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Published on Sep 27, 2008

The US continues to be the destination of choice for Indian students seeking an MBA from a
foreign university. Undeterred by the post 9/11 visa restrictions, Indian students constitute the
largest group of foreign students in the US for the sixth consecutive year in 2006-2007,
according to the Open Doors Survey of the US based IIE (Institute of International
Education).

Selection for an MBA programme is based on the consideration of educational background,

academic achievements, English skills, professional experience and personal statements.

 

The basic minimum requirement in most of the US universities is a degree from an

accredited four-year undergraduate college/university or its equivalent. For an Indian
aspirant, this means that a three-year degree programme does not meet the eligibility
criterion. To be considered for admission in US, an Indian student must have a post-graduate
degree or a professional four-year degree like engineering or a one- year degree from a
recognised institute or college. Completion of the first year of a two-year degree course may
not meet the eligibility criterion of most US business schools.


  
  

 

GMAT is a necessary not only for
admission but also for getting a student visa. Both quantitative and verbal scores are
considered separately. A good score will give you an edge above the others.

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TOEFL is another requirement for

Indian students from non-English speaking universities. It is a measure of one¶s reading,
listening, speaking and writing skills in English. Both paper-based test and internet-based test
are available. The minimum scores required for most universities range from 550 to 600 in
the paper-based and 213 to 250 on internet-based TOEFL.

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  - Usually two or three such

letters are required from individuals other than family members assessing the applicant¶s
performance either in an academic institution or at the work place. It is advisable to get
references from both academic as well as professional sources.

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These essays are a very important component of
the admission form. Care should be taken to explain how a master¶s degree in that particular
school fits in with the applicant¶s career plans. It is recommended that both essays as well as
letters of recommendation should be fine tuned with the respective vision of the particular
school.

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Work experience usually between three to five years, is required in most
schools.
 
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For what is considered as one of the most sought after qualifications in the world, the costs
involved are big. An MBA in the US is costlier than in most other countries. While the
annual tuition fees in top schools like Harvard, MIT, Kellogg, Wharton, NYU etc varies
between $30,000 and $60,000, others cost between $15,000 and $30,000 per year. The tuition
fee varies between private (which can cost $15,000 to $60,000 annually) and state schools
(between $10,000 and $20,000).

Add to this the living expense which, according to the College Board, varies between
$14,050 (low budget) to $20,970 (moderate budget) for a 12 -month period in 2007-2008. The
breakdown of the living expenses is ±Housing (54%), transportation (20%) and
miscellaneous (26%).

Medical insurance is mandatory for foreign students. The total cost of an MBA in the US thus
depends on the tuition fee of the business school you have chosen, your lifestyle which can
make a big difference in the cost of living, and, the location both of your school as well as
your residence.

The approximate cost for an MBA in Boston University, Virginia, Duke, Yale, Stanford, New
York and Columbia exceeds $50,000 for non-resident students. In universities such as Stetson
University, the University of Tampa, University of Mississippi, North Carolina State
University, Louisiana State University, Georgia Tech, SUNY Buffalo and Brigham Young
University, the total costs vary between $15,000 and $20,000.



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Scholarships, fellowships, grants and loans are available for funding MBA courses in US.
Financial aid (need-based grant), however, is not easy to come by for management programs.
Scholarships for MBA require excellent academic and extra-curricular record. Full
scholarships, which cover the total cost of education except the air fare, are increasingly
difficult to obtain. Loans can be obtained from corporate banks. The admission department of
various business schools is the best place to explore such options. Government funded
schemes are not for non-US citizens.

For an Indian student, it is advisable to start financial planning a year in advance. This
includes compiling crisp and to-the-point application forms, assessing personal funds and
trying to raise as much money as possible from friends and family, identifying financial
assistance for which one is eligible, being realistic about costs and trying to cut costs.
Working part time, on-campus can help meet incidental expenses. Finally, exploring the
possibility of raising funds from the home country is strongly recommended.