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MBA from Abroad vs MBA in India – Which is better?
October 19, 2023Study MBA Abroad
Masters of Business Administration or MBA is one of the courses which is widely opted for by students because of the career opportunities it offers. After completing an MBA abroad, students can seek jobs in managerial positions with handsome salaries and go on making grow and develop in their careers. Students who want to study abroad can opt for MBA programs offered by universities in various countries, but before delving into it, let us first know the different types of MBA courses available abroad.
Why Study MBA Abroad
a) Gain practical knowledge
Pursuing MBA from abroad will make you equipped with advanced business management techniques and gain an edge over new-age business problems.
b) Career advancement
On graduating from a well-acclaimed international B-school, top companies can offer a position at senior management positions to students. Whether they ace the entrepreneurial role, consolidate their career in a new domain, or diversify themselves in a new domain, an MBA from abroad is surely going to help them in making remarkable advancements in their career.
c) Enhanced networking opportunities
Studying MBA abroad for international students gives them the chance to network with teaching professionals, students from diverse backgrounds, and potential employers who hold an extensive experience in their respective fields. This dynamic network will be of help in unlocking promising opportunities in the future. This well-consolidated and extensive business network will make them first-hand information in the dynamic field of business and seize the best job opportunities.
d) Higher earning potential
One of the primary reasons for pursuing an MBA in foreign countries is that the average salary earned by an MBA graduate of a reputed foreign b-school is comparatively higher than that of an MBA graduate of an Indian b-school.
e) Develop a holistic perspective
Getting a global exposure of studying in the vicinity of professionals and companies where a student’s capabilities are constantly challenged in learning the business management principles makes them develop a detailed insight into the dynamic business world. For an MBA student, gaining this insight becomes an important asset, which helps them in handling the challenges faced in a constant learning and development cycle.
Overall, earning an MBA from abroad may be a smart career move and provide you with the contacts, know-how, and expertise to help you reach your professional objectives. In this article, we will cover various aspects of MBA outside India including the answer to the question, “How to pursue MBA from abroad?”, top MBA courses in abroad, eligibility requirements for studying MBA outside India, specializations in MBA courses in foreign universities, scholarships for MBA courses outside India, and much more.
Top Countries to Study MBA in Abroad for International Students
Here’s a list of the top countries whose MBA degree is mostly opted for by students.
1. The United States of America
Some of the top B-schools in the world are located in the USA. Exposure to the latest technology, infrastructural support and great internships besides practical training through projects makes the USA one of the best countries to study MBA. The major reason that differentiates an MBA in the US from other foreign countries is that the B-schools provide an opportunity to expand the student’s network and help them to know the right people (potential investors etc). This is helpful for budding entrepreneurs and business executives.
Top B-Schools in the USA
Here’s a list of the top B-schools in the USA according to the QS Global MBA Rankings 2022:
- Stanford Graduate School of Business
- Harvard Business School
- The Wharton School
- MIT Sloan School of Management
- Columbia Business School
- Haas School of Business
- UCLA Anderson School of Management
- Yale School of Management
- NYU Stern School of Business
- Michigan Ross School of Business
Cost of Studying MBA in the USA
The tuition fees vary from one business school to the other. Even different MBA degree programs within the same business school might have different fees structure. Studying MBA in abroad for Indian students might be a costly affair if enrolled at some of the top universities. The fees also depend on the duration of the course.
The average tuition fees for studying at the best B-schools are around $60,000 to $80,000 per year, whereas at a moderate B-school that tuition fees can range from $30,000 to $50,000. This tuition fee is exclusive of living costs and other miscellaneous expenses like study materials, etc.
Stay back Period for MBA Graduates in the USA
After completing studies in the USA, students get to stay for one year on an H-1B visa. However, students enrolled in STEM-certified MBA programs are eligible to apply for a 24 months extension, making the total duration of stay back for three years.
2. Canada
Canada is home to some of the best MBA colleges abroad. For Indian students aiming to study abroad, Canada has become a popular destination. The economy of the country is thriving in industries such as manufacturing, oil and gas, mining and agriculture and forestry. The benefits of the prospering economy are understood by the students once they complete the degree. Canada offers enough job opportunities and easy immigration possibilities which makes it an attractive place to study MBA abroad.
