MBA is one of the most popular and demanding courses in the world. MBA is also considered more as an investment rather than an education. Business schools generally help gain the insights and skills required for running a business, meeting colleagues, and learning the goals of a successful manager. One significant area for clarification for the students is selecting the place to study for their MBA, i.e., the USA or India. The following article will help provide insights into the Foreign and Indian MBA.
Some significant characteristics of business schools are alum connections, diversity, global exposure and recognition, and industry connections. Also, many students in the class come with work experience of around 3-4 years. The students generally belong to different streams, such as finance, marketing, poetry, films, television, technology, and other fields. Also, pursuing an MBA degree provides an opportunity to experience different cultures and languages, which makes a candidate independent and improves the decision-making abilities of the student under challenging situations. AS MBA is an interactive course; classmates and peers highly influence the degree. As with any business, it is about learning the skills to survive and grow in every situation. Therefore, studying a foreign MBA will provide more edge over an Indian MBA when considering global outlook and exposure.
The course cost is an important deciding factor for many students when selecting the place of study. It is well-known that learning and getting an MBA degree in India is significantly less when compared to a foreign MBA. An MBA in India costs around 7.5 lakhs to 25 lakhs. On the other hand, the cost of foreign MBA ranges from 67.17 lakhs to 1.04 crores. On the other hand, the one-year program offered in a foreign MBA is around 55000- 80000$. The cost of the study further increases due to additional costs, such as living expenses, which are already higher in foreign countries when compared to India. Therefore, the students need to decide very wisely the cost of the study and the ROI before selecting a foreign or Indian MBA.
The “Common Aptitude Test,” or the CAT, is one of the country's most popular MBA entrance exams. Most of the top business schools in India, including the IIMs, use the cat marks for admission in different MBA courses. On the other hand, the country's other essential entrance exams are the XAT, NMAT, SNAP, and IIFT. These exams are given by thousands of students every year to pursue an MBA or PGDM in some of the best business schools in India. However, when admitted to a foreign MBA school, the candidates must clear the GMAT or GRE. These exams are taken on a rolling basis, enabling the students to select exam dates per their requirements.
Compared to foreign MBA schools, the Indian business school did not require the candidate's work experience on a mandatory basis. IIM Bangalore, Ahmedabad, FMS, and XLRI require the students to have relevant work experience before pursuing an MBA, but most schools need to follow the same policy. However, business schools in the USA generally prefer those students with years of work experience. The candidate's schools admit students with almost two years of work experience. Similarly, two years of work experience is required in the business school of Australia and other European countries. Therefore, it is essential to select the MBA school based on the work experience and needs of the student.
To understand the difference between a foreign MBA and an Indian MBA, it is essential to understand the structure of the MBA course in India and abroad. The MBA courses in foreign countries provide a more realistic approach, with many case studies from different business organisations. This helps the students understand how to use their theoretical knowledge during their work. The Indian MBA programs are more theoretical, making them more exciting and engaging.
The number of placements in Indian universities is more frequent than in universities abroad. Although foreign universities help students in job hunts, they need help to get jobs matching their degrees and qualifications. To get the job on the board, the student may be required to join a lower position and gain experience before getting into a higher post.
One of the critical factors to consider before selecting the place of study is the extra course, skillset, position, and salary you get after completing the course. The average salary of students completing an MBA from India is around 23 lakhs to 25 lakhs. However, the student completing an MBA from a foreign university is around 78 lakhs.
It is a straightforward fact that a mid-level MBA college abroad is much better than a private MBA college in India. The investment in studies provides higher yields when compared to Indian MBA colleges. Completing an MBA from countries like Baltia and Estonia will cost less for the course, be considered a foreign MBA, and help get a better salary when compared to an MBA in India. May Western European countries provide the same advantage.
Management is one of India's most widely chosen subjects for higher studies. Foreign MBA is more decibel by the students and professionals in India when compared to Indian MBAs. A master's degree from a foreign university in India is considered very valuable by companies and businesses. Therefore, it is far better for students who can afford the Foreign MBA course from any mid-level university than completing an MBA from any other private university in India. This helps provide better investment returns for the future.
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