An MBA is an international degree, the scope of which extends beyond boundaries. It is also an open array of opportunities for students aspiring to travel the globe and gain international experience. Many international universities in the UK, USA, Canada, Germany, France, and Australia, etc. provide high-quality MBA degrees. An MBA is not just a degree, but also an investment. Hence, to decide the best possible course of action, you need to take into account various factors such as cost of living, tuition cost, job prospects, etc.
Consecutively, you must consider the type of work and positions that interest you so that your MBA education can take you where I intend to reach. Having a vision will help you choose an MBA program as per your need i.e., a specialized degree or general MBA. If you would like to pursue MBA abroad, here are some aspects you must consider before taking the plunge.
Is it mandatory to have a business or management degree to apply for an MBA abroad? The answer to this frequently asked question is NO. But there are a few criteria you need to look into before securing a place at a business school: Work experience, GMAT Score, English language proficiency score i.e. TOEFL, IELTS, MBA SOP/Essays (as required by the B-school), and Letters of Recommendation from your previous academic institution and workplace. Upon submission of these documents, if selected, the applicant is invited for a face-to-face interview by the admission committee.
If you are a fresh graduate, the chances of you getting into a top b-school are the bare minimum. Hence, it is advisable to gain a few years of work experience in your chosen field before applying for an MBA abroad. If you are a working professional, particularly in a managerial position and cannot leave your job, you can opt for a part-time MBA. It is important to note admission committees look for applicants who have honed their interpersonal, organizational, and managerial skills through their work experience, and can be further trained to take up a global leadership role. Millions of students get their MBA degrees every year; hence, it is important to choose a program and a business school that will add significant value to your profile.
After deciding to pursue MBA abroad, the next step would be to start GMAT preparation. Your GMAT score is indeed important, however, in case a student is not able to score high, he/she has the opportunity to make up for it by submitting a strong application (comprising a strong SOP/essay that highlights his/her strengths & experience. Some universities provide admission without GMAT like Melbourne Business School, Australian National University, Kenan-Flagler Business, and Ivey Business School, etc. If you are preparing for GMAT/IELTS, we recommend that you opt for Manya-The Princeton Review’s online and classroom test preparation program. It will help you get in touch with experts who will not only assess your communication skills but will also provide you with guidance and tips to enhance your score. You will have access to relevant study material for preparation along with regular mock tests.
To pursue MBA abroad, international students must obtain a student visa. Since some of the best B-schools are in the United States, it is imperative to know the type of visa required. To pursue a full-time MBA program in the US, you will need an F1 visa whereas for studying in the UK, students would be required to have a Tier 4 (General) visa. Make sure you go through the requirements of each country before finalising your preferred country for MBA.
The cost of studying for an MBA abroad varies based on the duration of the program, ranking of the university, and location, etc. The average costs per year for a full-time MBA can cost you something between USD 40,000 to USD 100,000. For ex- London School of Economics renowned Master of Management program (15-20 months) is different from traditional MBA and would cost around GB 25000 excluding living expenses. However, this program is one of the best in the world. In Australia, the average cost of studying MBA ranges from USD 45,000- USD 80,000.
Studying abroad can be an expensive venture but there are various scholarships available today for international students that can greatly offset student expenses and minimize the financial burden. There are two kinds of MBA scholarships: – University-funded scholarships- internal financial assistance by b-schools; Privately-funded scholarships: – scholarships that are offered on either a merit-based system or a needs-based system.
Students who have performed extremely well academically or have achieved an excellent score on the GMAT are eligible for merit scholarships, on the other hand, need-based scholarships are provided to those who cannot afford their higher studies without external help. There are many scholarships/sponsorships available to support students who come from under-represented backgrounds.
