Do you wonder whether to pursue an MBA program in India or abroad? By the end of this article, you will be in a position to compare both options and make an informed decision.
MBA is one of the most sought-after business courses among international students worldwide, and it is considered more of an investment than just a course of study. Theoretically, an MBA program is all about gaining insights into the business world, meeting new people, and developing managerial skills. However, among most students, the dilemma is whether to pursue an MBA degree from India or abroad. This article will help you understand the difference between MBA colleges India vs abroad.
Comparison of MBA Colleges: India vs Abroad
Choosing the right business school is crucial to establishing a successful career after an MBA. To help you make an informed decision, we have compared MBA colleges in India and abroad based on the following factors:
- Exposure and Global Outlook
- Cost of Study
- Entrance Exams
- Work Experience
- Course Structure
- Placement Opportunities
- Average Salary After MBA
Exposure and Global Outlook
Among the many benefits of studying abroad is getting exposure to a new culture and lifestyle, which opens up a wide range of opportunities. As an international student, you will have the chance to learn a new language and interact with students from other countries. As a result, you will also become more independent and confident, which will broaden your horizons and allow you to expand your outlook.
Since an MBA program is highly interactive, learning is heavily influenced by classmates and peers. In the debate over Indian MBA vs Foreign MBA, studying abroad will give you a competitive advantage in terms of international exposure.
Cost of Study
The cost of pursuing an MBA degree in India is significantly lower than that of countries like the US, Canada, and the UK. It is estimated that the average cost of an MBA in India is between Rs. 7.5-25 lakhs, while the average cost of an MBA abroad is between Rs. 20-70 lakhs, obviously depending on the institution you attend.
As well as this, living abroad is significantly more expensive than in India. In this regard, education loans play a major role. When choosing your MBA college, it is crucial to carefully assess the return on investment (ROI).
Entrance Exams
In India, the Common Admission Test (CAT) is widely accepted as an entrance exam for MBA. Many of India's top business schools accept CAT scores, including the prestigious IIMs. After the written test, there is a group discussion followed by an interview. Some of the other popular entrance exams for MBA colleges in India are SNAP, NMAT, XAT, IIFT, GMAT, etc.
On the other hand, for admission to an MBA program at a foreign university, candidates must appear for GRE and GMAT. These exams are conducted on a rolling basis, allowing candidates to choose their exam date.
Work Experience
Indian B-schools are open to students with little or no work experience, unlike most foreign universities. In India, although several b-schools, such as ISB Hyderabad, IIM Ahmedabad, IIM Bangalore, etc., admit candidates with professional experience, not all Indian colleges follow this policy.
In contrast, US universities prefer candidates with at least 2-3 years of experience. The top Canadian universities also seek candidates with a minimum of 2-3 years of industry experience. Furthermore, the average work experience required to study in Australia is two years. Thus, depending on what stage of your life you are in when you plan to pursue an MBA, you can decide whether to pursue it in India or abroad.
Course Structure
One can see many differences and similarities in the course structures of MBA colleges in India and abroad. There is a more practical approach to the MBA curriculum abroad, where students are presented with case studies of various businesses and asked to evaluate them. It allows the student to connect what he/she has learned theoretically to actual business practice.
Contrary to most MBA programs in India, which continue to emphasize theoretical aspects, this method is engaging and interesting. In recent years, however, at least the top B-schools in India have made changes and added new concepts and courses to their MBA curricula.
Placement Opportunities
Students receive an opportunity to interview with top companies on campus at Indian B-schools, making the placement process relatively easier. Top students from some of these B-schools receive multiple offers. Usually, however, things are different abroad. Most schools do not guarantee employment. For students to land a lucrative job, they must network and reach out to their dream companies.
Average Salary After MBA
When it comes to average salaries, the IIMs, ISB, and other top Indian B-schools vary widely from the most prestigious business schools abroad. Passouts from ISB can expect to earn around Rs. 23 lakhs, while graduates from IIM-A can expect to earn around Rs. 25 lakhs. In some of the most reputed universities abroad, such as Harvard and Wharton, graduates can earn up to Rs. 78 lakhs per year.
