you’re comparing MBA in Foreign vs MBA in India, you may think that the cost of studying an MBA abroad is expensive and that may be a discouraging factor. However, the cost is directly proportional to the ROI. If you invest an amount between INR 20 lakhs – 70 lakhs for an MBA abroad, your average salary will be around INR 45 lakhs. As for India, while the cost of studying for an MBA would be in the range of INR 10 – 20 lakhs, your average salary would be around INR 19 lakhs initially.
Top MBA Colleges Abroad And In India
In the below table, you will come across a list of the top MBA colleges abroad and in India
|Top Indian B-schools||Best MBA Colleges Abroad|
|IIM Ahmedabad||ASU – Thunderbird School of Global Management – USA|
|ISB Hyderabad||Imperial College Business School – UK|
|IIFT Delhi||McGill University – Canada|
|ICFAI Business School, Hyderabad||Monash University – Australia|
|Faculty of Management Studies – Delhi||SRH Berlin University of Applied Sciences – Germany|
|SIMC – Pune||University of Otago – New Zealand|
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