It is crucial to know what you are getting into and what to expect from that MBA program you plan to pursue abroad.
If you have been contemplating pursuing an MBA abroad, it is imperative that you make an informed choice with all the facts about an international MBA in place. Here are a few misconceptions that most people have about pursuing an MBA abroad and that you need to get rid of in case you’re planning to pursue an international MBA:
The only thing certain in life is death. So no one can guarantee you a job even if you have graduated from an Ivy League school. Some economies have been so severely hit by the current slow down that even bright MBA graduates are not getting jobs as there simply aren’t enough jobs.
You’ll make US $ 100,000 on graduation – so its ok to mortgage your house
Many students are keen to borrow from banks by mortgaging their houses but haven’t thought through the pressures and magnitude of monthly repayments and borrowing at interest rates of 10–14 per cent. There is no guarantee that you will get a job post graduation, let alone making US $ 100,000 a year. So, plan your finances properly and be prepared in case of a downside.
Most B-schools are miserly with scholarships and the few that they do offer highly competitive. So, if you are an average student with 60 percent grades and have an average GMAT score don’t rely on scholarships.
You can work part time during MBA and fund your education.
An MBA is a very demanding program. You may not have adequate time to sleep due to heavy course work forget working part time to fund your studies.
Institutes convert salaries earned abroad into their own currency and not always by normalizing purchasing power parity. There are many ways in which B-schools show statistics which don’t necessarily tell the truth. Contact current students for honest feedback on the school’s careers services.
No. Brands matter. So going to a school that is simply unheard of only because it does not ask for a GMAT score and offers a scholarship is not right.
Though, the facts mentioned above may make it seem like pursuing an MBA abroad is not worth all the risk, the truth is that pursuing an MBA can be one of your wisest investments. This only if you know what to expect from an international MBA. Here’s what you can expect from a good MBA program from a top rung school:
An MBA program from a reputed school will take your career to the next level especially if you’re seeking a promotion in your chosen career, a change of career/industry or both, or the tools to succeed as an entrepreneur or global business manager. Reputed schools attract higher caliber students who in turn attract recruiters. Even during a recession, you’ll get more networking opportunities with a reputed school than otherwise.
You will learn through a variety of methods including case studies, global study trips, simulations, role-plays, internships, and consulting assignments. Not only will you gain knowledge but also opportunities to put theory into practice before you step out into a new career. You will hone your analytical skills, challenge conventional thinking, and learn to solve complex business problems in new ways.
As an MBA from a reputed institute will allow you to learn multi cultural environment with classmates from diverse backgrounds, nationalities professions and industries. This interaction will enable you to think like never before. You will form lasting associations and become part of a strong alumni network.
1) Invest in a reputed MBA program
2) Plan your finances, calculate your interest payouts and plan for the worst just to be safe.
3) An MBA cannot guarantee you a job, but it can make you more marketable.
4) Be well informed. Research. When in doubt, ask. Resolve all your queries regarding the program, recruitment etc by contacting the school’s current students / alumni
5) Be focused and clear about your career goals and expectations from your MBA program.
Lastly, keep in mind that an MBA is simply a means to an end it isn’t the end itself. Nor is it the only path to reach your goal. Be clear about your post MBA career goals before you dwell onto a rewarding but expensive journey called the MBA.