MBA Colleges in India vs Mid-level MBA Colleges Abroad
You should consider an MBA from a mid-level college abroad if you can afford it rather than an MBA from a private college in India. In this case, there is a higher return on investment. It is actually true that some universities abroad are considerably more affordable and offer better returns on investment. MBA programs from countries like Germany, Estonia, and Baltia, for example, will be less expensive and will give you the added benefit of studying abroad, as well as increased salary and placement opportunities. The situation is similar in many Western European countries.
Pros and Cons of MBA Colleges: India vs Abroad
An individual's career objectives and preferences determine whether he or she should pursue an MBA from an Indian university or a foreign university. In the following table, you will find the pros and cons of MBA colleges in India and abroad:
|
Pros |
Cons |
|
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MBA Colleges in India |
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MBA Colleges in Abroad |
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Top Colleges for MBA Abroad
The following list is a compilation of top MBA colleges abroad that provide students with exceptional academic education and training. The following universities provide a wide range of placements and opportunities for business students in addition to having strong alumni networks:
|
MBA Colleges |
Location |
Global MBA Rankings 2022- QS |
|
Stanford Graduate School of Business |
USA |
1 |
|
Harvard Business School |
USA |
2 |
|
Penn (Wharton) |
USA |
3 |
|
HEC Paris |
France |
4 |
|
MIT (Sloan) |
USA |
5 |
|
London Business School |
UK |
6 |
|
IE Business School |
Spain |
7 |
|
INSEAD |
France |
7 |
|
Columbia Business School |
USA |
9 |
|
IESE Business School |
Spain |
10 |
Top 5 Colleges for MBA in the UK
The UK is home to top business schools that provide quality education and world-class facilities. Students can also pursue MBA in the UK without GMAT. The top MBA universities in the UK are listed below:
- London Business School
- Oxford (Said)
- Cambridge (Judge)
- Imperial College Business School
- Warwick Business School
Top 5 Canadian Colleges for MBA
Students from around the world choose Canada as a study destination because it has an excellent education system and a friendly environment. Find below the top MBA colleges in Canada:
- Toronto (Rotman)
- McGill (Desautels)
- Queen’s University (Smith)
- Western University (Ivey)
- University of York (Schulich)
Top 5 Colleges in the USA for MBA
Top B-schools in the USA focus on experiential learning and provide various opportunities to interact with industry professionals through internships, seminars, workshops, etc. Candidates can also pursue MBA in the USA without work experience. Listed below are the top colleges for MBA in the USA:
- Stanford Graduate School of Business
- Penn (Wharton)
- MIT (Sloan)
- Harvard Business School
- Columbia Business School
Top 5 Colleges for MBA in Germany
Germany boasts of top-notch business schools that are known for providing quality education at affordable costs. Read about how to pursue a free MBA in Germany if you are curious. Take a look at some of the top colleges in Germany for MBA:
- Mannheim Business School
- Frankfurt School of Finance & Management
- WHU (Otto Beisheim)
- ESMT Berlin
- HHL Leipzig Graduate School of Management
Top 5 Australian Colleges for MBA
With world-class infrastructure and a high standard of living, Australia is another great choice for students willing to pursue MBA abroad. Find out the requirements to study MBA in Australia if you are interested! The top universities for MBA in Australia are mentioned below:
- Melbourne Business School
- Australian Graduate School of Management
- Monash Business School
- Macquarie Graduate School of Management
- UQ Business School
Top Colleges for MBA in India
There are several reputed MBA colleges in India. Here is a list of the best business schools in India that provide an excellent education for a lower cost:
- IIMs
- Indian School of Business
- XLRI Xavier School of Management
- IITs
- Management Development Institute
- SP Jain Institute of Management and Research
- Faculty of Management Studies
- SVKM`s Narsee Monjee Institute of Management Studies
- Indian Institute of Foreign Trade
- National Institutes of Technology (NIT)
- Jamnalal Bajaj Institute of Management Studies
- Symbiosis Institute of Business Management
- ICFAI Foundation for Higher Education
- Indian Institute of Foreign Trade (IIFT)
- International Management Institute
- Xavier Institute of Management (XIMB)
- Banaras Hindu University
- Amity University Noida
- Birla Institute of Management Technology
- University of Petroleum and Energy Studies
Choosing whether or not to do an MBA is indeed a significant decision, but where you decide to pursue your MBA will have an impact on your future. Therefore, before appearing in any of the MBA entrance exams in India or abroad, you need to evaluate the advantages and disadvantages of both options so you can choose the one that is best suited to your career objectives.
