Every organisation has multiple departments and learning to manage any one or all of them together is not everyone’s cup of tea. As organisations grow in size they need good managers along with good technical hands to continue their daily operations and growth. Companies too prefer to employ those who are good both in technical and management aspects. This is the reason why many engineers prefer to pursue an MBA degree.
The value of an MBA is such that even a medical professional or government employee benefit from it. Even before you start your management degree you need to make several decisions regarding where you want to pursue this degree in India or overseas, or without experience or after acquiring some experience. Here we discuss some factors and how they can alter your decision making. There is no one-size-fits-all conclusion, for even before we learn to manage an organisation we should decide to pursue an MBA.
Foreign MBA vs Indian MBA After Graduation
This is the largest category of MBA hopefuls in India. Every year nearly two lakh students appear for the CAT exam, however, less than 10 per cent of them can make it to prestigious institutions. Even though work experience is appreciated and given preference, it is not a mandatory requirement for admission in most MBA institutions in India. A contrasting comparison between pursuing an MBA from India and overseas will be as follows:
MBA from India: CAT is required to gain admission in top management colleges, while many colleges also accept CMAT or MAT. Work experience is not required, and the duration of the programme will be two years when pursued full-time. The value of an MBA is only when pursued by top universities, otherwise, it will be of little value.
MBA from a Foreign University: Most management schools ask for GMAT/GRE along with work experience. On average, work experience of four to five years is asked by foreign institutions and it is mandatory. An MBA degree from a European business school takes one year, and two years by most American universities. International students do get the opportunity to work in the host country and convert their study visa to permanent residency. Take the assistance of immigration consultants in Chandigarh to learn more about applying for a study visa and becoming a permanent resident.
Talking of pursuing an MBA from an overseas university, there are ample opportunities for management graduates, including in Australia and Canada. The decision to pursue a management degree from these countries makes for a sensible choice. A look at the Job Bank Canada shows MBA graduates are in good demand. There are job openings for marketing managers, administrative managers, corporate sales managers, and finance managers, all of which prefer to hire employees with MBA degrees.
Similarly, demand for MBA graduates in Australia is on the rise with varied job opportunities opening up at regular intervals. Some of the job profiles that open up include programme manager, business development director, finance manager, events manager, etc.
MBA After Work Experience or Right After Graduation?
Many aspiring business professionals are faced with the dilemma of pursuing an MBA immediately after completing their graduation or after having some work experience. To say the least, both choices have their pros and cons. The option to continue with your education and pursue a management degree after graduation will enable faster career progression. Many students believe that it is easier to learn things when we are already in study mode, even after we have graduated from college.
A management degree comes with a specialisation, so you and your employer are aware of the area you can work in. You will continue to move in the right direction from the very beginning. An MBA degree will allow you to build a network which will help you in your job search. Since you already have a management degree you will be considered for managerial positions as and when they arise.
Pursuing an MBA after gaining some years of experience has its advantages. Primary among them is your ability to understand real-world perspectives and to correlate theory to experience. This will certainly help you know business challenges and how to overcome them. Since you have already worked in a company, you have a much clearer picture of what you want from your management degree and the field you want to specialise.
However, some people may find it difficult to study after a gap. The fact that you may have to leave your job and sit down with books can be quite tempting and not everyone is comfortable with it. You will need a lot of motivation to compromise with your earnings and pick up studies with the promise that you will earn better in future.
Factors to Consider When You Think of Pursuing an MBA
Where do you see yourself after pursuing a management degree is the obvious question that you must answer. Those who are from a technical background may find it difficult to receive promotions just because they are not good at managing things. An MBA degree opens up this door for them. There is another cadre of people who want to change their profession, for example from operations they want to move to management, and they pursue a management degree for easy transitions.
Financial considerations also affect a person’s decision to pursue an MBA degree. Tuition fees of premiere management colleges of India run in multiple lakhs and one needs to find out the return they will have from this investment. Look at the industry trend before jumping in, your decision to pick a specialisation should be based on what the industry demands rather than your likes and dislikes. Talk to overseas education consultants in Chandigarh and make the right career decision.
What Can Be the Ideal Situation?
There is no one right answer to the above question. Finding the right balance between academic knowledge and practical experience can be beneficial for you. Many people prefer to take a break from their studies and work for a company to implement their skills and pursue a management degree once they want to step up in the hierarchy. Ultimately, pursuing an MBA degree after graduation or after working depends on your circumstances, financial considerations, and career goals.