Top B-Schools in Canada
Here’s a list of the top B-schools in Canada according to the QS Global MBA Rankings 2022:
- Rotman School of Management
- Smith MBA at Queen’s University
- Ivey Business School
- McGill University
- Schulich School of Business, York University
- Sauder School of Business
- Alberta School of Business
- John Molson School of Business
- HEC Montreal
- Dalhousie University
Cost of Studying MBA in Canada
Canada offers one of the most affordable options to study MBA abroad since the cost of studying in the country is comparatively less than any other study abroad destination. The average tuition fees in Canada range from $30,000 to $40,000 and it takes two years to complete an MBA degree.
Stay Back Period for MBA Graduates in Canada
The validity of a post-study stay back in Canada depends on the duration of the course. If a student stays in Canada for less than eight months and more than two years, they can stay back in the country for as long as the duration of the course. However, most MBA graduates stay in Canada for two years. Therefore. students with a course duration of two years or more can stay back in the country for three years.
3. The United Kingdom
The finance and banking sector in London has been blooming in the past few years. This has led to an increased employability rate in the UK amongst MBA graduates. GMAT and TOEFL/IELTS scores are necessary for getting admission to a college in the UK. Besides offering a rigorous academic approach, the UK has become a favourable destination for pursuing an MBA in foreign countries because of its multiple internship opportunities which make the students industry-ready.
Top B-Schools in the UK
Here’s a list of the top B-schools in the UK according to the QS Global MBA Rankings 2022:
- London Business School
- The University of Chicago Booth School of Business
- Saïd Business School – University of Oxford
- Cambridge Judge Business School
- Imperial College Business School
- Warwick Business School
- Alliance Manchester Business School
- University of Edinburgh Business School
- Cranfield School of Management
- City’s Business School
Cost of Studying MBA in the UK
Students get a wide scope of choices and preferences in specializations to pursue MBA courses abroad. The cost of studying depends on the duration of the course, different fees structure of universities or business schools, and area of specialization. On average, studying MBA in the UK ranges from $40,000 to $1,00,000.
Stay Back Period for MBA Graduates in the UK
The ‘Graduate Route’ or ‘Post-Study Work Visa’ allows students to stay back in the UK for a period of two years post the completion of the course. During this time, they can look out for job opportunities and find a stay back in the country to work.
4. Germany
Germany has the highest national economy in the whole of Europe and hosts 70% of international students every year. Adding to this, the fact that the country is offering MBA in English is attracting a lot of Indian students lately. Another reason that MBA in Germany is opted for by students is that public universities offer free education and the course is aided by the government and students don’t have to pay tuition fees besides a nominal administration fee.
Top B-schools in Germany
Here’s a list of the top B-schools in Germany according to the QS Global MBA Rankings 2022:
- Mannheim Business School (MBS)
- Frankfurt School of Finance & Management
- WHU – Otto Beisehm Graduate School of Management
- European School of Management and Technology (ESMT), Berlin
- HHL Leipzig Graduate School of Management
- EU Business School
Cost of Studying MBA in Germany
There is no tuition fee charged for studying at public management colleges in Germany but students have to pay a semester fee of $200 to $300. As for private management colleges, the average tuition fees range from $16,000 to $32,000.
Stay Back Period for MBA Graduates in Germany
After studying MBA abroad, students from non-EEA and non-EU countries with a residence permit get to stay back in Germany for another 18 months while they look for a job in Germany.
5. Australia
An MBA degree from Australia offers international recognition to students and they will be able to find a job anywhere in the world. The affordable and qualitative education at business schools in Australia has been offering lucrative learning opportunities to students. This is backed by the cost of living, similar weather to India and relaxed student life are some of the factors which make Australia a popular destination for MBA abroad for international students.
