Masters of Business Administration or MBA is one of the courses which is widely opted for by students because of the career opportunities it offers. After completing an MBA abroad, students can seek jobs in managerial positions with handsome salaries and go on making grow and develop in their careers. Students who want to study abroad can opt for MBA programs offered by universities in various countries, but before delving into it, let us first know the different types of MBA courses available abroad.
There are different types of MBA programs available for study abroad aspirants, each with its own eligibility criteria and application procedure:
1. Full-time MBA Program
It is a two-year full-time program where students get to learn the intricacies of the business world and prepare for their careers simultaneously.
2. Part-time MBA Program
Students who manage work along with studies can opt for this program. The classes are conducted during the weekends or evenings after the office timings of the students.
3. Online MBA Program
Under this program, students can take classes via the internet and do not have to attend regular classes on campus. Various colleges and universities offer online MBA degrees so that students can study as per their schedules.
4. Executive MBA Program
This program is specially designed for working professionals who want to upgrade their knowledge to gain an edge over their competitors and become an indispensable asset in the job market.
Why Study MBA Abroad?
a) Gain practical knowledge
Pursuing MBA from abroad will make you equipped with advanced business management techniques and gain an edge over new-age business problems.
b) Career advancement
On graduating from a well-acclaimed international B-school, top companies can offer a position at senior management positions to students. Whether they ace the entrepreneurial role, consolidate their career in a new domain, or diversify themselves in a new domain, an MBA from abroad is surely going to help them in making remarkable advancements in their career.
c) Enhanced networking opportunities
Studying MBA abroad for international students gives them the chance to network with teaching professionals, students from diverse backgrounds, and potential employers who hold an extensive experience in their respective fields. This dynamic network will be of help in unlocking promising opportunities in the future. This well-consolidated and extensive business network will make them first-hand information in the dynamic field of business and seize the best job opportunities.
d) Higher earning potential
One of the primary reasons for pursuing an MBA in foreign countries is that the average salary earned by an MBA graduate of a reputed foreign b-school is comparatively higher than that of an MBA graduate of an Indian b-school.
e) Develop a holistic perspective
Getting a global exposure of studying in the vicinity of professionals and companies where a student’s capabilities are constantly challenged in learning the business management principles makes them develop a detailed insight into the dynamic business world. For an MBA student, gaining this insight becomes an important asset, which helps them in handling the challenges faced in a constant learning and development cycle.
Top Countries to Study MBA in Abroad for International Students
Here’s a list of the top countries whose MBA degree is mostly opted for by students.
1. The United States of America
Some of the top B-schools in the world are located in the USA. Exposure to the latest technology, infrastructural support and great internships besides practical training through projects makes the USA one of the best countries to study MBA. The major reason that differentiates an MBA in the US from other foreign countries is that the B-schools provide an opportunity to expand the student’s network and help them to know the right people (potential investors etc). This is helpful for budding entrepreneurs and business executives.
Top B-Schools in the USA
Here’s a list of the top B-schools in the USA according to the QS Global MBA Rankings 2022:
Stanford Graduate School of Business
Harvard Business School
The Wharton School
MIT Sloan School of Management
Columbia Business School
Haas School of Business
UCLA Anderson School of Management
Yale School of Management
NYU Stern School of Business
Michigan Ross School of Business
Cost of Studying MBA in the USA
The tuition fees vary from one business school to the other. Even different MBA degree programs within the same business school might have different fees structure. Studying MBA in abroad for Indian students might be a costly affair if enrolled at some of the top universities. The fees also depend on the duration of the course.
The average tuition fees for studying at the best B-schools are around $60,000 to $80,000 per year, whereas at a moderate B-school that tuition fees can range from $30,000 to $50,000. This tuition fee is exclusive of living costs and other miscellaneous expenses like study materials, etc.
Stay back Period for MBA Graduates in the USA
After completing studies in the USA, students get to stay for one year on an H-1B visa. However, students enrolled in STEM-certified MBA programs are eligible to apply for a 24 months extension, making the total duration of stay back for three years.
