Pursuing an MBA Abroad for Indian students is not just a goal; it represents their constant perseverance in upskilling within today's competitive business world. An MBA abroad is widely opted for due to the lucrative career opportunities it offers. 

In fact, graduates can secure managerial positions with substantial salaries, with the highest MBA salary in the USA reaching around $200,000 per year (according to Glassdoor, August 2024). 

I have mentioned integral aspects associated with an MBA degree abroad, like the best countries to study MBA abroad, how to apply for global MBA programs, MBA specializations, tuition fees, salaries, and more for your better understanding. Read on to explore the path which often leads to significant career growth and development. 

Here's everything you need to know about studying MBA Abroad as an Indian Student.

Highlights of MBA Abroad for Indian Students

Why Pursue an MBA Abroad?

• Global Exposure: An MBA abroad offers access to international business networks and a multicultural learning environment.
• Diverse Curriculum: Business schools abroad often provide a more practical and global curriculum, tailored to developing skills relevant to the global market.
• Career Opportunities: International MBAs typically open doors to career opportunities in global organizations, offering higher pay and broader roles.

Top Countries for MBA Abroad

Here are some best countries to pursue MBA abroad:

• USA: Known for prestigious business schools like Harvard, Stanford, and Wharton, the USA remains a top destination.
• UK: Universities like Oxford, Cambridge, and London Business School offer world-class MBA programs.
• Canada: With schools like Rotman and Ivey, Canada is known for offering affordable education with post-study work opportunities.
• Australia: Institutions like Melbourne Business School and AGSM are gaining popularity for their dynamic MBA programs.
• Germany: Known for affordable or tuition-free education in public universities, Germany offers value-for-money MBA programs in schools like Mannheim and ESMT.

What are Benefits of Pursuing MBA Abroad for Indian Students

Pursuing an MBA abroad offers numerous advantages for Indian students, ranging from global exposure to enhanced career opportunities.

1. Global Exposure

Diverse Classroom Environment: MBA programs abroad bring together students from various cultural and professional backgrounds. This exposure helps Indian students develop a global mindset and understand different business perspectives.

International Networking: Access to an international network of peers, faculty, and alumni can open doors to global career opportunities and partnerships.

2. Higher Earning Potential

MBA graduates from top international schools often enjoy higher salary packages compared to domestic programs. The return on investment can be substantial, especially in countries with a strong demand for MBA graduates.

3. Access to World-Class Education

Cutting-Edge Curriculum: Business schools abroad offer innovative, industry-relevant curricula. This includes exposure to real-world business challenges, case studies, and practical experience.

Top Faculty: Many global business schools have faculty who are leaders in their fields, offering high-quality teaching and research opportunities.

4. Improved Career Prospects

Global Job Opportunities: An international MBA increases the chances of landing jobs with multinational corporations or even starting a career abroad in countries like the USA, UK, Canada, Australia, and Germany.

Career Acceleration: The skills and knowledge gained through an international MBA can lead to faster career progression and the opportunity to take on leadership roles earlier.

5. Multicultural Skill Development

Working in a multicultural environment helps students develop essential skills like communication, adaptability, and cross-cultural collaboration, which are highly valued by global employers.

6. Better Access to Scholarships and Financial Aid

Many international institutions offer scholarships specifically for international students, including Indian students.

7. Post-Study Work Opportunities

Countries like the USA, Canada, Australia, and Germany offer post-study work visas, allowing MBA graduates to gain work experience after completing their studies. This can make the transition to a global career smoother.

8. Personal Growth and Independence

Living in a foreign country can be a life-changing experience, broadening one's worldview and improving problem-solving skills.

9. Specializations and Niche Programs

International business schools often offer specialized MBA programs in areas like entrepreneurship, technology management, finance, healthcare, and sustainability, allowing students to tailor their education to their career goals.

10. Cross-Border Entrepreneurship

For those interested in starting their own businesses, an MBA abroad provides access to resources, mentors, and networks that can help entrepreneurs succeed in both domestic and international markets.

Top B-Schools in the USA

Here’s a list of the top B-schools in the USA according to the QS Global MBA Rankings 2024:

Source: Official university websites, QS Global MBA Ranking

Cost of Studying MBA in the USA

The tuition fees vary from one business school to the other. Even different MBA programs within the same business school may have different fees structure. Studying an MBA abroad for Indian students can be a costly affair, especially at top universities.

The average tuition fees for an MBA in the USA is around $86,000 or ₹72,00,000. This may differ per the chosen college/university’s repute and program’s features.

Course Duration 

The duration of most of the MBA programs in the USA is two years. However, some business schools in the USA also offer an Accelerated MBA degree which only takes around one year to complete.

