The pursuit to grab a seat in an IIM is immense, with lakhs of students preparing for CAT, MAT, and GMAT. In 2015, 1,79,602 students appeared for the CAT exam, and surprisingly the number of students registering and appearing for the exam is on a constant decline. According to a recent survey 81% Indian students preferred an MBA from abroad, and the same survey was conducted in 2016, according to which 76% of Indian students were more inclined to MBA abroad.
So what is that attracts Indian students for an MBA abroad?
More than 70% students are attracted by the reputation of the universities and their rankings on the global scale, 68% find the prospect of a possible career in the international country attractive.
The inclination towards the foreign MBA is also because of the lack of quality education in India. Out of 3.5 lakh Indian MBA graduates, only 10% of those graduates were employable, according to Economic Times. So, roughly 35,000 graduates are employable who find a decent managerial job, other 90% find half decent jobs and begin their career again.
Why Indian students prefer MBA abroad
According to AICTE, 3,54,421 students enrolled in 3,364 institutions in 2015; Three Thousand Three Hundred and Sixty Four institutions, imagine that, and how many can you name? Maybe 20. So these 3,364 institutions cater for the need for these 3.5 lakhs, but not all are good or even half good.
Problems with Indian MBA institutions
The problem many of these institutions have is an outdated curriculum with little regard to the industry demand, and that is where the foreign MBA institutions excel. The curriculum is designed to meet the industry standards, demands, and requirements. For instance, if your go for an MBA in Australia at the Curtin University, is ranked in the top two percent of universities worldwide in QS ranking. The CGSB (Curtin Graduate School of Business) has been at the national forefront of management education since 1993 and is a dominant Australian player in the international MBA marketplace.
The other problem is the lack of industry exposure of students as well as lecturers. Many graduates join MBA right after graduation, where good foreign universities prefer students with industry experience, not many universities in India prefer that. Studying among individuals with industry experience enhances a student’s overall learning experience.
Thirdly, an MBA in India isn’t exactly cheap. Except for few Government funded institutions, MBA in India is expensive. Fees for a management program in NMIMS in 13.50 lakh, MDI Gurgaon 17.15 lakh, SP Jain 27 lakh approximately. And that’s not cheap.
These reasons push good Indian students to pursue an MBA abroad, and it is one of the most preferred courses among Indian students.