MBA Abroad: Comparison of MBA Destinations
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 Eligibility GMAT Work experience Min. 4 yrs education after 10+2 Essential Recommended/Reqd for most schools Your Australia/NZ UK
3-year graduation accepted 3-year graduation accepted Not required for most Bschools Essential Recommended Essential
2.
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 Top 5 Schools in U.S. 10-15 ranked schools in U.S. Top 3 schools in Europe Indian Institute of Management (IIM's) 15-25 schools in U.S. Infozee rankings Tier 1
Tier 2
Tier 3
25-50 schools in U.S. Business Schools in Canada Business Schools in U.K. Other Business Schools in U.S.A. Business Schools in Canada Business Schools in Australia Business Schools in New Zealand
Tier 4
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 Chances of employment Work Permit Fair Not so easy Canada Good Easy New Zealand Fair Fair U.K. Fair For 2 years U.S.A. Good 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) New Zealand 7.00 2.50 U.S. (Private) 19.35 5.40
Australia Tuition Fees (full cost) Living Costs (annual) 8.00 4.00
Canada 9.30 3.10
U.K. 8.5 4.5
U.S. (Public) 10.35 5.40
Duration Total Cost
12-18 months 18-24 months 12-15 months 12.00 15.50 9.5
1 year 13.00
2 years 21.15
2 years 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 http://finance.yahoo.com/m3 6. Life,
conversion
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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 Quality of education Job scene in same country Cost Admission process Immigration / job permit prospects Quality of life *** * *** ***** * **** Canada *** ***** ** *** ***** ***** New Zealand *** ** ***** *** ** **** U.K. ***** *** **** ***** * *** U.S.A. ***** ***** * * ***** ****
If you would like to discuss your personal profile and case with other MBA aspirants, you can use the MBA section of the Infozee discussion forums. Your post would be seen not just by counsellors and existing students, but also by many MBA aspirants just like you: