How Much Will It Cost
A graduate business degree from an Indian school is a great option for people with work experience who know they want a career in management.
Assessing the Graduate Business Landscape in India
The educational scenario in India has changed dramatically over the last decade. While many Indian students are opting for an overseas education, we're also seeing an increase in students pursuing an MBA degree from premier Indian graduate business programs. We may attribute this to three reasons:
- Several Indian institutions are offering an international standard of education, many in collaboration with international universities.
- The cost of acquiring an MBA degree is comparatively less expensive in India than overseas, particularly in the US.
Growth in career opportunities with top global firms after completing graduate management education from a business school in India and the emergence of Indian companies in the preferred set of employers.
Comparing an MBA Degree from India to the US
When comparing the factors that go into your decision to pursue an MBA degree in India versus the US, you'll want to consider the following:
- Cost: An MBA abroad may cost anywhere from Rs. 20 to 50 lakh, whereas an Indian MBA will cost somewhere between Rs. 7.5 to 25 lakh.
- Living expenses: Study abroad increases your living expense, sometimes dictating the choice to work abroad for a few years to recover the cost and your ROI target.
- Job placement: Premier institutes in India boast of an excellent job placement record with top Indian, Asian, and global firms, and locations offered are no longer restricted to India and Asia.
- Foreign university partnerships: There is an increase in the number of Indian business schools having tie-ups with foreign universities, such as SP Jain Institute of Management and Research with Virginia Tech; the Indian School of Business with the Wharton School of Business and the Kellogg School of Management; Great Lake and Yale; Welingkar College with Temple University; the Institute of Management and Technology with Fairleigh Dickinson University, among others. These partnerships provide an international standard of education at a lesser cost. Download the full list of partnerships.
- Prior work experience: Indian business schools are more open to non-experienced candidates than most US universities, which prefer candidates with a minimum of two to three years of work experience. In a typical management program class at a premier institution, you'll generally see a ration of non-work-experience candidates to work-experience candidates of 50:50 to 70:30. However, full-time Executive Management programs (e.g., PGPX / PGPM) at premier institutions, typically one year in duration, accept only candidates with substantial work experience.
- Focus of study: For specialized learning and training in niche graduate management education areas such as Entrepreneurship, Venture Capital, Energy Management, and Sports Management, international business schools rather than Indian business schools may offer top programs.
- Diversity: In terms of student population from various countries, gender, education, and work background, international business schools offer a more diverse class environment. However, premier Indian institutions are addressing this need for diversity through action directed at increasing the representation of international students, women, and non-engineers in their management programs.