Choosing to do an MBA is a big decision. And the most important factor in choosing the right MBA for you is to decide what you exactly want out from this MBA. Are you looking after six figure income in few years down the line in an international company? Or are you aiming to start your own business and you would like to brush off few skills and hone your business acumen? No matter what is your ultimate goal of doing an MBA, while choosing this question always comes to mind that what would be an appropriate choice – a Foreign MBA or an MBA in India?
Now if you would like to call an MBA foreign, there is a lot of ambiguity in understanding what you exactly call a foreign MBA. Because foreign MBA includes UK MBA, US MBA and also Australian and other countries’ MBAs!
Thus, first you need to clear the air about the definition of ‘foreign’ MBA and then you can go ahead and choose what suits you best. But in this article, the scope is not about which foreign MBAs you may choose, rather a comparison between Indian MBAs and Foreign MBAs. First, let’s look at Indian MBAs in length and then we will discuss about foreign MBAs and ultimately do a comparative study between the two.
So, if you compare between the top-most institutes in India like IIMs and average MBA schools, then your aim should be IIMs, not average. Now the question comes whether you should go for IIMs or the top-notch foreign MBAs. We will analyse this in this article. But before that let’s look at what foreign MBAs have to offer to you.
Foreign MBAs are always lucrative in terms of global exposure, the chance of networking, salary structure they offer, placement they provide and many other factors. But before going for foreign you should really consider your ultimate goal for doing MBA.
It is not a way to demean your standard. If you want big, fat salary, go for it. But make sure you are clear about what you exactly want. Don’t be ambiguous about it. Because we are talking about a lot of investment, 2 precious years of your life and the near future of you and your family!
Once you are clear and see that you are up to for a foreign MBA then you can choose which country suits your needs. For salary, Australia, for reputation, UK and for global exposure and faculty, US MBA, you can opt. Every foreign MBA provides all of the above. But if you are particular about one thing, you can choose the right country which is the best suited for that.
Now the question comes what would be a right choice for you – an Indian MBA or a foreign MBA? Let’s see the comparative study of Indian MBAs and Foreign MBAs.
Comparative Study between Indian MBAs and Foreign MBAs
It is not easy to throw light on both the MBAs and choose the best option as every MBA has their own merits and demerits and it is also dependent on you and your perception of what you would like to achieve. But Foreign MBAs have certain advantages over Indian MBAs. Let’s look at those first which will help you decide what MBA program you should choose at the end of the day.
What an Indian MBA cannot give is global exposure and international recognition. Yes, if you enrol for an Indian MBA you would get the opportunity to visit countries, but if you think in terms of exposure it would not be there as much as a foreign MBA offers. In foreign MBAs, you will be able to meet people from different countries and would be able to know how business operates in their countries and know much more about the global version of business than any Indian MBAs can offer.
In Indian MBAs what’s missing is the conglomeration of different people from different countries. Yes, now-a-days IIMs are fetching a lot of foreign students but they are limited in numbers. In a foreign MBA, most of the students come from different countries – from Europe, Asia, America and other countries. Thus, when you would be one of them, you would know the diversity and the value of different cultures which will prepare you for any management position in an international company. Because, cultural sensitivity is one of the great traits of a global business manager.
Best brains and a chance for networking
It is evident that when the foreign MBA colleges are fetching students from different countries, they are screening out the best brains from all over the world. When you would be one of them your growth would be multi-fold and your knowledge level will expand drastically. There are also chances of networking and meeting people who are intelligent, knowledgeable and also eager to learn. The combination is a marvelous and you can tap many opportunities along the way.
Recognition all over the world
Another most important factor of a foreign MBA is that once you complete your MBA program, you will be recognized as an MBA graduate from a recognized university in the world and your reputation will not be limited to only one country, rather you would be appreciated and given opportunity in any country in the world. But if you do an MBA from Indian B-Schools, the recognition will be limited to one or only few countries; worldwide recognition will not be there.
Faculties from all over the world
You would definitely get exposure from the students of different cultures and countries, but what more beneficial is that you would also get the expertise and knowledge of the faculties from all over the world. From all over the world, the world-renowned professors will take your class and you would get sharper and sharper in your pursuit of becoming the best of the best business managers. In Indian Institutes, the faculties are also claimed to be world-class, but the diversity is not there as such. Thus in case of having multinational faculties also, foreign university has an edge over Indian B-Schools.
World-class research facilities
Many of you may aim for research after doing your MBA and only foreign universities can give you ample opportunities for research. The foreign MBA colleges have libraries which are full of millions of books, world-class papers, journals, write-ups and open access for every student. This exposure helps students to gain unparalleled knowledge compared to their Indian counterparts.
There is another most important thing you should consider about doing a foreign MBA or an Indian MBA is the return on investment. Your return on investment becomes important when you are ready to pay whopping fees according to world standard. And moreover, if you consider the constant depreciating value of rupee, then it would turn out to be more cost from your side.
The cost of a foreign MBA will not only include the fees of the institute, but also the living cost as well. So, if you ever need to consider the option of a foreign MBA, you should also consider the idea of living there for another 2 years.
After considering the cost, you need to think about the return on investment. Because if you have taken a loan for paying for your global education, it is of prime significance that you consider the payback period!
Now after analysing all the factors, the most important singular question comes down to one and only one thing and that is – Why you want to do an MBA at a first place?
No matter what you choose, both MBAs have equal strengths and demerits. And it is all about individual preference, rather than just trying to find a universal answer. Put more emphasis on what you want and why you want it. If you are looking for a global life with international exposure and a six figure income your priority should be foreign MBA.
But if you would like to do job in a good company and would like to settle in India then your choice should narrow down to Indian Institutes only. Whatever you choose, just make sure that your choice is in alignment with your career aspiration and your idea of success.