MBA is not only a degree that offers you a job at an international company but also it provides you with many opportunities to explore different aspects of your personality. Every student has their own aspirations and goals in life and MBA is one such degree that helps you achieve those goals. If you are already a student and are planning to study MBA, then you might be thinking about going abroad for higher studies. In that case, it is very important that you choose a good MBA program abroad as well as course structure in order to get quality education with international exposure.
In today’s world, there are so many options available for students who want to pursue their education abroad but with so much confusion surrounding this topic most students fail to choose the right program because they do not have enough information about what they should do or how they can get into top MBA programs abroad with a fee that fits within their budget.
At Scholar Strategy, we get a lot of queries from students about pursuing MBA in their career but there are two most common issues that they all face:
You have decided to study abroad but haven’t found the right place to do it from
You have the right place but don’t have the budget for it
While there are a lot of universities abroad to pursue your MBA from, here is a list of those Top 10 highly ranked and affordable universities as per the Financial Times Ranking 2022 that will give you a complete package of high quality education, good placement opportunities and an international exposure all within your budget.
Top 10 Highly Ranked and Affordable Programs for MBA Abroad
The search doesn’t get over here. Once you have finalized your dream university and program, it is highly important to choose an MBA specialization that will add value in your journey. The right specialization can help you gain practical experience while also developing specific skills that will help advance your career path. Be sure to have a clear understanding of the specialization you need for your career here:
Hopefully, these tips will help you come to a decision. The idea here is that you can invest your time and money into getting a good MBA education, but what really matters at the end of the day is whether or not it will help you advance your career. And to that end, having a low-cost education with a high ROI should be your main goal.
Getting an MBA degree in one of the most preferred MBA specializations is a great way to advance yourself in your career. While MBAs are business-focused, you do not need a background in business. In fact, many MBA students come from a wide range of industries including engineers, lawyers, and doctors.
MBA studies are focused on finetuning your skillset to be better equipped for the business world. MBA specializations include education on accounting, finance, marketing, management, and other essential functions of a business.
Getting your MBA is important because it teaches you how to run a business. This will allow you to move up in a company, pivot into a new industry, or start your own company. Here, some of Stanford’s MBA students explain how they were able to use their MBA degrees to pivot into new industries and quickly rise the ranks at internationally renowned companies.
While you can be the best software developer in the world, if you don’t know how to make a balance sheet or manage a team of employees, your ideas may never get off the ground. Understanding what MBA specializations there are and how the programs work is crucial, so here is some basic information to get you started!
List of MBA Specializations
The great thing about MBA programs is that not all are the same. There are tons of specialized MBA programs that are suited for various industries and what you might want to do with the rest of your career. While there are dozens of specialties out there, here are a few of the most popular.
1. MBA in Marketing
Pursuing a study in marketing is probably the most familiar to people. Back in 2017, Forbes estimated that the average person sees anywhere from 4,000-10,000 advertisements a day. We see advertisements on every product, on every type of surface, and at every hour of the day. So, for non-businesspeople, marketing awareness might feel the most natural to learn.
But marketing is more than just making a perfect advertisement. Marketing includes complex strategy, sales and data analytics, psychiatry, and more. The marketing department at any company is responsible for bringing in new business, increasing sales, managing the company’s image, and more.
2. MBA in Information Systems (IT)
The primary focus of studying IT is to bridge the gap between business needs and the available technology. Businesses that invest in having cutting-edge IT systems are often at an advantage. They are able to work more efficiently, collect more data to analyze, and reduce pain points throughout a businesses’ operations.
The IT department encompasses more than just the team that installs software onto computers. This team is vital to many businesses today because almost every company has a website and various social media accounts as well as e-commerce stores, data analytics systems, supply-chain management systems, and more. IT is the engine of every modern company so being able to understand these systems makes you an incredible asset wherever you work.
3. MBA in Finance
Finance is one of the most popular MBA programs since it trains students on how to raise capital for companies, operate the cash flows of a business, and how to leverage assets to achieve company goals. While many engineers are already good with numbers, finance is slightly more complicated than the simple underlying equations.
Finance requires strategy and a thorough understanding of domestic and international markets, as well as the right personal skills to lock in investors and deals. Without Finance specialists, there is no fuel to run the car, so mastering this skill is highly prized amongst top companies.
4. MBA in Operations Management
Acquiring a specialty in operations management encompasses the understanding of keeping a company running smoothly. The majority of your responsibilities could include functions such as vendor management, inventory management, purchase management, supply-chain management, and resource planning. These functions are what keep the business running and are the main components in maintaining the cost of goods, the quality of products, and how fast products and services can be achieved.
Operations specialists are incredibly valuable because they make the whole business possible. While Financiers find the money to pay for the inputs and Marketing figures out what products or services to make, IT and Operations Management are the two functions that help the business run smoothly. If you have read anything about supply-chain issues in the current market and think you can improve the system, operations management might be your calling.
