What is an MBA?
Master of Business Administration (MBA) is a very impactful qualification acquired after your bachelor’s degree. It is primarily focused on inculcating business-related education in candidates. The beauty of an MBA degree is that it is accessible to candidates from any academic and professional background. An MBA degree prepares candidates to climb the corporate ladder in a more informed and profound manner. The course provides practical insights into topics like accounting, human resources, business ethics, law, strategic management, marketing, supply-chain management, operations and even entrepreneurship.
MBA is of utmost importance for candidates who are highly ambitious and wish to adorn leadership roles in the future. For those who want to scale the hierarchy of organisations and become managers, MBA is leverage because it makes candidates aware of the nuances of conducting business. An MBA effortlessly infuses an individual’s technical expertise with management-related understanding and thus creates a successful leader.
MBA in India
There are many institutes in India, like IIM Bangalore, IIM Ahmedabad, XLRI, and SPJIMR Mumbai, that provide an MBA degree. Apart from these, some tier-two colleges also provide MBAs. MBA in India can be completed in two years’ time. To get into the aforementioned colleges, applicants are supposed to appear for entrance exams like CAT and GMAT. Additionally, they should prepare for the autonomous entrance exams held by respective colleges. The fees for pursuing an MBA degree in top-tier colleges in India are between the range of 16 lakhs to 30 lakhs. Candidates with a graduate degree in any stream can pursue an MBA in India however their bachelor’s degree should be from a recognised university. Additionally, a work experience minimum of two years after graduation is needed to pursue an MBA in India. MBA students from reputed Indian business schools can expect a salary of up to 25 lakhs annually.
Why study MBA Abroad?
An MBA from abroad carries much more weight than one acquired locally in India. Candidates who pursue an MBA degree in developed countries most definitely acquire good pay packages as compared to their Indian counterparts. An internationally-acquired MBA degree gives you a competitive edge because of the knowledge, skills, and practical exposure that you receive during your learning phase. This ensures better positions in the hierarchy of an organisation. The study material, guest lectures, and interactions facilitated by international business schools also prepare candidates to explore entrepreneurial opportunities. An MBA is a very popular qualification across the globe, it thus attracts talented students from all walks of life and different nationalities. The diversity in the student pool creates many networking opportunities, and the bonds thus forged are sure to stay with candidates for the rest of their lives. In fact, facilitating diversity is an essential aspect of business today, given the homogenous nature of the business environment that has become standard in the 21st Century. When you study for your MBA degree in a developed country at a top business school, you can be sure to gain insights related to the trends of the business world and even learn new ways to tackle business-oriented problems first-hand. An MBA acquired from abroad puts you in a better position to be hired by companies from across the globe. An MBA acquired from a university overseas also allows you to specialise in varied fields and is not restrictive in its approach. This means that apart from conventional specialisations like Marketing, Finance, Human Resources, and Operations, you can choose to specialise in fields like sports, media, or even hospitality.
Top countries for MBA:
Currently, countries like Australia, New Zealand, Ireland, The UK, Canada, and the US are the most popular to acquire an MBA degree. The requirements of the above-mentioned countries are explained below:
Australia: Any candidate who wishes to acquire an MBA degree in Australia should possess a bachelor’s degree from a recognised university. The said bachelor’s degree should be of more than three years. The requirement of compulsory work experience differs depending on the university you choose. An MBA degree in Australia is of 18 months to 2 years. It will cost you somewhere between AUD 40,000 to AUD 90,000 to pursue an MBA course in Australia.
New Zealand: New Zealand, too, requires a candidate to have a bachelor’s degree of more than three years from a recognised university. However, unlike in Australia, New Zealand mandates three to four years of work experience to be eligible to study MBA. In NZ, an MBA degree generally takes one year to complete. It will cost you somewhere between NZD 30,000 to NZD 50,000 to pursue an MBA course in New Zealand.
The Republic of Ireland: Ireland has grown in popularity among students because of the quality of education and top universities in the country. Ireland has a highly competitive but enriching academic environment. A bachelor’s degree along with three to five years of work experience is needed if you wish to pursue an MBA in Ireland. In Ireland, an MBA degree generally takes one year to complete. It will cost you somewhere between €10,000 to €35,000 to pursue an MBA course in Ireland.
