MBA Abroad
In the recent past, there has been a high outflow of Indian students to pursue management education abroad. Three-quarters of the 147 business schools across the world reported an increase in admission applications from India. Primarily, because Indian students are looking for high degree of sophistication, educational quality and exposure to a globally accepted and recognised curriculum to give their career a global edge. Demand for Business graduates has increased since 2005 and despite the economic slump, application volumes continue to climb.
Globally yours
A very crucial question, which still pertains, is why students prefer going global for their management degrees? What impels them to zero in on GMAT preparations and MBA admission consultancies? "The answer to lies in two most obvious factors, international reach and network." says Kaushik Barua, head of operations. Global Reach, an organisation that offers recruitments, Training and promotion. He adds, "Indian institutions are still young in nature in comparison to their international counterparts."
Pankaj Malhotra, Education Consultant with Exodus Overseas, differs, "There are many students who fail to get admissions Indian B-schools. For them, going overseas is the last resort. Also, there are many who do not have the required percentage to seek admission in indian institutions wrho apply abroad. It is easier and cheaper for them to pursue a foreign degree despite securing low marks.
Money matters
Students look for business programmes that are flexible in nature. This allows them to explore diversified job opportunities and best practices in related industries. Besides, even a ticr-II US based B-school offers 100 per cent scholarships while Indian counterparts offer negligible or no scholarships.
"Those with a good score can even get 100 per cent scholarships. We had a student from Banaras Hindu University who got a full fee waiver and also earned extra money every month by working as a research assistant." says Nirmal Pal. Head. Management Programme. Penn State University. Pennsylvania.
Experience is must
When looking for MBA opportunities abroad, a three to four years working experience is a must. "It has been seen that 98 per cent of students who opt for foreign universities have work experiences as universities look for applicant quality rather than sheer quantity," shares Barua. United Kingdom (UK) has also recently adopted a policy of quality difference or checks called the Edu Trust for Institutions to maintain applicant quality.
Work visas
Top management institutions in United States (US). Canada, Australia, New Zealand and UK offer working visas for limited periods. If a student works in a foreign country, they are at a vantage point when seeking employment in India. This also accounts for a major reason why Indian students seek international degrees.
At times, these visa policies can also be a hindrance for students. It is so because countries like UK and US have tough visa policies, while in New Zealand, immigration rules make it difficult to return immediately after one gets the degree. Recently. Australia has also tightened their visa policy.
Options at a glance
B-schools like The Yale School of Management conduct education and research in leadership, economics, operations management, marketing, entrepreneurship and organisational behaviour. The Stephen M. Ross School of Business of University of Michigan, offers highly ranked course in Bachelor of Business Administration (BBA). Master of Business Administration (MBA) and Execu-live Education programs. Along with The Fuqua School of Business of Duke University, Wharton School of Business. Singapore. Canada and Australia, are also seeking attention students. These offer diploma courses and job oriented programmes.
According to industry body, The Associated Chambers of Commerce and Industry of India (ASSOCHAM). about five lakh Indians are studying abroad by spending about $ 7.5 billion. Reason being, foreign countries look at education as export and India has is a good market. There are about 1.550 business schools in India producing over 100,000 management graduates every year. But it is not enough to meet the growing demand for management education. The increasingly globalised nature and context of business in the Indian economy require an expanded horizon of management and leadership, which can be achieved through continuous improvement and upgradation of capabilities, skills and mindset of management graduates.
By Mohini Mishra
