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GMAC (Graduate Management Admission Council) released its annual research report known as the Prospective Students Survey to analyse MBA students’ career aspirations and plans for the upcoming academic year. The 2023 report analysed over 2515 MBA aspirants across the world who wish to study abroad despite the fluctuations after the pandemic. The report also released how demand for international MBA degrees continues to increase as concerns over the consequences of COVID-19 decline from 41% in July to 33% in December 2020. Read this article to know more about MBA aspirants looking forward to study abroad in 2023.
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Why Study MBA Abroad?
Studying abroad is a fantastic way to meet new people, acquire a new language (such as Spanish), and diversify your professional experience. Not only that, but you’ll be able to study at some of the world’s greatest business schools and colleges, whether in North America, Europe, or Asia.
Here are some other reasons why studying for an MBA abroad could be a beneficial step in your business career.
Top International Business Schools to Attend
The location of your business degree studies might have a significant impact on your future business career. Though a top-ranked business school is not always superior, an internationally recognised school may provide greater networking chances and links to important worldwide corporations.
As a result, many students choose to study overseas because their home nations do not have top-tier business schools. Studying at an international business school can help you grow your network, learn from new cultures, and widen your business thinking.
Opportunities for Networking
Networking is an important component of doing business, especially on a global scale. Your network’s strength will influence your employment chances and your ability to seek professional support when needed. Studying abroad allows you to expand your network and meet people from all around the world.
Explore a New Culture
It’s easy to overlook the fact that studying abroad will enhance you not only professionally, but also personally. Studying abroad will teach you to appreciate other cultures and ways of thinking, making you a more well-rounded and sensitive person.
Opportunities for Employment
Many international students use their study abroad experience to launch a new career in business. If you have a certain industry or sector in mind, this is your chance to relocate to a country where you are more likely to find an opportunity that could lead to your dream career.
Best Countries to Study MBA Abroad
The first step in planning to study abroad is deciding where you want to go. The world is your oyster in this sense, although personal variables may affect your decision.
Top-ranked international business schools can be found all around the world, from Germany to Singapore. Other requirements, though, may influence your decision. Do you want to work in a specific industry? Do you wish to improve your command of a specific language?
While deciding where to study might be difficult, some business school locations are more popular than others. Every year, these are the destinations that draw the most international students.
Must Read: MBA Abroad for Indian Students
Application Process for International MBA
If you’re wondering how to study abroad, remember that applying to an international business school is an easy process. If you follow these procedures, you’ll be ready to apply to your desired programme.
Find the best international business school and course for you.
Finding the perfect programme for you will be your first step in applying to an international business school. This can be intimidating, especially if you’re not sure what to study.
When planning to study abroad, your nation of choice will play an important role. Consider the nations you want to visit: would you be willing to spend a year or more there? Then, in that country, look for an international business school that provides the programme you’re interested in.
Gather Vital Documents
While each business school application is unique, many international business schools require the same essential documents from applicants. These frequently include:
- Your degree diploma
- Your academic transcripts
- A one-page resume or curriculum vitae
- 1-2 professional recommendations
- A personal statement or intent letter
You may also be requested to submit a handful of test scores with your application. If English is not your native language, you will be required to take an English language test. The TOEFL, Cambridge, and IELTS are among the internationally recognised English language exams.
Give the GMAT or GRE
When applying to a postgraduate programme, such as a master’s or MBA, you will almost always be required to take a standardised business schools admission exam, such as the GMAT or GRE. These examinations determine whether or not you are prepared for the demanding learning environment of a graduate business programme.
The GMAT is the most widely used standardised admissions exam for international business schools. You should begin preparing for the GMAT as soon as possible because you may have to repeat the exam if you are dissatisfied with your result. The GMAT can be taken online or at a global testing centre; a list of locations is available online.
Apply directly to your preferred business school or institution.
You will apply directly to your selected business school for postgraduate courses such as a master’s or MBA. While the layout of business school application forms will differ, they will all request the same materials (as discussed above).
Before beginning the application process, double-check the application deadlines for your preferred school(s).
Get ready for your interview.
After submitting your application form, the second stage of any international business school application is usually an interview. Not all applicants will be called to an interview; it is a chance for the school to analyse the most promising prospects firsthand.
To accommodate international applicants, most interviews will be conducted online. However, your institution may conduct in-person interviews in international locations.
You’ll almost certainly be questioned on what you wrote in your personal statement and CV, as well as your overall aims and aspirations.
