One of the most sought-after degrees today is an MBA, and searching for the best business school, in India or overseas, can take you anywhere in the world. Business skills are necessary in both situations – whether you wish to work for someone else or start your own business. To be able to contribute to operating someone else’s business successfully in the first instance, and to be able to successfully run your own firm in the second. Business school is supposed to be about developing fresh perspectives on the world of business and learning the soft skills necessary to succeed as a manager.
But most students struggle with the decision of whether to pursue an MBA from India or abroad.
GMAT vs. CAT?
What you need to consider is how much to pay in order to enrol in the top MBA programmes worldwide. Following are a few things to consider whilst making the choice of studying in India or overseas:
ADMISSION PATHWAY –
- Entrance test :
In India – In India, there are many MBA entrance examinations, however the Common Admission Test is the most widely used (CAT). Because it evaluates candidates’ verbal, logical, and numeric skills, the CAT is a greater challenge than the others. The IIMs, one of the most esteemed business institutions in the nation, accept CAT scores. Those applicants who achieve the required score are invited to the group discussions and personal interviews. The SNAP, XAT, NMAT, IBSAT and IIFT are additional MBA entrance tests offered in India, and they all function in a similar way.
In Abroad –In contrast, aspirants must clear entrance examinations like the GMAT and GRE in order to pursue an MBA at a foreign institution. These examinations are conducted on a rolling basis, candidates can choose the date that works best for them. The average GMAT score demanded by top B-schools is 730.
- One can write CAT multiple times, but one has to wait an entire year to re-write the exam.
- Validity of scores is for 1 year
- If one isn’t able to get an attractive percentile which is 97/99th percentile, the choice gets limited to Tier 2 colleges.
- One can write a GMAT exam upto 6 times in a year.
- Validity of scores is for 5 years.
- To get into Top B- schools 99th percentile is not required. One can look for Top 100 universities with a score over 730+.
- Work Experience :
In India – A large number of Indian B-schools admit students with little to no work experience, in contrast to the majority of MBA institutions elsewhere. While several business schools in India, including ISB Hyderabad, IIM Ahmedabad, IIM Bangalore, XLRI, and FMS, admit a large number of applicants with relevant work experience, not all universities and institutions adhere to this rule.
In Abroad – Good quality work experience can be a deciding factor for MBA overseas schools, in contrast to Indian MBA programmes. Candidates with prior job experience are better equipped to produce excellent MBA essays and obtain insightful references from peers or managers, both of which are crucial in the admissions process for MBA programmes overseas. For MBA schools, 3-5 years of work experience is required, whereas over 5–6 years are needed for executive MBA programmes.
Our economic position can have a significant role in all decisions. Additionally, learning the cost is crucial if you intend to enrol in an MBA programme.
In India – The university you choose will have a significant impact on the cost of your MBA. It will cost you approximately INR 23 lakh if you do it from an IIM. However, in private colleges like MDI, XLRI, SP Jain the programme fees for an MBA would range in between INR 10 – 11 lakh.
In Abroad – Comparatively the expenses are on higher end as it doesn’t only include the tuition fee but also living expenses, health insurance, books, and travel expenses, which vary by location and are less for one-year programmes. The cost of tuition for a two-year MBA range from 67 lakhs to 1.5 cr. B-schools that give 1 year MBA degrees such as Oxford University, INSEAD, IE will be comparatively less expensive, costing between $55,000 (INR 40,85,323) and $80,000. (INR 65,42,288). This option has the benefit that although the initial cost is significantly higher, one may continue to make significantly better wages after graduating.
PLACEMENT AND ROI
Apart from the university you choose, the most important factor that decides your salary is the position, skillset, extra courses you have completed, etc.
In India – The placements offered by Indian institutions are readily available.Students might even get the chance to interview with prestigious MNCs and banks. By observing the typical organisations that come to your college for recruitment, you can obtain a decent idea of the recruitment situation once you graduate. An average salary for a student who has completed an MBA from India ranges from INR 23 lakhs-25 lakhs.
In Abroad – All universities don’t follow the criteria of ‘placement’. Despite the fact that some may aid the students in their career hunt, none of the universities can guarantee a placement in a position. Students are responsible for finding work. To land their dream job, graduates must network with the organisations they wish to work for. For the majority of the top 100 schools worldwide, the average income for MBA graduates from international colleges ranges between $85,000 and $125,000.
COMMON LOGICAL STRATEGY
- Profile :
This step contains a number of components that strengthen your application for an MBA. These include skills that exhibit leadership, teamwork, academic achievement, and job advancement. Your post-high school choices typically have the greatest relevance for business school applications. This is not to imply that your experience prior to then does not matter; rather, it is meant to highlight the fact that post-high school is typically seen as the most crucial time period for most applications.
- Standardised Test Preparation:
The importance of applicants showcasing their academic competence by performing well on standardised tests like the GMAT/CAT has increased due to the aggressive competition. You must therefore get a head start on test preparation.
However, if someone has a work experience for more than 2 years, it is suggested to take GMAT over CAT.
- Building Network:
We view this as a continuing process in your journey. It’s common for many applicants to seek guidance and assistance from their college friends. Therefore, a few of these connections may be quite helpful to your MBA application process.
- A perfect lay- out: Resume
Well People typically need several weeks to iterate and reach a level where the resume is submission-worthy. It is a one-page document that is submitted as part of your MBA application. Being prepared with a basic CV can give you an advantage while networking because you might be asked to share it before speaking with students, alumni, and admissions authorities.
- Writing Requirements: Essays/LORs
This is probably the part of your MBA applications that takes the longest as it is the mock trickiest. You have a better chance of submitting well-written essays if you can devote more time to writing them. Elaborate on your qualifications, work history, motivation for pursuing an MBA, strengths and shortcomings, post-MBA career goals, and professional abilities.
Top B- schools
In India –
- Indian School of Business
- FMS , New Delhi
- XLRI Jamshedpur – XLRI-Xavier School of Management
- SIBM Pune – Symbiosis Institute of Business Management
- NMIMS Mumbai – Narsee Monjee Institute of Management Studies
- SP Jain Institute of Management and Research
- MDI Gurgaon – Management Development Institute
In Abroad –
- Harvard University
- Stanford university
- Columbia University
- University of Pennsylvania
- Oxford University
- Cambridge University
- London Business School
- IE Business School
- HEC Paris
To sum up, where you pursue your MBA is a significant decision that will have an impact on your future. Therefore, do your research on international universities, contrast them with Indian B-schools, and then make your decisions before signing up for any route. It is obvious that an MBA in India is very different from an MBA abroad. Carefully consider the return on investment (ROI), and only then, decide while keeping in mind your financial capacity. Don’t choose a college or a country just because your acquaintance or cousin studied there, or simply because everyone else recommends it.
Written by Ms. Diva Kohli – Jitin Chawla Team