Reality of an MBA or MiM from Abroad | Foreign MBA

Summary

This video discusses the differences between MBA in India and abroad, focusing on the MIM program as an alternative for those without work experience. It highlights the importance of work experience for MBA admissions abroad, the higher fees and potential salaries, and the self-driven job search process. The speaker also emphasizes the benefits of studying in Ireland due to its job market, lower fees, and language advantages. Finally, they advise that returning to India after an MBA abroad may not yield immediate returns on investment.

Takeaways

• 🎓 MIM (Masters in Management) is ideal for students without work experience, especially in Europe, while MBA requires 3-5 years of experience.
• 💼 MBA programs abroad, like ISB, focus on applicants with solid work experience, while MIM is suited for those wanting to pursue master's right after undergraduate studies.
• 💸 Foreign MBA programs, especially in the US and UK, are significantly more expensive than in India, ranging from Rs.60 lakhs to Rs.90 lakhs per year.
• 🔍 Unlike Indian MBA programs, foreign MBAs rarely offer campus placements, requiring students to network and find jobs on their own.
• 🌐 Language proficiency is critical for securing jobs post-MIM or MBA, especially in non-English-speaking countries like Spain or Germany.
• 🌟 Ireland offers a promising job market for MIM and MBA graduates, with tech companies booming and English being the primary language.
• 💰 While MIM graduates start with lower salaries compared to MBA grads, they can close the gap after gaining a few years of experience.
• 📊 The ROI for MIM/MBA programs abroad may not be as high if returning to India, as Indian employers often value Indian MBA degrees more.
• 🔑 Prestigious colleges like Harvard, Stanford, and London Business School offer great placement opportunities, especially in consulting and finance.
• 🇮🇪 Ireland is emerging as a top destination for affordable MBA programs with good job prospects, making it an attractive option for students.

Q & A

What is the main difference between an MBA and an MIM (Masters in Management) program?

The main difference is that an MBA requires prior work experience, usually 3-5 years, while an MIM is designed for recent graduates with little or no work experience. MIM programs are more common in Europe and are less rigorous compared to MBA programs.

Why do some students prefer MIM over MBA?

Students who want to pursue a master's degree immediately after their undergraduate studies prefer MIM because it doesn't require work experience. It's a way to continue their education without needing to wait for professional experience.

What are the typical challenges faced by MIM graduates abroad when looking for jobs?

MIM graduates often struggle with job placements abroad due to factors like lack of work experience, absence of campus placements, and language barriers in non-English-speaking countries like Germany and Spain. As a result, some students return to their home countries without securing jobs.

How does job placement differ between MBA programs abroad and MBA programs in India?

In India, MBA programs offer campus placements, where companies come to the university to recruit students. Abroad, especially in Europe, students must find jobs themselves through networking, internships, and their own efforts, as campus placements are rare.

What role does work experience play in securing admission to MBA programs abroad?

Work experience is a critical factor for admission to prestigious MBA programs abroad. Universities value an applicant's overall profile, including 3-4 years of quality work experience in fields like consulting, business, or branding, more than just entrance exam scores.

Why is Ireland considered a good destination for pursuing an MBA or MIM?

Ireland is emerging as a popular destination due to its fast-growing economy, particularly in the tech sector, and its relatively low tuition fees compared to the US and UK. Additionally, Ireland is an English-speaking country, which reduces language barriers for job seekers.

What is the average salary range for MBA graduates from top US colleges like Harvard or Stanford?

The average salary for MBA graduates from top US colleges such as Harvard and Stanford is very high, typically ranging above $120,000 per year, especially in fields like consulting and finance.

What is the average tuition fee for MBA programs in the US and the UK?

In the US, MBA programs at top schools like Harvard and Stanford have tuition fees ranging from $75,000 to $85,000 per year. In the UK, top schools like London Business School and the University of Oxford charge tuition ranging from £65,000 to £100,000 per year.

Why is language proficiency important for job placements after MIM/MBA in countries like Germany or Spain?

In non-English-speaking countries like Germany or Spain, proficiency in the local language is often essential for securing jobs, especially in fields like marketing, where understanding local market conditions is crucial. Many students struggle with placements if they lack fluency in the local language.

Is pursuing an MBA or MIM abroad worth it if someone plans to return to India after completing the program?

It may not be worth it financially, as the ROI (Return on Investment) is often lower when returning to India. Indian MBA programs are valued more in the local job market, and high fees paid abroad may not be justified by the salary one can secure in India.