Some of the renowned merit-based MBA scholarships are Ontario Graduate Scholarship, Hubert H. Humphrey Fellowship Program, Heinrich Boll Scholarships, BrokerFish International Student Scholarship, Kellogg Scholarship (Kellogg School of Management), Tahir Fellowship (UC Berkeley Haas School of Business), George J. Stigler Fellowship (Chicago Booth School of Business) and B.K. Birla MBA Scholarship (London Business School).
Many need-based scholarships are also available like The Aga Khan Foundation, KC Mahindra Education Trust, McKinsey Emerging Scholars Program, Khosla Booth Private Equity Fellowship, Orbis Investment Management MBA Fellowship, Charles P. Bonini Partnership for Diversity Fellowship and Stanford Reliance Dhirubhai Fellowship.
One of the reasons for pursuing an MBA abroad besides global exposure is to get a high-paying job in a reputed company. Upon getting an MBA degree, students can work in various sectors like Information Technology, Human Resource, Finance, Sports, Entertainment, Sales, Banking, and Health care. Many MBA graduates from renowned international universities end up working with top companies like Apple, JP Morgan, Deloitte, Bain & Company, Amazon, McKinsey, etc. Some of the most sought-after MBA abroad jobs are Business Development Manager, General Manager, Project, Manager, Marketing Manager, Strategy Manager, and Operations Manager, etc.
Let us also look at some of the best institutions across the globe where you could pursue your MBA:
U.S.A
Wharton (UPenn)
Harvard Business School
MIT Sloan
Yale School of Management
Chicago Booth School of Business
Columbia Business School
University of California, Los Angeles
University of California, Berkeley
University of Massachusetts (Boston College of Management)
University of Texas A&M
UK
London Business School
Imperial College London
Warwick Business School
Lancaster University
University of Leeds
Cranfield School of Management
London School of Economics
University of Glasgow
Aston Business School
Canada
Ivey School of Business
University of British Columbia
University of Alberta
Rotman School of Management
HEC Montreal
University of Ottawa
Schulich School of Business
University of Toronto
McGill University
France
INSEAD
HEC Paris
EDHEC Business School
Skema Business School
KEDGE Business School
IESEG School of Management
Germany
ESMT Berlin
Frankfurt School of Finance and Management
GISMA Business School
RWTH Aachen University
There are various factors involved when you apply for an MBA program abroad. For an application to stand out, it needs to be well-rounded. It is equally astute to look into the requirements of the universities you are applying to. For example, some universities stress more upon GPAs than anything else while some might point to prefer good work experience. Thorough research and understanding of variables will help you land in the best institution as per your profile. Manya has been known for its excellent online test preparation services, editing services, university shortlisting, admission counselling and other exclusive services for study abroad programs for the last 18 years. For more informed guidance on all aspects (end-to-end), please contact Manya-The Princeton Review and get started now.
Ques.1 What can an international MBA do for your career?
Candidates blur together after you see constantly identical resumes and cover letters drowning with hyperbolic language. An international MBA can help you stand out from the common suits.
Ques.2 What should I do for an MBA abroad?
Gather professional work experience, obtain a strong GMAT score and prepare strong essays & applications. Shortlist business schools based on your profile and the prerequisites.
Ques.3 Is getting an MBA abroad worth it?
Management is one of the top streams chosen by bachelor’s degree holders for pursuing higher education. A foreign MBA is even more desirable for a huge majority of Indian students & professionals.
Ques.4 How much time in advance I must start planning my study abroad procedure?
Start as early as possible; at least a year in advance!
If you are planning to study abroad and searching to match your profile with the best suited university, Experts at Manya – The Princeton Review have gathered important information of top Universities from abroad. Surely, this information will help you narrow down your quest for universities.
You can access accurate & authentic information related to rankings, application fees, average tuition fees, cost of living, scholarships, latest updates, and much more from more than 1000+ universities. You may also search for universities by name, country, or courses in common specializations, such as Physics, Finance, Business, Language and Culture, Agriculture, Environmental Science, Computer and IT, Media and Communication Marketing.
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