2. Canada
Canada is home to some of the best MBA colleges abroad. For Indian students aiming to study abroad, Canada has become a popular destination. The economy of the country is thriving in industries such as manufacturing, oil and gas, mining and agriculture and forestry. The benefits of the prospering economy are understood by the students once they complete the degree. Canada offers enough job opportunities and easy immigration possibilities which makes it an attractive place to study MBA abroad.
Top B-Schools in Canada
Here’s a list of the top B-schools in Canada according to the QS Global MBA Rankings 2022:
Rotman School of Management
Smith MBA at Queen’s University
Ivey Business School
McGill University
Schulich School of Business, York University
Sauder School of Business
Alberta School of Business
John Molson School of Business
HEC Montreal
Dalhousie University
Cost of Studying MBA in Canada
Canada offers one of the most affordable options to study MBA abroad since the cost of studying in the country is comparatively less than any other study abroad destination. The average tuition fees in Canada range from $30,000 to $40,000 and it takes two years to complete an MBA degree.
Stay Back Period for MBA Graduates in Canada
The validity of a post-study stay back in Canada depends on the duration of the course. If a student stays in Canada for less than eight months and more than two years, they can stay back in the country for as long as the duration of the course. However, most MBA graduates stay in Canada for two years. Therefore. students with a course duration of two years or more can stay back in the country for three years.
3. The United Kingdom
The finance and banking sector in London has been blooming in the past few years. This has led to an increased employability rate in the UK amongst MBA graduates. GMAT and TOEFL/IELTS scores are necessary for getting admission to a college in the UK. Besides offering a rigorous academic approach, the UK has become a favourable destination for pursuing an MBA in foreign countries because of its multiple internship opportunities which make the students industry-ready.
Top B-Schools in the UK
Here’s a list of the top B-schools in the UK according to the QS Global MBA Rankings 2022:
London Business School
The University of Chicago Booth School of Business
Saïd Business School – University of Oxford
Cambridge Judge Business School
Imperial College Business School
Warwick Business School
Alliance Manchester Business School
University of Edinburgh Business School
Cranfield School of Management
City’s Business School
Cost of Studying MBA in the UK
Students get a wide scope of choices and preferences in specializations to pursue MBA courses abroad. The cost of studying depends on the duration of the course, different fees structure of universities or business schools, and area of specialization. On average, studying MBA in the UK ranges from $40,000 to $1,00,000.
Stay Back Period for MBA Graduates in the UK
The ‘Graduate Route’ or ‘Post-Study Work Visa’ allows students to stay back in the UK for a period of two years post the completion of the course. During this time, they can look out for job opportunities and find a stay back in the country to work.
Germany has the highest national economy in the whole of Europe and hosts 70% of international students every year. Adding to this, the fact that the country is offering MBA in English is attracting a lot of Indian students lately. Another reason that MBA in Germany is opted for by students is that public universities offer free education and the course is aided by the government and students don’t have to pay tuition fees besides a nominal administration fee.
Top B-schools in Germany
Here’s a list of the top B-schools in Germany according to the QS Global MBA Rankings 2022:
Mannheim Business School (MBS)
Frankfurt School of Finance & Management
WHU – Otto Beisehm Graduate School of Management
European School of Management and Technology (ESMT), Berlin
HHL Leipzig Graduate School of Management
EU Business School
Cost of Studying MBA in Germany
There is no tuition fee charged for studying at public management colleges in Germany but students have to pay a semester fee of $200 to $300. As for private management colleges, the average tuition fees range from $16,000 to $32,000.
Stay Back Period for MBA Graduates in Germany
After studying MBA abroad, students from non-EEA and non-EU countries with a residence permit get to stay back in Germany for another 18 months while they look for a job in Germany.
5. Australia
An MBA degree from Australia offers international recognition to students and they will be able to find a job anywhere in the world. The affordable and qualitative education at business schools in Australia has been offering lucrative learning opportunities to students. This is backed by the cost of living, similar weather to India and relaxed student life are some of the factors which make Australia a popular destination for MBA abroad for international students.