5. MBA in Consulting
Consulting is a fancy industry term for a fixer. When companies hire a consultant, they are looking for someone to come in and figure out the problem or find the solution to any problem. Consultants are the Swiss-army knives in the professional world because they need to analyze all aspects of the business, from Financing, Marketing, IT, Operations, and more.
Pursuing an MBA in consulting is a great choice for people who have no business background because consultants can be highly specialized. If you’re a software engineer, you can easily find a niche as a software consultant and work with companies to find software pain points and improve their systems.
How to Choose Your MBA Specialization
Understanding what MBA specialization means is only half the battle. Before committing to a program, consider taking some of these steps.
Think About Your Career Path
Are you someone that wants to work for a large company or create your own? Do you want to stay in the same industry or pivot into a new one? Think about the jobs you would want to have and assess which MBA program would best help you get there.
Understand the Classes and Subjects in Each Program
A quick summary of the course isn’t going to be enough to understand what it can provide you. Look at the different classes offered in each program and think about if those will help you in the job you want. MBA programs are more than just a base understanding of knowledge. These classes are meant to teach you highly specialized skills that companies will seek you out for.
What Companies are Looking for and What are they Offering
If you are driven by the industry you want to enter or the company you want to look for, looking at what these companies are desiring in the current market can give you an advantage. If you want to work at Meta, having a background in IT systems to help in their e-commerce efforts may be your best ticket in.
It’s also important to look at the salaries and jobs that are being offered. This can give you a great idea as to the value of your MBA degree in the current market.
Most Attractive Specializations for Engineers
MBA programs are a great way for engineers to move up the corporate ladder and learn about the fundamentals needed to run a business. While there are dozens of MBA specializations out there, the best ones for engineers are going to leverage an engineer’s natural analytical abilities, as well as help engineers, learn all skills needed to manage a business.
While this list is not in any order and may not be relevant depending on your specific career goals, these are the best MBA specializations for engineers:
Finance
Marketing
Consulting
Operations Management
IT Systems
Business Analytics
International Business
Final Thoughts
Pursuing an MBA is an exciting next step in anyone’s career path. Every job is geared towards improving a business, whether you’re a doctor or engineer. Understanding the fundamentals of business will make you an incredibly valuable employee at any company.
Before you start applying to MBA programs, you will definitely need to fix your resume. Here is a great resource to get you started:
Scholar Strategy is India’s leading Study in USA guidance community. For last 9 years, our candidates have gone on to study at MIT, Stanford, UIUC, Cornell, Berkeley, CMU, and other top universities. Not only that, we take pride in helping our candidates be prepared for landing internships at companies like Tesla, Apple, Facebook, Amazon and more.
Are you harboring dreams of world class education and studies abroad for career opportunities? USA has been the leading destination for ambitious students worldwide. Here, we cover all the information you need to realize your dreams.
Why Consider Study in USA
History of Innovation
The United States of America is called the nation of explorers. It is the birthplace of many inventions that changed the world.
From inventors like Henry Ford and Thomas Edison to industrialists like John D. Rockefeller were born in the US.
Cultural Diversity and Opportunity to Grow
The nation is renowned globally for its multicultural environment, its opportunities, and what has become a common phrase – “American Dream.”
Don’t know what the American Dream is?
Investopedia defines the American dream as “the belief that anyone, regardless of where they were born or what class they were born into, can attain their version of success in society. It is achieved through sacrifice, risk-taking, and hard work, rather than by chance.”
The US is revered for its infrastructure that promotes innovation, entrepreneurship, and technology. No wonder, it is the number one study abroad destination.
World’s Best Universities
It has some of the world’s oldest universities: Harvard, Stanford, MIT are all based in the US.
As per QS world rankings 2021, five universities in the Top 10 are all based out of the US.
American universities provide a great learning experience, opportunity to grow like no other country.
Recruiters of top-notch organizations pay high salaries to students of American universities.
The schools receive huge donations and are well funded to invest in research and development areas.
Courses to Target
Study in USA allows you to choose from a plethora of courses. The country will probably have a course/degree on every subject you can imagine.
MIT, the California Institute of Technology, John Hopkins University, and Carnegie Mellon University are famous for STEM education.
Apart from STEM, courses on Psychology, Journalism, Medicine, Business & Management, Social Sciences are also top-rated.
Indian students mostly enroll in American university programs to study Engineering and Management. The courses like MS and MBA attract Indians applicants due to the high standard of education and the possibility of getting a high-paying job in the world’s largest economy–United States of America.
Undergrad
Colleges in the US offer a four-year Bachelor’s degree. Students aspiring to study at the undergraduate level in American colleges have to give the SAT exam.
