An MBA is something that is more of an assurance to graduates, of better career prospects and a better salary. Evidently, some countries are known to have good faculties across their universities while others have better placement records, but what are ‘the’’ countries that offer stupendous placements, unparalleled teaching and learning, state of the art infrastructure and great exposure all under one roof for students from around the world? Below is a list of 6 destinations that have the best MBA courses globally.
The United States of America, the country where power roars, and dollar rules, is the main place for the best MBA education. It is a no brainer that US business schools rule the global league tables for the subject. According to a recent survey from the global business rankings as suggested by the Financial Times, for the year 2018, 12 business schools in the USA are amongst the top 20; Harvard, Stanford, and Columbia are the most elite universities in terms of education.
Considering the world’s foremost influencers, Sony’s CEO, the founders of eBay and Nike are all alumni from these three paramount educational institutes. Regarding the cost of living, tuition fees, and other expenses, an amount of $112,000 for 10 months is a fair estimate, if a student wants to pursue an MBA at any of these prestigious institutions. Other than these elite institutions, students can also consider other options like Michigan State University which offers more economically healthy options. For any international student, the average cost of any MBA college in the United States would be around $90,000.
Also known as the origin of business, France is the next country in the world after the United States of America which is the leading provider of prodigious business professionals. According to popular ranking websites, INSEAD Business School is among the highest grosser of valuable MBA graduates who are valued and seized by the biggest Multinational Corporations of the world. As per a survey conducted by Financial Times, INSEAD is on the brink of out-ranking UK’s top academic institution i.e. Cambridge.
Few of the other elite business schools after INSEAD, are HEC Paris, EDHEC Business School and Grenoble Ecole de Management. The average cost of a 10 month MBA programme taught at these top institutions, inclusive of everything for any international MBA aspirant is around $67, 131. The salary of any MBA professional successfully graduating from these universities is around $105,700 per year. The range of educational expenses may depend on the ranking of the university or college.
The UK is home to some of the world’s best MBA courses in London and across other cities, and this is recognised by major global league tables; deciding to study an MBA in the UK requires immense commitment, and it is important you are completely aware of the criteria needed before beginning your application process. All business schools vary, but as a general rule applicants mostly need the following:
- At least 3 years of full-time work experience
- A bachelor’s degree or equivalent
- IELTS score of at least 6.0-6.5
- GMAT (see below)
GMAT Exam Preparation
Students should spend a minimum of six months preparing for the GMAT. If your proficiency in English is better than your mathematics, then focus on solving more quantitative problems. If it is the opposite, then read more to enhance your English language.
It is vital to read newspapers (The Times, Guardian and Daily Telegraph) and rewrite the articles in your own words. There are hundreds of websites offering GMAT mock-tests, while some websites also analyse your test performance and give you timely reports with advice.
Since the last 10 years, India has proven to be the producer of worthy and notable professionals, who at present are handling top positions at many multinational corporations. Companies like Google, Microsoft, MasterCard, Nokia, Adobe, PepsiCo, and others have Indian CEOs which inspires trust in the country’s educational pyramid.
IIMs and IITs are two profound educational foundations in the country which has in the past developed majority of the global influencers the world has today. Regarding the cost of education, accommodation and other living expenses involved, the cost per student can be around $ 42, 522 per year. The only challenging point here is the already existing highly competitive entry in India. The country has a population who invest a minimum of two years on an average to get themselves into colleges like IIM Ahmedabad and IIM Bangalore. If you wish to get an entry into the affordable yet highly competitive business schools of India, then you have to attain nothing short of an excellent GMAT score.
Known as Asia’s tiger economy, Singapore stands tall in the world for hosting some of the best business schools in the world. National University of Singapore (NUS) Business School and Nanyang Business School are fast becoming the most attractive MBA destinations for students globally. According to the rankings declared by the Financial Times 2017, these two prestigious business schools claimed the 26th and 24th spot on the Global list of the best MBA colleges in the world.
For any international student, the estimated average cost of the whole course including expenses like tuition fees and accommodation is around $43, 263. The cost may vary depending upon the rating of the institution and the location of the college in Singapore (for accommodation). One of the brightest factors that contribute to the praise of Singapore as one of the best places to study MBA is the unemployment rate of Southeast Asia, which is just 2.2%. If you are considering Singapore, it’s exciting to note that the job prospects are high and salary figures are convincing.
China is not a new entrant on the list. China continue to surprise the world with its unique culture and rapid technological and economic advancement. The country has a rich culture and incredible employment prospects. According to the rankings published by Financial Times in 2017, 5 of the world’s top 20 MBA colleges belong to China. Shanghai and Hong Kong are the two cities hosting the top two business schools of China.
Some of the names are Hong Kong University of Science and Technology and Europe International Business School located in Shanghai. These educational institutions are placed in the top 10 of the rankings published by the Financial Times. The average cost for the 18-month academic course, including tuition fees, housing, and other expenses is about to $73,933 which is fairly higher than other countries on the list. The average cost of living in China is quite high which contributes to an overall higher expenditure on the course.
Since the educational framework measured of a country is premised on standard of living, employment rates, educational growth, past records and student strength; the above mentioned 5 countries are justified to hosts the best MBA colleges of the world. The last 20 years have witnessed global influencers, successful entrepreneurs, famous artists and athletes etc. emerge from the grounds of these countries.
I am David Mike -Higher Educational Consultant, Researcher and blogger with hands on experience in professional career development. Active Quora contributor who writes more on career advice, higher education, study abroad and online education.