Gurukul Beyond The Seven Seas

<div>Rounak Sethi, an engineer from IIT Kanpur had interview calls from all major IIMs. He ended up converting most of them but chose not to join any. His friends look at him in disbelief as he lets go an IIM Ahmedabad seat. He is keen on studying in an Ivy League college. Neither is he the department rank 1 nor is he the student council president. He is somewhere in the middle. His is not an isolated trend!<br><br>Over the last few years, an increasing number of Indian students are flocking to top business schools worldwide. In fact, Indian students are one of the largest nationalities in any of the top business schools. The crème de la crème from the best Indian institutions are choosing to head to the west rather than study at the hallowed portals of the IIMs. The article looks at this emerging trend.<br><br>The glamour of doing an MBA from the IIMs has remained stagnant at best. A decade ago, doing an MBA from an IIM was paramount to being conferred with celebrity status. From superior matrimonial prospects to newspaper interviews to being worshipped in your residential colonies; life almost changed overnight!<br>&nbsp;<br>Over the last few years, the sheen of an MBA from IIM has worn off. Possible reasons that could have contributed to this could be the rapid increase in the number of IIMs and a significant increase in average batch size. At present, there are 13 IIMs with 5 new IIMs in the pipeline. Average batch size at the bigger IIMs has crossed 450.<br><br>Post the economic downturn, the plush banking jobs from the London and New York desks have steadily declined. It hasn't helped that after so many years there are only 2-3 IIMs in the Financial Times Top 100 B-schools.<br>&nbsp;</div><table border="2" cellpadding="5" cellspacing="5" width="600"><tbody><tr><td><span style="color: rgb(255, 0, 0);"><strong>Did You Know</strong></span></td></tr><tr><td><ul><li>AINSEAD batch has students from over 80 nations?</li><li>Only 2 per cent of students at Harvard have flunked out?</li><li>The phrase "Ivy League" is believed to have been coined by a sportswriter at the New York Tribune who used it disparagingly of Princeton and Columbia's football teams?</li><li>Princeton's class of 2015 contains representatives from over 135 countries?</li><li>The first IIT (Kharagpur) and the first IIM (Calcutta) were set up in West Bengal?</li></ul></td></tr></tbody></table><div><br>Global exposure and better financing schemes have resulted in increased attractiveness of the international MBA from a top business school. With senior management roles becoming geography agnostic, an international role or an international education has almost become mandatory. As a result, young MBA aspirants are looking positively at an international MBA from a top business school.<br><br>The experience offered at an international school in terms of diversity, study treks, alumni network is unmatchable. For instance, at London Business School, there are students from more than 80 countries in a batch. Any international MBA has typical study treks in countries like Turkey, China, South Africa, Germany, Hong Kong, etc. Students at INSEAD can study at three campuses the world over; Fountainbleau, Singapore and Abu Dhabi. The alumni network at these institutions is unparalleled with representations from more than 100 countries.<br><br>The cost of an international MBA has remained steep. Students can expect to pay atleast $ 100,000 to complete a 2 year MBA at a top ranked school like Harvard or Stanford. However, universities are looking to increase affordability by offering graduate assistantship opportunities, easy loans and alternate sources of income. Even then, it nearly takes 3 years to pay back a loan for an international MBA.<br><br>However, over the last few years, the cost of an MBA from India has increased steadily. For instance, the cost of an MBA at the Indian School of Business is nearly Rs 27 lakh.&nbsp;<br><br>Importance of diversity, return on investment and preferred work location are key parameters to choose between an Indian and an international MBA. There is a clear case to do an MBA from an IIM. Especially if an aspirant wants to work and settle in India. No institute can promise a better starting point. The return on investment, in pure financial terms, is significantly more lucrative than an international MBA. More often than not, engineers who don't want to be in software technology use the IIM route to do something else.<br><br>An MBA from a top 10 business school has a clear cut case in its favor. Global outlook, exceptional alumni network, incredible diversity, global roles being some of the few benefits. If an aspirant wants to work outside India for a few years, a top 10 business school is an extremely attractive proposition. The salary increase after an MBA is equally high. For instance, MBA candidates at London Business School reported a 107 per cent increase in salary after their MBA.<br><br>However, if a candidate fails to secure a top 10 business school; the decision to choose between an IIM and a global business school borders on shades of grey. International business schools often don't have a 100 per cent placement track record. The prospect of not landing a high paying job in a shaky economy with a ridiculously high loan can be extremely challenging for an MBA candidate.<br><br>Many IIM grads are pursuing their second MBAs at top business schools. Over the last few years, an increasing number of IIM graduates are pursuing their second MBA at top business schools worldwide. The traditional MBA program in India is largely directed towards individuals with a few years of work experience. More and more graduates are doing the second MBA at top business schools to give their careers an international boost, change their industry or geography or to avoid stagnation in their present jobs.<br><br>In conclusion, studying in a top 10 business school is an experience of a lifetime. The entire package, comprising of unbelievable diversity, incredible alumni, and global job opportunities can't be matched by any Indian business school. However, the choice becomes tricky when the candidate has to choose between an institute not in the top 10 and an IIM.<br><br>Rounak has a final admission call from Columbia business school. Although he has been rejected by Harvard and Stanford, he decides to study in Columbia amidst the hustle and bustle of New York City!<br><br><em>The author is an MBA from IIM Bangalore, the author of "Yours Sarcastically" and a columnist. You can reach him at sandeepdas99@gmail.com</em></div>