A hot favorite with international students, Europe is one of the most sought after business school destinations, housing some of the best  B-schools in the world.

MBA stands for Master in Business Administration. Many consider that a MBA degree is the ultimate entry ticket to get a good and high-paying job. This is because a MBA educational program fetches you both knowledge and expertise. These endowments help the candidate to get a good position with a company. Together with many options of MBA in India like regular MBA, MBA – Executive, MBA – Part time, MBA – Specialized sector, etc you also have the option of opting for MBA Abroad, i.e., MBA Course from the universities of abroad countries.

The MBA started life in America as a Master of Science in Commerce degree in 1900. Europe adopted MBA by 1957  -INSEAD becoming  the first European business school to offer an MBA program.

MBA in Europe

For many years, Students from all over the world mostly aspired to study only in US when they considered to take an MBA degree from abroad. But for the last few years or so, a new trend seems to be taking shape. Students are beginning to realize that the one-year European MBA may propel their careers in the right direction. In some cases, it may just be better than the traditional two-year US MBA.

Doing an MBA in Europe is taking advantage of the chance to study a practical diploma relevant to the industry and the multicultural environment. Developed competencies learnt during the MBA will quickly find that they can be applied in the everyday life of a company.On the other hand, bank and insurance sectors have started to recruit in Europe, because they are looking for people able to work anywhere in the world, in non-structured environments such as the new markets in Asia and South America.Large multinationals are always interested in investing in quality graduates who may become top managers in the future.

Completing the entire MBA curriculum in one year is the number one concern for many students.A one-year MBA does not necessarily mean the curriculum is more difficult. What it really means is that, just like in the real world, you work hard and you play hard. In fact, the curriculum for most one-year and two-year MBA programmes is pretty much the same.

Available MBA  Courses in Europe

Apart from regular MBA in Marketing, MBA in Finance, and MBA in Human Resource, you can pursue MBA degree in other unique specialization as well.

For instance:

Hospital Management for Medical Professional
Agribusiness Management for Agriculture background professional
Hospitality and Tourism Management for a person from Travel or hospitality background
Petroleum Management for people interested in Petroleum sector
Etc.

WHY  Take an European  MBA?

There are certain important differences between an Indian MBA degree and a foreign one. The learning environment and the ‘MBA-experience’ vary by a great extent with the school. Indian education system helps prepare conceptually strong managers with solid ‘funda-es’, the schools abroad focus on practical aspects and offer much broader exposure and perspective.

Here are the main benefits of an European MBA:

Broader Scope: You instantly become a ‘global citizen’ the moment you enroll! Your career opportunities become wider as you have an option to work in the foreign country, as well as come back home.
Practical Learning: Mostly, the foreign MBA courses are case study based, which makes them less ‘bookish’, interesting and fun to learn. Even the statistics course would make you think from a logical viewpoint, with little calculations involved.
Strong Peer Group: The class would typically have people from 10-30 different countries, with over 5 years of work experience (average). The cultural exposure would certainly broaden your outlook.
Better self-assessment: Many colleges offer informational interviews with psychometric tests, which allow you to discover yourself and help you make the best career choice for yourself.
Enjoyable Experience: While there always be a few sad folks in every schools, from my own experience, I can promise you that your experience will be immensely enjoyable. You only need to be clear about what you want out of the MBA, and possess a big heart.
Global Network: Several top ranked schools are over 100 year old, which offers you a strong and large alumni network. You’ll be able to connect with the who’s who of the business world, in every part of the world.

ELIGIBILITY for taking an MBA in Europe

Eligibility criteria for studying MBA abroad vary from country to country and school to school. But for most of the schools the following criteria are followed:

  • 3-4 years of education post the 10+2 stage
  • Prior work experience is recommended (Required for a majority of the schools)
  • GMAT and TOEFL/IELTS scores (GMAT is not mandatory for all schools in Europe )
  • A strong extracurricular record

As is obvious, all the schools relatively compare you to the rest of the applicants. But along with that, a realistic assessment of one’s capabilities is also done. In case you don’t have prior work experience, there is not much to be gained by applying to schools abroad.

In case you see that your GMAT scores are above the cut off averages of schools you wish to apply for, then you automatically make a strong case for yourself. Along with a strong academic record, MBA schools abroad also give quite a lot of weight to extracurricular activities – in the belief that an applicant needs to be well rounded and capable of giving back to society. This is a very important facet which one tends to ignore.

REQUIRED SKILL SET for Studying an MBA in Europe

Basics
The fundamentals of business are taught in every MBA program. Accounting, economics, finance, organizational behavior, marketing, statistics, and operations form the primary business disciplines and skills and are in the expected repertoire for any MBA. How and when students cover the basic skills varies, however. In most programs these subjects will be taught in a group of core courses required of every student. These core courses consume most or all of the first year of study in a two-year fulltime program. In some programs, students who have a prior background in business can be exempted or waived from some or all of the core courses, on the basis of either a special examination or an evaluation of the undergraduate transcript.

Some programs regard a few areas as background knowledge and expect you to have learned the material before you start your graduate program. Statistics, economics, and accounting often fall in this group. When you’re comparing the length of programs and calculating time to degree, be sure you remember to consider any program prerequisites. (Calculus and computer skills are also common prerequisites for MBA programs.)

Other programs take another approach, offering the core courses within the structure of the program but requiring this course work only of those students who have not mastered it previously. If your program has two tiers, with different entrance points-for students with undergraduate degrees in business and those with degrees in non-business areas-you may be exempted from some or all of the first year of the program if you were an undergrad business major.

