Things to consider when planning an MBA abroad
Indian students believe that an MBA is a passport to a great career. They even believe that an MBA from a university abroad is even better and so they put their heart and soul into securing admission in a foreign university.
While it is great to have the desire to get an MBA from a foreign university, it is prudent to consider various factors before you finally choose a university to which you can apply.
1. Choose the best university that is right for you
There are hundreds of universities offering MBA programs abroad. You need to sift through the list and choose the one that matches with your requirement best. For instance, if your interest is in finance, you would want to choose a university that offers finance subjects as electives. Similarly, you can find universities which are good for specific subjects – marketing, international business, HR and systems.
2. GMAT score is very important
Universities abroad depend on the Graduate Management Admission Test (GMAT) score of students to admit them into their MBA courses. Since students from all over the world apply for admission to MBA courses, universities need a test that measures the students’ capability on a common scale. The GMAT does just that. Before you apply, take the GMAT and check the score that the university is comfortable with.
3. Work experience
If you have work experience, it may help you to secure admission more easily. In fact, some universities seek people with work experience. It is seen that job opportunities too are higher for people with work experience.
4. Tenure of the course
There are universities which offer fast track 1-year MBA courses and regular 2-year MBA courses. The 1-year course is good for students with work experience. So, decide accordingly.
5. Costs of completing the degree
Studying abroad is a costly affair. You have to account for various costs that include
- Tuition fees
- Accommodation and living expenses
- Incidental expenses such as the library, Internet and books
- Air fare
- Visa expenses
Besides the above, you have to provide for application fees, GMAT and TOEFL fees and courier charges for sending documents.
You need to document the expected costs perfectly so as to plan for the foreign exchange required. If in the event you are availing a personal loan for education for MBA studies, then too you would require a good estimate of the total expenses involved.
6. Availability of loans for the college you seek
Take care to see that the university you have applied to is in the approved list of universities of the bank or NBFC you are applying to for an education loan. You can check this out with the lender before you apply.
7. Complying with loan requirements
Each lender has its own terms and conditions for granting an education loan for studies abroad. Make sure you understand all the terms properly and you are in a position to comply with them. The main factors the lender will consider include
- Student’s academic record
- The university’s reputation
- University’s admission letter
- Expected costs of completing the course
- The probability of landing a job
- The creditworthiness of student and student’s family
- Whether student and family can offer collateral security such as property, insurance policies and fixed deposits
If you meet the eligibility conditions of the lender then you are in a position to avail the education loan.
Under special circumstances such as past record of the student and family and excellent relationships with the lender, the lender may extend education loan without collateral as security.
If you have made up your mind to study for an MBA abroad, then you will do well to follow the guideline as above to ensure the success of your efforts to secure admission and complete the MBA course. Even if you don’t have the means to fund the costs, connect with us at Tata Capital to avail an education loan and realize your dream.