More and more people decide to pursue an MBA abroad. It is a great way to build a network of international business relationships and gain unique professional experiences. When looking for a potential program, make a list of business schools that specialize in your area of interest. Compare the costs of the tuition and consider if you can afford to live in the city that hosts the courses. Prepare your application for a few months and be sure to communicate your international experience within your essay. An MBA is a major investment, so consider funding options, such as scholarships and career development loans.
Steps
Part 1 of 4: Choosing an International Program
Step 1. Choose specialized programs in your area of interest
Evaluate geographic location, faculty and career prospects, then narrow the list to the schools that meet your needs. For example, if your specialty is finance, business schools in the New York and London area are the best in the world. They are close to major financial institutions, so they give you access to internship, job and networking opportunities.
When researching the internet about MBA programs, include your field as a term. You can choose finance, marketing, real estate, IT management, or health
Step 2. Compare Program Costs
An MBA is a major investment: the most prestigious American and European programs have fees that exceed $ 100,000. Your specialization can help you narrow the pool of programs and cities. At that point, compare the costs and financing possibilities.
Even though the most prestigious programs in the world are located in the US, UK and France, don't limit your search to the rankings. India and China, for example, offer competitive programs and scholarships for international students. Peking University's two-year MBA offers courses in English, and scholarships for international students go to cover the full cost of the master's degree
Step 3. Consider the cost of living
Find out how much rent, bills, a cup of coffee, groceries, bathroom items and other basic items cost in the host city of the program you are interested in. You may not be working full time during your studies, so you need to be sure you can afford to live in the master's city.
Enter the city name on the Numbeo cost of living calculator: https://www.numbeo.com/cost-of-living. You will see a comprehensive list of expenses, such as transportation, basic goods and utility bills
Step 4. Consider the language requirements
You will find them listed on the admissions website of the program you have chosen. If you want to apply for an American or English master's degree, you need to be fluent in English. If you speak English, almost all the best business schools offer courses or entire programs in that language.
In addition to knowing the language used in the courses, you will also need to learn the local language enough to lead daily life
Step 5. Do some research on visas
Once you are admitted to a program, you may need to apply for a student visa. Each country has a different procedure, but your business school will guide you through the required operations. Start the process as soon as you receive your admission letter. You will need a passport and other identification documents, the advance on tuition and other specific requirements for each country, such as medical certificates and vaccinations.
Knowledge of the language may also be required to obtain a visa
Part 2 of 4: Writing a Good Application for Admission
Step 1. Complete the admission forms as indicated
Visit the website of the program you have chosen and you will find specific instructions for submitting your application. For almost all masters, you will have to submit a form and upload documents through a web portal.
Step 2. Compose an essay that demonstrates your adaptability and international experience
You will have to answer two or three questions; they are very important and you need to think carefully about the answers. Include specific personal experiences that describe your leadership, teamwork and communication skills.
- For example, the Wharton School of Business asks applicants how they will contribute to the community.
- International applicants must also claim that they can thrive in a foreign environment. Mention your relevant experiences, such as a semester you studied abroad, a trip you took (preferably longer than 10 days) or how you collaborated with an international company in a professional environment.
Step 3. Choose recommendations that convince the board to admit you
Ask people who know your professional achievements, such as your current or previous supervisor. They need to paint a convincing and vivid portrait of your character and career growth. In addition, they must make it clear that you are able to adapt to life abroad.
Here is an example of a good recommendation: "It has been rewarding to watch his professional growth. Hiring him and mentoring him has been one of the most significant experiences of my career."
Step 4. Submit your GMAT or GRE scores
Almost all programs require one of these tests, with scores of 650 or higher. Start preparing for the test as soon as possible; It is a good idea to take a preparation course and take an online practice test.
- On the Kaplan website you can find many sources for practicing the GMAT or GRE:
- Initially you will only have to indicate your score in the admission form, then you will send the official certificate to the program after being admitted. If there are any inconsistencies between what you have declared and the official result, your admission will be revoked.
Step 5. Translate or convert your graduation score
Since there is no standard rating, you will need to explain the value of your score according to the rating system of the country hosting the program. Contact your faculty secretariat for help.
For example, if you want to apply to an American program, you need to convert your graduation score to the 4.0 scale. Ask your faculty secretariat to send a letter to the business school explaining the comparison between your country's rating system and the American one
Part 3 of 4: Finding Funds for an International MBA
Step 1. Start looking for a scholarship as soon as possible
Although business schools offer scholarships, they usually only cover part of the tuition. Find out if your country's government offers scholarships to students wishing to pursue masters abroad.
- Start searching the internet for scholarships now. Apply for as many as you can get, even if it's just a few hundred euros.
- If you are a US citizen and want to pursue an MBA abroad, or if you are interested in a US program, you can apply for a Fulbright Scholarship.
Step 2. Find out about student loans
Study loans for courses abroad are a complex subject. You will likely need a good credit status in the destination country or a cosigner residing there. You can also find out if your government offers loans to citizens who want to qualify abroad.
Step 3. Find out if your company offers sponsorships for MBAs
Private sponsorships are a common means of financing masters. However, you will need to make sure that your company also accepts applications abroad. In addition, you will be linked to your company for years after you graduate, so you won't be able to immediately take advantage of the working relationships you create during your studies.
Step 4. Consider Crowdfunded Career Development Loans
Approximately 35% of MBA applicants worldwide are international students. Since earning a master's degree abroad is a very popular choice, many schools offer low-interest loans to students arriving from foreign countries. Usually, alumni and other investors sponsor a class, then the debt is repaid at the end of the course.
Consult the financial assistance department of your chosen school to find out if they have started a career development loan program
Part 4 of 4: Getting the Most Out of Your MBA
Step 1. Get involved in the local culture
Don't spend every minute on books. Find time to relax and de-stress by visiting museums, bars, and visiting other local attractions. Walk the streets of your neighborhood and try to develop relationships with the locals.
Make conversation in the checkout line, at bars, or at a yoga class
Step 2. Play the "MBA card"
Contact local companies in the sector you are interested in and let them know that you are an MBA student. Ask for informational interviews, to be able to follow employees in a working day, attend conferences and look for all opportunities for professional development. Playing the MBA card opens the door to many experiences that would otherwise be closed to you.
Step 3. Introduce yourself to as many people as possible
One of the benefits of studying abroad is the opportunity to develop a robust network of international working relationships. Don't be locked in your room or library. Talk to your colleagues, have a conversation with professors, and try to meet some new people every day.
Try to have interesting conversations with people outside the classroom. Ask other students or professors for a coffee or beer after class, ask them questions, and talk about the latest news regarding the global economy
Step 4. Set long-term goals for your career
Over the course of your studies, you will need to choose a summer internship, explore post-MBA job opportunities, and find out how to turn your degree into a career. Always keep your long-term goal in mind throughout the process. Do not close the door to unexpected perspectives, but do everything possible to orient your studies according to your professional strategy.
