MBA is one of the popular courses that is gaining worldwide attention. This course unlocks many potential opportunities in business, finance, and management. A wide range of specialisation options are available, such as IT, project management, supply chain management, and more.
Notably, there has been a significant increase in the number of Indian students opting to pursue MBA degrees abroad, with countries like the UK, the USA, Germany, Australia, Ireland and Canada emerging as favourable destinations.
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This inclination towards international MBA programs can be attributed to several factors, including the desire for exposure to global business practices, access to a diverse network of professionals, and enhanced career prospects on a global scale.
To earn an MBA, one must enrol in an MBA programme at a university or business school in a foreign country. MBA includes various management subjects, including marketing, finance, operations, human resources, etc.
Explore the key features of pursuing an MBA abroad below.
| Feature | Information |
| Total Number of Universities | More than 950 universities |
| Best Countries to pursue MBA | UK USA Australia Germany Canada Ireland |
| Courses Available | General Management Finance Human Resources Accounting Marketing |
| Duration | 2-3 years |
| Exams Required | IELTS TOEFL GRE GMAT PTE |
| Annual Tuition Fees Range | INR 22L – INR 65L |
| Average Salary Range per annum | INR 45L – INR 98L |
| Intakes Available | Fall (September to December) Spring (January to May) Summer (May to August) |
| Top Universities | Stanford Graduate School of Business Harvard Business School MIT University of Pennsylvania |
| Top Scholarships | Fulbright Scholarship Chevening Scholarship The Gates Scholarship |
| Top Career Opportunities | Assistant B.D. Manager Business Development Manager General Manager |
Best MBA Colleges in the World for Indian Students
Choosing a top university for an MBA abroad is a significant decision for students seeking an advanced business education.
The universities offer rigorous MBA programs focusing on leadership, innovation, and practical skills. Additionally, INSEAD in France and London Business School in the UK are renowned for their diverse student body and strong global networks.
Here are the Top 10 Universities to study for an MBA abroad.
| University Name | QS World University MBA Rankings 2024 | Annual Tuition Fees |
| Stanford Graduate School of Business (Staford University) | #1 | INR 60L (USD 105,292) |
| Harvard Business School (Harvard University) | #2 | INR 65L (USD 114,267) |
| Wharton Business School (University of Pennsylvania) | #3 | INR 50L (USD 88,016) |
| HEC Paris | #4 | INR 22L (EUR 25,200) |
| London Business School | #5 | INR 45L (GBP 43,500) |
| MIT Sloan (MIT) | #6 | INR 25L (USD 44,300) |
| IE Business School | #7 | INR 45L (EUR 50,000) |
| Columbia Business School (Columbia University) | #8 | INR 50L (USD 87,802) |
| INSEAD | #9 | INR 55L (EUR 97,000) |
| IESE Business School | #10 | INR 37L (EUR 93,500) |
Criteria for Choosing Best Country for MBA
When choosing a country for pursuing an MBA program, you should consider various factors to ensure a successful and fulfilling academic experience, such as:
- Quality of Education: The quality of education can be evaluated by checking the university’s ranking and international accreditation. For instance, some of the popular MBA accreditations cited by business schools across the globe are AACSB, AMBA, EQUIS, ACBSP, and IACBE. The QS Global MBA Rankings 2024 lists Stanford Graduate School of Business as the top university for MBA.
- Teaching Faculty and Program Offered: The expertise of the teaching faculty and the specific MBA programs offered by universities can significantly impact your learning experience. For example, top universities like Stanford, Harvard, and Wharton are known for their world-class faculty and diverse MBA programs.
- Cost of Education and Living: The cost of education and living varies greatly among countries. For instance, the average annual tuition fees for an MBA in the USA range from 45,000 to 77,000 USD, while in Germany, it ranges from 11,000 to 53,800 USD. The cost of living also varies, with the USA having an average cost of living of 21,600 USD.
- Scholarship Opportunities: There are numerous scholarships available for MBA students.For example, the Goldman Sachs MBA Fellowship, Harvard Business School RISE Fellowship, and Military MBA Merit Scholarships are some of the renowned MBA scholarships provided globally.These scholarships can significantly reduce your financial burden of pursuing an MBA in foreign country.
