While looking out for foreign universities, choosing the best country to study MBA abroad is one of the most challenging tasks, but selecting the right one can open many opportunities.
Master of Business Administration or an MBA is one of the courses gaining a lot of publicity because of the career opportunities it offers. If the university you are pursuing your MBA is a reputed one, it becomes easier to get placed on the campus itself. Therefore, to have a strong impact on your future career prospects, it is imperative to consider the best countries to study MBA abroad. Before we take you through the countries that offer some of the best MBA degrees offered by other countries, let us first understand the benefits of studying abroad.
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Why Should You Consider an MBA Degree from Abroad?
While there are a myriad of advantages that you can get for pursuing an MBA degree from a study abroad destination, we have listed a few of those advantages below:
Also Read: MBA in India or Abroad
Lucrative Job Offers and Packages
After completing an MBA degree from a recognised B-school abroad, the average salary that a student can expect is much higher than a graduate from an Indian university. While an MBA graduate abroad can expect an annual salary of roughly US $60,000 (INR 45 lakhs), the average yearly salary in India would be around INR 10-20 lakhs.
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Opportunities to Network with Industry Experts
While studying at some of the best countries to study MBA abroad, you will expand your network by interacting with students from diverse backgrounds, faculties, industry experts, potential experts, etc. These networking opportunities will help you unlock the doors of some promising career prospects in the future. An MBA degree from a recognised university abroad can help you land a job as a Chief Executive Officer (CXO) or acquire a top entrepreneurial role.
International Exposure and Ability to Gain Practical Knowledge
Dealing with new-age business problems is one of the biggest challenges in the industry. The world-class teaching methods will make you accustomed to the industry world and give you an edge over advanced business management techniques.
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Best Countries to Study MBA Abroad
Choosing the best country to study MBA abroad and selecting the right university is the first and last step towards directing your career path. Before selecting the country and university where you want to pursue your MBA, consider the following parameters: university ranking, international accreditations, course structure, cost of study, teaching faculty, scholarships offered by the university and the country’s government, and opportunities available post-study. Listed below are the best countries to study MBA abroad.
MBA in the USA
The US boasts of being the country that originated an MBA course for the first time in the 20th century, and later, other countries followed the league. As per the Open Doors Report 2019, India became the first to send the highest number of students to the US. Some of the top-notch universities of the US offering an MBA degree stand aside from the other countries because of the solid infrastructural support and internship opportunities. Besides providing practical training through projects, B-schools in the US also offer exposure to the latest content and technology.
You will also get a chance to widen your network and meet the right people who would groom you to become a business executive or a future budding entrepreneur. To get admission at a B-school in the US, you need to have work experience ranging from two to ten years. Apart from this, your GRE/GMAT and English language proficiency test IELTS/TOEFL scores are imperative to study MBA in the USA.
Also Read: MBA in the USA for Indian Students | Universities in USA for MBA without Work Experience
Cost of Studying MBA in the US
Studying an MBA at a top-ranked university in the US can cost you from INR 60 lakhs to INR 1 crores. However, the annual tuition fees vary from one university to the other. The cost of an MBA from the University of South Florida for 18 months is approximately around INR 14 lakhs. Whereas Auburn University’s 17 months MBA program costs around INR 21 lakhs.
List of Top B-schools in the US Offering an MBA
➔ Harvard University’s Harvard Business School
➔ University of Pennsylvania’s Wharton School of Business
➔ Stanford University’s Stanford Graduate School of Business
➔ Northwestern University’s Kellogg School of Management
➔ University of Chicago’s Booth School of Business
➔ Massachusetts Institute of Technology’s MIT Sloan School of Management
➔ Columbia University’s Columbia Business School
Learn More: Universities in USA for MBA
An online portal for statistics named Statistica reported that after completing the Masters of Business Administration from the USA, a student could expect an annual salary package of $1,15,000 (INR 85,57,753.75). The Post Study Work Permit allows MBA graduates in the USA to stay back in the country for a tenure of 2 months (60 days).
Also Check: MBA in Logistics and Supply Chain Management in USA
MBA in the United Kingdom
London is one of the leading banking and finance centres. The excellent opportunities provided by the service sector in the UK have made it a favourite destination among Indian students. Besides having a strong Indian population base, the international reputation of the B-schools in the UK attracts international students.
The QS Global MBA Rankings 2021 featured 27 UK universities, with London Business School at the sixth position. B-schools in the UK focus on a student’s professional growth and offer a diverse choice of specialisations such as Consulting, Hospital Administration, Finance and Accounting, Marketing and Arts Management.
Important Read: SOP for MBA in the UK: Format and Sample
Cost of studying MBA in the UK
One of the reasons students choose the UK for studying for an MBA is because it costs less than the US. An MBA from a good university in the UK ranges from INR 40 lakhs to 60 lakhs but studying at a premium institution like London Business School can cost your INR 87 lakhs for their 15-21 months course.
List of Top B-schools in the UK which Offer an MBA
➔ London Business School
➔ Cambridge Judge Business School of University of Cambridge
➔ Manchester Business School of University of Manchester
➔ Said Business School of University of Oxford
➔ Warwick Business School of University of Warwick
➔ Strathclyde Business School of University of Strathclyde
➔ Cranfield School of Management of Cranfield University
➔ Business School at University of Edinburgh
➔ Lancaster University Management School of Lancaster University
➔ City University London
➔ The London School of Economics and Political Science
The Return of Investment (ROI) for an MBA graduate from the UK is pretty high. Students can expect a package of $80,000 (INR 59,51948) to $180,000 (INR 1,33,92,990). A student can stay back in the UK for two years after completing their MBA to search for jobs or engage themselves in other learning opportunities.
