The Best Alternative Destinations for Indian MBA Applicants—Outside the US

The US has long been an attractive destination for Indian business school aspirants. However, recent changes to the student and post-study visa policies are influencing the popularity of US business schools in the 2025-6 application cycle.    

 

A recent study found that the US has lost its status as the most popular destination for business studies—it now ranks third, behind the United Kingdom and Germany. 

 

The cost and limited availability of student visas are playing a part in the change in candidate plans. The cost of an F-1 student visa, which is required to study in the US, now totals $785; add to that a typical business school application fee, and it costs over $1,000 just to apply to a single US business school. Some schools are waiving application fees to lessen the burden for Indian candidates, but not all.

 

There are specific visa challenges for applicants from India, where students have experienced significant delays in visa processing, partly due to new rules that require applicants to attend interviews in their country of residence or citizenship. A new requirement for social media checks is also slowing down approvals. 

 

As a result, US visa issuances for Indian students dropped by 45% in August 2025 compared to the same period last year. 

 

“These numbers are coming up repeatedly in advising sessions, and they’re changing how candidates think about timing, school selection, and post-study plans,” says MBA consultant and GyanOne Universal founder, Rishabh Gupta.

More recently, the US proposed changes to the H-1B visa, which is a primary route for Indian MBA graduates to work in the US. Under new proposals, the fee for companies to sponsor a graduate under the H-1B visa would rise to $100,000 in February 2026. As more than 70% of H-1B beneficiaries are from India, this fee change has encouraged candidates to cast their nets further afield.

 

“Instead of an exclusively US list, applicants are building US-plus portfolios: one or two American targets paired with strong non-US options they’d be happy to attend if sponsorship tightens or timelines slip,” says Rishabh. 

 

What are the Best Alternative Destinations for Indian Business School Applicants? 

 

If you are among the quarter of international students looking beyond the US for your business education, you have options. There are plenty of other attractive locations for your MBA—including destinations you may not have considered. 

 

“European, UK, and Asian MBA programs are seeing an increase in interest, particularly those that offer a combination of global brand recognition and manageable post-study visa pathways,” explains Arvind Kumar from admitStreet, an MBA admissions consultancy. 

 

“Candidates who previously targeted only top-15 US MBA programs are now dedicating efforts to strong EU, UK, and Indian MBA programs as well, while those focused only on non-US programs are doubling down,” he adds.

Rishabh agrees: “Europe, particularly Germany, is the clearest gainer this cycle, helped by friendlier post-study work rules and lower tuition in many programs. Multiple Indian surveys this year show US intent down by double digits and Germany’s share of Indian study-abroad interest rising to roughly a third. Candidates are also adding the UK, Canada, and UAE/Singapore.” 

He adds: “The logic is straightforward: predictable work rights, manageable costs, and fewer moving parts around sponsorship. In practice, applicants are anchoring their lists with one or two European or Canadian options and then deciding how much US risk they want to carry.”

 

Here is our roundup of some top business study destinations to consider if you’re seeking to apply outside the US.

 

Australia

India is the second-largestsource country for international student enrollments in Australia. The country is renowned for offering an attractive work-life balance, which may appeal to applicants seeking a location to launch their post-MBA careers. Australia is home to top-ranked business schools, including the Australian Graduate School of Management (AGSM) at UNSW Sydney, which has the best MBA program in Australia.

 

The recent rise in international student caps in Australia means more potential opportunities for Indian applicants. However, high living costs—especially in cities like Sydney and Melbourne—may not make it cheaper than study in the US.

 

 

Canada

 

Indian applicants wishing to study in Canadamust also contend with study permit caps that seek to limit the number of international students in the country, in part to address housing shortages in major cities. In 2025, only 20% of Indian student visas for Canada were accepted.

 

To apply for a Canadian student visa, applicants must prove that they have at least CA$22,895 (approx. US$16,500) to cover living costs—a significant requirement. However, armed with a study permit and the funds to study, Indian MBAs can anticipate a strong ROI if they land a role at one of the many large companies located in the country. For example, MBA graduates at Queen’s University Smith School of Business in Ontario achieve an almost 120% salary increase.  

 

 

France

 

This year, there was a 17% rise in the number of Indian students in France. Two of the top ten best MBAs in the world are in France, at INSEAD and HEC Paris—both of which Arvind says are seeing significant interest from Indian MBAs. 

 

Career opportunities in global cities like Paris and Lyon are a significant factor for students choosing to study in France. However, students can also keep living costs to a minimum in alternative student cities, such as Lyon, home to emlyon Business School. 

