MBA, the Masters of Business Administration is a course for the utmost grooming of the students for senior management roles in various public and private sectors of business. MBA is always a very prospectus course for the students who want to pursue senior management positions or aim to get fully prepared for further higher studies in business, such as a DBA, or a PhD. The speciality of MBA lies in its special course-design which gives a combined knowledge in various fields like psychology, sociology, economics, accounting and finance; rather than providing a specific education in a certain field like other Masters programme. 

Are you planning to study MBA abroad? With this article, we help you with all the information you need for pursuing your dream of studying MBA Abroad.

Why study MBA abroad?

Students often struggle over choosing the right Business school and also, they become confused with the choices between pursuing an MBA at an Indian Business School and MBA study abroad. Sometimes it is hard to leave their homeland for family issues, financial problems or issues related to their own health. But the experience of obtaining an MBA degree in Abroad is always magnificent as the students can have global exposure, excellent research opportunities, and scope to pursue their future professional life in a foreign land. 

The question that matters the most is where it does make a difference for an aspirant if he/she does an MBA from India or abroad. The answer is, in the rich experience of understanding the functioning of business operations globally, in the broadening of perspectives to find the solutions of a problem differently and the infinite exposure to diverse cultures as well as lifestyle. 

The course curriculum is also different. The MBA course curriculum abroad focuses on broadening the sharp minds pragmatically using the theoretical concepts. The students are exposed to case studies of industrial tycoons as well as business entities and review them in the form of assignments within a given deadline. This engages the students internally for using the theoretical concepts into exact business operations. While in India, the curriculum focuses on theoretical aspects. Also, in countries like Europe, the course duration is one year but in India mostly it is for two years through CAT. There are a few institutes in India with a 1-year program through GMAT/GRE.

In addition, pursuing an MBA abroad leads to interaction with large student nationalities, cultures, languages, practices, etc.

This is just the tip of an iceberg. Pursuing an MBA abroad widens up the horizon by opening up the window of opportunities.

• Career opportunities: Indian business schools give on-campus placement according to the final grade obtained by their students after completion of their courses. In India, the local students can look for their work opportunities out of campus-placement in Indian companies through their contacts.
  
  Overseas business schools do not guarantee placements but a foreign MBA degree is far more beneficial when applying for a job. Coming across the new foreign culture and lifestyle will definitely improve the student’s professional skills and confidence. Having an international educational exposure can groom anyone better and make them eligible to obtain a dream job in a foreign land. 

• Quality of Education: The courses offered by best Indian institutions like the IITs and IIMs are excellent and equally valuable like any international MBA degree obtained from any foreign Business school. But the level of competition in Indian institution is massive, in that case, MBA abroad is a more career-focused and practical decision. 

Some of the best countries for MBA abroad:

Now let us have a glance at the top international business schools and the best foreign location for obtaining an MBA degree 

• The United States of America 

The United States of America has some of the best international business schools and it is currently becoming the most favorite business education destination for the students. Universities here are well developed to provide their students with a great experience. The best part of studying in the USA is its massive exposure that grooms students for the international business environment under the assistance of top companies which is the pillar for budding entrepreneurs and future business executives. 

Some of the top B schools located in the USA are the University of Pennsylvania (Wharton), Stanford University, Harvard University, Massachusetts Institute of Technology (Sloan), University of Chicago (Booth), Columbia University.

• The United Kingdom 

Most of the universities are situated near London. The biggest advantage of doing an MBA from the UK is that they offer a 1-year course duration MBA program and as a result, you can easily save the cost expenses for one year course. The top institutes that offer MBA programs in the United Kingdom are the University of Oxford, London Business School and the University of Cambridge.

• Canada 

Canada is another popular study destination for a huge number of foreign students as it has become the homeland of many leading and influential companies and is a favorite choice for Indian students when it comes to the matter of studying an MBA abroad. Especially numerous Canadian universities have Masters programs based on business and management which are mostly taught in English. That is why the average number of international students come every year to study in Canada has grown a lot, near about 40%. York University Schulich Business School and Rotman Business school are some of the top B schools in Canada. 

• Australia 

Like other top-most foreign countries, Australia is also very famous for its student-friendly atmosphere, pleasant university and disciplined study structure which are enough to keep this country flooded with numerous intelligent foreign students every year.

There are many highly qualified universities offering varieties of MBA programs for their international students to choose from. Some of the top  B schools of Australia are MGSM Macquarie Graduate School of Management, Melbourne Business School (MBS), University of New South Wales (UNSW) – Australian  School of Management.

Here students are able to take classes in financial accounting, management accounting, marketing, above all they will have in-depth discussions of the real-world economic scenario and case studies. The Australian weather is quite similar to the overall regular atmosphere of India, so it is a bit easier to cope up with the Australian atmosphere. Like the UK, Australia also has a large community of Indians. Australian universities have two intake seasons every year – one is in September and the other one is in January.

• Singapore 

Within the past few decades along with the other Asian countries like China, Thailand, Malaysia, Singapore has also established itself as an important location for international students to study abroad. Besides its mesmerizing natural beauty, Singapore is home to many nationally recognized top-class universities, offering top-notch programs for studying MBA abroad.

Some universities in Singapore that offer MBA programs are NUS Business School, National University of Singapore, Nanyang Technological University (NTU) – Nanyang Business of management School and Singapore Management University (SMU). Along with the excellent quality of education, international students can have the advantages of all that Singapore has to offer: hospitality, beautiful natural landscapes, beaches, great cuisine, and rich culture. All the universities of Singapore are focused to take proper measures for the utmost educational, behavioral, mental, physical development of their students.

• Germany 

Germany has its long enriched cultural history and it is the hub of some of the world’s best universities and the top destination for international students. Millions of international students come here being attracted by a number of highest-ranking German universities. Above all, students have the opportunity to enjoy English-taught programs in a Germanic environment, a completely new and exciting setting.

Students will have an internationally-friendly atmosphere, where they will quickly be able to join the new community to put their knowledge into practice. They can discover various fields of study, such as Business Informatics, Electronics, Business, etc. Students also can have an air of freedom to organize a perfect study experience. Top MBA institutes in Germany are Frankfurt School of Finance & Management, University of Cologne – Faculty of Management and HHL- Leipzig Graduate School of Management. 

MBA Study Abroad – Eligibility criteria:

Generally, the colleges have their own specific requirements for allowing the MBA aspirants to take admission in their colleges, but some of the general admission requirements (criteria) for the MBA are enlisted below:

1. Bachelor’s degree or equivalent qualification obtained from a recognized University.
2. Applicants have to provide academic proof of their previous educational institution. 
3. It is not always necessary to have obtained a degree in the domain of Bachelor of Business Administration (BBA), however, students need to show that they have completed an academic piece of work with the final submission of a project or dissertation with a degree of academic writing and research experience.
4. After the completion of an undergraduate degree, a minimum of 3 years of professional experience.
5. Applicants are requested to provide proof of their work experience from a company or organization where they have worked.
6. Proof of nationality 
7. Students have to possess a good English language qualification such as IELTS or TOEFL, along with the good result in GRE or GMAT. GRE and GMAT are the general skill test exams to apply for MBA or MS abroad. 
8. Valid Visa and Passport Application. 

MBA Abroad Application Requirements:

1. Application Form: This includes all your basic information like name, age, qualification, test scores, and other such basic details.
2. Resume: A lot of universities also ask for a resume.
3. MBA Essays: Your MBA application also requires you to answer some questions. Your B-school can ask you anything. It can include topics like- why MBA?, your future MBA goals, etc. You need to write this essay very carefully and make sure you convince the B-school with your answer. Keep your essay crisp and to the point.
4. Recommendations: Another important aspect of your MBA applications are recommendations. These letters of recommendation could be from your seniors at work, managers, colleagues or anyone at your organization who knows you well. Ideally, you should submit about 2-3 LORs.

