Updated: May 14, 2022
Studying abroad is a dream cherished by many. Pursuing an MBA abroad in reputed B-Schools is an ambitious dream but well worth the effort as it translates into a gratifying career. But the entire process of preparing for that journey, applying to college, planning the finances, waiting for the results and managing the studying and living expenses in a foreign country is a complex, time-taking process that requires a lot of research, hard-work and guidance.
This blog aims to give a comprehensive insight into getting an MBA degree abroad helping you take those crucial decisions.
Why MBA Abroad?
While there are numerous B-Schools in India that offer powerful degree and placement opportunities, the number of students applying for these colleges outnumber the available seats by lakhs! Research indicates that only 1% of applicants are shortlisted to fill the PGP seats across the 20 IIMs in the country.
Getting a management degree in India definitely has its upsides like,
- the opportunity to be a part of the booming tech and entrepreneurial landscape in India
- Relatively lower cost of education, food and accommodation
- Relatively easier and hassle-free admission process
- And the familiarity of the business landscape that gives you an edge
However, US executive MBA programs reveal a 38% y-o-y growth in international applications, according to GMAC, which means that despite the ease and familiarity of Indian education, students are increasingly choosing the complex but rewarding journey of getting an international MBA. The reasons are obvious. Studying abroad gives you much-needed global exposure and a chance to witness the changes in the business landscape of a foreign country, making you more resilient, intelligent and adaptive. There are many more advantages of studying abroad that we have written extensively about on one of our blogs. Click here to have a read and decide your next step.
Deciding on the admission tests
Once you have made up your mind about earning an MBA degree abroad, the next essential step is to prepare for the common admission tests- GMAT or GRE. In addition, some schools conduct their own specialized admission tests. Many students ask if they should give a GMAT or a GRE. The major differences between the two are as follows:
Cost of exams
GMAT costs $250 per attempt, while GRE costs a little less- $205 per attempt
Maximum marks and structure
The maximum marks in GMAT is 800, for the Verbal Ability and Quantitative Ability section. In addition, you also have the AWT and Integrated Reasoning section. These sections are scored separately.
GRE is scored out of 340 for Verbal and Quantitative ability. The AWT section is scored separately.
But the biggest difference of all is that most B-Schools accept GMAT scores and that’s why GMAT is the preferred test for management aspirants. Click here to read about GMAT vs GRE in detail to make a choice.
Top international destinations for MBA
An MBA in the USA can be a 1-to-2-year long course. Students can choose between a regular MBA, Executive MBA or Part-time MBA. Students also get internships and project works. However, pursuing a PGP in the US can be expensive with study and living expenses around 60L to 1Cr. But on the other hand, American B-Schools are some of the best in the world with great value across the globe giving you matchless professional edge and placements in the world’s best companies. Some top-rated B schools in the US are Harvard Business School, Wharton School of Business, Stanford Graduate School of Business, Kellogg School of Management and MIT Sloan School of Management.
B-schools in the UK offer a variety of courses such as Consulting, Hospital Administration, Finance and Accounting, Marketing and Arts Management. The UK is a major hub for leading banking and finance centers. A two-year program at a good management college in the UK can cost anywhere upwards of 40L. Some highly sought-after universities in the UK are London Business School, Imperial College London, Cambridge Judge Business School, Manchester Business School
Canada is undoubtedly the favorite destination for Indian students and is home to some iconic universities in the world. MBA in Canada is highly affordable with the cost of course starting from 25L. Rotman School of Management, Schulich School of Business, HEC Montreal and Ivey Business School are some of the most influential B-Schools in Canada
In addition to the above-mentioned destinations, Germany, Australia and Singapore also offer powerful yet cost-effective management degrees. Book a consultation with Writersqi to kickstart your MBA abroad journey today.