An MBA degree has the power to open up a world of opportunities for you, especially if you pursue it at a prestigious international university that can give you extensive exposure and networking opportunities. In order to secure your seat on the plane of your ideal career, you can start applying to the top universities in the world each year. Though, there are many specialisations and courses available worldwide if you are thinking about pursuing an MBA abroad. We will be covering some of the advantages of studying an MBA abroad for Indian students, as well as the top countries that are known for their MBA programmes and universities, and more.
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Why Study MBA Abroad?
You must have heard that a well-known postgraduate degree, an MBA can advance a person’s career and make them eligible to apply for top recruiting management jobs. Just like that, there are many benefits of pursuing an MBA from abroad. Have a look at some of the advantages mentioned below:
Rewarding Career Opportunities
You know that the rewards are exceptional, particularly in terms of career opportunities. Every year, more and more MBA aspirants apply to the top business schools around the world, creating fierce competition for admission. As an advantage, you can explore job opportunities after receiving your degree abroad, and it will help you get international work experience.
If we talk about an MBA abroad for Indian students, this industry provides candidates with better practical knowledge and is fostered by the field-oriented curriculum taught abroad. If you choose to pursue an MBA programme abroad, you will have a wide array of options like the opportunity to learn from renowned business leaders. Lastly, the best part is leading business schools hire MBA graduates for higher managerial positions in their renowned international organisations.
MBA Abroad vs MBA in India
As we all know many students want to travel abroad for their higher studies and even many of them want to pursue higher studies in their home country! Let’s quickly review some differences that will help you to make the decision whether to study MBA abroad or in India.
|MBA Abroad||MBA in India|
|Work Experience||2 to 3 years||Not mandatory|
|Course Duration||1 or 2 years||2 years|
|Tuition Fees||$50,000 to $2,00,000(INR 40,78,200 to INR 1,63,12,800)||$ 20,000 to $40,000(INR 16,31,280 to INR 32,62,560)|
|Salary Package||$72,000 to $1,92,000(INR 58,72,608 to INR 1,56,60,288)||$10,000 to $40,000(INR 8,15,640 to INR 32,62,560)|
|Entrance Exam||GRE, GMAT||CAT, XAT|
MBA Abroad: Eligibility Criteria
It is not mandatory for a candidate to have a business or management degree necessarily to apply for an MBA in the US or the UK. However, there are a few prerequisites to take into consideration to apply for MBA.
- Proof of a bachelor’s degree
- Candidates must be Experienced in a related field.
- Candidates must have GMAT Exam Scores (or in some cases GRE scores)
- English language proficiency test scores, such as the TOEFL MBA essays (as required by the university)
- Candidates must submit Letters of recommendation.
- Candidates will be invited to the business school for a face-to-face interview after the admissions department has approved all these documents.
MBA Abroad: Visa Process
It is mandatory for every International student to obtain a Visa to study in another country. So, we’ve mentioned the process for the same below:
MBA In USA
Many aspirants select the US as their destination in order to study MBA. Have a look below to check the procedure how to obtain a visa.
Candidates will require an F1 visa in order to pursue a full-time education in the US.
How to Obtain an F1 Visa
1. Candidates must submit an application to a college recognised by the SEVP.
2. After the acceptance of your admissions offer, the university will send you an I-20 form. Then your name will be added to SEVIS by the school (Student and exchange visitor information system).
3. Candidates have to pay the $200 (INR 16,564) SEVIS I-901 fee.
4: Candidates must complete the online DS-160 application for a non-immigrant visa. Pay the $160 (INR 13,251) F1 visa fee.
5. Candidates must print the DS-160 barcode and keep it with themselves. Then make an appointment at the US Consulate or Embassy in your area.
6. Make sure to be ready with your aforementioned paperwork for your visa interview.
- Valid passport
- Page of confirmation for Form DS-160
- Receipt for paying the application fee
- The school has issued Form I-20.
- Academic records and results from standardised tests
- Evidence of Health Insurance
- Financial evidence that you have sufficient funds to cover your living expenses
- Evidence that you plan to move back home once you graduate
7. Be on time for the visa interview.
MBA in the UK
In order to pursue an MBA abroad for Indian students; candidates require a Tier 4 (General) student visa is required in order to pursue an MBA in the UK.
After unconditional acceptance of your offer, you will be given a Confirmation of Acceptance for Studies (CAS) number by the school for visa processing.
The UK uses a point-based system, all prospective candidates must obtain at least 40 points to be accepted. The CAS number consists of 30 points, and the remaining 10 points depend on your ability to showcase that you have a good financial background in order to pay for your tuition and other expenses in the UK.
A wise investment in your success is getting an MBA. A Master of Business Administration degree is a good path to take if you’re interested in taking on a leadership role and creating opportunities to move up the corporate ladder.
Candidates just need to learn to handle corporate decision-making and inspire others to perform to their highest potential. However, having an MBA undoubtedly broadens your employment options, and it can also increase your earning potential.
MBA vs Experience
You are on the right track if you think you have 5-7 years of worthwhile work experience and want to advance your career with an MBA. Executive MBA programmes are specifically created for such candidates. But practical experience is something that is always valued, so B schools look for experienced people.
MBA Colleges Abroad
Below mentioned are some of the universities offering MBA courses.
|University||Country||QS World Ranking||Course Fee|
|University of Mannheim||Germany||#541 – #550||INR 38 Lakh|
|London Business School||UK||#3||INR 96 Lakh|
|University of Toronto||Canada||#34||INR 40 Lakh|
|University of Queensland Business School||Australia||#50||INR 25 Lakh|
|Frankfurt School of Finance and Management||Germany||#45||INR 35 Lakh|
|University of Melbourne||Australia||#37||INR 44 Lakh|
|University of British Columbia||Canada||#47||INR 42 Lakh|
|Imperial College Business School||UK||#6||INR 57 Lakh|
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MBA Scholarships Abroad
We all know and agree that studying abroad is an expensive endeavour, especially for a degree like an MBA. However, there are various scholarship programmes and financial aid programmes that can lower your tuition costs if you’re an international student. Various business schools provide candidates with MBA scholarships. Some of these scholarships are listed below:
- Harvard University Boustany Foundation MBA Scholarship
- University of Chicago Booth School of Business
- Oxford Pershing Square Scholarship by Pershing Square Foundation
- UWE Bristol MBA Scholarship by the University of West of England
- AICPA John L. Cary Scholarship Award
Let’s have a look at rewarding salaries after pursuing your career in Masters of Business Administration.
- Salary in the USA – $102,100 (INR 83,18,406 Lakh)
- Salary in Canada – $ 99,800 (INR 81,38,989 Lakh)
- Salary in Australia – $ 98,400 (INR 80,24,815 Lakh)
- Salary in India – 7,00,000 to 12,00,000
Germany and Norway are the cheapest countries to study MBA Abroad.
Entrepreneurship, HR, Marketing, Finance and Operations are top-notch sectors for pursuing MBA in the entire world.
Business Analytics and Finance specialization in MBA.
We have covered everything about MBA abroad for Indian students before you make the decision to study abroad. For further assistance on how to prepare an application for university scholarships, the admission process, and visa requirements, please contact Leverage Edu experts to make your dream a reality. Follow us on Twitter, Instagram and Facebook for study abroad programs.