An MBA from America or Europe is the fantasy of every youngster. While there are obvious advantages to it, surprisingly most people have very limited knowledge about the intricacies surrounding an MBA from overseas. An MBA is a very serious business and has very long-term consequences in one’s life. A lot of thought must go into the decision-making process.
First, there are two kinds of MBAs from foreign universities. The global MBA is the Holy Grail of the master’s degree from overseas. This is what is offered by Harvard, Stanford, Wharton and other Ivy League colleges. But the catch is they prefer students with around 5 years’ work experience so college leaving students can forget about this programme.
Freshers from India may apply for the Masters in Management (MIM) programme which accepts students with less than 2 years’ experience and this programme is largely offered by European colleges. The MIM is considered the global MBA’s poor cousin even though there is a significant overlap in both the programmes.
Top international recruiters accept the MIM programme though the starting salaries are around 25 per cent lower than the global MBA starting salaries. However, the salaries even out after 5/7 years of working. University of St Gallen, Insead, HEC, London Business School are some of the top MIM colleges. Top Global MBA schools include Harvard Business School, Stanford University, Wharton School of Management and University of California, Berkely.
An MBA from a top foreign university is expensive when compared to an Indian MBA (around four times more) but the learning from an overseas MBA is unparalleled. The faculty, peer group and industry interface in a foreign MBA is unmatched. HBS and Stanford, for example, have several Nobel laureates in their faculty. The stringent admission process ensures that the cohort at these universities are top intellectuals.
Finally, the internships and industry exposure in these programmes are immense value additives for any student. Any student of this programme is exposed to global problems and acquires a global perspective which is impossible for an Indian MBA. The sheer number of specializations available in top overseas MBA programmes are skill specific and very meaningful.
An example is that of MBA in luxury brand management which is highly sought after by companies like LVMH, Gucci, Prada and Hermes. Most countries allow MBA students to stay back in the country for anywhere between 1 to 3 years after the MBA. With the ageing population and severe lack of skilled professionals, the West will prefer to employ their university educated MBAs since it will be relevant to their business environment.
The gateway to a foreign MBA is the GMAT — the most standardized entrance examination. Surprisingly, the math part of GMAT is not what tests the mettle of Indian students, rather it is the English or verbal part. In almost all the cases, it is the verbal section which is the make-or-break factor.
GMAT has 4 sections – Analytical Writing Assessment (AWA) or essay writing, Integrated Reasoning (IR) or data interpretation, verbal and quants. The admission process includes submission of a statement of purpose, essays on success/failure, leadership traits, etc, followed by an online interview, if shortlisted. Admissions are open during spring and fall but Indian students will find it more convenient to target the fall season since the intake is higher and financial aid options are more.
— Written by M Arvind Kumar, Centre Director, T.I.M.E. Chennai
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