- Job Prospects: The job market and opportunities available post-study in the country are crucial factors to consider. For instance, the US, UK, Canada, Australia, and Germany are considered top countries for MBA graduates, offering excellent job opportunities and post-study work visas.
- Cultural Fit: The cultural environment and lifestyle of the country play a significant role in ensuring a comfortable living and studying experience for you. It’s important to research the local culture, language, and lifestyle of the country. For instance, countries like Canada, Australia, the UK, and Germany are known for their multicultural environment and welcoming attitude towards international students.
By carefully assessing these factors, students can make an informed decision when choosing a country for their MBA program abroad.
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Top Programs in MBA Abroad
Several universities provide opportunities for networking with industry leaders, exposure to diverse business environments, and access to cutting-edge research.
Aspiring MBA students often consider factors like faculty expertise, alumni success, and program flexibility when selecting a university.
Overall, the top MBA programs abroad offer a rich academic experience and a pathway to a successful and rewarding career in business.
Below are the popular programs in the top 10 universities for studying MBA abroad.
| University Name | Programs Offered |
| Stanford Graduate School of Business | General Management Business (others)Finance |
| Wharton Business School | General Management Human ResourcesEconomics |
| Harvard Business School | General Management International BusinessHuman Resources |
| London Business School (LBS) | Human ResourcesEconomicsFinance |
| HEC Paris | General Management Business (others)Finance |
| MIT Sloan | General Management International BusinessHuman Resources |
| Columbia Business School | General Management International BusinessHuman Resources |
| IE Business School | Business AnalyticsAccountingMarketing |
| IESE Business School | General Management Business (others)Finance |
| INSEAD | General Management Human ResourcesEconomics |
Depending on your career goals and preferences, you can choose any MBA specialisation offered by prestigious universities.
You may also contact our counsellors, who can help you decide on the right specialisation and the right university offering the course. Remember, it is crucial to make the right choice because it’s all about your career, so think wisely and act smartly.
Eligibility Criteria for Studying MBA Abroad
When applying for Master of Business Administration (MBA) programs abroad, most universities require a bachelor’s degree from a recognised institution. Additionally, some universities may have additional requirements, such as work experience.
However, not all educational institutions ask for work experience. It’s advisable to always check the eligibility criteria of your chosen college before applying.
Let’s explore the requirements for pursuing an MBA abroad.
| Eligibility Criteria | Minimum Score |
| Educational Qualifications | Bachelor’s degree with 60% or equivalent (GPA 3.0) |
| Standardised Tests | GMAT: 550 – 675 GRE: 280 – 330 |
| Language Proficiency Test | IELTS: 6.0 – 7.0 TOEFL: 90 – 100 PTE: 60 -70 |
| Immigration Requirements | Indian Passport Student Visa |
| Work Experience | 2 years (Optional) |
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Study Abroad Visa Requirements for MBA
If you’re an Indian student, you’ll need a visa and passport for admission to international universities. It is advisable to apply for a student visa at least three months before your planned travel.
Here is the list of visas required for pursuing an MBA in top countries:
| Country | Visa Name | Visa Fee (in INR) |
| UK | UK student visa | INR 54,000 (GBP 490) |
| USA | F-1 student visa | INR 29,000 (USD 350) |
| Australia | Australia student visa | INR 89,500 (AUD 1600) |
| Germany | Germany student visa | INR 7,000 (EUR 75) |
| Canada | Canada Student Visa | INR 9,300 (CAD 150) |
| Ireland | Ireland Student Visa | INR 5,500 (EUR 55) |
Documents Required for Studying MBA Abroad
When applying for an MBA abroad, it is essential to ensure that you have all the required documents prepared and organised. It is advisable to apply early to avoid the last-minute hustle of finding and uploading documents.
1. Academic transcripts
2. Original certificates from the university
3. Scorecards for English Language Proficiency (ELP) and GRE or GMAT
6. Resume or CV
7. Copy of your passport
8. Proof of your financial resources
9. Visa to study abroad.
Preparing these documents is essential to completing your application for an MBA abroad.
Application Process for Studying MBA Abroad
Now, let’s look at the application process for MBA programmes abroad.
- It is necessary to identify the university that provides MBA courses.
- Once you have chosen an institution, you should visit its official website to review the prerequisites.
- You must fill out the application form and pay the required application costs.
- You must submit all of your documentation before the application deadline.
