Pursuing a degree abroad is every student’s dream. However, it is not relatively easy. Many students remain to enroll in the best business schools like Wharton, INSEAD, Harvard, UBC Sauder, GISMA etc.
Business schools with triple accreditation are not a piece of cake. For instance, they do not consider any professional work experience. Candidates are asked to present more than extraordinary records. In many cases, your documents need to be approved by the institute itself.
MBA is a program that offers international exposure and experience. Therefore, pursuing MBA at an institute that has essential affiliation and exposure is the only option. Otherwise, the degree is just a showcase to extend your qualification. Nowadays, students tend to consider famous business schools just by the success of their MBA programs. But there are other factors to be considered in deciding for your MBA course.
Benefits of MBA in Abroad
The very first benefit goes without stating. It is an international exposure. Not just in matters of foreign location and community. MBA is an international degree that is the core educational component of the business world. The institute must have everything to offer to establish you as a leader on a global platform. We see many business executives pursuing MBAs. It offers prospectus even to professionals.
You get to meet new opportunities, work in the field, learn from industry experts, and much more. And besides that, your degree from a prestigious program is acknowledged worldwide. In addition, some business schools have a particular MBA course famous for its specific approach. So an average institute can provide as much benefit as an ivy league degree.
Guide to MBA Abroad
Certain factors affect your future after you complete your MBA. Even while pursuing your MBA degree, many resources can yield different results. For instance, business schools in other countries offer different exposure. Differences can be in industrial involvement, network, placements, offers, recommendations, etc.
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Here we will go through some points which are necessary for your MBA abroad. It is as much academic as it is practical. It would be best if you analyzed multiple options to get you a favorable choice.
Institute Selection
Wharton and Stanford are the best business schools worldwide. Does it make it the obvious choice for a business school then? When selecting an institute, you must consider the country. Different countries follow different approaches. For instance, if you want to follow a technical field after your MBA, Germany is probably the best place to pursue your MBA. The USA is idle for a diverse area of opportunity and a more extensive cultural exposure. It goes for other famous institutes infamous countries as well. When you select an institute for your MBA, you are accepting all factors related to its approach.
Harvard is the home of the world’s first MBA program that offers case study development at its best. At the same time, INSEAD MBA programs provide a better ROI and faster growth. French business schools are a whole different place to offer ingredients for your future. Your institute decides your network of operations, future possibilities, higher salary, etc. Before opting for a particular institute, research its benefits and affiliations. Many students prefer to study in France or Canada for more international exposure. In contrast, some prefer the US for a giant network. And some choose UK institutes for an exceptional lifestyle.
Program Exposure
Did you know French MBA courses have industry influence and involvement more than any other country MBA? MBA from HEC, INSEAD, ESSEC provide you with great possibilities to work with top companies and professionals while pursuing your degree. Grand Ecole programs are a completely different opportunity to grab. In the same manner, Stanford MBA provides a significant focus on entrepreneurship and social development. It will push you to reach the top of the line in your sector. Finally, MBA from Frankfurt gives you a cheaper expense and more return on investment (ROI) than average.
Each program is known for a different approach. Your cultural and community involvement also depends upon your program selection. You can only experience it through your campus life so much. Your program facilitates your professional exposure to industry, community, market, network, etc. An MBA from Princeton offers you the best alumni network worldwide. It can make all the difference. You can get ahead of your competition just by a recommendation. Evaluate program exposure before you enroll.
Eligibility & Requirements
Without being eligible to apply, one can only dream of a good MBA. Prestigious business schools have a high requirement. Although the legal need remains the same, quality and scores are not average to pass. Here are the basic standard requirements to be eligible for an MBA abroad program;
- Work experience (institute’s need-based)
- Multiple Essays (can be written or speech or both)
- Letters of Recommendation
- GMAT/GRE scores
- English proficiency test scores (IELTS/TOEFL/PTE)
After these requirements for eligibility, you proceed to apply for admission. You need to submit the necessary documents and go through various processes to get admission. Just fulfilling the requirements as mentioned above for eligibility is not enough. It would help if you scored exceptionally to be even considered. The average GMAT/GRE score for the best institutes goes beyond imagination. Though mostly there is no minimum score set requirement, the acceptance rate of the institutes throws out countless applications.
Thousands of candidates apply for admission, but only a few get past. For instance, Stanford Graduate School of Business maintains its acceptance rate at around 6%. It means even exceptional students are thrown off from admission. To pass all admission steps, you need a remarkable record overall. Your academics, curricular, interpersonal skills, etc. Apart from that, your work experience can be denied if the institute itself does not approve it. So prepare before increasing your chance of enrolment.
Finance
Finance is a significant component of education. We know education nowadays is not cheap. On to that, studying abroad makes all the difference. Just the country selection for your MBA program can make all the difference. The USA and UK are much more expensive to pursue an abroad degree compared to Germany and Canada.
In contrast, Australia and France are much more flexible. Also, tuition fees are not relevant to the social expenses you might face. So, for example, studying in Australia can be manageable as the average tuition fee is not much. But at the same time, lifestyle is a little expensive.
Pursuing an MBA in the USA is very costly. Just the average tuition fee goes around $70,000 per year for an MBA program which is equivalent to INR 50 lakhs. And living expenses revolve around $15,000 – $20,000 equivalent to INR 11 – 15 lakhs. These are just average costs as your living expenses while pursuing MBA will cost even more. If we evaluate average fees and expenses for a prestigious institute in the USA, it can go around $1,50,000, equivalent to INR 1 core.
The average fee to pursue an MBA in the UK is not as great as in the USA, but the lifestyle costs more depending on location. The average tuition fee goes around £40,000 per year for an MBA program, equivalent to INR 35 lakhs. And living expenses revolve around £15,000, equal to INR 13 lakhs. These are just average costs as your living expenses while pursuing MBA will cost even more. If we evaluate average fees and expenses for a prestigious institute in the UK, it can go around £80,000, equivalent to INR 70 lakhs.
Pursuing an MBA in Canada is the opposite of the UK; while tuition fees remain big, living in Canada does not consume too much. The average tuition fee goes around $80,000 per year for an MBA program, equivalent to INR 45 lakhs. And living expenses revolve around $8,500, equal to INR 5 lakhs. These are just average costs as your living expenses while pursuing MBA will cost even more. If we evaluate average fees and expenses for a prestigious institute in the USA, it can go around $1,00,000, equivalent to INR 60 lakhs.
Pursuing an MBA in Germany is very cost-effective. International students can pursue their degrees for free in public institutes. However, you are expected to take care of your accommodation by yourself. It costs around £15,000, equivalent to INR 13 lakhs. However, a prestigious private institute costs around £25,000 tuition fee per year. Equal to INR 22 lakhs.
Conclusion
Other factors affect your MBA abroad degree like faculty, partner institutes, your lifestyle choices. When it comes to higher education, you can put aside some things to gain a superior education. But you do need to consider the plans to find the most suitable MBA program. Do not fall for any particular detail from a prestige program and choose by evaluating your needs. There are Indian institutes that offer international exchange programs. You can opt for that in case of specific issues.
Author Bio
Abhyank Srinet is a passionate digital entrepreneur who holds a Masters in Management degree from ESCP Europe. He started his first company while he was still studying at ESCP, and managed to scale it up by 400% in just 2 years.
Being a B-School Alumni, he recognized the need for a one-stop solution for B-School to get in touch with schools and get their application queries resolved. This prompted him to create MiM-Essay, a one-of-a-kind portal with cutting edge profile evaluation and school selection algorithms, along with several avenues to stay informed about the latest B-School Updates.
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