Top B-schools in Australia
Here’s a list of the top B-schools in Australia according to the QS Global MBA Rankings 2022:
Melbourne Business School
University of New South Wales Business School
Monash Business School
Macquarie Business School
The University of Queensland Business School
The University of Western Australia’s Business School
Australian National University
RMIT University
Unisa Business School, University of South Australia
UTS Business School
Cost of Studying MBA in Australia
The cost of studying MBA in Australia varies according to the course and university. However, the average cost of studying MBA for international students will range from 45,000 AUD to 80,000 AUD.
Stay Back Period for MBA Graduates in Australia
International students studying MBA courses abroad get to stay back in Germany post the completion of their degree.
6. Singapore
The growing infrastructure and economy of Singapore have brought it into the spotlight. Moreover, the MBA programs in the country are preferred by the students as they are flexible, allowing them to earn while working for 16-18 hours a week.
Top B-schools in Singapore
Here’s a list of the top B-schools in Singapore according to the QS Global MBA Rankings 2022:
INSEAD, Singapore
ESSEC Business School, Singapore
National University of Singapore
Nanyang NTU Singapore
University at Buffalo
SP Jain School of Global Management
Cost of Studying MBA in Singapore
The average tuition fees for studying MBA abroad in a country like Singapore is contingent upon the university. However, the average tuition fee for an MBA degree in the country is around 30,000 SGD.
Stay Back Period for MBA Graduates in Singapore
After completing MBA in Singapore, Indian students are granted a Short-Term Visit Pass post the expiry of their student pass, and its validity is for 90 days. During this tenure, they can stay back and look for jobs in the country but cannot take any type of employment under this pass.
Students wishing to study MBA in foreign countries have to choose the specialization that are suitable to their needs. The first year of the MBA curriculum requires them to study general management and basic subjects related to managerial courses. After getting an overall idea of the subject, in the final year, they have to learn in-depth about the specialization they have chosen. There are many specializations offered by different universities, some of which are as follows:
Marketing
Finance
Human Resources
Entrepreneurship
International Business
Supply Chain Management
Information Systems
Construction Management
Project Management
Brand Management/Luxury Management
Information Technology
Digital Marketing
Sports Management
Job Opportunities After MBA in Abroad
Job Profile
Average Annual Salary
General Manager
$78,900
Marketing Manager
$96,194
Project Manager
$88,727
Business Development Manager
$83,119
Strategy Manager
$107,706
Operations Manager
$78,676
Procedures to Apply for an MBA Abroad
Being one of the most pursued courses in the world, studying MBA in abroad can open doors for global opportunities in your career. It will make your foundation strong in the fundamentals of the business world such as accounting, finance, marketing, managerial skills and strategy, human resources and business ethics. However, studying MBA abroad requires the students to undergo a procedure and fulfil some eligibility criteria attached to it.
1. MBA in Abroad Eligibility
In countries like the USA, UK, Canada, Australia and Ireland, to study an MBA, a student should hold a bachelor’s degree from a recognized university with at least 50% marks. Besides your educational qualifications, you need to have:
Relevant work experience for at least 2-3 years before applying for an MBA.
In countries like Ireland and New Zealand, for an MBA in abroad eligibility, a student needs to have a work experience of a minimum of 4 to 5 years.
There are various universities in every country which accept applications for an MBA in abroad without work experience. You need to go through the institute’s official website to know about their admission requirements.
2. Required Exams for Studying MBA abroad
To get admission to a university abroad, a student needs to appear for merit-based entrance exams- GMAT or GRE and clear them with good scores. The required GRE/GMAT scores at every university are different and that can be checked at the respective institution’s official website. If you do not clear the exam in one go, then both the exams can be attempted a maximum of five times in twelve months. While GMAT can be taken once every 16 days, a student can appear for GRE every 21 days.