Quantitative Skills
It has been said that mathematics is “the language of business.” But many MBA programs are moving away from the heavily analytical approaches that predominated several years ago and are giving increased emphasis to the “soft” areas of communication and interpersonal skills. Said that, the quantitative elements of business studies have not gone away.

The actual level of mathematical knowledge that you’ll need varies widely from program to program. Some schools expect you to have studied statistics before entering the program. Some will expect you to use calculus on a regular basis. Generally speaking, you should certainly feel comfortable with college algebra and brush up your quantitative skills if they’re rusty.

It’s a tech world out there
In an ongoing effort to adapt to technological change, almost all business schools have integrated personal computers into their programs. Many schools will require you to have your own laptop. The extent to which you’ll be expected to use a computer will vary from program to program, but you should make an effort to have at least a minimum comfort level with word processing, spreadsheets, and databases before starting school. You may want to check with the schools you’re interested in to find out the hardware and software specifications.

Are you a team player?
One of the ways schools are mimicking the business environment in their academic programs is in the use of student teams. As corporations have increasingly turned to teams to work on projects and to solve problems, MBA programs have converted an increased share of course work from individual work to team work. Many programs now incorporate training in teambuilding somewhere in the program – either as part of new student orientation, in team building workshops, or as a topic in organizational behavior courses.

Teams may be formed for the purpose of one project in one course or they may remain together for months, working on multiple courses. In the often competitive environment of MBA programs, the cooperation required of teams doesn’t always come naturally. Since team work is almost always time consuming, students in schools that use teams may find that activities and even policies on work during the academic year reflect the heavy time commitment of working with others.

EXAM TO BE FACED

For pursuing MBA from Europe, an aspirant has to usually go through these qualifying tests.

1.TOFEL/IELTS (Test of Proficiency in English)

2.GMAT (MBA Entrance Exam)

Best European Business Schools compared to the US Business Schools

Rank Best European Business Schools Best American Business Schools
1 London Business School Harvard University
2 INSEAD University of Pennsylvania
3 IE (Instituto de Empresa) Columbia University
4 IMD Stanford
5 University of Oxford MIT
6 Cambridge University University of Chicago
7 Manchester Business School Northwestern University
8 HEC New York University
9 ESADE Dartmouth College
10 Athens University of Eco & Business Yale University
Source: ReportED Rankings, 2013 Source: ReportED Rankings, 2013

It’s really not fair to compare universities on the basis of rankings. One cannot say with surety that Stanford is better than IMD or vice versa. Rankings can be used as a tool for you to decide which schools you want to apply to, but don’t use rankings to answer the ultimate question — which business school is better? Study the course content, student reviews and placement rates to find the answer to that question.

Cost of Studying MBA in Europe

Here is rough estimate of cost , if you were to take MBA programme in some of the top universities and institutions in Europe and USA.


All Figures in US Dollars

Europe
1Yr

USA
2Yr

Pre MBA Expenses

540

742

GMAT Fee

269

269

TOEFL Fee

178

178

Application Fee

265

296

Program Fees

82526

145665

Tuition

78733

128052

Fees

1918

8463

Books

1058

8347

Laptop

827

827

Personal Expenses

30865

176426

Travel (Local + Flight)

7442

7243

Accommodation

11909

60469

Food

7012

incl in acco

Exchange/Job Search

2515

107513

Miscellaneous MBA costs

1984

1193





Average Incoming Salary

13713

27437

Affordable MBA study options in Europe

There are hundreds of MBA programs available in Europe.The fees for an MBA vary significantly from one Business School to another and from program to program. Some programs that cost a few thousand dollars a year and some that will rack up over $100,000 by the end of the program.

When you’re looking for that perfect study abroad destination, there is one factor that is often pivotal to whether or not you can study there; the cost. Not just the cost of tuition fees, but also how much things like rent and transport will cost you.

There are many more Business Schools in Europe that gives very affordable and quality business degrees. For example, Czech Republic has got some of the finest Business Schools in all of Europe . Although nick­named as the  Switzer­land of the East­ern Europe, the costs of liv­ing in Czech Republic are among the cheapest in the Cen­tral and East­ern Euro­pean countries so the life is thus more affordable.

Doing an MBA in Czech Republic in  Europe is taking advantage of the chance to study a practical diploma relevant to the industry and the multicultural environment. Developed competencies learnt during the MBA will quickly find that they can be applied in the everyday life of a company.On the other hand, bank and insurance sectors have started to recruit in Europe, because they are looking for people able to work anywhere in the world, in non-structured environments such as the new markets in Asia and South America.Large multinationals are always interested in investing in quality graduates who may become top managers in the future.

 Affordable MBA/Business Programme in Europe

As said above  Czech Republic has got some of the most affordable business programme of all of Europe .

Czech Col­lege based in Prague is such an institution that pre­pare stu­dents to man­age a mod­ern busi­ness with ease across bor­ders and cul­tures, as their diplo­mas have a focus on Busi­ness, Inter­na­tional Man­age­ment, Finance, Mar­ket­ing, Entre­pre­neur­ship and Oper­a­tions Management.

At present Czech Col­lege offers fol­low­ing busi­ness ori­ented courses to Inter­na­tional Students .

CourseName               Level                               Intakes                                   Pro­gres­sion
PGDSM                  Post­grad­u­ate                  July/Nov/Feb                                 MBA
UGEDM                Under­grad­u­ate               July/Nov/Feb                                  BBA

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