MBA Or MSc: A Round-Up Of Needs And Natures Of Business Education Around The World

In India, it has almost become a necessity to “do an MBA”, driven by a perception that it is necessary to have an MBA to get a good start in your career. This has led to a proliferation of business schools, as well as to global institutes targeting the Indian student. Many Indian students are applying to international business schools. While this is mostly for masters level MBA courses, some are bachelors level students.

Business programmes can be looked at 2 levels: 1) Bachelors programmes and 2) Masters programmes. A foreign Bachelors in business is not likely to give a student the kind of edge that she is looking for in terms of job prospects.

In the UK, studying business is like any other subject in the Arts. Companies in the UK bel­ieve in training natural ability, and hire based on tests and interviews. Other countries fall between the two types of recruitment, where the degree helps, but isn’t the key to success. Finally, be mindful that even at an undergraduate level, business degrees cost more.

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Top International Colleges

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Studying masters in business is not as straightforward as in India. Globally, an MBA degree tends to require work experience, and is seen as improving managerial abilities. The options for masters are a) MSc in Business, b) Masters in Management/Masters in Business and c) the MBA.

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The MSc is a recent US innovation. The main drive arose from the need for people trained in the areas of analytics and data science. The degree is more narrowly focused than an MBA. The degree requires no work experience. The masters in management/business is offered in New Zealand and Australia. It is aimed at people with little or no work experience. Usually, 18 months to two years long, it focuses on the fundamentals of business and how it relates to industry. Finally, there is the MBA offered by most countries, which almost alw­ays requires a minimum of two years of work experience. Most US MBA programmes are two years long, allowing students to intern in summer.

In the UK and Europe, courses tend to be between a year and 18 months long, to allow students to get back into the job market soon. They also require minimum work experience of three years. The exc­eptions are the London Business School and INSEAD—both recommend two years work experience. MBAs in New Zealand and Australia generally require five years of work experience, three of which have to be managerial; the MBA is a year long, making you ineligible for staying back.

Finally, when considering where to study, you might want to consider the chances for getting a job after you complete your studies. Australia allows you to stay back for 18 months if you complete a two-year degree, but it is hard to find jobs there. New Zealand allows students between one and three years. Vacancies might exist in the STEM fields. The US has a year of OPT—optional practical training—at the end of your degree, but the work you take up must be related to your degree. The UK has a four-month period at the end of your degree to allow you to find a job. But finding one in the current market is difficult.

Asian countries have their own visa policies. Singapore allows students to apply for a long-term visit pass after a degree for jobs. Hong Kong allows non-local students a 12-month stay back to search for jobs. Among European countries, Ireland offers two years of post study work permit after the completion of masters degrees. France also offers two years post study work permits to students with a masters degree. Germany offers 18 months to search for jobs.

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Most European countries require or rec­­ommend that you speak the local language when applying for jobs. The exception is Ireland, which speaks Eng­lish, and has job availability. Trinity College, Dublin, and University College Dublin, though ranked outside the global top hundred, are good options.

Unlike Indian MBA institutes, most global programmes do not have campus placements, but expect you to get placements based on job fairs, internships and contacts of their alumni and professors. Overall, an Indian student with minimal work experience should look at applying for MSc. programmes, while those with two or more years of job experience and a 700+ score in GMAT could look at top schools. It would be sensible to look at schools where placements with top global firms are common and which have strong industry connects for internships.

By A K Balaji  Prasad, Co-Founder & Mentor, www.prep4future.org