One of the most attractive and lucrative career options for a candidate is to pursue a management degree. A number of students in the country pursue their MBA degree from foreign shores. The attraction of a foreign degree, global exposure, and excellent research opportunities is equally good for the candidates to study abroad than in their native country.
Such education has multiple advantages. The chance of global placements, accompanied with world- wide acknowledgement, provides ample opportunities for career progression. The international exposure gained during the process provides the applicants with tools and skills that help them develop their business acumen. In terms of destinations, USA is most preferred destination for Indian students. Countries like Australia, UK, France, Canada, New Zealand etc. also figure permanently on the radar of students.
Master of Business Administration is a stepping stone for candidates to enter the corporate world at various management and leadership levels. The focus of management courses is to build skills that would enable you to assume roles of responsibility in an organization. Majority of the companies hire MBAs as management trainees/ assistant managers and gradually guide them through the different levels of management.
Benefits of an MBA Degree from Abroad
There are several other advantages of completing one's MBA abroad. Some of these advantages are:
- Stepping stone for settling abroad.
- Worldwide acceptance of educational degrees.
- Enhanced employment opportunities.
- Availability of multiple loans/grants/scholarships.
- World class infrastructure, research facilities & specialized courses.
One of the major deterrents for pursuing an MBA degree abroad is the cost involved. The cost of pursuing MBA from foreign universities is pretty high and nearly 2 to 3 times in comparison to Indian universities. In order to take a decision about pursuing an MBA abroad, you need to keep the cost factor in mind and make the final decision based on the financial situation and other constraints. Another factor that needs to be kept in mind is the comfort level with relocating to a foreign country, and the ability to gel well with the culture abroad.
Admission Process:
To do an MBA degree from a good college abroad, you must take GMAT test. However in some countries admission can take place on the basis of IELTS test score. Most of the good colleges abroad demand at least 2 years of work experience after graduation. For GMAT, a score of 760+ is considered excellent and between 650 & 750 is considered a very good score. Until recently, GMAT was the preferred exam for MBA admissions, though this trend is seeing a change now. Some business schools now even accept GRE scores. GRE scores above 320 are considered as excellent and if scores lie between 310 to 320 are considered as very good.
Some of the prestigious B-schools in the world are located in USA and Europe and they accept GMAT score. In order to select a B-school, one should keep its location in mind. The current industry scenario in the region would dictate the job opportunities in the region. Also, the approach of the authorities with respect to immigration and job-visas should be factored in, as it dictates how long an individual can stay in a particular country.
In general, the complete process that one needs to keep in mind while mulling over the option of completing one's MBA abroad is outlined in the flowchart below:
