The US continues to be the destination of choice for Indian students seeking an MBA from a foreign university. Undeterred by the post 9/11 visa restrictions, Indian students constituted the largest group of foreign students in the US for the sixth consecutive year in 2006-2007, according to the Open Doors Survey of the US based IIE (Institute of International Education).

Selection for an MBA programme is based on a consideration of educational background and academic achievements, basic skills in English, professional experience and personal statements.

The basic minimum requirement in most US universities is a degree from an accredited US four-year undergraduate college/university or its equivalent. For an Indian aspirant, this means that a three-year degree programme does not meet the eligibility criterion. To be considered for admission in US, an Indian student must have a post-graduate degree or a professional four-year degree like engineering or a degree from a recognized one-year university affiliated programme. Completion of the first year of a two-year degree course may not meet the eligibility criterion of most US business schools.

• GMAT (Graduate Management Admissions Test)
  GMAT is a must not only for admission but also for getting a student visa. Both quantitative and verbal scores are considered separately. A good score will give you an edge above the others.

• TOEFL (Test of English as a Foreign Language)
  TOEFL is another requirement for Indian students from non-English speaking universities. It is a measure of one’s reading, listening, speaking and writing skills in English. There are facilities both for paper-based test as well as internet-based test. The minimum scores required for most universities range from 550 to 600 on the paper-based TOEFL and 213 to 250 on the computer based TOEFL.

• Letters of recommendation/ references/ assessment reports either academic or/and professional are required. Usually two or three such letters are required from individuals other than family members assessing the applicant’s performance either in an academic institution or at the work place. It is advisable to get references from both academic as well as professional sources.
• Personal statements/admission essays have to be submitted. These essays are a very important component of the admission form. Care should be taken to explain how a master’s degree in that particular school fits in with the applicant’s career plans. It is recommended that both essays as well as letters of recommendation be fine tuned with the respective vision of the particular school.

• Work experience
  Work experience, usually between 3 to 5 years, is an important consideration in most schools. This has to be relevant. An interview may be required with the Admission Committee.

For what is considered one of the most prestigious and sought after qualifications in the world today, the costs involved are big. An MBA in the US is costlier than in most other countries. While the annual tuition fees in top schools like Harvard, MIT, Kellogg, Wharton, NYU etc varies between $30,000 and $60,000, others cost between $15,000 and $30,000 per year. The tuition fee varies between private (which can cost $15,000 to $60,000 annually) and state schools (between $10,000 and $20,000).

Add to this the living expense which, according to the College Board, varies between $14,050 (low budget) to $20,970 (moderate budget) for a 12-month period in 2007-2008. The breakdown of the living expenses is as follows: housing - 54%, transportation - 20% and miscellaneous - 26%.

Medical insurance is mandatory for foreign students. The total cost of an MBA in the US thus depends on the tuition fee of the business school you have chosen, your lifestyle which can make a big difference in the cost of living, and, the location both of your school as well as your residence.

The total approximate cost for an MBA in Boston University, Virginia, Duke, Yale, Stanford, New York and Columbia exceeds $50,000 for non-resident students. In universities such as Stetson University, the University of Tampa, University of Mississippi, North Carolina State University, Louisiana State University, Georgia Tech, SUNY Buffalo and Brigham Young University, the total costs vary between $15,000 and $20,000.

Scholarships, fellowships, grants and loans are available. Financial aid (need-based grant), however, is not easy to come by for management programs. Scholarships for MBA require excellent academic and extra-curricular record. Full scholarships, which cover the total cost of education except the air fare, are increasingly difficult to obtain. Loans can be obtained from corporate banks. The admission department of various business schools is the best place to explore such options. Government funded schemes are not for non-US citizens.
For an Indian student, it is advisable to start financial planning a year in advance. This includes compiling crisp and to-the-point application forms, assessing personal funds and trying to raise as much money as possible from friends and family, identifying financial assistance for which one is eligible, being realistic about costs and trying to cut costs. Working part time, on-campus can help meet incidental expenses. Finally, exploring the possibility of raising funds from the home country is strongly recommended.