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| Thursday, March 24, 2011 |
| Is it worth the money? MBA Progrm Abroad |
Even by the most conservative estimates, pursuing an MBA degree abroad would set you back by at least Rs. 10 lakhs, in case you need to shell out the funds by yourself. This might go up to as much as Rs. 30 lakhs for the top U.S. B-schools. Financial aid is limited, & comes with strings attached. Given the exorbitant expenditure involved, is it worth it?
The answer depends on plenty of factors, & ultimately, has to come from you. They can help you evaluate the scenario by laying out these factors before you. The factors must be thought about together with each other, than in isolation. Weigh them carefully, & choose to what extent each factor is applicable to you.
1. How much would it pinch you?
MONEY! This, of work, is the bottomline. Start with the assumption that you are not going to get any scholarship, as getting financial aid for an MBA program is hard. Then look at the resources at your disposal (could be your own bank account, or your parents, or any benefactor you may have)
In case you can spare some amount (Rs. 5-6 lakhs), you could still think about going, as youâll be able to manage the first few semesters by yourself. Two times youre there, youll must find ways to raise some funds (most Indian students manage this, at least the smart ones definitely do!)
In case you have sufficient money (Rs. 10-15 lakhs), our recommendation is: go ahead. It'll surely show to be funds well spent the experience itself is great!
In case you don't belong to any of the above categories, how about trying for an Indian MBA?
In case you are constrained on funds, but can manage a bank loan, it still makes sense to go ahead. However, you must be confident that you will do well in the program & manage to receive a job. (Jobs are hard to find in places like Australia & UK).
2. What are your options?
Note: The bottomline is an MBA abroad is worth the funds. Even in case you spend 15 lakhs doing an MBA from a nice school, you will recover the funds within a year of passing out. Start thinking like a business manager even before your MBA.
A lot depends on what options you have here.
Quote : 'The choices you make choose the life you lead'.
If you have been toying with the idea of going abroad for an MBA, what are the other options that you have? Would you do it from a top-rung Indian institute, like the IIMs? Well, the answer depends on your aspirations.
If you have cracked the CAT, go for it. The IIMs are among the best in the world. However, in case you need to select between IIM & a top institute like Harvard or London Business School, it makes sense to select the latter. The exposure & contacts that you will get in a top school are basically unmatchable.An M.B.A. from a top-rung B-school will definitely propel you in the global job market, & you will soon be on your way to the top of the ladder.
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If your choice is between a mid-tier B-school abroad & an average Indian institute, it makes immense sense to go abroad. The mid-tier schools abroad offer much better career prospects. An MBA from a mid-range U.S. B-school also has healthy prospects, given the buoyant state of the US economy in the last few years.
In case you have close relatives abroad, who can help you with money and/or getting you an employment on completion of your MBA, you are in an enviable position. However, make positive you talk to the relatives before you apply.
This is probably the most important criterion.
3. What do you plan to do after the MBA?
The critical query is : Do you wish to settle there
50% of the individuals who come to us say yes to this. The other 50% say they will come back, after staying on for a few years.
Ultimately, only a few come back.
This is applicable chiefly to the US & Canada. Getting a work permit in Australia is hard. UK has recently allowed international MBA students to work for two years
In case you are positive of taking up a job abroad, , managing to get yourself a job, then it makes sense to even take a loan to go abroad for an MBA. In all likelihood, you will repay the loan within a year. (Going by the average salaries Indians manage after their MBA).
If you are planning to return to India immediately on completion, you ought to think three times before going, unless money are not a consideration for you.
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The often-asked query is : how valuable is the international MBA degree in India? The answer depends on which school you do your MBA from: a Harvard degree will command respect anywhere in the world. If you are from a middle-rung school, you are as nice as an MBA from a mid-rung Indian B-school.
The final word: you can spend all of your funds, take a loan, get in to the best school, do whatever; ultimately what matters is how well you can "market" yourself. That's what will get you the "big bucks!"
In case you would like to speak about your personal profile & case with other MBA aspirants, you can use the MBA section of the Infozee discussion forums. Your post would be seen not by counsellors & existing students, but also by plenty of MBA aspirants like you: |
posted by chalsie @ 10:23 AM  |
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