MBA Abroad: Comparison of MBA Destinations

[sams.raghu]

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:

Eligibility
US/Canada - Min. 4 yrs education after 10+2
Australia/NZ - 3-year graduation accepted
UK - 3-year graduation accepted

GMAT
US/Canada - Essential
Australia/NZ - Not required for most B-schools
UK - Recommended

Work experience
US/Canada – Recommended/Reqd for most schools
Australia – Essential
UK - 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.

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.


Chances of employment
Australia - Fair
Canada - Good
New Zealand - Fair
U.K. - Fair
U.S.A. - Good


Work Permit
Australia - Not so easy
Canada - Easy
New Zealand - Fair
U.K. - For 2 years
U.S.A. - 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)

Tuition Fees (full cost)
Australia - 8.00
Canada - 9.30
New Zealand - 7.00
U.K. - 8.5
U.S. (Public) - 10.35
U.S. (Private) - 19.35

Living Costs (annual)
Australia - 4.00
Canada - 3.10
New Zealand - 2.50
U.K. - 4.5
U.S. (Public) - 5.40
U.S. (Private) - 5.40

Duration
Australia - 12-18 months
Canada - 18-24 months
New Zealand - 12-15 months
U.K. - 1 year
U.S. (Public) - 2 years
U.S. (Private) - 2 years

Total Cost
Australia - 12.00
Canada - 15.50
New Zealand - 9.5
U.K. - 13.00
U.S. (Public) - 21.15
U.S. (Private) - 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

Convert into the latest conversion rates.

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!