Top Reason why you should study MBA in India
It’s that time of the year again where entrance exams are given, interviews are conducted, and people decide about their career plans. 10th graders write their board exams for the first time, 12th graders apply in colleges for undergraduate and undergraduates determine whether they want to start working or pursue further studies, say, getting masters in their specialisation field. In India, after students complete their undergraduate degree, they either start working or take some time off to prepare for MBA.
There are around 50 entrance exams to get into a business school out of which nine exams are the most important exams which could get you into the top MBA colleges in India. They are CAT, XAT, IIFT, SNAP, TISSNET, IBSAT, NMAT and KMAT exams. These are all conducted at 3 levels; that is the entrance exam, group discussion and then the personal interview. You proceed to Group discussion and the personal interview level only after scoring the cut-off marks in the entrance exams.
The top MBA colleges in India are the VIT, IITs, IIMs, SPJMIR, NMIMS, SIBM, and they come with great placements opportunities in top companies. Some require work experience, and some don’t.
So, why should you do an MBA in India? Here are the top reasons why,
- Quality of education – In the last decade or so, top B-schools in India have upgraded their syllabus, curriculum as well as teaching pedagogy to meet the standards set by their international counterparts. Aspirants should also understand that not every foreign university or institute offers the same quality of education.
- Plans of the aspirant – As we all know, while deciding on an MBA, we need to consider factors like a long term plan. After completing your MBA, where do you want to do your job, where do you want to settle down. Considering that markets in different countries have different orientations and working principles.
- Cost of MBA programmes – It is an essential factor that has to be considered before deciding to do an MBA in India or not. The cost of doing an MBA in India starts from around 15lakhs whereas doing an MBA abroad costs can start from 40 lakhs plus the living expenses, food and travelling expenses. These factors must also be taken into consideration. It is where education loans play an essential role.
- Placement opportunities – The placement process in top MBA colleges with campus placement and it is relatively more comfortable as students get an opportunity to interview with top companies on campus.
The toppers at some of these B-schools get multiple offers. But when it comes to the placement process abroad, things work differently. The school usually does not guarantee a job. Students have to put in efforts and reach out and network with their dream companies to land a cushy job.
- Work experience for pursuing MBA – A lot of Indian B-schools accept students with little or no work experience as compared to most universities abroad. Although top MBA colleges in India like ISB, IIM, SPJ. It also offers admissions to many candidates with good work experience, but not all comply with that idea.
On the other hand, the US/UK universities prefer candidates to have at least 2-3 years of work experience. Similarly, top Canadian Universities prefer candidates with a minimum of 2-3 years of work experience.
To study in Australia, the average work experience that is required is 2 years. But a little bit of work experience is considered as a good thing here in India and adds on your resume too.
- Return on investment – The cost of MBA education in India’s business schools is a fraction of what management education costs in the US or UK. The Indian School of Business estimates the annual cost of education there, plus living expenses, to be around $35,000.
That compares to an estimated $80,000 for an MBA, and this is without living or food expenses. You need to consider the fact if you might be able to recover all the cost you are investing in your MBA as soon as possible or not.
Behind the scenes of doing an MBA
In India, you need to do a little bit of research, and you are all set to apply for colleges, write their entrance exams, sit through the group discussions and personal interview, and you are selected. But this process is longer and less tolerant when you want to do your MBA abroad.
Academic – You should at least have a primary bachelors level graduation degree. It could be an engineering degree (B.E, B.Tech), B.com, B.A. or in any other discipline. A full-time degree from a reputed university is preferred. However, some MBA colleges may also accept correspondence and distance education. You’ll have to submit your academic transcripts which include semester-wise marks for each subject that was covered in your degree.
Work experience – Work experience is one of the most important criteria for business school admission. Admission to the best business schools in MBA programs requires a couple of years of work experience.
GMAT – To apply for an MBA from Abroad, you have to clear the GMAT exam which stands for Graduate Management Admission Test. It is mathematics and the English language for measuring aptitude. Test that business schools use the test as a criterion for admission into graduate business administration programs.
TOEFL – You should also have a TOEFL (Test of English as a Foreign Language) score if your medium of education during your graduation is not English.
Scholarship Programs – If you did not know, there are so many scholarship programs in India that offer financial aid to those who deserve. This is provided based on various categories and the eligibility criteria for different scholarship programs. Here’s a consolidated list of the various scholarships:
- PNB Housing Finance Protsahan Scholarship
- Aditya Birla Group Scholarship
- BML Munjal Scholarship
- IDFC First Bank Scholarship
- Yes Bank Scholarship
- IIM Scholarship
- NMAT Scholarship
- OPJEMS Scholarship
- Thomas Scholarship
Most of these scholarships are merit, based on the scores in specific examinations. Leading business schools offer financial aid to aspiring students. However, there are other institutions as well that promote and encourage more student to take up management studies. This is another reason why you should study an MBA in India. While the tuition fee in other countries is in whooping sum, it is much more economical and supportive when you study an MBA in India.
Doing an MBA in India has excellent benefits financially. It not only reaps excellent benefits but also can place you in desirable positions. Doing MBA in India in reputed institutions requires great patience and hard work. But once done, you are sure to settle down well-off in life. It all draws down to passion and how you want to channel your career. Make the right choice to make the right move.