Making A Global Impact: The MBA Experience Overseas

Pursuing an MBA from an internationally recognized business school offers distinct advantages that can significantly elevate one’s career trajectory. Graduating with an MBA from an international university is often beneficial- from attractive compensation packages, typically surpassing their counterparts from Indian B-schools to getting exposure in an overseas setting. This international credential also opens doors to prestigious roles, potentially fast-tracking graduates to CXO positions or high-level entrepreneurial opportunities.

An MBA abroad provides invaluable networking opportunities with diverse peers, seasoned faculty, and industry professionals, fostering connections that can catalyze future success. The program’s curriculum emphasizes hands-on learning, equipping students with cutting-edge skills to effectively navigate and solve modern business challenges. To maximize these benefits, selecting the right institution and country is paramount. Key considerations include the institution’s global ranking and accreditations, quality of faculty, curriculum structure, campus facilities, overall study costs, scholarship availability, and post-graduation opportunities.

Is An MBA Abroad Expensive?

MBA tuition fees vary widely by country, institution, and program. Here’s a brief overview of average annual tuition fees by location:

• Canada: CAD 35,000 to CAD 60,000; fees depend on the university and program, and living expenses vary by city.
• USA: USD 30,000 to USD 70,000 on average, with top-ranked programs reaching USD 70,000 to USD 90,000.
• UK: £26,500 to £40,000, varying by institution and program.
• New Zealand: NZD 20,000 to NZD 50,000, based on school and program choice.
• Australia: AUD 40,000 to AUD 90,000, depending on the university and program.
• Europe: €10,000 to €40,000, with costs differing between public and private universities.

These figures are indicative and may vary based on additional living expenses and the specific city or region.

Top Scholarships For Studying An MBA Abroad

Studying an MBA abroad is expensive, so here are the top 5 scholarships that can help you mitigate the cost.

• ^{Stanford Reliance Dhirubhai Fellowship}

The Stanford Reliance Dhirubhai Fellowship offers financial support to Indian students pursuing an MBA at Stanford, covering 80% of tuition fees. Each year, up to 50 candidates are shortlisted, with five ultimately awarded the fellowship. The fellowship provides up to INR 1.25 crore (around USD 150,000), covering tuition, course fees, living expenses, and other university-related costs.

Applicants must commit to returning to India and working for at least two years post-graduation, although employment at Reliance Industries is not required. Non-compliance may result in a requirement to repay the fellowship. The application deadline for this merit-based scholarship is tentatively set for May 31, 2024.

• ^{Forté Fellowships}

Forté Fellowships are highly respected awards that support talented individuals who show strong leadership, bring diverse perspectives, and are committed to advancing women in business—values central to Forté’s mission. So far, Forté has awarded over $400 million to more than 17,000 Fellows.

Forté partner business schools select their Forté Fellows, considering eligible applicants of all nationalities and gender identities. Beyond financial support, Forté Fellows gain access to valuable resources, connections with top companies, and an expansive network of Fellows and alumni. Benefits include participation in leadership and financial services conferences, networking with executives and MBA students from partner schools, panel discussions, workshops, and career development events. Fellows are also featured in the annual Forté Fellows resume book, receive exclusive job and leadership invitations, and have lifetime access to Forté’s event series and recorded sessions.

In return, Fellows are expected to advance Forté’s mission by engaging in relevant school clubs, serving as Forté MBA Ambassadors, collaborating with Admissions to recruit women applicants, supporting Forté’s initiatives for undergraduates and MBA prep, and volunteering at Forté events.

• ^{Skoll Scholarship}

The Skoll Scholarship supports social innovators who want to pursue an MBA to boost their skills for driving positive change. It covers the full course fees and includes some support for living expenses. Beyond funding, scholars join a vibrant community of fellow changemakers, providing lifelong learning and connections with other social impact leaders. This scholarship acknowledges the financial challenges of an Oxford MBA, especially for those focused on social impact over traditional business roles. For details on applying and interview timelines, visit the Skoll Scholarship website.

The Skoll Scholarship covers full course fees and provides a grant for living expenses, with up to four scholarships available. It is awarded to candidates with a strong background in social entrepreneurship who plan to continue creating a positive impact after their studies. To apply, candidates must submit a complete MBA application along with the Skoll Scholarship essay (found in the ‘Funding’ section of the MBA application) by January 6, 2025. Applications are reviewed after each MBA admissions stage, with updates provided soon after decisions are made. Final shortlisting occurs in late March, with interviews scheduled for April and May.

• ^{London Business School Fund Scholarships}

The London Business School offers multiple scholarships covering up to full MBA fees. These are open to all successful MBA applicants who demonstrate strong academic and professional merit and can contribute meaningfully to the program. This is the MBA’s largest general scholarship category, with several awards granted each year.

Universities That Offer MBA Programs

This year, Stanford Graduate School of Business tops the global rankings for full-time MBA programs, leading a list of 340 schools. U.S. schools dominate the top spots, with Penn (Wharton) and Harvard Business School following in second and third. London Business School ranks as the top MBA program outside the U.S.

Other notable institutions include HEC Paris (98.6), Cambridge (Judge) in the UK (97.4), Columbia Business School in New York (96.9), IE Business School in Segovia (96.7), and IESE Business School in Barcelona (96.4).