The higher the score, the better are your chances to get an admission letter from schools like Harvard, MIT, and Stanford.
MS (Science & Engineering)
Studying MS (Master of Science) in the US is a dream for students passionate about Science and Technology.
It has the world’s best universities that offer STEM (Science, Technology, Engineering, and Mathematics) education.
The country is a leader in Research & Innovation sectors and is the home to many tech behemoths like Facebook, Amazon, and Intel.
Where did you find this article?
The chances are you found it on Google Search (or Gmail), Facebook, or LinkedIn–all of these companies were founded in the US.
MBA courses in the US are among the best in the world.
Studying at top universities in the US allows you to network with people from diverse cultural backgrounds and nationalities. A network built during your time at a B-School can be leveraged later when you are looking to form business partnerships.
As per QS global MBA rankings, four out of the Top-4 MBA programs are taught in American universities.
Most top American universities and colleges have the authority to decide their standard and admission criteria.
The most common aspect of applying to study in the US is standard competitive exams like GRE, GMAT, and SAT. GRE is usually accepted for admission in MS programs, GMAT for MBA, and SAT is the standard test students give for undergraduate courses.
The below sequence of steps may help you speed up your application process:
Decide five to ten universities you’re planning to get into for the subjects of your interest.
Search for ways to finance your education. This may include eligibility for a loan, scholarships, and grants. We’ve written a comprehensive article that will give you more clarity on ways to finance your education abroad.
Prepare for and give the English proficiency exams like TOEFL, IELTS, and degree-specific exams like GRE and GMAT.
Prepare for the colleges based on your exam scores.
Prepare and polish the documents common for admission in most colleges: SOP, Essay, Letter of Recommendations.
Appear for the personal interview with the admission officers.
If you receive an acceptance letter, confirm your intent to take admission to that university.
The universities require you to pay a non-refundable fee to confirm admission.
If you’re struggling during any phase of admission, we at Scholar Strategy can help you. Click here to contact us.
Main Challenges
Student Visa
The US government allows non-American citizens to enter the country only with a valid visa.
Without a relevant Visa, you won’t be allowed to study in the US if you’re an international student aspiring to study in the country. All your hopes of studying in the US will go in vain if your visa application isn’t approved.
The US government offers three student visa types, including F, J, and M.
F Student Visa: For study at the university level or to study English at an institute that teaches English.
J Exchange Visa: It is applicable for an exchange program at the university and high school level.
M Student Visa: It is applicable for vocational study or training in the US.
Before you can apply for an F, J, or M student visa, you must have an acceptance letter from an American university or higher education institute.
Please note that a good score in such exams doesn’t guarantee an admit and is just a tool to filter out applicants.
If you’re planning to study at these top universities, your work experience and extracurriculars help you stand out among the applicants.
Getting admission into a top school is a dream for many, but not everyone can pay the price to afford it–not talking only about money. The admission process is highly competitive. For example, The acceptance rate of admission to Stanford MBA is around 7 percent, and for MIT, it is 6.7 percent.
Cost of Study in USA
The cost of education is one of the critical factors that influence a study-abroad aspirant’s ability to choose a country, courses, and universities for foreign education.
The US is the world’s most popular destination for international students and the most expensive. The tuition fee and living expenses vary based on the student’s university choice and the university’s location.
The tuition fee for public universities and community colleges is lower as compared to those of private universities. The low cost doesn’t imply that public universities’ quality of education is lower than private universities.
For example, The University of California–Berkeley is one of the best schools globally despite being funded by the government.
Average fees at US universities 2018-19
Public two-year colleges
Public four-year colleges (in-state fees)
Public four-year colleges (out-of-state fees)
Private non-profit four-year colleges
Tuition & Other fees
$3,660
$10,230
$26,290
$35,830
Room & Board
$8,660
$11,140
$11,140
$12,680
Total (per year)
$12,320
$21,370
$37,430
$48,510
src: TopUniversities
The values given in the table above are an estimate, and the actual cost may differ based on the university and city you plan to study in.
Europe has some of the world’s oldest universities – Cambridge, Oxford, the University of Paris, to name a few. Many such universities have the best and globally renowned business schools. While the US is the most popular destination for international MBA aspirants, many European schools compete aggressively with American schools for top ranking spots.
In this article, we will uncover why you should consider doing an MBA in Europe.
Why should you do an MBA in Europe?
Europe is one of the most popular MBA destinations for international students. The reasons given below make it the ideal location to pursue your dream of getting an MBA from a top college.
Best MBA schools
Europe is home to some of the oldest and globally renowned universities. As per QS Global MBA Rankings 2021, Europe’s top 10 MBA schools rank within the top 25 globally.
Short course duration
Most of the top European universities offer MBA courses that students can complete in 12 months. Adding specific specializations may extend your course duration by a few months.