To qualify for an MBA in abroad eligibility, a student has to take an English proficiency test either through IELTS or TOEFL. An IELTS score of 6.0 to 6.5 and a TOEFL score of 85-90 are considered decent to procure admission at an international university.
3. Visa Requirements
After procuring admission at a business school abroad, a student needs to apply for a visa in the new country to which they are immigrating. This would not only help them to board a flight to the country, but also entitle them to the benefits provided to the students registered in the said country. Listed below are the procedures to be followed while applying for a visa.
USA
To pursue a degree in the USA, a student needs to procure an F-1 visa. To get an F-1 visa, you need to apply to a Student and Exchange Visitor Program (SEVP) approved school.
After accepting the admission offer, the university will provide you with an I-20 form and enter your name in the Student and Exchange Visitor Information System (SEVIS). After that, the student needs to pay a SEVIS I-901 fee of $200 (INR 14,903.66) and complete filling up the online non-immigrant visa application form DS-160 and pay a fee of $160 (INR 11,923.12) for the F-1 visa.
Take a printout of the DS-160 barcode and fix an appointment at your local US Consulate or Embassy. Keep the required documents ready for the visa interview – a valid passport, form I-20 issued by your university, payment receipt of the application fee and confirmation page of Form DS-160.
Besides these documents, proof of your health insurance, academic transcripts, mark sheet of the required test scores and financial documents would prove your capability to aid your expenses in the US.
A student would need a Tier-4 (General) student visa to be a part of an MBA program in the UK. After you accept the admission offer, the B-school would provide you with a Confirmation for Acceptance for Studies (CAS) number so that you can apply for the visa process. The visa application is assessed on a point-based system and the incoming students should achieve at least 40 points in it. While the CAS number will reward you with 30 points, the remaining 10 points are achieved on the basis of your proof of how you will finance your expenses in the UK.
Canada
Before applying for a student visa in Canada, make sure you have an admission letter from your college and should fall under the Designated Learning Institution (DLI) category. Prepare your SOP and your financial documents which would prove your ability to cover the tuition fees and expenses in Canada and return to your home country after completing the degree.
The student visa process in Canada is completed through various online portals such as the Express Entry System and many more, where you need to fill up the application form and upload the supporting documents.
Australia
To study MBA in Australia, a student needs to procure a student visa for which they have to fill an application form, pay the required fees and appear for an interview. They need to prove to the Department of Home Affairs that you fulfil the following requirements that are needed for an Australian student visa.
a) General Temporary Entrant (GTE) requirement
b) English Proficiency requirement
c) Financial requirements
d) Health and character requirements
Germany
To procure a student visa in Germany, you need to apply for it at least three months in advance. You need to get in touch with the local German Embassy or Consulate of your home country and furnish the following documents:
a) Admission letter from a German university
b) Completed application form
c) Transcript of academic qualifications
d) Valid passport and two photographs
e) Proof that you intend to learn the language or a certificate of German language proficiency
f) Proof of financial funds to sponsor your tuition and living expenses in Germany
g) Health insurance certificate
h) An undertaking document which declares the authenticity of the products submitted
Role of Consultants in Fulfilling One’s Study Abroad Dream
There are various consultancies which fast forward the long process of applying for an MBA abroad and make it smoother for the business. upGrad Abroadnot just assists you in your application procedure and in selecting the right university and country for you but it has also tied up with various foreign universities and offers an MBA degree with much lesser tuition fees than any other university in the same country. Here’s an overview of how a consultant can help you to study MBA abroad.
a) Help you in targeting the top scores in exams like GRE, GMAT, SAT, IELTS and TOEFL.
b) Guiding you in choosing the best country in accordance with the benefits offered by each of them.
c) Deciding which one is the right university for you based on your scores and profile.
d) The consultants will assist you in drafting a college essay, LOR and create an outstanding resume so that you can get admission to your dream university.
e) Construct a financial road map for you by exploring how your education can be funded – scholarships, university aid, education loan and money-saving hacks.
f) Once all the requirements are met, the consultant will also guide you in applying for the student visa
Scholarships Available for Indian Students to Study Abroad
Pursuing an MBA abroad is an expensive affair. However, to fulfil your study abroad dream, various universities offer scholarships to international students so that they can afford their expenses in the country.