Outlines

00:00

🎓 Insights on MIM and MBA Abroad

The speaker shares their experience and knowledge about pursuing a Masters in Management (MIM) or an MBA abroad. They explain that unlike in India, where many go straight from undergraduate studies, most prestigious foreign universities require work experience for MBA admission. MIM is an alternative for those without experience, common in Europe, and is similar to an MBA but less rigorous. The speaker warns that not having work experience can lead to difficulties in securing a job and visa complications. They emphasize the importance of work experience in the admission process for MBA programs abroad, the preference for candidates with 3-4 years of experience, and the higher fees compared to Indian institutions. The summary also touches on the GMAT entrance exam, the higher salary packages after completing an MBA abroad, and the differences in placement systems, where students are responsible for finding jobs using their college network.

05:01

🌍 Comparative Analysis of MBA/MIM in Different Countries

The speaker provides a comparative analysis of MBA and MIM programs in different countries. They discuss the high fees and excellent placement opportunities in top US and UK colleges, with average salaries ranging from £90,000 to £100,000 per year. They highlight the benefits of having work experience in sectors like consulting and finance for better job prospects. The focus then shifts to Ireland, where the speaker notes the ease of job acquisition, the presence of tech giants, and the advantage of being an English-speaking country with lower tuition fees. They mention specific colleges like Trinity Business School, University College Dublin, and Dublin City University, and their respective fees and placement rates. The speaker concludes with advice on the return on investment (ROI) for international degrees, suggesting that an MBA from India might be more valuable for those looking to work in India, while MIM or MBA from abroad could be beneficial for those seeking international experience or are not concerned about the high fees.

Keywords

💡BBA

BBA stands for Bachelor of Business Administration, which is an undergraduate degree focused on teaching the fundamentals of business operations, management, and administration. In the video, the speaker mentions having completed their BBA from St. Xaviers, Calcutta in 2013, which serves as a foundation for their subsequent discussion on pursuing higher business education.

💡MIM Program

MIM stands for Masters in Management Program, a postgraduate degree designed for graduates without work experience who wish to pursue management education. The video discusses MIM as an alternative to MBA for those without work experience, particularly in Europe, and how it differs from an MBA in terms of admission requirements and career prospects.

💡Work Experience

Work experience refers to the practical knowledge and skills gained through employment. The video emphasizes that for MBA programs abroad, particularly prestigious ones, work experience is often a prerequisite for admission. The speaker also mentions that work experience is valued in the admission process for MBA abroad, with 3-4 years of experience being preferred.

💡MBA

MBA stands for Master of Business Administration, a postgraduate degree that develops the skills required for leadership and management. The video compares MBA programs in India and abroad, discussing differences in admission criteria, fees, and placement opportunities.

💡GMAT

GMAT is the Graduate Management Admission Test, a standardized exam widely used by business schools for admissions. The video mentions GMAT as the entrance exam for MBA programs abroad, unlike CAT for India, and highlights the importance of a good GMAT score for admission.

💡Fees

Fees in this context refers to the cost of pursuing an MBA or MIM program. The video provides a detailed comparison of fees for MBA programs in different countries, ranging from Rs. 30 lakhs to Rs. 90 lakhs per year for foreign programs, versus Rs. 20-30 lakhs for Indian programs.

💡Placement

Placement refers to the process of securing employment after completing a degree. The video discusses the differences in placement systems between Indian and foreign MBA programs, noting that campus placements are rare in foreign MBAs and that job seekers must leverage their networks and experiences to find employment.

💡ROI

ROI stands for Return on Investment, a measure used to evaluate the benefit an individual receives from an investment relative to its cost. The video mentions ROI in the context of the high cost of pursuing an MBA or MIM abroad and whether the subsequent salary and job opportunities justify the investment.

💡Language Barrier

Language barrier refers to the difficulty in communication due to differences in language. The video highlights the challenges faced by students who pursued their MIM in non-English speaking countries due to language proficiency issues, which affected their job prospects.

💡Ireland

Ireland is mentioned as a country with a favorable job market for MBA and MIM graduates, especially in the tech sector. The video points out that Ireland's English-speaking environment reduces language barriers and that the country's growing economy offers many job opportunities, making it an attractive destination for business education.

💡Campus Placements

Campus placements refer to the recruitment process where companies visit colleges to hire graduates. The video contrasts campus placements in Indian MBA programs, which are common, with the rarity of such placements in foreign MBA programs, where graduates are often responsible for finding employment through their own networks.

Highlights

MIM is a master's program in Europe designed for students without work experience, unlike MBA programs that require work experience.

MIM is less rigorous than MBA programs, but after a few years, the salary can match that of MBA graduates.

MBA abroad places more value on overall profile, including work experience, rather than just entrance exam scores.

Work experience in fields like business, consulting, or branding is highly valued for admission into MBA programs abroad.

