STUDY MANAGEMENT ABROAD
Pursuing an MBA abroad is a tricky decision. There are many reasons why students think of pursuing a management course abroad. These include the better quality of life, the attractiveness of simply becoming an expat or an NRI, working in a global environment, better pay packages and the challenges of simply working in a global and multi-cultural environment.
However, one must consider the following factors when thinking of an MBA abroad:
- Choose Finance/Consulting/Data Sciences only – MBA programs that top the world rankings (especially the Ivy league schools in the US, UK or the EU) usually boast of excellent starting salaries post-MBA, and this will make the ROI seem very attractive. However there are two important points that must be kept in mind here. Firstly, most MBA programs are quite expensive so working abroad after your MBA is almost a given to recover this large investment. Secondly, recruiters abroad rarely consider international students for Sales & Marketing profiles, so the ROI will be great only if you are aiming for finance, consulting or Data Sciences as specializations.
- Multiple Admission Requirements – Unlike Indian B-schools that give greater weightage to CAT (or other Aptitude test scores), B-schools and Universities abroad take into account multiple parameters such as academic credentials (X, XII and graduation scores), GMAT score, work experience, application requirements (essays, SOP, LORs) and Interview scores.
- Work Experience Needed – The top B-schools in US and other countries usually specify at-least 3-5 years of work-experience to be considered for admission. In consideration here is not just the duration of work experience, but also the quality of such experience. Thus, while experience that added to your technical repertoire is fine, some management experience (such as leading teams, involvement in strategic decision making or planning cycles) is given preference for admission.
Thus, while pursuing an MBA abroad seems like an attractive option, careful thought and consideration must be given to your financial position, academic credentials, work profile and long-term career goals before taking the plunge.
Does this mean that there are no options for college or undergraduate students to study management abroad? Not really. Listed below are two very attractive programs for college students – while the YLP is for admission into the ISB, the MiM is for management education in EU, US etc. Read on for more details...
The YLP Programme
The Indian School of Business (Hyderabad and Mohali campuses) is one of the most prestigious B- schools in India. Admission into the PGP programme at ISB is very similar to foreign universities i.e. it is based on GMAT score, work profile and application strength. Now statistics suggest that in order to be considered, an applicant needs work experience of 2 or more years (unless you possess phenomenal academic profile or GMAT score). Also, the
In order to level the playing field for fresh graduates, the ISB has the “Young Leaders Programme”, a foundation programme that leads to the flagship PGP after completion of 20 months of mandatory work experience. In this period ISB will organize learning weekends, during which the admitted students can connect with the faculty and industry leaders.
Process for YLP admission
Students can apply for the YLP during the prefinal or final year of their undergraduate program. In the first stage of admission (usually in March), students must simply complete the application which includes general information besides an essay question. Student who show high-potential (pedigree of their college, academic record, GMAT scores and extra-curricular or professional experience) are then shortlisted for stage-2 (around August) in which they need to submit GMAT scores, more essays and an evaluation such as a video resume. Finally those students who are selected for stage-3 will go through an interview in Oct-Nov.
MiM – The Ideal Management course for UG students
Chances are that you have never even heard of the MiM or Masters in Management program. It is a fairly new and recent development, and most people are still unaware that the MiM is a more attractive option for an undergraduate student interested in pursuing management education abroad.
What is MiM?
We have already discussed earlier that pursuing an MBA abroad is not just expensive but also has work work-experience (both in quantum and quality) as a huge entry barrier, thus making it an unlikely proposition for fresh undergraduate students.
A trend that first started in Europe but has now spread across the world is that B-schools have increasingly realized that they need to cater not only to college students, but also to young professionals who wish to switch streams or enter into management domains.
Much like an MBA, the MiM is a post-graduate degree that provides a foundation for understanding of the key functional domains of business, while also allowing one to specialize within a particular stream such as Finance, Marketing, Consulting, International Business, Entrepreneurship etc. The Master in Management or Masters of Science in Management or Masters in International Management, as the MiM is called by various universities across the world, is usually offered by B-schools in addition to the well-recognised MBA programs.
Important details about the MiM program
- Most MiM programs have instruction in English in addition to programs in native languages, in order to allow cross-cultural interaction and greater acceptance with recruiters.
- Duration of the MiM can be anywhere from 10 months to 2 years
- Administered in distinct terms, the first term in an MiM is usually of basic/foundational nature and will be common to all specializations or streams
- Most MiM programs include an industry placement / internship / apprenticeship term that is sometimes a part of the program structure itself. However, most universities allow students to choose internships while extending their 2-year MiM to a 3 or 4 year period.
- Post industrial placement, the MiM allows students to leverage their experience by choosing from a range of electives that will deepen their understanding in a chosen area of specialization
- Some schools also allow students to pursue a Dual-degree from a partner university. This widens the international exposure and opens up more than one geography when scouting for jobs!
- Exchange programs are also offered by most MiM colleges and can expand one’s understanding of International markets, culture and work environments
Top Colleges for MiM
The selection of the best schools is based on multiple criteria such as published rankings, employment / recruitment statistics, location, fees, starting salaries etc.
According to us the following are the best B-schools to pursue an MiM program:
- University of St. Gallen
- HEC Paris
- Essec Business School
- London Business School
- ESCP Europe
- Rotterdam School of Management
- SDA Bocconi
- ESADE Business School
- Imperial College Business School
- IE Business School
- Over the years our students have made us proud by a succession of 700+ scores in the GMAT
- Almost each year since inception, our MBA module has seen students gain admission into the prestigious YLP program.
- Our expert panel has a mix of experience and youth, besides a generous admixture of management experience from India and foreign lands and across different fields and specializations.
- We understand the application process as well as the admission requirements of the YLP/PGP programmes of ISB (almost identical to those for the MiM programs abroad) and can help you create an impactful application by giving you personalized attention and detailed discussions around the SOP and college essays.
- The attention-to-detail mentioned is also the key for LORs, personal interviews, college selection, financial assistance and/or any other application requirements