India is a New Destination for MBA Education
A 2010 survey by the Graduate Management Admission Council (GMAC), a US based association of business schools which administer the GMAT, reveals that MBAs top the list of most recruited post-graduate freshers, with last year’s 60 per cent placement record likely to be left behind by the 64 per cent that is expected to be recorded in 2011.
Firms recruiting B-School students have gone up by 2 per cent and 11 per cent of the employers are hiring more MBAs than they have done earlier. More interestingly, 34 per cent of the regular recruiters have expressed their interest in hiring more MBAs in 2011.
These findings indicate the rising popularity of management education, but the more relevant detail is the shift of its centre of gravity from the West to the East.
Countries such as the US and UK have traditionally been the hottest business education destinations, but the emerging magnets — Singapore, Malaysia, Hong Kong, China and India — are giving stiff competition to the established players.
This is evident from the GMAT statistics. The percentage of Indian students sending their GMAT scores to US universities for admission has dropped from 76 in 2006 to 55 in 2010. This sharp drop is balanced by the increasing percentage of Indian students using GMAT scores to gain admission into Indian and Singapore B- Schools.
Several factors explain this gradual shift. First, the robust growth of Asian economies has opened up new job opportunities. Second, Asian universities use English as the primary teaching medium. Third, Asian universities are not only replicating the classroom environments of their western peers, but also collaborating with them to adopt their best practices.
The immigration rules of the US and European nations are also working as a deterrent for students looking west. The number of foreign students in the US may have shot up from 34,000 in 1954- 55 to 690,923 in 2009- 10, and it may still top the list of hot education destinations, but its global share of all international students studying overseas is coming down steadily.
More and more American students are also going abroad to study MBA Programs — and their destinations include China, Japan, India and South Korea.
Unsurprisingly, GMAC has ranked India at No. 4 in its global list of the most popular management education destinations. Findings such as this give reasons to the new Asian tigers to rejoice, but it is also a wake up call to the west. They are clearly reaping the benefits of the steady investments they have made in education and the edge they have thereby gained.
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