Master in Business Administration is an internationally recognized two-year program in management. In the past, there were only a few management colleges offering the degree and earning an MBA wasn’t very popular either.
The research shows most of the people do an MBA to transform their career. It helps people get more exposure and enrich one’s skills in leadership, negotiation, public-speaking, and analytical as well as entrepreneurial aspects. It also helps generate self-confidence and knowledge. Some say it helps to find balance between work and personal life. In context of Nepal, the business schools in the country are indeed trying to meet the international standard on MBA education.
Students, however, have to consider how the degree adds a value to their career while making a decision on pursuing an MBA degree.
Studying in top rated colleges/institute will always be beneficial in terms of receiving a huge opportunity from the world biggest techies. Below is the list of top 20 MBA colleges in India-
Invaluable MBA experience:
Getting an overseas MBA degree offers invaluable experience and exposure into some niche industries like automotive industry, telecommunications, semi conductor designing etc. There are some pre-requisites while selecting and applying for MBA schools abroad.
- The financing options and funding-
You would need to find out how much financing you are going to need. There are two categories of expenses. In the application phase, youll need to shell out a considerable amount of money some categories are optional (such as GMAT coaching and admissions consulting), while the others aren’t (such as the GMAT fee, b-school application fee, visa fee, airline tickets). For all of this you are dipping into your personal savings. For the main MBA program, apart from the tuition fee, you should also factor in the cost of living, books, laptop, local expenses (commuting, socialising, emergency fund). Once you’ve got an estimated list of expense categories in your Excel worksheet fill up the individual amount cells with what YOU think the expense would be.
Don’t strictly go by the numbers mentioned on the school website as these can vary quite a bit for Indians. If your spouse is accompanying you, the cost will be higher .
Financing this has to be a combination of,- Personal savings: The wealth you’ve accumulated from your salary
Domestic loans: You can borrow from Indian banks (theyll ask for collateral).- International loans: Many schools have tie-ups with local banks of that country to offer educational loans. Often at interest rates that are much better than those in Indian banks.-
School specific funding options: Tuition waivers, scholarships, part-time work on the campus. Until a few years ago, the financing scene used to be different. Banks were more than happy to hand out thousands of dollars in education loans purely on the basis of a top b-school admit, without worrying too much about the repayment risk. In schools, where the workload isn’t too heavy, students are allowed to work part-time (for up to 20 hours a week) in return for a modest stipend.
Here we suggest three options
a. Friends, Family and savings – If funding can be done without any outside help, this would be an ideal no hassle option. Else,
2. Bank Loans- If you want to study abroad, depending on an Indian Bank is not recommended.
•The maximum allowed loan amounts for most of the banks are capped at Rs 20 Lakhs, which going by the above tables will barely suffice to cover your living expenditure, let alone your costs.
•Collateral free loans are not available. The maximum loan sanctioned by any bank, without a collateral is Rs 7.5 Lakhs
•If you get a job abroad, repayment is a big hassle and will involve transactions in foreign currencies.
Funding is not a problem as, most of the top b-schools have lines of credits or partnerships with leading financial institutions. These sanction unsigned loans, which will cover your tuition fees and living expenditure in its entirety. You will be sanctioned the loan, as soon as your admit is finalized and before you go for your visa to ensure you do not have hassles on the financial front.
- Scholarships and Fellowships – All the universities, worth its name have scholarship program. As one Wharton student put it, all the schools do charge high fees but they ensure that no student misses out on education on account of insufficient funds. There are also some external agencies who do fund deserving and meritorious students. Amongst the Universities, Wharton has started the Loan-forgiveness program, where they pay students who choose to work in non-profit sectors upto $20,000 a year to repay their loans.
- Minimum work experience
– Yes, the harsh reality is that most good business schools require applicants to have at least a few years of work experience. One reason for this – the schools say – is that a cohort of experienced students simply make for a better MBA program.
Most full-time programs require at least two or three years. There are the exceptions, of course: students straight out of university who manage to woo the admissions boards with superb grades, astronomical GMAT scores, and spellbinding ambition and charisma. But bold defiance of work experience requirements is most often met with something akin to “come back in a year or two.”
