WHY GLOBAL MBA?
There are certain important differences between an Indian MBA degree and a foreign one. The learning environment and the 'MBA-experience' vary by a great extent with the school. Indian education system helps prepare conceptually strong managers with solid 'funda-es', the schools abroad focus on practical aspects and offer much broader exposure and perspective.
Here are the main benefits of a foreign MBA:
WEIGHTAGE OF ABROAD MBA DEGREE IN INDIA
A degree in MBA from a reputed international college or university means a lot in India. All the companies want to expand their business and when they get to appoint an MBA graduate, who has been in foreign country and learnt all the international standards of conducting business and improving profit, they never thinks twice and hires him/her immediately by offering an undeniable package.
This gives them an edge over their competitors as a fresh and innovative mind is at work at their end. It has always been an unwritten protocol that says colleges and universities in foreign country has to be better than the India colleges and institutes as the study pattern in our country and abroad are completely different and their curriculum of every subject include much more practical exposure than Indian curriculum.
Thus, a degree in MBA from abroad is of tremendous significance in India.
MBA ABROAD VS. MBA IN INDIA
Aspiring students interested in attending a postgraduate business course often find themselves trapped in a dilemma they find difficult to get out of: Should they pursue an MBA in India or should they opt for an MBA degree from abroad? And the temptation of getting a graduate degree in business management from a reputed foreign university is undeniable.
Set your Expectations:
There is no right or wrong answer to the decision you make regarding pursuing an MBA in India or abroad. It all depends on your personal and professional expectations post graduation as it will influence which academic path is more suitable for you.
For instance, if you plan to develop a professional career and a management position in an Indian company, then you should definitely consider attending an MBA in any of the prestigious Indian B-schools. Having a local post graduate degree will be valued by potential employers. In addition to this, your contacts network will mostly be built up of Indian colleagues who will be able to help you land the position you want or put you through with their own contacts so that your career goals can be met.
On the other hand, if you are interested in pursuing a global career and in developing a global business outlook, then your best choice will be to pursue an MBA abroad. It will give you the chance of being immersed in a multinational and multicultural environment that will urge you to move out of your comfort zone. Needless to say, your contacts network will include people from the four corners of the world, which can open up doors for you almost anywhere.
If you are thinking from the future point of view then you must consider the fact that India is a vibrant economy today and corporate the world over value the pool of talent that exists here. In fact, people opt for positions in India to be a part of the growing economy. Lately there has been an increase in the number of NRIs coming back to India. In this thriving scenario, it makes sense to get your degree from an Indian B-school.
There has also been a steady increase in the number of tie-ups between Indian and foreign universities. Some of them include the SP Jain Institute of Management and Research with Virginia Tech, the Indian School of Business with the Wharton School-Kellogg School of Management, the Management Development Institute with Cambridge College, Great Lake & Yale, Welingkar College with Temple University, the Institute of Management and Technology with Fairleigh Dickinson University, Great Lakes and Yale University. Thus, with more and more premier international education its way to Indian shores, one can experience the benefits an international education and a lesser cost.
Also, Indian MBA courses have been expanding and growing significantly in recent years. MBA graduates from Indian B-schools have proved their mettle in the global working environment and are offered top positions in several organisations. Considering the purchasing power parity, initial expenditure (cost of the program), initial placements, and growth in salary as inputs in decision, MNCs do not have to think twice before coming to India in search of middle and senior management talent.
Personal Aspirations - Motivation for going abroad for MBA
Last but not the least, the ideas, that can end this dilemma of yours, are as follows:
You need to consider each of these points, and then only you can get a specific answer that can help you in deciding whether to go for an MBA from India or Abroad?
Even by the most conservative estimates, pursuing an MBA degree abroad would set you back by at least Rs. 10 lakhs, if you have to shell out the money on your own. This could go up to as much as Rs. 30 lakhs for the top U.S. B-schools. Financial aid is limited, and comes with strings attached.
That is why 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 your 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 an MBA abroad may 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 the course and your ability to repay the loan.
Eligibility criteria for studying MBA abroad vary from country to country and school to school. But for most of the schools the following criteria are followed:
As is obvious, all the schools relatively compare you to the rest of the applicants. But along with that, a realistic assessment of one's capabilities is also done. In case you don't have prior work experience, there is not much to be gained by applying to schools abroad.
In case you see that your GMAT scores are above the cut off averages of schools you wish to apply for, then you automatically make a strong case for yourself. Along with a strong academic record, MBA schools abroad also give quite a lot of weight to extracurricular activities - in the belief that an applicant needs to be well rounded and capable of giving back to society. This is a very important facet which one tends to ignore.
REQUIRED SKILL SET
The fundamentals of business are taught in every MBA program. Accounting, economics, finance, organizational behavior, marketing, statistics, and operations form the primary business disciplines and skills and are in the expected repertoire for any MBA. How and when students cover the basic skills varies, however. In most programs these subjects will be taught in a group of core courses required of every student. These core courses consume most or all of the first year of study in a two-year fulltime program. In some programs, students who have a prior background in business can be exempted or waived from some or all of the core courses, on the basis of either a special examination or an evaluation of the undergraduate transcript.
Some programs regard a few areas as background knowledge and expect you to have learned the material before you start your graduate program. Statistics, economics, and accounting often fall in this group. When you're comparing the length of programs and calculating time to degree, be sure you remember to consider any program prerequisites. (Calculus and computer skills are also common prerequisites for MBA programs.)
