The Indian National Rupee (INR) trades for Rs60.19 against one USA dollar. This is undoubtedly a displeasing and obnoxious picture for an India student aspiring to study MBA in USA. It was Rs 54 against a dollar at the beginning of the year. At an average, two year MBA course in USA costs around $50,000. Thus, as compared to the exchange cost of 27 lakh at the beginning of the year, a student will be required to pay 30 lakh, an increase of 11%.
If you are an Indian student aspiring for MBA studies in the United States, you have every reason to be put into a state of dilemma, confusion, anger and frustration. Your parents, particularly from the middle class family too are subjected to excessive financial stress. The main reason for such a situation is the prevalent inflation in the economy of India. But will that deter the really ambitious students from going to the USA for their MBA Degree? Nothing is more powerful than the zeal and ambition for a great career. There is nothing denial to the fact that MBA in USA is all about a making a base for making a good earning in the whole life time.
If you are a prudent student, you will view the situation from a long term perspective. There is nothing wrong in evaluating the situation from a commercial point of view; by assessing the Return on Investment (ROI) in number of years. An MBA degree from the USA has the highest demand in the job market. The heavy expenses borne for studying in the USA is a one-time capital investment. After successful completion of the study, there is ample job prospect, both in the USA and as well as in India.
The exchange value of INR, to a larger extent depends upon the prevalent political situation. The latest election of April 2014 has witnessed historical landmarks in the political arena. The government of the single party majority is sure to bring about drastic financial changes in the country which in turn will increase the value of INR against dollar. Signs of improvement have already been noted. Therefore, ‘Quit not’ your ambition for the USA study visualizing the long term returns that will flow from the following jobs on the completion of your course.
Besides job prospects, pursuing an MBA Degree in the USA gives you wide exposure for starting your own business, back in India. You come in direct contact with people who have transformed business ideas into self-managed enterprises for making money. There is one surest means of helping you to meet the financial stress; it is ‘frugality’. You can opt for institutions in the USA that extend grants, scholarship or flexible payment plans for responding to the rupee crisis.
Instead of being panicky, you need to be optimistic and instead of taking a hasty decision, look into the pros and cons of the prevalent economic situation of India and your own long term 'economy'!