Several researches done have proved that Salaries of MBA holders is growing rapidly over the past couple of years. The average salary of MBA in India is around 7-8 Lacs whereas in foreign countries it is around $90,000-$1, 00,000.

So how does MBA helps in increasing salary level? Basically, MBA, as the name suggest, is all about how to manage business. It’s about how to effectively run business in today’s ultra-tough and competitive business environment. It equips one with hard skills of management, general business laws, accounts, economics, finance and soft skills of effective leadership, managing peoples, teamwork, responsibility and communication skills.

When you are equipped with these skills, it was quite easy to get yourself into Top level managerial positions which, in turn, lead to increase in your salary. This increment is not a tiny amount. It could, literally, be double or sometimes even triple of amount you are previously earning.

One can also start his own business after completing MBA. Although, MBA is not necessary to start business but having an MBA degree significantly reduces your chances of failure. A recent study proved that business started by MBAs has far less failure rate than the standard failure rate. So, you can start your own business. And soon you can sky-high your income.

Who should pursue an MBA?

MBA is more suited to students who are looking to switch career or become an entrepreneur. Masters and PHD qualifications suit those looking to start higher up in their chosen career.

Work experience

Most business schools expect their students to have some work experience. Although, schools may differ in their exact requirement, three to four years is the average work experience. It is not necessary that you should have work experience in management; it can be from almost any background or industry.

What is the actual cost of pursuing an MBA abroad?

The cost of pursuing an MBA abroad is really high, but it doesn’t mean that only the incredibly wealthy can afford it. There are numerous opportunities to fund MBAs, including loans and scholarships.

Where should I pursue my international degree?

It depends upon your interests, skills and specializations. Before you choose any country think hard about your personal aims and ambitions and then research schools on an individual basis. No country is right or wrong.

Funding your studies

Funding opportunities vary from country to country. Tuition fee is obviously the greatest cost of pursuing an MBA abroad. Other expenses that need to be taken into account are travel, accommodation, living and compensating for time away from employment. While applying, students should spend time searching for scholarships and fellowships. The sources of funding varies from country to country, so there is no centralized process to apply for outside scholarships and many of these can only be obtained while the student is in their home country. Waiting until an admission decision is received may leave too little time to identify outside sources of funding.

What sources of financial aid are available to post graduate students?

One possible source of funding is YOU. Post graduate studies are often taken after being in employment for a few years. While you are in employment, try to save up some money for your studies.

Institution scholarships and bursaries
Every institution offers them. You only need to contact the relevant department.

Assistantships and part-time employment
Many institutions allow post graduate students to be a teaching assistant or research assistant. As a research/teaching assistant you can work up to 20 hours per week. Many countries, including Australia and Canada, allow international students to work up to 20 hours per week during their studies.

There are many considerations that you have to keep in mind. Finding yourself in the wrong school would most probably spell disaster because either the program isn’t right for what you intend, the costs are too high, you can’t afford to go all the way to another state, or some other reason. So it’s vital that you keep these things in mind before you go enrolling to your schools of choice:

• Reputation: This is one of the first things you should look at when searching for your school of choice. In the end, it may not always be justified but employers really give consideration to your school’s ranking. It’s like measuring the difference between a high level officer and a rank and file employee. A better ranked school usually leads to more and better opportunities.
• Location: Because of the costs of leaving and relocating to a different city or state, it is usually more convenient to study at a school that’s much closer to home. Peers and connections are important parts of studying so location is always vital. And if you’re planning to do part-time work together with taking your MBA, then it becomes even more of a factor in your choice of school.
• Cost: If you happen to get a scholarship or you manage to get funding, this wouldn’t be so much of a problem. But if not, it is absolutely critical that you choose a school within your financial capabilities.
• Accreditation: This is another important consideration, perhaps more than your school’s reputation. It means that the school you are enrolling in meets all the prerequisites of governing bodies. As there are more and more schools that offer alternate and sometimes, sub-par ways of attaining a degree, this is absolutely important for your choice, ensuring you get the best education you possibly can. Known accrediting bodies include: The Association of MBAs (AMBA), The European Quality Improvement System (EQUIS) and The Association of Advance Collegiate Schools of Business (AACSB).

These are only some of the considerations you could keep in mind when you try to apply for an MBA. It’s always important to know what school you are applying to completely before you go through the process. So research, call them up or even visit the schools yourself.