An MBA degree from foreign county could make students better qualified and exposed to better environment, which could in turn give students a higher earning potential. Due to globalization and liberalization, nowadays pursuing an MBA degree from an overseas institution is beneficial as well as convenient. It has become feasible to pursue an MBA course from foreign universities especially in UK, Australia, USA and Canada.
Money, of course, is the bottom line. Even by the most conservative estimates, pursuing an MBA degree abroad would set a student back by at least Rs. 10 lakhs, if he/she has to shell out the money on their own. This could go up to as much as Rs. 30 lakhs for the top US B-schools. The amount for such education is certainly an investment and worth the money. However, during the MBA course one has to toil hard.
Getting financial aid for an MBA program is very tough, so if someone has sufficient funds then its worth going for an overseas institution. Even if someone spends 15 lakhs doing an MBA from a good foreign school, he/she will recover the money within a year of passing out. Though almost all the foreign universities have world class facilities and excellent academic environment but admission to these universities requires either a valid GMAT or a TOFEL score.
A foreign degree guarantees more exposure since students need to interact with fellow classmates and faculty to learn and evolve. Also they get to do internships with major corporate houses of international standards and get work experience in a variety of fields like finance, marketing, IT and other such fields. The diversity in student body helps them develop a strong network across all countries.
If someone has already cracked the Common Admission Test (CAT), then he should go for it. The Indian Institutes Management (IIMs) is among the best in the world. However, if someone has to choose between IIM and a top institute such as Harvard or London Business School, it makes sense to choose the latter. The exposure and contacts that a student will get in a top school are simply unmatchable. An MBA from a top-rung B-school will almost certainly propel a student in the global job market, and he/she will soon be on their way to the top of the ladder. Indian students have proven time and again that they can succeed in foreign country after attending degree.
If a student choice is between a mid-tier B-school abroad and an average Indian institute, it makes immense sense to go abroad. The mid-tier schools abroad offer much better career prospects. An MBA from a mid-range US B-school also has fairly healthy prospects, given the buoyant state of the US economy in the last few years.
One of the important factors which drive Indian students to pursue overseas MBA program is job opportunities. Some students have a misconception that by pursuing an MBA program in India will not fetch them a good job; whereas nowadays most of the MNCs prefer visiting campuses in India for hiring MBA graduates. However, international firms may give some cookie points to students with an MBA Abroad degree. The benefit of foreign MBA is that the students get adjusted in any environment without any problem and confidence level is high to deliver results.
If someone is sure of taking up a job abroad then he or she shouldn’t shy away from taking a loan to go abroad for an MBA. In all likelihood, he/she will repay the loan within 3-4 years. If a student is planning to return to India immediately on completion, he/she should think twice before going, unless funds are not a consideration for him/her.
The value of an international MBA degree in India is dependent on which school you do your MBA from: a Harvard degree will command respect anywhere in the world. If you are from a middle-rung school, you are as good as an MBA from a mid-rung Indian B-school. While an MBA from abroad may give you an international exposure, enhance your skills and give you better prospects in finding a job abroad, Indian B-school education is not far behind.
Notwithstanding the benefits of foreign MBA it should not be presumed that anyone who cannot afford foreign MBA will be equal or better after doing MBA from Indian institutions. There are examples of people from Indian institutes proving them sometimes even better than others.
In the end what all matters is how much you have learned through what you have been taught and how you can use your experience to provide value to the company you work for.