The time you will need to do an MBA in Europe with specializations is still less than in the US, where an MBA is usually 24 months.
International exposure
Top business schools provide you a global perspective on business and teach you critical skills that would enable you to work in some of the world’s best organizations with high salaries.
Studying at top universities in Europe allows you to network with people from diverse cultural backgrounds and nationalities. A network built during your time at a B-School can be leveraged later when you are looking to form business partnerships. Most of these universities have a strong alumni network, which can guide and mentor you, whenever you need assistance in the time of professional adversity.
Eligibility criteria for MBA in Europe vary based on the university and your native country.
Most European nations have their regional language, and universities teach the majority of the courses in their local language. International students aspiring to study in European countries have to prove their proficiency in the local language (usually by giving an exam) or have the option to enroll in courses taught in English.
MBA is one of the few courses with the language of instruction as English, keeping in mind the course’s global recognition and nature.
The standard eligibility criteria for admission to top MBA programs in Europe are:
The table below gives you the key information about an MBA at Europe’s top 10 business schools (data collated from the website TOPMBA).
QS Global MBA Rank
University
Country
Duration
Avg. GMAT
Fee (USD)
Avg. Work Experience
Avg. Salary(Post 3 months; in USD)
5
HEC Paris
France
15 months
690
70k-80k
6
128,206
6
INSEAD
France
10 months
710
90k-100k
6
105,900
7
London Business School
United Kingdom
21 months
701
100k-110k
5
106,837
9
IE Business School
Spain
11 months
685
70k-80k
7
93264
11
IESE Business School
Spain
19 months
681
90k-100k
6
123,662
13
Esade Business School
Spain
18 months
657
70k-80k
6
104,161
16
Oxford (Said)
United Kingdom
12 months
690
80k-90k
5
96,233
17
Cambridge (Judge)
United Kingdom
12 months
693
70k-80k
6
99,753
22
Imperial College Business School
United Kingdom
12 months
650
60k-70k
6
82,853
23
SDA Bocconi
Italy
12 months
665(source: The Economist)
60k-70k
6
120,760
Cost of an MBA in Europe
The course fee at most of the European business schools is less in contrast to American business schools. While a full-time MBA at a top B-School in the US will cost you around USD 150k, the average fee for the top 10 business schools in Europe is around USD 80,000. The comparatively short duration of an MBA in Europe also saves students time, reducing the opportunity cost.
There are many means by which students can finance their MBA abroad in regions like Europe.
Scholarships, grants, and tuition waivers by the universities are some of the common ways to reduce your education cost.
Click here to know more about financing your MS or MBA education abroad.
Job Opportunities
An MBA degree from a top business school comes with an excellent job assurance: regarding the quality of work and compensation.
European B-Schools is a top recruitment destination for global corporate behemoths looking to employ the best talent. Consulting companies like BCG, Bain & Company, and McKinsey & Company give more preference to MBAs from Oxford SAID, INSEAD, and IE Business School than many famous American business schools.
As given in the table above, the average salary for schools like HEC Paris and SDA Bocconi is higher than USD 120k. This amount is more than the average wage of an MBA grad at many American universities recognized for their MBA degree.
Immigration options
Besides the prospect of a good job, many European nations provide desirable work visa options compared to the US.
EU Blue Card work permit is one such option. As per the EU Blue Card Network, “The EU Blue Card is a work- and residence permit for non-EU/EEA nationals. The European Blue Card provides comprehensive socio-economic rights and a path towards permanent residence and EU citizenship.” In layman’s terms, it’s the European version of the American Green Card.
Some countries like the UK allows graduates to stay in the country for 6 months after course completion. Students can utilize this time to find a job of their liking.
Conclusion
Europe is an ideal destination for an MBA if you aspire to study Business abroad at a school ranked among the best in the world.
While the US is more popular than Europe for an MBA, the fee and the opportunity cost in European schools are far less; yet, the quality of education is almost identical. The salary offered in the top European schools is similar in contrast to many famous MBA schools in the US and, in some instances, even more.
Book a call with Scholar Strategy NOW if you have finalized your decision to do an MBA abroad and need assistance with your application.
Our clients are studying at Harvard, MIT, Columbia, and many other top business schools.
Dear Indian IT male MBA applicants, we all empathize with you. The western world wonders how India keeps churning so many of you. Just like we wonder why most of the white males go into Finance.
Who are the Indian IT Male MBA Applicants?
Indian guy who scores 720+ on GMAT, has work experience in global IT companies, an engineering degree and same old story in his MBA applications.
Top universities look for people who are standing out but Indian IT Male look all similar – with similar pedigree and similar characteristics. To make the matter worse, they do all the ‘supposed’ things – work for NGO, highlight their problem solving and analytical skills. In the end, they all look like produced from a factory.