There are two types of scholarships in foreign countries – one offered internally by the institution and another one provided externally by various foundations, institutions and the government on the basis of the merit or needs of the student.
List of Scholarships in Different Countries
Listed below are the names of the scholarships which are externally offered to students in various countries.
Country
Name of the scholarship
Australia
Australia Awards Scholarship
USA
Humphrey Fellowship Program
Foreign Fulbright Student Program
United Kingdom
The Commonwealth Scholarships
The Chevening Scholarships and
Charles Wallace Scholarships
Canada
Quebec Provincial Government Scholarship
Ireland
NUI Galway International Student Scholarships (Max Arthur McAuliffe Special Merit Scholarship,
Sir Peter Freyer Special Merit Scholarship) and
The Government of Ireland International Education Scholarship
New Zealand
Palmerston North City Mayor’s Goodwill Ambassador Scholarship
New Zealand Commonwealth Scholarships and
New Zealand Excellence Awards (NZEA)
Educational Loans to study MBA abroad
To apply for an educational loan to finance your study abroad dream, you need to have an accredited admission letter from a foreign university. The organization which would approve your loan will estimate your worth on the basis of the tuition fees and associated costs. If the nature of your degree and the ability to repay the loan on completion are deemed fit, then your loan will be approved.
There are two types of education loans based on collateral security:
a) Secured educational loan –
Offered by government and private banks in lieu of some assets which are kept as collateral security by the candidate
b) Unsecured educational loan or an educational loan without collateral –
Offered by private financial institutions known as Non-Banking Finance Companies (NBFCs) and does not require any collateral. In that case, a guarantor is needed who will take care of the loan security.
MBA Abroad without GMAT – List of Universities
Most of the B-schools require a valid GMAT score. Undoubtedly, it is one of the most important exams for studying MBA in abroad. In fact, aspirants spend more than 75% of their time preparing for GMAT since a high score would mean that they can get admission to a renowned B-school. However, some students are not able to crack the test. Therefore, instead of wasting a year, they can apply to universities that accept students without GMAT scores. In that case, they need to meet the following requirements:
Statement of Purpose (SOP)
Letter of Recommendation (LOR)
GPA
Language Proficiency Test
Relevant work experience
A prolific Resume
Universities Offering MBA Abroad without GMAT
Name of the university
Country
Kellogg School of Management, Northwestern University
United States
Boston University
United States
Ross School of Business, University of Michigan
United States
Schulich School of Business
Canada
Ivey Business School
Canada
Sobey Business School of Sant Mary’s University
Canada
Australian National University
Australia
Melbourne University
Australia
Imperial College London
United Kingdom
Warwick Business School
United Kindom
Frequently Asked Questions to Study MBA Abroad
How much does it cost for an MBA in abroad?
The annual tuition fees for an MBA in abroad varies according to universities and from one country to another. The cost of an MBA degree abroad is much higher than in India and in a reputed university, the fees can start from $1,00,000 and can shoot up to $2,00,000. However, there are some lesser known universities which offer an MBA degree at around $80,000 but offer quality education and practical experiences.
How to get a scholarship for an MBA in abroad?
Applying for an MBA in abroad is not a hefty task. Students do not need to submit any additional documents but apply for it through the website of the B-school if they fulfil the required criteria. Though the criterias vary from one institution to another, some standard eligibilties are to secure a GMAT score above 680 and GPA around 3.5 to 3.8. They can also create a network with scholars, current students, alumni or consultants. Gather tips from them and write an effective scholarship essay so that their chances of getting the aid increases.
A post graduate in Journalism and Mass Communication, Pratishtha enjoys penning down things significant. What interests her the most is exploring and researching on gamut of study abroad.
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