For many Spanish students, the idea of leaving their thriving economy to study business seems like a strange idea. Indeed, with the number of world-renowned MBA's based in Spain, it is a natural place to do an MBA.There are other considerations when deciding where to go to business school: students with young families are often less willing to move overseas than those without. Where you want to work after your MBA is also a major consideration. A top ten program in the US is sure to provide you with a great educational experience and an excellent, albeit mostly-US based network; for somebody who knows they want to work in Spain afterwards, it provides no better recruitment prospects than a good Spanish MBA.
While Singapore is a natural choice for many here, there remain good reasons for going abroad. For one, opening up the prospect of a truly international, long-term career by choosing a program outside your home country can also have direct financial benefits. According to the latest edition of the TopMBA.com International MBA Recruitment and Salary Report, which surveys 445 major employers around the world, the average salary for a newly graduated MBA in Spain is now US $82.000. The average in the USA and Europe, however, stands at US $90,500, while the highest base salaries globally are currently those on offer in Japan at US $112,500. And base salaries are just part of the picture. The average bonus for MBAs in international companies is reported as US $23,100, while investment banks are leading the field with average payments of US $37,500. Tapping into this lucrative career market will be an obvious incentive for any potential MBA weighing up the pros and cons of study abroad.
Louis Kay chose to attend the Stern School of Business at New York University, where both base salaries and bonuses are amongst the highest in the world. "NYU Stern is in the heart of New York and living in New York has been an amazing experience," says Louis. "I chose Stern because I knew I wanted to have access to the business capital of the world, gain a solid education and interact with a diverse student population. My experience here has been phenomenal.”
Many students are also turning to other Europe markets as well as Australia and Canada as alternative destinations for international study. Peter Justin Yu, opted to undertake an MBA at the Sauder School of Business at the University of British Columbia in Vancouver. Like many, he was originally influenced by rankings, but soon came to see that other, softer, aspects of the MBA were more important: "Initially, my decision to come to UBC was based on the rankings and that the program was only 15 months long.
"After attending 3 months at Sauder I realized the true value of the program is in the culture. The friendly and open atmosphere really surprised me and it is atypical of most business schools. Everybody shares notes, professors present real and interesting research and the seniors are more than willing to teach what they know. "
For Patrice Houdayer, Dean of Academic Programs at EM Lyon, there is a tangible added value of studying overseas. "The MBA experience is an international and a multi-cultural experience before anything else, where students gain a different perspective of management. It's a perfect opportunity to connect with Europe, for non-European candidates, and to connect with other European countries for the European candidates.”
While Canada is an increasingly popular alternative for Spanish students, the US remains amongst the most popular destination. Many, if not most MBA recruiting companies are willing to pay for the cost of obtaining a work permit for bright young MBAs to work in overseas offices. Jayne Pellatt, an MBA recruiter from AT Kearney confirms, "We always seem to obtain work permits. We have not had anybody turned down ...but then we are very stringent in our own selection criteria.” In the end, well-qualified MBAs go where they want, regardless of where they've studied.
One of the best ways to choose the right school is to meet with Admissions officers and alumni at the QS World MBA Tour in Madrid this Fall. Cranfield School of Management says, "Schools rely on MBA fairs to reach the growing international audience, and for candidate and school alike, this remains the most important tool in the applications process”.