4 types of Indian IT Male MBA Applicants
1. Fast track career go-getter
Are you a mainstream fast track career go-getter ‘I will beat you on this corporate ladder’ person? Then you are probably eyeing top banks and MBB.
To get there, you need to get into Top 10-12 schools (lets leave the exceptions aside). Try getting 750+ GMAT, go for a year to Africa on a UN project, teach slum kids or do some eye catching social service (Gates Foundation kind) for at least a year. Do the off beat things, work for the govt may be, microfinancing, rural infra, agritech etc etc.
Pray to Lord and talk about how partition forever dismantled your family in a personal essay. Avoid talking about cricket, Infosys and food.
2. Eternal Worrier
The ones who find reasons to worry about in any situation. Just like you worried 6 years ago how you will get into a top engineering college and then into a top MNC, now you are worrying about how to get into a top MBA program.
I have bad news for you. Once you get into B School, you will worry how to get into the top bank. Then you will worry if you will get a good bonus or not. You will worry if you will get the high profile assignment or not. You will worry if you will get the perfect family, house, street address, green card and business class tickets.
Even writing that is making me dizzy. Please relax. At this rate, you will shorten ten years of life without drinking or smoking. You need a vacation and please read ‘How will you measure your Life’ by Harvard Professor Clayton Christensen now. Right now.
3. Sincere but confused guy
Are you the shy, sincere guy who has been conditioned to perform the best and doesn’t know what else to do at this point apart from an MBA?
Not why others do it but whyyou. And if you find a solid reason that only an MBA can help with, then prepare your best for GMAT.
4. Sincere guy with genuine desire to do MBA
If you are sincere and have a good reason for MBA – next step is to try and score as high as you can on GMAT. Apply to a mix of schools distributing your risk and go to the best offer you get. If you know what you want out of an MBA, you can do it at any good school in Top 50–60.
Also read: Best MBA programs in Canada and Europe for Indians
How to strengthen your chances?
Sorry, I did not mean to be rude and pardon if I offended anyone. I just feel we should be ‘building life and meaning’ instead of building profiles and resumes. And the joke is equally on me. I am not male but otherwise I fall into category number 3 above. Luckily, I stopped at the introspection step the first time I was considering MBA. Later on, I found my solid reason to do an MBA (4) and I eventually did. From NYU Stern. It was fun and I dropped out after first year because my purpose was solved.
So, let’s look at real ways of how Indian IT Male MBA applicants can break this conundrum and cookie cutter image that international MBA programs have about them.
Genuinely introspect. Have a good clarity on what career are you targeting post-MBA. Do an MBA ONLY if it is the best way to get to your goals.
Improve your profile by enhancing your leadership skills. Even if you are not in a lead position, you can take initiative in projects to highlight this.
Don’t do cliche extracurricular just to enhance your resume. Look at things that genuinely excite you and do 1-2 solid things there. Eg. if you are a football fan, create your own models and a fantasy football league within your office and tell an interesting tale around that instead of uh, donating blood. You get the point.
Articulate well. At the end, it all boils down to how clearly and strongly you are putting your story in the applications. This is where an expert MBA admission consultant can help you.
I personally work with select genuine candidates who want to pursue MBA abroad. I do not do hourly consulting because life doesn’t run by the hour. If I come across someone who I believe in and feel deserves it, I am happy to work with you at rates that don’t break your bank. Our previous candidates have gotten interviews and admits from Cornell Tech, Kelley, ISB, USC, TAMU, Emory, Babson, Vanderbilt with scholarships.
Whoever you are, you have my best wishes. Indian children are often at educational disadvantage because of the way our education and society beliefs are designed but I’m hopeful it will change gradually. I’m an eternal optimist. So, I know you did not choose certain things in your life (most likely your IT degree) but you can start shaping your life now by happiness and right priorities.
Canada has quite a few B Schools in Top 100 list. Check out this thorough analysis of MBA in Canada – best programs, cost, scholarships etc.
Why consider an MBA in Canada?
Canada has one of the best educational colleges and universities in the world. It has excellent MBA programs, and the applicants often prefer Canadian universities as their dream institutes. Multicultural society, affordable education, and high quality of living standards are few of the many factors due to which students should consider applying for an MBA in Canada.
Cost of living in Canada
An MBA degree from Canada is quite expensive, and on average, regular MBA cost about $30,000. To maintain good living standards in metropolitan cities of Canada, you can expect around $2500 – $3000 of expenses per month, which includes living costs, accommodation rent, and food. It may seem very expensive, but once the students have completed their MBA, they are offered high-paying jobs with good initial packages.
Quality of life in Canada
Canada has very high living standards, which are a huge attraction for pupils all over the globe. In addition to a multicultural society, Canada has one of the best healthcare and education systems. The tuition fees of Canadian universities are much lower than in the USA, but it should be kept in mind that MBA programs are still a very costly degree in Canada.
