Overseas MBA: Reasons, Benefits, and Everything Else
Today the corporate world is going through rapid changes across different business verticals like finance, operations, marketing, etc. As a result, every big firm is continuously looking for new business markets and opportunities to grow through innovation and smart thinking.
Such companies often go for dynamic managers who are committed to the long term vision of their company and already well-versed in various business-related aspects and theories. Therefore, these companies are always on the lookout for MBA graduates from top colleges who can bring fresh ideas to the table and are willing to make a difference in their workplace.
How Can MBA Help You?
- Higher Salary
MBA grads are generally preferred for most management-level job openings across various industries. Therefore, they have a significant chance of getting a higher salary as most companies value individuals with professional training in management concepts. Furthermore, an MBA degree can often help you get better remunerations if you reach the ceiling and get otherwise stagnated in your current pay scale.
- Better Career Opportunities
An MBA degree can help you explore different career opportunities. You can even successfully shift your career path to get better roles and responsibilities. For example, you can switch to finance or human resource even though you have worked in the domain of sales and operations till now.
Pursuing an MBA from a top globally acclaimed business school gives you numerous opportunities to connect with industry insiders. In turn, this can help you get valuable internships or job offers once you complete your degree.
Furthermore, various interaction formants such as industry leaders’ lectures and student-alumni meetups can help you significantly expand your professional network.
- International Exposure
Reputed global B-schools have a good concentration of international students. As a result, you get to be a part of a diverse group of individuals from different nationalities and cultures. To add to this advantage, the faculty of such institutions comprise some brilliant minds from all over the world.
All this can help you get a lot of global exposure, allowing you to evolve as a manager rightly suited for addressing global issues and challenges facing today’s modern-day businesses.
- Management and Entrepreneurship
Top B-schools like Harvard and Stanford have proven to be the cradle of management studies from where we regularly get top industry leaders, CEOs, and founders of new businesses. Such a dynamic learning environment can help you imbibe invaluable managerial skills and entrepreneurial values.
Top US B-schools Rankings in 2022
|1||Graduate School of Business||Stanford University||Stanford, CA|
|2||Wharton School||University of Pennsylvania||Philadelphia, PA|
|3||Booth School of Business||University of Chicago||Chicago, IL|
|4||Kellogg School of Management||Northwestern University||Evanston, IL|
|5||Harvard Business School||Harvard University||Boston, MA|
|6||Sloan School of Management||Massachusetts Institute of Technology||Cambridge, MA|
|7||Columbia Business School||Columbia University||New York, NY|
|Haas School of Business||University of California- Berkeley (Haas)||Berkeley, CA|
|9||Yale School of Management||Yale University||New Haven, CT|
|10||Tuck School of Business||Dartmouth College||Hanover, NH|
Source:- US News
Different Types of MBA
- Regular MBA
A regular full-time MBA is usually of 2 years duration. While anyone with a bachelors degree can pursue this course, most applicants in this category have a minimum of 3 to 5 years of work experience.
- Accelerated MBA
An accelerated MBA programme is usually of 1 year to 16-months duration. The course structure and curriculum are almost the same as in a regular programme. However, the short time frame often means an intensive and immersive learning experience with no extended breaks and fewer internship opportunities.
This course is suited for already working professionals who need an MBA degree to further their career growth but can’t commit two years.
- Executive MBA
EMBA is usually of two-year duration, just like a regular MBA. However, it is designed for working professionals who can’t afford to leave their job for studies. The classes are therefore held on weekends and holidays.
Sometimes the classes are also held in the evenings so that working professionals can attend conveniently.
- Online MBA
Online MBA is pursued from home or other remote locations without physically requiring the candidate to attend classes. The courses are taught through recorded video lectures, online virtual classrooms or web conferences.
Online MBA courses usually last for a little more than two years.
Different Exams for Admission in Overseas MBA Colleges
- GMAT/GRE Exams
A valid GMAT (Graduate Management Admission Test) or a GRE (Graduate Record Examination) score is a prerequisite for admission to most top global B-schools. While a GRE score can be used for taking admission to any masters degree programme, a GMAT score is used exclusively for admission to B-schools.
[READ: GMAT vs GRE}
- TOEFL/IELTS Exams
Both TOEFL (Test of English as Foreign Language) and IELTS (International English Language Testing System) are used to determine your English language proficiency. Several universities accept any or both of these exam scores.
You need to determine the language test score your university of choice accepts and aim to score high on that exam. For instance, most US B-schools accept TOEFL scores, whereas most Canadian B-schools accept IELTS scores.
Elements of MBA Application
While various business schools follow different admission standards, the common application elements usually required in most institutions are-
- Resume of the applicant
- Applicant’s test scores in GMAT/GRE and TOEFL/IELTS
- Background information of the applicant
- Essays (The number of essays depends on the school)
- Letters of recommendation
- Personal interview
Check the B-Schools’s website for complete details.
Cracking MBA Interviews
The interview is the last and perhaps the most crucial hurdle before you get admitted to your favourite MBA college. The admission council usually wants to know what kind of person you are and how well can you blend in the campus. Consider the following tips for a smooth interview experience.
Do proper research on the course and the college to understand what the college looks for in its students.
You are not appearing for a job interview. Be honest about what you don’t know but come across as a person who is willing to know.
Today, all reputed universities want to see if the applicant is compassionate and empathetic toward an issue. So, refrain from boasting about your achievements without showing the admission committee how you can use those achievements for the greater good of yourself, the b-school and the community.
When asked to say something about yourself, all those jokes about going blank can be true if you are not prepared. Prepare practice questions and their answers that interviewers can ask. Read the post below to get a good idea.
It is a fact that an overseas MBA can be a costly affair. However, you can consider trying various types of scholarships to bring down the cost. Alternatively, you can consider availing of student loans to fund your education.
Remember, MBA hiring trends are likely to remain high in the coming years. So it’s the right time to join the bandwagon of high achievers with an internationally acclaimed MBA degree.
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