In an increasingly competitive global job market, Indian students and professionals set their sights on achieving excellence by pursuing MBA degrees from foreign universities. For many, this is not just academic advancement, but also the pursuit of a higher income to embrace life to the fullest. In the year 2023, the Financial Times has once again ranked the world's top five universities.
Here are few things to know about the world's top five universities:
Columbia Business School (USA)
The institution's courses are delivered by a dedicated faculty, comprising 150 full-time professors and over 100 additional instructors, who bring real-world industry expertise to the classroom.
Before applying for admission, prospective candidates must successfully complete one of the following exams: GMAT, Executive Assessment, or GRE.
Columbia Business School offers merit-based fellowships for first-year students, which are awarded based on the overall strength of their applications. These fellowships can be granted at various points in the admission process, with most decisions communicated in the Spring semester. Notably, no additional application forms are necessary. Financial aid determinations are made independently of the admission decision due to the school's rolling admissions process.
The criteria for fellowship eligibility vary as they are often established by donors. Some fellowships are specifically aimed at underrepresented minorities, women, individuals from certain countries, or those with particular industry interests. On average, need-based scholarships at Columbia range from $10,000 (8.29 lakh) to $30,000 (Rs 24,93 lakh), although in certain situations, higher amounts may be awarded.
The business school boasts an impressive weighted salary of $226,359 (equivalent to Rs 1.88 crore).
For more detailed information, visit the official Columbia Business School website.
INSEAD (France/Singapore)
It provides a truly global educational experience with campuses in Europe, Asia, the Middle East, and San Francisco, including an Asia Campus in Singapore.
INSEAD's accelerated 10-month curriculum is designed to nurture successful, thoughtful leaders and entrepreneurs. Applicants can submit either GMAT or GRE scores for admission. The selection process, which includes an INSEAD Executive MBA Admissions Test, typically takes up to nine weeks from the date of a completed application submission. Online GMAT or GRE scores are accepted if they remain valid (up to five years from the test date to the application deadline).
The programme comprises five periods, each lasting eight weeks and concluding with exams, essays, or projects. The first part includes 14 core courses that provide a strong foundation in management disciplines, while the second part offers a choice of over 75 elective courses in various subjects.
This is one of the world's premier graduate business schools, offering a weighted salary of $198,363 (approximately Rs 1.64 crore) to its graduates.
IESE Business School (Spain)
Admission to the program requires an undergraduate degree and, if English is not your native language, successful completion of an English language test since the program is taught in English. While GMAT or GRE results are important, they are not the sole determining factor for admission. Iese also evaluates applicants based on personality, motivation, goals, leadership abilities, and communication skills.
For English proficiency, the recommended scores are TOEFL 105, IELTS 7.5, PTE Academic 68 (C1), or Cambridge Certificate of Proficiency in English at least level B. The initial application fee for the IESE MBA is $200 (Rs 16,625).
IESE offers a robust scholarship program for promising MBA students. A wide range of scholarships is available, and applications for these scholarships should be submitted within the MBA application form to the admissions department. Detailed information on scholarships can be found on the official IESE website.
The highest salary package reported at IESE Business School amounted to roughly $181,270 (Rs 1.5 crore).
Harvard Business School
The requirements for admission to Harvard Business School's Executive Education programmes can vary, but in general, applicants should have a minimum of 10 years of work experience and a referral from a senior executive within their organisation, a company board member, or a Harvard Business School graduate familiar with their role and responsibilities.
Language proficiency is assessed, particularly if English is not the applicant's first language or if they have less than one year of experience in an English-speaking environment. Financial aid is determined based on factors such as gross income from the prior three years, assets, socioeconomic background, undergraduate debt, and more.
Approximately 50 per cent of MBA students at Harvard Business School receive need-based scholarships, which can range from $2,500 (Rs 2 lakh) to $76,000 (Rs 63 lakh) per year.
Harvard Business School graduates achieve an impressive weighted salary of $235,019 (Rs 1.95 crore).
For more information on admission requirements, visit the Harvard Business School website.
Stanford Graduate School of Business
All MBA students, regardless of their citizenship, are eligible for financial aid if they demonstrate need. The average Stanford GSB fellowship for the class of 2023 was approximately $44,000 (Rs 36 lakh) per year or $88,000 (Rs 73 lakh) in total awards.
Stanford GSB accepts both GMAT and GRE exams, with no preference between the two. There is no minimum score requirement for either exam, and the school considers all component scores for GMAT, GRE, and TOEFL.
Stanford Graduate School of Business students receive a weighted salary package of approximately $248,669 (Rs 2 crore).
For more information on admissions and financial aid, visit the Stanford Graduate School of Business website.