GMAT is the main entrance exam for MBA programs abroad, while CAT is the common exam for Indian MBA programs.

MBA fees in India are around Rs.20-30 lakhs, whereas in foreign programs, it starts from Rs.30 lakhs and can go up to Rs.90 lakhs per year.

In foreign MBA programs, there is generally no campus placement, so students need to rely on networking, internships, and personal efforts to secure jobs.

Language barriers in non-English speaking countries like Spain and Germany can make it difficult for graduates to secure jobs, especially in fields like marketing.

Countries like Ireland have better job opportunities for MIM graduates due to high demand in tech, finance, and consulting sectors, and the absence of language barriers.

Top MBA programs in the US, like Harvard, Stanford, and Wharton, require 3-5 years of work experience and cost between $75,000 to $85,000 per year.

UK MBA programs at top institutions like London Business School, Oxford, and Cambridge range from 65,000 to 100,000 pounds, with high placement in consulting, tech, and finance.

Ireland's economy is rapidly growing, particularly in the tech sector, with companies like Google, Facebook, and Apple setting up offices, making it an attractive option for MBA/MIM graduates.

Tuition fees for MBA programs in Ireland are lower, ranging from 30,000 to 40,000 Euros, with average post-graduation salaries of 80,000-90,000 Euros.

Returning to India after completing an MBA or MIM abroad may not provide the desired ROI, as Indian MBA programs hold more value domestically.

For those planning to work abroad, proficiency in the local language and a strong professional profile are crucial for securing a job.

Transcripts

Friends, I had done my BBA from St. Xaviers, Calcutta in 2013.

After BBA, many of my friends went straight for Masters or MIM Program.

So, what happens abroad, let me tell you first.

If you don't have work experience,

then generally you don't get admission in MBA programs.

In most prestigious colleges abroad,

you need work experience to do MBA from abroad like ISB.

So there, there is a separate Master�s program instead of MBA

MIM (Masters in Management Program),

You do it if you don't have work experience especially in Europe.

So, many people do it as they want to do masters straight away.

This course is similar to MBA.

But after this, many people's don't get placement abroad.

They don't even get a job.

Their visa time expires and many people come back to India.

So, in this video, I want to talk about

important things regarding MIM abroad and MBA, in a nutshell.

How it is different from MBA in India

and who should do MIM from abroad or MBA from abroad.

So that they can take its best use.

So, friends, first of all, MIM is a course from abroad

where you need to have at least 2-years of work experience to get admission.

Many good colleges in Europe offers MIM course along with good jobs.

And the program is less rigorous than MBA.

At first your salary is not that high compared to MBA from Europe.

But after a few years, you can match the salary.

As I told you, in the admission process of MBA abroad

your overall profile is valued more than the score of entrance exams.

Work experience is an important factor for overall profile.

So, they prefer people with 3-4 years of good work experience

Whether it is experience in business, consulting or branding.

So, they value that experience a lot.

Generally, GMAT is the entrance exam for MBA abroad.

Unlike CAT for India.

Generally, people with work experience of 4-5 years do this MBA from abroad.

Talking about fees...

In India, MBA fee is around Rs.20-30 lakhs in expensive colleges

But in foreign MBA, fee starts from Rs.30 lakhs and can go up to Rs.90 lakhs per year

if you don't get any scholarship.

Salary package is also more if you get a good job after MBA.

You get a job of package above Rs.40-45 lakhs in most countries

You can take Europe or UK as an example.

Talking about the most important thing, placement.

In Indian MBA Colleges, you get placements in the college itself, right?

Companies come to your college and gives placement.

But in foreign MBA, the campus placement system is rare.

College assists you in placements.

Say, you have worked in consulting or banking or marketing.

Based on your profile, you'll have to find yourself job

using your network that you made in college.

By emailing and other things like internships and live projects

Job search is your responsibility.

No one will serve you a job on a plate.

This is the most troublesome part.

Another problem at many places is language barrier.

For example, a lot of my friends who did their MIM from Spain and Germany

didn't have a good language proficiency in Spanish and German.

And they were applying for marketing job.

They did not have that much knowledge about local conditions.

So, they did not get any job.

In such conditions, it is good to do MIM or MBA from a country where you get jobs easily.

For example, I know a lot of people who did their MIM from Ireland.

And not even from the best colleges of Ireland.

But the job situation in Ireland is good right now.

There is a lot of demand for jobs.

So, all my friends who were doing MIM from Ireland,

they got really got jobs.

Within 2-3 years, they have bought cars, and they can even send money home.

They are doing very well in their lives.

I will quickly tell you about the top colleges of some countries.

I will also tell you about fees and admission process quickly.

