Lisa Jain, a student of Indian School of Business, Hyderabad, chose to look east and turned down the "worth-a-kill" offers from Oxford University and London business School.
She is not alone, there are several students at ISB and other premier B-schools who are choosing an Indian degree over foreign ones.
Vishal Chopra chose to not go to Duke University and the Fuqua School of Business while Sujay Dhar ignored the call from Carnegie Mellon university for the sake of an Indian MBA as, they say, equally good faculty is available at "local" colleges too. "ISB has hand-picked professors from schools such as Wharton, Kellogg, Columbia, Duke, LBS. For instance in my present term, three out of four professors are from Kellogg and Wharton," says Vishal Chopra, a student in the ISB.
Another reason to avoid the foreign tag is the optimisation of education cost which has gained much relevance after the slowdown. Owing to recession in the West, there are fewer job opportunities, which force international graduates to return to their homeland. As a result, the students who take whopping amounts of money as study loans find it really hard to repay them from Indian salaries, which are relatively 'humble'. So, they say, it's better to study at one-fifth the price in India at a premier B-school so that one can step into professional life with a relatively smaller loan 'burden' to be repaid later.
Indian B-schools have cutting edge infrastructure: From libraries to the size of campus to hostels; everything is good at desi B-schools.
Diverse and mature student body mix with an Indian touch: In order to scale up the corporate ladder in India Inc, it helps if you are well connected. Desi business schools provide a meeting ground to the future corporate leaders of India, where students end up making life long friends. Few of them even join hands to start corporate ventures together after the course ends. Such opportunities are generally missing in foreign universities.
Best class faculty: Many of the faculty members in premier desi B-schools have the experience of teaching at the best international schools, thus bringing global expertise on Indian shores. For example, IIM (Ahmedabad) has faculty members who have taught/researched at Columbia University, University of Strathclyde, INSEAD, University of Maryland and Fairleigh Dickinson University. Likewise, other best business schools in India have globally enriched faculty members, which equip their students with business skills needed to work in any kind of economy - developed or developing.
Best value for money: Doing an MBA from IIM or ISB would cost you somewhere between Rs10lakh-Rs 20 lakh but the equally good education abroad would burn a big hole in your pocket and you would end up paying atleast five times more than this - add to it the whopping cost of living in foreign currency.
Best in class placements: MBA in an Indian B school can fetch you a job abroad. So it's a frosting on the cake as you can earn in dollars when you have paid in rupees. Though there are a few people who grab foreign placements after an Indian degree, but one must know that a foreign degree doesn't guarantee a job abroad. Recently, a famous business School from UK had sent a representative to India to woo companies to hire their students as they were facing problems placing their students in UK.
A word of caution
These five reasons don't imply that one can take admission in any Indian university to improve one's career prospects. "One should be very careful about the choice of university-- whether in India or abroad. Here, around 90 per cent of universities fail to match the standards of international business schools. There are only few which are worth considering over global B-schools," says Prof MP Singh, who has taught at the University of Cornell and the University of Maryland in USA and is currently a director of a technology and business school affiliated to the GGSIP University, Delhi.