MBA Study Abroad – Cost: 

Undoubtedly, an MBA is an extremely expensive course. There are many meritorious students who are not financially strong enough to pursue this course. But to apply for a scholarship or directly paid admission, you have to know the cost which varies country-wise. 

1. America: obtaining an American MBA degree can prove to be a bit costly as the experience of studying in America is worth investing a huge amount. According to Indian currency, it can cost around 60 lakhs to 1 crore.
2. UK: The UK is considered as one of the most expensive study destinations for its rich cultural tradition. To pursue an MBA course from any good university can cost between INR 40-65 lakhs. But there are also less expensive business schools and scholarship opportunities.
3. Canada: In this European country, international students can enjoy a great study experience at quite an affordable price. In Canadian Universities, a full-time MBA course can cost approximately INR 27 lakhs to 60 lakhs.
4. Australia: MBA is the most famous among the top 5 PG courses offered in Australian Universities. The residential cost can reach between 8-10 lakhs and the educational expenses can reach from INR 27 lakhs to 60 lakhs. 

Scholarships for MBA Abroad:

Pursuing an MBA abroad is often a costly affair. The study, as well as living costs for an MBA abroad, are enough to dig a hole in one’s pocket. Hence, obtaining a scholarship can always come handy and lessen your burden as far as money is concerned.

Let us take a look at some scholarships for MBA Abroad.

Types of scholarships for MBA Abroad:

There are various types of scholarships for an MBA abroad. Let us get to know what they are:

Merit-based Scholarships: Students who perform extraordinarily well in academics are usually the ones who are eligible for merit-based scholarships. The deciding factors for granting this kind of scholarship can be your undergraduate GPA, your test scores or any other exceptional academic achievement that you may have under your name.

Need-based Scholarships: Need-based scholarships are offered to students who come from economically lower backgrounds. A lot of B-schools abroad offer need-based scholarships. Need-based scholarships are often competitive and having a strong profile can certainly helps.

Student-specific Scholarships: A lot of scholarships are also based on student-specific factors such as gender, religion, race or medical history. The eligibility for such scholarships varies from scholarship to scholarship and hence, you must check once before applying.

Program-specific scholarships: Program-specific scholarships are the scholarships that are offered only for some particular programs.

Destination-specific scholarships: There are also destination-specific scholarships. There are various countries that will offer you a scholarship if you go and study in their country. If you are flexible with the destination for your study abroad, you can benefit hugely from such scholarships.

List of scholarships for MBA Abroad:

1. Global Study Awards:

• Awarded by ISIC Association, StudyPortals and British Council IELTS.
• Applicable for all Bachelor’s and Master’s degrees and diplomas.
• Applicable at all universities in various countries including the USA, UK, Singapore, Australia, Germany, Russia, Ireland, Canada and many more.

2. Go Clean Scholarships:

• Applicable for all Bachelor’s and Master’s degrees and diplomas.
• Applicable at all universities in various countries including the USA, UK, Singapore, Australia, Germany, Russia, Ireland, Canada and many more.
• Maximum scholarship amount USD 3,500 and covers the tuition fees.

3. Stanford Reliance Dhirubhai Fellowship:

• Applicable for students of the Stanford University
• Awarded by Reliance Industries
• Maximum scholarship amount- USD 92,638

4. BrokerFish Internation Student Scholarship:

• Applicable for all Bachelor’s and Master’s degrees and diplomas.
• Applicable at all universities in various countries including the USA, UK, Singapore, Australia, Germany, Russia, Ireland, Canada and many more.
• Maximum scholarship amount USD 1,000 and can be used for the tuition fees.

5. Heinrich Boll Scholarships:

• Applicable to all universities in Germany.
• Applicable for undergraduate, graduate and doctoral programs.
• Maximum scholarship amount of Euros 20,000.

6. Ritchie-Jennings Memorial Scholarship:

• Applicable for Bachelor’s and Master’s degrees
• Applicable in countries including the USA, UK, Canada, Australia, Singapore, New Zealand, Germany, etc.