Other programs take another approach, offering the core courses within the structure of the program but requiring this course work only of those students who have not mastered it previously. If your program has two tiers, with different entrance points-for students with undergraduate degrees in business and those with degrees in non-business areas-you may be exempted from some or all of the first year of the program if you were an undergrad business major.
It has been said that mathematics is "the language of business." But many MBA programs are moving away from the heavily analytical approaches that predominated several years ago and are giving increased emphasis to the "soft" areas of communication and interpersonal skills. Said that, the quantitative elements of business studies have not gone away.
The actual level of mathematical knowledge that you'll need varies widely from program to program. Some schools expect you to have studied statistics before entering the program. Some will expect you to use calculus on a regular basis. Generally speaking, you should certainly feel comfortable with college algebra and brush up your quantitative skills if they're rusty.
It's a tech world out there
In an ongoing effort to adapt to technological change, almost all business schools have integrated personal computers into their programs. Many schools will require you to have your own laptop. The extent to which you'll be expected to use a computer will vary from program to program, but you should make an effort to have at least a minimum comfort level with word processing, spreadsheets, and databases before starting school. You may want to check with the schools you're interested in to find out the hardware and software specifications.
Are you a team player?
One of the ways schools are mimicking the business environment in their academic programs is in the use of student teams. As corporations have increasingly turned to teams to work on projects and to solve problems, MBA programs have converted an increased share of course work from individual work to team work. Many programs now incorporate training in teambuilding somewhere in the program - either as part of new student orientation, in team building workshops, or as a topic in organizational behavior courses.
Teams may be formed for the purpose of one project in one course or they may remain together for months, working on multiple courses. In the often competitive environment of MBA programs, the cooperation required of teams doesn't always come naturally. Since team work is almost always time consuming, students in schools that use teams may find that activities and even policies on work during the academic year reflect the heavy time commitment of working with others.
EXAM TO BE FACED
For pursuing MBA from Abroad, an aspirant has to go through three two qualifying tests:
1. TOFEL/IELTS (Test of Proficiency in English)For quite a while now, there have been two major English language proficiency exams that MBA programs use to test an applicant's ability to speak in English: the Test of English as a Foreign Language (TOEFL) and the International English Language Testing System (IELTS).
But recently, Pearson-one of the most prominent educational companies and publishing houses in the US-has launched its own Proficiency Exam: the Pearson Test of English, Academic (PTE Academic).
Although each exam claims to be a test of "English" in the most universal sense of that word, this is not exactly true. The IELTS relies on more British and Australian English, while TOEFL and PTE Academic draw from a more distinctly American idiom.
These three tests claim to deliver equitable results; yet, not every MBA program accepts all three exams. In general, the IELTS is more accepted in Europe and Australia while the TOEFL is much more commonly accepted by MBA programs in the US. The PTE Academic, though the newest of the three, is making good headway into being accepted by MBA programs all over the world. Moreover, its partners (of which, in the interest of full disclosure, Strictly English is one) are gaining a sizable footprint in the Asian test-prep market.
Because not every MBA program accepts all three tests, be sure you take the necessary exam for each program you apply to. This might mean you have to take two of these tests: The IELTS for one program and the TOEFL for another. Since the PTE Academic is the newest of the exams, most schools that accept it also accept one of the other two exams.
If you are lucky enough to apply to a program that accepts more than one of these exams, you might want to think about which exam suits your testing style best. For example, the Speaking section of each test is very different. And since this language skill is often the most difficult for test-takers to master, you might want to consider which test's speaking section is best suited to your strengths.
On the IELTS, you speak face-to-face with the Rater, which for some test-takers is more comforting, while for others is more anxious-making. On both the TOEFL and the PTE Academic you speak into a microphone and the computer captures the audio. Again, this might be more relaxing for some people or more unsettling. (NOTE: your TOEFL/IELTS speaking is evaluated by a human Rater, while your PTE speaking is evaluated by a computer program).
2. GMAT (MBA Entrance Exam)GMAT (Graduate Management Admission Test) is a computer-adaptive standardized test in Math and English to check your aptitude for business studies. You need to appear for this exam if you are interested in pursuing an MBA Degree from abroad.
For further detail on GMAT Entrance Exam, you can visit our section especially devoted to GMAT 2012.
We at MBA Rendezvous are also offering you dedicated GMAT Reference Material.
HOW TO PREPARE FOR THE EXAM?
GMAT is an expensive exam to appear therefore, make sure you are well prepared for the exam. For a flawless preparation, you need to analyze the GMAT pattern and sample questions very closely. Once you are well aware of the structure and syllabus of the teat, you can decide how to go about the preparation of the exam?
You can see in detail about this topic by visiting our GMAT 2012 dedicated Section.
This factor also depends on you. If, after analysis, you feel that you need to brush up your basics before appearing for the exam, you should take around 3 months for detail preparation. But if you are confident enough, you can take the exam whenever it is feasible for you.
TOP UNIVERSITIES ABROAD
The most popular destinations for MBA abroad are USA, UK, Rest of Europe and Australia. Few top most MBA colleges and institutes abroad (randomly) are:
BEST COLLEGES OF US, UK, EUROPE AND AUSTRALIA
Top USA MBA Schools
Top UK MBA Schools
Top European MBA Schools
Top Australian MBA schools
UNCONVENTIONAL DESTINATIONS FOR MBA ABROAD
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