Business today is moving toward globalization and many students are pursuing an International MBA. According to Expatica, the application rate of American students for these programs has risen dramatically in the past few years. Before students embark on an odyssey abroad, they should understand what the degree is and how it affects their career goals. What is an International MBA, and how does it differ from an MBA earned in the US?
What is an International MBA?
An International MBA is simply a master’s degree in business administration that is earned from a university in another country. Besides the adventure of travel and the prospect of new vistas, however, there are some real differences in the degrees from those offered in the United States. The first, and most obvious, difference is the diversity of the student body. Statistics reveal that European schools are 80 percent non-nationals, while American schools are largely homogenous at 30 percent. In fact, many schools abroad work through their admissions to prevent one culture from domineering. The gives business students a grasp of the cultural aspects of business practice outside America. In addition, exposure to different cultures makes students able to work with anybody.
Who Can Be Admitted to the Programs?
International MBA programs definitely do not admit everyone. Some schools prefer students with previous experience in working abroad. College study abroad programs do not qualify as work experience. The universities and business schools may also require prospective students to be fluent in a foreign language.
Are International MBA’s Better Than Those Obtained in the US?
It depends upon what career goals have been set by the student. If someone wants to study abroad, because he assumes the programs are intrinsically better, he may be mistaken. For instance, schools in London boast the breadth of their faculties. One university said that its faculty represented 33 nationalities. While that is true, 80 percent of the professors had earned their doctoral degrees at American schools. In addition, the curriculum is similar. Many of the case studies in textbooks, in fact, are written by Americans. International MBAs are attractive, because they cost less, according to Forbes. At the London School of Business, for instance, the program (which can be completed in 15 months) costs about $70,000. Harvard’s degree takes two years to earn and the tuition is $186,000. Job placement rates are higher in international programs as well because of the increased diversity in school contacts. If a student wants to work in Europe or in global business, an international MBA makes sense. The diversity of culture teaches, as no textbook could, how the international community forms business principles. Before investing in an international degree; however, students should know what industry they want to work in and even to which business they intend to apply. Some employers might not recognize the names of business schools in other countries and some may view the shorter programs as being inferior.
Related Resource: Global MBA
A Master of Business Administration is becoming the gold standard for business professionals. People already in the field who have undergraduate degrees are going back to school to get advanced degrees. An International MBA could be an important consideration if someone intends to work overseas or in a large American corporation with International components.