I am looking for an affordable MBA among the top ones?

Chess

5 10

Posted Dec 26, 2011 09:05

Hi ! I am a 28 yr old Doctor, MD from India. My profile at the time of application will be this

GMAT :- 720-750 or more
Work Experience :-Work as General practitioner in Indian hospitals for 2 years, 6 months of medical externships in US.

I want to do a good MBA from a top 100 institute if possible. But the problem is that I do not have a lot of funds. I am willing to go ANYWHERE IN THE WORLD to do my MBA.

So here are my queries:-
1. I have funds of about $75000 for the two years including living expenses, what are the best institutes available within that range.
2. If institutes give a fee waiver, I would like to know about their criteria for waiving fee.
3. Is it possible for me, a foreigner to take a loan from a US bank and raise more money for my studies, if I join a US B School?
4.Would it be reasonable if I spent $75000 on an online MBA? Maybe I'll get better value for money that way by getting a degree from a top institute at a lesser price.

I'd be really grateful if you could help me sort out these queries.

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Chess

5 10

Posted Dec 26, 2011 09:09

If you need any more information to guide me, please mention it here or PM me. I'd add it ASAP.

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maubia

209 418

Posted Dec 26, 2011 12:11

But the problem is that I do not have a lot of funds.

1. I have funds of about $75000 for the two years

I think that 75000$ are more than what normally mba students have :-)

<blockquote>
But the problem is that I do not have a lot of funds.

1. I have funds of about $75000 for the two years </blockquote>

I think that 75000$ are more than what normally mba students have :-)

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Chess

5 10

Posted Dec 26, 2011 16:01

I think that 75000$ are more than what normally mba students have :-)

The problem is that that is all I have (if I stretch myself to the point where my elasticity fails to hold !).

All my savings + Most of my dad's savings= $75000

So to spend such an amount, I'd want to do MBA in a top 100 institute. Else I'd plan something other than an MBA or do a much more cheap one.

I am not eligible for a big loan in India (due to some silly red tape, don't ask !). So I will certainly take a loan in US if a bank will offer it to a foreigner.

I'd be grateful if you could guide me about any way to get a loan of about $40-50,000, so that I can join a top 100 MBA course. It has been my ardent desire to do a top course, only the problem of funding stands in the way.

<blockquote>
I think that 75000$ are more than what normally mba students have :-)</blockquote>

The problem is that that is all I have (if I stretch myself to the point where my elasticity fails to hold !).

All my savings + Most of my dad's savings= $75000

So to spend such an amount, I'd want to do MBA in a top 100 institute. Else I'd plan something other than an MBA or do a much more cheap one.

I am not eligible for a big loan in India (due to some silly red tape, don't ask !). So I will certainly take a loan in US if a bank will offer it to a foreigner.

I'd be grateful if you could guide me about any way to get a loan of about $40-50,000, so that I can join a top 100 MBA course. It has been my ardent desire to do a top course, only the problem of funding stands in the way.

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Duncan

14.013 15.475

Posted Dec 26, 2011 20:47

If funds are limited then you need to look at a one year MBA: most students looking at a 2 year programme will be investing over $100,000.

I think you'll find it very hard to get a loan without a co-signer in that country.

With a budget under $75K, go to http://rankings.ft.com/businessschoolrankings/global-mba-rankings-2011 and add the column for value, and then sort by that. That will give you a good idea of the programmes with lower costs but still good benefits.

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Chess

5 10

Posted Dec 26, 2011 20:54

Thanks again Duncan, that was a valuable link !

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ezra

521 711

Posted Dec 27, 2011 22:12

Good call, Duncan - one year programs will be far more affordable. You can also check out programs in developing regions, rather than sticking to the US and Western Europe:

CEU in Budapest offers an outstanding one-year program at a good deal.

There's also FIA in Sao Paolo.

IPADE, in Mexico, offers good scholarships for students with financial need.

Also, another option would be online programs that you can do from anywhere - check out Warwick to start with - and you can live somewhere where living expenses are lower.

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Duncan

14.013 15.475

Posted Dec 27, 2011 23:15

Ezra, IPADE is a great programme but it's taught 50:50 in Spanish and then English.

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Chess

5 10

Posted Dec 28, 2011 15:07

Also, another option would be online programs that you can do from anywhere - check out Warwick to start with - and you can live somewhere where living expenses are lower.

Thanks Ezra and Duncan,
I am already looking at options outside US. Although, none of them seem to be top-100.

But I want to ask you about online degrees. From surfing the internet, I have a very mixed and unsure picture about them. I do know that the course content is same whether you do an MBA online or on-campus. Also, that the oppurtunities for networking are severely limited when you get a degree online.

I have read Duncan recommend Warwick somewhere on these forums but I am unsure about the following :-

Are online degrees considered at par with the regular on-campus degrees by employers?
Do we get similar job offers? Similar pay scale? etc..

Broadly speaking, in what ways is the outcome of a regular campus degree holder different from an online MBA student?

<blockquote>
Also, another option would be online programs that you can do from anywhere - check out Warwick to start with - and you can live somewhere where living expenses are lower.</blockquote>

Thanks Ezra and Duncan,
I am already looking at options outside US. Although, none of them seem to be top-100.

But I want to ask you about online degrees. From surfing the internet, I have a very mixed and unsure picture about them. I do know that the course content is same whether you do an MBA online or on-campus. Also, that the oppurtunities for networking are severely limited when you get a degree online.

I have read Duncan recommend Warwick somewhere on these forums but I am unsure about the following :-

Are online degrees considered at par with the regular on-campus degrees by employers?
Do we get similar job offers? Similar pay scale? etc..

Broadly speaking, in what ways is the outcome of a regular campus degree holder different from an online MBA student?

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Chess

5 10

Posted Dec 28, 2011 16:50

Also, I think the one year MBA program is a more European thing. Do you consider it equivalent to a Two year MBA?

On some websites, I have read that the one year MBA means that the number and/or duration of the electives is cut down? Does that affect the quality of the course? What do the employers think?

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vivekd

11 22

Posted Dec 28, 2011 22:02

Forget online..
Do you want to do a good MBA from a top 100 institute under $75K inclusive off all expenses?

And of course want a quality education with guaranteed job? and want to look after your dad & family?
.. want to stick with an economy that is forecasted to take the no.5 spot in the world by 2020?
and you are confident to get 720-750 GMAT score? ..

Here you go ..

FT ranking 2011
-----------------------
11 Indian Institute of Management, Ahmedabad (IIMA)
13 Indian School of Business

People as young as you should attach yourself with a growing economy and flourish. Next 10 years the west would be stagnated, there is no growth or very very slow.

I spoke to an Oxford MBA alumni in an event, he advised me recruiters in India prefer IIM and ISB people than even Harvard or Oxford MBAs.

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Duncan

14.013 15.475

Posted Dec 28, 2011 23:27

Vivek is right that if you want to work for a major MBA recruiter in India you should take an Indian MBA or PGDM. A western MBA will price you out of that market, but it could give other advantages if you wanted to work for yourself or a family firm.

If you have the choice to take a full-time MBA then you should not, under any circumstances, take a part-time or online one. The major part of the full-time experience is irreplaceable.

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