Your application decision may be delayed after the interview stage. However, a lengthy delay does not always imply negative news.
Must Read: How to do MBA from Abroad?
Some Past Statistics
Here are some statistics for MBA Aspirants looking forward to study abroad in 2023 for you to make a well-informed decision:
Diverse Pathways to Pursuing MBA in 2023
While MBA remains a top priority amongst international students, international candidates are also on the lookout for alternative paths to advance their careers, skills and qualifications. According to the 2023 GMAC’s Prospective Students Survey, female candidates showed more flexibility towards online learning than male candidates. Candidates also expressed interest in pursuing a domestic MBA rather than abandoning all plans for a management degree.
Women Prefer Remote Learning More Than Men
Nearly 50% of women candidates were willing to complete their higher education through online learning and agreed that the career opportunities created by remote business degrees were the same as on-campus business degrees. This is a surprising revelation because the gendered impact of COVID-19 that affected women was worse than men because of the increased workload.
MBA Aspirants Prefer Domestic over Remote Learning
Candidates interested in studying MBA in their home country also preferred remote learning to an extent. Over 70% of international MBA aspirants are not planning to change their career paths. They prefer on-campus alternatives that are closer to home than remote learning.
Only 13% of candidates were willing to opt for remote learning due to the growing health concerns caused by the pandemic.
Check Out –Indian MBA Vs Foreign MBA
MBA Aspirants on Skills Gap
Nearly 50% of candidates expressed concerns over the skill and qualification gap, the demand for an MBA also increased as candidates in the job market reportedly discovered a skill gap during the job application process. The lack of skills and qualifications has hindered candidates from securing lucrative job opportunities and increased the demand for MBA amongst prospective candidates by 37%.
Check Out – Skill Development Courses
US and UK Remain Top MBA Destinations
Despite the disruptions caused by COVID-19, candidates are still enthusiastic about their study abroad plans and prospects. International students from countries like India, UK and Canada chose the US as their go-to study-abroad destination, closely followed by the UK. In contrast, international candidates from China chose the UK as their preferred destination for higher education.
Indian Aspirants on Study Abroad Plans
Cost of Studying MBA Abroad in 2023
The entire cost of your study abroad experience will be determined by the country and international business school you select. Tuition fees, for example, might vary significantly across nations and programmes.
Here is a breakdown of the yearly tuition fees for the top five study-abroad destinations. Because programme fees differ between business schools and universities, always double-check the costs of your preferred programme.
| Countries | Average MBA Fees |
| USA | US$100,000-US$160,000 |
| UK | US$63,000 |
| China | US$70,000 |
| Canada | US$78,000 |
| Australia | US$47,500 |
Career Prospects
An MBA degree indicates desire, competence, and business management skills. You gain leadership and people management abilities, which are vital for running a successful business. Aside from this, an MBA holder gains a number of other abilities while finishing their programme.
Completing an MBA from a respected business school or university, particularly one in another country, offers up a world of prospects. Depending on the subjects in which you have specialised, you can pursue a career as:
- Business Consultant
- Account Executive
- Business Development Manager
- Finance Manager
- Sales and Marketing Manager
- Industry Specialist Manager
- Operations Manager
- Program or Product Manager
Conclusion
This is only a basic overview of this fascinating field of study. If you are serious about studying MBA abroad, you should contact a reputable study abroad consultant. They are professionals with extensive expertise in everything related to studying abroad. Hire the best study abroad counsellor for a seamless experience in your higher education journey.
FAQs
Ans. GMAT – The Graduate Management Admission Test is taken by anyone interested in studying MBA, business, or management courses. Aspirants are evaluated on their English, mathematics, and thinking abilities.
Ans. Before you can get an MBA from abroad, you must meet the following requirements:
Work experience (depending on the school)
GMAT exam score that is competitive.
TOEFL is a test of English language proficiency.
MBA essays (business school compulsory)
Letters of recommendation from former academic institutions and places of employment.
Ans. If you want to study abroad without breaking the bank, do some research on grants and scholarships. Every year, universities, charities, foundations, and government organisations assist thousands of international students with their tuition and living expenses.
This was all about MBA aspirants looking forward to study abroad in 2023. MBA aspirants have started making study abroad plans and see living and working in a foreign country as an important part of their MBA degree and future career plans. For more news updates and trending content, keep following Leverage Edu on Twitter, Instagram, Youtube and Facebook.
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