Stay back Period for MBA Graduates in the USA

After completing studies in the USA, students can stay for one year on an H-1B visa. However, students enrolled in STEM-certified MBA programs are eligible to apply for a 24 months extension, making the total duration of stay back for three years.

Top B-Schools in Canada

Here’s a list of the top B-schools in Canada according to the QS Global MBA Rankings 2024:

Source: Official university websites, QS Global MBA Rankings

Cost of Studying MBA in Canada

Canada offers one of the most affordable options to study MBA abroad since the cost of studying in the country is comparatively less than any other study abroad destination. The average tuition fees in Canada range from CAD 80,000 to CAD 130,000 (₹47,00,000 to ₹80,00,000).

Course Duration 

The duration of most of the MBA programs in Canada is usually two years. Some universities also provide a one-year MBA degree.

Stay Back Period for MBA Graduates in Canada

The validity of a post-study stay back or post-graduation work permit (PGWP) in Canada depends on the duration of the course. Students with a course duration of two years or more can stay back in the country for three years. 

If a student pursues an MBA in Canada which is for less than two years (but more than eight months), they may be eligible to stay for a three year PGWP if they meet all . However, most MBA graduates stay in Canada for two years. Therefore, students with a course duration of two years or more can stay back in the country for three years.

Top B-Schools in the UK

Here’s a list of the top B-schools in the UK according to the QS Global MBA Rankings 2024:

Source: Official university websites, QS Global MBA Rankings

Cost of Studying MBA in the UK

Students get a wide scope of choices and preferences in specializations to pursue MBA courses abroad. The cost of studying depends on the duration of the course, different fees structure of universities or business schools, and area of specialization. 

On average, studying MBA in the UK ranges from £30,000 to £115,000  (₹31,95,300 to ₹1,22,48,650).

Course Duration 

Full-time MBA programs typically last around 24 months. For a part-time MBA, the course duration ranges between two and three years, with more flexible study options. Some institutions also provide a one year MBA program.

Stay Back Period for MBA Graduates in the UK

The Graduate Visa or ‘Post-Study Work Visa’ allows students to stay back in the UK for a period of two years post the completion of the course. During this time, they can look out for job opportunities and find a stay back in the country to work.

Top B-schools in Germany

Here’s a list of the top B-schools in Germany according to the QS Global MBA Rankings 2024:

Source: Official university websites, QS Global MBA Rankings

Cost of Studying MBA in Germany

There is no tuition fee charged for studying at public management colleges in Germany but students have to pay a semester fee of $200 to $300. As for private management colleges, the average tuition fees range from €15,200 to €50,000 (₹13,73,928 to ₹44,73,305).

Course Duration 

Full-time MBA course duration in Germany is usually between one and two years, while part-time MBA courses can take anywhere between 1.5 to 2 years.

Stay Back Period for MBA Graduates in Germany

After studying MBA abroad, students from non-EEA and non-EU countries with a residence permit get to stay back in Germany for another 18 months while they look for a job in Germany.

Top B-schools in Australia

Here’s a list of the top B-schools in Australia according to the QS Global MBA Rankings 2024:

Source: Official university websites, QS Global MBA Rankings

Cost of Studying MBA in Australia

The cost of studying MBA in Australia varies according to the course and university. However, the average cost of studying MBA for international students will range from AUD 21,800 to AUD 106,650 (₹1,189,190 to ₹5,817,757).

Course Duration

Most traditional Master of Business Administration programs span over six trimesters, or two years of full-time. Part-time MBA programs often take between three and five years to complete.

An accelerated MBA, on the other hand, can give certain students the opportunity to earn their qualification more quickly than a traditional MBA in around one year only. 

Stay Back Period for MBA Graduates in Australia

Temporary Graduate visa (subclass 485) or Post-Higher Education Work stream is for international students who have recently graduated with a degree from an Australian institution. It lets you live, work and study in Australia, temporarily for two to three years. 

Top B-schools in Singapore

Here’s a list of the top B-schools in Singapore according to the QS Global MBA Rankings 2024:

Source: Official university websites, QS Global MBA Rankings

Cost of Studying MBA in Singapore

The average tuition fees for studying MBA abroad in a country like Singapore is contingent upon the university. However, the average tuition fee for an MBA degree in the country is around SGD 75,250 or ₹47,25,700.

Course Duration 

Duration of MBA programs in Singapore on an average is around 15 to 20 months.

Stay Back Period for MBA Graduates in Singapore

After completing your studies in Singapore, you may be eligible for a stay-back period under the Singapore Employment Pass or other relevant passes, depending on your situation. 