Friends, the fees of MBA in USA is a per year fee.

If you have a 2-year MBA, double the figure.

The top MBA colleges in USA are Harvard Business School, Stanford and Wharton.

Their fees range from $75,000 - $85,000 per year.

So, if you convert it into rupees, the fees is more than Rs.70 lakhs.

In this, you need GMAT GRE Exam and strong work experience of 3-5 years

If you are going from India,

you get placement in consulting and finance mostly in all these places.

And their average salary is very high.

If you apply there get admission, you'll definitely get a job.

These are great colleges to apply to.

And these range above $1.2 lakhs dollars per year

If we talk about UK, good colleges like London Business School,

University of Oxford and University of Cambridge are there.

Their fees range from 65,000 pounds - 100,000 pounds.

So again, in rupee it starts at Rs.60 lakhs and go up to Rs.90 lakhs.

Their average salary ranges between 90,000-1,00,000 pounds per year.

Again, you get good placements here in consulting, tech and finance.

So, if you have work experience in sectors like consulting and finance

it helps you more in getting those jobs.

If you have already worked in McKinsey in India,

you can get a job in McKinsey there sooner or later.

So, this is a good indicator of what kind of work ex

can help you in getting placements.

Now let's talk about Ireland.

As I have told you, I am seeing many jobs here

which are easy to get compared to other countries, in my experience.

In Ireland, tech has recently rose.

Tech companies like Google, Facebook, Apple have recently made their offices here.

It is one of the fastest growing economy of Europe.

So, there is a lot of demand for employees.

The other thing is that it�s an English-speaking country.

Many people speak English here.

So, integration...as I said language is a big problem for people getting jobs.

In Ireland, your language barrier is not significantly high.

You know, even if you do not know Irish, it will not be a major problem in getting job.

Most importantly, tuition fees here is very less compared to US and UK

Let me tell you about the good colleges and their fees.

Trinity Business School, there is one year MBA program here.

The fees here are around 30,000 - 40,000 Euros.

So, it is less compared to the colleges about which I told you earlier.

Now you will ask if the average placements here is not good.

No, the salary after MBA here is seen to be above 80,000 Euros.

And as I have said, you do not have campus placements here.

So, 80 to 90% placements happen within 6 months of graduation.

it is a good placement figure.

And there are placements of consulting, finance, and tech.

These are roles for which Ireland is famous.

Another good college is UCD, University College Dublin.

There is one year MBA here and its fees is around 35,000 - 40,000 Euros.

It is a very good fee as it is not very high.

The average salary here is high at around 90,000 Euros.

The placement rate is also very good.

85% to 90% placement happens within 6 months of graduation

Another good college is Dublin City University.

The fees here is around 30,000 - 40,000 thousand Euros.

And the average salary is above 65,000 Euros.

As I said, if you are watching this video

my main aim is to bring some value to you.

And Ireland is really emerging high.

If you want to do MBA or MIM from abroad.

It is mainly because the job situation is better there even in this tough market.

And the fees is low.

And the language barrier is not big of problem like some other countries.

Here also, you'll get admission if you have a score above 600-650 in GMAT GRE

and have a good profile.

Friends, let me tell you an important thing.

If you come back to India after doing MBA or MIM abroad

then you will not get ROI.

I mean, if you spend 50 to 60 lakhs or Rs.1 crore there and come back,

it is a bit difficult in India to get a job, worth of your fees.

In India, the value of Indian MBA is more.

Because alumni of India colleges are sitting in the top position.

And secondly you can get the value of work ex and your profile.

But even if are from a college like HEC Paris

and you want the salary same to what you were getting there,

It is not possible.

So, if you want to do a job in India, then it is suggested to do MBA from India.

If you can do a work outside for at least 4-5 years

then do MIM or MBA from abroad.

Or if you want ROI or abroad experience, then do MIM/MBA

or if the fees is not a problem for you.

But if you come to India, then you'll have to find a job on your own.

If you want to find a job in India, then I suggest you to do MBA from India

Because you will get a management training program and campus placements.

You don't get this facility anywhere but India.

And as I told you, if you want to find a job outside

then make sure that there is no language barrier.

If there is, then you have to be great at that language proficiency.

Your profile should be very good.

You should see on LinkedIn, college placement is good in which sector.

It is good for you to have work ex in that sector.

You'll have to spend time there until you find a job.

This is also important for you to see.

So, all these things, you have to keep in mind.

Just because a college rank is good....

As I told you, there are no campus placements.

So just because a college rank is good

it doesn't mean that it will give you a job of your expectations.

Keep these things in mind.

And if you have any doubts then ask me in the comments.

All the best, stay safe and take care.