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If you have always dreamed of a career in the corporate world and management, you understand the significant role an MBA degree plays in advancing your career. For many MBA aspirants, studying abroad is a dream because it not only enhances career opportunities but can also lead to potential pathways for citizenship in the host country. However, selecting the right university and course is crucial, as not all MBA programs are the same. So, in this blog, we have listed everything you need to know about studying MBA abroad, from the benefits to eligibility to the top 3 countries for an MBA abroad.
MBA stands for Master of Business Administration. This is a postgraduate degree that equips students with the skills they need to work in management as well as in leadership levels in the business world. Many subjects come under MBA like finance, marketing, HR or human resources, and operations. Each specialization provides a comprehensive understanding of the fundamentals of business and how their chosen field interacts with and impacts it. The job prospects of an MBA graduate are quite varied and almost all industrial segments require it.
Today’s MBA aspirants have a better chance of doing an MBA from a foreign university than ever before. But why study abroad when there are so many institutions in India including IIM Bangalore which is one of the top 50 globally recognized universities/institutions? Well, here are the top benefits of studying MBA abroad for Indian students.
When you do an MBA from a reputed university abroad, you get a chance to participate in projects and case studies that are global. Most of such universities have the latest business management techniques that help you learn real-world applications. The course prepares you to face business issues that will come up when you join the corporate world after your course is over.
Whether you are joining a company in India or your host country, with an MBA degree from a reputed university, your career path will be smoother. Whether you become an entrepreneur or senior management employee, your degree from MBA abroad will open doors in most companies. As per the latest estimate by Glassdoor, the median earnings of an MBA graduate was about $121, 942 per annum. Even in India, they have a better salary range than those who have done their MBA from an Indian institute/University.
Everyone in the business world knows the importance of networking, and you can create your networking group when you study abroad at a prestigious university/institute. Such establishments have brilliant students from all over the world, as well as prestigious alumni. Hence, it is very normal for students who graduate from such MBA institutions to get good references, mentors and even job offers through the network they develop during their time studying there. You can also find a good network and alumni in premier Indian institutions, but most will be limited to Indian and Indian-origin businesses. With an MBA from abroad, you have a global networking possibility.
As said before, the salary offered to an MBA graduate from India and that from a foreign student, differ very much in the Indian job market. Even if you didn’t go to the premier MBA schools in your host country, the salary offered will be better than what a graduate from a B-school will be offered. And if you work in the host country or a multinational company, your salary will automatically be higher than any Indian company.
Being in a global spot gives you much better exposure to how the world works. Your skills and capacities are challenged constantly making you better in your fields. You get to learn from industry leaders or work on a global project from diverse fields of business. All these help to develop a holistic understanding of what your future employment world will be like and how you can handle emerging challenges.
The eligibility criteria for MBA abroad for Indian students will depend very much on the country they are applying for. For example, in the USA, Australia, UK, Canada or Ireland, you need to have a bachelor’s degree from a recognized university. However, to apply in New Zealand, you need to have at least 4 to 5 years of work experience. But there are some common criteria you need to fulfill when applying to study MBA abroad as an Indian student. They are:
To apply for an MBA, you need to check the website of the institute you want to study in regarding the application date. Most Indians who wish to study MBA abroad do this during the summer months of the previous year. This means, if you want to study MBA next year, you need to start looking now while preparing for your GMAT/GRE and other tests. Universities typically invite students to apply from August to December, after which they may have rounds of interviews. If you get through, the results published by January and April, then you can enroll for your MBA course in a foreign university which will start in August/September. Some countries have a second admission period around January or February of the next year.
The cost of doing an MBA from a foreign institute depends on the country, the institute, the financial scholarship, and also the type of course you are doing. On average it can be between 40 to 80 lakhs for a one-year course while for a 2-year course, it can go as high as 1.2 crore! The durations of MBA courses abroad generally vary between 1 to 2 years with added years for working as an intern in the host country.
There are four different MBA programs that you can enroll in when doing MBA courses abroad. They are:
Full-time course: Typically lasts for two years. The students attend classes all day like in any other program and prepare for their careers.
Part-time course: This is for individuals who don’t have time to attend classes during traditional times due to their circumstances. The classes are generally held during the weekend and the course duration can be 3 to 5 years depending on the flexibility of the course. However, many countries don’t approve student visas for Indian students to study MBA abroad in a part-time course.
Online course: With the spread of the digital network, many top universities and colleges across the world are now offering online MBA courses for students in India. It is much cheaper than going abroad to study while getting the same high-quality education that the university/college is famous for. Then there are programs like Futurense US Pathway program where you can do part of your MBA course from India through online courses and then rest in the US. This reduces your cost of studying MBA in reputed universities in the USA while getting the benefits of studying full-time.
Executive MBA Course: These MBA programs are primarily for working professionals who want to improve their skills and upgrade their resumes. The working experience requirement is higher for such programs (5 to 10 years), and hence the average age of the students is higher (between 30 to 45). For those with significant work experience or leadership experience, the university may also not need their GMAT/GRE score.
