With increasing globalization, privatization and liberalization, MBA program has become one of the hot favorites for students across the world. The global market has transformed into a dynamic and demanding workplace with ample opportunities for the skilled professionals. As a result, the worldwide demand of management studies has increased since the MNCs across the globe are hunting management graduates from reputed B-schools irrespective of their country location. Consequently, MBA has become one of the most sought after programs across the world.
Most students who plan on obtaining an MBA degree are usually caught up in a debate to decide between an Indian MBA degree and an MBA degree from abroad. To arrive at a decision, one has to consider a lot of factors that are involved. The last 3 decades have witnessed a large number of Indian students pursuing MBA from either Indian colleges or significantly from foreign universities. Though many students in India are driven by the apprehension that an international MBA will fetch them a good job, MBA in India is also gaining demand and significant weightage in global market. Having said this, it is important to consider the pros and cons of an Indian MBA and foreign MBA to weigh which is a better option.
Given that the education scenario in India has undergone a metamorphosis in the last two decades, it is soon emerging as the hub for management studies. Nearly 1, 30, 000 aspiring candidates take up the Common Admission test every year. The Indian MBA degree scores brownie points when the cost factor is taken into account. While you have to spend between Rs 10 lakh to Rs 15 lakh on a foreign MBA degree, the Indian MBA degree can be earned at 10% of the cost incurred on the foreign MBA. Also don’t forget to calculate the living costs and other expenditures you will have to cover while living in a foreign country. The Indian MBA is easier on your pockets on these grounds.
An MBA degree from abroad, specifically the US, UK, Canada, Australia and New Zealand is well reputed and recognized across the globe. In addition, the international exposure is expected to add value to the degree and resume, thereby increasing the market value of the graduates. But are the employment chances in foreign countries positive? Obtaining a job in Australia and Canada will not be too easy. However, the employment opportunities in the US and Canada seems to be much brighter. But remember, to obtain an employment opportunity, you will have to fulfill the terms and conditions attached to your visa and also the skills required by the employers are more demanding.
On the other hand, many MNCs in India have, and will continue to hire MBA degree holders. Besides, most B-schools have foreign placements every year, thereby providing you with an opportunity to work in India or abroad. Moreover, the talent pool in India is well recognized by all the leading economies. The trend of NRI students returning to India for job opportunities is also on a rise making the Indian scenario more thriving.
The MBA schools abroad require you to have a minimum of two years of work experience. This will change the demographics of the classrooms. In the Indian Management class you will have classmates who are 22 years old on an average. However, in a classroom abroad, you will come across candidates around 26 years of age owing to the work experience. Interaction with such students will help you build your contacts and also will help in providing a different perspective to your course. In most Indian business schools work experience is not a specified entry requirement for MBA programs. This earns extra credits for the MBA degree obtained abroad.
If international exposure is the priority, naturally one would score MBA from foreign universities better. But, there is an increase in the tie-ups between Indian premier B-schools and B-schools abroad. Some of the tie-ups include the Great lakes with Yale University, SP Jain Institute of Management and Research with Virginia Tech, the Management Development Institute with Cambridge College and the Institute of Management and Technology with Fairleigh Dickinson University. With increase in the international tie-ups, one can experience international exposure while studying in India.
However, it all boils down to personal choice. While one degree is better in a certain aspect, the other excels in different aspects. Though an MBA degree from abroad is a fast growing fad, the Indian MBA is giving it stiff competition. Keep in mind the changing scenario when making your choice.
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