For international students who have graduated from an approved institution, the most common option is the Long-Term Visit Pass (LTVP) or the Employment Pass (EP) if you have a job offer. 

You must apply for these passes before your Student Pass expires.

MBA Specializations in Demand Abroad

Students wishing to study MBA in foreign countries have to choose the specialization that are suitable to their needs. The first year of the MBA curriculum requires them to study general management and basic subjects related to managerial courses. 

After getting an overall idea of the subject, in the final year, they have to learn in-depth about the specialization they have chosen. 

There are many specializations offered by different universities, some of which along with their average salaries are as follows:

Source: Glassdoor, August 2024

Job Opportunities After MBA in Abroad

Source: Glassdoor, August 2024

How to Apply for MBA Abroad

Being one of the most pursued courses in the world, studying MBA abroad can open doors for global opportunities. It makes your foundation strong in the fundamentals of the business world such as accounting, finance, marketing, managerial skills and strategy, human resources, and business ethics. 

However, studying MBA abroad requires you to fulfill associated eligibility criteria. 

MBA Abroad Eligibility

In countries like the USA, the UK, Canada, Australia and Ireland, to study an MBA, international students should hold a bachelor’s degree from a recognized university. Most of the universities look at your holistic profile and not just your GPA. 

MBA programs at some universities may require you to have work experience. You may be required to showcase:

• Relevant work experience for at least 2-3 years before applying for an MBA. 
• In countries like Ireland and New Zealand, to meet MBA abroad eligibility, you must have a work experience of a minimum of 4 to 5 years. 

It is to be noted that there are various universities which accept MBA abroad applications without work experience. You must go through the institute’s official website to know about their admission requirements. 

Required Exams for Studying MBA abroad

To get admission to a university abroad, a student must appear for and score good in merit-based entrance exams like GMAT or GRE. The required GRE/GMAT scores at every university are different and that can be checked at the respective institution’s official website. 

To qualify for an MBA in abroad, a student must take an English proficiency test like IELTS, TOEFL, PTE, or Duolingo. An IELTS score of 6.0 to 7.5 or above and a TOEFL score of 85-109 are considered decent to procure admission at a globally-recognized international university. 

Visa Requirements

After procuring admission at a business school abroad, a student needs to apply for a visa in the new country to which they are immigrating. This would not only help them to board a flight to the country, but also entitle them to the benefits provided to the students registered in the said country. 

Listed below are the procedures to be followed while applying for a visa.

USA

To study in the USA on a student visa, you must first be accepted into a SEVP-certified school and receive a Form I-20. You must then pay the SEVIS I-901 fee and complete the DS-160 form for a visa interview at a U.S. embassy or consulate.

Key requirements include a valid passport, proof of financial ability to cover tuition and living expenses, and evidence of strong ties to their home country to ensure intent to return after studies. 

Additionally, applicants must demonstrate English proficiency and pass a medical examination. The visa categories include F-1 for academic students and M-1 for vocational students.

Read More: Student Visa for USA

UK

You would need a Tier-4 (General) student visa to be a part of an MBA program in the UK. 

Key requirements include an acceptance letter from a licensed Tier 4 sponsor, proof of sufficient funds to cover tuition fees and living expenses, and proficiency in the English language, evidenced by passing an approved test.

You must provide a current passport or valid travel documentation, a Confirmation of Acceptance for Studies (CAS) reference number from the educational institution, and proof of financial support. The visa also mandates payment of the healthcare surcharge for access to the National Health Service (NHS).

Read More: Student Visa for UK

Canada

A Canadian student visa, known as a study permit, is required for international students to study at Designated Learning Institutions (DLIs) in Canada. To be eligible for a study permit, you must have a letter of acceptance from a recognized institution, proof of sufficient funds to cover tuition fees, living expenses, and return transportation.

Additionally, you must not have a criminal record and may need to provide a police certificate if asked for. A medical exam may be required, and the applicant must prove they will leave Canada at the end of their authorized stay. 

The permit must be applied for before traveling to Canada, and students may also need to provide biometrics as a part of the application process .

Australia

Australia's Student Visa (Subclass 500) allows international students to study full-time in a recognized education institution. To qualify, you must provide a Confirmation of Enrolment (CoE) from an Australian institution, demonstrate sufficient financial capacity to cover tuition, travel, and living expenses, and prove English language proficiency through tests like IELTS or TOEFL.

Additionally, you must meet health and character requirements, often involving medical examinations and police clearances. The visa also permits limited work rights of up to 40 hours per fortnight during term time and unlimited hours during scheduled course breaks. Health insurance through the Overseas Student Health Cover (OSHC) is mandatory for the visa duration.

