Overseas MBA: 5 Reasons to Earn Your Degree in Europe
Moving to a new area for your education can be a difficult decision to make, whether you are moving across the globe or just a few hours’ drive away. Especially for moves abroad, problems like culture shock, language barriers and homesickness are understandable concerns. Nonetheless, more and more students today are discovering the massive benefits of earning an MBA abroad.
If you are prepared to make the leap, here are just a few of the benefits of earning your MBA overseas:
5 Reasons to Earn Your Degree in Europe
1. European MBAs are Cost Effective
The cost of a European MBA has been decreasing in recent years, making the choice to earn the degree abroad a much more affordable option than staying in the U.S. Moreover, most European MBA programs take only one-year to complete, resulting in a degree that could cost less than half of what it does in the United States. Currently, an MBA from HEC Paris costs 81,065 euros, which includes tuition, meals, housing and additional costs. Today, this equates to roughly $91,684 for one year in the program.
Conversely, two years of the MBA program at Harvard Business School costs $204,200. And while the word ‘cheap’ might not necessarily come to mind immediately for either of those price tags, a student with a European MBA can already be working while U.S. students complete the second year of their programs.
Understandably, this huge difference in value proposition has caused a remarkable surge in U.S. applicants to European programs. HEC, which had witnessed only modest increases of U.S. applicants from year-to-year, for the first time saw twice as many American applicants for classes starting in September 2015 and January 2016. IE Business School in Madrid saw increases of 18% since last year, and four times as many applicants since 2011.
2. Students Earning European MBAs Can Take Advantage of Exchange Rates
It’s understandable why return on investment is an important factor for students pursuing an MBA, and when it comes to a European degree, there’s one more factor to consider: currency exchange rates.
Not only are European MBAs cheaper in cost, but the actual amount a student spends for their degree could get even cheaper from year to year, due to the recent decline of the euro and pound against the dollar. For the HEC program mentioned above, in which the tuition currently equates to roughly $91,684, the price actually decreased by 18% compared to 2014 exchange rates; although the actual tuition cost in euros remained the same.
3. Gain Global Business Experience by Experiencing Business Globally
There is no question that in today’s world, an understanding of global business practices is an indelible part of working in business. And while schools across the world, including those in the United States, are adapting their curriculum to include an education in global business practices, what better place to see the way international business functions than an international environment?
In a 2015 interview with U.S. News, Itziar de Ros, Admissions director at IESE Business School, commented on the benefits of earning an international degree. “It gives the students a much broader perspective in terms of cross-cultural management and understanding how different cultures face problems in different ways,” he said. “Learning a new language is also an advantage which not only enriches them professionally but personally.”
4. Create an International Network
If you are seeking to build an expansive and international network of business professionals, there may be no better place than in a European MBA program. While in programs in the U.S., like Harvard or Stanford, 34% and 44% of students are international, respectively, the margin is significantly higher in Europe.
IESE boasts 80% international students, while Saïd Business School at Oxford features an impressive 90%. Not only will a European MBA program give you the best opportunity for immersion within the country’s business practices in which you study, but you will also have opportunities at connecting with other students from around the world.
5. International Experience Makes You a More Competitive Job Candidate
Not only does a shorter program mean less time away from the workforce, but a European degree can make you an even more appealing candidate when you return — whether you choose to return to the U.S. or remain abroad.
In an interview with the Wall Street Journal, the global director of General Electric Company’s program for experienced commercial hires, Delia Garded, commented: “Having people who understand how to do business in a growth country and work with a variety of different cultures” is “part of our DNA.”
The choice to move abroad for an MBA is by no means easy, but with cost-saving opportunities, the chance to create a global network and improve employment options after graduation, that stamp in your passport may be well worth it.
About the Author
Alanna Shaffer
Staff Writer, covering MetroMBA's news beat for Atlanta, Houston, and Dallas.