- If you are invited, you should attend interviews at the institution.
- After the interviews, you will need to wait for the notice of application and make arrangements for the funds necessary to pay the university deposit.
- Once you receive the admission confirmation, you can apply for a student visa.
Cost of Studying MBA In Foreign Countries
Studying an MBA abroad can be a significant investment in your future. The cost can vary greatly depending on the country and the university. So, you should always explore the most feasible and budget-friendly options before investing in your future.
For example, opting for countries like Germany, where public universities offer tuition-free education for international students, could significantly alleviate your financial burden. Additionally, countries like Canada and Ireland offer relatively affordable MBA programs compared to the USA and the UK.
Let’s explore the average annual tuition fees for studying for an MBA in the best countries abroad:
| Country | Average Annual Tuition Fee |
| USA | INR 50L- INR 70L |
| UK | INR 30L- INR 80L |
| Canada | INR 20L- INR 40L |
| Australia | INR 20L- INR 50L |
| Germany | INR 13.5L- INR 30L |
| Ireland | INR 11L – INR 33L |
Average Cost of Living Abroad
While abroad, you must pay for your living expenses and the fees associated with your MBA course. The cost of living for Indian students studying abroad is believed to range from 50k INR to 2 lakh INR per month.
For instance, countries like Germany and France offer relatively affordable living costs for international students. On the other hand, countries like the USA, the UK, and Australia often rank among the countries in terms of cost of living.
Let’s explore the average cost of living in some of the top countries to pursue an MBA abroad.
| Country | Average Cost of Living |
| USA | INR 90,000 (USD 1071) – INR 1.2L (USD 1190) |
| UK | INR 85,000 (GBP 772) – INR 95,000 (GBP 863) |
| Canada | INR 88000 (CAD 1421) – INR 94,000 (CAD 1518) |
| Australia | INR 92,000 (AUD 1643) – 1L (AUD 1786) |
| Germany | INR 88,000 (EUR 949) – INR 95,000 (EUR 1024) |
| Ireland | INR 89,000 (EUR 959) – INR 1L (EUR 1078) |
This category includes vital necessities such as housing, food, stationery, transportation, educational materials, and other essential products. If you know these aspects, you can budget your money and ensure your time abroad.
Here are the average living costs for various expenditures in a foreign country.
| Type of Expense | Cost of Living (INR) |
| Accommodation | 45,000 |
| Food | 15,000 |
| Transport | 7,000 |
| Books & Supplies | 3,000 |
| Miscellaneous (Internet, Health Insurance, Entertainment) | 13,000 |
Top 10 Scholarships for Studying MBA Abroad
Embarking on an MBA abroad is an exciting journey, and scholarships can make it more accessible. Here, we’ll discuss some top scholarships to help you pursue your dream of studying abroad for an MBA.
Here are the top 10 Scholarships for studying for an MBA abroad.
| Scholarship Name | Scholarship Amount (INR) |
| Fulbright Scholarship | Varies |
| Chevening Scholarship | INR 31L |
| Rotary Foundation Global Grant | INR 27L |
| Commonwealth Scholarship and Fellowship Plan (CSFP) | INR 31L |
| Erasmus Mundus Scholarships | INR 35L |
| Stanford Reliance Dhirubhai Fellowship | INR 70L |
| Asian Development Bank – Japan Scholarship Program | INR 47L |
| INSEAD MBA Scholarships | INR 9L |
| The Gates Scholarship | INR 8.3Cr |
| Eiffel Excellence Scholarship Program | INR 21L |
1. Fulbright Scholarship:
- The Fulbright Scholarship is a well-known program that supports international students, including those pursuing an MBA.
- It covers tuition, living expenses, and even travel costs, making it a comprehensive financial aid option.
2. Chevening Scholarship:
- The UK government offers the Chevening Scholarship to students from various countries.
- If you aim to pursue an MBA in the UK, this scholarship can cover your tuition fees, living expenses, and sometimes, even return flights.
3. Rotary Foundation Global Grant:
- The Rotary Foundation provides this grant, which is ideal for students committed to community service.
- It supports individuals pursuing graduate-level studies, including MBAs, and focuses on fostering goodwill and understanding worldwide.
4. Commonwealth Scholarship and Fellowship Plan (CSFP):
- The CSFP is for citizens of Commonwealth countries, offering financial aid for various academic programs, including MBAs.
