This question would have crept into the minds of millions of MBA aspirants. A highly simple question with an equally tough answer. The choice depends on a variety of factors and the sensitivity to those factors may change with each case. Read on to suit your case and take your decision.
No college in India can provide you with the cultural diversity of students as compared to foreign b schools. While discussing a business scenario this cultural diversity of students in foreign schools can expose you to varied cultural viewpoints. The discussion of the case or problem would provide you with perspectives from all around the globe. This learning and exposure is the key if you want to excel into the best international work profiles.
An MBA from a middle-tier foreign b-school would be of little value if you wish to work in India. This is because as majority of the students would be native to that country, the perspective of your study would be focused on the markets and economy of that country. This would be significantly different from the Indian markets. Each country has its own market, economy and business challenges especially in a rapidly developing economy like India. Likewise an MBA from India would not be preferred over their own MBAs by most of the foreign countries. So this decision would also depend on where you intend to work.
Now, the most crucial factor – The Cost. One would imagine that the cost of getting an MBA degree from a foreign university would be the same for everyone. But it’s definitely not. Cost of getting a foreign MBA depends on your capital structure (own pocket vs. education loan) for paying your fees. Education loans can be the decisive factor while making the investment. If you can pay nearly half the fee from your pocket, go ahead for a foreign MBA. It is totally worth since the rest of the fees can be paid by working over there. As you start earning you don’t have the loan burden. Worst case scenario – if you do not get a job after your MBA, you can take your time without worrying about the interest clock.
If you are constrained on cash, and manage a bank loan, make sure you get into tier-A B-schools to upscale your target salary range. This becomes indispensable for quick recovery of your loan. Being cash constrained and not able to get into a top-notch foreign b-school would make Indian MBA a more sensible choice.
Finally it all boils down to the options and alternatives you have. A tier-1 foreign school versus a tier-1 Indian school, go for the former. A tier-2 foreign school versus a tier-1 Indian school, go for the latter. A tier-2 foreign school versus a tier-2 Indian school – read the article again from the beginning to suit your case!