MBA in abroad: Eligibility, required exams and application procedure

mba in abroad

Masters of Business Administration or MBA is one of the courses which is widely opted by students because of the career opportunities it offers. After completing an MBA in abroad, students can seek jobs at managerial positions with handsome salaries and go on making growth and development in their careers. Students who want to study abroad can opt for MBA programs offered by universities in various countries. Here’s a list of the top countries whose MBA degree is mostly opted by students. 

Important Scholarships to Study Abroad:

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1. United States of America

Some of the top B-schools such as the Harvard Business School or Stanford Graduate School of Business are located in the US. Exposure to the latest content and technology, infrastructural support and great internships besides practical training through projects makes the USA a popular destination amongst the students. 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. 

2. Canada

Canada is home to some of the high ranking universities of the world such as Queen’s School of Business – Queen’s University which ranks 64th on QS Global MBA rankings. The Rotman School of Management – University of Toronto comes on the 42nd position as per QS Global MBA rankings and provides a fine high class education. Therefore, 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 is 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 in abroad. 

3. 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 an admission at a college in the UK. Some of the popular B-schools in the UK are the London Business School and Warwick Business School. Besides offering a rigorous academic approach, the MBA programs in the UK are backed by multiple internship opportunities which make the students industry ready.

4. Germany

Germany has the highest national economy in the whole of Europe and hosts 70% international students every year. Adding to this, the fact that the country is offering courses in English is attracting a lot of Indian students lately. Germany is home to some top MBA institutes like Frankfurt School of Finance and Management, EU Business School Munich and University of Cologne. Another reason that MBA in Germany is opted by students is because the course is aided by the government and students don’t have to pay tuition fees besides a nominal administration fee. 

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 of business schools such as Melbourne Business School and Sydney Business School has been offering lucrative learning opportunities to students. This is backed by the cost of living, similar weather as India and a relaxed student life are some of the factors which make Australia a popular destination for students to study MBA in abroad. 

6. Singapore

The growing infrastructure and economy of Singapore has brought it in the spotlight. Moreover, the MBA programs in the country from University of Liverpool and INSEAD Singapore are preferred by the students as they are flexible, allowing them to earn while working for 16-18 hours in a week. 

Procedures to apply for an MBA in 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 minimum 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. 

Required exams for studying MBA in abroad

To get admission at a university abroad, a student needs to appear for merit-based entrance exams- GMAT or GRE and clear it 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 TOEFL score of 85-90 is considered decent to procure admission at an international university. 

4. 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 an 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 an 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, a proof of your health insurance, academic transcripts, marksheet of the required test scores and financial documents which would prove your capability to aid your expenses in the US.

  • UK

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 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 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

5. How can a consultant help you in fulfilling your study abroad dream?

There are various consultancies which fast forward the long process of applying for an MBA in abroad and make it smoother for the business. UpGrad Abroad not 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 offer an MBA degree in much lesser tuition fees than any other university of 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 to 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

6. Scholarships available for Indian students to study abroad

Pursuing an MBA in 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. 

Listed below are the names of the scholarships which are externally offered to the 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)

7. Educational loans to study MBA in 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 is 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 do not require any collateral. In that case, a guarantor is needed who will take care of the loan security. 

FAQs

Q1. How much does it cost for an MBA in abroad?

A. 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 INR 80,00,000 and can shoot up to a few crores. However, there are some lesser known universities which offer an MBA degree at around INR 50,00,000 but offer quality education and practical experiences. After completing an MBA in abroad, a student can expect to earn somewhere between 45 lakhs to 70 lakhs.

Q2. How to get a scholarship for an MBA in abroad?

A. Applying for an MBA in abroad is not a hefty task. You do not need to submit any additional documents but apply for it through the website of the B-school if you 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. You can also create a network with scholars, current students, alumni or consultants. Gather tips from them and write an effective scholarship essay so that your chances to getting the aid increases.

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