The UK: With historic universities and top-notch professors, the UK has been a custodian of academic excellence since time immemorial. Hence, it is one of the most sought-after destinations for aspiring students. The UK mandates that candidates have a minimum of three years of work experience as a manager to pursue MBA in the country in addition to a bachelor’s degree from a reputed institute. Most MBA colleges in the UK have one-year-long programs. It will cost you somewhere between £5,000 to £30,000 to pursue an MBA course in the UK.
Canada: A student who wants to take up an MBA degree from a college in Canada must possess a bachelor’s degree from a highly reputed institute. Some Canadian colleges may also need full-time work experience of close to three years as a prerequisite to pursuing an MBA. An MBA degree in Canada can be anywhere between 10 months to 2 years. It will cost you somewhere between CAD 30,000 to CAD 45,000 to pursue an MBA course in Canada.
The US: The US value and appeal of an MBA degree acquired from the USA are irreplaceable because of the weight it adds to a candidate’s overall profile. The USA is the nucleus of world business and provides many learning opportunities to MBA students. Hence, MBA degrees are of varied natures in the USA. Any candidate who wishes to pursue an MBA degree in the USA must have 16 years of education in totality. Work experience is also mandatory to pursue an MBA in the US. In the US, comprehensive MBA courses last for two years. However, shorter variants of one year are also available at some colleges. It will cost you somewhere between $10,000 to $35,000 to pursue an MBA course in the US.
How to Choose an MBA college?
Once you have made up your mind to pursue an MBA degree overseas, it is pertinent to narrow down your university after careful contemplation. Hence, it is important to keep a checklist in mind before choosing your university.
- You must ascertain that the university has impressive recent rankings and international accreditations that will make your MBA legitimate in other countries
- You should always research the credentials of the professors who will be your future teachers
- The course structure should resonate with your career requirements
- In todays day and age, a business is interwoven with technological prowess and hence the university needs to have a robust technical infrastructure and amenities
- It is also pertinent to have a budget for your education in mind to select a college that fits within your cost of study
- Always select a college that can offer good scholarships
Preparations and Requirements for MBA Abroad:
Pursuing an MBA abroad needs a considerable amount of preparation.
- A candidate’s GMAT or GRE scores are important and hence you need to prepare well to ace these exams.
- Abroad MBA also needs a student to appear for a language proficiency exam like IELTS. An IELTS score of 6.0 to 6.5 is acceptable for MBA across many developed countries.
- Documents: A professionally-drafted resume, one or two letters of recommendation from your professors or employees, transcripts, and a valid national passport are the most important documents for your MBA. In addition, candidates also have to submit their recent photograph and a personal essay.
- GMAT Result and IELTS or TOEFL scores
- Some students may also have to clear university-level entrance exams apart from GMAT and GRE
- Interview: Many colleges prefer interviewing the applicant before allotting them admission. This is the last stage of your admission process, where you will be quizzed regarding your personal life, professional experience, and goals.
- Student visa from the country you are applying to
Jobs and Salary MBA Abroad:
Yes, acquiring MBA from a university or a business school in a developed country is more expensive as compared to pursuing the program in India. But the value you can get from the course in an international setting is unparalleled. The amount that you invest in your education can be recovered through a good placement opportunity. As most candidates who secure MBAs in developed countries often acquire very good salary packages from global organisations. Students can work in the fields of IT, Banking, Finance, Healthcare, Infrastructure, and even sports and media at higher positions. An MBA can earn anywhere between INR 40 lakhs to 5 crores in developed countries, and the globally-recognised nature of the program allows them to secure jobs in different countries as well. Top brands like Apple, Meta, Google, Netflix, JP Morgan, Deloitte, and Amazon prefer candidates who have secured MBAs from globally-recognized schools because of the versatile experience that they bring to the table. If you wish to expand your career in the arena of sales and marketing as a Business Development Manager then you can make as much as INR 75 lakhs. Project Managers can be optimistic about earning nearly 45 Lakhs to 11 Crores and Consultants can earn a salary of up to INR 48 Lakhs.