Top 6 countries to study MBA abroad

Masters of Business Administration or an MBA degree is a postgraduate level program that will open up global opportunities in your career. Being one of the most pursued courses in the world, an extensive MBA curriculum will give you a strong foundation in business fundamentals viz marketing, accounting, finance, managerial skills, strategy, business ethics, and human resources.

Why pursue an MBA from abroad?

Attractive job package: The average salary offered to an MBA graduate from a recognised B-school of abroad university is significantly higher than that of an MBA graduate of an Indian B-school

Bright career prospects: An international MBA degree can land you in a CXO position or top entrepreneurial roles

Networking opportunities: If you are studying MBA abroad then you‘ll be exposed to various opportunities to network with students from diverse backgrounds, teaching professionals, potential employers and others who hold an extensive experience in their respective field. Such a dynamic network will help you to unlock promising opportunities in future.

Gain practical knowledge: Pursuing MBA from abroad will teach you how to deal with new-age business problems and gain an edge on advanced business management techniques

Choosing the right university and country is the first and the most important as it will decide the course of action in your career path. Keep these few pointers in mind – check the university's ranking and international accreditations, teaching faculty, course structure, infrastructure and amenities, approximate cost of study, availability of scholarships and opportunities post study.

Eligibility to pursue MBA in top six study destinations

1. Australia: To study MBA in Australia three to four years of bachelor's degree from a recognised university is required. Depending on the university and course specialisation chosen you may need to show a prior work experience of a minimum of two-three years

2. Canada: Any student who wishes to pursue an MBA from Canada must have a bachelor's degree from a recognised university. In some cases, they might need to show three years of full-time work experience.

3. New Zealand: Along with a degree from a recognised university, you are required to have three to four years of work experience to be eligible to study MBA in New Zealand.

4. Ireland: To be eligible for studying MBA in Ireland, you must have a degree from a recognised university along with a minimum of three to five years of work experience.

5. The UK: Students who have completed three years of bachelor's degree are eligible to apply for an MBA program in the UK. A minimum of three years of full-time managerial work experience is mandatory in most UK universities.

6. The US: Most basic requirement for MBA in the USA includes completion of a bachelor's degree including a total of 16 years of education. If you have completed your master's, you can still apply. In the case of executive MBAs, prior work experience ranging between two to ten years is mandatory.

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Exams required to study MBA abroad

Clearing either GMAT or GRE with a good score is crucial to study MBA in any international university. While GRE and GMAT can be attempted to a maximum of 5 times in 12 months, GRE can be taken once every 21 days and GMAT, once every 16 days. GMAT tests a student's ability in analytical writing, integrated reasoning

quantitative aptitude, along with critical reasoning and sentence correction

An IELTS score of 6.0 to 6.5, required to prove your proficiency in the English language, and is mandatory in all study destinations.

Cost of studying MBA per annum

1. Australia: AUD 39,000- AUD 90,000 (approx.)

2. Canada: CAD 30,000 - CAD 42,000 (approx.)

3. New Zealand: NZD 31,000-NZD 50,000 (approx.)

4. Ireland: €9,950 - €34,500 (approx.)

5. The UK: £5,000- £30,000 (approx.)

6. The US: $10,000-$35,000 (approx.)

*Please note all costs are indicative

Course duration

1. Australia: Australian universities offer MBA programs for a duration which ranges between 18 months to 2 years.

2. Canada: Course duration may be anywhere between 10 months to 2 years depending upon which MBA program you opt for within three categories:

• Specialised

• Generalised

• Combined

3. New Zealand: A typical course duration is around 12 months.

4. Ireland: It will take a year for you to acquire an MBA degree from Ireland.

5. The UK: An MBA program in the UK usually lasts for only a year.

6. The US: A full-time MBA program takes two years and four semesters of coursework for completion. One-year MBA programs are a feasible option if you want to acquire desired business skills in a short period.

Scholarships available for Indian students

To help students have a financially smooth sail during their stay in these countries, several scholarships are available. Some of the most popular ones include:

1. Australia: Australia Awards Scholarships

2. Canada: Quebec Provincial Government Scholarship,

3. New Zealand: New Zealand Commonwealth Scholarships, Palmerston North City Mayor's Goodwill Ambassador Scholarship, New Zealand Excellence Awards (NZEA)

4. Ireland: The Government of Ireland International Education Scholarship. NUI Galway International Student Scholarships (Max Arthur McAuliffe Special, Merit Scholarship, Sir Peter Freyer Special Merit Scholarship)

5. The UK: The Chevening Scholarships, The Commonwealth Scholarships, and Charles Wallace Scholarships.

6. The US: Foreign Fulbright Student Program, Humphrey Fellowship Program.

Top career options after completing MBA from abroad

An international MBA degree will open up your career prospects immensely and you can choose your preferred line in either marketing, finance, operations, or technology. You could find your place in the industry as a brand manager, product manager, marketing research analyst, business analyst, marketing manager, financial analyst, chief financial officer, data processing manager, among others. In fact, if you are good with your practical knowledge then you can probably land up in a top management position in a global company.

MBA is known to be one of the most lucrative degrees worldwide and its career prospect is huge. Unsurprisingly, students strive hard to get into good business schools and universities to give wings to their dreams and simply enjoy the returns on their investments. If you wish to boost your career with the right degree, then gear up and chisel yourself to get into the foreign university of your choice.