An MBA (Master in Business Administration) is currently one of the most sought-after courses in business schools across the country. Most of the top management colleges in India offer specialized MBA courses designed to meet the specific requirements of Indian students. This helps students gain an insight into the workings of corporations with a strong presence in the country, acquaint themselves with the laws of corporate administration in the country, and even launch startups or join their family businesses in India.
With overseas education becoming all the rage, however, Indian students are increasingly considering going abroad to gain their MBA degree. It is not uncommon for an aspiring MBA student to mull over the question, “Which is better?”. The following factors are required for careful consideration before we settle on an MBA abroad or in India debate.
Much depends on the career opportunities you are hoping to land at the end of the MBA degree. Foreign universities offering MBA may offer you placement opportunities anywhere across the globe and Indian business schools are more likely to offer you domestic career opportunities, at least to begin with. What is more important is the specialisation that you pick. If you intend to build a career in sales and marketing, for example, you may be better off pursuing an MBA in India and getting to know the local dynamics. This will also help you build a strong peer network which will be of immense help in your career. If you are planning to work in the import/export space, however, a good understanding of the global scenario is likely to be of more help and an MBA abroad may be a better choice.
Curriculum and Exposure
One of the greatest advantages of pursuing a MBA abroad is the sheer diversity you are likely to be exposed to. From the cultural and racial diversity of your peers to the varied markets you shall be studying through the course of your education, you are likely to learn to look at challenges and solutions from different perspectives. The curriculum of the MBA program in a foreign university is likely to be structured with a focus on the global scenario. If you’re opting for an MBA in Canada or the US, it is possible that you will be learning a lot about indigenous market conditions. An MBA from India, however, will be invaluable if you plan to join the family business or launch a startup for the Indian market.
The Cost Factor
This is one of the most important deciding factors that you may wish to consider before making a choice. MBA courses abroad are likely to cost you between 10 and 15 lakh rupees (not factoring in any scholarship) – a hefty sum that will require time to pay off. Studying in one of the premier American universities can cost up to 25 lakh rupees. If funds are a constraint, you may want to consider this – Indian MBAs from some of the top business schools such as the IIMs are considered among the best in the world and cost a fraction of the program in a foreign university.
The choice between an Indian MBA and one abroad is not the most important question to consider. India has about over 1,250 approved business schools. Some of these are exceptionally good, but an MBA program in others may not enhance your career prospects. Similarly, of the numerous universities offering MBA degrees abroad, you may wish to carefully consider the quality of education and infrastructure before opting to study in these.