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With universities from so many
countries aggressively marketing their MBA degree in India, it often becomes difficult to
decide which should be your final destination. While considering this, it is important to
remember that the presentations and seminars conducted by the foreign universities are
purely marketing exercises, and would reveal only the rosy picture about the universities.
In such a scenario, it becomes crucial to make an objective assessment of the various
options you have. Finally, it has to be your decision, as you are the
only one being affected by it. We can help you decide by presenting a few facts, and
throwing up the criteria that you ought to consider.
1. Eligibility
This is the first thing to look at. The requirements vary with each university, and
there's always some flexibility in the system. However, the generally accepted norms are
as follows:
| |
US/Canada |
Australia/NZ |
UK |
| Eligibility |
Min. 4 yrs education
after 10+2 |
3-year graduation
accepted |
3-year graduation
accepted |
| GMAT |
Essential |
Not required for most
B-schools |
Recommended |
| Work experience |
Recommended/Reqd for
most schools |
Essential |
Essential |
2. Your potential
How realistically you can assess yourself counts a lot. With some introspection and
self-analysis, you should be able to pinpoint your strengths and weaknesses, and decide
where you're headed for.
If
you think you have the calibre to get into the top B-schools like Harvard and Wharton, the
choice is easy. In addition to the top US B-schools, you can also consider the best
European schools like London Business School and INSEAD, France. The advantage of Europe
is that you complete your MBA in a year. But of course, it's difficult to match the might
of the Harvard Business School.
A
mid-tier B-school in the US is still better than most mid-tier B-schools in other parts of
the world. So if you consider yourself to be above average but not top of the league, the
U.S. should be your first choice.
If
you're just average or slightly below, and keen on getting a global MBA degree, it'll
probably make more sense to look at options other than the U.S., viz. Canada, Australia,
or New Zealand. Of course, you need to look at the other factors also.
Our ratings, based on our perceptions and experience:
| Business Schools |
Infozee rankings |
|
|
| Top 5
Schools in U.S. |
Tier 1 |
|
|
10-15
ranked schools in U.S.
Top 3 schools in Europe
Indian Institute of Management (IIM's) |
Tier 2 |
|
|
| 15-25
schools in U.S. |
Tier 3 |
|
|
25-50
schools in U.S.
Business Schools in Canada
Business Schools in U.K. |
Tier 4 |
|
|
Other
Business Schools in U.S.A.
Business Schools in Canada
Business Schools in Australia
Business Schools in New Zealand |
Tier 5 |
3. Job Prospects
How realistically you can assess yourself counts a lot. With some introspection and
self-analysis, you should be able to pinpoint your strengths and weaknesses, and decide
where you're headed for.
| |
Australia |
Canada |
New Zealand |
U.K. |
U.S.A. |
| Chances of employment |
Fair |
Good |
Fair |
Fair |
Good |
| Work Permit |
Not so easy |
Easy |
Fair |
For 2 years |
Easy |
4. Life after MBA
What you intend to do after completing your MBA has a strong bearing on your choice of a
destination.
If
you've decided that you'll stay back and do a job, you do not have much choice beyond the
U.S. and Canada. These are the only two countries where you can get unconditional
employment. However, getting a job is not always easy.
Getting a work permit in Australia is very difficult.
The UK has recently allowed international MBA students to work there for a limited period
of two years provided they get a job.
If
you're keen on coming back, or have certain obligations (like a family business) which
compel you to return, you could choose any of the countries that best suits your budget,
time, and temperament.
If
you are undecided on this, U.S. or Canada are still the best choices. You get the
opportunity to work there, and can always return if you so wish.
5. Cost
The tuition fees may vary greatly depending on the institute. We here compare the approximate
average expenses of doing an MBA in various countries.
Cost Figures in Indian Rupees (Lakhs)
|
Australia |
Canada |
New Zealand |
U.K. |
U.S. (Public) |
U.S. (Private) |
Tuition Fees
(full cost) |
8.00 |
9.30 |
7.00 |
8.5 |
10.35 |
19.35 |
| Living Costs
(annual) |
4.00 |
3.10 |
2.50 |
4.5 |
5.40 |
5.40 |
| Duration |
12-18
months |
18-24
months |
12-15
months |
1 year |
2 years |
2 years |
| Total
Cost |
12.00 |
15.50 |
9.5 |
13.00 |
21.15 |
30.15 |
| Note:
| * All costs shown are in
Indian Rupees |
| * Exchange rates used are: |
|
|
1 US
Dollar |
= |
Rs. 46 |
1 UK Pound |
= |
Rs. 80 |
1 Australian Dollar |
= |
Rs. 32 |
1 Canadian Dollar |
= |
Rs. 32 |
1 New Zealand Dollar |
= |
Rs. 24 |
|
|
|
For the latest
conversion rates, please check out:
http://finance.yahoo.com/m3 |
6. Life, as you see it
For many people, this is the bottomline. We've known students who've chosen New Zealand
over anywhere else, because they wanted a "relaxed" life. However, this is
totally a matter of individual perception. Doing an MBA in the U.S. or U.K. is quite a
demanding and strenuous proposition, whereas the scene in South Pacific is quite
different. The choice is yours!
SUMMARY
The
table below ranks the "hot destinations" on various criteria, with "*"
being the least favorable and "*****" the most favorable. These ranks are based
on our own perceptions, so may have an element of subjectivity.
| |
Australia |
Canada |
New Zealand |
U.K. |
U.S.A. |
| Quality of education |
* * * |
* * * |
* * * |
* * * * * |
* * * * * |
| Job scene in same country |
* |
* * * * * |
* * |
* * * |
* * * * * |
| Cost |
* * * |
* * |
* * * * * |
* * * * |
* |
| Admission process |
* * * * * |
* * * |
* * * |
* * * * * |
* |
| Immigration / job permit prospects |
* |
* * * * * |
* * |
* |
* * * * * |
| Quality of life |
* * * * |
* * * * * |
* * * * |
* * * |
* * * * |
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