As far as higher education is concernced, the educational scenario has changed dramatically in India in the last decade. In the debate of an MBA in India versus abroad, as a student currently pursuing my MBA in India, I believe that an Indian MBA scores over an international MBA on several counts.
The main advantage is the cost. An MBA from any good B-school in the US or UK costs anywhere between Rs 25 to 50 lakhs, whereas Indian MBA schools charge ten per cent of the same amount. Secondly, when living abroad, you spend far more than you would in India, and as a result need to work there for at least a few years to recover the amount. This severely hampers your prospect of returning to India after the completion of the degree.
On the other hand, a student from a reputed Indian B-school always has the option to work at either place, since all premier B-schools have a significant amount of foreign placements taking place each year. Also, India is a vibrant economy today and corporates the world over value the pool of talent that exists here. In fact, people opt for positions in India to be a part of the growing economy. Lately there has been an increase in the number of NRIs coming back to India. In this thriving scenario, it makes sense to get your degree from an Indian B-school.
There has also been a steady increase in the number of tie-ups between Indian and foreign universities. Some of them include the SP Jain Institute of Management and Research with Virginia Tech, the Indian School of Business with the Wharton School-Kellogg School of Management, the Management Development Institute with Cambridge College, Great Lake & Yale, Welingkar College with Temple University, the Institute of Management and Technology with Fairleigh Dickinson University, Great Lakes and Yale University. Thus, with more and more premier international education its way to Indian shores, one can experience the benefits a international education and a lesser cost.
Also, Indian MBA courses have been expanding and growing significantly in recent years. MBA graduates from Indian B-schools have proved their mettle in the global working environment and are offered top positions in several organisations. Considering the purchasing power parity, initial expenditure (cost of the programme), initial placements, and growth in salary as inputs in decision, MNCs do not have to think twice before coming to India in search of middle and senior management talent.
In every Indian B-school, participants with two to five years of IT industry experience always fill a certain percentage of the batch. These students often have international exposure. Their multicultural experience adds value to the entire batch and programme as a whole. And to a certain extent, it compensates for the rich diverse cultural experience that is associated with a US or UK MBA. Finally, Indian B-Schools are more open to non-experienced candidates than international B-Schools, and thus prove to be advantageous to most people. Hence, keeping in mind today’s scenario, I believe that an Indian MBA is the way to go.