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MBA Abroad – All You Need to Know- 2020

SOURCE: Studybuzz Education – MBA preparation

MBA abroad is especially becoming more and more popular nowadays due to their global scope of opportunities. MBA courses are amongst the most dynamic courses available right now globally.

Universities abroad have a lot to offer in terms of giving students excellent knowledge and helping them to develop themselves as the managers of big multi-national companies.

MBA Abroad

Pursuing an MBA abroad can be a life-changing experience for a student. The kind of exposure which is provided is unmatched and the scope for opportunities is unparallel.

An MBA degree abroad is a great way of securing jobs and making yourself valuable in the job markets all over the world.

  •         It is one of the most popular courses and most pursued courses all around the globe.
  •         One must have a graduate degree to pursue an MBA degree.
  •         An MBA degree can help students explore their interests as well.
  •         The degree is a great way of developing one’s personality.
  •         MBA Abroad can do wonders for a student’s development and growth.

MBA Abroad For Indian Students

Doing MBA from abroad for Indian students is a very big dream. It can open doors to various different avenues for Indian students to do MBA abroad.

There are several opportunities that await them in not only India but all over the world once they complete their MBA from a foreign university.

The best countries for Indian students to study MBA abroad are:

  •         Singapore
  •         USA
  •         Norway
  •         Canada
  •         Australia

Cheapest MBA Abroad

There are many colleges abroad that offer the cheapest MBA, not all quality universities offering MBA is expensive. It is often said that MBA is a very expensive course which makes it seem like a distant dream. However, it is not entirely true.

Some universities are really cheap and students can get excellent education and exposure there at a very affordable price.

  •         Durham University Business School
  •         University College Dublin – Smurfit Graduate Business School
  •         National University of Singapore (NUS)
  •         Lancaster University Management School
  •         University of Edinburgh Business School
  •         Sungkyunkwan University GSB
  •         The Lisbon MBA
  •         Shanghai Jiao Tong University, Antai
  •         University of Bath School of Management
  •         Essec Business School

MBA Abroad Without Work Experience

Getting college for MBA abroad without work experience is possible, while it is often an important pre-requisite to get admission to an MBA course abroad. However, it is not entirely true.

Even without work experience, many universities give admissions to students. Short MBA programs also do not require students to have any type of work experience to apply. Such universities are as follows:

  •         Vancouver University
  •         Sloan School Of Management (MIT)
  •         New York Institute Of Technology (NYIT)
  •         Thompson Rivers University
  •         Brock University

MBA Abroad With Work Experience

Work Experience is often referred to as an important pre-requisite to get admission to an MBA course abroad. It greatly helps those who want to focus on their careers and excel more at it.

Work experience can greatly increase a student’s chance of getting admission in MBA programs in foreign universities.

  •  At least 3-4 years of work experience is required to get admission in most MBA programs.
  • At top business schools, it may increase to 4 to 7 years of work experience.
  • There is no age restriction for this course, however, one must have an undergraduate degree and some work experience.
  • MBA programs generally enroll students between the ages of 25-30 years.
  • Some MBA programs only take in students with a minimum of 3 years of experience.

MBA Abroad Universities

Studying MBA from Abroad is a very coveted course and almost all major universities in the world offer it, as it is the most in-demand course for the past 2 decades.

It is difficult to choose a good university as there are many great ones all over the world. All over the world, there are many great universities that offer excellent MBA courses.

  •         Harvard Business School
  •         Stanford Business School
  •         UPenn – School of Business
  •         Durham University Business School
  •         University College Dublin – Smurfit Graduate Business School
  •         National University of Singapore (NUS)
  •         Lancaster University Management School
  •         London Business School
  •         University of Edinburgh Business School
  •         Sungkyunkwan University GSB
  •         The Lisbon MBA
  •         Sydney Business School
  •         Shanghai Jiao Tong University, Antai
  •         University of Bath School of Management
  •         Essec Business School
  •         City University-Cass Business School
  •         EU Business School
  •         University of Chicago: Booth
  •         University of California at Berkeley: Haas
  •         Yale School of Management
  •         Iese Business School
  •         Featured business school
  •         University of Oxford
  •         Northwestern University: Kellogg  
  •         Dartmouth College: Tuck
  •         University of Cambridge: Judge
  •         National University of Singapore Business School
  •         HKUST Business School
  •         Duke University: Fuqua     
  •         University of St. Gallen      
  •         University of Manchester, Alliance Manchester
  •         University of Florida, Hough  
  •         ESMT Berlin  
  •         Erasmus University-Rotterdam School of Management(RSM)
  •         University of Texas at Dallas, Jindal 
  •         University of Mannheim-Mannheim Business School      
  •         AGSM at UNSW Business School

Scholarships For MBA Abroad

There are many scholarships available for students who want to study an MBA abroad. Some scholarships are especially for Indian students which helps them achieve their dream of studying an MBA in a foreign univeristy.

  • Harvard MBA scholarship provides students with approximately $34,000 per year. It is a need-based scholarship.
  •  Stanford MBA scholarship is awarded to five students who get help in covering the tuition fees.
  • Wharton MBA scholarship is a partial scholarship which covers tuition and living.
  •  Columbia Business School MBA scholarship is merit-based and awards amount between  $7,500 to $30,000 annually to the students.
  • Chicago Booth scholarships greatly help Indian students as well.

