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Many students are interested in going to business school overseas as a way to see the world while still advancing their futures. That being said, while studying abroad has many admirable benefits, it isn’t for everyone.
Choosing where to achieve your MBA is a big decision that should be made with careful consideration. If you’re trying to decide whether studying abroad is right for you, here are a few important things to consider.
Before you choose which business school to attend, take some time to consider your personal budget as well as researching tuition costs of your top schools. For example, at the Rotman School of Management in Toronto, MBA tuition is approximately $50,000 CAD per year, whereas Melbourne Business School in Australia is approximately $79,000 CAD per year.
Additionally, in some countries, tuition is different for foreign and domestic students. For example, in Canada, tuition is higher for international students because the government subsidizes tuition for its citizens.
Keep in mind, there are many other expenses to consider when making your decision, including (but not limited to) rent, transportation and supplies. If you plan to go to school abroad, you’ll also have to account for any travel expenses.
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For many people, the most difficult aspect of business school is not the workload or the content, but having to put yourself out there and network.
Networking can be nerve-wracking. When studying at home, these nerves can make you reluctant to step outside your comfort zone and meet new people. By attending business school abroad, you’ll be in an unfamiliar surrounding, which means making new connections and forming new relationships will be essential.
Although networking while attending business school at home can seem more daunting, making connections in the location you live (and plan to work) can be more valuable. After all, making a business connection in England when you want to work in Toronto might not be of much use post-graduation.
Completing an MBA overseas gives you a competitive edge that will help you stand out from those who studied from home. You’ll be graduating with a set of skills that can only be gained through international experience. Some of these skills include cross cultural communications, and being familiar with international laws, regulations and standards.
While studying abroad enables you to learn many international skills as listed above, by studying in the location you want to work, you will be learning the ins and outs of your industry. International skills are an asset to any business, but every company works from the inside out: if you’re unsure of your own policies and regulations, chances are you won’t be hired.
First thing’s first: take the GMAT and apply to business schools
Before you decide where to achieve an MBA, you need to take the GMAT and apply to business school. Once you successfully pass the GMAT and have been accepted to schools, start weighing your options and decide which program best suits your lifestyle.
If you’re worried about preparing for the GMAT, a GMAT test prep course can help you achieve your best possible score and get accepted to the business school of your dreams.