Germany

To apply for a German student visa, you must prepare two sets of documents including (but not limiting to):

• Valid passport with at least one-year validity.
• Completed application form and signed declaration.
• Statement of purpose/motivation letter.
• Proof of admission to a German university.
• Language proficiency proof (B2-level or higher).
• Academic certificates.
• Proof of financial means (€11,208 per year, increasing to €11,904 from September 2024).
• Three passport photos.
• Visa fee (€75).
• Travel health insurance.

Singapore 

To study full-time in Singapore, you need a Student's Pass. Here are the key requirements:

• Apply online through ICA's website with a Registration Acknowledgement Letter from your school.
• PRC citizens over 19 attending specific courses might need an interview at the Singapore Embassy in Beijing.
• Documents for the interview include legalized birth and educational certificates, financial statements, study plan, identity cards, employment details, and the applicant's passport.
• If applicable, include marriage certificates of parents/step-parents or spouses who are Singapore citizens or permanent residents.

Role of Consultants in Fulfilling One’s Study Abroad Dream

Are education consultants really helpful for studying abroad? There are various consultancies which fast forward the long process of applying for an MBA abroad and make it smoother for the aspirants. 

upGrad Abroad not just assists you in your application procedure and in selecting the right university & country, but it has also tied up with various foreign universities to offer an MBA degree at a much lesser tuition fee. 

Here’s an overview of how a consultant can help you to study MBA abroad. 

a) Help you in targeting the top scores in exams like GRE, GMAT, SAT, IELTS and TOEFL.

b) Guide you in choosing the best country in accordance with the benefits offered by each of them.

c) Help in deciding which one is the right university based on your scores and profile.

d) The consultants assist you in drafting a college essay, LOR, and resume so that you can get admission to your dream university.

e) Construct a financial road map for you by exploring how your education can be funded – scholarships, university aid, education loan and money-saving hacks.

f) Once all the requirements are met, the consultant will also guide you in applying for the student visa.

Scholarships Available for Indian Students to Study MBA Abroad

Pursuing an MBA abroad is an expensive affair. However, to fulfill your study abroad dream, various universities offer scholarships to international students so that they can afford their expenses in the country. 

There are two types of scholarships in foreign countries – one offered internally by the institution and another one provided externally by various foundations, institutions and the government on the basis of the merit or needs of the student. 

Also Read: Scholarships for MBA Abroad for Indian Students

List of Scholarships in Different Countries

Listed below are the names of the scholarships which are externally offered to students in various countries.  

Source: Official Scholarship and University Websites

Educational Loans to Study MBA Abroad

To apply for an educational loan to finance your study abroad dream, you must have an accredited admission letter from a foreign university. 

The organization which would approve your loan will estimate your worth on the basis of the tuition fees and associated costs. If the nature of your degree and the ability to repay the loan on completion are deemed fit, your loan will be approved. 

There are two types of education loans based on collateral security:

a) Secured educational loan-

Offered by government and private banks in lieu of some assets which are kept as collateral security by the applicant.

b) Unsecured educational loan or an educational loan without collateral-

Offered by private financial institutions known as Non-Banking Finance Companies (NBFCs) and does not require any collateral. In this case, a guarantor is needed who will take care of the loan security.

MBA Abroad Without GMAT: List of Top Universities 

Most of the B-schools require a valid GMAT score. Undoubtedly, it is one of the most important exams for studying MBA abroad. However, some students are not able to crack the test. 

Therefore, instead of wasting a year, they can apply to universities that accept students without GMAT scores. In this case, they must meet the following requirements:

• Statement of Purpose (SOP)
• Letter of Recommendation (LOR)
• GPA
• Language Proficiency Test Frequently Asked Questions to Study MBA Abroad
• Relevant work experience
• A prolific Resume

Universities Offering MBA Abroad Without GMAT

Source: University Websites

MBA Colleges Abroad Without Work Experience

People who get an MBA learn skills that help them perform a variety of jobs in the business world. Most people who apply for an MBA are young students who haven't had much job experience.

Many universities abroad are willing to let students apply for an MBA degree even if they have little or no work experience. Here are some of the universities you can apply to for an MBA abroad:

Source: University Websites

Embarking on an MBA journey abroad is more than a degree- it's an investment. From full-time programs to executive tracks, the options are diverse. Benefits include practical knowledge, career advancement, and global networking. Explore top countries like the USA, Canada, and Australia, each with its unique advantages. 

Remember, consultants play a vital role, and scholarships & loans ease the way to embark on your study abroad journey. Dream big, study smart, and let your MBA propel you toward success.