An MBA course is not only one of the most required courses but is even costly. The fees for this particular course vary according to the college chosen, but the average cost of the course is around 12 lakhs, which is more than any of the graduate-level courses. You can take an MBA course from any of the top colleges in India, but if you are aiming to go for studies abroad, then you have to work harder. But this is not the only problem; studying MBA elsewhere has various benefits as well as disadvantages as compared to that of an MBA in India.
Difference between MBA in India and MBA in abroad
While studying abroad may sound good, but getting admission, there is quite tricky. Firstly, you have to clear the GMAT or GREs, which requires a lot of hard work, and even the cost of giving these exams is higher than those of CMAT, XAT, or MAT.
Once you clear the GMAT, you are required to give your application form, which should consist of recommendations and work experience. Yes, you heard it right, foreign universities take students with 3-4 years of work experience, for their MBA courses while the B-schools in India take fresh graduates for the MBA courses.
The reason as to why foreign Ivy league University or any other University allows students with work experience are that the experienced students will be able to catch up with the subjects and not much theory is needed. Instead, the students can handle any tasks, and more practical tasks and assignments are provided. While in an Indian B-school, the faculties are required to impart more theoretical knowledge to the students so that they can know the basics of the course, which devoids the syllabus of practical applications. Due to a more realistic experience, the MBA students from foreign universities have the capability of handling any situation effortlessly.
Another difference is the placements offered by the colleges. While the universities in India bring installations for the students, the one in foreign countries tries to make the student independent and sustainable so that he/she can search for a job on their own without having to depend on the University for a job. If you are looking for a university which will provide you with a job at the end of the course, then go for an Indian College, but if you are looking for knowledge and developing better skills, then you should lookup for a foreign University.
The last difference is the course fees. While Indian colleges do have high course fees for an MBA, but when compared to that of a foreign University, it is negligible. An MBA course at an international University means spent considerable a considerable amount of money, which will cover only your course fees. Excluding the course fees, there are other expenses, too, like rent, travelling expenses, food, and other necessities.
If you calculate all the things, then the average payment for studying at a foreign University is around $1,20,000, and this is just an approximated value, while the actual cost can be more than this. You have to spend a lot of money on an MBA in foreign universities, and in the end, you do not even get a job. Instead, you have to search for a job by yourself by either staying abroad or by returning to India, where the competition for a job is high.
So these were some of the fundamental differences that you will find between an MBA course abroad and in India. Another important thing is that unless the foreign University you have chosen for your MBA does not come under the first colleges in the world, the chances of getting a job are meagre.