According to
the Global Financial Times ranking of educational institutes, the top 8 business
schools in Canada are:
Rotman School of Management – University of
Toronto
Ivey Business School of University of Western
Queen’s University- Stephen J.R. Smith School
of Business
Schulich School of Business, York
University
HEC Montréal
McGill University
The University of British Columbia – Sauder School of Business
University of Alberta
Top Executive MBA
programs in Canada
The purpose of the
executive MBA programs improves the managerial capabilities of experienced
business professionals belonging to different sectors. It provides the
opportunity of expanding career potential, enhancing leadership qualities, and
obtaining experience in multicultural international management. The majority of
the Executive MBA programs in Canada are highly flexible in terms of scheduling
and adapting to the working hours of the professionals.
The top Executive MBA
programs in Canada are offered by:
Rotman School of Management
Queen’s Smith School of Business – The National Program
Cost and Duration
of MBA at Top Business Schools in Canada
Institute
Duration
Average Fee
Rotman School of Management
2 years
$84,028
York University – Schulich
2 years
$99,400
Queen’s Smith School of Business
1 year
$71,445
University of Alberta
20 months
$53,392
McGill Desautel
20 months
$89,000
UBC Saucier
16 months
$60,440
HEC Montreal
1 year
$33,200
Ivey Business School
1 year
$101,500
Eligibility to pursue MBA in Canada
The following things are necessary to get enrolled in an MBA program in Canada:
Bachelor’s Degree
The candidates wishing to pursue an MBA from Canada must have a Bachelor’s degree or an equal qualification of 14 years from a recognized educational institute.
Work Experience
The majority of the universities in Canada give preference to candidates who have work experience of at least 12 months in any field related to the business. Having work experience is not an obligation for the candidates, but it increases their chances of getting admission in the desired MBA program in a Canadian university.
Command over the English Language
Candidates whose first language is not English, as the students from India, are under the obligation to prove their proficiency in the English language by passing standardized language tests like IELTS or TOEFL.
GMAT
GMAT is the standardized admission test for admission in postgraduate programs in most of the foreign universities. A good GMAT score is necessary to get admission to a top MBA program in Canada.
University
GMAT Score
University of Toronto
672
McGill University
655
University of Western
655
Queen’s University
650
University of British Columbia
646
HEC Montreal
630
University of Alberta
623
Also read: Best MBA programs in Europe for Indians
Application Process
The application
process of seeking admission to an MBA degree in a Canadian university is
extensive and quite exhaustive for many candidates. However, if you start
planning early and acquire all the information necessary to get admission into
your dream university, the whole procedure can become easy for you. You should
start the application process at least 14 to 19 months before the start of your
decided session. Admission forms are available on the official websites of the
universities. If you face any problem in getting the form or other required
documents, you should contact the admission office of the university
immediately.
Documents Required
In addition to any documents that may be
asked by the respective universities you are applying to, the documents that
are generally required by all institutes are:
Academic Records: All of the necessary documents and certifications required to verify your record, especially related to the most recent graduation degree.
English Proficiency tests: IELTS or TOEFL scores are required to determine your command over the English language.
Standardized Admission Tests: For postgraduate programs, like MBA, GMAT scores are the basis of application.
Work Experience: If you have work experience in any field, you must produce a certification or some kind of document to prove it.
Financial Records: Bank statements and other financial records are required as proof of your financial health.
Recommendation Letters: These letters work as the testimonial of your behavior and work ethics. They can be produced from your previous supervisor or your former university faculty who have observed and worked with you.
Essay: Personal essay or statement of purpose play a significant role in the admission of a candidate. The admission committee assesses the candidates on the basis of their personal essays and finalizes their admission on its basis as well.
Visa and legal documents: Legal documents related to visa and citizenship.
If you have managed to get admission to the university, a ‘Letter of Offer’ will be sent to you, and a response will be expected from you as well.
Financial Aid & Scholarships in Canada
There are very few and limited scholarships
available for MBA programs in Canada because the MBA is a professional degree. However,
candidates with exceptional academic records and achievements like
extraordinary extracurricular activities can get scholarships.
Candidates with impressive achievements and
an excellent score in GMAT are usually given a 50% scholarship off the total
fee.
Similarly, numerous financial aid programs
are available to help the students who have financial hurdles in getting an MBA
degree from Canada. Some of the most popular financial aid schemes in Canada
are:
The University of Waterloo offers scholarships at the graduate level to the deserving and exceptional candidates. It is a highly-competitive scholarship as a large number of candidates apply for the scholarship.