Top B-schools in Australia
Here’s a list of the top B-schools in Australia according to the QS Global MBA Rankings 2022:
- Melbourne Business School
- University of New South Wales Business School
- Monash Business School
- Macquarie Business School
- The University of Queensland Business School
- The University of Western Australia’s Business School
- Australian National University
- RMIT University
- Unisa Business School, University of South Australia
- UTS Business School
Cost of Studying MBA in Australia
The cost of studying MBA in Australia varies according to the course and university. However, the average cost of studying MBA for international students will range from 45,000 AUD to 80,000 AUD.
Stay Back Period for MBA Graduates in Australia
International students studying MBA courses abroad get to stay back in Germany post the completion of their degree.
6. Singapore
The growing infrastructure and economy of Singapore have brought it into the spotlight. Moreover, the MBA programs in the country are preferred by the students as they are flexible, allowing them to earn while working for 16-18 hours a week.
Top B-schools in Singapore
Here’s a list of the top B-schools in Singapore according to the QS Global MBA Rankings 2022:
- INSEAD, Singapore
- ESSEC Business School, Singapore
- National University of Singapore
- Nanyang NTU Singapore
- University at Buffalo
- SP Jain School of Global Management
Cost of Studying MBA in Singapore
The average tuition fees for studying MBA abroad in a country like Singapore is contingent upon the university. However, the average tuition fee for an MBA degree in the country is around 30,000 SGD.
Stay Back Period for MBA Graduates in Singapore
After completing MBA in Singapore, Indian students are granted a Short-Term Visit Pass post the expiry of their student pass, and its validity is for 90 days. During this tenure, they can stay back and look for jobs in the country but cannot take any type of employment under this pass.
MBA Specializations in Demand Abroad
Students wishing to study MBA in foreign countries have to choose the specialization that are suitable to their needs. The first year of the MBA curriculum requires them to study general management and basic subjects related to managerial courses. After getting an overall idea of the subject, in the final year, they have to learn in-depth about the specialization they have chosen. There are many specializations offered by different universities, some of which are as follows:
- Starting from most pursued MBA Specializations in Marketing, Finance, Human Resources, Supply Chain Management, and Hospitality to offbeat specializations in Sports and Entertainment, abroad has a lot of variety to choose from.
- The eligibility, admission process, and duration of MBA Abroad in any specialization is the same as a general MBA Abroad.
- Marketing
- Finance
- Human Resources
- Entrepreneurship
- International Business
- Supply Chain Management
- Information Systems
- Construction Management
- Project Management
- Brand Management/Luxury Management
- Information Technology
- Digital Marketing
- Sports Management
| Specializations | Colleges | Average Annual Fees (INR) |
|---|---|---|
| MBA Marketing | IUBH University of Applied Sciences, Germany | 12,,64,649 |
| The University of Newcastle, Australia | 18,86,288 | |
| University of Sunderland, UK | 12,96,899 | |
| California State University Los Angeles Campus, USA | 13,91,593 | |
| MBA Finance | Coventry University, UK | 15,54,514 |
| Laval University, Canada | 84,2,744 | |
| New York Institute of Technology, USA | 29,32,113 | |
| University of South Australia, Australia | 20,78,263 | |
| MBA Human Resource | Pace University, USA | 29,66,340 |
| University of Bedfordshire, UK | 12,42,688 | |
| The University of Newcastle, Australia | 19,16,712 | |
| University of Sunderland, UK | 12,96,899 | |
| MBA Supply Chain Management | Colorado Technical University, USA | 11,18,082 |
| Kuhne Logistics University, Germany | 24,47,610 | |
| University of South Dakota, USA | 14,76,324 | |
| MBA Project Management | Torrens University, Australia | 11,96,575 |
| Salem University, USA | 17,79,804 | |
| University of Bedfordshire, UK | 12,42,688 |
MBA Abroad Admission Process
MBA Abroad Admissions are based on GMAT, TOEFL, and IELTS scores. Prerequisites for MBA Abroad include a bachelor’s degree in business and a work experience for at least 4-5 years. The details of which are discussed in the sections below:
How to pursue MBA from abroad? A bachelor's degree from a recognized college is required by all the universities offering Master of Business Administration programs abroad. Some universities also have other requirements like work experience. Although, not all educational institutes ask for work experience. Before applying, it is always good to check the eligibility criteria of the college to which you are seeking admission.
