A number of students preparing to go for an MBA are often stuck in the dilemma to choose between an IIM and a foreign MBA. Many a times students find it difficult to make a choice. The answer to these confusions depends upon a number of factors that need to be analysed before one makes a choice. Over the last few decades MBA colleges have covered a long distance to become a rage nowadays. Though a degree from one of the IIMs is highly reputed in India but how do we fare in comparison against foreign MBA degrees?
Just the term foreign does not add worth to an MBA programme. There’s no point in comparing the best of the Indian MBA institutes, like the IIMs, with low ranked MBA courses abroad. Similarly, comparing Stanford or Harvard MBA programs with that of the IIMs in India is preposterous. When we talk of the top ten Indian B-schools and the top ten foreign B-schools, definitely the foreign MBAs are more reputed and recognised worldwide.
The main difference between getting selected into an IIM and a foreign MBA programme is that the candidate does not need to write an aptitude exam similar to CAT. CAT which is a highly esteemed competitive exam in India measures the quantitative aptitude of students and expects students to have a thorough practice in major topics of Mathematics. This makes it quite challenging for students who hail from a non mathematical backgrounds so a number of them get eliminated beforehand, howsoever good they may have performed in the interview if given a chance. In comparison, foreign institutes do not put exams such as CAT as an impenetrable hurdle, rather they lay a greater emphasis upon work experience and personal assessment.
A foreign MBA and an IIM degree cannot be compared in terms of success rates. If you are exceptionally good at an IIM, success rates might be higher than being an average scholar in a foreign university. Plus it depends upon the preference of the candidate who wishes to apply. If they want to work outside the Indian job market, it is good to go for a foreign MBA but if the Indian market is solely targeted then an expensive foreign MBA might not be the best.
Although good MBA programs are universally expensive, but it gets a lot worse when you look at the depreciating rupee and the usually costly MBA courses in foreign universities. If you plan to take a loan and then fly abroad, it could take a long time for you to repay it even with a decent paying job.
Both the IIMs and the foreign MBA degrees have their own strengths. Although the post-degree salary of an Indian MBA will be lower than a good foreign MBA but the cost of the degree also varies similarly.
So basically at the end it is about the preference and the recourses of the candidate who wishes to pursue the degree!