The MBA Landscape in India
Although a number of new IIMs have been started in India, yet the gap between demand and supply remains. Close to 2 lakhs students apply for CAT every year, competing for the less than 4000 seats among the 19 IIMs put together. It is no wonder that the number of students appearing for CAT is now on the decline, because students realize the futility of wasting their time in preparation, and their money on applications, when only one in eight will get a chance. Also, they have recognized the better option of doing their MBA abroad. A recent survey found 815 of students saying they preferred doing their MBA abroad, whereas as recently as 2011, this number was at 76% only.
What Attracts Students toan MBAoutsideIndia?
Apart from the push factor detailed above, there are primarily two pull factors which encourage students to enroll for an MBA abroad. First, the opportunity of studying in a reputable university, and second, the likelihood of better career prospects. Coming back to the difficulties in India, it is a fact that apart from the IIMs and a handful of other good institutions which offer MBA here, the graduates from most of the other institutes do not get a high quality of education. They are, therefore, are not employable, and find difficulty in landing good jobs, or holding on to their jobs if they get offers. At a rough estimate, only 10% of the more than 3.5 lakhs students who complete their MBA every year are employable, while the rest either do not find jobs or find just moderate jobs.
The Problems with Indian MBA Institutions
- The first issue with Indian institutes is their outdated curriculum which is not in sync with the demands of industries into which students will enter after completing their course.
- The professors as well as their students get very little exposure to industry, which makes them more antiquated.
- Work experience before starting the MBA course is mandatory in very few institutes in India, while every good university outside India takes in only applicants who have prior work experience.
- The price is another big negative. As we said earlier, most institutes are not able to provide great jobs to students after course completion, but they charge hefty fees nonetheless. And if we ignore these lower rung institutes and consider the better Indian institutes, the expenses are exceptionally high. For example, here are the course fees for 3 premier institutes in India: S.P. Jain - 27 lakhs, MDI - 17.15 lakhs, and NMIMS - 13.50 lakhs.
Do You Have Enough Options To Study Abroad?
Because of the evident disadvantages and fierce competition in Indian institutes offering MBA courses, the apparent benefits of institutes outside India become more highlighted, and it makes sense for a student wanting to pursue an MBA to try for an MBA abroad. If we take UK as an example, there are several good quality institutes which do not charge a bomb, and it is also easier to gain admission. These universities are well recognized all over the world and would be able to put the student's career on the fast track.
​Here are a few examples:
- The Imperial College Business School
- Warwick Business School
- Cranfield Business School
- City University
- Lancaster University Management School
- Durham University Business School
- Strathclyde Business School
- University of Bath
- Birmingham Business School