The above are some general scholarships. Other university-wise scholarships for MBA abroad are:

1. Manchester Business School – Manchester Merit Scholarships (University of Manchester, UK)
2. Leeds University Business School – MBA Excellence Scholarships (University of Leeds, UK)
3. Melbourne Business School – Diversity Excellence Scholarships (Melbourne Business School, Australia)
4. INSEAD Business School – Syngenta Endowed Scholarships (INSEAD, France)
5. NYU Stern School of Business – William R. Berkeley Scholarships (New York University, USA)
6. Harvard University – MBA Scholarships (Harvard University, USA)
7. London Business School – Sloan Philip Langsdale Scholarships (London Business School, UK)
8. SDA Bocconi School of Management – Partial Tuition Waivers (SDA Bocconi School of Management, Italy)
9. European School of Management and Technology, Berlin – GMAT Scholarships (ESMT, Germany)
10. University of Westminster – MBA Scholarships (University of Westminster, UK)
11. Curtin University – MBA Scholarships (Curtin University, Australia)
12. EDHEC Global MBA Scholarships (EDHEC Business School, France)
13. EADA Business School –  MBA Scholarships (EADA Business School, Spain)
14. Stockholm School of Economics – SSE MBA Scholarships (Stockholm School of Economics, Sweden)
15. Putra Business School – MBA Scholarships (Putra Business School, Malaysia)
16. Aston Business School – Future Leadership Scholarships (Aston Business School, UK)
17. Monash MBA International Excellence In Leadership Scholarships (Monash Business School, Australia)
18. WU Executive Academy MBA Scholarships (University of Vienna, Austria)
19. University Of Stirling – MBA Business Excellence Scholarships (University of Stirling, UK)
20. MBA Adventure Scholarship (LUISS Business School, Italy)
21. University Of Amsterdam Business School – Neso-India Orange Tulip Scholarships For Indian Students (University of Amsterdam, Netherlands)
And many more..

The list of World’s 40 best international Business Schools:

1. Booth School of Business, University of Chicago
2. Harvard Business School, USA 
3. The Wharton School, University of Pennsylvania, USA
4. London School of Economics and Political Science
5. University of Oxford – Said Business School, UK
6. University of Cambridge – Judge Business School, UK
7. University of Warwick – Warwick Business School, UK
8. Manchester Business School – The University of Manchester, UK
9. Stanford Graduate School of Business, USA
10. MBA at London Business School, UK
11. Lancaster University Management School, UK
12. Imperial College Business School, UK
13. University of Edinburgh Management School, UK
14. MBA at Massachusetts Institute of Technology, USA
15. MBA at INSEAD, France
16. MBA at HEC Paris, France
17. Melbourne Business School, University of Melbourne, Australia 
18. Australian School of Business, University of New South Wales, Australia 
19. Sydney Business School, University of Wollongong, Australia 
20. EU Business School, Germany
21. Munich Business School, Germany
22. Frankfurt School of Finance & Management, Germany
23. INSEAD Singapore
24. Nanyang Business School, Singapore 
25. University of Liverpool, Singapore 
26. JE Educational College, Singapore 
27. NUS Business School, Singapore 
28. Technical University of Munich, Germany
29. Reutlingen University, Germany 
30. Faculty of Business and Economics, Monash University, Australia 
31. School of Management – Queensland University of Technology, Australia 
32. University of Toronto: Rotman School, Canada
33. University of British Columbia’s Sauder Business School, Canada
34. Ivey Business School, Western University Canada
35. Alberta School of Business, University of Alberta, Canada 
36. MBA at IE Business School, Spain
37. MBA at Columbia University, USA
38. University of Auckland Business School, New Zealand 
39. China Europe International Business School, China 
40. Upper Austria University of Applied Sciences – School of Management, Austria 

An MBA degree is undoubtedly the road to a great career. However, while choosing the right college, one must pay attention to every detail about the college and also keep in mind one’s financial condition. Choosing the right college can bring a significant difference to one’s career. 

Now that you know everything about studying MBA abroad, are you ready to begin?