So, now that you know how to do an MBA abroad, the cost, and the types of MBA programs, it is time to see the top 3 countries and their best MBA colleges abroad for Indian students.
Canada is one of the most preferred countries for Indians looking to study MBA abroad.
Here are the top 5 Business schools in Canada:
The average cost of studying for a Canadian MBA degree can be between 40 and 80 lakhs. There are many scholarships available for Indian students wishing to do an MBA in Canada, like Rotman School of Management Scholarships from the University of Toronto Rotman School of Management, or the Schulich MBA Scholarships from York University Schulich School of Business. There are also private scholarships available from international institutions like The Aga Khan Foundation International Scholarship Program as well as scholarship programs from Indian corporations like Tata or Reliance.
The course duration for MBA is typically 1 year to 2 years with most universities offering the latter programs.
This is one of the most important reasons why students prefer doing an MBA abroad. In Canada, if you do an MBA program of 2 years, you get 3 years of post-graduation work permit or PGWP.
The home of some of the topmost Business schools in the world, the USA is the preferred choice for most students looking to do an MBA from abroad.
Here are the top Business schools in the USA, where most MBA aspirants students want to be.
The average cost of studying in the USA is somewhere between 80 lakh to 1.2 crore. Most of the top Business schools have scholarship programs for international students like the HBS Fellowship from Harvard Business School or Chicago Booth Scholarships from the University of Chicago Booth School of Business. There is also the Fulbright Program, and Fulbright-Nehru Master’s Fellowships specifically for Indian students. If you opt for the Futurense US Pathway program, we help you with finding a guaranteed scholarship as well as loan support.
The stay-back period for the US is one year on an H-1B visa. However, if you are doing STEM-certified MBA programs, you can get an extension of 24 months. If you want to pursue such a STEM MBA course in the USA, you should know that colleges prefer students from STEM backgrounds for this type of MBA over those from other backgrounds. In this regard, the US Pathway program from Futurense can help you. Here, you can do 30% coursework in India while getting advanced certification from IIM/IIT, and then finish the 70% of your coursework in the US from your chosen university.
The third most popular country in our list of top B School colleges to study MBA abroad is the United Kingdom.
The cost of studying in the UK is somewhere between 30 lakhs to 1.2 crore. You can also get scholarships from universities like The Deloitte Scholarship from London Business School or the Cambridge International Scholarships from the University of Cambridge Judge Business School. Indian students are also eligible for the Commonwealth Master's Scholarships given to exceptional students from low to middle-income families from Commonwealth countries.
You can do a full-time course in 2 years, while part-time MBA courses can be between two to three years. Some institutions also offer 1-year courses.
The ‘Post-Study-Work’ Visa in the UK is valid for 2 years after completion of your MBA course.
An MBA degree from a reputed Business School abroad will open up more opportunities for an Indian student. With such a degree, they can gain entrance to the global business world and enhance their career prospects. If you have always been interested in the corporate world, doing an MBA abroad will bring in benefits like international exposure, diverse networking, and more. Choose a program or university as per your educational background. Doing an MBA in foreign countries can be costly, but you can find scholarships offered by leading B-schools or even private scholarships from corporations. By carefully selecting the right university and program, you can achieve your professional goals and open doors to exciting career opportunities worldwide. So, look into how to do an MBA abroad and start preparing for the battle ahead.
Pursuing an MBA abroad offers several advantages, like exposure to global business practices, opportunities to network with international professionals, and access to cutting-edge resources and teaching methods. Additionally, doing an MBA from a foreign university can enhance your career prospects as well as a chance to gain legal residency in the host country.
The cost of an MBA abroad can vary significantly depending on the country and institution. On average, it ranges from ₹40 lakhs to ₹80 lakhs for a one-year course and can go up to ₹1.2 crores for a two-year program. You can save money by securing a scholarship given by universities, private institutes as well as corporations in India.
Though it differs from college to college, as well as country to country, the basic common eligibility criteria include a bachelor's degree from a recognized university, GMAT or GRE score, TOEFL/IELTS score, letter of recommendation (2), well-written SOP or Statement of Purpose and resume. You can start applying with all these when the universities start their application process.
Canada, the US, and the UK remain the three top choices for Indian students planning to study MBA abroad. Among them, the US has the largest number of Business schools that are world-renowned Business Schools.
Yes, the Futurense US Pathway program offers a chance to study MBA with top prestigious colleges in the US, in the most convenient manner. You can do 30% of the course from India, and then complete it in the US which saves you money. You also don’t need a GMAT or GRE score and we help you every step of the way.
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“Talking about building teams, I feel Futurense is playing a crucial role in it by providing tech talent that fits like the perfect piece in the jigsaw puzzle.”
“Stepping beyond the traditional way of hiring resources, training them, and then deploying them to me is one of the best processes that Futurense has.”
“Worked at a very low-paying job but couldn’t complain as my skills were not up to the mark. Futurense saved me with their “get paid to learn” model.”
“Honestly, I was sceptical at first. But the Tech Talk series changed my mind.. And I couldn’t have done any better than with Futurense!”
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