Exams For MBA Abroad

To get admission in the MBA abroad, there are certain exams which all students must give. These exams determine whether a student is ready to do the course and understand it or not. These tests either evaluate a candidate’s language proficiency or their knowledge of the subject.

  • TOEFL
  • IELTS
  • GMAT
  • GRE
  • Essay Writing

MBA Abroad Without GMAT

GMAT is often known as an important pre-requisite exam to get admission in an MBA course abroad without that it is not possible. However, it is not entirely true. Even without giving GMAT, many universities give admissions to students. Such universities are as follows:

  •         UCLA Anderson School of Management
  •         New York University Stern School of Business
  •         University of Maryland
  •         Fuqua School of Business
  •         Florida International University

MBA Abroad with GMAT

GMAT is an important exam for MBA Abroad, foreign universities require students to take in order to give them admission to their management courses. GMAT often scares students but with enough preparation, it is quite easy to score in. A great score can ensure admission to top-ranked universities.

Here is a list of top-ranked universities with the average GMAT scores they accept.

  • The Wharton School requires an average score of 730.
  • Harvard Business School requires an average score of   729.
  • Stanford Graduate School of Business requires an average score of 732.
  • Kellogg School of Management requires an average score of 732
  • MIT Sloan School of Management requires an average score of 728.

MBA Abroad Requirements

There are few requirements that a student seeking admission in MBA must fulfill to get admission to the university of their choice.

  • A basic bachelors level graduation degree
  • GMAT/GRE
  • Work Experience 
  • Resume
  • TOEFL/IELTS

MBA In India vs MBA Abroad

It is very easy to get confused when given a choice between studying in India and abroad. For some the choice is easy however, for others it may get very difficult. Here are some basic differences between the two to make it easier.

Comparison

MBA in India

MBA in Abroad

Work Experience 

2-3 years

2 years

Cost

7.5 to 25 lakhs

25 to 75 lakhs

Curriculum base

Theoretical

Practical 

Exams

CAT, XAT, GMAT, etc

GMAT or GRE

TOEFL/IELTS

Not required

Required

Average Annual Salary

20 lakhs

45 lakhs

Education Loan For MBA Abroad

MBA is an expensive course and oftentimes students need to take an education loan in order to pay the fees.

The whole process of applying for a loan can be difficult but it is certainly worth it. These are the instructions from where students can take an Education loan for MBA. 

  • State Bank of India can provide a loan to the amount of 15-30 lakhs.
  • Canara Bank – 25-36 lakhs
  • Punjab and Sindh Bank – 10 lakhs
  • Central Bank of India – 20 lakhs

Executive MBA Abroad

An executive MBA abroad is like an MBA degree but a bit advanced in its approach. It is a course that stays specific to certain niches and is for top and middle-level management jobs. Also known as EMBA, it is a course that is best suited for those who have experience in the field of management and want to widen their scope and opportunities.

It can help them get a promotion or even better job opportunities. Top EMBA institutions are as follows:

  •         HKUST Business School
  •         INSEAD China
  •         National University of Singapore US
  •         London Business School
  •         University of Pennsylvania: Wharton

Best Countries To Study MBA Abroad

MBA is a dynamic course that is available everywhere right now. However, it is important to choose the country one wants to study wisely. The decision must be made after keeping in mind various different factors. Top countries to study MBA are as follows:

There are many countries

  • Canada
  • The United Kingdom
  • Germany
  • Australia
  • Singapore
  • The United States of America
  • China
  • India
  • Norway
  • France
  • Switzerland

MBA Abroad At Low Cost

It is often said that an MBA is a very expensive course which makes it seem like a distant dream. However, it is not entirely true.

Not all quality universities offering MBA are expensive. Some universities are really cheap and students can get excellent education and exposure there at a very affordable price.

  •       Durham University Business School
  •       University College Dublin – Smurfit Graduate Business School
  •       National University of Singapore (NUS)
  •       Lancaster University Management School
  •       University of Edinburgh Business School

FAQs

1. Can I do MBA without an undergraduate degree?

No, one must have an undergraduate degree. 

2. Is GMAT required for admission in MBA?

Yes, it is required.

3. Is GRE acceptable when taking admission in an MBA program abroad?

Yes, it is acceptable in some universities.

4. What is the maximum age to do MBA?

There is no maximum age to do MBA.

5.What is the duration of the MBA?

2 years generally.

6. Are loans available to study MBA?

Yes, loans are available.

7. Are scholarships available to study MBA?

Yes, they are.

8. Are MBA and EMBA degrees the same?

No, EMBA focuses more on a particular niche.

9. Is Harvard a good B-school?

Yes, it is one of the best B-schools in the world.

10. What is the average GMAT score for top universities?

270-275 is the average score required.

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About the Author

Rachit believes in the power of education and has studied from the top institutes of IIIT Allahabad, IIM Calcutta, and Francois Rabelias in France. He has worked as Software Developer with Microsoft and Adobe. Post his MBA, he worked with the world’s # 1 consulting firm, The Boston Consulting Group across multiple geographies US, South-East Asia and Europe.

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