MBA in Canada
In the list of the best countries to study MBA abroad, Canada is the favourite destination for Indian students. This is because it is home to some of the world’s influential and most prominent companies. Canada is thriving in mining, oil and gas, healthcare, IT, architecture, agriculture and forestry, and the manufacturing industry more than quality education. The students understand the benefits of a prospering economy once they complete their degrees and look out for a job.
Also Read: Eligibility for MBA in Canada | MBA without GMAT in Canada
Cost of Studying MBA in Canada
One reason why Canada is a popular choice amongst Indian students to study MBA is because of its cost-effectiveness compared to the UK and USA. Besides, the immigration process to the country is relatively easy. An MBA course duration varies from 10 months to 2 years and is offered in three categories – generalised, specialised and combined. On average, an MBA degree in Canada can cost from INR 25 lakhs to 60 lakhs. However, some universities offer the course at much lesser fees. For instance, the total tuition fees of the University of Alberta for a 20-month MBA degree is around INR 9 lakhs, whereas McMaster University renders the course at INR 11 lakhs.
For More Details: MBA in Canada Costs Explained
List of Top B-schools in Canada which Offer an MBA
➔ Queen’s School of Business – Queen’s University at Kingston
➔ Rotman School of Management – University of Toronto
➔ Schulich School of Business – York University
➔ Sauder Business School – University of British Columbia (UBC)
➔ Desautels Faculty of Management – McGill University
➔ HEC Montreal – University of Montreal
➔ Alberta School of Business – University of Alberta
➔ UNB Saint John Faculty of Business – University of New Brunswick
➔ Ivey Business School – Western University
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Canada is home to some of the top hiring firms such as Apple, Facebook, Deloitte, Bain & Company, Citigroup and BCG. This has led to an increase in the chances of post-graduation employment, and students can stay up to 3 years.
MBA in Australia
Australia boasts 75 globally recognised MBA programs from some of the highly ranked B-schools with accreditation from the EQUIS and AACSB and many learning opportunities. Moreover, the enviable lifestyle and strong entrepreneurial mindset that universities in Australia offer is an added advantage.
Students understand the Eastern and Western aspects of business management because of the country’s multiculturalism. Aspirants must clear the GRE/GMAT and IELTS/TOEFL exam to secure admission for an MBA program in Australia. Australian B-schools conduct two intake sessions in a year – January and September.
Also Read: Jobs after MBA in Australia for International Students | Universities in Australia for MBA Without Work Experience
Cost of Studying MBA in Australia
The average cost of studying MBA in Australia ranges from INR 16 lakhs to 50 lakhs. While institutes like the University of Melbourne’s total fees for an MBA degree is INR 49 lakhs approximately, a 1.5-year degree from Deakin University is around INR 15, 68,830.
Learn More: MBA in Australia Cost
List of Top B-schools in Australia which Offer an MBA
➔ Melbourne Business School of University of Melbourne
➔ Faculty of Business and Economics of Monash University
➔ UNSW Business School of University of New South Wales
➔ QUT Business School of Queensland University of Technology
➔ Sydney Business School of University of Wollongong
➔ College of Business and Economics of the Australian National University
➔ Curtin Business School of Curtin University
➔ Macquarie Graduate School of Management of Macquarie University
➔ Deakin Business School of Deakin University
Learn More: Universities in Australia for MBA
The top hiring firms in Australia are Accenture, Deloitte Australia, Commonwealth Bank of Australia, ANZ Banking Corporation, CIMIC Group, Qantas and Wesfarmers. For students pursuing an MBA degree in Australia for two years, the country allows a post-study work permit visa for 15 to 25 months.
MBA in Germany
Since Germany is a leader in both the electrical and automotive industries, the country’s economy is technology-driven and innovative. Germany does not just have some of the best business management schools globally, but the Government finances the public universities. This has led to a reduction in the students’ tuition fees, and they just have to pay a nominal amount as an administration fee.
A major reason Germany is blooming with new businesses and technological startups is its geographical location, crossing the Eastern and Western parts of Europe. This has paved the way for potential entrepreneurs and customers to bring out innovation across various industries. The universities in Germany boast of having renowned academicians who possess advanced expertise in the business world. All these factors in totality attract a lot of international students every year.
Important Article: MBA in Germany without IELTS | MBA in Germany without GMAT
Cost of Studying MBA in Germany
While an MBA degree at a public university is very nominal, pursuing the same in a public university in Germany can cost somewhere between INR 20 lakhs to 40 lakhs. Upgrad Abroad offers an MBA degree in association with the International University of Applied Sciences and offers opportunities to save up to INR 10 lakhs.
For Further Details: How Much will an MBA in Germany Cost?
List of Top B-schools in Germany which Offer an MBA
➔ EU Business School, Munich
➔ Frankfurt School of Finance and Management
➔ Munich Business School
➔ MBA in International Management at Reutlingen University
➔ Technical University of Munich
➔ Leipzig Graduate School of Management
Learn More: Universities in Germany for MBA
After completing their MBA degree in Germany, students can apply for a post-study work permit to stay in the country for 18 months.
While these were the top 5 best countries to study MBA abroad, many others like Singapore, Ireland, and the Netherlands welcome a host of international students every year.
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