Today in India, wide range of schools from small local providers to internationally recognized institutions such as the Indian Institute of Management and the Indian School of Business are firmly established as one of the leaders in business education. Despite to this many of the young students and professionals still choose to study for an MBA overseas. What are the major causes behind it?
1. India has some top-ranked business schools such as IIMs whose quality is at par with some of the best in the world. But that applies to only a handful of schools across the country and all the students do not get a chance to study there. Equally, not all MBA programs provided at other colleges stack up to the best-in-class.
2. The cultural setting of an MBA class-room in foreign countries is the most diverse formal environment the student will ever encounter in their life-time. A class full of 30 students with over 15 nationalities represented amongst them compared to an Indian class-room where more than two or three would be an achievement. Apart from this living in a foreign city, new culture, traveling alone in and outside the country develops the personality of the student makes him / her self reliant and ready to face the world.
3. The choice of courses offered overseas are much more broader allowing the student to better structure MBA around the student’s career path with opportunities to share classes with other programs not only at the business school but also at other schools in the wider university campus enhances the options, e.g., law, public policy and Government.
4. While it is not uncommon to find IIM alumni in senior positions at global organizations, Indian schools can’t match the reach of some of the globalize institutions . What makes the comparison even worse is that some of these schools have been in existence for well over a 100 years churning out nearly a 1,000 MBAs each year. It is simply to be part of this elite network that draws many to do global MBA programs. A big global MBA brand opens doors anywhere around the world but Indian brands are yet to graduate to a global level.
All this of course come at a cost and sometimes may go up to 5 to 10 times as needed in the home country. Not only that it is also involved in uprooting oneself from a place where he /she have their own family and many other attachments. However, the returns on investment from an MBA overseas continue to be extremely rewarding for most: a new career, a new country, new opportunities and excellent exposure. In today’s global market graduates with foreign degree and work experience are undoubtedly one step ahead of their domestic counterparts.
Top 20 Global MBA schools as per the financial times.com
1. Columbia Business School, USA.
2. University of Pensylvania: Wharton, USA.
3. Havard Business School, USA.
4. Stanford University GSSB, USA.
5. Insead, France / Singapore
6. Columbia Business School, USA
7. IE Business School, Spain
8. MIT Sloan School of Management, USA.
9. University of Chicago: Booth, USA.
10. Hong Kong UST Business School, China
11. Lese Business School, Spain
12. Indian School of Business, India
13. New York University, Stern, USA.
14. Dartmouth College, Tuck, USA.
15. IMD, Switzerland.
16. Yale School of Management, USA
17. University of Oxford, UK.
18. HEC Paris, France.
19. Esade Business School, Spain
20. Duke University, Ferqua, USA.