Once you’ve decided to pursue an MBA, the next step is to figure out which programme would best suite your needs. With so many options available, both abroad and in India, this can be a difficult but important decision. Prominent Indian business schools such as the ISB or IIM host a range of attractive benefits, as do the many that are available in Europe and elsewhere. Knowing the pros and cons of studying both at home and abroad is a vital first step to making the best possible decision for your needs.
One major issue to consider when deciding whether or not you should acquire your MBA abroad or at home is how much it will cost. In order to have a complete understanding of the total costs, there are a variety of factors that one must consider. One primary aspect is the price of the programme itself. Attaining an MBA through a domestic programme such as ISB or IIM will definitely be cheaper than earning one abroad, although the price of foreign programmes can vary wildly depending on where you’d like to study. The cost of living in a foreign land is another factor that can’t be overlooked, although this too can vary wildly depending on the country. Regardless of the university you choose, pursuing your MBA abroad will require a bigger investment, but with that investment comes a range of benefits as well, so while the cost is a definite con to studying abroad, the higher price tag is oftentimes worth it.
We currently exist in a global marketplace, and having an understanding of other cultures, traditions, languages and lifestyles can be invaluable. Those that have never lived or worked abroad can find themselves stuck with a narrower worldview, making them a less valuable asset for an international corporation. Studying abroad will help you to better navigate the intricacies of working with those from vastly different backgrounds than yours. It will also allow you to better approach things from an outsider perspective, giving you an enhanced ability to think outside the box and overall making you a more attractive asset to any multinational corporation.
If there’s a country that you have a strong desire to live and work in, and then attaining a degree from a major university from within that country can greatly increase your chances of finding a job there. By getting an MBA in your dream country, prospective employers will know that you are proficient in the local language, have a strong understanding of the culture, and are easily able to navigate the complexities of living in a foreign land. There’s also a host of potential benefits to working abroad, such as a higher salary, which makes landing a job overseas all that much more desirable.
One disadvantage to earning your MBA abroad is that there most likely won’t be any options for assisted job placement. Most of the top business schools in India, such as ISB or IIM, offer some sort of job placement programme. This means that getting a job with a decent salary directly out of university can be much easier and straightforward. While attending university abroad should widen your job options, finding a job that fits your needs is left entirely up to you. Most students who attend ISB or IIM will have a job lined up before even graduating, which helps to alleviate some of the financial burdens associated with being a university student. Those who study abroad usually aren’t able to land a position until after graduation, meaning that they may have to get more financing than those who stay in India.
A high salary is the main reason that most people decide to pursue an MBA, so choosing a program that will result in the best possible income is obviously desirable. Those who graduate from ISB on average earn around 18 lakhs annually, while those with an MBA in the United States or western Europe will on average make about $100 000 US dollars or about 65 lakhs in the same period of time. Therefore, it would clearly benefit someone to try and land a position abroad, and as was mentioned before, earning your MBA in the United States or Europe will greatly increase your chances of gaining employment in those countries.
In conclusion, whether or not to earn an MBA domestically or abroad can be one of the most important choices in your life. Given all the potential pros and cons of either an overseas MBA, or one from India, it’s an incredibly difficult decision to make as well. Therefore, it’s best to figure out what you want to get out of your education before deciding. Find what’s most important to you, be it salary, cost, job placement, or anything else, and use that to guide you to make the best possible choice for you.
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