With evolving technology and automation becoming part of daily life, traditional labour work that requires physical activity has quickly been overtaken by intellect and mental work. Instead of working on the farm, people are now working in front of screens. Hence, education has become a big part in determining the ability to build a successful career.
That being said, one of the most sought-after courses around the world is an MBA degree, the most prestigious degree in business and management. MBA graduates are in demand and many employees around the world are offering huge incentives to professionals who have graduated.
However, due to its popularity, there is a lot of competition as many individuals have an MBA degree. What can separate you and give you an edge is the business school you complete the course from.
Many Indian MBA aspirants often need to face the conundrum of whether they should pursue the course in India or abroad. While there are pros and cons in both, in this article, we have covered an in-depth analysis of various factors that can help you determine which option is the best for you.
Arguably, this is one of the major differences when it comes to applying to an Indian business school versus an international one. Most B-schools in India accept students with little to no work experience. However, its important to note that renowned institutions do prefer students with good work experience.
On the other hand, universities abroad prefer candidates who have worked for at least 2-3 years. This is primarily due to the vast number of applications and the limited number of seats.
Hence, depending on when in your life you decide to pursue an MBA degree, you can make the decision to choose an Indian school or travel overseas for the course.
If youre on a budget, this is an important factor to consider while pursuing an MBA degree. Completing this degree is considerably less expensive in India compared to international colleges in countries like the US, Canada and UK.
Typically, an MBA in India can cost roughly between INR 7.5 lakhs to INR 25 lakhs, depending on the b-school you apply to. On the other hand, the tuition fee for an MBA course in an institution abroad is somewhere between INR 20 lakhs to 70 lakhs, depending on the country, university, and course.
Hence, its crucial that you critically assess your financial situation and the location where youre planning to pursue a career before deciding where you want to complete your MBA degree.
Another major difference between pursuing an MBA in India versus abroad is the aptitude tests; namely GMAT for international universities and CAT for Indian colleges. While both have their strengths and weaknesses, the major benefit that GMAT has over CAT is that the score is accepted across the globe, increasing your opportunities. The top universities in the country also accept GMAT scores, forgoing your need to take multiple exams to gain admission.
Moreover, a GMAT is much flexible as you can attempt the exam up to 5 times a year to improve your score and only your best score is considered by colleges. You also have the freedom to pick a date for when you will attempt the exam as compared to the set date for the CAT exam.
When it comes to difficulty levels, both the exams are standardized and have a similar level. However, CAT is much more affordable compared to the GMAT exam.
Studying abroad comes with its own set of advantages as it enables students to get exposure to a different culture and lifestyle. Moreover, they will be able to make international connections during their course, allowing them to open a new window of opportunities after they graduate.
Moreover, if youre seeking a career abroad, companies would tend to prefer students who have completed the MBA course from their country.
However, you will be facing a lot more competition and will lose the edge of playing on your home ground. There are a lot of students who apply to companies from around the world. More often than not, these companies tend to prefer natives as they understand the culture and will fit in the company easily.
Hence, you will be at a disadvantage. By completing your degree in India, you will be able to easily secure a job and can make use of the connections you have built over your life, instead of relying on those made in just three years.
There is no doubt that the salary you draw once youre employed after completing the MBA course is drastically from a college in India versus abroad is drastically different. Depending on the college you choose and the niche you specialize in, the average salary you will get after completing an MBA in India is approximately between INR 7 lakhs to INR 25 lakhs, according to Payscale.
However, after completing a course from an international university, the salary increases drastically, depending on the country you completed the course from and the niche you choose. For example, if you complete the course from the US, you can earn up to INR 70 Lakhs.
While theres no doubt that pursuing an MBA degree can be highly beneficial, the quality of education you receive during the course plays an important role in advancing your career. This is because you might get a job in a prestigious company based on the degree, however, moving to the next level can only be achieved by execution of the skills youve learnt during the course.
Top colleges and b-schools in India understand the importance of this and have built courses that are well balanced between providing in-depth theoretical and practical knowledge to the students. Moreover, the courses are also regularly updated to ensure the students receive knowledge about all the latest tactics, methods and technology that can help them advance in their careers.
This is a similar practice followed by international schools and the quality of education is on the same level across the board. However, universities abroad do tend to focus more on practical knowledge.
The course structure in India and abroad have multiple similarities and differences. While the courses in both schools have almost the same subjects in various specializations, the major difference is the approach they adopt.
An MBA course abroad focuses more on providing students with practical knowledge through case studies of various business entities, assignments and internships. On the other hand, Indian colleges provide a mix of both theoretical knowledge and practical experience. They aim to inculcate the method of first learning the concept, then executing that concept in a practical situation.
While both methods have their pros and cons, the method adopted by Indian universities is interesting and engaging as students have full knowledge about how they need to execute certain techniques, or how to solve certain challenges when they are employed.
The overall MBA experience is surely more engaging in an foreign university as you get the opportunity to meet people from various cultures. This gives you insights on different perspectives, which comes in handy while dealing with a complex problem or difficult business situation.
Moreover, as you universities abroad give admission to people who have a work experience, you get the opportunity to learn from their experiences and get a first-hand understanding of how the industry works and what companies expect.
However, the experience in Indian colleges comes with its own set of benefits, too. As the class is full of young freshers who are enthusiastic, you will be motivated as well. Moreover, the younger generation is well-versed in technology and will be able to share their insights on how to make the most of the latest innovations to better business practices.
As mentioned before, the fees for pursuing an MBA course in India is much more affordable compared to a university abroad. Even if you negate the tuition fees, there are multiple auxiliary expenses, including flights, accommodation and cost of living, that is sure to leave a dent in your pocket.
Added to that, the possibility of getting a job in the country isnt always guaranteed, hence, the salary package wont necessarily be too high to compensate for the cost of pursuing the course.
On the other hand, while the course in India colleges isnt very high, the cost of living is minimal too. Even if youre living away from your family. Hence, the ROI is surely higher if you decide to pursue an MBA course in India.
While both have their fair share of pros and cons, pursuing an MBA course in India is generally a more viable option. Not only is the education provided by the institutions in the country at par with other nations, but they are also constantly working on improving the courses to ensure students get the best and most advanced knowledge. Hence, youll get the opportunity to learn more at less price.
At ASMs IBMR, you get the best of both worlds as we provide overseas study tours and student exchange programs. Additionally, we also invite international visiting faculty, ensuring our students gain sufficient knowledge about the international market. Moreover, we also provide international certification programs, which will enhance your employability if you decide to pursue a career overseas. To know more about our courses, contact us today!