- It aims to promote cultural exchange and educational collaboration among Commonwealth nations.
5. Erasmus Mundus Scholarships:
- If you’re eyeing an MBA in Europe, the Erasmus Mundus Scholarships can significantly help.
- These scholarships cover tuition fees, travel expenses, and even a monthly allowance for living costs.
6. Stanford Reliance Dhirubhai Fellowship:
- Stanford Graduate School of Business offers this fellowship for students connected to India.
- It covers the total tuition and associated fees for the two-year MBA program.
7. Asian Development Bank – Japan Scholarship Program:
- This scholarship is for students from ADB’s developing member countries, supporting an MBA in economics, management, science, and technology.
- It includes tuition, a monthly allowance, and other benefits.
8. INSEAD MBA Scholarships:
- INSEAD, a prestigious business school, offers various scholarships based on merit, nationality, and other criteria.
9. The Gates Scholarship:
- Bill and Melinda Gates founded this scholarship aimed at outstanding minority students.
- While it mainly focuses on undergraduate education, it’s worth exploring for those pursuing advanced degrees like an MBA.
10. Eiffel Excellence Scholarship Program:
- This French government scholarship supports international students, including those pursuing an MBA, focusing on excellence in academic performance.
- Remember, each scholarship has its own criteria and application process, so it’s crucial to research thoroughly and apply generously to increase your chances of securing financial aid for your MBA abroad.
Scope of MBA Abroad for Indian Students
Studying abroad provides ample chances to build a global network. Interacting with students from different countries and industry professionals can create valuable connections for future career prospects.
According to the Graduate Management Admission Council (GMAC), more than 90% of Indian students studying for management degrees overseas take part in internships. This experience greatly improves their job readiness and leadership abilities.
You can also broaden your horizons of knowledge through MBA specialisations by exploring other options and through practical courses. Some of the most popular and in-demand MBA specialisations abroad include:
- Consulting
- Information Systems
- Operations Management
- Information Technology
- Supply Chain Management
- Project Management
- Strategic Management
Also Read: Top 10 Highest-Paying MBA Specialisations for Indian Students 2024
An MBA from a foreign university can make Indian students more appealing to international employers and broaden their scope of job opportunities, both abroad and at home.
Some popular job prospects for MBA abroad are listed below.
| Job Prospect | Average Salary (INR) |
| Assistant B.D. Manager | INR 45L |
| Business Development Manager | INR 90L |
| General Manager | INR 75L |
| Project Manager | INR 95L |
| Strategy Manager | INR 98L |
Benefits of Studying MBA Abroad for Indian Students
Pursuing an MBA abroad can be a transformative experience for Indian students, offering many benefits that can catapult their careers to new heights. Many universities abroad offer short-term MBA programs of 1-2 years. This duration allows for a more focused and intensive learning experience.
Let’s explore some significant benefits of studying MBA abroad for Indian students.
1. Gain Practical Knowledge
- An MBA from a foreign school can give you valuable skills for real-world business challenges.
- It sets you apart with advanced management abilities that can be applied in practical situations.
2. Career Advancement:
- After finishing studies at a respected international business school, students can aim for top roles in leading companies.
- A wide range of prominent recruiters, including Tech Mahindra, Maruti Suzuki, Amazon, and global giants like Bank of America and Shell, actively seek professionals skilled in operations management.
3. Improved Networking Opportunities
- Indian MBA students can build connections with expert teachers, diverse classmates, and potential employers from various backgrounds.
- This network can open doors to promising opportunities in the future, providing valuable insights into the ever-changing business landscape.
4. Higher Income Potential
- Choosing a foreign business school for your MBA increases the likelihood of a higher salary than graduating from an Indian business school.
- The average pay for MBA graduates from reputable foreign schools is more significant. For instance, the average salary for MBA graduates abroad is around INR 65L annually.
5. See the Business World from Different Angles
- Studying close to experts and businesses helps students comprehensively understand the dynamic business world.
- It challenges their skills and teaches the fundamentals of business management.
Wrapping Up
In conclusion, pursuing an MBA abroad can be rewarding for Indian students. It offers a chance to experience diverse cultures.
While the process may involve challenges like adapting to a new environment, the long-term benefits, including enhanced career opportunities and personal growth, make it a valuable investment.