The logic is that students with more experience feel more comfortable speaking up in class and engaging in deeper discussions with classmates, while using concrete examples, which can naturally lead to better insights. “Work experience is definitely one of the most important factors in the application process,”
Studying in India
Studying abroad is like a dream for many but it digs a huge hole in the pocket. The question that arises is whether moving away from your house, spending the huge amount, undergoing emotional and physical stress actually worth it?
Indian MBA programs, at least those in good institutes, have evolved considerably over the years and are now very good. They have excellent faculty members, challenging courses, and great employment opportunities at the end of it all. (There is a reason the Indian Institutes of Management are ranked so high in the world!)
Money ? For those who don’t have the financial means to carry on with an MBA Abroad have an option of studying in India and then moving out for the industry experience. These days there are a lot of universities which have collaboration with foreign schools and who also offer placements abroad.
Stereo – type? Courses that are made for the Indian market and a degree from India will prove to be better for students. The B schools in India have industry experts who visit to teach and provide perspective , there are opportunities to create , new ideas to explore and new start ups that one can join . Since its a local , well known surroundings which are already familiar , there is no discomfort in trying new ideas and opportunities.
Studying in United Kingdom
The United Kingdom has always been the favourite study abroad destination among Indian students. London is one of the leading finance and banking centres, and other cities of UK offer excellent opportunities in the services industry. This reflects in UK business schools’ international reputation not only through a rigorous academic approach but also through high salaries and excellent job opportunities after graduating. In fact, in 2007 UK’s business schools taught more MBAs per year than the rest of Europe put together, according to a British Council research document.
The fact that the UK has a strong Indian population base is what makes this country an attractive destination for Indian students, as students travelling from India find it a lot more comforting to be around people with similar background.
Studying in Canada
Canada is home to many of the world’s largest and influential companies and is a hot favourite among Indian students when it comes to doing an MBA.
Canada is a popular destination for MBA as it promises much more than just good education. Its economy is thriving in industries like oil & gas, mining, manufacturing, agriculture, and forestry. The impact a good economy has on student life can be felt once you finish your degree, and are at the stage of looking for jobs. Easy availability of good jobs and immigration possibilities is what makes Canada such an attractive place to study at.
Studying in Australia
Australia is another popular study destination with Indian students, as this country offers affordable education opportunities with no compromise on quality. Factors like weather being similar to India, relaxed student life and culture, and a strong Indian community add up to the study experience.
MBA colleges in Australia offer specialized research training and it is mandatory for applicants to clear exams like GMAT, IELTS/TOEFL. The cutoff scores would be 550+ for GMAT, for IELTS 6 overall, and TOEFL would be above 90.
Australian colleges have two intake seasons in a year. One intake is in September and the other in January. Indian students prefer September intake for Australia.
Studying in Singapore
Singapore is a well-established destination for foreign education in the Asia-Pacific Region. It is one of the most economically viable options if you wish to pursue your education abroad. The total expenditure on fees costs in most educational institutes at Singapore ranges between Rs. 15 lakh and Rs 20 lakh. Students have permission to work for 16 hours a week while pursuing studies to support themselves economically.
Singapore is known to be one of the safest cities for students with the government of Singapore’s non-tolerance policy towards drug abuse and ragging on campus.
Studying in Spain
Over the last few years, Spain has emerged as an alternative education destination in Europe. Three of the top-rated European MBA programs are located in Madrid and Barcelona. The nation has only 46 million people yet management education has continued to boom over the last three decades. Spain has a completely different culture than other countries in Europe, which will be an interesting experience for the student.
We would like to say that both the Indian and foreign MBA programs have their strengths. Foreign MBA courses should be preferred by those who are looking at the global stage for their future. Ambitious young sparks who dream of living in NYC, London, or Sydney, and are confident of drawing six-figure salaries in a few years’ time.
If, on the other hand, you are very clear that you want to work for the best companies but at the same time you want to be based in India, we suggest you try to get into any of the best MBA institutes in the country. That will serve your purpose equally well.
Content Strategist Dilzer Consultants Pvt Ltd