Where to do MBA from – India or Abroad ? – Like two sides of a coin, this question can’t be answered with a simple yes or a no. MBA is in itself a very strenuous course coupled with high expenditure. Most student loans in present times are being taken for MBA. Now the question arises, where should you invest this money for the degree, in dollars, pounds or rupees? No matter where you invest each will have its pros and cons. Therefore being partial to one’s own country or being partial to a foreign country would mean being foolish. Therefore the best you could do is understand the pros and cons of studying MBA in India as well as abroad and then go wherever you feel is beneficial for you.
Consider the factors affecting your decision to make a sound choice
Rendering them help to decide whether pursuing a MBA course in India would be better or one should go abroad calls for sound research for preparing the base. Here are some major factors and their value which are largely dependent for formulating your decision.
How Much Money Do You Need to do an MBA In India and Abroad ?
Financial terms are the first thing which needs to be considered when you are plan to take up any course; be it either in India or abroad. while pursuing a MBA degree from Tier 1 colleges in India like the IIMs would cost you approximately Rs 10-15 lakhs; the very same would turn out around Rs 30-35 lakhs when you plan to set abroad. Again, a difference of around Rs7-15 lakhs prevails when you compare the course fees of tier 2 colleges. Of course if you possess a sound financial background for affording the course fees; then you must make your way to the London School of Economics or Harvard or even the IIMs in India.
Are you Willing to settle abroad ?
Most students moving abroad is seen willing to settle in that country to make a career. Earning a MBA degree from a foreign school adds on to your weightage if you are one among them. Also there are students in India with MBA degree who want to settle abroad. You can look out for universities or colleges who share collaboration with foreign organizations regarding student placements. This will surely be an advantage pursuing courses from such colleges.
Understand who you want from your degree
Most students are found willing to take up a MBA course abroad just because they feel and have heard that the Indian education system is doomed. Keep this stereotype thought away as the MBA sector for India is flourishing these days. Also understand what you want from your course. There are many courses which are offered by the Indian colleges but not by the foreign universities for they make more sense and find use only in the Indian market whereas there are again courses which are offered only by the foreign colleges. Analyze and evaluate your ideals for the course to decide whether you want to move abroad or would like to continue the course with an Indian institution.
Pros of studying MBA in India
Lower cost as compared to abroad
An MBA in India would cost you much less than doing an MBA from abroad. If you are not financially strong, there is no harm in chosing India over the rest of the countries.
No need of part time work
There is absolutely no need of part time work if you are studying MBA in India as the loan system is very flexible allowing you to pay it back in installments once you are well placed with a job.
Cons of studying MBA in India
No scope of employment abroad
If you get an MBA degree from an Indian business school, you will hardly have any job opportunities abroad though you will be in great demand in India. Therefore if you wish to work abroad, getting an MBA abroad would be more sensible.
The amount of exposure is low
In business schools of India you will hardly get any global or exposure due to lack of international students. This is not a problem abroad as you get to mix with people from various races and ethnicities.
Pros of studying MBA Abroad
A lot of exposure
You will get a lot of exposure abroad as you will be studying with the best minds from the world over and not just from India. Therefore you will grow personally as well as professionally.
Job opportunity both abroad and in home country
Once you have an MBA degree from abroad, not only will your demand rise up abroad but it will rise up to a triple in India. Indian companies crave for foreign returns.
Cons of studying MBA Abroad
Loss of wealth
It is indeed loss of wealth as you will have to pay three times of what you will be paying in India if you study MBA abroad. This is affordable only if you belong to a very wealthy family.
Loss of time in part time work
The loan scheme is not that flexible abroad and each student, without any discrimination between local and foreign has to work part time to pay the educational fees. This will hinder your study time.
You need work experience beforehand
It wastes your time further as the top business schools abroad ask for work experience for over a year in order to admit you.
Who offers you a better industry exposure and assist in making money?
Estimation says that nearly 65% out of the total number of Indian students aspiring to pursue a MBA course prefer going abroad but only 30% return back to the country for jobs. This is because the degree of industry exposure one gains studying with a foreign institution. Though Indian colleges also offer you with internship chances; but again here you might have to wait for the placement opportunity to know you months after getting done with the internship. The situation is reverse abroad where company with whom you work as an intern readily offers you permanent job placements after visualizing your efforts and dedication. Keeping all these points in mind; you first need to decide what you actually want from your MBA degree to decide whether it is beneficial to study in India or fly off to some foreign universities.
Having explained all the pros and cons of doing an MBA in India and abroad, I leave the choice to you. In case you need any help/guidance, share with us under comments.