The shortest in duration but most sought after post graduate qualification is MBA from a very good B school in the preferred domain. With management education making its global footprint, an MBA degree from one of the top B schools in the world in the era of great learning, global hiring and high remuneration attached to this degree, has become even more desired than ever before.
Many people do an MBA after 3-4 years of work experience. But there are also many students who pursue an MBA after completion of their masters or doctoral degrees. While Top Indian B schools like IIMs, XLRI, FMS, MDI and many more have a major share of fresh graduates as their students, the top B schools in USA like Harvard, Wharton among others need work experience before they allow admission to the MBA degree programme.
Go for MBA Abroad if…In view of the experts, mentors and those who are pursuing MBA from top B schools in USA, UK, Canada, Singapore, Europe, following are the key deciding factors which can help you take the decision whether to go for abroad MBA or should remain confined to management education in India.
16 years or 15 years of education: check the eligibilityA few of the top B schools in the world like Wharton, Harvard require 16 years of education till graduation but also accept 15 years of education, if you are a non-engineer. The eligibility criteria vary not only from country to country but also from B school to B school depending upon their priorities.
Before applying for admission to these B schools, aspirants should thoroughly understand their eligibility criteria. Candidates aspiring for MBA from abroad may also approach MBAUniverse.com and register free to raise their queries to know all about the MBA Abroad.
No admission without work experience
Work experience plays an important role when you decide to do an MBA. International B-schools require MBA aspirants to have atleast 2-3 years of professional work experience prior to applying to their MBA programmes. No top rated B school in USA, Canada, Singapore, UK and Europe will allow admission to its MBA programme, if you do not have work experience. An MBA study majorly includes real-life case studies and discussions with your peers. These discussions and case studies will require you to have prior work experience to demonstrate skills like leadership, people management, conflict management and team spirit. Without previously having experiences in these important concepts you will not be able to bear the rigorous classes.
Seeking Career Enhancement
B schools abroad focus more improving and polishing the leadership skills. If you are inclined to move into leadership roles or moving out of stagnant roles in career and brushing up skills to achieve professional goals later, exploring admission opportunity in highly ranked B schools abroad is a good idea.
Aspiring for Global Exposure
The era of liberalization and Globalization has opened immense opportunities for MBA graduates especially for those pursuing MBA from highly ranked and Accredited B schools. India is still aspiring for more B schools accredited by International Accreditation Agencies like AACSB, EQUIS but globally even the small countries like Singapore and Canada have more accredited B schools offering MBA education as per the international standard.
Candidates, who wish to have International exposure to explore various global opportunities, learn new languages, new cultures and meet new people from various backgrounds to further enrich their management skills should go for MBA abroad with the rider that they must get admission in one of the top rated B schools.
Switching the Career
Global management education offers MBA in such areas that are not so much popular in Indian MBA Market. Specialized and domain focused MBA degree has limited Career opportunities in India whereas it has blossomed well in many other countries. If you wish to switch your career from unrelated fields and wish to explore new areas and new domain where more growth is likely to happen, MBA Abroad is the answer.
Networking MBA Abroad
Students from across the world with diverse back grounds aspiring for different goals are sure available in good B schools abroad. It offers an opportunity of Networking with people from related fields and also explores new avenues for networking with people from other areas. It has therefore become an important factor to pursue MBA from a good B school MBA abroad
The Cost Factor
A good MBA program is usually expensive; when it comes to USA it becomes even more costly keeping in mind the depreciating rupee value. Apart of the tuition fees, you have to be aware of the cost of living as well. While choosing an MBA it is imperative to keep one’s budget in consideration. Scholarship is not always a guarantee and a loan will leave you in debts to pay off.
The average cost of living in USA is around $10,000 per year and $700-$1000 per month. To reduce the pressures of the high cost of living in USA, students can take up on campus jobs .
Cost of living in the United States can differ depending on location and lifestyle. Cost of living is more in cities like Los Angeles, New York and Texas but there are also a number of states offering lower standards of living.
Tuition fee and other expenses at the top B school could go from USD 60000 to 100000 including health and on campus boarding & lodging expenses. One has to evaluate the future gains at the cost of giving up present job and repaying the EMI of study loans to pursue MBA degree.
Abroad MBA: Proceed with clarity on Career-goals
Having clear career goals is very important when you decide to do an MBA from abroad. The decision to do an MBA is related to one’s short term and long term career goals. An MBA is a huge investment in terms of time and money. Pursuing an MBA without a proper career plan will be a waste of such an investment. Universities in USA, Singapore, Canada, UK expect candidates to have well planned career goals, ideally a candidate should formulate the career goals at least a year before applying.
Assess yourself: Common Career Goal questions in foreign B schools
B schools abroad are going to ask you following common questions on career goals. Prepare them well before applying to any B school abroad
• Where do you see yourself 5 years down the line?
• Where do you see yourself 10-15 years down the line?
• Which companies do you wish to work for or what type of entrepreneurial venture do you want to set up?
• What is the designation you look forward to work as and what would be your scope of work?
• Lastly, the most important point to remember while formulating your career goal is ‘how will the MBA help you achieve your future goals?’
• After deciding what you want to be in the long run and having reached a certain point in your career in need of multiple exposure, prepare well and apply for MBA abroad.
Please remember while GMAT is the mandatory entrance test for admission to 6100 B schools across the world, each B school has its own set of admission process rules. Since in this competitive and ‘survival of the fittest’ scenario MBA is a career-oriented degree and is most commonly considered to be the last stage or last stop of education, pursuing an MBA from abroad depends on an individual’s career goals.
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MBA Abroad: One step further for Indian students to a world of opportunities
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