MBA vs IIM – Which Business School Should You Choose?October 27, 2022 2022-10-28 4:57
MBA vs IIM – Which Business School Should You Choose?
MBA vs IIM – Which Business School Should You Choose?
MBA is undoubtedly the most popular and sought-after course by students worldwide because it’s more of an investment instead of an education. Theoretically, graduate school is about gaining new skills and insights into business, meeting new colleagues, and learning the intangibles of becoming a manager.
B-Schools have the most significant facets which are, alumni connection, diversity, brand reorganization, global exposure, and solid industry connections. Most candidates would even have 3-4 years of work experience. They come from diverse backgrounds in finance, high-tech, marketing, television, films, and other fields.
Being a highly interactive subject, Business is all about learning the way to sustain MBA vs IIM and grow in every season and situation. As you furthermore may get to research and analyze problems from different perspectives. Studying MBA also gives you exposure to new cultures, and languages, and also helps you become independent and make effective decisions in uncertain situations.
However, the dilemma most students face is whether or not to go for an MBA degree from India or abroad. Let’s check various aspects that are included when choosing IIM vs MBA degree.
The popular entrance exam for IIM is CAT (Common Admission Test). Other entrance exams, like SNAP, XAT, NMAT by GMAC, and IIFT, are taken by a large number of candidates annually with CAT to study MBA and PGDM programs at the most famous B-schools in India.
While candidates seeking admission to an MBA program at a university abroad must take the GRE or GMAT, which are administered on a rolling basis and enable aspirants to settle on an exam date that’s convenient for them.
Work Experience Criteria
As compared to most MBA universities abroad, many Indian B-schools may admit students with little or no job experience. While many top B-schools in India, like IIM Bangalore, IIM Ahmedabad, XLRI, FMS, and others, admit many candidates with relevant work experience, not all universities and colleges follow this policy.
Universities within the US, on the other hand, favor candidates with a minimum of 2-4 years of work experience. Similarly, top Canadian universities favor applicants who have worked for a minimum of two years.
Work experience of a minimum of 2 years is required to review in Australia and any European country. As a result, looking at what stage of life you’re in, you’ll choose whether to pursue an MBA in India or abroad.
Placements and Salary
The placements offered by Indian universities are easily available as compared to universities abroad. While the colleges overseas assist students in their job hunt, finding employment that matches your degree may be a little difficult.
To secure your place at a deserving position abroad, you may struggle and consider a lower position; to start with. These little steps will further augment your experience. Despite the location of your studies, you’ll enhance your soft skills and other skills to simply be hired during placements.
Apart from the university, you select, the other important factor can severely depend upon the position, skillset, and extra courses you’ve completed. However, the average salary for a student who has completed an MBA in India ranges from INR 23 lakhs-25 lakhs. On the other hand, finishing your MBA from a renowned university abroad can get you an average salary of INR 78 lakhs.
Cost of Studying in Abroad
The cost of studying is typically the deciding factor for several students due to the additional expenses incurred in education abroad. Obtaining an MBA degree in India is less expensive than in countries like the US, Canada, and the UK.
An MBA in India may cost between INR 7.5 to INR 25 lakhs, but for an MBA overseas, the one-year program would cost $55,000 to $80,000. And the two-year program can cost around $40,000 to $60,000, with living expenditures separate. Here education loans come in handy. You thoroughly evaluate the return on investment (ROI) and choose an MBA college that suits you best.
The Best MBA Colleges In India as well as Abroad
The following is a list of the best MBA colleges in India as well as abroad that provide exceptional academics and training for students. When it comes to business programs these universities are the most notable. They offer a variety of opportunities and placements along with a strong alumni network.
|IIM Bangalore, India||Stanford Graduate School of Business, USA|
|IIM Ahemdabad, India||Wharton School of University of Pennsylvania, USA|
|ISB Hyderabad, India||Harvard Business School, USA|
|IITs, India||Oxford, UK|
|Indian Institute of Foreign Trade (IIFT), India||Melbourne Business School, Australia|
|Symbiosis Institute of Business Management, India||Toronto (Rootman), Canada|
It’s ultimately a personal choice to study MBA at IIM or any other university in India or abroad. If you can afford an MBA abroad then prefer a mid-level university which is preferable to an MBA from a private institute in India. Some international universities offer far more affordable options with better or higher returns on investment.
For example, an MBA from Germany or countries like Australia, New Zealand, Baltia, and more will cost you less and give you the added benefit of studying abroad. You can also expect a better return on investment in salary and placements.