1. Academic Requirements
Reputed colleges prefer a full-time bachelor's degree from a recognized institute. We have also mentioned other academic requirements below.
- A bachelor's degree from a recognized university is the most basic requirement for getting into an MBA program
- Language proficiency exams, IELTS, TOEFL, PTE, and standardized exams like GMAT and GRE
- Any candidate willing to pursue MBA from a foreign country must possess a bachelor's degree in business or any related field of study from any recognized university.
2. Work Experience Requirements
Substantial work experience is desired by the top universities offering MBA courses in abroad. Although there are schools where MBA is offered without work experience; however, it is always an added advantage to have relevant work experience. Apart from the academic record, foreign institutions look for candidates who can add value to their colleges and benefit most from their programs.
Work experience: 3 to 5 years.
3. Application Requirements
Applying for an MBA in a foreign university is a very big step for your professional life. A bachelor's degree or its equivalent from a recognized educational institution is mandatory for applying to an MBA programme. Some other application requirements are mentioned below.
- Resume
- Reference letters
- Essays (as demanded by the university)
4. Application Process
We have summarized the application process for you below. Also, make sure to look for colleges/universities at least 12 months before seeking admission.
- Course/ country selection
- Profile Evaluation
- Select a few universities where you are going to apply
- Start collecting the necessary documents
Top MBA Colleges Abroad With Fee Structure
Pursuing MBA Abroad from an international country is a dream to many, but the dilemma occurs in selecting the best country and university to study the program.
So here are a few of the top MBA abroad colleges, as per QS Global MBA Rankings, along with their location and annual fees charged.
| MBA Colleges Abroad | Location | QS Global MBA Rankings 2023 |
| Stanford Graduate School of Business, Stanford University | USA | 1 |
| Wharton School of the University of Pennsylvania | USA | 3 |
| MIT Sloan School of Management | USA | 6 |
| Harvard Business School, Harvard University | USA | 2 |
| HEC Paris | France | 4 |
| INSEAD | Singapore and France | 9 |
| London Business School | UK | 5 |
| Columbia Business School, Columbia University | USA | 8 |
| IE Business School | Spain | 7 |
| Haas School of Business, University of California, Berkeley | USA | 11 |
| The University of Chicago Booth School of Business | USA | 13 |
| IESE Business School | Spain | 10 |
| Esade Business School | Spain | 17 |
| Kellogg School of Management, Northwestern University | USA | 14 |
| UCLA Anderson School of Management | USA | 15 |
Country-wise Average Fees for MBA Abroad
Deciding which country is suitable for pursuing an MBA outside India is one of the toughest decisions the aspirant needs to take. One should always consider various factors like quality education, total expenses including tuition fees and living expenses, and ROI while selecting the country.
MBA Colleges in the US
Studying MBA in the US can cost you an average of INR 30.89 L (for 1st year) including both tuition fees and living expenses.
|
University |
Course Duration |
Tuition fee (Approx) (for 1st year) |
|---|---|---|
|
Stanford Graduate School of Business |
21 months |
$74,706 / INR 56,39,555 |
|
Harvard Business School |
24 months |
$73,440 / INR 55,43,985 |
|
Tuck School of Business- Dartmouth College |
24 months |
$77,520 / INR 58,51,984 |
(Tuition fee source: official university websites) (exchange rate of 1 USD = INR 75.49)
MBA Colleges in the UK
Pursuing MBA in the UK can cost you an average of INR 23.19 L (for 1st year) including both tuition fees and living expenses. Also, one major factor that makes the UK different from other MBA destinations is that here duration for most of the MBA programs is one year.
|
University |
Course Duration |
Tuition fee (Approx) (for 1st year) |
|---|---|---|
|
1 year |
£53,500 / INR 49,26,404 |
|
|
15 to 21 months |
£87,900 / INR 80,94,036 |
|
|
1 year |
£57,000 / INR 52,48,692 |
(Tuition fee source: official university websites) (exchange rate of 1 Pound = INR 92.08)
MBA Colleges in Canada
MBA fees in Canada can cost you an average of INR 25.93 L (for 1st year) including tuition fees and living expenses. MBA in Canada is comparatively cheaper than other popular study destinations.