 

Germany

 As we’ve already mentioned, Germany jumped three places this year to rank as the second-most popular destination for business students. Between 2022 and 2024, the number of Indian students in Germany increased by 68%. 

 

Lower tuition fees and living costs than other European countries make studying in Germanyan attractive prospect. Two of Germany’s top business schools, WHU Otto Beisheim School of Management and Mannheim Business School, are in highly affordable cities: Düsseldorf and Mannheim.

 

Hong Kong SAR

Small yet mighty, Hong Kong SAR is emerging as a leading destination for business students. In recent years, universities in the city have raised their profile in league tables—notably, it’s the only city in the world to have five universities named in the global top 100. 

 

Two top institutions in the city—the Hong Kong University of Science and Technology (HKUST) and the University of Hong Kong (HKU)—also have business schools that rank among the world's top 50. With Hong Kong universities increasingly looking to attract Indian students, the combination of top MBA programs and prime career opportunities (especially in finance) could result in more Indian applicants.

 

India 

Indian applicants shouldn’t discount studying domestically, of course. With a rapidly growing economy, top global business schools, and increased job opportunities in the tech sector, studying in India could be an excellent choice.

 

“Indian schools like [Indian School of Business] and the [Indian Institutes of Management] that offer 1-year MBA programs continue to be popular,” says Sameer Kamat, founder of MBA Crystal Ball, an MBA admissions consulting firm. 

 

“However, not all applicants who were originally considering international MBA options (for financial, professional, or lifestyle reasons) are making the shift to Indian programs.” 

 

Singapore

Following trends in other Asian destinations, Singapore is also seeing renewed interest from international students. The presence of international business schools such as INSEAD, combined with the high quality of life and numerous job opportunities in the city-state, makes it a compelling destination for Indian students. 

 

While the cost of living in Singapore is higher than in other Asian cities, tuition fees for international students in Singaporeare more affordable, especially at Singaporean institutions. With strong career prospects, particularly in industries like finance and manufacturing, the ROI of a Singaporean MBA can be significant. 

 

Spain

In direct response to the tightening of visa rules in the US and other study destinations, Spain has launched a fast-track visa that allows students originally bound for US programs to transfer to a Spanish institution. The policy should enable affected Indian students to explore options at top business schools in the country, such as IESE Business School and ESADE Business School.

 

The number of Indian students in Spain has risen significantly—at IE University, the number of Indian MBA students has increased by 200% in the last ten years. The combination of a lower cost of living than in some destinations, and top business institutions makes the country a worthy option for European business studies.

 

United Arab Emirates

A growing business school destination for Asian students, Indian students make up 42% of total international students in the United Arab Emirates. Proximity to South Asia and promising career opportunities enable business schools in the UAE to compete with institutions in traditional destinations, such as the US and Europe.

 

Increasingly, top-ranked global business schools are opening international campuses in the Middle East, including NYU Stern, which launched its MBA at NYU Abu Dhabi (NYUAD) in January of this year. UAE government initiatives such as the Golden Visa also enable foreign students to stay in the country long-term after their MBA.

 

 

United Kingdom 

 

The UK has long been a top destination for Indian students looking for a top-ranked business degree and lucrative career opportunities. Although only one UK business school makes the global top ten (London Business School), the overall reputation of the country’s education system, combined with the opportunity to study in global cities such as London, Manchester and Edinburgh, makes it a worthy alternative to the US. 

Around 400,000 international students were granted visas to the UK in 2024, and recent news that nine British universities intend to open campuses in India in the coming years will undoubtedly strengthen the bond between Indian students and UK institutions.   

 

 

Should You Still Apply to US Business Schools? 

 

With numerous options for your business education, you may wonder if it’s still worthwhile to focus on US business schools. From the perspective of many MBA admissions consultants, it is too early to write off the US.

 

“There are several [applicants] who take a contrarian and long-term view,” says Sameer. “The US has been the epicenter of MBA activity for a very long time, with a well-developed ecosystem that relies on international MBA talent. There’s hope that the situation will stabilize by the time they graduate, so it’s a good opportunity to apply to elite US schools when the competition is expected to be lower.” 

 

“My advice is not to completely abandon your US aspirations just out of fear,” agrees Arvind.

 

“Think deeply, and hedge your bets smartly by considering programs that offer a great ROI and brand value, factoring in geographic and financial preferences. A diverse mix of schools across geographies also puts you in a position to compare final offers and financial aid once the admissions results are in.”