Master of Business Administration or an MBA is one of the courses to fast-track your career. If the university you are pursuing your MBA from 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.
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:
Lucrative Job Offers and Packages
After completing an MBA degree from a recognized B-school abroad, the average salary that a student can expect is much higher than a graduate from an Indian university. An MBA grad from a top US B-school can have a median starting salary of $115,000 (₹95 lakh approx), while the median salary for IIMs is ₹30-35 lakh.
Opportunities to Network With Industry Experts
While studying in some of the top MBA colleges in the world, 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 recognized 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.
Best Countries to Study MBA Abroad
Choosing the best country for 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 country pioneered MBA courses. The degree was first introduced by Harvard University in 1908 at a time when the country was going through rapid industrialization. So, if you decide to pursue an MBA from the US, you will be exposed to rigorous academic programs that will prepare you for a successful career in business.
Cost of Studying MBA in the US
Studying an MBA at a top-ranked university in the US can cost you from ₹25 lakh to 65 lakh per year However, the annual tuition fees vary from one university to the other. The cost of an MBA from the University of South Florida is approximately around $30,000 - $45,000 (₹25-38 lakh). Whereas Auburn University’s 17-month MBA program costs around $60,010 (INR 50 lakh).
MBA in US: Highlights
Duration
12-24 months
Average Fee
$45,000-$70,000
Eligibility for Admission to MBA in US
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
MBA graduates can stay and work in the USA for a year under Optional Practical Training. It is a temporary employment opportunity in a field directly related to that of the study of the student.
MBA in United Kingdom
While looking at MBA colleges abroad, UK B-schools deserve a consideration. UK’s capital London is one of the leading banking and finance centers. 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 2024 featured 6 UK B-schools in the top 50, with London Business School ranking at the 4th spot.
B-schools in the UK focus on a student’s professional growth and offer a diverse choice of specializations such as Consulting, Hospital Administration, Finance and Accounting, Marketing, and Arts Management.
The average cost of an MBA in the UK may lie between £30,000/year and go up to £100,000/year or more at premier institutions. For instance, the University of East London charges £15,240/ year (₹16 lakh) for its MBA program, and the London School of Business charges £115,000 (₹1 crore) for its 15–21-month program.
➔ The London School of Economics and Political Science
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 favorite destination for Indian students. 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. Besides, the immigration process to the country is relatively easy.
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. On average, an MBA degree in Canada can cost from INR 25 lakh to 60 lakh. However, some universities offer the course at much lower fees.
For instance, the total tuition fees of the University of Alberta for a 20-month MBA degree is around INR CAD 70,000 (43 lakh i,e, around INR 21.5 lakh per year), whereas McMaster University renders the course at. CAD 24,1000 or INR 14.5 lakh per term.
Canada is home to some of the top hiring firms such as Apple, Facebook, Deloitte, Bain & Company, Citigroup and BCG. The Post-Graduation Work Permit (PGWP) allows foreign graduates to gain Canadian work experience and improve their employability. Foreign graduates who study a program with 2-year or more duration are eligible for a 3-year PGWP.
Australia boasts 75 globally recognized 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.
The average MBA fees in Australia for international students will be around AUD 40,000-63,000. The total fee for a 2-year MBA AUD 106,650 i.e. approx ₹58 lakh or ₹29 lakh per year. MBA fee for international students at Deakin University is AUD 32,800 or approx ₹17.7 lakh per year.
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
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.
While an MBA degree at a public university is very nominal, pursuing the same in a private university in Germany can cost somewhere between Euro 30,000- 39,900 ( ₹27-35 lakh). upGrad Abroad offers an MBA degree in association with the International University of Applied Sciences and offers opportunities to save up to ₹10 lakh.
After completing their MBA degree in Germany, students can apply for a post-study work permit to stay in the country for 18 months.
To conclude, 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. So, choose the best country for MBA and start your journey towards a better career.
We are a dedicated team of study-abroad experts, ensuring intensive research and comprehensive information in each of our blogs. With every piece written, we aim at simplifying the overseas education process for all. Our diverse experience as journalists, content writers, editors, content strategists, and marketers helps create the most relevant and authentic blogs for our readers.
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