Central Sector Scheme of National Overseas Scholarship
Central Sector Scheme is an initiative by the Government of India. It gives scholarships to the meritorious students who wish to pursue a master’s or Ph.D. in a foreign university. All of the major countries are covered under this scholarship expect the United Kingdom.
Pursuing an MBA after engineering has become a popular career choice for engineers in the recent past. No wonder people scoring the most in CAT or Indians making it to Harvard and Stanford Business Schools are often engineers from IITs. As per few reports, the acceptance rate of IITs is only 1% as compared to MIT which stands at 8%.
I was once giving a talk at a college and someone asked me how did I get into career coaching and writing books after an engineering degree. To that, I replied, “Because every Indian is allowed to have a passion but she first needs to complete engineering.” Jokes apart, there are multiple good reasons why you should consider an MBA after engineering.
Why MBA after Engineering?
Every engineer, one in her lifetime, faces this dilemma – to MBA or not to MBA.
I myself pursued an MS in Computer Science first, worked on Wall Street and felt the need for an MBA eventually. This is when I knew what I wanted to get out of MBA – I wanted to get into startups. So, I headed to NYU Stern and hustled like crazy. In the end, I got what I was looking for – 2 fulltime job offers in my first summer itself. So, I decided to drop out from Stern – my purpose was solved.
So yes, I am a big proponent of an MBA in life but I put only one condition – do it ONLY when you know what you will use it for.
Now, here are some great reasons why you may consider MBA after engineering.
1. Career growth / promotions
At MNCs, it is difficult to get promoted beyond a point on your merit alone. A bling on your resume i.e. a reputed MBA degree can take you far in your professional ambitions. This is true especially for certain industries such as Management Consulting and Investment Banking that rely heavily on MBA grads.
2. Expanding your knowledge beyond technical domain
One you get out into real world after your college, you realize how little you know about interest rates, balance sheets, GDP, stock markets and so on. To follow the micro and macro economic developments and to be able to talk intelligently about it, you need to broaden your exposure. While MBA is not the only way to do it, it is a very good way of doing it.
3. Holistic understanding of business
After a bachelors and masters in engineering, I was comfortable solving equations and writing code. But I had no clue what drove stock market. The mention of balance sheet made me stare blankly. I would see the CEOs talk confidently about the business and I felt I was missing out on the fun.
The crux was that I felt my whole learning was one dimensional and while engineering gave me a great analytical foundation, I wanted to understand the practical aspects of finance and management. I did harbor ambitions of starting up someday and felt that studying business as a major could fill certain voids in my knowledge.
This is why I chose to go for MBA and got into NYU Stern.
Don’t miss the MBA Workshop
Nistha is offering her paid advice for FREE in this one-time-only workshop.
MBA makes sense if it can help in career switch you are looking for. For example, if you are a software engineer looking to get into Finance, yes MBA will give you what you need and may be the only option you have.
5. Feeling stuck in your professional life
Many people feel stuck in their career growth in an industry that values MBA a lot. Therefore they need an MBA to move beyond a certain level. For e.g. some companies such as Big 4 Consulting or Wall Street may not consider you for executive roles unless you have an MBA.
Secondly, one may start feeling uninspired in their 30s and not fulfilled in their corporate jobs. Switching industries or roles at this stage is typically possible only through an MBA or specialized Master’s degree.
6. Getting higher salaries
Yes, want more dough and prestige? Getting that coveted MBA degree may be a perfect way of elevating yourself in the job market and competing for salaries that otherwise look out of reach. For example, average salary post MBA in USA was $116,000 in 2017.
7. Seeking leadership positions
Leadership is more than domain and subject matter expertise. Leaders need people skills, decision making prowess and ability to negotiate, strategize and maneuver their teams in tough times – these are the core skills that an MBA program teaches you. No wonder, >90% CEOs come from MBA backgrounds.
8. Personal development
Having done both MS and MBA from American Universities, I can clearly see the difference between Professors in Business Schools vs those in Engineering Schools.
B School Professors are charismatic. Their lectures are more like art performances. They reel you in, keep you engaged, intrigued and in awe. Engineering school faculty is no doubt, genius, but they lack the inter personal skills that makes the audience go ‘wow’.
If you want to improve your ‘presence’, MBA is a great transformer. I pushed myself outside every comfort zone back in my MBA days. I started speaking more, taking more chances, and became uber confident – all thanks to the MBA ecosystem.
9. Lack of other options
Some people became engineers but have no interest in pursuing a technical or administrative career. MBA is usually a good way out for such people.
10. Meeting interesting and ambitious peers
MBA eventually is about its brand and networking opportunities. How much is that worth to you is something you need to figure out. At NYU Stern, I had a working group of an Italian banker, an American lawyer, an American banker and a Chinese consultant. Such diversity and peer learning is a big selling point to top ranked MBA programs.
Let’s look at some FAQs
Should I do an MS/MTech or an MBA after engineering?
