Why should you consider an MBA in Europe?
Do you want to go to the United States for your MBA? Have you considered Europe? There are many advantages to getting an MBA in Europe that you may not have thought of before, and these are just a few of them. Read on to learn more about the benefits of studying in Europe, and start planning your journey now!
The culture
Often referred to as students’ paradises, European cities such as Paris, London and Amsterdam offer a unique mix of culture, cuisine and cosmopolitan living that make them attractive destinations for potential students. International schools are not uncommon; they tend to be more affordable than their North American counterparts. On-campus housing may also be easier to find in European cities. This can take some pressure off prospective students who want to feel settled when beginning classes. Students might even have access to subsidized or free public transportation within city limits—meaning lower transportation costs. A good number of leading business schools worldwide now accept GRE scores instead of GMAT scores, making it far easier for international applicants to gain admission into top programs. As a result, many European campuses boast diverse populations. Indeed, nearly 60 percent of Erasmus University Rotterdam graduates come from abroad (and 40 percent hail from outside the Netherlands). In Finland, Helsinki Business School reports that its international student population is rising each year—in 2013, it jumped by 19 percent. And CEMS boasts over 1 million alumni in 140 countries around the world. That kind of global reach provides former students with job opportunities all over the world after graduation—not just in Europe.
Those kinds of opportunities don’t exist anywhere else but here on our shores. With enrollment at U.S.-based graduate schools continuing to rise every year, however, those advantages could disappear at any time… so why not start planning your future right now?
The network
The best thing about doing your MBA in Europe is that it’s where all of your future clients and colleagues are going to be. Think of it as a chance to gain not only skills but also real-world knowledge about how business gets done in one of today’s most lucrative markets. An international experience will differentiate you from other applicants, too. As companies become more global, they’re looking for talented candidates who can work across borders. For many MBAs, doing a portion of their degree abroad offers an attractive alternative to using up precious vacation time and putting family life on hold. Finally, there’s no question that European schools produce many highly qualified alumni—and there are some great options within reach. Germany alone boasts over 30 full-time programs accredited by AACSB International (the Association to Advance Collegiate Schools of Business). Find out if your home university has a strong relationship with any particular program before applying, or if there’s another school or region of choice. Your recruiter or HR manager might be able to help here; she may have even studied outside her home country herself. Speaking a second language is almost guaranteed to boost your employment prospects after graduation.
The experience
Outside of Asia, Europe is one of your best bets for getting a truly global education. You’ll have ample opportunity to interact with foreign-born students and professors, as well as to study abroad for a semester or two. This gives you direct exposure to other languages and cultures – not just on vacation but also through everyday life. And don’t forget about international business opportunities: More than ever before, companies are looking to hire young professionals with international experience.
The cost
The U.S. is home to some of the most expensive business schools in the world, with Harvard Business School and Stanford Graduate School of Business boasting two-year full-time tuition fees well above $200,000. Earning your degree abroad could cut hundreds of thousands of dollars off your education bill over a four-year period. That’s because many European institutions are publically funded. So while their quality may be equal or even superior, they’re often less expensive than comparable American programs—sometimes by more than 50 percent. It pays to shop around, however: While an MBA at University College London costs about $30,000 a year on average, for example, one at Sweden’s Lund University runs about $88,000 annually! Even so, at these prices you can still save tens of thousands of dollars by enrolling in a graduate program overseas. For comparison purposes, Kellogg School of Management at Northwestern University charges non-U.S. students more than $125,000 for its two-year MBA program; and Yale University’s top management degree rings up at nearly $140,000.