|
University |
Course Duration |
Tuition fee (Approx) (for 1st year) |
|---|---|---|
|
2 years |
C$59,450 / INR 31,98,409 |
|
|
2 years |
C$111,750 / INR 60,12,149 |
(Tuition fee source: official university websites) (exchange rate of 1 CAD = INR 53.80)
MBA Colleges in Australia
Annual MBA fees in business schools in Australia can be around INR 23.28 L (for 1st year) including tuition fees and living expenses.
|
University |
Course Duration |
Tuition fee (Approx) (for 1st year) |
|---|---|---|
|
12 months |
AUD$89,500 / INR 43,75,519 |
|
|
2 years |
AUD$44,000 / INR 21,51,093 |
(Tuition fee source: official university websites) (exchange rate of 1 AUD = INR 48.89)
MBA Colleges in Germany
When it comes to pocket-friendly tuition fees along with quality education, one always thinks of Germany. It is home to the best MBA colleges in the world.
|
University |
Course Duration |
Tuition fee (Approx) (for 1st year) |
|---|---|---|
|
2 years |
0 |
|
|
1 year |
€ 38,000 / INR 31,04,828 |
(Tuition fee source: official university websites) (exchange rate of 1 Euro = INR 81.71)
Note: Ludwig Maximilians University Munich (LMU) does not charge any tuition fee, however, students have to bear the other expenses approx. INR 1,17,410 for 1st year.
Scholarships to Study MBA Abroad
Arranging a huge amount of funds for studying MBA from abroad can prove to be a daunting task. Therefore, students often look for scholarships for MBA to fund their education.
Pursuing an MBA abroad is an expensive affair. However, to fulfil your study abroad dream, various universities offer scholarships to international students so that they can afford their expenses in the country.
There are two types of scholarships in foreign countries – one offered internally by the institution and another one provided externally by various foundations, institutions and the government on the basis of the merit or needs of the student.
- JN Tata Endowment for the higher education of Indians: This is not actually a scholarship but rather it is a loan that a student needs to repay within seven years of completing the graduation programme. However, the rate of interest charged is merely 2% and this is waived if the applicant repays it within the specified time. The amount of this endowment programme varies from INR 1.5 to 6 lacs.
- Columbia Business School: The Board of Overseers China & India Fellowships: This fellowship is awarded every year to students from India and China and the funds can be renewable for the second year as well. These are awarded to students who have excelled in academics and professional careers.
- Stanford Reliance Dhirubhai Fellowship: The Stanford Reliance Dhirubhai Fellowship is awarded to Indian students who require financial assistance to pursue an MBA at Stanford. Within two years of completing the MBA programme, students who availed of this scholarship need to come to India and work for an Indian organization.
- Rhodes Scholarship- MBA: The Rhodes Scholarship is awarded to outstanding students from around the world to study at the University of Oxford. The Rhodes Scholarship is one of the oldest and most prestigious international scholarship programmes.
- OGS Scholarships for International Students – MBA: Since 1975, the Ontario government, in partnership with Ontario's publicly assisted universities is offering Ontario Graduate Scholarships (OGS). This scholarship is applicable to someone pursuing an MBA from Western University in Canada.
List of Scholarships in Different Countries
Listed below are the names of the scholarships which are externally offered to students in various countries.
|
Country |
Name of the scholarship |
| Australia |
Australia Awards Scholarship |
|
USA |
Humphrey Fellowship Program Foreign Fulbright Student Program |
|
United Kingdom |
The Commonwealth Scholarships The Chevening Scholarships and Charles Wallace Scholarships |
|
Canada |
Quebec Provincial Government Scholarship |
|
Ireland |
NUI Galway International Student Scholarships (Max Arthur McAuliffe Special Merit Scholarship, Sir Peter Freyer Special Merit Scholarship) and The Government of Ireland International Education Scholarship |
|
New Zealand |
Palmerston North City Mayor’s Goodwill Ambassador Scholarship New Zealand Commonwealth Scholarships and New Zealand Excellence Awards (NZEA) |
