Master of Business Administration or MBA is one of the highest pursued post-graduation degrees among Indian students. Since an MBA degree is internationally recognised, a number of Indian students prefer to study International MBA or Executive MBA degrees from Indian universities itself. However, if you truly wish to develop and learn the globally established business and management skills, you should study your MBA degree in a foreign university itself. Read ahead to know why studying MBA overseas is better than studying in India.
Entrance Tests for MBA
While understanding the concept of studying MBA the first thing as a student you must understand is the difference between the various MBA aptitude tests. If you study an MBA degree at an Indian university you can get admission by taking the following entrance exams-
• CAT – Common Entrance Test
• XAT – Xaviers Admission Test
• SNAP – Symbiosis National Aptitude Test
• NMAT – Narsee Monjee Management Aptitude Test
• CMAT – Common Management Admission Test
• IIFT – MBA Entrance Test
• MAHCET – Maharashtra Common Entrance Test
The requirements for MBA abroad include two separate types of tests, first is the business aptitude exams for applications in MBA universities and you mainly have to take anyone exam from the following as required for your application.
• GMAT – Graduate Management Admission Test
• GRE – Graduate Record Examinations
Besides these you will also have to take an English language proficiency test, you can choose from the most widely accepted English proficiency tests in the world which include-
• IELTS – International English Language Testing System
• TOEFL – Test of English as a Foreign Language
Cost for MBA in abroad:
Another major aspect that you must keep a lookout for is the cost of an MBA program in India versus the cost to study an MBA abroad. There is no doubt that if you achieve a perfect percentile in your CAT exam, then you can easily get into an Indian university/college which offers MBA from INR 2 lakh to up to INR 23 lakh. There are also some universities that offer MBA in less than 1 lakh, these include central and state level universities like, FMS, Jamia Millia Islamia, etc. In contrary to this, the fees in top league colleges like IIM’s vary from INR 9 lakh to 23 lakh. However, getting into these universities is a tough nut to crack as they already have very limited seats and it’s a bit difficult for everyone to get in. So this leads you into choosing to study MBA from either in a private Indian university or a good university abroad.
If you study MBA from a top private college in India, you will still have to spend somewhere between INR 15 lakh to 30 lakh and if you choose to study an MBA degree overseas you may have to spend between 20 lakh to 50 lakh (approximately) this could vary for each country and university.
One of the benefits of studying MBA overseas than in a private Indian university is that you do get a good return on investment on completing your MBA degree as Indian students who study abroad are most likely to get placed in better companies overseas, plus an added experience of living and working abroad is beyond comparison.
Tuition fee comparison of MBA in different countries
|Country||Tuition Fees (1st Year) (approx.)|
|Canada||INR 18-30 Lakh|
|Australia||INR 20-35 Lakh|
|U.S.||INR 33-55 Lakh|
|The UK||INR 36-57 Lakh|
|New Zealand||INR 15-25 Lakh|
|Ireland||INR 20-30 Lakh|
The study abroad tuition fees may appear to be costly, but international students always have an option to apply for various scholarships and bursaries. You can discuss your options with your study abroad counselor so get an in-depth knowledge of the program and what all benefits you can avail if you choose to study an MBA abroad.