A common dilemma most students face is when deciding whether to pursue their MBA from India or abroad. While both options are lucrative, they come with their own set of pros and cons.
Students choosing to study abroad enjoy a much higher level of exposure since they not only find themselves in a new and challenging environment they also get to connect and interact with peers coming from very diverse backgrounds. This, in turn, helps them build a “global network” which can aid them in their career beyond their MBA.
This is an avenue where the Indian MBA falls short. While a student pursuing an Indian MBA will interact with many peers and industry leaders, their perspective is likely to be narrowed down to India and Indian markets. Your network, too, will consist of like-minded peers with similar backgrounds, resulting in a rather confined space for growth.
Career Opportunities
Both the MBA options in India and abroad offer solid career opportunities. However, they tend to differ in terms of growth potential.
Landing a job after an MBA in India can be far easier than landing a job in a foreign country post an MBA abroad. This is simply because of immigration and VISA issues abroad and a much bigger talent pool. However, career opportunities in India tend to hit a ceiling after a certain time since one’s expertise is only limited to the Indian market. However, while landing a job might be a struggle with a foreign MBA, the career growth opportunities are expansive since you have global expertise.
This aspect is specific to each candidate and is heavily based on how they see themselves growing in their career. If you see yourselves as the future pioneer of Indian markets, then an MBA in India might be the right choice. However, if global opportunities are what you’re looking for, then an MBA abroad makes more sense.
Financing Your MBA
Usually, an MBA degree from India is far cheaper than an MBA abroad (especially in the US). An MBA from India could cost anything between 10 lacs to 40 lacs, whereas an MBA from a prestigious US University could cost as much as 1.5 crore. Add to that the living expenses in a new country, and suddenly the Indian MBA looks a lot more tempting!
However, it is also essential to note the differences in median salaries post-MBA. An average MBA graduate from India will earn somewhere around 10 lacs to 30 lacs per annum. At the same time, an MBA grad from a prestigious foreign B-school could earn upwards of 80-90 lacs per annum.
Then how do people finance their MBAs abroad??
Various foreign B-schools provide significant financial aid to their students based on their profile and financial conditions. There are also various external scholarship programs that you can apply to for some financial aid. These scholarships can be as high as 100% but, on average, are usually somewhere around 20-30% of the tuition fee.
The rest of the amount is usually financed through education loans which are offered at lower interest rates. Most people are also able to pay back their loans within 2-3 years of working post their MBA..
How do I decide what’s right for me?
There are two important things to keep in mind when assessing both of these options.
Your profile, background and budget
Your career aspirations
While an MBA abroad seems like a very lucrative option, it is important to note that it is usually only the top Universities abroad that provide a great ROI. It is important for a candidate to properly assess their candidature for these Universities and then make an informed decision.
Similarly, one should also assess their career aspirations (whether global or India-specific) and decide their mode of study accordingly.
Bringing it Home
If you felt even a bit excited by the idea of a deferred MBA abroad, let us take the next step to explain why it’s a leap of faith you should take!
Lots of freedom
In your final semester, while everyone is dozing off and relaxing, you could spend some time thinking about what you want to do next in life. A lot of people end up getting into a rat race of optimizing their career to obtain a “good” MBA. You could be free of that pressure as you go ahead in your professional life. It might sound boring, but trust us, the effort counts!
Safety Net
If you do get in, your deferred MBA can act as a safety net for you to experiment with your career and take risky bets in something that you really, really want to do (Author’s note: you should do that anyway, even if you don’t get in, but we understand that societal pressure and building your profile is real)
You have nothing to lose!
Even if you don’t get through, you are going to be pursuing your career as planned. MBA schools do not see it negatively if you did not get through in your deferred MBA attempt and want to apply again later. In fact, they see it as a positive that you were keen to apply to the school very early on in your career and still are
Networking
A deferred admit allows you to be in touch with students and the alumni community of the schools you get into. Even during the process, you end up speaking to multiple students and alumni, which really opens your mind and helps you get a perspective of what an MBA really entails and what value it could add to your professional journey
Experience of the process
In the worst case, if you really take the process seriously and spend time to introspect, you will end up with a much clearer mind and confidence about how you want to shape your journey after graduating. Many people get lost in many career paths and options, and if you have some clarity on the larger path you may want to pursue, you will surely find a path to get there - with or without an MBA!
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