MBA in India Vs MBA in Abroad, Which One is better to Pursue?
Sarada Prasad Rath
In today's generation, pursuing an MBA after graduation has become one of the most popular higher studies in young Indians. The curriculum of MBA offered by some prominent business schools in the world is all the same, but they vary a little when it comes to teaching methods, infrastructure, exposure, and a few other things. Moreover, the practices of Indian educational institutes may be a bit different from those of foreign or international ones. Which arises the biggest question, To study MBA in India or Abroad?
To study MBA the candidate has to give an entrance exam in which he/she must qualify to get a seat in a top Business School. For MBA abroad, one must give GMAT and for MBA in India, one has to give CAT (Given that many top B-Schools do not accept GMAT scores).
Both exams have their positives and negatives. The biggest advantage of GMAT over CAT is that GMAT scores are widely accepted by many top B-Schools around the world and can be given 5 times a year. While CAT can be given only once a year.
On the other hand, CAT is cheaper than GMAT. The application fee of CAT for the General category is Rs. 1900 while the application fee of GMAT is Rs. 17,000. Also, GMAT scores are not accepted by many top B-Schools.
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Top MBA Institutes in India vs Abroad
Both sets of institutes provide excellent future prospects. The difference lies in the admission process. For top B-Schools abroad, the candidates need to provide work experience, often at least 4 years along with good grades and performance. However, that is entirely not the case in India. Top B-Schools in India does not require any work experience to take admission. A candidate straight out of graduation can pursue an MBA in a top B-School in India with good performance. Although work experience does help by boosting your career in corporate management.
The other difference is the exposure. The subject and the curriculum may be the same, but the exposure is quite different. There are many good student exchange programs provided by the b-schools in the country, which offers great opportunities abroad. But it is nothing compared to the exposure provided by a top B-school abroad. If you wish to get a top management position or want to work in a company that is in the list of Fortune 500, the top universities abroad provide you that less hard than those in the country.
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The Difference in Fees, Salary and ROI
This the most deciding factor for whether to pursue an MBA in India or Abroad. The cost of the two years Indian MBA programs would vary ranging from a few lakhs and may go up to 20 lakhs for a top B-School such as the IIMs. However, to this figure we need to add the taxes, accommodation charges, cost of meals, books and course material and other related costs which would take the total cost close 30 lakhs or even higher depend upon the program you choose.
On the other hand international programs, especially the good ones come very expensively. The tuition fees for the two-year US-based programs can vary from around $90,000 to $1, 40,000 depending upon the university you’re applying to which roughly converts to 65 lakh to 1 crore rupees. To this, you need to add the cost of living, medical insurance, books, and transportation.
To talk about salary and Return of Investment (ROI), without a doubt the abroad MBA institute provides the highest. Although Indian MBA institutes provide good placement with a handsome package it is no comparison to those provided by a good B-School in abroad. With a huge amount of tuition fee, also comes the opportunity to get the dream package of your life.
As far as money is not a problem, the most important aspect of where to do your MBA is what would be your future after completing the course. You need to focus on your dream and decide which step would make it come true.
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