If you have interest in technical fields and want to be an engineer in a core technology company, MS or MTech is better. Also, you can do MBA after MS/MTech.
Does it make sense to consider MBA after engineering?
Absolutely, some of the most successful MBA grads are engineers by background.
When should I decide whether to do an MBA after engineering?
Many people go for MBA right after engineering college. This is okay only if you know what stream you want to choose in your MBA. Business Schools prefer candidates with some work experience. So if you are not sure, wait and get some work experience before going for MBA.
Do I need to have work experience before MBA?
Not necessarily but it helps.
How can I decide whether to do an MBA or not?
If you are not sure, talk to a career counselor such as Scholar Strategy. Make sure you take guidance from someone who has done MBA themselves.
How do I prepare for an MBA after engineering?
You need to clear the CAT test if you wish to pursue MBA in India and GRE/GMAT if you wish to pursue an MBA abroad.
Why MBA is a big question mark to tackle not only in business school application but in introspection. Here are few things for you to ponder upon before you make the big decision.
Does it make financial sense to do an MBA?
Assumptions
Let’s talk about full time MBA in USA/Europe where most of the Top B Schools are. Assuming you are currently working in a non-fancy job in industry earning $70K. No interest rate on your student loans for simplified calculations.
Financials
On an average, a FT MBA in USA will cost at least $150K and 2 years. Assuming you were earning $70K right now, that is a cost of $150K+$140K of opportunity cost = roughly $300K. Go for part-time to save your opportunity cost.
For banking or consulting or high growth tech sector, average salaries post MBA can range between $90-$100K (total compensation however can add another 40–80K depending on bonuses). Taking a modest average salary of $130K for our average candidate, 30% tax and $40K living costs, it means 5-6 years of break even period. As bonuses pile up and you ride higher the career ladder with your MBA brand, this is not a problem. You will eventually recover the cost and grow.
For other non-traditional roles esp in non profits or startups, salaries may average out around $80-$90K in an optimistic scenario with no bonuses. You might break even in 8–9 years.
If you end up performing below average or move back to a country where avg salaries are low, ROI may not even make sense extending to >10 years.
What are the biggest benefits of an MBA?
Even if it makes financial sense to do an MBA, you need to have better reasons to spend 2 years of time, energy and money into B School. Plus, it’s not easy. Stanford has 6% acceptance rate and if you are an Indian IT Grad, all odds are against you.
Career Growth
If you are performing decently in your job and keep getting promoted, MBA add on does not help as much. Especially in tech, non profit and startup sectors, MBA may not be as big a must-have as in banking and consulting lines.
If you are already at a senior position, it is better to convince your company to sponsor your Executive MBA.
MBA makes sense if it can help in career switch you are looking for. For example, if you are a software engineer looking to get into Finance, yes MBA will give you what you need and may be the only option you have.
Network/Brand
MBA eventually is about its brand and networking opportunities. How much is that worth to you is something you need to figure out.
I know of 2 good situations which genuinely warrant an MBA-
You are stuck in your career growth in an industry that values MBA a lot. Therefore you need an MBA to move beyond a certain level. For e.g. some companies such as Big 4 Consulting or Wall Street may not consider you for executive roles unless you have an MBA.
You want to switch careers to an industry that worships MBA.
Beyond these, I think you should carefully evaluate your ROI and decide if it makes sense.
I must put a caveat out there. If you want to start your venture, please skip MBA and go for it. You will learn things practically and that is for the best.
Lastly, I must add that MBA is more than knowledge or brand. It is exposure and a way of thinking. Some people know exactly what they are going to get out of it and how they will use it to get multi fold returns. If you are that person, then, by all means, go for it. Because when it comes to education, exposure, opportunities, swag/partying, attitude, and confidence, very few experiences can match MBA.
The alert popped up in my newsfeed last night. My NYU Stern friends’ company TapCommerce was acquired by Twitter for $100M. It is news like this that makes you want to get out of bed and start working!
For all you young MS and MBA aspirants, I wanted to point out that your time in grad school can be very precious. Do not rule out entrepreneurship. While you look for jobs, if an exciting idea or opportunity crosses your path, do not ignore it without thinking it through.
The founders of TapCommerce had started working on their idea early on in first year of MBA. With New York’s resources at hand, they could plenty of help and advice close by (this is why I stress on preferring big cities for MS). NYU has a Poly incubator and the founders were also part of InSITE fellowship program that pairs entrepreneurs with MBA students (I was also part of this fellowship). In the end, it was nothing but the sheer hard and smart work they put in but success came early. This can be your story too.
This is one of the most exciting times in Internet history and USA is one of the best places to be.
If you are thinking of applying for MS/MBA in 2016, check out our counseling packages and join in our exciting journey! Our students love us – read for yourself.