By broadening their horizons and acquiring international business skills, Indian students can contribute meaningfully to the global workforce. Ultimately, an MBA abroad opens doors to a brighter future, fostering professional and personal development.
Leap Scholar offers a variety of flexible study alternatives and works in collaboration with prominent international colleges to assist you in achieving your dreams of obtaining an education in a foreign country.
Get in touch with Leap Scholar counsellors right away for any additional information.
Frequently Asked Questions
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Q. What is an MBA degree?
A. MBA is an abbreviation for the Master of Business Administration degree. Providing students with a complete understanding of the many facets of company operations and providing them with the expertise necessary to flourish in the business world is an excellent educational opportunity.
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Q. Why should students from India think about pursuing their MBA in a foreign country?
A. Students from India who pursue a Master of Business Administration degree overseas are allowed to gain a global perspective, experience various cultures, and learn from renowned foreign faculty members. This will enable students to broaden their networks by connecting with classmates from all over the world, which can be beneficial for future business collaborations and chances in the field of employment.
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Q. Generally, how long does it take to complete an MBA programme?
A. MBA programmes in other countries typically last two years. Several educational institutions provide expedited programmes that can be finished in a one year. The time may change depending on the country and the particular curriculum of the programme.
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Q. What are the eligibility requirements for pursuing an MBA in another country?
A. Eligibility requirements may vary from one university to another. Applicants usually need a bachelor’s degree or equivalent in any field and an adequate academic record. Some colleges may require applicants to verify their English language skills by taking standardised tests such as the TOEFL or the IELTS.
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Q. If Indian students are interested in obtaining a Master of Business Administration degree in another country, are any scholarships available?
A. The answer is yes; several scholarships are expressly designed for Indian students interested in pursuing an MBA in another country. Universities, governments, and various organisations make scholarships like these available to provide financial assistance to bright students from India and to encourage diversity in the classroom.
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Q. When applying to MBA programmes in other countries, do Indian students need to take any entrance exams?
A. For admission into their Master of Business Administration (MBA) programmes, numerous universities outside India require Indian students to take tests such as the GMAT or the GRE. On the other hand, the need could differ from one university to another; therefore, it is vital to check each institution’s exact entrance exam requirements.
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Q. Is it required to have previous work experience before applying for a Master of Business Administration programme in another country?
A. Work experience is highly prized, even though it is not usually required for all MBA programmes in other countries. Many educational institutions prefer candidates with relevant job experience because it contributes to classroom discussions and improves the learning experience for the individual and their classmates.
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Q. What expenses are associated with pursuing a Master of Business Administration degree in a foreign country?
A. The cost of obtaining a Master of Business Administration programme in a foreign nation might vary significantly based on the country, university, and programme. Various charges must be considered, including educational fees, living expenses, and other miscellaneous costs. On the other hand, chances for part-time jobs, scholarships, and grants can assist in reducing some of the financial constraints experienced.
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Q. To what extent are degrees earned in India recognised worldwide after completing an MBA in another country?
A. In general, Indian degrees are recognised internationally after completing an MBA in a foreign country. It is vital to select authorised universities. Furthermore, students can increase their employability by participating in extracurricular activities, networking, and internships while enrolled in an MBA programme.
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Q. What professional opportunities are available to Indian students who have completed their MBA in a foreign country?
A. The pursuit of an MBA degree outside of India enables students to access a wide range of professional prospects in domestic and international corporations. After graduation, graduates frequently have access to jobs in various industries, including leadership roles, managerial positions, and consulting positions. The programme allows participants to obtain foreign experience, which increases their employability and opens the road to a successful career.
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Q. Are international students allowed to hold a job when studying for an MBA overseas?
A. Overseas students can work while attending school in several countries, provided they satisfy specific requirements and comply with the legislation governing work permits. Obtaining practical experience, earning an income, and improving their CVs are all benefits that students may gain through part-time jobs or internships.
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Q. How can students from India prepare for the cultural shift they will experience while studying for an MBA abroad?
A. Indian students can participate in pre-departure orientation programmes that universities provide to prepare for the cultural transfer. They can also make contact with students from their own country who have studied in other countries, whether they are currently enrolled or have graduated in the past. Students benefit from becoming acquainted with the culture, habits, and local practices of the nation where they will be studying.
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