Thinking about doing MBA after your under-graduation? There is a
huge trend among students to go for an MBA course rather than do any other
masters degree. MBA is becoming popular among students who are looking to
enhance their career as well as among aspiring entrepreneurs. The new
generation of aspirants just do not look for good opportunities in MNCs after
graduation; they are also interested in starting their own business. According
to a survey
by Graduate Management Admission Council (GMAC), the non-profit organisation
that conducts Graduate Management Admission Test (GMAT), both Indian males
(92.4 %) and females (90.2 %) wish to take up MBA as their foremost choice
as compared to other higher education degrees. 
What is surprising is that even after India
has a good number of renowned business schools like the India Institute of
Management (IIMs), there is a huge diaspora of talent from the country. MBA
aspirants prefer to apply to the colleges outside the country with a huge
percentage of application going to the United States of America (USA).
According to another survey by GMAC, it is being seen that around 53
percentages of Indians prefer USA as their study abroad destination.
What is the reason for this large interest
among MBA aspirants to study abroad?
With high competition and preference to get
an international exposure, a large number of MBA aspirants wish to study
abroad. Though top-notch B-schools like IIMs and Faculty of Management Studies
provide quality education and good placements, the competition is very high. It
is very difficult to get the required score to get admitted. Apart from that,
there are a number of other reasons expressed by prospective students that
attract them to foreign universities. Some of these are to settle abroad,
better opportunities in the study destination and language development.
There are usually two types of aspirants
that prefer to study abroad. The first types are the talented students who want
to excel in the field of a global community, while the second types are the
ones who go for purely getting an international exposure and a foreign degree.
The middle class of India is expanding and growing richer, which has made it
possible for the aspirants to venture abroad in search of more education
avenues.
The popular study abroad destinations have
somewhat consistently remained the same with USA and UK holding the top two
positions globally. A latest survey
by GMAC showed that at least two-third of the prospective students, which is
about 66%, still prefer the US followed by UK (around 6%). The survey was done
for a one-year period from October 2013 to September 2014. Prospective student
mentioned here can be divided into three different types: career enhancers (34%
of survey respondents), career switchers (38%) and aspiring entrepreneurs
(28%). The above trend shows a majority of the MBA aspirants globally are still
attracted by the glamorous opportunities that USA and UK has to provide.
A shocking change in the recent study
abroad trends!
According to the same survey
by GMAC it is revealed that India’s popularity among the study abroad
destinations is growing fast and it now stands among the top 5 destinations in
the world. About 3 percentage of the survey respondents preferred Indian as
their study destination. This is more than the number of aspirants preferring Hong
Kong, Germany, Singapore, Netherlands and Australia.
The majority of the respondents were from
Africa (45%), Latin America (44%), and Central and South Asia, including India
(43%). Also another eye-raising fact about the survey is that the top five preference
criteria of a larger percentage of the prospective aspirants are not based upon
the rankings of colleges. With a large number of b-schools accepting
international students, there is a growing shift in the interest from the usual
MBA hotspots. The other factors include quality education and English as a
medium of teaching. Also, the acceptance of GMAT scores for admission is a huge
factor for international students to apply in the Indian B-schools.
Most of the common MBA exams like CAT, XAT,
SNAP, etc., which are required to be taken for admissions to two-year
programmes in the Indian b-schools, happen once in a year. This is a
disadvantage to many working professionals as it is difficult to prepare
according to one’s own free time and also to match the work schedule with the
exam schedule.
GMAT, on the other hand, can be taken any
time of the year according to one’s convenience. It also allows the aspirant
five attempts in a calendar year. Other advantages of GMAT are that the results
of the test are valid for five years and it is an absolute performance
examination unlike other tests which are comparative performance exams.
As a large number of Indian b-schools
accept GMAT scores, it has become easier for international students to apply.
This is one of the greatest factors for Indian becoming a preferred study
abroad destination among MBA aspirants. There are other factors that affect the
preference criteria like visa rules and friendly environment for students.
The b-schools are also coming up with new
ideas to increase the admissions of international students as they believe that
it will help in their global rankings. Last Year Indian School of Business
(ISB) launched an app which gives an overall idea about the college and the
experience of the alumni. They are now tracking the app downloads to measure
the global interest. Apart from that IIM Lucknow is planning to open a branch
abroad to attract international students and give it a global exposure.
From the current scenario of prospective
students’ interest and Indian b-schools trying to attract international
students, it can be rightly foretold that in the future Indian is going to be a
popular destination among MBA aspirants globally.
Author Bio-
Hasib is a foodie and an avid reader with the same
voracious appetite. Passionate about writing, his articles are based upon
current education scenario and guides students in their career decisions. An
existentialist, he is still on the search for the real purpose of life.
Reach him @ twitter, Google+, LinkedIn
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