SOURCE: THE ECONOMIC TIMES
Due to globalisation, liberalisation and privatisation, it has become feasible to pursue an MBA course from foreign universities especially in UK, Australia, USA and Canada.
Distance learning MBAs and online MBAs from foreign universities still have the same attraction. A foreign degree guarantees more exposure since students need to interact with fellow classmates and faculty to learn and evolve.
In a foreign MBA, students come with work experience in a variety of fields like finance, high-tech, marketing, poetry, films and other such artistic fields. The diversity in student body helps them develop a strong network across all countries.
So does a foreign MBA still have the same attraction as in the past decade? “A foreign MBA degree is still attractive for a large pool of people in India, though only few globally renowned institutes are great to get in, which include Asian Institute of Management, Philippines, London Business School, United Kingdom, Kellogg School of Management, USA, Harvard Business School, USA, and Wharton University of Pennsylvania, USA. One of the good points of a foreign MBA degree is its admission criteria which include 3-4years of corporate experience and case studies which are based on real time experience for students to learn the art of management,” notes Sunil Goel, Director, GlobalHunt, an executive search firm.
Says Jayaram K Iyer, Professor, Marketing, Loyola Institute of Business Administration, “Unfortunately yes and in fact gullible students are falling prey to glitzy advertisements and five-star-hotel fairs from foreign universities that seem to promise more and deliver a lot less; it is as usual the 'country of origin' effect: craze for anything foreign. Most of these foreign universities are here because they can’t find students in their own countries; it is business for them and no education can swerve from altruistic goals. Good foreign MBA degrees are restricted to a few top 30-40 b-schools in the world and the ranks are public information. However, one good aspect of all these foreign MBAs is that, the students get lot more culturally diverse exposure that moulds them to be more global in perspective. Of course, they also become more patriotic realising the worth of India.”
Does a foreign MBA give a better pay, position etc? “A foreign MBA degree from a renowned institute certainly gives better pay and position as it provides exposure, builds up strategic thinking, leadership ability and foremost, it teaches how to get culturally fit in an organisation.
Holding a foreign MBA degree from a renowned institute develops very high aspiration in a candidate as far as compensation is concerned, this might not be feasible in today's economic scenario,” adds Goel.
So the question is, Is a foreign MBA essential to fetch a good job? “Finally, one needs to decide what he/she plans to do after an MBA. This is probably the most defining factor to take a decision. If one is planning to take up a job abroad, one can opt for a foreign MBA. If one plans to return to India on completion, one should think through. Compared to foreign B-schools, Indian institutions offer cost advantage, making them more attractive if one is planning to build one’s career in India,” feels Ajay Oberoi, director general & trustee, AICAR Business
The quality of education at top-ranked Indian business schools is at par with some of the best in the world. But that applies to only a handful of business schools across the country.
In India, most of the MBA students are fresh out of college and have no work experience. This is not the case with the foreign MBA institutions.
Students come with work experience in a variety of areas and this helps them broaden their perspective. Whatever the route, a foreign MBA degree from a renowned institute certainly enhances one’s chances of fetching a good job and gives one an edge over other candidates.
SOURCE: THE ECONOMIC TIMES
