Pursuing an MBA from overseas is a very exciting idea no doubt. But the idea is also an expensive one. One cannot ignore the competition in top B-schools and competition in the foreign b-schools, not to mention, is stressful. You will be haunted with questions on application procedure, exams to be taken, total expenses involved and so on. But is MBA Abroad really worth the money?
Many factors determine the answer to this question. Each of these factors has to be analyzed and compared to arrive at a right conclusion. Let us now look into the various factors and the role they play:
Though almost all the foreign universities have world class facilities and excellent academic environment but admission to these universities requires either a valid GMAT or a TOFEL score. Whereas one can easily score well in CAT, XAT, FMS or other entrance exams of leading B-schools in India by putting the same effort and can easily get admission in top B-schools of India.
If an MBA aspirant is strongly ambitious of pursuing MBA overseas for an international exposure, he can opt for the same. Otherwise the students can pursue MBA from premier institutes of India and can participate in industry exchange programs where they can get opportunities to study overseas for a short period or can even get entry to foreign internship programs.
Money is the ultimate bottom-line. Despite of the fact that all reputed universities across the globe offer scholarships for international candidates, the number of candidates being awarded the same is limited. The fee structure of foreign universities is apparently higher than that of Indian B-Schools, and if the other expenses are also considered such as living expenses, accommodation, study visits, consumables and equipment, it could cross our budget. So in this case assume that you are not going to get any scholarship and then look at the funds available at your disposal. If you have sufficient funds then pursuing MBA from abroad can be a good idea. But if you have financial constraints then you need to think on it. Bank loans are available but opt for it only if you are confident about your successful completion of course and you manage to get a job.
Another factor driving Indian students to overseas is job opportunities. It is the apprehension of candidates that MBA in India will not fetch them good jobs. Whereas now most of the MNCs prefer visiting campuses in India for hiring MBA graduates which is great achievement. International firms, though allures everyone but requires strong network and moreover international candidates are always preferred over Indian candidates.
What are your future plans?
One of the important question is do you wish to settle in abroad? For some, answer to this question may be yes while for few it may be no. If you are confident of taking a job abroad rather than managing to get one, then you can think of taking a loan and going abroad to study. Otherwise if you are planning to return to India just after completion of your course then you should think twice before going. Remember that an international MBA is valuable only if you are pursuing it from some of the top international universities such as Harvard or Oxford.
Lastly, you can spend all your money, take a loan, and get into the best school but ultimately what matters is how well you can market yourself. That is what will get you handsome salary packages.
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